# EDGAR Filing Document

**Accession Number:** 0001058239
**File Stem:** 0000940400-25-001982
**Filing Date:** 2025-9
**Character Count:** 345454
**Document Hash:** ec37ae33a70489b5c275b09395a3b1cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-001982.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0000940400-25-001982

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08709
- **FILM NUMBER:** 251334164

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

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

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

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

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 105.3%** | **Corporate Bonds & Notes — 105.3%** | **Corporate Bonds & Notes — 105.3%** | **Corporate Bonds & Notes — 105.3%** | **Corporate Bonds & Notes — 105.3%** |
| **Communication Services — 20.3%** | **Communication Services — 20.3%** | **Communication Services — 20.3%** | **Communication Services — 20.3%** | **Communication Services — 20.3%** |
| *Diversified Telecommunication Services — 5.4%* | *Diversified Telecommunication Services — 5.4%* | *Diversified Telecommunication Services — 5.4%* | *Diversified Telecommunication Services — 5.4%* | *Diversified Telecommunication Services — 5.4%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 6740000<br>| &nbsp;&nbsp;&nbsp; $5168913<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 2830000<br>| &nbsp;&nbsp;&nbsp; 1,039,148<br> \*<sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp;&nbsp; 677884<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2171075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 451322<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 2485000<br>| &nbsp;&nbsp;&nbsp; 2359626<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 7/18/36 | &nbsp;&nbsp; 1176000<br>| &nbsp;&nbsp;&nbsp; 1170355<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 7.721% | &nbsp;&nbsp; 6/4/38 | &nbsp;&nbsp; 202000<br>| &nbsp;&nbsp;&nbsp; 201468<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1985223<br>| &nbsp;&nbsp;&nbsp; 2253278<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 659158<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Telecom Argentina SA, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 978052<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Telecom Argentina SA, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 5/28/33 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1552128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 161000<br>| &nbsp;&nbsp;&nbsp; 159965<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, Senior Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 7/18/36 | &nbsp;&nbsp; 394000<br>| &nbsp;&nbsp;&nbsp; 413855<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, Senior Notes | &nbsp;&nbsp; 7.721% | &nbsp;&nbsp; 6/4/38 | &nbsp;&nbsp; 98000<br>| &nbsp;&nbsp;&nbsp; 105789<br>|
| &nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/20/29 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp;&nbsp; 1721818<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *21083834* |
| *Entertainment — 1.4%* | *Entertainment — 1.4%* | *Entertainment — 1.4%* | *Entertainment — 1.4%* | *Entertainment — 1.4%* |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1414506<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 976000<br>| &nbsp;&nbsp;&nbsp; 820196<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 4580000<br>| &nbsp;&nbsp;&nbsp; 3065417<br> <sup>(b)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *5300119* |
| *Media — 8.9%* | *Media — 8.9%* | *Media — 8.9%* | *Media — 8.9%* | *Media — 8.9%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1088880<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 1850000<br>| &nbsp;&nbsp;&nbsp; 1679993<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1333360<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp;&nbsp; 2095929<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 4/1/61 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 664777<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1259048<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp;&nbsp; 1727620<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1130032<br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1990000<br>| &nbsp;&nbsp;&nbsp; 2074219<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 5051707<br>| &nbsp;&nbsp;&nbsp; 5327303<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 2926369<br>| &nbsp;&nbsp;&nbsp; 2775807<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; EW Scripps Co., Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1323012<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 153350<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 989302<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 845500<br>| &nbsp;&nbsp;&nbsp; 708431<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunrise HoldCo IV BV, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2486747<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Group BV, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1030000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1175170<br> <sup>(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1027883<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1119042<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC, Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; $3198862<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1602452<br> <sup>(a)(b)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *34941219* |
| *Wireless Telecommunication Services — 4.6%* | *Wireless Telecommunication Services — 4.6%* | *Wireless Telecommunication Services — 4.6%* | *Wireless Telecommunication Services — 4.6%* | *Wireless Telecommunication Services — 4.6%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 362232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1076416<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 1494717<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 2330000<br>| &nbsp;&nbsp;&nbsp; 1092134<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 524119<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 4630000<br>| &nbsp;&nbsp;&nbsp; 3089228<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2352640<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 5170000<br>| &nbsp;&nbsp;&nbsp; 6247473<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp; 1908034<br> <sup>(a)(b)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *18146993* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **79472165** |
| **Consumer Discretionary — 19.7%** | **Consumer Discretionary — 19.7%** | **Consumer Discretionary — 19.7%** | **Consumer Discretionary — 19.7%** | **Consumer Discretionary — 19.7%** |
| *Automobile Components — 2.9%* | *Automobile Components — 2.9%* | *Automobile Components — 2.9%* | *Automobile Components — 2.9%* | *Automobile Components — 2.9%* |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 755112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 2611000<br>| &nbsp;&nbsp;&nbsp; 2615337<br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1495900<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 872399<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp;&nbsp; 2703327<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/23/30 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 799943<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 2210000<br>| &nbsp;&nbsp;&nbsp; 2064103<br> <sup>(a)(b)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *11306121* |
| *Automobiles — 2.2%* | *Automobiles — 2.2%* | *Automobiles — 2.2%* | *Automobiles — 2.2%* | *Automobiles — 2.2%* |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 1300000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 1615122<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 3/6/30 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 1004071<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 6/17/31 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 986719<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 2320000<br>| &nbsp;&nbsp;&nbsp; 2134079<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 3590000<br>| &nbsp;&nbsp;&nbsp; 2809175<br> <sup>(a)(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *8549166* |
| *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Marks & Spencer PLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 2240000<br>| &nbsp;&nbsp;&nbsp; 2436544<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 4.193% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 564939<br> <sup>(f)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3001483* |
| *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; IPD 3 BV, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 320000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 372536<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IPD 3 BV, Senior Secured Notes (3 mo. EURIBOR + 3.375%) | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 230000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 263316<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Corp. International, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1423375<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *2059227* |
| *Hotels, Restaurants & Leisure — 10.2%* | *Hotels, Restaurants & Leisure — 10.2%* | *Hotels, Restaurants & Leisure — 10.2%* | *Hotels, Restaurants & Leisure — 10.2%* | *Hotels, Restaurants & Leisure — 10.2%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1032157<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 469403<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; 1466447<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival PLC, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 6990000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 7303238<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 3770000<br>| &nbsp;&nbsp;&nbsp; $3652469<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1188008<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 798935<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3038097<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco PLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/11/28 | &nbsp;&nbsp; 1900000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 2654600<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 4720000<br>| &nbsp;&nbsp;&nbsp; 4745332<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 2910000<br>| &nbsp;&nbsp;&nbsp; 2944521<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp;&nbsp; 2431032<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1000015<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1491148<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/26/28 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2226857<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 770320<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; 2154625<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 798175<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *40165379* |
| *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* |
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *861306*<br> <sup>(a)</sup><br>|
| *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1490261<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 2480000<br>| &nbsp;&nbsp;&nbsp; 2198210<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1484230<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PetSmart Inc./PetSmart Finance Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1479630<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp;&nbsp; 2168179<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2098000<br>| &nbsp;&nbsp;&nbsp; 2048420<br> <sup>(a)(b)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *10868930* |
| *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 2630000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *604900*<br> <sup>(a)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **77416512** |
| **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco <br> SL, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/27/29 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2091418**<br> <sup>(a)</sup><br>|
| **Energy — 16.0%** | **Energy — 16.0%** | **Energy — 16.0%** | **Energy — 16.0%** | **Energy — 16.0%** |
| *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 928966<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp;&nbsp; 1748695<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *2677661* |
| *Oil, Gas & Consumable Fuels — 15.3%* | *Oil, Gas & Consumable Fuels — 15.3%* | *Oil, Gas & Consumable Fuels — 15.3%* | *Oil, Gas & Consumable Fuels — 15.3%* | *Oil, Gas & Consumable Fuels — 15.3%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 527603<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2399039<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 236402<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 742000<br>| &nbsp;&nbsp;&nbsp; 771121<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 708590<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 2590000<br>| &nbsp;&nbsp;&nbsp; 2565511<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 1667823<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/2/51 | &nbsp;&nbsp; 4110000<br>| &nbsp;&nbsp;&nbsp; 2808945<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 <br> then 5 year Treasury Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; $954188<br> <sup>(b)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 <br> then 3 mo. USD LIBOR + 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 751000<br>| &nbsp;&nbsp;&nbsp; 749910<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 972013<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 647573<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1407357<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 2239723<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. <br> Term SOFR + 5.750%) | &nbsp;&nbsp; 10.051% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 847568<br>| &nbsp;&nbsp;&nbsp; 834854<br> <sup>(a)(h)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC, Senior Notes | &nbsp;&nbsp; 7.768% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 2151403<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1303429<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 976662<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/27/41 | &nbsp;&nbsp; 5620000<br>| &nbsp;&nbsp;&nbsp; 5529973<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1399956<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/19/47 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 674979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/2/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 792745<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/23/45 | &nbsp;&nbsp; 5220000<br>| &nbsp;&nbsp;&nbsp; 3945071<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 728535<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 488824<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 632078<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to <br> 9/30/29 then 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 3820000<br>| &nbsp;&nbsp;&nbsp; 3824412<br> <sup>(a)(b)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 2290000<br>| &nbsp;&nbsp;&nbsp; 2472213<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 1053208<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; 620000<br>| &nbsp;&nbsp;&nbsp; 638185<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1077870<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; 1295569<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 7627000<br>| &nbsp;&nbsp;&nbsp; 6407285<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 874836<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/24/44 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp;&nbsp; 3833939<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/21/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 670427<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *60262251* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **62939912** |
| **Financials — 12.1%** | **Financials — 12.1%** | **Financials — 12.1%** | **Financials — 12.1%** | **Financials — 12.1%** |
| *Banks — 4.7%* | *Banks — 4.7%* | *Banks — 4.7%* | *Banks — 4.7%* | *Banks — 4.7%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Junior Subordinated Notes (9.625% to <br> 11/21/33 then 5 year Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1183572<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then <br> 5 year Treasury Constant Maturity Rate + 4.899%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/16/29 | &nbsp;&nbsp; 4320000<br>| &nbsp;&nbsp;&nbsp; 4579969<br> <sup>(a)(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 <br> year Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 535830<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 <br> then USD 5 year ICE Swap Rate + 6.185%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp;&nbsp; 2539706<br> <sup>(a)(b)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then <br> SOFR + 4.250%) | &nbsp;&nbsp; 8.113% | &nbsp;&nbsp; 11/3/33 | &nbsp;&nbsp; 1730000<br>| &nbsp;&nbsp;&nbsp; 2001863<br> <sup>(b)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Subordinated Notes | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp; 3057047<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to <br> 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 4320000<br>| &nbsp;&nbsp;&nbsp; $4624673<br> <sup>(g)(h)(i)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *18522660* |
| *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1367596<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14780000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(j)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1018687<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; 1619311<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (6.875% to 8/7/25 then <br> USD 5 year ICE Swap Rate + 4.590%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/7/25 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1000358<br> <sup>(f)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then <br> 5 year Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; 1584045<br> <sup>(a)(b)(h)(i)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *6589997* |
| *Consumer Finance — 1.0%* | *Consumer Finance — 1.0%* | *Consumer Finance — 1.0%* | *Consumer Finance — 1.0%* | *Consumer Finance — 1.0%* |
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 489280<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1026355<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 1990000<br>| &nbsp;&nbsp;&nbsp; 2011311<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 436000<br>| &nbsp;&nbsp;&nbsp; 441696<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *3968642* |
| *Financial Services — 2.8%* | *Financial Services — 2.8%* | *Financial Services — 2.8%* | *Financial Services — 2.8%* | *Financial Services — 2.8%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 380859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, Senior <br> Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 190000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 271373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2267437<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 634632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 2330000<br>| &nbsp;&nbsp;&nbsp; 2408475<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1542158<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 717273<br>| &nbsp;&nbsp;&nbsp; 682306<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1239211<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 602632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 917226<br> <sup>(a)(b)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *10946309* |
| *Insurance — 0.8%* | *Insurance — 0.8%* | *Insurance — 0.8%* | *Insurance — 0.8%* | *Insurance — 0.8%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 547090<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp; 1454034<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetLife Capital Trust IV, Junior Subordinated Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1202888<br> <sup>(a)(b)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *3204012* |
| *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 950727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1420073<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1905703<br> <sup>(a)(b)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *4276503* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **47508123** |

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Health Care — 9.2%** | **Health Care — 9.2%** | **Health Care — 9.2%** | **Health Care — 9.2%** | **Health Care — 9.2%** |
| *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2570000<br>| &nbsp;&nbsp;&nbsp; $2000437<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 996807<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 5760000<br>| &nbsp;&nbsp;&nbsp; 6045880<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 2180000<br>| &nbsp;&nbsp;&nbsp; 2196652<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/95 | &nbsp;&nbsp; 2205000<br>| &nbsp;&nbsp;&nbsp; 2353602<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1100345<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1553583<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 890610<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2665675<br> <sup>(b)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *19803591* |
| *Pharmaceuticals — 4.1%* | *Pharmaceuticals — 4.1%* | *Pharmaceuticals — 4.1%* | *Pharmaceuticals — 4.1%* | *Pharmaceuticals — 4.1%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 3030000<br>| &nbsp;&nbsp;&nbsp; 3086703<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1158503<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Americas Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 644911<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 225138<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 3580000<br>| &nbsp;&nbsp;&nbsp; 3171987<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(j)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2446869<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2701154<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 2380000<br>| &nbsp;&nbsp;&nbsp; 2426420<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 342236<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *16203921* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **36007512** |
| **Industrials — 13.2%** | **Industrials — 13.2%** | **Industrials — 13.2%** | **Industrials — 13.2%** | **Industrials — 13.2%** |
| *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* |
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 593805<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp;&nbsp; 1985277<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1292849<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1515911<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 134646<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 802675<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1021612<br> <sup>(a)(b)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *7346775* |
| *Building Products — 0.6%* | *Building Products — 0.6%* | *Building Products — 0.6%* | *Building Products — 0.6%* | *Building Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 529128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1960000<br>| &nbsp;&nbsp;&nbsp; 2011450<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *2540578* |
| *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* |
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 215312<br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3930000<br>| &nbsp;&nbsp;&nbsp; 4158703<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2080000<br>| &nbsp;&nbsp;&nbsp; 2288347<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1051840<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1680892<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RB Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1458446<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2780000<br>| &nbsp;&nbsp;&nbsp; $2843189<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *13696729* |
| *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* |
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 661741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean <br> Tower Partners Colombia SAS, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/3/30 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1728689<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JH North America Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 542187<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JH North America Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 899901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 2070000<br>| &nbsp;&nbsp;&nbsp; 2329415<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *6161933* |
| *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1810010<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1040368<br> <sup>(a)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *2850378* |
| *Machinery — 1.0%* | *Machinery — 1.0%* | *Machinery — 1.0%* | *Machinery — 1.0%* | *Machinery — 1.0%* |
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp;&nbsp; 1768213<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 2261000<br>| &nbsp;&nbsp;&nbsp; 2261520<br> <sup>(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *4029733* |
| *Passenger Airlines — 2.5%* | *Passenger Airlines — 2.5%* | *Passenger Airlines — 2.5%* | *Passenger Airlines — 2.5%* | *Passenger Airlines — 2.5%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 3760000<br>| &nbsp;&nbsp;&nbsp; 3840308<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1955552<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 889190<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 870912<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured <br> Notes (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 1879347<br>| &nbsp;&nbsp;&nbsp; 1207481<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 1004635<br> <sup>(a)(b)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *9768078* |
| *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1096210<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1098424<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1539830<br> <sup>(a)(b)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *3734464* |
| *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 413108<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gatwick Airport Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 1000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 1314502<br> <sup>(b)(f)</sup><br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *1727610* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **51856278** |
| **Information Technology — 4.9%** | **Information Technology — 4.9%** | **Information Technology — 4.9%** | **Information Technology — 4.9%** | **Information Technology — 4.9%** |
| *Communications Equipment — 2.3%* | *Communications Equipment — 2.3%* | *Communications Equipment — 2.3%* | *Communications Equipment — 2.3%* | *Communications Equipment — 2.3%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 868000<br>| &nbsp;&nbsp;&nbsp; 843956<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1180531<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 5210000<br>| &nbsp;&nbsp;&nbsp; 5267628<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 2130000<br>| &nbsp;&nbsp;&nbsp; 1857270<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *9149385* |
| *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 692656<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; $825495<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1518151* |
| *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 714119<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 727800<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 940662<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 480000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 572314<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *2954895* |
| *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 2970000<br>| &nbsp;&nbsp;&nbsp; 3164776<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 868681<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Open Text Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 963460<br> <sup>(a)(b)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *4996917* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *669996*<br> <sup>(a)(b)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **19289344** |
| **Materials — 6.2%** | **Materials — 6.2%** | **Materials — 6.2%** | **Materials — 6.2%** | **Materials — 6.2%** |
| *Chemicals — 0.6%* | *Chemicals — 0.6%* | *Chemicals — 0.6%* | *Chemicals — 0.6%* | *Chemicals — 0.6%* |
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 514029<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1701424<br> <sup>(a)(b)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2215453* |
| *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* |
| &nbsp;&nbsp;&nbsp; ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 1073814<br>| &nbsp;&nbsp;&nbsp; 79865<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior <br> Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 3220000<br>| &nbsp;&nbsp;&nbsp; 1548755<br> <sup>(a)(b)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *1628620* |
| *Metals & Mining — 5.2%* | *Metals & Mining — 5.2%* | *Metals & Mining — 5.2%* | *Metals & Mining — 5.2%* | *Metals & Mining — 5.2%* |
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3541813<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 591497<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2493258<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 4520000<br>| &nbsp;&nbsp;&nbsp; 4712118<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp;&nbsp; 5983699<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/21/36 | &nbsp;&nbsp; 2960000<br>| &nbsp;&nbsp;&nbsp; 3230704<br> <sup>(g)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *20553089* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **24397162** |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *738421*<br> <sup>(a)</sup><br>|
| *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; *217593*<br>|
| *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 2770000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2898946*<br> <sup>(b)</sup><br>|
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or <br> 8.500% PIK) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 282021<br>| &nbsp;&nbsp;&nbsp; 18548<br> <sup>(e)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* |
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or <br> 9.000% PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 229134<br>| &nbsp;&nbsp;&nbsp; $5156<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or <br> 9.800% PIK) | &nbsp;&nbsp; 9.800% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 301308<br>| &nbsp;&nbsp;&nbsp; 6026<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to <br> 9/30/31 then 1.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/30/2173 | &nbsp;&nbsp; 414893<br>| &nbsp;&nbsp;&nbsp; 3112<br> <sup>(f)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 112516<br>| &nbsp;&nbsp;&nbsp; 1969<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., Senior Secured Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/27/24 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 123,250<br> \*<sup>(f)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 353985<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes, <br> Step bond (10.500% to 11/15/25 then 11.000%) | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 1364774<br>| &nbsp;&nbsp;&nbsp; 1381543<br> <sup>(a)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *1893589* |
| *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *771050*<br> <sup>(a)(b)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6519599** |
| **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** |
| *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 522336<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd., Senior Notes | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1187725<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior <br> Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 5/21/48 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 694614<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 1037989<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1299590<br> <sup>(a)(b)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *4742254* |
| *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1014832*<br> <sup>(a)(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5757086** |
| **Total Corporate Bonds & Notes (Cost — $392,601,148)** | **Total Corporate Bonds & Notes (Cost — $392,601,148)** | **Total Corporate Bonds & Notes (Cost — $392,601,148)** | **Total Corporate Bonds & Notes (Cost — $392,601,148)** | &nbsp;&nbsp; **413255111** |
| **Senior Loans — 15.7%** | **Senior Loans — 15.7%** | **Senior Loans — 15.7%** | **Senior Loans — 15.7%** | **Senior Loans — 15.7%** |
| **Communication Services — 1.8%** | **Communication Services — 1.8%** | **Communication Services — 1.8%** | **Communication Services — 1.8%** | **Communication Services — 1.8%** |
| *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%) | 10.958% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 329156<br>| &nbsp;&nbsp;&nbsp; 321312<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 1960000<br>| &nbsp;&nbsp;&nbsp; 1904336<br> <sup>(n)(o)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *2225648* |
| *Media — 1.2%* | *Media — 1.2%* | *Media — 1.2%* | *Media — 1.2%* | *Media — 1.2%* |
| &nbsp;&nbsp;&nbsp; Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK) | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 2463980<br>| &nbsp;&nbsp;&nbsp; 2167538<br> <sup>(e)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term <br> SOFR + 5.889%) | 10.246% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1361160<br>| &nbsp;&nbsp;&nbsp; 1129334<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ziggo Financing Partnership, Term Loan I (1 mo. Term SOFR + 2.614%) | 6.956% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1451460<br> <sup>(h)(n)(o)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *4748332* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6973980** |
| **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** |
| *Automobile Components — 1.4%* | *Automobile Components — 1.4%* | *Automobile Components — 1.4%* | *Automobile Components — 1.4%* | *Automobile Components — 1.4%* |
| &nbsp;&nbsp;&nbsp; Autokiniton US Holdings Inc., 2024 Replacement Term Loan B (1 mo. <br> Term SOFR + 4.114%) | 8.471% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 1968766<br>| &nbsp;&nbsp;&nbsp; 1907596<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | 6.856% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 1492500<br>| &nbsp;&nbsp;&nbsp; 1494739<br> <sup>(h)(n)(o)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term <br> SOFR + 5.262%) | 9.570% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 1965187<br>| &nbsp;&nbsp;&nbsp; $1928752<br> <sup>(h)(n)(o)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *5331087* |
| *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + <br> 6.800%)  | 11.121% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 867246<br>| &nbsp;&nbsp;&nbsp;&nbsp; *818620*<br> <sup>(h)(n)(o)</sup><br>|
| *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* |
| &nbsp;&nbsp;&nbsp; 1011778 BC Unlimited Liability Co., Term Loan B6 (1 mo. Term SOFR + <br> 1.750%) | 6.106% | &nbsp;&nbsp; 9/20/30 | &nbsp;&nbsp; 987525<br>| &nbsp;&nbsp;&nbsp; 986523<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Incremental Term Loan B1 (1 mo. Term <br> SOFR + 2.250%) | 6.606% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 1278174<br>| &nbsp;&nbsp;&nbsp; 1278334<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Initial Term Loan B (3 mo. Term SOFR + <br> 3.250%) | 7.601% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 1968210<br>| &nbsp;&nbsp;&nbsp; 1972097<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Scientific Games International Inc., Term Loan B2 (1 mo. Term SOFR + <br> 2.250%) | 6.593% | &nbsp;&nbsp; 4/14/29 | &nbsp;&nbsp; 2227542<br>| &nbsp;&nbsp;&nbsp; 2235339<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR + <br> 2.000%) | 6.356% | &nbsp;&nbsp; 3/14/31 | &nbsp;&nbsp; 1481250<br>| &nbsp;&nbsp;&nbsp; 1484590<br> <sup>(h)(n)(o)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *7956883* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **14106590** |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term <br> SOFR + 2.250%)  | 6.546% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 1967054<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1973890*<br> <sup>(h)(n)(o)</sup><br>|
| *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., Term Loan Facility B4 (6 mo. Term SOFR + <br> 2.000%)  | 6.197% | &nbsp;&nbsp; 9/17/31 | &nbsp;&nbsp; 1484621<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1474874*<br> <sup>(h)(n)(o)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3448764** |
| **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 2025 Term Loan B6 (1 mo. Term SOFR + 1.750%)  | 6.106% | &nbsp;&nbsp; 11/22/30 | &nbsp;&nbsp; 495016<br>| &nbsp;&nbsp;&nbsp;&nbsp; **496538**<br> <sup>(h)(n)(o)</sup><br>|
| **Financials — 3.1%** | **Financials — 3.1%** | **Financials — 3.1%** | **Financials — 3.1%** | **Financials — 3.1%** |
| *Banks — 0.4%* | *Banks — 0.4%* | *Banks — 0.4%* | *Banks — 0.4%* | *Banks — 0.4%* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 3.000%)  | 7.356% | &nbsp;&nbsp; 8/2/28 | &nbsp;&nbsp; 1473861<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1477148*<br> <sup>(h)(n)(o)</sup><br>|
| *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* |
| &nbsp;&nbsp;&nbsp; Cardinal Parent Inc., First Lien Initial Term Loan (3 mo. Term SOFR + <br> 4.650%) | 8.946% | &nbsp;&nbsp; 11/12/27 | &nbsp;&nbsp; 917477<br>| &nbsp;&nbsp;&nbsp; 903288<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Eagle Holdings Inc., Term Loan B2 (3 mo. Term SOFR + 3.000%) | 7.296% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 987500<br>| &nbsp;&nbsp;&nbsp; 988068<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., Term Loan B4 (1 mo. Term SOFR + 3.500%) | 7.856% | &nbsp;&nbsp; 8/17/28 | &nbsp;&nbsp; 987544<br>| &nbsp;&nbsp;&nbsp; 989756<br> <sup>(h)(n)(o)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *2881112* |
| *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR + <br> 4.000%)  | 8.356% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 1801845<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1811278*<br> <sup>(h)(n)(o)</sup><br>|
| *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Term Loan B2 (3 mo. Term SOFR + <br> 2.000%) | 6.296% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1990013<br>| &nbsp;&nbsp;&nbsp; 1995614<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + <br> 2.000%) | 6.333% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 984536<br>| &nbsp;&nbsp;&nbsp; 981371<br> <sup>(h)(n)(o)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. <br> Term SOFR + 3.500%) | 7.856% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 645137<br>| &nbsp;&nbsp;&nbsp; $647115<br> <sup>(h)(n)(o)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3624100* |
| *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%)  | 8.456% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 1969620<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1956778*<br> <sup>(h)(n)(o)</sup><br>|
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust Inc., Term Loan (1 mo. Term SOFR + <br> 2.364%)  | 6.721% | &nbsp;&nbsp; 4/23/26 | &nbsp;&nbsp; 353336<br>| &nbsp;&nbsp;&nbsp;&nbsp; *353777*<br> <sup>(h)(k)(n)(o)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **12104193** |
| **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** |
| *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Dollar Incremental Term Loan (1 mo. Term SOFR <br> + 2.250%)  | 6.606% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 1834184<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1837880*<br> <sup>(h)(n)(o)</sup><br>|
| *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)  | 8.068% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 992513<br>| &nbsp;&nbsp;&nbsp;&nbsp; *992205*<br> <sup>(h)(n)(o)</sup><br>|
| *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | 7.079% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 1481306<br>| &nbsp;&nbsp;&nbsp; 1479306<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR <br> + 3.750%) | 8.058% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 79711<br>| &nbsp;&nbsp;&nbsp; 79512<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. Term <br> SOFR + 4.862%) | 9.170% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 660759<br>| &nbsp;&nbsp;&nbsp; 592826<br> <sup>(h)(n)(o)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *2151644* |
| *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux Sarl, Dollar Term Loan Facility B2 (1 mo. Term <br> SOFR + 2.250%)  | 6.606% | &nbsp;&nbsp; 5/5/28 | &nbsp;&nbsp; 707438<br>| &nbsp;&nbsp;&nbsp;&nbsp; *711032*<br> <sup>(h)(n)(o)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5692761** |
| **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** |
| *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* |
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Term Loan J (3 mo. Term SOFR + 2.500%)  | 6.796% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 2468812<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2478898*<br> <sup>(h)(n)(o)</sup><br>|
| *Building Products — 0.8%* | *Building Products — 0.8%* | *Building Products — 0.8%* | *Building Products — 0.8%* | *Building Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR + <br> 4.512%) | 8.807% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 393846<br>| &nbsp;&nbsp;&nbsp; 298955<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., New Term Loan B1 (1 mo. Term SOFR + <br> 2.250%) | 6.606% | &nbsp;&nbsp; 4/14/31 | &nbsp;&nbsp; 1477449<br>| &nbsp;&nbsp;&nbsp; 1478165<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%) | 6.606% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 1376550<br>| &nbsp;&nbsp;&nbsp; 1377066<br> <sup>(h)(n)(o)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *3154186* |
| *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, USD Term Loan (1 mo. Term SOFR + <br> 3.850%)  | 8.206% | &nbsp;&nbsp; 5/12/28 | &nbsp;&nbsp; 1480769<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1485663*<br> <sup>(h)(n)(o)</sup><br>|
| *Machinery — 0.7%* | *Machinery — 0.7%* | *Machinery — 0.7%* | *Machinery — 0.7%* | *Machinery — 0.7%* |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, USD Term Loan B (6 mo. Term SOFR + <br> 3.000%)  | 7.197% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 2462734<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2479049*<br> <sup>(h)(n)(o)</sup><br>|
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Term Loan B (1 mo. Term SOFR + 2.000%)  | 6.351% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 1208872<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1215068*<br> <sup>(h)(n)(o)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **10812864** |

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** |
| *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* |
| &nbsp;&nbsp;&nbsp; Coherent Corp., Term Loan B2 (1 mo. Term SOFR + 2.000%)  | 6.356% | &nbsp;&nbsp; 7/2/29 | &nbsp;&nbsp; 1291044<br>| &nbsp;&nbsp;&nbsp; $*1296208*<br> <sup>(h)(n)(o)</sup><br>|
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; MKS Instruments Inc., 2025 Dollar Term Loan B (1 mo. Term SOFR + <br> 2.000%)  | 6.353% | &nbsp;&nbsp; 8/17/29 | &nbsp;&nbsp; 1237188<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1239198*<br> <sup>(h)(n)(o)</sup><br>|
| *Software — 1.2%* | *Software — 1.2%* | *Software — 1.2%* | *Software — 1.2%* | *Software — 1.2%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + <br> 7.000%) | 11.356% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 450000<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%) | 8.808% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 823775<br>| &nbsp;&nbsp;&nbsp; 809503<br> <sup>(h)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 3330000<br>| &nbsp;&nbsp;&nbsp; 3353194<br> <sup>(n)(o)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *4612697* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7148103** |
| **Sovereign Bonds — 0.2%** |  |  |  |  |
| *Tanzania — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government of the United Republic of Tanzania, Term Loan A2 (6 mo. <br> Term SOFR + 5.450%)  | 9.584% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **689500**<br> <sup>(h)(j)(k)(n)(o)</sup><br>|
| **Total Senior Loans (Cost — $62,030,190)** | **Total Senior Loans (Cost — $62,030,190)** | **Total Senior Loans (Cost — $62,030,190)** | **Total Senior Loans (Cost — $62,030,190)** | &nbsp;&nbsp; **61473293** |
| **Sovereign Bonds — 11.5%** | **Sovereign Bonds — 11.5%** | **Sovereign Bonds — 11.5%** | **Sovereign Bonds — 11.5%** | **Sovereign Bonds — 11.5%** |
| *Angola — 0.5%* | *Angola — 0.5%* | *Angola — 0.5%* | *Angola — 0.5%* | *Angola — 0.5%* |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/26/29 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2062157*<br> <sup>(a)</sup><br>|
| *Argentina — 0.9%* | *Argentina — 0.9%* | *Argentina — 0.9%* | *Argentina — 0.9%* | *Argentina — 0.9%* |
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 2015383<br>| &nbsp;&nbsp;&nbsp; 1433441<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.990% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 347375<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1566200<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *3347016* |
| *Bahamas — 0.8%* | *Bahamas — 0.8%* | *Bahamas — 0.8%* | *Bahamas — 0.8%* | *Bahamas — 0.8%* |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 6/16/29 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp; 2181540<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 11/20/29 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1013382<br> <sup>(a)</sup><br>|
| *Total Bahamas* | *Total Bahamas* | *Total Bahamas* | *Total Bahamas* | &nbsp;&nbsp; *3194922* |
| *Bahrain — 0.6%* | *Bahrain — 0.6%* | *Bahrain — 0.6%* | *Bahrain — 0.6%* | *Bahrain — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bahrain Government International Bond, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/19/44 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2374448*<br> <sup>(a)</sup><br>|
| *Brazil — 0.3%* | *Brazil — 0.3%* | *Brazil — 0.3%* | *Brazil — 0.3%* | *Brazil — 0.3%* |
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/7/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1335225*<br> <sup>(b)</sup><br>|
| *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* |
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; *594072*<br>|
| *Colombia — 0.5%* | *Colombia — 0.5%* | *Colombia — 0.5%* | *Colombia — 0.5%* | *Colombia — 0.5%* |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/22/42 | &nbsp;&nbsp; 2670000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1763108*<br> <sup>(b)</sup><br>|
| *Costa Rica — 0.1%* | *Costa Rica — 0.1%* | *Costa Rica — 0.1%* | *Costa Rica — 0.1%* | *Costa Rica — 0.1%* |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International Bond, Senior Notes | &nbsp;&nbsp; 7.158% | &nbsp;&nbsp; 3/12/45 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *477333*<br> <sup>(a)</sup><br>|
| *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 3330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3185645*<br> <sup>(a)</sup><br>|
| *Ecuador — 0.1%* | *Ecuador — 0.1%* | *Ecuador — 0.1%* | *Ecuador — 0.1%* | *Ecuador — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes, Step bond <br> (5.000% to 7/31/26 then 5.500%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/31/40 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *339795*<br> <sup>(a)</sup><br>|
| *Egypt — 0.7%* | *Egypt — 0.7%* | *Egypt — 0.7%* | *Egypt — 0.7%* | *Egypt — 0.7%* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/16/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 982919<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Egypt — continued* | *Egypt — continued* | *Egypt — continued* | *Egypt — continued* | *Egypt — continued* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 5/29/32 | &nbsp;&nbsp; 2038000<br>| &nbsp;&nbsp;&nbsp; $1926939<br> <sup>(f)</sup><br>|
| *Total Egypt* | *Total Egypt* | *Total Egypt* | *Total Egypt* | &nbsp;&nbsp; *2909858* |
| *Guatemala — 0.1%* | *Guatemala — 0.1%* | *Guatemala — 0.1%* | *Guatemala — 0.1%* | *Guatemala — 0.1%* |
| &nbsp;&nbsp;&nbsp; Guatemala Government Bond, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/24/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *197010*<br> <sup>(a)</sup><br>|
| *Indonesia — 0.3%* | *Indonesia — 0.3%* | *Indonesia — 0.3%* | *Indonesia — 0.3%* | *Indonesia — 0.3%* |
| &nbsp;&nbsp;&nbsp; Indonesia Treasury Bond | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 21000000000 <br><sup>IDR</sup><br>| &nbsp;&nbsp;&nbsp; *1307996*<br>|
| *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 446945<br>| &nbsp;&nbsp;&nbsp; 429703<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2554301<br> <sup>(a)</sup><br>|
| *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | &nbsp;&nbsp; *2984004* |
| *Jordan — 0.6%* | *Jordan — 0.6%* | *Jordan — 0.6%* | *Jordan — 0.6%* | *Jordan — 0.6%* |
| &nbsp;&nbsp;&nbsp; Jordan Government International Bond, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/7/30 | &nbsp;&nbsp; 2540000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2471718*<br> <sup>(a)</sup><br>|
| *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 3/5/36 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1446876*<br> <sup>(a)</sup><br>|
| *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 2.659% | &nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1295730*<br> <sup>(b)</sup><br>|
| *Nigeria — 0.5%* | *Nigeria — 0.5%* | *Nigeria — 0.5%* | *Nigeria — 0.5%* | *Nigeria — 0.5%* |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003472<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 7.696% | &nbsp;&nbsp; 2/23/38 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1003252<br> <sup>(f)</sup><br>|
| *Total Nigeria* | *Total Nigeria* | *Total Nigeria* | *Total Nigeria* | &nbsp;&nbsp; *2006724* |
| *Oman — 0.2%* | *Oman — 0.2%* | *Oman — 0.2%* | *Oman — 0.2%* | *Oman — 0.2%* |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *818132*<br> <sup>(a)</sup><br>|
| *Panama — 0.5%* | *Panama — 0.5%* | *Panama — 0.5%* | *Panama — 0.5%* | *Panama — 0.5%* |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 2.252% | &nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp;&nbsp; 1622189<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 352025<br> <sup>(b)</sup><br>|
| *Total Panama* | *Total Panama* | *Total Panama* | *Total Panama* | &nbsp;&nbsp; *1974214* |
| *Philippines — 0.0%††* | *Philippines — 0.0%††* | *Philippines — 0.0%††* | *Philippines — 0.0%††* | *Philippines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Philippine Government International Bond, Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 7/6/46 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *141773*<br>|
| *Qatar — 0.1%* | *Qatar — 0.1%* | *Qatar — 0.1%* | *Qatar — 0.1%* | *Qatar — 0.1%* |
| &nbsp;&nbsp;&nbsp; Qatar Government International Bond, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/16/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *196400*<br> <sup>(a)</sup><br>|
| *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bond, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/26/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *691021*<br> <sup>(a)</sup><br>|
| *South Africa — 0.3%* | *South Africa — 0.3%* | *South Africa — 0.3%* | *South Africa — 0.3%* | *South Africa — 0.3%* |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/8/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1309984*<br> <sup>(b)</sup><br>|
| *Turkey — 0.8%* | *Turkey — 0.8%* | *Turkey — 0.8%* | *Turkey — 0.8%* | *Turkey — 0.8%* |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/17/28 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1378626<br>|
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/16/43 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 1717576<br> <sup>(b)</sup><br>|
| *Total Turkey* | *Total Turkey* | *Total Turkey* | *Total Turkey* | &nbsp;&nbsp; *3096202* |
| *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 20726<br>| &nbsp;&nbsp;&nbsp; 9753<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 77450<br>| &nbsp;&nbsp;&nbsp; 29210<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (1.750% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 75885<br>| &nbsp;&nbsp;&nbsp; 38458<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 65450<br>| &nbsp;&nbsp;&nbsp; $30541<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (1.750% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 132798<br>| &nbsp;&nbsp;&nbsp; 68081<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 54542<br>| &nbsp;&nbsp;&nbsp; 25451<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (1.750% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 170740<br>| &nbsp;&nbsp;&nbsp; 84539<br> <sup>(a)</sup><br>|
| *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | &nbsp;&nbsp; *286033* |
| *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 10/11/27 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *834051*<br> <sup>(a)</sup><br>|
| *Uruguay — 0.6%* | *Uruguay — 0.6%* | *Uruguay — 0.6%* | *Uruguay — 0.6%* | *Uruguay — 0.6%* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 7/20/33 | &nbsp;&nbsp; 89000000 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; *2393640*<br>|
| **Total Sovereign Bonds (Cost — $40,875,174)** | **Total Sovereign Bonds (Cost — $40,875,174)** | **Total Sovereign Bonds (Cost — $40,875,174)** | **Total Sovereign Bonds (Cost — $40,875,174)** | &nbsp;&nbsp; **45035087** |
| **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., 2024-22A E (3 mo. Term SOFR + 6.500%) | &nbsp;&nbsp; 10.825% | &nbsp;&nbsp; 4/19/37 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1529725<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2019-2A ERR (3 mo. Term SOFR + 7.670%) | &nbsp;&nbsp; 11.988% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1274484<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A DRR (3 mo. Term SOFR + 4.320%) | &nbsp;&nbsp; 8.645% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 489409<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A CR (3 mo. Term SOFR + 3.662%) | &nbsp;&nbsp; 7.979% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 541770<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR + <br> 3.100%) | &nbsp;&nbsp; 7.419% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 647398<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2024-2A E (3 mo. Term SOFR + <br> 5.750%) | &nbsp;&nbsp; 10.075% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 862315<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + <br> 5.950%) | &nbsp;&nbsp; 10.268% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1189849<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2021-1A D1R (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 7.468% | &nbsp;&nbsp; 7/25/37 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500955<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2022-2A ER (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 9.075% | &nbsp;&nbsp; 4/19/35 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 469902<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., 2024-119A E (3 mo. Term SOFR + 7.000%) | &nbsp;&nbsp; 11.318% | &nbsp;&nbsp; 4/15/36 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2028030<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2016-5A ERR (3 mo. Term SOFR + 7.580%) | &nbsp;&nbsp; 11.898% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1192225<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term SOFR + 10.730%) | &nbsp;&nbsp; 14.999% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1514090<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2020-3A D1R (3 mo. Term SOFR + 4.300%) | &nbsp;&nbsp; 8.610% | &nbsp;&nbsp; 7/30/37 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 788892<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%) | &nbsp;&nbsp; 9.175% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 628086<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.568% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 581450<br> <sup>(a)(d)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2019-24A ER (3 mo. Term SOFR + 6.400%) | &nbsp;&nbsp; 10.718% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 303038<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 9.018% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1600816<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2023-39A E1R (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.218% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 979343<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO LLC, 2025-18A E (3 mo. Term SOFR + 5.400%) | &nbsp;&nbsp; 9.701% | &nbsp;&nbsp; 10/18/35 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 763905<br> <sup>(a)(d)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nyack Park CLO Ltd., 2021-1A D (3 mo. Term SOFR + 3.062%) | &nbsp;&nbsp; 7.387% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003080<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2022-12A ER (3 mo. Term SOFR + 7.500%) | &nbsp;&nbsp; 11.825% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 704547<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR + 6.340%) | &nbsp;&nbsp; 10.665% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1442524<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2024-18A D1 (3 mo. Term SOFR + 3.450%) | &nbsp;&nbsp; 7.775% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003678<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 7.275% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 312527<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2022-3A DR (3 mo. Term SOFR + <br> 5.900%) | &nbsp;&nbsp; 10.218% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2014496<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2024-5A E (3 mo. Term SOFR + 7.490%) | &nbsp;&nbsp; 11.815% | &nbsp;&nbsp; 4/20/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1008225<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%) | &nbsp;&nbsp; 8.629% | &nbsp;&nbsp; 4/18/37 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 293251<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2021-43A D (3 mo. Term SOFR + 3.732%) | &nbsp;&nbsp; 8.049% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1215808<br> <sup>(a)(h)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO Ltd., 2024-3A D (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.825% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; $1158181<br> <sup>(a)(h)</sup><br>|
| **Total Asset-Backed Securities (Cost — $27,664,527)** | **Total Asset-Backed Securities (Cost — $27,664,527)** | **Total Asset-Backed Securities (Cost — $27,664,527)** | **Total Asset-Backed Securities (Cost — $27,664,527)** | &nbsp;&nbsp; **28041999** |
| **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 7.1%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 7.1%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 7.1%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 7.1%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 7.1%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. Term SOFR + <br> 3.127%) | &nbsp;&nbsp; 7.463% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 966149<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 H | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 337468<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 K | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 1846154<br>| &nbsp;&nbsp;&nbsp; 614181<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK41 E | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/65 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 1365947<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK43 D | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 1632319<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR + <br> 3.688%) | &nbsp;&nbsp; 8.030% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1431159<br>| &nbsp;&nbsp;&nbsp; 1437073<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR + <br> 3.690%) | &nbsp;&nbsp; 8.032% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1405272<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2021-ARIA E (1 mo. Term SOFR + 2.359%) | &nbsp;&nbsp; 6.701% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1649086<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-GC29 D | &nbsp;&nbsp; 3.110% | &nbsp;&nbsp; 4/10/48 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 428940<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 D | &nbsp;&nbsp; 3.225% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 385888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2015-C3 C | &nbsp;&nbsp; 4.240% | &nbsp;&nbsp; 8/15/48 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 421240<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2021-ESH F (1 mo. Term SOFR + <br> 3.814%) | &nbsp;&nbsp; 8.156% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 1063583<br>| &nbsp;&nbsp;&nbsp; 1066141<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR + <br> 6.250%) | &nbsp;&nbsp; 10.600% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1773187<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R01 <br> 1B2 (30 Day Average SOFR + 4.000%) | &nbsp;&nbsp; 8.350% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2085700<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes, 2024-HC3 D (1 mo. Term SOFR + 5.333%) | &nbsp;&nbsp; 9.675% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 996680<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, 2024-70P E | &nbsp;&nbsp; 8.965% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1559256<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; KIND Trust, 2021-KIND C (1 mo. Term SOFR + 1.864%) | &nbsp;&nbsp; 6.210% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 1487782<br>| &nbsp;&nbsp;&nbsp; 1469376<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, 2021-BMR F (1 mo. Term SOFR + 2.464%) | &nbsp;&nbsp; 6.806% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 1176000<br>| &nbsp;&nbsp;&nbsp; 1161933<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, 2021-MHC F (1 mo. Term SOFR + <br> 2.715%) | &nbsp;&nbsp; 7.057% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1202374<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2015-UBS8 C | &nbsp;&nbsp; 4.570% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 883204<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-BNK2 B | &nbsp;&nbsp; 3.485% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 919887<br>|
| &nbsp;&nbsp;&nbsp; SLG Office Trust, 2021-OVA F | &nbsp;&nbsp; 2.851% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 2119000<br>| &nbsp;&nbsp;&nbsp; 1687790<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMRT, 2022-MINI D (1 mo. Term SOFR + 1.950%) | &nbsp;&nbsp; 6.292% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1489090<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; WB Commercial Mortgage Trust, 2024-HQ D | &nbsp;&nbsp; 8.011% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1050008<br> <sup>(a)(h)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $26,486,511)** | **Total Collateralized Mortgage Obligations (Cost — $26,486,511)** | **Total Collateralized Mortgage Obligations (Cost — $26,486,511)** | **Total Collateralized Mortgage Obligations (Cost — $26,486,511)** | &nbsp;&nbsp; **27988189** |
| **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 1306604<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1657427**<br> <sup>(e)</sup><br>|
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; **652550**<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* |
| &nbsp;&nbsp;&nbsp; AeroVironment Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 99000<br>| &nbsp;&nbsp;&nbsp; **111464**<br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 37080<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$556**<br> <sup>(f)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $2,179,137)** | **Total Convertible Bonds & Notes (Cost — $2,179,137)** | **Total Convertible Bonds & Notes (Cost — $2,179,137)** | **Total Convertible Bonds & Notes (Cost — $2,179,137)** | &nbsp;&nbsp; **2421997** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + <br> 4.959%) | &nbsp;&nbsp; 9.276% |  | &nbsp;&nbsp; 49756 | &nbsp;&nbsp;&nbsp; 1267783<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (7.750% to 9/30/25 <br> then 3 mo. USD LIBOR + 4.743%) | &nbsp;&nbsp; 7.750% |  | &nbsp;&nbsp; 15711 | &nbsp;&nbsp;&nbsp; 359782<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.902% |  | &nbsp;&nbsp; 28683 | &nbsp;&nbsp;&nbsp; 703594<br> <sup>(h)</sup><br>|
| **Total Preferred Stocks (Cost — $2,317,413)** | **Total Preferred Stocks (Cost — $2,317,413)** | **Total Preferred Stocks (Cost — $2,317,413)** | **Total Preferred Stocks (Cost — $2,317,413)** | &nbsp;&nbsp; **2331159** |
| **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; WW International Inc. | &nbsp;&nbsp;&nbsp; WW International Inc. |  | &nbsp;&nbsp; 16972 | &nbsp;&nbsp;&nbsp; **718,085**<br> \*<br>|
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 1,726<br> \*<sup>(j)(q)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 72692 | &nbsp;&nbsp;&nbsp; 297,310<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **299036** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. | &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. |  | &nbsp;&nbsp; 103724 | &nbsp;&nbsp;&nbsp; **1,694**<br> \*<sup>(j)</sup><br>|
| **Total Common Stocks (Cost — $1,469,877)** | **Total Common Stocks (Cost — $1,469,877)** | **Total Common Stocks (Cost — $1,469,877)** | **Total Common Stocks (Cost — $1,469,877)** | &nbsp;&nbsp;&nbsp; **1018815**<br>|
|  |  | 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 — $628,730) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 51648<br>| &nbsp;&nbsp;&nbsp; **211,240**<br> \*<sup>(a)(j)(q)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $556,252,707)** | **Total Investments before Short-Term Investments (Cost — $556,252,707)** | **Total Investments before Short-Term Investments (Cost — $556,252,707)** | **Total Investments before Short-Term Investments (Cost — $556,252,707)** | &nbsp;&nbsp; **581776890** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $288,528)  | &nbsp;&nbsp; 4.268% |  | &nbsp;&nbsp; 288528<br>| &nbsp;&nbsp;&nbsp;&nbsp; **288528**<br> <sup>(r)(s)</sup><br>|
| **Total Investments — 148.3% (Cost — $556,541,235)** | **Total Investments — 148.3% (Cost — $556,541,235)** | **Total Investments — 148.3% (Cost — $556,541,235)** | **Total Investments — 148.3% (Cost — $556,541,235)** | &nbsp;&nbsp; **582065418** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.3)% | &nbsp;&nbsp;&nbsp; (189576104)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$392489314** |

---

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

See Notes to Schedule of Investments.

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Western Asset High Income Fund II Inc. 2025 Quarterly Report

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

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. <br>|
| <sup>(b)</sup> | All or a portion of this security is pledged as collateral pursuant to the loan agreement.  |
| <sup>(c)</sup> | The coupon payment on this security is currently in default as of July 31, 2025. |
| <sup>(d)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(e)</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>(f)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Directors.<br>|
| <sup>(g)</sup> | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
| <sup>(h)</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>(i)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(j)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(k)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(l)</sup> | Value is less than $1. |
| <sup>(m)</sup> | The maturity principal is currently in default as of July 31, 2025. |
| <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 Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(p)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(q)</sup> | Restricted security (Note 3). |
| <sup>(r)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(s)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At July 31, 2025, the total market value of <br> investments in Affiliated Companies was $288,528 and the cost was $288,528 (Note 2).<br>|

---

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

---

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

---

See Notes to Schedule of Investments.

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Western Asset High Income Fund II Inc. 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

July 31, 2025

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

At July 31, 2025, the Fund had the following open reverse repurchase agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty  | Rate | &nbsp;&nbsp;&nbsp; Effective <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp;&nbsp; Face Amount <br>of Reverse <br>Repurchase <br>Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Asset Class <br>of Collateral<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; Collateral <br>Value\*\*<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2025 | 8/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $5924071 | Corporate Bonds & Notes | $6418370 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/25/2025 | 9/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6676812 | Corporate Bonds & Notes | 7464755 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.970% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2025 | 8/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3883054 | Corporate Bonds & Notes | 4657312 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/25/2025 | 9/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4197452 | Corporate Bonds & Notes | 4733419 |
| Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2024 | TBD<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2220207 | Corporate Bonds & Notes | 3270273 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/2025 | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6244606 | Corporate Bonds & Notes | 6607494 |
|  |  |  |  | &nbsp;&nbsp;&nbsp; **$29146202** |  | &nbsp;&nbsp;&nbsp; **$33151623** |

---

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

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

\*\* Including accrued interest.

\*\*\* TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are renewed daily and can be terminated by either the Fund or the counterparty in accordance with the terms of the agreements. The rates for these agreements are variable. The rate disclosed is the rate as of July 31, 2025. 

At July 31, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| EUR | &nbsp;&nbsp; 1022794 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1202131 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $(28903) |
| EUR | &nbsp;&nbsp; 1562925 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1838485 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; (45682) |
| EUR | &nbsp;&nbsp; 2566426 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3023472 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; (79574) |
| USD | &nbsp;&nbsp; 4552826 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 3334012 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 146497 |
| USD | &nbsp;&nbsp; 7669386 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 6489421 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 225492 |
| **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** | &nbsp;&nbsp; **$217830** |

---

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

---

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

---

At July 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.HY.44 Index | $2715000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$196084** | &nbsp;&nbsp;&nbsp; **$149377** | &nbsp;&nbsp;&nbsp; **$46707** |

---

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

---

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

---

See Notes to Schedule of Investments.

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Western Asset High Income Fund II Inc. 2025 Quarterly Report

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

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

See Notes to Schedule of Investments.

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

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

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

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

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

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

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

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Western Asset High Income Fund II Inc. 2025 Quarterly Report

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $62105058 | &nbsp;&nbsp; $834854 | &nbsp;&nbsp; $62939912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 47508123 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 47508123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 36007512 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 36007512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 266799564 | &nbsp;&nbsp; — | &nbsp;&nbsp; 266799564 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 11750416 | &nbsp;&nbsp; 353777 | &nbsp;&nbsp; 12104193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 689500 | &nbsp;&nbsp; 689500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 48679600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48679600 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 45035087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45035087 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 28041999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28041999 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 27988189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27988189 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2421997 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2421997 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $2331159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2331159 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 718085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 718085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 297310 | &nbsp;&nbsp; 1726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 299036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 1694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1694 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 211240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 211240 |
| Total Long-Term Investments | &nbsp;&nbsp; 3346554 | &nbsp;&nbsp; 576552205 | &nbsp;&nbsp; 1878131 | &nbsp;&nbsp; 581776890 |
| Short-Term Investments† | &nbsp;&nbsp; 288528 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 288528 |
| **Total Investments** | &nbsp;&nbsp; **$3635082** | &nbsp;&nbsp; **$576552205** | &nbsp;&nbsp; **$1878131** | &nbsp;&nbsp; **$582065418** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $371989 | &nbsp;&nbsp; — | &nbsp;&nbsp; $371989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 46707 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46707 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$418696** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$418696** |
| **Total** | &nbsp;&nbsp; **$3635082** | &nbsp;&nbsp; **$576970901** | &nbsp;&nbsp; **$1878131** | &nbsp;&nbsp; **$582484114** |

---

------

Western Asset High Income Fund II Inc. 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; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $154159 | &nbsp;&nbsp; — | &nbsp;&nbsp; $154159 |

---

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

---

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

---

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended July 31, 2025. The following transactions were effected in such company for the period ended July 31, 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>April 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $722961 | $23816233 | 23816233 | $24250666 | 24250666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>July 31, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $16234 |  | $288528 |

---

**3. Restricted securities**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 7/31/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 422 | 3/25 | $5137 | $1726 | &nbsp;&nbsp; $4.09 | 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 51648 | 3/25 | 628730 | 211240 <br><sup>(b)</sup><br>| 4.09 | 0.05 |
|  |  |  | **$633867** | **$212966** |  | &nbsp;&nbsp; **0.05%** |

---

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

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

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

------

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $595342091.06

**Total Liabilities:** $202857071.37

**Net Assets:** $392485019.69

**Delayed Delivery Securities:** $4780000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -5019.31000000 | **1-Year:** 2212.41000000 | **5-Year:** 17404.42000000 | **10-Year:** 24452.24000000 | **30-Year:** 1798.98000000

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

- **3-Month:** 1082.54000000 | **1-Year:** 48611.99000000 | **5-Year:** 92354.27000000 | **10-Year:** 34826.22000000 | **30-Year:** 358.39000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 3.65%                | 3.78%                | -0.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $235716.43               | $4786214.46                                |
| Month 2  | $-941819.11              | $8316992.08                                |
| Month 3  | $1397627.47              | $-330071.96                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      740000 | PA      | $708590.18    | 0.18%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                  | VZ Secured Financing BV                                                          | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     1820000 | PA      | $1602452.31   | 0.41%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partner 11/22/30                                                         | CUSIP: 11823LAQ8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |      495016 | PA      | $496537.77    | 0.13%             | 2030-11-22      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                    | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     1240000 | PA      | $1188007.79   | 0.30%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                       | Expand Energy Corp                                                               | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $972012.60    | 0.25%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     1306604 | PA      | $1657427.17   | 0.42%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                 | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     2770000 | PA      | $2898946.27   | 0.74%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | Deutsche Bank Securities                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |    -3473261 | PA      | $-3473260.88  | -0.88%            |  |  |  | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                     | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     1500000 | PA      | $1552128.00   | 0.40%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                           | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-28903.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GATWICK AIRPORT FINANCE                                  | Gatwick Airport Finance PLC                                                      | CUSIP: 000000000<br>LEI: 213800BDRHDHRGTQ1D63 | Long             | DBT              | CORP              | GB        |     1000000 | PA      | $1314502.37   | 0.33%             | 2026-04-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                            | Citigroup Commercial Mortgage Trust 2015-P1                                      | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      400000 | PA      | $385887.48    | 0.10%             | 2048-09-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                   | Carriage Purchaser Inc                                                           | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1950000 | PA      | $1810009.50   | 0.46%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                           | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     3030000 | PA      | $3086703.06   | 0.79%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                              | Allied Universal Holdco LLC                                                      | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     1480769 | PA      | $1485663.19   | 0.38%             | 2028-05-12      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                    | Mexico Government International Bond                                             | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1500000 | PA      | $1295730.00   | 0.33%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                  | Halsey Point CLO I Ltd                                                           | CUSIP: 40638CAN9<br>LEI: 549300POBLM5RW6LD816 | Long             | ABS-CBDO         | CORP              | KY        |     1520000 | PA      | $1514090.39   | 0.39%             | 2037-10-20      | Floating      | 15.00%                | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | EC               | CORP              | CN        |      103724 | NS      | $1693.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                   | Oman Government International Bond                                               | CUSIP: 682051AH0<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      800000 | PA      | $818131.60    | 0.21%             | 2028-01-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      780000 | PA      | $802675.38    | 0.20%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                  | CREDIT SUISSE ESCROW CL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14780000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TENET HEALTHCARE CORP                                    | Tenet Healthcare Corp                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      890000 | PA      | $890610.54    | 0.23%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                    | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1239211.34   | 0.32%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1850000 | PA      | $1679993.14   | 0.43%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                            | FRONERI US INC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1484621 | PA      | $1474874.57   | 0.38%             | 2031-09-17      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                            | DISH DBS Corp                                                                    | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1520000 | PA      | $1130032.30   | 0.29%             | 2029-06-01      | Fixed         | 5.12%                 | 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        |     1627718 | NS      | $1627717.92   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      742000 | PA      | $771121.07    | 0.20%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                     | WW International Inc                                                             | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |       16972 | NS      | $718085.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                     | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1440000 | PA      | $1584044.64   | 0.40%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                       | New Generation Gas Gathering LLC                                                 | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |      847568 | PA      | $834854.05    | 0.21%             | 2029-09-30      | Floating      | 10.02%                | No            |                  3 | On Loan: No      |
| ZF NA CAPITAL                                            | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     2210000 | PA      | $2064103.31   | 0.53%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                       | Cerdia Finanz GmbH                                                               | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |      490000 | PA      | $514028.96    | 0.13%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| SMRT                                                     | SMRT 2022-MINI                                                                   | CUSIP: 78457JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1489090.20   | 0.38%             | 2039-01-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                  | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      600000 | PA      | $602632.20    | 0.15%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                 | Saudi Government International Bond                                              | CUSIP: 80413TAB5<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      700000 | PA      | $691020.86    | 0.18%             | 2026-10-26      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                                  | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |     2261000 | PA      | $2261520.35   | 0.58%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Coherent Corp (f/k/a II-VI Incorporated)                 | COHERENT CORP                                                                    | CUSIP: 45173JAS3<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |     1291044 | PA      | $1296208.35   | 0.33%             | 2029-07-02      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                 | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV                             | CUSIP: 36268NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      190000 | PA      | $271372.80    | 0.07%             | 2031-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                     | ROYAL BANK OF CANADA                                                             | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Short            | RA               | CORP              | US        |    -6244606 | PA      | $-6244606.25  | -1.59%            |  |  |  | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                        | Magnetite XXXIX Ltd                                                              | CUSIP: 559923AE7<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |      990000 | PA      | $979342.85    | 0.25%             | 2037-01-25      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT L                                 | FERTITTA ENTERTAINMENT LLC/NV                                                    | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |     1968210 | PA      | $1972096.84   | 0.50%             | 2029-01-29      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                   | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     2038000 | PA      | $1926938.84   | 0.49%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                             | Fibercop SpA                                                                     | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |      202000 | PA      | $201467.73    | 0.05%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      130000 | PA      | $134646.07    | 0.03%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Hartwick Park CLO, Ltd.                                  | Hartwick Park CLO Ltd                                                            | CUSIP: 417402AE4<br>LEI: 2549003E1ZAWJG55NM75 | Long             | ABS-CBDO         | CORP              | JE        |      630000 | PA      | $628086.12    | 0.16%             | 2037-01-20      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Venture CLO 43 Limited                                   | Venture 43 CLO Ltd                                                               | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1215807.75   | 0.31%             | 2034-04-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV                                 | MetLife Capital Trust IV                                                         | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1202888.50   | 0.31%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                   | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     2780000 | PA      | $2843189.40   | 0.72%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                 | Uruguay Government International Bond                                            | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    89000000 | PA      | $2393640.32   | 0.61%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                             | Carnival PLC                                                                     | CUSIP: 14365CAA1<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |     6990000 | PA      | $7303237.63   | 1.86%             | 2029-10-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                 | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      260000 | PA      | $217592.62    | 0.06%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                 | Ford Motor Credit Co LLC                                                         | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      950000 | PA      | $1004071.12   | 0.26%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                            | TRANSDIGM INC                                                                    | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     2468812 | PA      | $2478897.58   | 0.63%             | 2031-02-28      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1076416.13   | 0.27%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| 1011778 BC Unlimited Liability Company                   | 1011778 BC ULC                                                                   | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |      987525 | PA      | $986522.66    | 0.25%             | 2030-09-20      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                         | Ocean Trails CLO XIV Ltd                                                         | CUSIP: 67515MAG3<br>LEI: 254900TWRKR5CRS1OX19 | Long             | ABS-CBDO         | CORP              | JE        |     1420000 | PA      | $1442524.32   | 0.37%             | 2038-01-20      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                 | AMNEAL PHARMACEUTICALS LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     1140000 | PA      | $1158503.07   | 0.30%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                     | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |      920000 | PA      | $978052.00    | 0.25%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                  | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      910000 | PA      | $940662.45    | 0.24%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                     | LIFEPOINT HEALTH INC                                                             | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |      992512 | PA      | $992204.82    | 0.25%             | 2031-05-16      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Aimco                                                    | AIMCO CLO 22 Ltd                                                                 | CUSIP: 00901VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1500000 | PA      | $1529724.60   | 0.39%             | 2037-04-19      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| WW International Inc                                     | WW INTERNATIONAL INC                                                             | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | US        |      867246 | PA      | $818619.88    | 0.21%             | 2030-06-25      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                 | Virgin Media Finance PLC                                                         | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |     1240000 | PA      | $1119041.84   | 0.29%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                        | Service Corp International/US                                                    | CUSIP: 817565BT0<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     1370000 | PA      | $1423375.20   | 0.36%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                 | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1500000 | PA      | $1490261.10   | 0.38%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                              | CAESARS ENTERTAIN INC                                                            | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     1278175 | PA      | $1278334.33   | 0.33%             | 2031-02-06      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                             | ARES XLIV CLO Ltd                                                                | CUSIP: 04016NAX1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      540000 | PA      | $541769.96    | 0.14%             | 2034-04-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      480000 | PA      | $342235.78    | 0.09%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2025-SPOT                                           | CUSIP: 12433FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1400000 | PA      | $1405271.56   | 0.36%             | 2040-04-15      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                           | Qatar Government International Bond                                              | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |      200000 | PA      | $196399.47    | 0.05%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     1450000 | PA      | $1515911.20   | 0.39%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                                          | Masterbrand Inc                                                                  | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |      520000 | PA      | $529128.08    | 0.13%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                    | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1790000 | PA      | $1727620.24   | 0.44%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2024-R01                                     | CUSIP: 20753UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $2085700.20   | 0.53%             | 2044-01-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                     | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1100345.00   | 0.28%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                          | NGPL PipeCo LLC                                                                  | CUSIP: 62912XAC8<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     1900000 | PA      | $2151402.91   | 0.55%             | 2037-12-15      | Fixed         | 7.77%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                 | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      990000 | PA      | $1027883.23   | 0.26%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                             | Fibercop SpA                                                                     | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     1176000 | PA      | $1170355.20   | 0.30%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                           | Morgan Stanley Capital I Trust 2016-BNK2                                         | CUSIP: 61690YBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1020000 | PA      | $919887.20    | 0.23%             | 2049-11-15      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                         | CIFC Funding 2021-I Ltd                                                          | CUSIP: 12563EAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $500955.00    | 0.13%             | 2037-07-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                            | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     1440000 | PA      | $1466447.04   | 0.37%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                                  | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      840000 | PA      | $872398.89    | 0.22%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                            | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      730000 | PA      | $727800.06    | 0.19%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                              | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1000000 | PA      | $792745.21    | 0.20%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ACProducts Holdings Inc                                  | ACProducts Holdings Inc                                                          | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |      393846 | PA      | $298954.84    | 0.08%             | 2028-05-17      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                 | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |      470000 | PA      | $488824.44    | 0.12%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                           | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2014495.60   | 0.51%             | 2031-04-15      | Floating      | 10.22%                | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     4520000 | PA      | $4712118.08   | 1.20%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MKS Instruments Inc                                      | MKS INSTRUMENTS INC                                                              | CUSIP: 55314NAZ7<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |     1237187 | PA      | $1239197.79   | 0.32%             | 2029-08-17      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                 | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2480000 | PA      | $2198210.00   | 0.56%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                                 | Park-Ohio Industries Inc                                                         | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |      750000 | PA      | $750364.73    | 0.19%             | 2027-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                          | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      850000 | PA      | $868681.30    | 0.22%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                             | MPH ACQUISITION HOLDINGS LLC                                                     | CUSIP: 55328HAQ4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |      660759 | PA      | $592826.33    | 0.15%             | 2030-12-31      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                     | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |      580000 | PA      | $591497.34    | 0.15%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                      | Turkiye Government International Bond                                            | CUSIP: 900123CP3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1400000 | PA      | $1378626.16   | 0.35%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                   | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1410000 | PA      | $1454034.30   | 0.37%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                          | OHA Credit Funding 18 Ltd                                                        | CUSIP: 67706JAL8<br>LEI: 254900NGFKJYUCJCAJ59 | Long             | ABS-CBDO         | CORP              | BM        |     1000000 | PA      | $1003677.80   | 0.26%             | 2037-04-20      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                   | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |      650000 | PA      | $692656.25    | 0.18%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                      | Apex Credit CLO 2020 LTD                                                         | CUSIP: 03756ABL0<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | BM        |      490000 | PA      | $489409.21    | 0.12%             | 2035-04-20      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     3580000 | PA      | $3171987.40   | 0.81%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     2350000 | PA      | $2493258.35   | 0.64%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                  | Philippine Government International Bond                                         | CUSIP: 718286CP0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      200000 | PA      | $141773.16    | 0.04%             | 2046-07-06      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                                   | RB Global Holdings Inc                                                           | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     1390000 | PA      | $1458446.38   | 0.37%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                   | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |      740000 | PA      | $755111.54    | 0.19%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                 | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAA3<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     2630000 | PA      | $604900.00    | 0.15%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                 | BOOST NEWCO BORROWER LLC                                                         | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |     1990012 | PA      | $1995614.39   | 0.51%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                                   | Bausch Health Americas Inc                                                       | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |      650000 | PA      | $644910.50    | 0.16%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                 | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     2250000 | PA      | $2267437.50   | 0.58%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                   | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |      790000 | PA      | $825494.70    | 0.21%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                          | Dcert Buyer Inc                                                                  | CUSIP: 24022KAB5<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |     1158112 | PA      | $1160185.42   | 0.30%             | 2026-10-16      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                              | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1063582 | PA      | $1066140.95   | 0.27%             | 2038-07-15      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     1910000 | PA      | $1985276.92   | 0.51%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                                     | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |     2040000 | PA      | $1748694.73   | 0.45%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                       | Dominican Republic International Bond                                            | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     3330000 | PA      | $3185644.50   | 0.81%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                            | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1026355.00   | 0.26%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust Inc                            | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09259GAC7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |      353336 | PA      | $353777.20    | 0.09%             | 2026-04-23      | Floating      | 6.72%                 | No            |                  3 | On Loan: No      |
| Sycamore Tree CLO Ltd                                    | Sycamore Tree CLO 2024-5 Ltd                                                     | CUSIP: 87122QAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1008225.50   | 0.26%             | 2036-04-20      | Floating      | 11.82%                | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                             | Spirit Aviation Holdings Inc                                                     | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       72692 | NS      | $297310.28    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNN MACAU LTD                                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     2250000 | PA      | $2226857.45   | 0.57%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                      | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |      580000 | PA      | $593804.80    | 0.15%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |      112516 | PA      | $1969.03      | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                 | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $527603.00    | 0.13%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                    | Level 3 Financing Inc                                                            | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     1985223 | PA      | $2253277.66   | 0.57%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                    | QUIKRETE HOLDINGS INC                                                            | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     1477449 | PA      | $1478165.26   | 0.38%             | 2031-04-14      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                    | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      650000 | PA      | $659158.12    | 0.17%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                        | Jamestown CLO IX Ltd                                                             | CUSIP: 47048JBK8<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |      580000 | PA      | $581450.00    | 0.15%             | 2034-07-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Net, LLC                                  | DIAMOND SPORTS NET LLC                                                           | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |     2463980 | PA      | $2167538.19   | 0.55%             | 2028-01-02      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                                 | Turk Telekomunikasyon AS                                                         | CUSIP: 90011QAD2<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |     1670000 | PA      | $1721818.35   | 0.44%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                   | Brazilian Government International Bond                                          | CUSIP: 105756BR0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1500000 | PA      | $1335225.00   | 0.34%             | 2041-01-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Bear Mountain Park CLO, Ltd                              | Bear Mountain Park CLO Ltd                                                       | CUSIP: 07403KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1170000 | PA      | $1189849.28   | 0.30%             | 2037-07-15      | Floating      | 10.27%                | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                            | CommScope LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      868000 | PA      | $843956.40    | 0.22%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                      | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |     6740000 | PA      | $5168913.41   | 1.32%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                      | Delta Air Lines Inc                                                              | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |      880000 | PA      | $889189.84    | 0.23%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                 | Republic of South Africa Government International Bond                           | CUSIP: 836205AP9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1500000 | PA      | $1309983.92   | 0.33%             | 2041-03-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                  | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1553583.00   | 0.40%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                          | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |      645137 | PA      | $647114.52    | 0.16%             | 2031-07-31      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                    | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1032157.00   | 0.26%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                            | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     3930000 | PA      | $4158702.42   | 1.06%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                        | Republic of Kenya Government International Bond                                  | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     1500000 | PA      | $1446876.30   | 0.37%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                         | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |      160000 | PA      | $153349.60    | 0.04%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                    | Petroleos del Peru SA                                                            | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     1000000 | PA      | $674978.60    | 0.17%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| B3 SA-BRASIL BOLSA BALCA                                 | B3 SA - Brasil Bolsa Balcao                                                      | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |     1500000 | PA      | $1367596.40   | 0.35%             | 2031-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     2590000 | PA      | $2565511.29   | 0.65%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                 | Occidental Petroleum Corp                                                        | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     1330000 | PA      | $1303429.26   | 0.33%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |      301308 | PA      | $6026.16      | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                 | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      620000 | PA      | $647573.26    | 0.16%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $798174.75    | 0.20%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                        | Chile Government International Bond                                              | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      800000 | PA      | $594072.00    | 0.15%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                 | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |      230000 | PA      | $263315.26    | 0.07%             | 2031-06-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       77450 | PA      | $29209.81     | 0.01%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                     | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 21000000000 | PA      | $1307996.03   | 0.33%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | Deutsche Bank Securities                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |    -4197452 | PA      | $-4197451.50  | -1.07%            |  |  |  | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                            | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      710000 | PA      | $714118.65    | 0.18%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                    | Guatemala Government Bond                                                        | CUSIP: 401494AS8<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      200000 | PA      | $197010.00    | 0.05%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |      414893 | PA      | $3111.70      | 0.00%             | N/A             | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                   | Telecom Italia Capital SA                                                        | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      161000 | PA      | $159964.93    | 0.04%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | Deutsche Bank Securities                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |    -3883054 | PA      | $-3883054.32  | -0.99%            |  |  |  | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                 | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1018686.67   | 0.26%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                             | GS Mortgage Securities Corp II                                                   | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1559256.15   | 0.40%             | 2041-03-10      | Variable      | 8.96%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAT8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     2380000 | PA      | $2426419.52   | 0.62%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Autokiniton US Holdings Inc                              | AUTOKINITON US HOLDINGS                                                          | CUSIP: 05278HAC0<br>LEI: 254900EHNKMJ1OSEZL85 | Long             | LON              | CORP              | US        |     1968766 | PA      | $1907596.10   | 0.49%             | 2028-04-06      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                 | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      845500 | PA      | $708430.91    | 0.18%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                          | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |     1030000 | PA      | $1175169.82   | 0.30%             | 2030-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                               | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1960000 | PA      | $1904336.00   | 0.49%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                          | Nissan Motor Co Ltd                                                              | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     2320000 | PA      | $2134079.05   | 0.54%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                                             | COTIVITI INC                                                                     | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |     1481306 | PA      | $1479306.49   | 0.38%             | 2031-05-01      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                                      | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |     1390000 | PA      | $1420073.19   | 0.36%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     2180000 | PA      | $2196652.06   | 0.56%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                       | Banco Santander SA                                                               | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1000000 | PA      | $1183572.00   | 0.30%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                               | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     2130000 | PA      | $1857269.99   | 0.47%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      170740 | PA      | $84538.71     | 0.02%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     4110000 | PA      | $2808945.39   | 0.72%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                        | MFA Financial Inc                                                                | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |       28683 | NS      | $703593.99    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                 | Altice France Holding SA                                                         | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |     1840000 | PA      | $677883.60    | 0.17%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                            | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1021612.00   | 0.26%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                    | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     3760000 | PA      | $3840308.04   | 0.98%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     1110000 | PA      | $986719.25    | 0.25%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                     | Provincia de Cordoba                                                             | CUSIP: 74408DAE4<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |     1640000 | PA      | $1566200.00   | 0.40%             | 2029-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                  | Chimera Investment Corp                                                          | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |       15711 | NS      | $359781.90    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2021-DNA3                                          | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |     1430000 | PA      | $1773186.56   | 0.45%             | 2033-10-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                        | Magnetite XXIV Ltd                                                               | CUSIP: 55954XAE7<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $303037.65    | 0.08%             | 2035-04-15      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                 | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     5210000 | PA      | $5267627.81   | 1.34%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                                 | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $950727.20    | 0.24%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                        | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      750000 | PA      | $771049.50    | 0.20%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                         | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     1060000 | PA      | $1088879.50   | 0.28%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                           | Morgan Stanley Capital I Trust 2015-UBS8                                         | CUSIP: 61691ABQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      970000 | PA      | $883204.11    | 0.23%             | 2048-12-15      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                              | Balboa Bay Loan Funding 2024-2 Ltd                                               | CUSIP: 05765BAA7<br>LEI: 254900FG1DS8PNX30R63 | Long             | ABS-CBDO         | CORP              | KY        |      850000 | PA      | $862314.72    | 0.22%             | 2038-01-20      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                      | MEDLINE BORROWER LP                                                              | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     1834184 | PA      | $1837879.79   | 0.47%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| First Eagle Holdings Inc                                 | FIRST EAGLE HOLDINGS INC                                                         | CUSIP: 05554JAJ6<br>LEI: 549300ZKYR56QRODD510 | Long             | LON              | CORP              | US        |      987500 | PA      | $988067.81    | 0.25%             | 2029-03-05      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                               | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |      640000 | PA      | $661741.44    | 0.17%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      960000 | PA      | $1053208.24   | 0.27%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                         | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |     1540000 | PA      | $1619311.54   | 0.41%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                 | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     4580000 | PA      | $3065416.90   | 0.78%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                 | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1080000 | PA      | $664777.43    | 0.17%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                     | Provincia de Cordoba                                                             | CUSIP: 74408DAD6<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |      350000 | PA      | $347375.00    | 0.09%             | 2027-06-01      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                                     | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |     1450000 | PA      | $123250.00    | 0.03%             | 2024-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                      | MidOcean Credit CLO XVIII LLC                                                    | CUSIP: 59803MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      760000 | PA      | $763904.88    | 0.19%             | 2035-10-18      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                             | MPH ACQUISITION HOLDINGS LLC                                                     | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |       79711 | PA      | $79511.94     | 0.02%             | 2030-12-31      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                        | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     2350000 | PA      | $2399038.74   | 0.61%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                    | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690ABC0<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |      310000 | PA      | $312526.59    | 0.08%             | 2037-07-20      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                   | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL        | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     2150000 | PA      | $2091417.88   | 0.53%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       20726 | PA      | $9753.70      | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                         | Ocean Trails CLO XII Ltd                                                         | CUSIP: 67515FAE3<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |      700000 | PA      | $704546.64    | 0.18%             | 2035-07-20      | Floating      | 11.83%                | No            |                  2 | On Loan: No      |
| MARKS & SPENCER PLC                                      | Marks & Spencer PLC                                                              | CUSIP: 57069PAA0<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |     2240000 | PA      | $2436544.41   | 0.62%             | 2037-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      600000 | PA      | $564938.62    | 0.14%             | 2032-01-19      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                  | United Rentals North America Inc                                                 | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1539829.50   | 0.39%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                                  | Aeropuertos Dominicanos Siglo XXI SA                                             | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |      400000 | PA      | $413108.00    | 0.11%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     2700000 | PA      | $2701153.98   | 0.69%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux Sarl                                  | JAZZ FINANCING LUX SARL                                                          | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |      707438 | PA      | $711031.80    | 0.18%             | 2028-05-05      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                        | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |     2070000 | PA      | $2329414.47   | 0.59%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2022-BNK41                                                                  | CUSIP: 06540MAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2100000 | PA      | $1365947.31   | 0.35%             | 2065-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                 | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      980000 | PA      | $1037988.56   | 0.26%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      800000 | PA      | $770320.00    | 0.20%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                      | Sprint Capital Corp                                                              | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     5170000 | PA      | $6247472.93   | 1.59%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| XPO INC                                                  | XPO Inc                                                                          | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1040368.00   | 0.27%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                                       | Pinnacle Bidco PLC                                                               | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |     1900000 | PA      | $2654600.28   | 0.68%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                            | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     1120000 | PA      | $1180530.79   | 0.30%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                           | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $966149.00    | 0.25%             | 2034-09-15      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                           | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      980000 | PA      | $989301.51    | 0.25%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                       | Bahrain Government International Bond                                            | CUSIP: 05674RAD6<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     2750000 | PA      | $2374447.65   | 0.60%             | 2044-09-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     2970000 | PA      | $3164775.57   | 0.81%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     2350000 | PA      | $1667822.87   | 0.42%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                                          | NCL Finance Ltd                                                                  | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3000000 | PA      | $3038097.00   | 0.77%             | 2028-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                        | CUSIP: 71568PAF6<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |      700000 | PA      | $694614.48    | 0.18%             | 2048-05-21      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                    | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     1960000 | PA      | $2011450.00   | 0.51%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN                                  | Virgin Media Vendor Financing Notes III DAC                                      | CUSIP: 92771EAA1<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |     2500000 | PA      | $3198861.92   | 0.82%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                       | Panama Government International Bond                                             | CUSIP: 698299BG8<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      500000 | PA      | $352025.00    | 0.09%             | 2047-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      530000 | PA      | $535830.00    | 0.14%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                               | XAI CORP                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3330000 | PA      | $3353193.45   | 0.85%             | 2028-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| TK Elevator Midco Gmbh                                   | TK ELEVATOR US NEWCO INC                                                         | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |     2462734 | PA      | $2479049.19   | 0.63%             | 2030-04-30      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                        | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     1060000 | PA      | $1098423.94   | 0.28%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1333360.20   | 0.34%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                  | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     4720000 | PA      | $4745332.24   | 1.21%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                           | Greystone CRE Notes 2024-HC3                                                     | CUSIP: 39808MAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $996680.00    | 0.25%             | 2041-03-15      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                        | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      990000 | PA      | $1051840.15   | 0.27%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                                     | Vermilion Energy Inc                                                             | CUSIP: 923725AD7<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |     1110000 | PA      | $1077869.98   | 0.27%             | 2030-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                      | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     3050000 | PA      | $3057047.27   | 0.78%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     5760000 | PA      | $6045880.32   | 1.54%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| ATP TOW/ANDEAN TELECOM                                   | ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     1700000 | PA      | $1728689.20   | 0.44%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                        | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |     2098000 | PA      | $2048420.21   | 0.52%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     1190000 | PA      | $996806.71    | 0.25%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                  | American Axle & Manufacturing Inc                                                | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     2611000 | PA      | $2615336.87   | 0.67%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                     | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |      510000 | PA      | $522335.88    | 0.13%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | Deutsche Bank Securities                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |    -3203551 | PA      | $-3203551.24  | -0.82%            |  |  |  | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                 | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |      320000 | PA      | $372536.00    | 0.09%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |      229134 | PA      | $5155.51      | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                    | Petroleos del Peru SA                                                            | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     1750000 | PA      | $1399956.25   | 0.36%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                        | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     1990000 | PA      | $2074218.79   | 0.53%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                 | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     2015383 | PA      | $1433441.40   | 0.37%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                            | CoreCivic Inc                                                                    | CUSIP: 21871NAA9<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |      220000 | PA      | $215311.78    | 0.05%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                         | SLG Office Trust 2021-OVA                                                        | CUSIP: 78449RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2119000 | PA      | $1687790.28   | 0.43%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                            | MHC Commercial Mortgage Trust 2021-MHC                                           | CUSIP: 55316VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1200000 | PA      | $1202373.84   | 0.31%             | 2038-04-15      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                      | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1000000 | PA      | $1003472.30   | 0.26%             | 2025-11-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      132798 | PA      | $68080.92     | 0.02%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                  | Dryden 119 CLO Ltd                                                               | CUSIP: 26254LAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2028030.00   | 0.52%             | 2036-04-15      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                 | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     1450000 | PA      | $1495899.75   | 0.38%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     3820000 | PA      | $3824412.10   | 0.97%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WB Commercial Mortgage Trust                             | WB Commercial Mortgage Trust 2024-HQ                                             | CUSIP: 92943PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1050000 | PA      | $1050007.56   | 0.27%             | 2040-03-15      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                     | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1000000 | PA      | $1000358.00   | 0.25%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO 3, Ltd.                                  | HalseyPoint CLO 3 Ltd                                                            | CUSIP: 40638UBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      780000 | PA      | $788891.69    | 0.20%             | 2037-07-30      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                      | NCL Corp Ltd                                                                     | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      620000 | PA      | $652550.00    | 0.17%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                              | Asurion LLC                                                                      | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     1969620 | PA      | $1956778.34   | 0.50%             | 2028-08-19      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                  | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     2910000 | PA      | $2944521.33   | 0.75%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                 | Altice France Holding SA                                                         | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |     2830000 | PA      | $1039147.70   | 0.26%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                   | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-125255.56   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                      | STATION CASINOS LLC                                                              | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |     1481250 | PA      | $1484590.22   | 0.38%             | 2031-03-14      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      620000 | PA      | $638184.95    | 0.16%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                           | Bain Capital Credit CLO 2020-3 Ltd                                               | CUSIP: 05684CBA2<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |      650000 | PA      | $647398.57    | 0.16%             | 2034-10-23      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2021-BNK35                                                                  | CUSIP: 06540CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      890000 | PA      | $337467.80    | 0.09%             | 2064-06-15      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     1200000 | PA      | $1292848.80   | 0.33%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                 | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      970000 | PA      | $976661.96    | 0.25%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       65450 | PA      | $30540.71     | 0.01%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | CDS CDX.NA.HY.44.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |           1 | NC      | $211921.95    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                      | Apex Credit CLO 2019-II Ltd                                                      | CUSIP: 03755DAE2<br>LEI: 549300OKB854VBBC1981 | Long             | ABS-CBDO         | CORP              | KY        |     1260000 | PA      | $1274484.08   | 0.32%             | 2038-01-25      | Floating      | 11.99%                | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                           | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1520000 | PA      | $1542157.80   | 0.39%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                     | OneMain Finance Corp                                                             | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      436000 | PA      | $441695.90    | 0.11%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                        | HSBC Holdings PLC                                                                | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1730000 | PA      | $2001863.10   | 0.51%             | 2033-11-03      | Fixed         | 8.11%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                 | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |      360000 | PA      | $380858.76    | 0.10%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                      | United Airlines Inc                                                              | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     1010000 | PA      | $1004635.08   | 0.26%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                     | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |     1860000 | PA      | $1484229.59   | 0.38%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                               | X CORP                                                                           | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      329156 | PA      | $321312.22    | 0.08%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                      | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1130000 | PA      | $1003251.90   | 0.26%             | 2038-02-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| TANZANIA PRIVATE BL                                      | TANZANIA PRIVATE BL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TZ        |      700000 | PA      | $689500.00    | 0.18%             | 2031-04-30      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     5051707 | PA      | $5327302.88   | 1.36%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |       37080 | PA      | $556.20       | 0.00%             | 2028-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                     | AGNC Investment Corp                                                             | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |       49756 | NS      | $1267782.88   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HERC HOLDINGS INC                                        | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     1060000 | PA      | $1096210.26   | 0.28%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                    | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     1620000 | PA      | $1680892.06   | 0.43%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SUNRISE HOLDCO IV BV                                     | Sunrise HoldCo IV BV                                                             | CUSIP: 90320LAG2<br>LEI: 213800G1DU7LKI6ZCD69 | Long             | DBT              | CORP              | NL        |     2500000 | PA      | $2486746.75   | 0.63%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     2926369 | PA      | $2775807.31   | 0.71%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                             | Navient Corp                                                                     | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     1990000 | PA      | $2011310.91   | 0.51%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                             | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     3900000 | PA      | $3833938.45   | 0.98%             | 2044-06-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL                                            | ArcelorMittal SA                                                                 | CUSIP: 03938LAP9<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |     3200000 | PA      | $3541812.48   | 0.90%             | 2039-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Cardinal Parent Inc                                      | Cardinal Parent Inc                                                              | CUSIP: 14153EAC9<br>LEI: 5493009YXQNPN3HQQH84 | Long             | LON              | CORP              | US        |      917477 | PA      | $903288.26    | 0.23%             | 2027-11-12      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                                   | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |     2640000 | PA      | $2703327.03   | 0.69%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                   | UNITED AIRLINES INC                                                              | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |     1208872 | PA      | $1215067.78   | 0.31%             | 2031-02-22      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                           | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     1000000 | PA      | $963459.47    | 0.25%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                    | Vale Overseas Ltd                                                                | CUSIP: 91911TAH6<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     2960000 | PA      | $3230703.84   | 0.82%             | 2036-11-21      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                 | Western Midstream Operating LP                                                   | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     1540000 | PA      | $1295569.41   | 0.33%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                   | First Brands Group LLC                                                           | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1965187 | PA      | $1928752.39   | 0.49%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                      | Turkiye Government International Bond                                            | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2400000 | PA      | $1717576.27   | 0.44%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       75885 | PA      | $38458.04     | 0.01%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                         | CIFC Funding 2022-II Ltd                                                         | CUSIP: 12567QAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      470000 | PA      | $469902.05    | 0.12%             | 2035-04-19      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     2500000 | PA      | $2446869.50   | 0.62%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                  | HCA Inc                                                                          | CUSIP: 197677AH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     2205000 | PA      | $2353602.42   | 0.60%             | 2095-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      310000 | PA      | $225137.50    | 0.06%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                 | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      620000 | PA      | $632078.34    | 0.16%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     5800000 | PA      | $5983698.53   | 1.52%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     2570000 | PA      | $2000436.60   | 0.51%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                    | Costa Rica Government International Bond                                         | CUSIP: 221597BV8<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      460000 | PA      | $477332.80    | 0.12%             | 2045-03-12      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | Goldman Sachs & Co                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |    -2220206 | PA      | $-2220206.42  | -0.57%            |  |  |  | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |      282021 | PA      | $18548.49     | 0.00%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                           | CSAIL 2015-C3 Commercial Mortgage Trust                                          | CUSIP: 12635FAZ7<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |      490000 | PA      | $421240.31    | 0.11%             | 2048-08-15      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     4630000 | PA      | $3089228.32   | 0.79%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                        | CLARIOS GLOBAL LP                                                                | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     1492500 | PA      | $1494738.75   | 0.38%             | 2030-05-06      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Life Financial Services Trust                            | Life 2021-BMR Mortgage Trust                                                     | CUSIP: 53218CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1176000 | PA      | $1161933.04   | 0.30%             | 2038-03-15      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                             | CUSIP: 969457BB5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      780000 | PA      | $874836.20    | 0.22%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                   | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |       98000 | PA      | $105788.81    | 0.03%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                           | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |     1073814 | PA      | $79864.92     | 0.02%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                    | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      460000 | PA      | $469403.01    | 0.12%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                   | Telecom Italia Capital SA                                                        | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      394000 | PA      | $413854.84    | 0.11%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                    | Tenet Healthcare Corp                                                            | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2665674.60   | 0.68%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                  | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1360000 | PA      | $1407356.56   | 0.36%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                         | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     2500000 | PA      | $2171075.00   | 0.55%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                 | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      976000 | PA      | $820196.24    | 0.21%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                       | Angolan Government International Bond                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     2200000 | PA      | $2062157.46   | 0.53%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2021-BNK35                                                                  | CUSIP: 06540CCJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1846154 | PA      | $614180.91    | 0.16%             | 2064-06-15      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                    | Continental Resources Inc/OK                                                     | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |      240000 | PA      | $236401.58    | 0.06%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $225491.62    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                   | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |           1 | NC      | $146497.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.                     | LIGHT & WONDER INTERNATIONAL INC                                                 | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |     2227542 | PA      | $2235338.58   | 0.57%             | 2029-04-14      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                         | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      520000 | PA      | $451322.18    | 0.11%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                  | Bahamas Government International Bond                                            | CUSIP: 056732AG5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |     1030000 | PA      | $1013381.79   | 0.26%             | 2029-11-20      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                       | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     1000000 | PA      | $1000014.60   | 0.25%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                         | MODENA BUYER LLC                                                                 | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |      825850 | PA      | $811542.15    | 0.21%             | 2031-07-01      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2024-KING                                           | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1431159 | PA      | $1437073.18   | 0.37%             | 2034-05-15      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                | PRIMO BRANDS CORP                                                                | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |     1967054 | PA      | $1973889.60   | 0.50%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                        | Magnetite XXVI Ltd                                                               | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |     1610000 | PA      | $1600815.92   | 0.41%             | 2038-01-25      | Floating      | 9.02%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                 | SGUS LLC                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      717273 | PA      | $682305.94    | 0.17%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       54542 | PA      | $25451.30     | 0.01%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1650000 | PA      | $1649086.40   | 0.42%             | 2036-10-15      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2170000 | PA      | $2154625.12   | 0.55%             | 2029-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     2290000 | PA      | $2472212.64   | 0.63%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                    | JANE STREET GROUP LLC                                                            | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |      984536 | PA      | $981370.80    | 0.25%             | 2031-12-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc (f/k/a Advisor Group Holdings Inc)    | OSAIC HOLDINGS INC                                                               | CUSIP: 00775KAK4<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |      987544 | PA      | $989755.79    | 0.25%             | 2028-08-17      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                            | Citigroup Commercial Mortgage Trust 2015-GC29                                    | CUSIP: 17323VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      600000 | PA      | $428940.00    | 0.11%             | 2048-04-10      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                              | BNP Paribas SA                                                                   | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     4320000 | PA      | $4579968.96   | 1.17%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Nyack Park CLO, Ltd.                                     | NYACK Park CLO Ltd                                                               | CUSIP: 67080PAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1003080.00   | 0.26%             | 2034-10-20      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                 | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     1500000 | PA      | $1491148.05   | 0.38%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                     | YPF SA                                                                           | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      670000 | PA      | $670427.26    | 0.17%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                              | Ivory Coast Government International Bond                                        | CUSIP: 221625AK2<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      446945 | PA      | $429703.28    | 0.11%             | 2032-12-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                  | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2330000 | PA      | $2408475.40   | 0.61%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                    | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |     1360000 | PA      | $1414506.08   | 0.36%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                         | Trinitas CLO XXVII LTD                                                           | CUSIP: 89642VAJ7<br>LEI: 254900JOSDBR04E6JB79 | Long             | ABS-CBDO         | CORP              | KY        |      290000 | PA      | $293250.76    | 0.07%             | 2037-04-18      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| AEROVIRONMENT INC                                        | AeroVironment Inc                                                                | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |       99000 | PA      | $111464.10    | 0.03%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                      | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       51648 | NS      | $211240.32    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                            | FirstCash Inc                                                                    | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      500000 | PA      | $489279.98    | 0.12%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                                 | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1364774 | PA      | $1381542.98   | 0.35%             | 2028-01-15      | Variable      | 10.50%                | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                                 | Park-Ohio Industries Inc                                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |     1840000 | PA      | $1768212.40   | 0.45%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                       | Panama Government International Bond                                             | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     2110000 | PA      | $1622189.10   | 0.41%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                 | Aston Martin Capital Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | GB        |     1300000 | PA      | $1615121.93   | 0.41%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                   | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |      330000 | PA      | $353985.06    | 0.09%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                  | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     1820000 | PA      | $1905703.02   | 0.49%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                 | IHEARTCOMMUNICATIONS INC                                                         | CUSIP: 45174UAJ7<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |     1361160 | PA      | $1129334.03   | 0.29%             | 2029-05-01      | Floating      | 10.25%                | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                                            | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |     1330000 | PA      | $1323012.41   | 0.34%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      800000 | PA      | $524118.88    | 0.13%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                  | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      480000 | PA      | $572314.08    | 0.15%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                                    | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |      610000 | PA      | $634631.80    | 0.16%             | 2030-06-15      | Fixed         | 8.00%                 | 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        |     1879348 | PA      | $1207480.79   | 0.31%             | 2030-03-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                      | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |      630000 | PA      | $669996.18    | 0.17%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                              | Ivory Coast Government International Bond                                        | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     2750000 | PA      | $2554300.35   | 0.65%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                 | JH North America Holdings Inc                                                    | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |      540000 | PA      | $542186.46    | 0.14%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                     | Range Resources Corp                                                             | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |      710000 | PA      | $728535.26    | 0.19%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                  | Warwick Capital CLO 3 Ltd                                                        | CUSIP: 93655PAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1150000 | PA      | $1158181.56   | 0.30%             | 2037-04-20      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                 | Vistra Operations Co LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1299590.00   | 0.33%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                      | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      540000 | PA      | $339795.00    | 0.09%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                          | Sands China Ltd                                                                  | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |     2620000 | PA      | $2431031.71   | 0.62%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                   | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      540000 | PA      | $547089.55    | 0.14%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                                     | KIND Trust 2021-KIND                                                             | CUSIP: 482606AL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1487782 | PA      | $1469375.90   | 0.37%             | 2038-08-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                 | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     1260000 | PA      | $1259048.07   | 0.32%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                    | QUIKRETE HOLDING 01/30/32                                                        | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     1376550 | PA      | $1377066.21   | 0.35%             | 2032-02-10      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      950000 | PA      | $954187.60    | 0.24%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                             | Fibercop SpA                                                                     | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     2485000 | PA      | $2359626.03   | 0.60%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                 | SPIRIT AVIA HOL RESTRICT                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         422 | NS      | $1725.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                 | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     4320000 | PA      | $4624672.32   | 1.18%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2022-BNK43                                                                  | CUSIP: 06541QAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2250000 | PA      | $1632318.75   | 0.42%             | 2055-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                        | Jordan Government International Bond                                             | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     2540000 | PA      | $2471717.76   | 0.63%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                 | Western Midstream Operating LP                                                   | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     7627000 | PA      | $6407284.97   | 1.63%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                          | BHN MERGER SUB INC                                                               | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |     1801845 | PA      | $1811278.14   | 0.46%             | 2029-03-12      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                 | PetSmart Inc / PetSmart Finance Corp                                             | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1510000 | PA      | $1479630.28   | 0.38%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                 | JH North America Holdings Inc                                                    | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |      890000 | PA      | $899901.25    | 0.23%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                              | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     5220000 | PA      | $3945070.85   | 1.01%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      360000 | PA      | $362232.36    | 0.09%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                        | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     2080000 | PA      | $2288347.21   | 0.58%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     2330000 | PA      | $1092134.14   | 0.28%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                          | Dcert Buyer Inc                                                                  | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |      500000 | PA      | $450000.00    | 0.11%             | 2029-02-19      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                      | Sprint Capital Corp                                                              | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     2200000 | PA      | $2352639.70   | 0.60%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAF2<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1701424.40   | 0.43%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                 | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     3220000 | PA      | $1548755.60   | 0.39%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                         | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     2060000 | PA      | $1908034.01   | 0.49%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                        | Kinder Morgan Inc                                                                | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     1950000 | PA      | $2239722.93   | 0.57%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2430000 | PA      | $2095929.09   | 0.53%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                               | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      751000 | PA      | $749910.37    | 0.19%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                      | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      760000 | PA      | $798934.80    | 0.20%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      710000 | PA      | $738421.30    | 0.19%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                  | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      900000 | PA      | $870912.09    | 0.22%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                 | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3590000 | PA      | $2809175.00   | 0.72%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                        | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      820000 | PA      | $861306.29    | 0.22%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                   | PAR PHARMACEUTICAL INC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1050000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                                   | Eskom Holdings SOC Ltd                                                           | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     1210000 | PA      | $1187725.35   | 0.30%             | 2027-07-23      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                  | Bahamas Government International Bond                                            | CUSIP: 056732AM2<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |     2060000 | PA      | $2181540.00   | 0.56%             | 2029-06-16      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                        | Elevation CLO 2016-5 Ltd                                                         | CUSIP: 28623BAC7<br>LEI: 549300IH854FT1JLRT08 | Long             | ABS-CBDO         | CORP              | KY        |     1200000 | PA      | $1192225.20   | 0.30%             | 2038-01-25      | Floating      | 11.90%                | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                   | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |     3770000 | PA      | $3652469.12   | 0.93%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Ascensus Group Holdings Inc (f/k/a Mercury Borrower Inc) | ASCENSUS HOLDINGS INC                                                            | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1473861 | PA      | $1477148.15   | 0.38%             | 2028-08-02      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | Deutsche Bank Securities                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |    -5924071 | PA      | $-5924071.21  | -1.51%            |  |  |  | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                  | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      970000 | PA      | $917225.60    | 0.23%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                    | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     1870000 | PA      | $1955552.50   | 0.50%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                 | Sally Holdings LLC / Sally Capital Inc                                           | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2110000 | PA      | $2168179.03   | 0.55%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                      | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |      970000 | PA      | $1014831.46   | 0.26%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                   | Egypt Government International Bond                                              | CUSIP: 03846JAA8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1000000 | PA      | $982919.39    | 0.25%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                     | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      910000 | PA      | $928966.22    | 0.24%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                     | Colombia Government International Bond                                           | CUSIP: 195325EA9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     2670000 | PA      | $1763107.80   | 0.45%             | 2042-02-22      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     2220000 | PA      | $1494716.48   | 0.38%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                            | ZF North America Capital Inc                                                     | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      840000 | PA      | $799943.00    | 0.20%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                       | Credit Agricole SA                                                               | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     2510000 | PA      | $2539705.85   | 0.65%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                     | Abu Dhabi Government International Bond                                          | CUSIP: 29135LAA8<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      850000 | PA      | $834051.27    | 0.21%             | 2027-10-11      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                 | Petrobras Global Finance BV                                                      | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     5620000 | PA      | $5529972.66   | 1.41%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ziggo Financing Partnership                              | Ziggo Financing Partnership                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1500000 | PA      | $1451460.00   | 0.37%             | 2028-04-30      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer