# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0000940400-25-010430
**Filing Date:** 2025-11
**Character Count:** 649353
**Document Hash:** a48c10c0f8493f5e2a382c96fc4dd8b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010430.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010430

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**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:** 251519726

**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)

September 30, 2025

 **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 |
| **Corporate Bonds & Notes — 31.9%** | **Corporate Bonds & Notes — 31.9%** | **Corporate Bonds & Notes — 31.9%** | **Corporate Bonds & Notes — 31.9%** | **Corporate Bonds & Notes — 31.9%** |
| **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** |
| *Diversified Telecommunication Services — 1.4%* | *Diversified Telecommunication Services — 1.4%* | *Diversified Telecommunication Services — 1.4%* | *Diversified Telecommunication Services — 1.4%* | *Diversified Telecommunication Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; $135935<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; 148878<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; 34077<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; 154547<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; 19851<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; 10073<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; 57493<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; 66207<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; 7136<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; 20528<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; 203277<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; 49651<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; 57392<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; 70012<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; 120046<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; 69010<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; 179106<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; 101096<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; 57896<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; 39528<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; 8131<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; 40842<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; 9827<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; 78732<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; 19163<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1758434* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Walt Disney Co., Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 57784<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp;&nbsp; 22704<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9658<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *90146* |
| *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30039<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40117<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/65 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39834<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *109990* |
| *Media — 1.6%* | *Media — 1.6%* | *Media — 1.6%* | *Media — 1.6%* | *Media — 1.6%* |
| &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; 240660<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; 219026<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; 151986<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; 36099<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* |
| &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; $113860<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; 85287<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; 75490<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; 8649<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; 27211<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 33097<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.834% | &nbsp;&nbsp; 10/23/55 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30690<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 58701<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39631<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60189<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48387<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170355<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 33656<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.969% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 101673<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7837<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 34983<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 36659<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 30826<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 121985<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 27000<br>| &nbsp;&nbsp;&nbsp; 16037<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 17559<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; 29503<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; 9595<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; 33039<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40171<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; 41627<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; 10932<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; 86071<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *2051471* |
| *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; 332082<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; 101482<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19845<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; 19889<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; 56959<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; 58268<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; 362924<br>|
| &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; 45445<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; 46113<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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; 3.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; $123692<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; 134505<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; 194431<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; 27102<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; 15037<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *1537774* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5547815** |
| **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &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;&nbsp; *159011*<br> <sup>(a)</sup><br>|
| *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40989<br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199740<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; 41557<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; 10798<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; 20028<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.345% | &nbsp;&nbsp; 9/17/27 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 225834<br> <sup>(a)</sup><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; 86750<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *625696* |
| *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/22/37 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 73795<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; 55650<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; 16820<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 236161<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *382426* |
| *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10206<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 123080<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; 40903<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; 48398<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; 72937<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; 10418<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; 87919<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7497<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; 90518<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; 30020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10058<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; 71428<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; 184659<br> <sup>(a)</sup><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; 194353<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; 188288<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; 60343<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; 90176<br> <sup>(a)(b)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1321201* |
| *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 12/6/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10013<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; $65957<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; 57392<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; 8081<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; 79509<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; 40539<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *261491* |
| *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; *32432*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2782257** |
| **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; 70315<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; 50586<br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *120901* |
| *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; *80722*<br>|
| *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20470<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; 61359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 182460<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *264289* |
| *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; *40678*<br>|
| *Tobacco — 0.7%* | *Tobacco — 0.7%* | *Tobacco — 0.7%* | *Tobacco — 0.7%* | *Tobacco — 0.7%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 13000<br>| &nbsp;&nbsp;&nbsp; 13210<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; 88060<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; 79144<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; 30707<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204524<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; 39600<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.540% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 67129<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; 11470<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; 91968<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; 20707<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; 92969<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; 9032<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; 79324<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *827844* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1334434** |
| **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** |
| *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; 19712<br>|
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27303<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *47015* |
| *Oil, Gas & Consumable Fuels — 5.2%* | *Oil, Gas & Consumable Fuels — 5.2%* | *Oil, Gas & Consumable Fuels — 5.2%* | *Oil, Gas & Consumable Fuels — 5.2%* | *Oil, Gas & Consumable Fuels — 5.2%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73669<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; $39198<br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/24/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 52970<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; 18276<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; 139006<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; 29915<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; 19294<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; 72911<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp., Senior Notes | &nbsp;&nbsp; 3.078% | &nbsp;&nbsp; 5/11/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 6946<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; 49683<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; 96067<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; 87775<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; 238539<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; 109814<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; 38979<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; 77070<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 168424<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; 50366<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; 51761<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; 40699<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; 30874<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; 58277<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; 143704<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; 9167<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; 9161<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; 50501<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; 100292<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; 28949<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; 18905<br>|
| &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; 110997<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; 90933<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; 24023<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; 9204<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; 39566<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; 29834<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; 27873<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71017<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 84196<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; 101695<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; 78656<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 4.114% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 33953<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 4.327% | &nbsp;&nbsp; 3/19/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8581<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; 51349<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; 114152<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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; Gulfstream Natural Gas System LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; $143523<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; 205957<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; 9672<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; 30135<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; 46538<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; 9173<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10147<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 108601<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8382<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; 48947<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; 392218<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; 79641<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; 31904<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; 71196<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20260<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 42165<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21215<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21290<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91743<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/4/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60831<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; 53973<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; 39156<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; 192809<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; 75588<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 8/12/43 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9081<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/11/45 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 148674<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/10/46 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 32958<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/6/50 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 255837<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; 58159<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; 42847<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; 80093<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; 20348<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; 60190<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; 9487<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; 46846<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 190397<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; 11056<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; 11293<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; 244444<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; 110000<br>| &nbsp;&nbsp;&nbsp; 111908<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; 20034<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; 78115<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; 43555<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; 38245<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; 34014<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; 92406<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; $24284<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; 182827<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; 97948<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *6547331* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6594346** |
| **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** |
| *Banks — 6.2%* | *Banks — 6.2%* | *Banks — 6.2%* | *Banks — 6.2%* | *Banks — 6.2%* |
| &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; 149554<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; 78278<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; 215185<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; 268823<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; 18219<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; 473745<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; 40410<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; 39714<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; 105870<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; 136617<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; 60226<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; 180028<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40031<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; 120188<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; 29473<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury <br> Constant Maturity Rate + 2.050%) | &nbsp;&nbsp; 4.588% | &nbsp;&nbsp; 5/4/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 96817<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; 213940<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; 295849<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; 213577<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; 200829<br> <sup>(a)</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; 47456<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/30/45 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp;&nbsp; 40715<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; 395724<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; 76028<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; 109841<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; 120927<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; 50620<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; 210910<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169860<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/6/44 | &nbsp;&nbsp; 13000<br>| &nbsp;&nbsp;&nbsp; 12691<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 62242<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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; 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; $200234<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; 186002<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; 324737<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; 188413<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; 31453<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; 27680<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; 236865<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 28272<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; 134863<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; 124369<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; 77673<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; 52119<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; 19994<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; 101175<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; 93680<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; 53296<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; 138606<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; 209975<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; 155567<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; 46557<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; 110637<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; 411176<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; 63045<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; 124389<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 11/4/44 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 168351<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 11/17/45 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 100238<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/7/46 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 79924<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *7763677* |
| *Capital Markets — 2.9%* | *Capital Markets — 2.9%* | *Capital Markets — 2.9%* | *Capital Markets — 2.9%* | *Capital Markets — 2.9%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111647<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; 54489<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; 149263<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; 139127<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; 109910<br>|
| &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; 18284<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; 233900<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; 22148<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; 15472<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; 39705<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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 (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; $118992<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; 260361<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 79949<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 132198<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; 26772<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; 135879<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; 198288<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; 52133<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 516889<br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/26/48 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 177476<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; 287480<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; 250697<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; 247215<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%) | &nbsp;&nbsp; 9.016% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 313330<br> <sup>(a)(d)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3691604* |
| *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; *50106*<br>|
| *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* |
| &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; 147415<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; 60060<br>|
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61483<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; 52484<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; 20000<br>| &nbsp;&nbsp;&nbsp; 20286<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; 41577<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PayPal Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27627<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 44178<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *455110* |
| *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 156319<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; 9190<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; 55512<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *221021* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **12181518** |
| **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** |
| *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; 204574<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 260559<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82709<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 123524<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/14/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9281<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 84307<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 45983<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *810937* |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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 Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 12/15/44 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp;&nbsp; $7178<br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61599<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 40256<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104326<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52083<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 98000<br>| &nbsp;&nbsp;&nbsp; 100744<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *366186* |
| *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49141<br>|
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9206<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 140755<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38188<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; 29756<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; 136108<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; 135652<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; 69460<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; 7651<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; 45415<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; 38908<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; 58768<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30062<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60267<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40084<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 103196<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 114546<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 408832<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 25593<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; 27202<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; 88746<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; 101628<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; 16566<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; 16977<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; 19355<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; 68252<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; 36751<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; 6203<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1941201* |
| *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; 205168<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; 83217<br>|
| &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; 103738<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; 121384<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; 28406<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; 94646<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; 44235<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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; Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; $62809<br>|
| &nbsp;&nbsp;&nbsp; Wyeth LLC, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10836<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *754439* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3872763** |
| **Industrials — 2.4%** | **Industrials — 2.4%** | **Industrials — 2.4%** | **Industrials — 2.4%** | **Industrials — 2.4%** |
| *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19870<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39199<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49010<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48260<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 16542<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 22181<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 45659<br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10613<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; 31344<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; 9150<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; 39981<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; 19379<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; 58692<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; 29379<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; 154567<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; 28341<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; 78693<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; 144592<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 179900<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 137443<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 97203<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 72384<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 52789<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; 62660<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *1447831* |
| *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; *62198*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &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; 61547<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71512<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *133059* |
| *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/2/42 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; *61919*<br>|
| *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* |
| &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; 19267<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; 54241<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; 202207<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; 66775<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; 41814<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *384304* |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; $*132229*<br>|
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146129<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110535<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 7250<br>| &nbsp;&nbsp;&nbsp; 7241<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20121<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 38380<br>| &nbsp;&nbsp;&nbsp; 16,335<br> \*<sup>(a)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19986<br> <sup>(a)</sup><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; 226652<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *546999* |
| *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; 101841<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; 20791<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20894<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; 62274<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62464<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *268264* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3036803** |
| **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
| *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., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *32089*<br> <sup>(a)</sup><br>|
| *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/26/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; *24067*<br>|
| *Semiconductors & Semiconductor Equipment — 0.7%* | *Semiconductors & Semiconductor Equipment — 0.7%* | *Semiconductors & Semiconductor Equipment — 0.7%* | *Semiconductors & Semiconductor Equipment — 0.7%* | *Semiconductors & Semiconductor Equipment — 0.7%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19928<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 147140<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; 49868<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9978<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; 208554<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; 59338<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 8/12/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 12699<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; 62108<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 53128<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; 42761<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/60 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 68317<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71495<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *805314* |
| *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; 4566<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.921% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp;&nbsp; 30550<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9425<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121725<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 119400<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50077<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/26/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30177<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/26/45 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70231<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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 |
| *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; $14089<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/27/54 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 64349<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/26/55 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69833<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40756<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30667<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30530<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50497<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *736872* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1598342** |
| **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** |
| *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* |
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/2/54 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 377776<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV, Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/11/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 256681<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *634457* |
| *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; 10225<br> <sup>(a)</sup><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; 41230<br> <sup>(a)</sup><br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *51455* |
| *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* |
| &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; 61753<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; 29725<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; 41020<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; 115652<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; 49787<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; 69506<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; 124786<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52318<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/8/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 145133<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; 10296<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *699976* |
| *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; 92386<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; 170731<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; 70114<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *333231* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1719119** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Specialized REITs — 0.0%††* | *Specialized REITs — 0.0%††* | *Specialized REITs — 0.0%††* | *Specialized REITs — 0.0%††* | *Specialized REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50888<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; 10032<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **60920** |
| **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** |
| *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* |
| &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; 62838<br> <sup>(a)</sup><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; 50600<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; 39551<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; $93981<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29740<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 79529<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 97510<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; 62270<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; 51273<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; 29988<br> <sup>(a)(b)</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; 170131<br> <sup>(a)(b)</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; 50201<br> <sup>(a)(b)</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; 60778<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Secured Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20622<br> <sup>(a)</sup><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; 41397<br> <sup>(a)</sup><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; 76919<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; 62393<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; 22753<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; 47829<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; 148051<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20932<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *1319286* |
| *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *31783*<br> <sup>(a)</sup><br>|
| *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* |
| &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; 9689<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; 39915<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 34177<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *83781* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1434850** |
| **Total Corporate Bonds & Notes (Cost — $40,792,903)** | **Total Corporate Bonds & Notes (Cost — $40,792,903)** | **Total Corporate Bonds & Notes (Cost — $40,792,903)** | **Total Corporate Bonds & Notes (Cost — $40,792,903)** | &nbsp;&nbsp; **40163167** |
| **Mortgage-Backed Securities — 22.3%** | **Mortgage-Backed Securities — 22.3%** | **Mortgage-Backed Securities — 22.3%** | **Mortgage-Backed Securities — 22.3%** | **Mortgage-Backed Securities — 22.3%** |
| *FHLMC — 4.0%* | *FHLMC — 4.0%* | *FHLMC — 4.0%* | *FHLMC — 4.0%* | *FHLMC — 4.0%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 13007<br>| &nbsp;&nbsp;&nbsp; 12679<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; 96889 | &nbsp;&nbsp;&nbsp; 93969<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; 2483274 | &nbsp;&nbsp;&nbsp; 2119196<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; 659196 | &nbsp;&nbsp;&nbsp; 555268<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 627064<br>| &nbsp;&nbsp;&nbsp; 629533<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; 759098 | &nbsp;&nbsp;&nbsp; 751066<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; 326862 | &nbsp;&nbsp;&nbsp; 331911<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer Cash <br> Fallbacks + 1.620%) | &nbsp;&nbsp; 4.369% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 147453<br>| &nbsp;&nbsp;&nbsp; 151257<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer Cash <br> Fallbacks + 1.627%) | &nbsp;&nbsp; 3.005% | &nbsp;&nbsp; 11/1/48 | &nbsp;&nbsp; 173707<br>| &nbsp;&nbsp;&nbsp; 169887<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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 |
| *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Gold | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 216197<br>| &nbsp;&nbsp;&nbsp; $204577<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *5019343* |
| *FNMA — 14.6%* | *FNMA — 14.6%* | *FNMA — 14.6%* | *FNMA — 14.6%* | *FNMA — 14.6%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.760% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 511764<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/34- <br>1/1/50<br>| &nbsp;&nbsp; 1179621 | &nbsp;&nbsp;&nbsp; 1107909<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; 816517 | &nbsp;&nbsp;&nbsp; 759514<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; 1606357 | &nbsp;&nbsp;&nbsp; 1395564<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; 93806<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; 1964767 | &nbsp;&nbsp;&nbsp; 1654323<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; 886182 | &nbsp;&nbsp;&nbsp; 851859<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; 457499 | &nbsp;&nbsp;&nbsp; 448893<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 220712<br>| &nbsp;&nbsp;&nbsp; 223457<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 145716<br>| &nbsp;&nbsp;&nbsp; 151515<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 1541801<br>| &nbsp;&nbsp;&nbsp; 1556979<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 241870<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; 3707669<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; 2986946<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 274127<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1885193<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 582056<br> <sup>(j)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *18433444* |
| *GNMA — 3.7%* | *GNMA — 3.7%* | *GNMA — 3.7%* | *GNMA — 3.7%* | *GNMA — 3.7%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/42- <br>10/15/42<br>| &nbsp;&nbsp; 74520 | &nbsp;&nbsp;&nbsp; 68281<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 33021<br>| &nbsp;&nbsp;&nbsp; 30262<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; 474321 | &nbsp;&nbsp;&nbsp; 454468<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; 518554 | &nbsp;&nbsp;&nbsp; 477597<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; 929535 | &nbsp;&nbsp;&nbsp; 822158<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 277672 | &nbsp;&nbsp;&nbsp; 237914<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; 465410 | &nbsp;&nbsp;&nbsp; 453315<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; 303852 | &nbsp;&nbsp;&nbsp; 304655<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/20/53 | &nbsp;&nbsp; 232281<br>| &nbsp;&nbsp;&nbsp; 234853<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/54 | &nbsp;&nbsp; 337540<br>| &nbsp;&nbsp;&nbsp; 348952<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 182386<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 484957<br> <sup>(j)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $497427<br> <sup>(j)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *4597225* |
| **Total Mortgage-Backed Securities (Cost — $28,565,191)** | **Total Mortgage-Backed Securities (Cost — $28,565,191)** | **Total Mortgage-Backed Securities (Cost — $28,565,191)** | **Total Mortgage-Backed Securities (Cost — $28,565,191)** | &nbsp;&nbsp; **28050012** |
| **U.S. Government & Agency Obligations — 21.2%** | **U.S. Government & Agency Obligations — 21.2%** | **U.S. Government & Agency Obligations — 21.2%** | **U.S. Government & Agency Obligations — 21.2%** | **U.S. Government & Agency Obligations — 21.2%** |
| *U.S. Government Obligations — 21.2%* | *U.S. Government Obligations — 21.2%* | *U.S. Government Obligations — 21.2%* | *U.S. Government Obligations — 21.2%* | *U.S. Government Obligations — 21.2%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 156680<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp; 541030<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 69825<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 146748<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 88107<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92850<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 59459<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 80519<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 145414<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 128575<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 479338<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 211632<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 119645<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 328837<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 1172236<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp; 1068304<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 920198<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp; 170335<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/52 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 43897<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 97367<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 950996<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 720190<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 422593<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; 434016<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 39331<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100344<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/30/25 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; 510619<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50173<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19408<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 120000<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40535<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19955<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 132090<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 110730<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40470<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 70831<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30186<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 120741<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 2930000 | &nbsp;&nbsp;&nbsp; 2961188<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp; 2004483<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/31/31 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; 4580984<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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 |
| *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 Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 2760000 | &nbsp;&nbsp;&nbsp; $2820698<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20120<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 3790000 | &nbsp;&nbsp;&nbsp; 3810208<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19420<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 111031<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; 302811<br>|
| **Total U.S. Government & Agency Obligations (Cost — $30,151,860)** | **Total U.S. Government & Agency Obligations (Cost — $30,151,860)** | **Total U.S. Government & Agency Obligations (Cost — $30,151,860)** | **Total U.S. Government & Agency Obligations (Cost — $30,151,860)** | &nbsp;&nbsp; **26685147** |
| **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 17.2%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 17.2%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 17.2%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 17.2%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 17.2%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. Term SOFR + 3.127%) | &nbsp;&nbsp; 7.345% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 396743<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2022-3 A3 | &nbsp;&nbsp; 4.116% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 477779<br>| &nbsp;&nbsp;&nbsp; 448147<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; 570888<br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2024-5YR7 C | &nbsp;&nbsp; 7.341% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 567194<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; 104901<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; 418092<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2022-B32 XA, IO | &nbsp;&nbsp; 0.558% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 4108587<br>| &nbsp;&nbsp;&nbsp; 57708<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, 2023-IND A (1 mo. Term SOFR + 1.692%) | &nbsp;&nbsp; 5.842% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 166350<br>| &nbsp;&nbsp;&nbsp; 166517<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPR Trust, 2021-TY A (1 mo. Term SOFR + 1.164%) | &nbsp;&nbsp; 5.315% | &nbsp;&nbsp; 9/15/38 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169942<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; 11882<br>| &nbsp;&nbsp;&nbsp; 11618<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; 301218<br>| &nbsp;&nbsp;&nbsp; 304219<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR + 3.688%) | &nbsp;&nbsp; 7.838% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 523113<br>| &nbsp;&nbsp;&nbsp; 526829<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 230642<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2022-LBA6 A (1 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249983<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; 4.572% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 164440<br>| &nbsp;&nbsp;&nbsp; 160463<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; 50125<br>| &nbsp;&nbsp;&nbsp; 44064<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM8 A1 | &nbsp;&nbsp; 1.841% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 489700<br>| &nbsp;&nbsp;&nbsp; 448054<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2020-1 B1 | &nbsp;&nbsp; 5.078% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 742661<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; 91080<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120675<br> <sup>(a)(b)(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; 172907<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; 1.229% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3319618<br>| &nbsp;&nbsp;&nbsp; 132769<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; 1.382% | &nbsp;&nbsp; 7/25/26 | &nbsp;&nbsp; 838962<br>| &nbsp;&nbsp;&nbsp; 5584<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; 1.435% | &nbsp;&nbsp; 7/25/35 | &nbsp;&nbsp; 136533<br>| &nbsp;&nbsp;&nbsp; 12650<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; 0.626% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 3091308<br>| &nbsp;&nbsp;&nbsp; 80911<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3281 AI, IO (-1.000 x 30 Day <br> Average SOFR + 6.316%) | &nbsp;&nbsp; 1.943% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 837861<br>| &nbsp;&nbsp;&nbsp; 76207<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; 139040<br>| &nbsp;&nbsp;&nbsp; 126013<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; 747658<br>| &nbsp;&nbsp;&nbsp; 170168<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; 58666<br>| &nbsp;&nbsp;&nbsp; 9254<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; 141680<br>| &nbsp;&nbsp;&nbsp; 23702<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; 70484<br>| &nbsp;&nbsp;&nbsp; 12041<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; 73431<br>| &nbsp;&nbsp;&nbsp; 9911<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5071 IH, IO, PAC | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/25/51 | &nbsp;&nbsp; 433387<br>| &nbsp;&nbsp;&nbsp; $56690<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; 408941<br>| &nbsp;&nbsp;&nbsp; 90484<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; 681618<br>| &nbsp;&nbsp;&nbsp; 91112<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; 156047<br>| &nbsp;&nbsp;&nbsp; 23096<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; 623396<br>| &nbsp;&nbsp;&nbsp; 82784<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; 927991<br>| &nbsp;&nbsp;&nbsp; 190595<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; 93045<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; 247742<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; 586289<br>| &nbsp;&nbsp;&nbsp; 99530<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; 1428331<br>| &nbsp;&nbsp;&nbsp; 219546<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; 836926<br>| &nbsp;&nbsp;&nbsp; 105920<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; 766384<br>| &nbsp;&nbsp;&nbsp; 99333<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5482 FC (30 Day Average SOFR <br> + 1.300%) | &nbsp;&nbsp; 5.656% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 99399<br>| &nbsp;&nbsp;&nbsp; 99687<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5483 FD (30 Day Average <br> SOFR + 1.300%) | &nbsp;&nbsp; 5.656% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 94083<br>| &nbsp;&nbsp;&nbsp; 94579<br> <sup>(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; 6.656% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 64940<br>| &nbsp;&nbsp;&nbsp; 66294<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; 5.656% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 53648<br>| &nbsp;&nbsp;&nbsp; 53657<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; 6.448% | &nbsp;&nbsp; 4/25/43 | &nbsp;&nbsp; 411963<br>| &nbsp;&nbsp;&nbsp; 417826<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; 6.306% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 344059<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO | &nbsp;&nbsp; 1.962% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 12478<br>| &nbsp;&nbsp;&nbsp; 659<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (30 Day <br> Average SOFR + 4.214%) | &nbsp;&nbsp; 8.571% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; 176571<br>| &nbsp;&nbsp;&nbsp; 180065<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; 7.456% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254848<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; 7.456% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 260001<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2023-M4 A2 | &nbsp;&nbsp; 3.893% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 96474<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; 107475<br>| &nbsp;&nbsp;&nbsp; 99154<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2014-6 Z | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 259715<br>| &nbsp;&nbsp;&nbsp; 230955<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2015-55 IO, IO | &nbsp;&nbsp; 1.460% | &nbsp;&nbsp; 8/25/55 | &nbsp;&nbsp; 95611<br>| &nbsp;&nbsp;&nbsp; 4310<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2015-65 CZ | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 142248<br>| &nbsp;&nbsp;&nbsp; 127570<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-56 AQ | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 486053<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; 67770<br>| &nbsp;&nbsp;&nbsp; 11487<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-96 IN, IO, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 1126671<br>| &nbsp;&nbsp;&nbsp; 200420<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-28 LB | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/51 | &nbsp;&nbsp; 244515<br>| &nbsp;&nbsp;&nbsp; 203968<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; 660848<br>| &nbsp;&nbsp;&nbsp; 104087<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; 574180<br>| &nbsp;&nbsp;&nbsp; 103156<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; 663586<br>| &nbsp;&nbsp;&nbsp; 96880<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; 836382<br>| &nbsp;&nbsp;&nbsp; 108565<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; 962553<br>| &nbsp;&nbsp;&nbsp; 172309<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; 799071<br>| &nbsp;&nbsp;&nbsp; 108067<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 427 C21, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 729270<br>| &nbsp;&nbsp;&nbsp; 94130<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 440 C6, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/52 | &nbsp;&nbsp; 1706308<br>| &nbsp;&nbsp;&nbsp; $220250<br>|
| &nbsp;&nbsp;&nbsp; GCAT Trust, 2024-INV3 A17 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 81890<br>| &nbsp;&nbsp;&nbsp; 83664<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-34 SA, IO (-1.000 x 1 <br> mo. Term SOFR + 5.936%) | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 3/20/42 | &nbsp;&nbsp; 254109<br>| &nbsp;&nbsp;&nbsp; 25909<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-43 SN, IO (-1.000 x 1 <br> mo. Term SOFR + 6.486%) | &nbsp;&nbsp; 2.339% | &nbsp;&nbsp; 4/16/42 | &nbsp;&nbsp; 137916<br>| &nbsp;&nbsp;&nbsp; 17571<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-107 AD | &nbsp;&nbsp; 2.783% | &nbsp;&nbsp; 11/16/47 | &nbsp;&nbsp; 29958<br>| &nbsp;&nbsp;&nbsp; 27474<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; 3510<br>| &nbsp;&nbsp;&nbsp; 3398<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-186 IO, IO | &nbsp;&nbsp; 0.366% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 303003<br>| &nbsp;&nbsp;&nbsp; 2336<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; 83499<br>| &nbsp;&nbsp;&nbsp; 16450<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; 631577<br>| &nbsp;&nbsp;&nbsp; 123590<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2016-135 SB, IO (-1.000 x 1 <br> mo. Term SOFR + 5.986%) | &nbsp;&nbsp; 1.839% | &nbsp;&nbsp; 10/16/46 | &nbsp;&nbsp; 214990<br>| &nbsp;&nbsp;&nbsp; 29071<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-91 IU, IO | &nbsp;&nbsp; 0.965% | &nbsp;&nbsp; 5/16/62 | &nbsp;&nbsp; 3420046<br>| &nbsp;&nbsp;&nbsp; 207754<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-118 IO, IO | &nbsp;&nbsp; 0.884% | &nbsp;&nbsp; 6/16/62 | &nbsp;&nbsp; 3543711<br>| &nbsp;&nbsp;&nbsp; 222100<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; 63812<br>| &nbsp;&nbsp;&nbsp; 9463<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-127 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 61429<br>| &nbsp;&nbsp;&nbsp; 9075<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-129 IE, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/20/50 | &nbsp;&nbsp; 63889<br>| &nbsp;&nbsp;&nbsp; 9490<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-175 GI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 244873<br>| &nbsp;&nbsp;&nbsp; 27656<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-H04 FP (1 mo. Term <br> SOFR + 0.614%) | &nbsp;&nbsp; 4.966% | &nbsp;&nbsp; 6/20/69 | &nbsp;&nbsp; 101559<br>| &nbsp;&nbsp;&nbsp; 101579<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; 1157849<br>| &nbsp;&nbsp;&nbsp; 193894<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-96 VI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 727445<br>| &nbsp;&nbsp;&nbsp; 103640<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-176 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 1090563<br>| &nbsp;&nbsp;&nbsp; 155850<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-188 PA, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 343260<br>| &nbsp;&nbsp;&nbsp; 284050<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; 361392<br>| &nbsp;&nbsp;&nbsp; 315389<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H02 TF (1 mo. Term <br> SOFR + 1.394%) | &nbsp;&nbsp; 5.746% | &nbsp;&nbsp; 1/20/71 | &nbsp;&nbsp; 439004<br>| &nbsp;&nbsp;&nbsp; 447694<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; 279203<br>| &nbsp;&nbsp;&nbsp; 12949<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; 84214<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-189 PT | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 242670<br>| &nbsp;&nbsp;&nbsp; 203855<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; 68033<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; 1463480<br>| &nbsp;&nbsp;&nbsp; 84256<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; 136946<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; 98828<br>| &nbsp;&nbsp;&nbsp; 74708<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-108 SC, IO (-1.000 x 30 <br> Day Average SOFR + 5.880%) | &nbsp;&nbsp; 1.491% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 995282<br>| &nbsp;&nbsp;&nbsp; 95232<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-141 SE, IO (-1.000 x 30 <br> Day Average SOFR + 5.850%) | &nbsp;&nbsp; 1.461% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; 1098898<br>| &nbsp;&nbsp;&nbsp; 103015<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-159 GS, IO (-1.000 x 30 <br> Day Average SOFR + 6.570%) | &nbsp;&nbsp; 2.230% | &nbsp;&nbsp; 9/20/55 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 93787<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.631% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320838<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, 2024-70P E | &nbsp;&nbsp; 9.263% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 394312<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; 250197<br>| &nbsp;&nbsp;&nbsp; 244999<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2023-NQM1 A1 | &nbsp;&nbsp; 6.182% | &nbsp;&nbsp; 1/25/68 | &nbsp;&nbsp; 249921<br>| &nbsp;&nbsp;&nbsp; 250146<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (PRIME + <br> 0.693%) | &nbsp;&nbsp; 8.193% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 114920<br>| &nbsp;&nbsp;&nbsp; 95160<br> <sup>(a)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2021-GS5 A1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/25/67 | &nbsp;&nbsp; 70314<br>| &nbsp;&nbsp;&nbsp; $70359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.624% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 341595<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2022-FL8 A (1 mo. Term SOFR + 1.350%) | &nbsp;&nbsp; 5.484% | &nbsp;&nbsp; 2/19/37 | &nbsp;&nbsp; 359384<br>| &nbsp;&nbsp;&nbsp; 359836<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. Term SOFR + 1.147%) | &nbsp;&nbsp; 5.298% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 186949<br>| &nbsp;&nbsp;&nbsp; 185330<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, 2022-LPFL A (1 mo. Term SOFR + 1.397%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240043<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYCT Trust, 2024-3ELV A (1 mo. Term SOFR + 1.991%) | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201217<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; 60207<br>| &nbsp;&nbsp;&nbsp; 50866<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; 397208<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; 159948<br>| &nbsp;&nbsp;&nbsp; 161565<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2022-AFC2 M1 | &nbsp;&nbsp; 6.002% | &nbsp;&nbsp; 8/25/57 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 731178<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; 361198<br>| &nbsp;&nbsp;&nbsp; 361954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 161717<br>| &nbsp;&nbsp;&nbsp; 164302<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RIDE, 2025-SHRE D | &nbsp;&nbsp; 6.972% | &nbsp;&nbsp; 2/14/47 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 266247<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; 299931<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2017-4 B2 | &nbsp;&nbsp; 3.606% | &nbsp;&nbsp; 6/25/57 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 212568<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2018-C9 XA, IO | &nbsp;&nbsp; 1.074% | &nbsp;&nbsp; 3/15/51 | &nbsp;&nbsp; 7523749<br>| &nbsp;&nbsp;&nbsp; 136530<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; 172125<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; 305544<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2017-RB1 XA, IO | &nbsp;&nbsp; 1.347% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 1716794<br>| &nbsp;&nbsp;&nbsp; 22872<br> <sup>(d)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $21,905,762)** | **Total Collateralized Mortgage Obligations (Cost — $21,905,762)** | **Total Collateralized Mortgage Obligations (Cost — $21,905,762)** | **Total Collateralized Mortgage Obligations (Cost — $21,905,762)** | &nbsp;&nbsp; **21662741** |
|  |  |  | &nbsp;&nbsp; Face <br>Amount†/ <br>Units<br>|  |
| **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.522% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270675<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; 190588<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; 258979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., 2024-1A A (3 mo. Term SOFR + 1.630%) | &nbsp;&nbsp; 5.955% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 271267<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; 6.133% | &nbsp;&nbsp; 7/27/48 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310000<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Birch Grove CLO Ltd., 2024-11A A1 (3 mo. Term SOFR + 1.360%) | &nbsp;&nbsp; 5.692% | &nbsp;&nbsp; 1/22/38 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 412013<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cayuga Park CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.382%) | &nbsp;&nbsp; 5.704% | &nbsp;&nbsp; 7/17/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270478<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2018-1A A1R (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 5.649% | &nbsp;&nbsp; 1/18/38 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130643<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; 265317<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; 237600<br>| &nbsp;&nbsp;&nbsp; 246309<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; 250000<br>| &nbsp;&nbsp;&nbsp; 251421<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Edsouth Indenture LLC, 2015-1 A (30 Day Average SOFR + 0.914%) | &nbsp;&nbsp; 5.271% | &nbsp;&nbsp; 10/25/56 | &nbsp;&nbsp; 141002<br>| &nbsp;&nbsp;&nbsp; 140258<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2024-5A AR1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.845% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 260922<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; 248125<br>| &nbsp;&nbsp;&nbsp; 258396<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2024-33A A1 (3 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 416836<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC, 2023-3A A | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254815<br> <sup>(a)</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; 251231<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; 87920<br>| &nbsp;&nbsp;&nbsp; 82167<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; 124150<br>| &nbsp;&nbsp;&nbsp; 120165<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, 2024-1A A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/20/49 | &nbsp;&nbsp; 340020<br>| &nbsp;&nbsp;&nbsp; 329855<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; 5.165% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 24751<br>| &nbsp;&nbsp;&nbsp; 24752<br> <sup>(a)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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; Navient Student Loan Trust, 2016-3A A3 (30 Day Average SOFR + 1.464%) | &nbsp;&nbsp; 5.821% | &nbsp;&nbsp; 6/25/65 | &nbsp;&nbsp; 160179<br>| &nbsp;&nbsp;&nbsp; $162343<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Octagon Ltd., 2022-1A A1R (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.935% | &nbsp;&nbsp; 11/16/36 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350632<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220378<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park Blue CLO Ltd., 2022-2A A1R (3 mo. Term SOFR + 1.420%) | &nbsp;&nbsp; 5.745% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 511654<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; RASC Trust, 2006-KS1 M3 (1 mo. Term SOFR + 0.534%) | &nbsp;&nbsp; 4.902% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 253231<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; 125143<br>| &nbsp;&nbsp;&nbsp; 125850<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., 2025-8A A1 (3 mo. Term SOFR + 1.210%) | &nbsp;&nbsp; 5.432% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220553<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2015-C R | &nbsp;&nbsp; 13.900% | &nbsp;&nbsp; 9/18/46 | &nbsp;&nbsp; 1092<br>| &nbsp;&nbsp;&nbsp; 286643<br> <sup>(a)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-A A2A1 (1 mo. Term SOFR + 0.844%) | &nbsp;&nbsp; 4.995% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 141021<br>| &nbsp;&nbsp;&nbsp; 139772<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; 71670<br>| &nbsp;&nbsp;&nbsp; 67888<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; 593322<br>| &nbsp;&nbsp;&nbsp; 602767<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; 214287<br>| &nbsp;&nbsp;&nbsp; 217273<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; 4.692% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 146624<br>| &nbsp;&nbsp;&nbsp; 144812<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.525% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200250<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Triumph Rail Holdings LLC, 2021-2 A | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 6/19/51 | &nbsp;&nbsp; 86769<br>| &nbsp;&nbsp;&nbsp; 83023<br> <sup>(a)</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; 160544<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2019-38A ARR (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 5.310% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 212865<br>| &nbsp;&nbsp;&nbsp; 212375<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $10,134,694)** | **Total Asset-Backed Securities (Cost — $10,134,694)** | **Total Asset-Backed Securities (Cost — $10,134,694)** | **Total Asset-Backed Securities (Cost — $10,134,694)** | &nbsp;&nbsp; **8977075** |
|  |  |  | &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** |
| *Argentina — 0.3%* | *Argentina — 0.3%* | *Argentina — 0.3%* | *Argentina — 0.3%* | *Argentina — 0.3%* |
| &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; 244541<br>| &nbsp;&nbsp;&nbsp; 165432<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 312256<br>| &nbsp;&nbsp;&nbsp; 183060<br> <sup>(m)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *348492* |
| *Brazil — 0.3%* | *Brazil — 0.3%* | *Brazil — 0.3%* | *Brazil — 0.3%* | *Brazil — 0.3%* |
| &nbsp;&nbsp;&nbsp; Brazil Letras do Tesouro Nacional | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 602000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 109217<br>|
| &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; 247752<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *356969* |
| *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; *95078*<br>|
| *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 2/10/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; *348128*<br>|
| *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/28/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *201114*<br> <sup>(a)</sup><br>|
| *Peru — 0.0%††* | *Peru — 0.0%††* | *Peru — 0.0%††* | *Peru — 0.0%††* | *Peru — 0.0%††* |
| &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; *49313*<br>|
| *Supranational — 0.4%* | *Supranational — 0.4%* | *Supranational — 0.4%* | *Supranational — 0.4%* | *Supranational — 0.4%* |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 10/6/30 | &nbsp;&nbsp; 47000000 <br><sup>INR</sup><br>| &nbsp;&nbsp;&nbsp; *543315*<br>|
| **Total Sovereign Bonds (Cost — $1,913,879)** | **Total Sovereign Bonds (Cost — $1,913,879)** | **Total Sovereign Bonds (Cost — $1,913,879)** | **Total Sovereign Bonds (Cost — $1,913,879)** | &nbsp;&nbsp; **1942409** |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| **Senior Loans — 1.3%** | **Senior Loans — 1.3%** | **Senior Loans — 1.3%** | **Senior Loans — 1.3%** | **Senior Loans — 1.3%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, Term Loan B5 (2 mo. Term SOFR + 2.000%)  | 6.038% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 99500<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$99763**<br> <sup>(d)(n)(o)</sup><br>|
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| *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%)  | 6.663% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 32003<br>| &nbsp;&nbsp;&nbsp;&nbsp; *32058*<br> <sup>(d)(n)(o)</sup><br>|
| *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* |
| &nbsp;&nbsp;&nbsp; Belron Finance LLC, 2031 Dollar Term Loan (3 mo. Term SOFR + 2.500%)  | 6.742% | &nbsp;&nbsp; 10/16/31 | &nbsp;&nbsp; 99500<br>| &nbsp;&nbsp;&nbsp;&nbsp; *100122*<br> <sup>(d)(n)(o)</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%)  | 6.502% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 59699<br>| &nbsp;&nbsp;&nbsp;&nbsp; *59836*<br> <sup>(d)(n)(o)</sup><br>|
| *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Term Loan B (1 mo. Term SOFR + 2.250%) | 6.413% | &nbsp;&nbsp; 2/6/30 | &nbsp;&nbsp; 64206<br>| &nbsp;&nbsp;&nbsp; 64189<br> <sup>(d)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flutter Entertainment Public Ltd. Co., 2024 Term Loan B (3 mo. Term SOFR + 1.750%) | 5.752% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 56723<br>| &nbsp;&nbsp;&nbsp; 56638<br> <sup>(d)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; PCI Gaming Authority, 2024 Term Loan B (1 mo. Term SOFR + 2.000%) | 6.163% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 33292<br>| &nbsp;&nbsp;&nbsp; 33266<br> <sup>(d)(n)(o)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *154093* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **346109** |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| *Beverages — 0.0%††* | *Beverages — 0.0%††* | *Beverages — 0.0%††* | *Beverages — 0.0%††* | *Beverages — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term SOFR + <br> 2.250%)  | 6.252% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 55116<br>| &nbsp;&nbsp;&nbsp;&nbsp; **55169**<br> <sup>(d)(n)(o)</sup><br>|
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| *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 + 2.750%) | 6.913% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 138950<br>| &nbsp;&nbsp;&nbsp; 139141<br> <sup>(d)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP, Amendment No. 2 Refinancing Term Loan (3 mo. <br> Term SOFR + 2.000%) | 6.286% | &nbsp;&nbsp; 10/4/30 | &nbsp;&nbsp; 58986<br>| &nbsp;&nbsp;&nbsp; 59023<br> <sup>(d)(n)(o)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *198164* |
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + 2.000%)  | 6.199% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 129321<br>| &nbsp;&nbsp;&nbsp;&nbsp; *128553*<br> <sup>(d)(n)(o)</sup><br>|
| *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* |
| &nbsp;&nbsp;&nbsp; AmWINS Group Inc., Initial Term Loan (3 mo. Term SOFR + 2.250%)  | 6.252% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 59699<br>| &nbsp;&nbsp;&nbsp;&nbsp; *59738*<br> <sup>(d)(n)(o)</sup><br>|
| *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%)  | 5.913% | &nbsp;&nbsp; 11/18/27 | &nbsp;&nbsp; 59700<br>| &nbsp;&nbsp;&nbsp;&nbsp; *59662*<br> <sup>(d)(n)(o)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **446117** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2028 Refinancing Term Loan (1 mo. Term SOFR + 2.000%)  | 6.163% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 93551<br>| &nbsp;&nbsp;&nbsp;&nbsp; *93645*<br> <sup>(d)(n)(o)</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%)  | 6.663% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 75425<br>| &nbsp;&nbsp;&nbsp;&nbsp; *75629*<br> <sup>(d)(n)(o)</sup><br>|
| *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)  | 7.030% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 64006<br>| &nbsp;&nbsp;&nbsp;&nbsp; *62992*<br> <sup>(d)(n)(o)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **232266** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *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%)  | 6.792% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 95256<br>| &nbsp;&nbsp;&nbsp;&nbsp; **95911**<br> <sup>(d)(n)(o)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 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 |
| **Real Estate — 0.1%** | **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%* | *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%)  | &nbsp;&nbsp;&nbsp; Iron Mountain Information Management LLC, Amendment No. 1 Incremental Term <br> Loan B (1 mo. Term SOFR + 2.000%)  | 6.163% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 99494<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$99680**<br> <sup>(d)(n)(o)</sup><br>|
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Initial Term Loan B (1 mo. Term SOFR + 2.000%)  | &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Initial Term Loan B (1 mo. Term SOFR + 2.000%)  | 6.163% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 99498<br>| &nbsp;&nbsp;&nbsp;&nbsp; *99485*<br> <sup>(d)(n)(o)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, Refinancing Term Loan (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, Refinancing Term Loan (1 mo. Term SOFR + <br> 2.000%) | 6.163% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130147<br> <sup>(d)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Initial Term Loan B (3 mo. Term SOFR + 2.250%) | &nbsp;&nbsp;&nbsp; Lightning Power LLC, Initial Term Loan B (3 mo. Term SOFR + 2.250%) | 6.252% | &nbsp;&nbsp; 8/18/31 | &nbsp;&nbsp; 59698<br>| &nbsp;&nbsp;&nbsp; 59725<br> <sup>(d)(n)(o)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *189872* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **289357** |
| **Total Senior Loans (Cost — $1,657,313)** | **Total Senior Loans (Cost — $1,657,313)** | **Total Senior Loans (Cost — $1,657,313)** | **Total Senior Loans (Cost — $1,657,313)** | **Total Senior Loans (Cost — $1,657,313)** | &nbsp;&nbsp; **1664372** |
| **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%** | **U.S. Treasury Inflation Protected Securities — 0.6%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $768,464) | &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $768,464) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 751557<br>| &nbsp;&nbsp;&nbsp; **762786**<br>|
|  |  | Expiration <br>Date<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount†<br>|  |
| **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.250 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.250 | 12/12/25 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 11638<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 29700<br>|
| &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.813 | &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.813 | 10/10/25 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 122500 | &nbsp;&nbsp;&nbsp; 2756<br>|
| &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.750 | &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.750 | 12/12/25 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 11475<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.500 | 10/24/25 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 19922<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.750 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.750 | 10/24/25 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 5906<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $110.250 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $110.250 | 10/24/25 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 2813<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.500 | 10/24/25 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp; 6328<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.750 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.750 | 10/24/25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp; 7906<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.000 | &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.000 | 10/24/25 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 5625<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.250 | &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.250 | 10/24/25 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 12469<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.500 | 10/24/25 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp; 4594<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Put @ $112.000 | &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Put @ $112.000 | 10/24/25 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp; 22281<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Put @ $113.000 | &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Put @ $113.000 | 10/24/25 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp; 14000<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Put @ $115.000 | &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Put @ $115.000 | 10/24/25 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 4375<br>|
| **Total Exchange-Traded Purchased Options (Cost — $220,284)** | **Total Exchange-Traded Purchased Options (Cost — $220,284)** | **Total Exchange-Traded Purchased Options (Cost — $220,284)** | **Total Exchange-Traded Purchased Options (Cost — $220,284)** | **Total Exchange-Traded Purchased Options (Cost — $220,284)** | &nbsp;&nbsp; **161788** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** |
| &nbsp;&nbsp;&nbsp; Interest rate swaption, Call @ 290.000<sup>bps</sup>, payments received <br> by the Fund on Daily SOFR Compound annually, 290.000<sup>bps</sup> <br> payments made by the Fund annually, maturing on 9/29/28 <br> 2.900<sup>bps</sup> <br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 14640000 | &nbsp;&nbsp; 14640000 | &nbsp;&nbsp;&nbsp; 59321<br>|
| &nbsp;&nbsp;&nbsp; U.S. Dollar/Chinese Yuan Renminbi, Call @ 7.223<sup>CNY</sup> <br>| BNP Paribas SA | 10/27/25 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 26<br>|
| **Total OTC Purchased Options (Cost — $62,229)** | **Total OTC Purchased Options (Cost — $62,229)** | **Total OTC Purchased Options (Cost — $62,229)** | **Total OTC Purchased Options (Cost — $62,229)** | **Total OTC Purchased Options (Cost — $62,229)** | &nbsp;&nbsp; **59347** |
| **Total Purchased Options (Cost — $282,513)** | **Total Purchased Options (Cost — $282,513)** | **Total Purchased Options (Cost — $282,513)** | **Total Purchased Options (Cost — $282,513)** | **Total Purchased Options (Cost — $282,513)** | &nbsp;&nbsp; **221135** |

---

See Notes to Schedule of Investments.

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Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $3<br> \*<sup>(e)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 1484 | &nbsp;&nbsp;&nbsp; 564<br> \*<br>|
| **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | &nbsp;&nbsp;&nbsp; **567**<br>|
|  |  | &nbsp;&nbsp; Expiration <br>Date <br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $12,843) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 1055<br>| &nbsp;&nbsp;&nbsp; **401**<br> \*<sup>(e)(p)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $136,206,268)** | **Total Investments before Short-Term Investments (Cost — $136,206,268)** | **Total Investments before Short-Term Investments (Cost — $136,206,268)** | **Total Investments before Short-Term Investments (Cost — $136,206,268)** | &nbsp;&nbsp; **130129812** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** |
| **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $4,191,827)  | &nbsp;&nbsp; 4.101% |  | &nbsp;&nbsp; 4191827<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4191827**<br> <sup>(q)(r)</sup><br>|
|  |  | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank (FHLB), Discount Notes (Cost — $219,871) | &nbsp;&nbsp; 4.179% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **219852**<br> <sup>(s)</sup><br>|
| **Total Short-Term Investments (Cost — $4,411,698)** | **Total Short-Term Investments (Cost — $4,411,698)** | **Total Short-Term Investments (Cost — $4,411,698)** | **Total Short-Term Investments (Cost — $4,411,698)** | &nbsp;&nbsp; **4411679** |
| **Total Investments — 106.8% (Cost — $140,617,966)** | **Total Investments — 106.8% (Cost — $140,617,966)** | **Total Investments — 106.8% (Cost — $140,617,966)** | **Total Investments — 106.8% (Cost — $140,617,966)** | &nbsp;&nbsp; **134541491** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (6.8)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (6.8)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (6.8)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (6.8)% | &nbsp;&nbsp;&nbsp; (8563830)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$125977661** |

---

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

See Notes to Schedule of Investments.

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Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

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 **Western Asset Core Plus VIT Portfolio**

---

| | |
|:---|:---|
| † | 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> | The coupon payment on this security is currently in default as of September 30, 2025. |
| <sup>(i)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(j)</sup> | This security is traded on a to-be-announced ("TBA") basis. At September 30, 2025, the Portfolio held TBA securities with a total cost of $10,880,852. |
| <sup>(k)</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>(l)</sup> | Rate shown is the current yield based on income received over the trailing twelve months. |
| <sup>(m)</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>(n)</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>(o)</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>(p)</sup> | Restricted security (Note 3). |
| <sup>(q)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(r)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Portfolio ownership of at least 5% of the <br> outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At September 30, 2025, the total <br> market value of investments in Affiliated Companies was $4,191,827 and the cost was $4,191,827 (Note 2).<br>|
| <sup>(s)</sup> | Rate shown represents yield-to-maturity. |

---

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ACES | Alternative Credit Enhancement Securities |
| bps | basis points (100 basis points = 1.00%) |
| BRL | Brazilian Real |
| CAS | Connecticut Avenue Securities |
| CLO | Collateralized Loan Obligation |
| CNY | Chinese Yuan Renminbi |
| IBOR | Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| INR | Indian Rupee |
| IO | Interest Only |
| JMD | Jamaican Dollar |
| JSC | Joint Stock Company |
| PAC | Planned Amortization Class |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| USD | United States Dollar |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Core Plus VIT Portfolio**

At September 30, 2025, 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; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $96.563 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; $110000 | &nbsp;&nbsp;&nbsp;&nbsp; $(2475) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96.750 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; (1188) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 47500 | &nbsp;&nbsp;&nbsp;&nbsp; (5225) |
| 3-Month SOFR Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;95.375 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(238) |
| 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; (11644) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; (11813) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;110.750 | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; (8234) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.500 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; (11859) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; (8297) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;113.000 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; (14109) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;114.500 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; (8719) |
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;111.000 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; (10172) |
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;113.000 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; (24609) |
| U.S. Treasury Long-Term Bonds Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;119.000 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(375) |
| U.S. Treasury Long-Term Bonds Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;111.000 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; (5000) |
| **Total Exchange-Traded Written Options (Premiums received — $173,311)** | **Total Exchange-Traded Written Options (Premiums received — $173,311)** | **Total Exchange-Traded Written Options (Premiums received — $173,311)** | **Total Exchange-Traded Written Options (Premiums received — $173,311)** | **Total Exchange-Traded Written Options (Premiums received — $173,311)** | &nbsp;&nbsp;&nbsp; **(123957)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
|  | Counterparty |  |  |  |  |
| Interest rate swaption, Call, 345.000<sup>bps</sup> <br> payments received by the Fund annually, <br> payments made by the Fund on Daily SOFR <br> Compound annually, maturing on 9/29/36 <br>(Premiums received — $58,004)<br>| Goldman Sachs Group Inc. | &nbsp;&nbsp; 9/25/26<br> 3.450 <br><sup>bps</sup><br>| &nbsp;&nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp; 3,420,000<br> ‡<br>| &nbsp;&nbsp; **$(57798)**<br>|
| **Total Written Options (Premiums received — $231,315)** | **Total Written Options (Premiums received — $231,315)** | **Total Written Options (Premiums received — $231,315)** | **Total Written Options (Premiums received — $231,315)** | **Total Written Options (Premiums received — $231,315)** | &nbsp;&nbsp; **$(181755)**<br>|

---

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

‡ In the event an option is exercised and a credit event occurs as defined under the
 terms of the swap agreement, the notional amount is the maximum potential amount that could be required to be paid as a seller of credit protection
 or received as a buyer of credit protection.

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| SOFR | Secured Overnight Financing Rate |

---

At September 30, 2025, 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; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $17838823 | &nbsp;&nbsp;&nbsp;&nbsp; $17818275 | &nbsp;&nbsp;&nbsp;&nbsp; $(20548) |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6254688 | &nbsp;&nbsp;&nbsp;&nbsp; 6298825 | &nbsp;&nbsp;&nbsp;&nbsp; 44137 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 34795546 | &nbsp;&nbsp;&nbsp;&nbsp; 34875000 | &nbsp;&nbsp;&nbsp;&nbsp; 79454 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3732299 | &nbsp;&nbsp;&nbsp;&nbsp; 3731000 | &nbsp;&nbsp;&nbsp;&nbsp; (1299) |
| United Kingdom Long Gilt Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1215808 | &nbsp;&nbsp;&nbsp;&nbsp; 1221707 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 107643 |
| **Contracts to Sell:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3359096 | &nbsp;&nbsp;&nbsp;&nbsp; 3358513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583 |
| Japanese 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1852577 | &nbsp;&nbsp;&nbsp;&nbsp; 1836427 | &nbsp;&nbsp;&nbsp;&nbsp; 16150 |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15205603 | &nbsp;&nbsp;&nbsp;&nbsp; 15213086 | &nbsp;&nbsp;&nbsp;&nbsp; (7483) |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Number of<br> Contracts<br>| &nbsp;&nbsp;&nbsp; Expiration<br> Date<br>| &nbsp;&nbsp;&nbsp; Notional<br> Amount<br>| &nbsp;&nbsp;&nbsp; Market<br> Value<br>| &nbsp;&nbsp;&nbsp; Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Sell** <br> ***continued***<br>|  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $11416917 | &nbsp;&nbsp;&nbsp;&nbsp; $11356312 | &nbsp;&nbsp;&nbsp;&nbsp; $60605 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6148995 | &nbsp;&nbsp;&nbsp;&nbsp; 6214218 | &nbsp;&nbsp;&nbsp;&nbsp; (65223) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5026705 | &nbsp;&nbsp;&nbsp;&nbsp; 5162687 | &nbsp;&nbsp;&nbsp;&nbsp; (135982) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (131350) |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(23707)** |

---

&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 September 30, 2025, 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>|
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 206892 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 38900 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; $(46) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38925 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp;&nbsp; 206892 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 443108 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 83313 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 118778 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3291 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83291 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp;&nbsp; 443108 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 122213 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 503617 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 3586103 | Bank of America N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68) |
| CNH | &nbsp;&nbsp;&nbsp;&nbsp; 617000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 86876 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (216) |
| CNH | &nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 150638 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| CNH | &nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 179078 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 |
| CNH | &nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 189687 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1332 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 124230 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 168565 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3010 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 567386 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 48877137 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 17401 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 146712 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 186520 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1783 |
| JPY | &nbsp;&nbsp; 137565853 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 947772 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; (15906) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 129524 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 543862 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 398267 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8183 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96517 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 14119249 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 118858 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 17442347 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 158467 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 23230000 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| AUD | &nbsp;&nbsp;&nbsp; 1521159 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 992632 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 14159 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46320 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 115342 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 126304 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2971 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 208740 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 845622 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 999381 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (5587) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 100326 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 153253 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (1106) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 125577 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 188135 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 126483 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 191708 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (401) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 139931 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 118443 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 125756 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 106826 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 128006 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (1268) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 135819 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 114559 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1187 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 261078 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 222504 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (414) |

---

See Notes to Schedule of Investments.

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Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **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>|
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 443108 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 82649 | JPMorgan Chase & Co. | &nbsp;&nbsp; 11/4/25 | &nbsp;&nbsp; $(115) |
| **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** | **$43119** |

---

&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 |
| USD |  | United States Dollar |

---

At September 30, 2025, 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; Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| &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. | 29330000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; BRL-CDI\*\* | &nbsp;&nbsp;&nbsp;&nbsp; 10.230%\*\* | &nbsp;&nbsp;&nbsp; **$(494546)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(494546)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <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>Depreciation<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $11658000 | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.490% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; **$(16521)** | &nbsp;&nbsp;&nbsp; **$26734** | &nbsp;&nbsp;&nbsp; **$(43255)** |

---

&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>Depreciation<br>|
| Markit CDX.NA.IG.45 Index | $3028000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$68836** | &nbsp;&nbsp;&nbsp; **$69463** | &nbsp;&nbsp;&nbsp; **$(627)** |

---

&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.45 Index | $221400 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$(17099)** | &nbsp;&nbsp;&nbsp; **$(16898)** | &nbsp;&nbsp;&nbsp; **$(201)** |

---

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

See Notes to Schedule of Investments.

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Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

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 **Western Asset Core Plus VIT Portfolio**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <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>Appreciation<br>|
| JPMorgan Chase & Co. | $753000 | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$31694** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$31694** |

---

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

---

| | |
|:---|:---|
| <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; BRL-CDI | 14.900% |
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 4.240% |

---

&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 |
| JPEIFNTR |  | Western Asset Management Emerging Markets Frontier Custom Basket |
| SOFR |  | Secured Overnight Financing 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.

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Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset 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 2025 Quarterly Report

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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; $12181518 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $12181518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 27981649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27981649 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 28050012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28050012 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 26685147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26685147 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 21662741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21662741 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 8977075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8977075 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1942409 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1942409 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1664372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1664372 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 762786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 762786 |
| &nbsp;&nbsp;&nbsp; Purchased Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Purchased Options | &nbsp;&nbsp; $161788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 59347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59347 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 401 |
| Total Long-Term Investments | &nbsp;&nbsp; 162352 | &nbsp;&nbsp; 129967460 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 130129812 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 4191827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4191827 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 219852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 219852 |
| Total Short-Term Investments | &nbsp;&nbsp; 4191827 | &nbsp;&nbsp; 219852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4411679 |
| **Total Investments** | &nbsp;&nbsp; **$4354179** | &nbsp;&nbsp; **$130187312** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$134541491** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $206828 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $206828 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $68344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68344 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 31694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31694 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$206828** | &nbsp;&nbsp; **$100038** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$306866** |
| **Total** | &nbsp;&nbsp; **$4561007** | &nbsp;&nbsp; **$130287350** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$134848357** |

---

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Written Options | &nbsp;&nbsp; $123957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $123957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $57798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57798 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 230535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 230535 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 25225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25225 |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 494546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 494546 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 43255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 627 | &nbsp;&nbsp; — | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Buy <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201 |
| **Total** | &nbsp;&nbsp; **$354492** | &nbsp;&nbsp; **$621652** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$976144** |

---

&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 September 30, 2025. The following transactions were effected in such company for the period ended September 30, 2025. <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>2024 | 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>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $6562794 | $26300218 | 26300218 | $28671185 | 28671185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>September 30, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $152002 |  | $4191827 |

---

**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 9/30/2025<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 9 | 3/25 | $109 | $3 | &nbsp;&nbsp; $0.33<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 1055 | 3/25 | 12843 | 401 | 0.38<br> 0.00 %<sup>(a)</sup><br>|
|  |  |  | **$12952** | **$404** | &nbsp;&nbsp; <br> &nbsp;&nbsp; **0.00%** <br><sup>(a)</sup><br>|

---

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

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

------

Western Asset Core Plus VIT Portfolio 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Legg Mason Partners 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:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $148881860.82

**Total Liabilities:** $22860197.13

**Net Assets:** $126021663.69

**Delayed Delivery Securities:** $619999.50

**Stand-by Commitments:** $16228003.96

**Cash Not Reported:** $1957161.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 76.70000000 | **1-Year:** 5201.42000000 | **5-Year:** 28900.75000000 | **10-Year:** 16863.99000000 | **30-Year:** 1776.69000000

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

- **3-Month:** 12.73000000 | **1-Year:** 787.71000000 | **5-Year:** 1188.74000000 | **10-Year:** 274.93000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047111 | -0.42%               | 1.27%                | 1.05%                |
| Class ID C000154792 | -0.42%               | 1.27%                | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $92785.51                | $-882087.33                                |
| Month 2  | $-22656.97               | $1024589.42                                |
| Month 3  | $162608.87               | $827512.77                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ROYAL BANK OF CANADA                                    | Royal Bank of Canada                                                            | CUSIP: 78016FZQ0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $77673.08     | 0.06%             | 2032-05-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10206.13     | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     96000 | PA      | $66207.45     | 0.05%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418FBN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1541801 | PA      | $1556979.43   | 1.24%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45415.32     | 0.04%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -38 | NC      | $-1187.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Commercial Mortgag                          | Wells Fargo Commercial Mortgage Trust 2017-RB1                                  | CUSIP: 95000TBV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1716794 | PA      | $22871.81     | 0.02%             | 2050-03-15      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1564000 | PA      | $247752.10    | 0.20%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                   | JANE STREET GROUP LLC                                                           | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    129321 | PA      | $128553.62    | 0.10%             | 2031-12-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378NWU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3510 | PA      | $3398.46      | 0.00%             | 2048-06-16      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                       | Park Blue CLO 2022-II Ltd                                                       | CUSIP: 70018CAQ9<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $511654.34    | 0.41%             | 2037-07-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H0526A1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    700000 | PA      | $705318.97    | 0.56%             | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | USD CALL VERSUS CNY PUT                                                         | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |    670000 | NC      | $25.71        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                                 | Walt Disney Co/The                                                              | CUSIP: 254687EH5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     50000 | PA      | $57783.49     | 0.05%             | 2037-11-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | USD/CNH FORWARD                                                                 | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3088.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                            | CUSIP: 91087BAD2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    440000 | PA      | $348128.00    | 0.28%             | 2048-02-10      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $27210.58     | 0.02%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2018-C9                                           | CUSIP: 90291JAX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7523749 | PA      | $136530.47    | 0.11%             | 2051-03-15      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X7FP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    280970 | PA      | $263142.54    | 0.21%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0206A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $403116.56    | 0.32%             | 2055-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $113860.48    | 0.09%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    481000 | PA      | $473744.03    | 0.38%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     38380 | PA      | $16335.23     | 0.01%             | 2030-03-12      | Variable      | 11.00%                | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                      | LONG GILT                                                                       | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |        10 | NC      | $5899.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109909.61    | 0.09%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383FHR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    361392 | PA      | $315388.66    | 0.25%             | 2051-06-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securities C                          | RASC Series 2006-KS1 Trust                                                      | CUSIP: 76113AAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $253230.61    | 0.20%             | 2036-02-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                         | Fannie Mae Interest Strip                                                       | CUSIP: 31424U6J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1706308 | PA      | $220250.48    | 0.17%             | 2052-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AB4Z2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     77521 | PA      | $77708.59     | 0.06%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                          | Wells Fargo Commercial Mortgage Trust 2016-C36                                  | CUSIP: 95000MBP5<br>LEI: 549300BSYX29G4VVM177 | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $305543.66    | 0.24%             | 2059-11-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76919.32     | 0.06%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                                           | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156318.84    | 0.12%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XBNZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40365 | PA      | $38998.30     | 0.03%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132A9T64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13007 | PA      | $12679.37     | 0.01%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -1 | NC      | $-375.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9F58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     67499 | PA      | $58763.17     | 0.05%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36189EBF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70687 | PA      | $67653.08     | 0.05%             | 2045-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2024-NQM5                                       | CUSIP: 105925AA9<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    301218 | PA      | $304219.01    | 0.24%             | 2064-06-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19928.28     | 0.02%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Octagon 66 Ltd                                          | Octagon 66 Ltd                                                                  | CUSIP: 67577WAP6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350631.75    | 0.28%             | 2036-11-16      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | 3 MONTH SOFR                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        26 | NC      | $44136.83     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY                                      | Ford Motor Co                                                                   | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40989.37     | 0.03%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88745.76     | 0.07%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                  | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50201.30     | 0.04%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204523.59    | 0.16%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                               | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10798.29     | 0.01%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QKDF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64872 | PA      | $58471.18     | 0.05%             | 2041-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 225401AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $247215.11    | 0.20%             | 2031-04-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Calpine Construction Finance Company L P                | CALPINE CONSTRUCTION FIN                                                        | CUSIP: 13134NAH4<br>LEI: V0Q3DOB0FIB2XI1KWU77 | Long             | LON              | CORP              | US        |    130000 | PA      | $130146.90    | 0.10%             | 2030-07-31      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                         | Cigna Group/The                                                                 | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38187.58     | 0.03%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3053.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2021-NQM2                                       | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11882 | PA      | $11617.99     | 0.01%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    260000 | PA      | $287480.44    | 0.23%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2023-DNA2                                         | CUSIP: 35564KT58<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |    411963 | PA      | $417826.30    | 0.33%             | 2043-04-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36189ML55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    319718 | PA      | $307106.69    | 0.24%             | 2045-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                                     | Cheniere Energy Inc                                                             | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29914.51     | 0.02%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PBM7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $31453.16     | 0.02%             | 2041-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| REYNOLDS AMERICAN INC                                   | Reynolds American Inc                                                           | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79323.86     | 0.06%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FCY5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49867.62     | 0.04%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Triumph Rail LLC                                        | Triumph Rail Holdings LLC                                                       | CUSIP: 89683LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86769 | PA      | $83023.09     | 0.07%             | 2051-06-19      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82709.24     | 0.07%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                        | SLG Office Trust 2021-OVA                                                       | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    337000 | PA      | $299931.08    | 0.24%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                                 | CUSIP: 58013MFR0<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    110000 | PA      | $90518.12     | 0.07%             | 2050-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                   | Waste Connections Inc                                                           | CUSIP: 94106BAG6<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $71511.42     | 0.06%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                       | L3Harris Technologies Inc                                                       | CUSIP: 413875AT2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19378.87     | 0.02%             | 2045-04-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FYJM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    408941 | PA      | $90483.74     | 0.07%             | 2050-12-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $151986.36    | 0.12%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                         | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30061.57     | 0.02%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418CBT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30682 | PA      | $28546.87     | 0.02%             | 2036-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                  | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121384.35    | 0.10%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                                      | JAPAN 10Y BOND(OSE)                                                             | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |        -2 | NC      | $16150.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H7G72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $93044.90     | 0.07%             | 2052-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XL3Q9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145716 | PA      | $151514.79    | 0.12%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20893.94     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                       | EOG Resources Inc                                                               | CUSIP: 26875PAN1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27873.14     | 0.02%             | 2035-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194430.47    | 0.15%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                            | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49786.66     | 0.04%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PEF5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $68252.13     | 0.05%             | 2051-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FVQG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    141680 | PA      | $23702.29     | 0.02%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                    | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87775.18     | 0.07%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                             | Exelon Corp                                                                     | CUSIP: 30161NAC5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93981.41     | 0.07%             | 2035-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    240000 | PA      | $215184.96    | 0.17%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    110000 | PA      | $97509.86     | 0.08%             | 2047-07-15      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                              | CUSIP: 907818FG8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     90000 | PA      | $66774.88     | 0.05%             | 2060-03-20      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0226A8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4700000 | PA      | $3960464.87   | 3.14%             | 2055-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132E03H3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     85978 | PA      | $70433.84     | 0.06%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                       | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20259.63     | 0.02%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617K1ZG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83916 | PA      | $79708.37     | 0.06%             | 2049-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                                            | COTIVITI INC                                                                    | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |     64006 | PA      | $62992.27     | 0.05%             | 2031-05-01      | Floating      | 6.88%                 | 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      | $492.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2024-DNA1                                         | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |    340000 | PA      | $344058.58    | 0.27%             | 2044-02-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30689.70     | 0.02%             | 2055-10-23      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38380QXA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    439004 | PA      | $447694.03    | 0.36%             | 2071-01-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                              | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     60000 | PA      | $60342.78     | 0.05%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                    | Shell Finance US Inc                                                            | CUSIP: 822905AD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9080.80      | 0.01%             | 2043-08-12      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | IRON MOUNTAIN INC                                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |     99494 | PA      | $99680.23     | 0.08%             | 2031-01-31      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BBMQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67770 | PA      | $11486.53     | 0.01%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ACCK4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    153538 | PA      | $154009.00    | 0.12%             | 2053-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                          | Amazon.com Inc                                                                  | CUSIP: 023135BM7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16820.04     | 0.01%             | 2057-08-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19419.53     | 0.02%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                  | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124368.77    | 0.10%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140W0WV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    285170 | PA      | $233890.74    | 0.19%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                               | CUSIP: 49456BAQ4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9172.68      | 0.01%             | 2048-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    140000 | PA      | $145414.06    | 0.12%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DK3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7651.07      | 0.01%             | 2040-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WYETH LLC                                               | Wyeth LLC                                                                       | CUSIP: 983024AN0<br>LEI: 549300Q9GR3WRH4N4836 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10836.50     | 0.01%             | 2037-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        31 | NC      | $7265.63      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN ENER PART                                 | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550BU9<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9671.76      | 0.01%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                    | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50497.32     | 0.04%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57391.60     | 0.05%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    640000 | PA      | $479337.50    | 0.38%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2015-C                                         | CUSIP: 78448R106<br>LEI: 549300GD7VLLBVPDNJ81 | Long             | ABS-O            | CORP              | US        |      1092 | PA      | $286642.80    | 0.23%             | 2046-09-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136A92R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    107475 | PA      | $99153.77     | 0.08%             | 2042-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PDV1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36750.86     | 0.03%             | 2059-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                   | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $45658.53     | 0.04%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19869.60     | 0.02%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    182000 | PA      | $179106.36    | 0.14%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                          | Greystone CRE Notes 2025-FL4 LLC                                                | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    320000 | PA      | $320837.66    | 0.25%             | 2043-01-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                             | Extended Stay America Trust 2025-ESH                                            | CUSIP: 30227TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $120674.99    | 0.10%             | 2042-10-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HBDW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    766384 | PA      | $99333.47     | 0.08%             | 2051-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDK4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39631.34     | 0.03%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $146748.05    | 0.12%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                              | Pfizer Inc                                                                      | CUSIP: 717081EY5<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62808.56     | 0.05%             | 2030-05-28      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180028.08    | 0.14%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138WJWA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15699 | PA      | $15189.92     | 0.01%             | 2037-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                                 | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7496.70      | 0.01%             | 2049-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79948.62     | 0.06%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBX0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18905.00     | 0.02%             | 2030-01-31      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BRH67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    799071 | PA      | $108066.61    | 0.09%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABFC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    135654 | PA      | $116382.49    | 0.09%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    430000 | PA      | $395723.64    | 0.31%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20707.18     | 0.02%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                    | Shell Finance US Inc                                                            | CUSIP: 822905AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $255837.37    | 0.20%             | 2050-04-06      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H0506A5<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -100000 | PA      | $-99485.36    | -0.08%            | 2055-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 96949LAE5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    110000 | PA      | $97948.19     | 0.08%             | 2048-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -73 | NC      | $-7482.80     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -18 | NC      | $-8296.88     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -38 | NC      | $-237.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18218.72     | 0.01%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FWHG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    136533 | PA      | $12650.42     | 0.01%             | 2035-07-25      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| NIKE INC                                                | NIKE Inc                                                                        | CUSIP: 654106AL7<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |     40000 | PA      | $32431.65     | 0.03%             | 2040-03-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    110000 | PA      | $111031.25    | 0.09%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XQA23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    265560 | PA      | $236476.74    | 0.19%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9C69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    291609 | PA      | $254854.09    | 0.20%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -62 | NC      | $-8234.38     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    130000 | PA      | $121985.00    | 0.10%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                                    | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1484 | NS      | $563.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Funding, LLC                              | Driven Brands Funding LLC                                                       | CUSIP: 26209XAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237600 | PA      | $246308.97    | 0.20%             | 2054-10-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70230.52     | 0.06%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                               | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    602000 | PA      | $109217.07    | 0.09%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                          | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    340000 | PA      | $377776.27    | 0.30%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140W0MC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    284270 | PA      | $233109.17    | 0.18%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170355.04    | 0.14%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                  | BP Capital Markets America Inc                                                  | CUSIP: 10373QBL3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39197.86     | 0.03%             | 2030-04-06      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                              | SOTERA HEALTH HLDGS LLC                                                         | CUSIP: 83600VAH4<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |     75425 | PA      | $75629.18     | 0.06%             | 2031-05-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                             | Legacy Mortgage Asset Trust 2021-GS5                                            | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70314 | PA      | $70358.55     | 0.06%             | 2067-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                         | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10146.90     | 0.01%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NYC Trust                                               | NYCT Trust 2024-3ELV                                                            | CUSIP: 62956HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $201217.36    | 0.16%             | 2029-08-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31416WYK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80082 | PA      | $78129.06     | 0.06%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120926.55    | 0.10%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                         | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   4548924 | NS      | $4548923.52   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51760.60     | 0.04%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378D2U8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    254109 | PA      | $25908.99     | 0.02%             | 2042-03-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                          | Ellington Financial Mortgage Trust 2020-1                                       | CUSIP: 31574PAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    720000 | PA      | $742660.56    | 0.59%             | 2065-05-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418BKY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29054 | PA      | $28302.40     | 0.02%             | 2034-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381HK26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1463480 | PA      | $84256.18     | 0.07%             | 2065-07-16      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | Florida Power & Light Co                                                        | CUSIP: 341081GY7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62270.40     | 0.05%             | 2055-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GFC8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78278.04     | 0.06%             | 2044-01-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7136.52      | 0.01%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BQ3W7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    962553 | PA      | $172309.00    | 0.14%             | 2051-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1570000 | PA      | $920197.85    | 0.73%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2L6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110636.55    | 0.09%             | 2031-04-04      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20527.77     | 0.02%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $80518.75     | 0.06%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    170000 | PA      | $147140.09    | 0.12%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Trust 2021-TY                                                               | CUSIP: 05592AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $169942.30    | 0.13%             | 2038-09-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381HN49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200000 | PA      | $136945.70    | 0.11%             | 2064-10-16      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63045.23     | 0.05%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXTS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74270 | PA      | $60678.81     | 0.05%             | 2061-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $250696.88    | 0.20%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29278NAF0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40698.72     | 0.03%             | 2028-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210909.59    | 0.17%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BPPT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    663586 | PA      | $96880.05     | 0.08%             | 2050-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381Q3B5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1098898 | PA      | $103014.77    | 0.08%             | 2055-08-20      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                              | CUSIP: 907818FL7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     60000 | PA      | $41813.88     | 0.03%             | 2070-02-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    130000 | PA      | $132089.65    | 0.10%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2024-1                                                  | CUSIP: 618937AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340020 | PA      | $329855.26    | 0.26%             | 2049-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VDU5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101096.18    | 0.08%             | 2037-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19293.89     | 0.02%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                 | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     99499 | PA      | $100121.74    | 0.08%             | 2031-10-16      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun                          | Bayview Opportunity Master Fund VII 2025-EDU1 LLC                               | CUSIP: 07337GAC7<br>LEI: 2549001VJ64UFK8PZA41 | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $310000.00    | 0.25%             | 2048-07-27      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                 | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $190397.31    | 0.15%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XLTR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    323309 | PA      | $303573.01    | 0.24%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134862.91    | 0.11%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                   | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29503.03     | 0.02%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PCI GAMING AUTHORITY                                    | PCI GAMING AUTHORITY                                                            | CUSIP: 70455DAG9<br>LEI: 549300KPXAJ1LRW5LP59 | Long             | LON              | CORP              | US        |     33292 | PA      | $33265.97     | 0.03%             | 2031-07-21      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PBL9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    350000 | PA      | $324736.58    | 0.26%             | 2031-04-22      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                         | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    120000 | PA      | $108601.34    | 0.09%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22752.85     | 0.02%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0526A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -500000 | PA      | $-504197.11   | -0.40%            | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        52 | NC      | $406.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $268823.51    | 0.21%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15037.15     | 0.01%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MCA5<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254814.90    | 0.20%             | 2028-02-25      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                        | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72384.12     | 0.06%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                          | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32089.41     | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38380P2F0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3543711 | PA      | $222099.94    | 0.18%             | 2062-06-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                              | CUSIP: 437076BS0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8080.74      | 0.01%             | 2047-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABUU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70773 | PA      | $62592.64     | 0.05%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    260000 | PA      | $236160.54    | 0.19%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                              | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90175.66     | 0.07%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                          | BBCMS Mortgage Trust 2025-5C34                                                  | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $104900.92    | 0.08%             | 2058-05-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BH7G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    660848 | PA      | $104087.45    | 0.08%             | 2051-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/BRL FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $76.09        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                   | Northrop Grumman Corp                                                           | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78692.72     | 0.06%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88059.90     | 0.07%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $69460.36     | 0.06%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                   | CNH/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-68.11       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VBG8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8131.12      | 0.01%             | 2042-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                    | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     10000 | PA      | $10058.01     | 0.01%             | 2033-09-15      | Fixed         | 6.25%                 | 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      | $3290.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $120000.00    | 0.10%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYT41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51724 | PA      | $44983.96     | 0.04%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC (Zuffa)/TKO Group                      | UFC HOLDINGS LLC                                                                | CUSIP: 90266UAL7<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |     99500 | PA      | $99762.68     | 0.08%             | 2031-11-21      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2330000 | PA      | $1172235.75   | 0.93%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $205168.41    | 0.16%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39599.89     | 0.03%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     60000 | PA      | $36658.54     | 0.03%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     68000 | PA      | $57492.99     | 0.05%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 04650NAB0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19851.35     | 0.02%             | 2040-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        16 | NC      | $14000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418CCK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    202261 | PA      | $192008.08    | 0.15%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38380AK63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    214990 | PA      | $29070.81     | 0.02%             | 2046-10-16      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                         | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103737.73    | 0.08%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182827.24    | 0.15%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-I Ltd                                                         | CUSIP: 17181NAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |    130000 | PA      | $130643.07    | 0.10%             | 2038-01-18      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10418.41     | 0.01%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARRICK NA FINANCE LLC                                  | Barrick North America Finance LLC                                               | CUSIP: 06849RAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61752.77     | 0.05%             | 2041-05-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                                | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51272.58     | 0.04%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AmWINS Group Inc                                        | AMWINS GROUP INC                                                                | CUSIP: 03234TBA5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |     59699 | PA      | $59737.75     | 0.05%             | 2032-01-30      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                  | BP Capital Markets America Inc                                                  | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     80000 | PA      | $52969.81     | 0.04%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | SOFR 1 YEAR MIDCURVE                                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        54 | NC      | $11475.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.HY.45.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-17375.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ACEG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    232281 | PA      | $234853.37    | 0.19%             | 2053-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $240660.37    | 0.19%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                            | CUSIP: 539830CE7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28341.29     | 0.02%             | 2064-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                             | CAESARS ENTERTAIN INC                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     64206 | PA      | $64189.09     | 0.05%             | 2030-02-06      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Chart Industries, Inc.                                  | Chart Indus 03/18/30                                                            | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |     95256 | PA      | $95911.05     | 0.08%             | 2030-03-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $119400.45    | 0.09%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy 33 CLO Ltd                                                               | CUSIP: 36321EAC9<br>LEI: 3912004FNLYTWOWSZU31 | Long             | ABS-CBDO         | CORP              | KY        |    415000 | PA      | $416835.79    | 0.33%             | 2037-04-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22703.99     | 0.02%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2017-BNK7                                                                  | CUSIP: 06541XAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $570888.37    | 0.45%             | 2060-09-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DMT62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     58104 | PA      | $48052.15     | 0.04%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140LGJW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $93806.01     | 0.07%             | 2037-05-01      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92969.17     | 0.07%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11469.43     | 0.01%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383CRU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    343260 | PA      | $284050.32    | 0.23%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $50173.21     | 0.04%             | 2026-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                         | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60266.86     | 0.05%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                   | Northrop Grumman Corp                                                           | CUSIP: 666807BU5<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144592.37    | 0.11%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                             | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50105.42     | 0.04%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 86765BAP4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9167.48      | 0.01%             | 2044-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                   | Sycamore Tree CLO 2025-6 Ltd                                                    | CUSIP: 87122HAA0<br>LEI: 2138001M3BAXCUCAUG38 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200250.00    | 0.16%             | 2038-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11056.35     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                           | BLP Commercial Mortgage Trust 2023-IND                                          | CUSIP: 055531AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166350 | PA      | $166516.93    | 0.13%             | 2040-03-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    290000 | PA      | $295849.54    | 0.23%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTHERN NATURAL GAS                                    | Southern Natural Gas Co LLC                                                     | CUSIP: 843452AZ6<br>LEI: 254900KDLS1X42SY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $58159.35     | 0.05%             | 2032-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41576.57     | 0.03%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    240000 | PA      | $156679.69    | 0.12%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                              | CUSIP: 907818FQ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    240000 | PA      | $202207.02    | 0.16%             | 2036-04-06      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | Danske Bank A/S                                                                 | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $200233.89    | 0.16%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -104 | NC      | $60604.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30176.62     | 0.02%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RBA9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10071.70     | 0.01%             | 2041-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    110000 | PA      | $110730.47    | 0.09%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                        | CUSIP: 75513ECP4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     80000 | PA      | $52788.72     | 0.04%             | 2052-03-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                              | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $73668.98     | 0.06%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                            | CUSIP: 539830BS7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    190000 | PA      | $154566.44    | 0.12%             | 2053-06-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599CS2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    410000 | PA      | $392217.56    | 0.31%             | 2029-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                            | Chevron Corp                                                                    | CUSIP: 166764CA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $6945.71      | 0.01%             | 2050-05-11      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                            | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41019.59     | 0.03%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149553.86    | 0.12%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        62 | NC      | $22281.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Birch Grove CLO Ltd.                                    | Birch Grove Clo 11 Ltd                                                          | CUSIP: 09077YAA2<br>LEI: 2549009HQHT8KMO8YJ79 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $412013.22    | 0.33%             | 2038-01-22      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                                | American Transmission Systems Inc                                               | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $62838.46     | 0.05%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XL3X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81893 | PA      | $76355.71     | 0.06%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2022-AFC2 Trust                                                           | CUSIP: 69377TAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    730000 | PA      | $731178.00    | 0.58%             | 2057-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                       | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101481.78    | 0.08%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    230000 | PA      | $244444.46    | 0.19%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91968.35     | 0.07%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.IG.45.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $69592.56     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45445.47     | 0.04%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PFB3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101628.06    | 0.08%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34076.75     | 0.03%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                     | Bank of Nova Scotia/The                                                         | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $96816.90     | 0.08%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                                          | Halliburton Co                                                                  | CUSIP: 406216BK6<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27302.95     | 0.02%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                                           | UBS AG/London                                                                   | CUSIP: 902674A26<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $177475.65    | 0.14%             | 2048-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20286.18     | 0.02%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | SOFR 1 YEAR MIDCURVE                                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        49 | NC      | $2756.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                                             | NVIDIA Corp                                                                     | CUSIP: 67066GAJ3<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     90000 | PA      | $68317.53     | 0.05%             | 2060-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 31329KXS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34472 | PA      | $33256.87     | 0.03%             | 2038-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                      | Coterra Energy Inc                                                              | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238539.01    | 0.19%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84307.45     | 0.07%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | SWOP IRS USD                                                                    | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  -3420000 | NC      | $-57798.31    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20348.48     | 0.02%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56958.49     | 0.05%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                          | Merck & Co Inc                                                                  | CUSIP: 58933YBF1<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     70000 | PA      | $44234.68     | 0.04%             | 2051-12-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                            | CUSIP: 539830BK4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29379.40     | 0.02%             | 2036-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        21 | NC      | $4593.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0506A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    800000 | PA      | $793513.22    | 0.63%             | 2055-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                               | Kroger Co/The                                                                   | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80721.83     | 0.06%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                  | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28405.62     | 0.02%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023BU8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49009.62     | 0.04%             | 2027-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $20119.92     | 0.02%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VFD1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $78731.88     | 0.06%             | 2050-03-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52483.86     | 0.04%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DH0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29756.42     | 0.02%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $92849.61     | 0.07%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                  | General Motors Financial Co Inc                                                 | CUSIP: 37045XBT2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20027.95     | 0.02%             | 2027-01-17      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10032.39     | 0.01%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -27 | NC      | $-11643.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DTAR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     88025 | PA      | $89926.23     | 0.07%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    130000 | PA      | $101672.52    | 0.08%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                          | Structured Asset Securities Corp Mortgage Loan Trust 2007-WF1                   | CUSIP: 86358BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    146624 | PA      | $144811.94    | 0.11%             | 2037-02-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61359.33     | 0.05%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QPRZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    220712 | PA      | $223457.08    | 0.18%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AC6M7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    337540 | PA      | $348951.58    | 0.28%             | 2054-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 6174468P7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135879.21    | 0.11%             | 2031-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $80093.21     | 0.06%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26772.09     | 0.02%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                           | GS Mortgage-Backed Securities Trust 2024-RPL4                                   | CUSIP: 362948AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250197 | PA      | $244998.70    | 0.19%             | 2061-09-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBR3<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     70000 | PA      | $79143.94     | 0.06%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69833.15     | 0.06%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                    | Shell Finance US Inc                                                            | CUSIP: 822905AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $148674.10    | 0.12%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                             | United States Treasury Strip Principal                                          | CUSIP: 912803FJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $302811.24    | 0.24%             | 2049-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QFG86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    486189 | PA      | $422687.34    | 0.34%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                    | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30039.22     | 0.02%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                | Teachers Insurance & Annuity Association of America                             | CUSIP: 878091BD8<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55511.82     | 0.04%             | 2044-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                | Visa Inc                                                                        | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44177.78     | 0.04%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $120740.63    | 0.10%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                                | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      7250 | PA      | $7241.27      | 0.01%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                | CUSIP: 337932AN7<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29740.33     | 0.02%             | 2026-01-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60188.57     | 0.05%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0606A8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -1000000 | PA      | $-1021743.92  | -0.81%            | 2055-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11293.33     | 0.01%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 2024-5YR7                                                                 | CUSIP: 06211UCD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $567194.29    | 0.45%             | 2057-06-15      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    430000 | PA      | $422592.58    | 0.34%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                                  | Orbia Advance Corp SAB de CV                                                    | CUSIP: 68560EAB4<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $256680.76    | 0.20%             | 2031-05-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBV4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28948.62     | 0.02%             | 2029-07-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Cayuga Park CLO, Ltd.                                   | Cayuga Park CLO Ltd                                                             | CUSIP: 149791AP0<br>LEI: 549300SVH2QJEV4A2G21 | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $270478.28    | 0.21%             | 2034-07-17      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA2                                         | CUSIP: 35564KDB2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |     64940 | PA      | $66294.11     | 0.05%             | 2033-08-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178DH20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14131 | PA      | $12953.79     | 0.01%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H9QF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1428331 | PA      | $219546.18    | 0.17%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MCE7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $251230.66    | 0.20%             | 2030-03-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                     | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     93546 | PA      | $93639.23     | 0.07%             | 2028-10-23      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H4C73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3091308 | PA      | $80910.66     | 0.06%             | 2031-10-25      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382HY87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     61429 | PA      | $9074.71      | 0.01%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X9Y82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37731 | PA      | $35587.34     | 0.03%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $33097.38     | 0.03%             | 2049-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50365.50     | 0.04%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NCN9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17559.28     | 0.01%             | 2058-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VFU3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     30000 | PA      | $19163.02     | 0.02%             | 2050-11-20      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    780000 | PA      | $720189.84    | 0.57%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2022-DNA2                                         | CUSIP: 35564KRE1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |     53648 | PA      | $53656.81     | 0.04%             | 2042-02-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264AAX3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27102.28     | 0.02%             | 2040-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22181.37     | 0.02%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                        | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84196.40     | 0.07%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YBD0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9280.51      | 0.01%             | 2048-11-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75490.29     | 0.06%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        38 | NC      | $11637.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        16 | NC      | $250.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                    | ALPHA GENERATION LLC                                                            | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     99498 | PA      | $99485.06     | 0.08%             | 2031-09-30      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22148.17     | 0.02%             | 2042-07-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                            | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29724.57     | 0.02%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust                           | MTN Commercial Mortgage Trust 2022-LPFL                                         | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $240043.37    | 0.19%             | 2039-03-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                 | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $96066.75     | 0.08%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BPUY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    836382 | PA      | $108565.17    | 0.09%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50619.73     | 0.04%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXLU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72658 | PA      | $70403.42     | 0.06%             | 2059-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H6QT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    927991 | PA      | $190595.19    | 0.15%             | 2048-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1960000 | PA      | $2004482.81   | 1.59%             | 2031-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                                  | Tennessee Gas Pipeline Co LLC                                                   | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $46845.93     | 0.04%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                             | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31783.23     | 0.03%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X92S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187172 | PA      | $153838.24    | 0.12%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                         | Cameron LNG LLC                                                                 | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18276.02     | 0.01%             | 2031-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                            | QUALCOMM Inc                                                                    | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71495.24     | 0.06%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM8                                                                  | CUSIP: 12659FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    489700 | PA      | $448054.26    | 0.36%             | 2066-10-25      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382UG39<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    727445 | PA      | $103640.52    | 0.08%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                   | Silver Point CLO 8 Ltd                                                          | CUSIP: 827918AA1<br>LEI: 254900U97WKD6RJ07L38 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $220552.57    | 0.18%             | 2038-04-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     27000 | PA      | $16036.72     | 0.01%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53295.94     | 0.04%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        27 | NC      | $210.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124388.70    | 0.10%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                               | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41556.93     | 0.03%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FNWZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    838962 | PA      | $5583.96      | 0.00%             | 2026-07-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    340000 | PA      | $341595.04    | 0.27%             | 2042-05-18      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                            | CUSIP: 378272CB2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52317.82     | 0.04%             | 2055-04-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                          | USD/INR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $17400.80     | 0.01%             |  |  |  | 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      | $-114.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                 | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91743.30     | 0.07%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DMZJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     72951 | PA      | $59866.63     | 0.05%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPZE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84572 | PA      | $84016.11     | 0.07%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $128575.00    | 0.10%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     33021 | PA      | $30262.34     | 0.02%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    136000 | PA      | $136108.41    | 0.11%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QFR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    173707 | PA      | $169886.54    | 0.13%             | 2048-11-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    132000 | PA      | $120045.79    | 0.10%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2022-NQM1 Trust                                                             | CUSIP: 67114VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $397207.80    | 0.32%             | 2061-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54488.66     | 0.04%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVS0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18284.02     | 0.01%             | 2045-10-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                     | Gilead Sciences Inc                                                             | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45982.96     | 0.04%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                | Canadian Pacific Railway Co                                                     | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $54241.35     | 0.04%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                | Florida Gas Transmission Co LLC                                                 | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114151.73    | 0.09%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                        | Bank of Montreal                                                                | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $29473.22     | 0.02%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2016-3                                               | CUSIP: 63940HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160180 | PA      | $162342.68    | 0.13%             | 2065-06-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                      | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     20000 | PA      | $12699.35     | 0.01%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VCF8<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110997.50    | 0.09%             | 2034-01-31      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64348.49     | 0.05%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                          | Microsoft Corp                                                                  | CUSIP: 594918BS2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4566.19      | 0.00%             | 2036-08-08      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FREK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3319618 | PA      | $132769.12    | 0.11%             | 2030-01-25      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20790.82     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VEA8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69009.91     | 0.05%             | 2033-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Starwood Property Mortgage LLC                          | STARWOOD PROPERTY MORTGAGE LLC                                                  | CUSIP: 85570DAN2<br>LEI: 5493008SB15CNJRIOK13 | Long             | LON              | CORP              | US        |     59849 | PA      | $59811.85     | 0.05%             | 2027-11-18      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2022-FL8 Ltd                                                                | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    359384 | PA      | $359836.08    | 0.29%             | 2037-02-19      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $638.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31417BGG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144911 | PA      | $141108.03    | 0.11%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41397.20     | 0.03%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                            | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42847.19     | 0.03%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2021-A                                         | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141021 | PA      | $139771.48    | 0.11%             | 2053-01-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                 | Exxon Mobil Corp                                                                | CUSIP: 30231GBG6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8581.14      | 0.01%             | 2050-03-19      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                    | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9205.62      | 0.01%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    130000 | PA      | $105870.48    | 0.08%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receiva                          | American Heritage Auto Receivables Issuer Trust 2025-1                          | CUSIP: 02650VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $190588.43    | 0.15%             | 2030-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8182.60      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0406A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2700000 | PA      | $2545011.47   | 2.02%             | 2055-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1990000 | PA      | $1068303.52   | 0.85%             | 2050-11-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                  | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31344.25     | 0.02%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                         | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103196.35    | 0.08%             | 2028-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                              | Kenvue Inc                                                                      | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40678.29     | 0.03%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                                        | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $86750.00     | 0.07%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                 | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $194353.18    | 0.15%             | 2027-03-08      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                              | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101695.18    | 0.08%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    670000 | PA      | $328836.52    | 0.26%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | GBP/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3024.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                   | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CAH7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50599.56     | 0.04%             | 2040-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39705.41     | 0.03%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| VLS Commercial Mortgage Trust                           | VLS Commercial Mortgage Trust 2020-LAB                                          | CUSIP: 92858TAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $172125.05    | 0.14%             | 2042-10-10      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                                  | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    751557 | PA      | $762786.26    | 0.61%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H62K0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    623396 | PA      | $82784.43     | 0.07%             | 2047-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0326A7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $274126.67    | 0.22%             | 2055-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYVF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68111 | PA      | $59295.68     | 0.05%             | 2041-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                    | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    220000 | PA      | $168423.86    | 0.13%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0426A6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -100000 | PA      | $-97009.22    | -0.08%            | 2055-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     60000 | PA      | $60831.06     | 0.05%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46625HLL2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28272.27     | 0.02%             | 2045-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABA93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    523509 | PA      | $462549.16    | 0.37%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418CEE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106001 | PA      | $100564.84    | 0.08%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BMZX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    574180 | PA      | $103155.94    | 0.08%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                         | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    120000 | PA      | $114545.94    | 0.09%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $186002.39    | 0.15%             | 2031-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 31427MN80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    384104 | PA      | $314004.79    | 0.25%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DSJ37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    238837 | PA      | $241984.82    | 0.19%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VAM5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $24022.92     | 0.02%             | 2038-04-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $43897.27     | 0.03%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38379FFB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83499 | PA      | $16450.09     | 0.01%             | 2045-04-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0226A8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -300000 | PA      | $-252795.63   | -0.20%            | 2055-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                      | Coterra Energy Inc                                                              | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109814.13    | 0.09%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XGGW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226085 | PA      | $186324.89    | 0.15%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NCZ2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34983.19     | 0.03%             | 2050-02-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38380L2S1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    101559 | PA      | $101579.39    | 0.08%             | 2069-06-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382HM98<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63812 | PA      | $9462.58      | 0.01%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                  | Berkshire Hathaway Finance Corp                                                 | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     70000 | PA      | $60060.09     | 0.05%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     70000 | PA      | $79640.69     | 0.06%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123524.21    | 0.10%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    260000 | PA      | $233899.48    | 0.19%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                                 | InStar Leasing III LLC                                                          | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87920 | PA      | $82166.77     | 0.07%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $40535.16     | 0.03%             | 2028-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                        | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     90000 | PA      | $97203.10     | 0.08%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                   | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9594.90      | 0.01%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $30186.33     | 0.02%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                    | Duke Energy Ohio Inc                                                            | CUSIP: 26442EAF7<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39550.66     | 0.03%             | 2029-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30873.68     | 0.02%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     80000 | PA      | $67128.70     | 0.05%             | 2047-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20469.86     | 0.02%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H0426A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    500000 | PA      | $484957.09    | 0.38%             | 2055-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60190.19     | 0.05%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BHGV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    244515 | PA      | $203967.86    | 0.16%             | 2051-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -31 | NC      | $-8718.75     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-HOME1 Trust                                                          | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161717 | PA      | $164302.30    | 0.13%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GHA0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40409.61     | 0.03%             | 2049-01-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 29 Ltd                                      | Elmwood CLO 29 Ltd                                                              | CUSIP: 289913AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    260000 | PA      | $260922.19    | 0.21%             | 2037-04-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                     | Suzano Austria GmbH                                                             | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    190000 | PA      | $170731.32    | 0.14%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $147414.85    | 0.12%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48946.68     | 0.04%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0506A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -800000 | PA      | $-793513.22   | -0.63%            | 2055-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                                  | Five Guys Holdings Inc                                                          | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |    248125 | PA      | $258396.04    | 0.21%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                 | Exxon Mobil Corp                                                                | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     70000 | PA      | $51348.56     | 0.04%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                         | Cameron LNG LLC                                                                 | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    160000 | PA      | $139005.52    | 0.11%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Lightning Power, LLC                                    | LIGHTNING POWER LLC                                                             | CUSIP: 53229LAB3<br>LEI: 254900BWCHJ03XRL8K59 | Long             | LON              | CORP              | US        |     59698 | PA      | $59724.77     | 0.05%             | 2031-08-18      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XDDH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143873 | PA      | $124893.26    | 0.10%             | 2041-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                          | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61547.40     | 0.05%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE MORTGAGE FUNDING C                          | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3              | CUSIP: 16678RBV8<br>LEI: 549300TC8R2SGZ2KM445 | Long             | ABS-MBS          | CORP              | US        |    164440 | PA      | $160463.41    | 0.13%             | 2035-08-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418DSU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34458 | PA      | $32151.94     | 0.03%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                            | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69506.38     | 0.06%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $57895.66     | 0.05%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    470000 | PA      | $434015.63    | 0.34%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                           | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41627.37     | 0.03%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3790000 | PA      | $3810208.39   | 3.02%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10612.82     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138605.89    | 0.11%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                        | NTT Finance Corp                                                                | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $203277.27    | 0.16%             | 2030-07-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2017-ASHF                                        | CUSIP: 61691KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    186949 | PA      | $185329.92    | 0.15%             | 2034-11-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -41 | NC      | $-41.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                              | CUSIP: 437076BW1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10013.21     | 0.01%             | 2028-12-06      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JDA9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20622.05     | 0.02%             | 2055-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418BLU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19592 | PA      | $19085.76     | 0.02%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198288.14    | 0.16%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137F9R37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    433387 | PA      | $56689.90     | 0.04%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 05581KAC5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $200829.12    | 0.16%             | 2027-03-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        15 | NC      | $5625.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                  | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40255.80     | 0.03%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PBN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $27680.16     | 0.02%             | 2051-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135935.07    | 0.11%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H7XD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $247742.49    | 0.20%             | 2051-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2930000 | PA      | $2961188.47   | 2.35%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0406A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -700000 | PA      | $-659817.79   | -0.52%            | 2055-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133AGCY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     60129 | PA      | $49399.98     | 0.04%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                   | Becton Dickinson & Co                                                           | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7178.02      | 0.01%             | 2044-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9GP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    137419 | PA      | $119205.98    | 0.09%             | 2041-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    210000 | PA      | $188413.25    | 0.15%             | 2032-11-08      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| SUZANO NETHERLANDS BV                                   | Suzano Netherlands BV                                                           | CUSIP: 86960YAA0<br>LEI: 9845009ZB9F5D6DB3602 | Long             | DBT              | CORP              | NL        |     70000 | PA      | $70113.75     | 0.06%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    170000 | PA      | $148877.81    | 0.12%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PED0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17933.34     | 0.01%             | 2031-05-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NCK5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7836.99      | 0.01%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                         | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111647.29    | 0.09%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBA0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9204.13      | 0.01%             | 2044-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PDZ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $19354.77     | 0.02%             | 2050-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DVML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79109 | PA      | $78236.76     | 0.06%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                     | Delta Air Lines Inc                                                             | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110534.56    | 0.09%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         8 | NC      | $4375.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260361.12    | 0.21%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                     | SPIRIT AIRLINES LLC                                                             | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1055 | NS      | $400.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYU64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    322805 | PA      | $279575.28    | 0.22%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52132.67     | 0.04%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378XW72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    303003 | PA      | $2336.19      | 0.00%             | 2054-08-16      | Variable      | 0.37%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40030.60     | 0.03%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 94974BGE4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    190000 | PA      | $168350.68    | 0.13%             | 2044-11-04      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                         | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40083.86     | 0.03%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                              | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78656.17     | 0.06%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                    | Shell Finance US Inc                                                            | CUSIP: 822905AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $32957.71     | 0.03%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48260.14     | 0.04%             | 2029-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2025-COPT                                          | CUSIP: 05618XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $230641.70    | 0.18%             | 2042-08-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                  | CUSIP: 958254AH7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20034.41     | 0.02%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 969457BB5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $34013.56     | 0.03%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    130000 | PA      | $123692.32    | 0.10%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                   | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62273.77     | 0.05%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138A8LC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15064 | PA      | $14687.53     | 0.01%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VFR0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $70011.62     | 0.06%             | 2031-01-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        42 | NC      | $12468.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XGDU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     76782 | PA      | $62980.91     | 0.05%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                      | CUSIP: 444859BF8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    410000 | PA      | $408832.31    | 0.32%             | 2027-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H9QG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    836926 | PA      | $105920.37    | 0.08%             | 2051-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2022-LBA6                                                              | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249982.95    | 0.20%             | 2039-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383LDU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    242670 | PA      | $203855.50    | 0.16%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AB4U3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    226326 | PA      | $220514.76    | 0.17%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X3CE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36815 | PA      | $35372.55     | 0.03%             | 2040-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                | FOCUS FINANCIAL PARTNERS LLC                                                    | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    138950 | PA      | $139140.36    | 0.11%             | 2031-09-15      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                   | Amrize Finance US LLC                                                           | CUSIP: 43475RAC0<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10225.49     | 0.01%             | 2030-04-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        36 | NC      | $2812.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                               | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49683.11     | 0.04%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -54 | NC      | $-65223.67    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381ETV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    279203 | PA      | $12948.65     | 0.01%             | 2061-02-16      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58277.02     | 0.05%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2023-AFC1 Trust                                                           | CUSIP: 693981AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    361198 | PA      | $361953.98    | 0.29%             | 2058-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62197.44     | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     40000 | PA      | $30706.94     | 0.02%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                                           | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101175.06    | 0.08%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     70000 | PA      | $71427.76     | 0.06%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143704.23    | 0.11%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BDXA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1126671 | PA      | $200419.82    | 0.16%             | 2051-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        36 | NC      | $5906.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9487.33      | 0.01%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2024-E                                         | CUSIP: 78450XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214287 | PA      | $217273.22    | 0.17%             | 2056-10-16      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | 3 MONTH SOFR                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -14 | NC      | $583.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBT9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100291.82    | 0.08%             | 2028-10-16      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Jack in the Box Funding, LLC                            | Jack in the Box Funding LLC                                                     | CUSIP: 466365AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124150 | PA      | $120164.74    | 0.10%             | 2049-08-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X9M93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36985 | PA      | $35102.65     | 0.03%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        54 | NC      | $29700.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QFS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    147453 | PA      | $151257.09    | 0.12%             | 2047-11-01      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $100343.75    | 0.08%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYUH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    378340 | PA      | $317673.00    | 0.25%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    240000 | PA      | $236864.87    | 0.19%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QMK52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70871 | PA      | $63533.92     | 0.05%             | 2041-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                           | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86070.69     | 0.07%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                              | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65956.45     | 0.05%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GULFSTREAM NATURAL GAS                                  | Gulfstream Natural Gas System LLC                                               | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $143523.18    | 0.11%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                          | Barings CLO Ltd 2024-I                                                          | CUSIP: 06763VAA3<br>LEI: 2549005VRCK51O5LRS39 | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $271267.30    | 0.22%             | 2037-01-20      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FTLA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    747658 | PA      | $170168.51    | 0.14%             | 2050-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYC2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15472.17     | 0.01%             | 2042-04-22      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                         | Venture 38 CLO Ltd                                                              | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    212865 | PA      | $212374.99    | 0.17%             | 2032-07-30      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132AAK52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47245 | PA      | $45716.18     | 0.04%             | 2038-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                          | Amazon.com Inc                                                                  | CUSIP: 023135BT2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     90000 | PA      | $55649.61     | 0.04%             | 2050-06-03      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                                | Fox Corp                                                                        | CUSIP: 35137LAJ4<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40170.57     | 0.03%             | 2039-01-25      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9E91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    268067 | PA      | $233538.34    | 0.19%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61483.20     | 0.05%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Educational Services of Americ                          | Edsouth Indenture No 9 LLC                                                      | CUSIP: 281378AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141002 | PA      | $140258.34    | 0.11%             | 2056-10-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50888.00     | 0.04%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50586.15     | 0.04%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $59458.59     | 0.05%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EATON CORP                                              | Eaton Corp                                                                      | CUSIP: 278062AE4<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |     70000 | PA      | $61919.27     | 0.05%             | 2042-11-02      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KKJ34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66244 | PA      | $54317.41     | 0.04%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199740.09    | 0.16%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                         | Fannie Mae Interest Strip                                                       | CUSIP: 31423XMX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    729270 | PA      | $94129.96     | 0.07%             | 2050-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62392.56     | 0.05%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383CED8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1090563 | PA      | $155849.89    | 0.12%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 94974BGQ7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    110000 | PA      | $100238.32    | 0.08%             | 2045-11-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -18 | NC      | $-11812.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM2 Trust                                                             | CUSIP: 670857AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60207 | PA      | $50865.93     | 0.04%             | 2061-05-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                     | Georgia-Pacific LLC                                                             | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92385.65     | 0.07%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company            | FLUTTER ENTERTAINMENT PLC                                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |     56723 | PA      | $56637.60     | 0.04%             | 2030-11-30      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48398.14     | 0.04%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                | Teachers Insurance & Annuity Association of America                             | CUSIP: 878091BC0<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |      8000 | PA      | $9190.63      | 0.01%             | 2039-12-16      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -44 | NC      | $-2475.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                                  | CUSIP: 548661DU8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40539.36     | 0.03%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XAKK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    205851 | PA      | $179678.30    | 0.14%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                            | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115652.47    | 0.09%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967KU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169860.50    | 0.13%             | 2028-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    140000 | PA      | $132198.48    | 0.10%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $258979.30    | 0.21%             | 2030-06-20      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                                  | Teck Resources Ltd                                                              | CUSIP: 878742AS4<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10296.28     | 0.01%             | 2040-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -21 | NC      | $-14109.38    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967KR1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62241.60     | 0.05%             | 2046-05-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXWG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    485304 | PA      | $406129.80    | 0.32%             | 2062-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    290000 | PA      | $211632.03    | 0.17%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0526A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $504197.11    | 0.40%             | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | 3 MONTH SOFR                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        74 | NC      | $-20547.76    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Gold Pool                                                           | CUSIP: 3132H7D68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    216197 | PA      | $204576.77    | 0.16%             | 2045-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62107.61     | 0.05%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    180000 | PA      | $184658.55    | 0.15%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H0TS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    681618 | PA      | $91111.53     | 0.07%             | 2051-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp II                                                  | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $394312.47    | 0.31%             | 2041-03-10      | Variable      | 9.26%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9658.35      | 0.01%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                | Medline Borrower LP/Medline Co-Issuer Inc                                       | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61599.28     | 0.05%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -19 | NC      | $-5225.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                    | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     30000 | PA      | $30020.48     | 0.02%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178NF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25910 | PA      | $23762.90     | 0.02%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AP3N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142248 | PA      | $127569.74    | 0.10%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13210.18     | 0.01%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $40470.31     | 0.03%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29834.26     | 0.02%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC                                | Vantage Data Centers Issuer LLC                                                 | CUSIP: 92212KAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $160543.62    | 0.13%             | 2054-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QKQY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    205056 | PA      | $184462.82    | 0.15%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 969457BX7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38245.47     | 0.03%             | 2030-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382QCY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1157849 | PA      | $193894.26    | 0.15%             | 2051-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDG3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48386.75     | 0.04%             | 2030-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXG89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120157 | PA      | $116763.20    | 0.09%             | 2057-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHNF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94083 | PA      | $94578.68     | 0.08%             | 2054-12-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118992.14    | 0.09%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120188.48    | 0.10%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                                | Fox Corp                                                                        | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33039.50     | 0.03%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FVQ54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     58666 | PA      | $9254.49      | 0.01%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -21 | NC      | $-24609.38    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON CO                                          | Halliburton Co                                                                  | CUSIP: 406216BJ9<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19712.15     | 0.02%             | 2035-11-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383R7N1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $84214.42     | 0.07%             | 2052-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP                                       | CI Financial Corp                                                               | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $149262.66    | 0.12%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        44 | NC      | $7906.26      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9977.55      | 0.01%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617BFM90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    232557 | PA      | $214136.91    | 0.17%             | 2047-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    230000 | PA      | $226652.06    | 0.18%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155567.46    | 0.12%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76028.00     | 0.06%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                        | Freddie Mac Strips                                                              | CUSIP: 31352DC24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12478 | PA      | $658.60       | 0.00%             | 2038-02-15      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                        | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71017.23     | 0.06%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2022-B32 Mortgage Trust                                               | CUSIP: 08163NBL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4108587 | PA      | $57707.57     | 0.05%             | 2055-01-15      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                    | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40755.54     | 0.03%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    440000 | PA      | $411176.32    | 0.33%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                     | Elevance Health Inc                                                             | CUSIP: 036752AU7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     70000 | PA      | $58768.49     | 0.05%             | 2052-05-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 10YR NOTE (CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       317 | NC      | $87043.36     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378KYP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29958 | PA      | $27473.92     | 0.02%             | 2047-11-16      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CKU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4400000 | PA      | $4580984.36   | 3.64%             | 2031-05-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                          | Fannie Mae-Aces                                                                 | CUSIP: 3136BP3K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $96473.83     | 0.08%             | 2032-09-25      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QNL26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    380901 | PA      | $326938.05    | 0.26%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QKDU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66950 | PA      | $60309.97     | 0.05%             | 2041-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                 | Exxon Mobil Corp                                                                | CUSIP: 30231GAW2<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33952.55     | 0.03%             | 2046-03-01      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $19993.87     | 0.02%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967JU6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40714.56     | 0.03%             | 2045-07-30      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137BDMP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    139040 | PA      | $126013.01    | 0.10%             | 2044-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $19266.92     | 0.02%             | 2052-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                   | General Dynamics Corp                                                           | CUSIP: 369550BH0<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9150.31      | 0.01%             | 2040-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                     | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38978.58     | 0.03%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                          | JP Morgan Chase Commercial Mortgage Securities Trust 2015-FL7                   | CUSIP: 46644PAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114920 | PA      | $95159.89     | 0.08%             | 2028-05-15      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     37000 | PA      | $47455.78     | 0.04%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                  | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104325.73    | 0.08%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        30 | NC      | $2343.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9M92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    405207 | PA      | $351893.18    | 0.28%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                            | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124786.14    | 0.10%             | 2035-04-01      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                          | 280 Park Avenue 2017-280P Mortgage Trust                                        | CUSIP: 90205FAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $396743.22    | 0.31%             | 2034-09-15      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XK6S4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74386 | PA      | $74054.84     | 0.06%             | 2050-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $213940.40    | 0.17%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14089.28     | 0.01%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VDC5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40841.78     | 0.03%             | 2046-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM3                                                                  | CUSIP: 12660LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50125 | PA      | $44063.77     | 0.03%             | 2066-04-25      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H24R2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    156047 | PA      | $23095.82     | 0.02%             | 2049-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                       | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     32003 | PA      | $32058.36     | 0.03%             | 2030-05-06      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PDL3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16565.72     | 0.01%             | 2048-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19408.20     | 0.02%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BBME9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    600000 | PA      | $486052.56    | 0.39%             | 2050-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                              | Driven Brands Funding LLC                                                       | CUSIP: 26209XAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251421.44    | 0.20%             | 2055-10-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                           | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10931.53     | 0.01%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38375CWH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    137916 | PA      | $17571.23     | 0.01%             | 2042-04-16      | Floating      | 2.34%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                | Pioneer Natural Resources Co                                                    | CUSIP: 723787AR8<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53973.30     | 0.04%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381HB67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $68033.11     | 0.05%             | 2064-10-16      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9424.83      | 0.01%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                    | Royal Bank of Canada                                                            | CUSIP: 78016HZW3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $52119.27     | 0.04%             | 2034-02-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                       | L3Harris Technologies Inc                                                       | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39980.95     | 0.03%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381NUY2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    995282 | PA      | $95231.97     | 0.08%             | 2055-06-20      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139126.90    | 0.11%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418CR89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    306245 | PA      | $285349.50    | 0.23%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                 | Reliance Industries Ltd                                                         | CUSIP: 759470BD8<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    260000 | PA      | $192808.63    | 0.15%             | 2052-01-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418B2M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47724 | PA      | $45450.93     | 0.04%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2020-IG1 Mortgage Trust                                               | CUSIP: 08162LAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $418092.40    | 0.33%             | 2043-09-15      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $249.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | CNH/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-215.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2023-B                                         | CUSIP: 78449HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    593322 | PA      | $602767.23    | 0.48%             | 2056-10-16      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208553.75    | 0.17%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Peer Holding III BV                                     | PEER HOLDING III BV                                                             | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |     59850 | PA      | $59986.97     | 0.05%             | 2031-07-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19955.08     | 0.02%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43554.98     | 0.03%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QMK37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146267 | PA      | $130941.51    | 0.10%             | 2041-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                       | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21289.62     | 0.02%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | Aimco CLO 15 Ltd                                                                | CUSIP: 00889BAE1<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $270675.27    | 0.21%             | 2038-04-17      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                    | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159010.63    | 0.13%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                               | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30134.79     | 0.02%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                                    | Southern Copper Corp                                                            | CUSIP: 84265VAG0<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145133.42    | 0.12%             | 2042-11-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H0506A5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    600000 | PA      | $596912.14    | 0.47%             | 2055-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US LONG BOND(CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        32 | NC      | $-1298.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                    | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39834.05     | 0.03%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39713.56     | 0.03%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | SWOP IRS USD                                                                    | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  14640000 | NC      | $59321.73     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PDQ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16977.02     | 0.01%             | 2048-12-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                                  | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101841.05    | 0.08%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    510000 | PA      | $510618.78    | 0.41%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION               | IRS BRL                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-494545.55   | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                        | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179900.40    | 0.14%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 31397EWH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    837861 | PA      | $76207.23     | 0.06%             | 2037-02-15      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0206A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -200000 | PA      | $-161246.62   | -0.13%            | 2055-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABUF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71871 | PA      | $63467.19     | 0.05%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        54 | NC      | $12656.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2019-R05                                    | CUSIP: 20754HAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    176571 | PA      | $180064.68    | 0.14%             | 2039-07-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                          | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     50000 | PA      | $49312.50     | 0.04%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33655.77     | 0.03%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                 | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111FY4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39914.67     | 0.03%             | 2050-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2023-R05                                    | CUSIP: 207942AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $260000.55    | 0.21%             | 2043-06-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140NU6L8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $511764.29    | 0.41%             | 2029-06-01      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                                 | Inter-American Development Bank                                                 | CUSIP: 000000000<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | N/A       |  47000000 | PA      | $543315.47    | 0.43%             | 2030-10-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0306A1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -700000 | PA      | $-614959.57   | -0.49%            | 2055-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 969457BM1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     20000 | PA      | $24284.04     | 0.02%             | 2032-03-15      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132AEFK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15172 | PA      | $14995.76     | 0.01%             | 2033-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2024-INV3 Trust                                                            | CUSIP: 36830FAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81890 | PA      | $83664.19     | 0.07%             | 2054-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                  | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29988.13     | 0.02%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -37 | NC      | $-289.06      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $36099.08     | 0.03%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $212568.08    | 0.17%             | 2057-06-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                    | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30666.91     | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121725.21    | 0.10%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $39331.25     | 0.03%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                        | CUSIP: 75513EAD3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137442.82    | 0.11%             | 2030-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                    | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30529.57     | 0.02%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -31 | NC      | $-10171.88    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG STAMFORD CT                                      | UBS AG/Stamford CT                                                              | CUSIP: 22550L2M2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    480000 | PA      | $516889.40    | 0.41%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                      | CUSIP: 444859BR2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25593.54     | 0.02%             | 2032-02-03      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    110000 | PA      | $88107.42     | 0.07%             | 2044-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                                     | PayPal Holdings Inc                                                             | CUSIP: 70450YAH6<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27627.02     | 0.02%             | 2030-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                   | Amrize Finance US LLC                                                           | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41229.87     | 0.03%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                    | Range Resources Corp                                                            | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39156.06     | 0.03%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DLLMT LLC                                               | DLLMT 2024-1 LLC                                                                | CUSIP: 23347AAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $265316.79    | 0.21%             | 2032-04-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9160.56      | 0.01%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-1 Ltd                                                    | CUSIP: 69701WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $220377.67    | 0.17%             | 2038-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2760000 | PA      | $2820698.44   | 2.24%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VDV3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9827.48      | 0.01%             | 2047-03-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39566.39     | 0.03%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    370000 | PA      | $362924.46    | 0.29%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2025-1 LLC                                               | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125143 | PA      | $125850.41    | 0.10%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                               | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77069.79     | 0.06%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967HS3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12690.88     | 0.01%             | 2044-05-06      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FW3E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70484 | PA      | $12040.73     | 0.01%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382JZK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63889 | PA      | $9490.02      | 0.01%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                               | PRIMO BRANDS CORP                                                               | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |     55255 | PA      | $55307.59     | 0.04%             | 2028-03-31      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136APB68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95611 | PA      | $4309.84      | 0.00%             | 2055-08-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2686.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOVERNMENT OF JAMAICA                                   | Jamaica Government International Bond                                           | CUSIP: 470160CF7<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |  14500000 | PA      | $95078.17     | 0.08%             | 2030-11-03      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYVB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    280856 | PA      | $237594.71    | 0.19%             | 2041-05-01      | Fixed         | 1.50%                 | 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      | $3.42         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2021-R01                                    | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $254848.05    | 0.20%             | 2041-10-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0306A1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4100000 | PA      | $3601906.05   | 2.86%             | 2055-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PDX7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27201.85     | 0.02%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34479 | PA      | $31564.42     | 0.03%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50077.05     | 0.04%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    301000 | PA      | $170335.43    | 0.14%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                          | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $91079.58     | 0.07%             | 2067-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                | Provincia de Buenos Aires/Government Bonds                                      | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    312256 | PA      | $183060.08    | 0.15%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DTDT4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    679989 | PA      | $672828.61    | 0.53%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GHS1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    160000 | PA      | $136617.28    | 0.11%             | 2050-03-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135651.64    | 0.11%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     99399 | PA      | $99686.65     | 0.08%             | 2054-12-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DN5A7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    627064 | PA      | $629533.38    | 0.50%             | 2052-10-01      | Fixed         | 5.00%                 | 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      | $21397.09     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                            | CUSIP: 539830BR9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58691.80     | 0.05%             | 2032-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RMY5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154547.12    | 0.12%             | 2035-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                         | Cigna Group/The                                                                 | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140754.73    | 0.11%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58268.15     | 0.05%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                        | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182460.01    | 0.14%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209974.92    | 0.17%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     70000 | PA      | $70831.25     | 0.06%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42761.25     | 0.03%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    510000 | PA      | $332081.57    | 0.26%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49650.85     | 0.04%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2021-E                                         | CUSIP: 78450MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71670 | PA      | $67887.54     | 0.05%             | 2051-02-15      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                           | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $146128.92    | 0.12%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                                 | CUSIP: 58013MFQ2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87918.65     | 0.07%             | 2030-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H0326A3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200000 | PA      | $182385.71    | 0.14%             | 2055-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2019-A                                | CUSIP: 63941BAC9<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     24752 | PA      | $24752.34     | 0.02%             | 2043-01-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381H8H7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     98828 | PA      | $74707.66     | 0.06%             | 2064-06-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0626A4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $103353.99    | 0.08%             | 2055-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418CAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45431 | PA      | $43172.89     | 0.03%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -83 | NC      | $-83.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138WE3Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    131795 | PA      | $128069.17    | 0.10%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                 | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $188288.42    | 0.15%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79528.96     | 0.06%             | 2027-07-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                    | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49140.87     | 0.04%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46556.95     | 0.04%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                    | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40116.97     | 0.03%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109841.27    | 0.09%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H0526A1<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -700000 | PA      | $-705318.97   | -0.56%            | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-KING                                          | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    523113 | PA      | $526828.77    | 0.42%             | 2034-05-15      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39527.85     | 0.03%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XHG92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    484520 | PA      | $461660.35    | 0.37%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        42 | NC      | $42.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                  | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170130.67    | 0.14%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60226.08     | 0.05%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| RWE FINANCE US LLC                                      | RWE Finance US LLC                                                              | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148050.76    | 0.12%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                              | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     70000 | PA      | $57392.05     | 0.05%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                         | CUSIP: 55336VAN0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8381.84      | 0.01%             | 2048-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COS INC                                        | Williams Cos Inc/The                                                            | CUSIP: 969457BD1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     80000 | PA      | $92405.66     | 0.07%             | 2031-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19845.46     | 0.02%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US ULTRA BOND CBT                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -43 | NC      | $-135982.45   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABP55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    148048 | PA      | $131849.93    | 0.10%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    110000 | PA      | $97367.19     | 0.08%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19889.44     | 0.02%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622A2R38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10630 | PA      | $9905.42      | 0.01%             | 2046-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72910.99     | 0.06%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     70000 | PA      | $47828.67     | 0.04%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certifi                          | Freddie Mac Multiclass Certificates Series 2020-RR07                            | CUSIP: 3137FRVE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $172907.40    | 0.14%             | 2028-10-27      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                    | Shell Finance US Inc                                                            | CUSIP: 822905AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75588.30     | 0.06%             | 2030-04-06      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1150000 | PA      | $950996.09    | 0.75%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| OGLETHORPE POWER CORP                                   | Oglethorpe Power Corp                                                           | CUSIP: 677050AY2<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60777.99     | 0.05%             | 2055-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -16 | NC      | $-5000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                  | CUSIP: 83444MAS0<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     98000 | PA      | $100744.16    | 0.08%             | 2054-04-30      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $219026.37    | 0.17%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140J9H53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86044 | PA      | $81536.51     | 0.06%             | 2043-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    270000 | PA      | $260559.20    | 0.21%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                         | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83216.92     | 0.07%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2023-NQM6 Trust                                                             | CUSIP: 67117VAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    159948 | PA      | $161564.91    | 0.13%             | 2063-07-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                          | Amazon.com Inc                                                                  | CUSIP: 023135BF2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73795.51     | 0.06%             | 2037-08-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20932.14     | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40903.18     | 0.03%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                             | CUSIP: 654744AC5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    230000 | PA      | $225833.84    | 0.18%             | 2027-09-17      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                      | CUSIP: 458140BM1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     70000 | PA      | $59338.37     | 0.05%             | 2050-03-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71195.67     | 0.06%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H9F46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    586289 | PA      | $99529.72     | 0.08%             | 2051-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UBD0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     30000 | PA      | $34177.55     | 0.03%             | 2038-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -22 | NC      | $-11859.38    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $30826.25     | 0.02%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                               | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     40000 | PA      | $46538.14     | 0.04%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/AUD FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $14160.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $69825.00     | 0.06%             | 2043-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $8648.50      | 0.01%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                          | Mastercard Inc                                                                  | CUSIP: 57636QAQ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24066.83     | 0.02%             | 2050-03-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                | Viper Energy Partners LLC                                                       | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111907.95    | 0.09%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                          | RIDE 2025-SHRE                                                                  | CUSIP: 765692AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $266247.18    | 0.21%             | 2047-02-14      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $119644.53    | 0.09%             | 2050-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381U8L9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    900000 | PA      | $93786.66     | 0.07%             | 2055-09-20      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29279FAA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50501.27     | 0.04%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                     | Elevance Health Inc                                                             | CUSIP: 036752AT0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38908.01     | 0.03%             | 2032-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29810 | PA      | $28205.22     | 0.02%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AAKS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     53103 | PA      | $46738.88     | 0.04%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39199.42     | 0.03%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                       | GIP PILOT ACQUISITION PA                                                        | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |     58986 | PA      | $59023.35     | 0.05%             | 2030-10-04      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                                 | Federal Home Loan Bank Discount Notes                                           | CUSIP: 313385MQ6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    220000 | PA      | $219852.60    | 0.17%             | 2025-10-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172AP4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9032.40      | 0.01%             | 2042-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0626A4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -100000 | PA      | $-103353.99   | -0.08%            | 2055-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 05581KAG6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $213576.98    | 0.17%             | 2034-12-05      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        54 | NC      | $6328.13      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140KVQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69375 | PA      | $56921.24     | 0.05%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204573.92    | 0.16%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31904.16     | 0.03%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FXC89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73431 | PA      | $9910.74      | 0.01%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                  | CUSIP: 532457CN6<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94645.99     | 0.08%             | 2064-02-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2023-NQM1 Trust                                                           | CUSIP: 43761JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249921 | PA      | $250146.53    | 0.20%             | 2068-01-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                       | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21215.19     | 0.02%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                       | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42165.39     | 0.03%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    770000 | PA      | $541030.27    | 0.43%             | 2041-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $58701.06     | 0.05%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38379XGR5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    631577 | PA      | $123589.72    | 0.10%             | 2045-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72937.47     | 0.06%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382LLM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    244873 | PA      | $27656.06     | 0.02%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                  | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78114.60     | 0.06%             | 2030-02-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 94974BGU8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79923.79     | 0.06%             | 2046-12-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXEW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105726 | PA      | $103656.17    | 0.08%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ACX21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     72793 | PA      | $72936.76     | 0.06%             | 2053-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                   | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    120000 | PA      | $123079.92    | 0.10%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                 | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9688.64      | 0.01%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62660.38     | 0.05%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    244541 | PA      | $165432.15    | 0.13%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | JPY/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-15907.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                     | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $70314.95     | 0.06%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                                      | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93680.46     | 0.07%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9GU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73952 | PA      | $64058.53     | 0.05%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                             | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19986.48     | 0.02%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AH6K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    259715 | PA      | $230954.91    | 0.18%             | 2044-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0426A6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $679064.55    | 0.54%             | 2055-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                                | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     20000 | PA      | $20120.79     | 0.02%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | BRL/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $70.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                  | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52083.00     | 0.04%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABV33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62231 | PA      | $54959.64     | 0.04%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                 | Honeywell International Inc                                                     | CUSIP: 438516CS3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132228.68    | 0.10%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                          | USD/CAD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3010.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                              | CUSIP: 437076CD2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    110000 | PA      | $79509.25     | 0.06%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $313330.04    | 0.25%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                           | CUSIP: 65412JAC7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $201113.48    | 0.16%             | 2027-11-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-3                                                 | CUSIP: 03464TAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    477779 | PA      | $448146.91    | 0.36%             | 2067-01-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46112.71     | 0.04%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134504.60    | 0.11%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133AGKB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69371 | PA      | $56954.19     | 0.05%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                          | Microsoft Corp                                                                  | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     45000 | PA      | $30550.45     | 0.02%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0606A8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1021743.92   | 0.81%             | 2055-10-15      | Fixed         | 6.00%                 | 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      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $85286.66     | 0.07%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-10208.23    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53127.53     | 0.04%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023BY0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16541.93     | 0.01%             | 2038-03-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 293791AP4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $90932.56     | 0.07%             | 2034-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PEA6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6202.67      | 0.00%             | 2060-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                 | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAQ8<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    200000 | PA      | $205957.50    | 0.16%             | 2030-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X6PH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81183 | PA      | $75549.80     | 0.06%             | 2038-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617B8HH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    275367 | PA      | $253554.90    | 0.20%             | 2047-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38380PSK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3420046 | PA      | $207753.74    | 0.16%             | 2062-05-16      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AB6B3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    239084 | PA      | $232800.05    | 0.18%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62464.38     | 0.05%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABFG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    142018 | PA      | $121532.39    | 0.10%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer