WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. TREASURY INFLATION PROTECTED SECURITIES - 108.4%
U.S. Treasury Bonds, Inflation Indexed		2.000	%		1/15/26		56,708,664	$	67,526,046	(a)
U.S. Treasury Bonds, Inflation Indexed		2.375	%		1/15/27		5,113,400		6,378,027
U.S. Treasury Bonds, Inflation Indexed		1.750	%		1/15/28		24,611,200		30,271,459	(a)
U.S. Treasury Bonds, Inflation Indexed		2.500	%		1/15/29		12,115,366		16,009,454
U.S. Treasury Bonds, Inflation Indexed		3.875	%		4/15/29		39,988,335		58,206,757	(a)
U.S. Treasury Bonds, Inflation Indexed		2.125	%		2/15/40		5,367,285		8,209,111
U.S. Treasury Bonds, Inflation Indexed		2.125	%		2/15/41		9,558,864		14,782,890	(a)
U.S. Treasury Bonds, Inflation Indexed		0.750	%		2/15/42		20,536,020		25,686,374
U.S. Treasury Bonds, Inflation Indexed		1.375	%		2/15/44		25,983,229		36,848,015	(a)
U.S. Treasury Bonds, Inflation Indexed		0.750	%		2/15/45		15,994,590		20,341,217	(a)
U.S. Treasury Bonds, Inflation Indexed		0.250	%		2/15/50		1,303,549		1,554,137
U.S. Treasury Notes, Inflation Indexed		0.125	%		1/15/22		19,932,675		20,348,927	(a)
U.S. Treasury Notes, Inflation Indexed		0.125	%		4/15/22		44,945,696		45,991,683	(a)
U.S. Treasury Notes, Inflation Indexed		0.125	%		7/15/22		37,106,424		38,305,825	(a)
U.S. Treasury Notes, Inflation Indexed		0.125	%		1/15/23		14,519,180		15,060,434
U.S. Treasury Notes, Inflation Indexed		0.625	%		4/15/23		8,821,895		9,295,580
U.S. Treasury Notes, Inflation Indexed		0.500	%		4/15/24		5,110,800		5,475,129
U.S. Treasury Notes, Inflation Indexed		0.625	%		1/15/26		22,447,615		24,991,119
TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES (Cost - $396,734,546)									445,282,184
CORPORATE BONDS & NOTES - 10.8%
COMMUNICATION SERVICES - 0.0%††
Wireless Telecommunication Services - 0.0%††
T-Mobile USA Inc., Senior Secured Notes		3.750	%		4/15/27		40,000		45,290	(b)
ENERGY - 5.4%
Energy Equipment & Services - 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25		13,000		14,273
Oil, Gas & Consumable Fuels - 5.4%
Apache Corp., Senior Notes		2.625	%		1/15/23		115,000		112,988
Apache Corp., Senior Notes		5.250	%		2/1/42		440,000		432,256
Apache Corp., Senior Notes		4.250	%		1/15/44		1,310,000		1,169,175
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		300,000		345,786
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		1,170,000		1,280,672
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		40,000		48,015
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		120,000		154,049
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		3,500,000		4,503,750
Exxon Mobil Corp., Senior Notes		3.452	%		4/15/51		330,000		371,522

See Notes to Consolidated Schedule of Investments.

Western Asset Inflation-Linked Income Fund 2020 Quarterly Report         1

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Gazprom OAO Via Gaz Capital SA, Senior Notes		5.150	%		2/11/26		1,830,000	$	2,061,006	(b)
KazTransGas JSC, Senior Notes		4.375	%		9/26/27		2,000,000		2,217,640	(b)
MEG Energy Corp., Secured Notes		6.500	%		1/15/25		8,000		8,166	(b)
Noble Energy Inc., Senior Notes		3.900	%		11/15/24		200,000		222,156
Noble Energy Inc., Senior Notes		4.950	%		8/15/47		1,590,000		2,099,144
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		110,000		108,506
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		810,000		694,883
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		1,330,000		1,266,825
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		1,820,000		2,021,565
Range Resources Corp., Senior Notes		5.000	%		3/15/23		900,000		898,295
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		1,340,000		1,615,835
YPF SA, Senior Notes		8.500	%		7/28/25		800,000		647,400	(c)
Total Oil, Gas & Consumable Fuels									22,279,634
TOTAL ENERGY									22,293,907
FINANCIALS - 1.1%
Banks - 0.9%
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%)		3.109	%		4/22/51		430,000		469,986	(d)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. USD LIBOR + 4.240%)		5.013	%		4/4/51		2,440,000		3,342,421	(d)
Total Banks									3,812,407
Diversified Financial Services - 0.2%
ILFC E-Capital Trust II, Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10 year Treasury Constant Maturity Rate or 30 year Treasury Constant Maturity Rate) + 1.800%)		3.270	%		12/21/65		1,010,000		557,313	(b)(d)
TOTAL FINANCIALS									4,369,720
HEALTH CARE - 1.0%
Pharmaceuticals - 1.0%
Bausch Health Americas Inc., Senior Notes		9.250	%		4/1/26		1,390,000		1,541,232	(b)
Bausch Health Americas Inc., Senior Notes		8.500	%		1/31/27		970,000		1,068,372	(b)
Bausch Health Cos. Inc., Senior Notes		9.000	%		12/15/25		1,280,000		1,403,136	(b)
TOTAL HEALTH CARE									4,012,740
INDUSTRIALS - 0.9%
Aerospace & Defense - 0.8%
General Dynamics Corp., Senior Notes		4.250	%		4/1/40		10,000		12,655
General Dynamics Corp., Senior Notes		4.250	%		4/1/50		2,560,000		3,352,261
Total Aerospace & Defense									3,364,916

See Notes to Consolidated Schedule of Investments.

    2     Western Asset Inflation-Linked Income Fund 2020 Quarterly Report

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Industrial Conglomerates - 0.1%
General Electric Co., Senior Notes		3.450	%		5/1/27		50,000		$	52,874
General Electric Co., Senior Notes		3.625	%		5/1/30		110,000			113,600
General Electric Co., Senior Notes		4.250	%		5/1/40		110,000			111,259
General Electric Co., Senior Notes		4.350	%		5/1/50		130,000			132,187
Total Industrial Conglomerates										409,920
TOTAL INDUSTRIALS										3,774,836
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Broadcom Inc., Senior Notes		4.700	%		4/15/25		370,000			423,189
MATERIALS - 2.3%
Metals & Mining - 2.3%
Alcoa Nederland Holding BV, Senior Notes		6.125	%		5/15/28		280,000			303,020	(b)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		800,000			882,563	(b)
ArcelorMittal SA, Senior Notes		6.125	%		6/1/25		350,000			404,524
Barrick Gold Corp., Senior Notes		5.250	%		4/1/42		170,000			233,827
Barrick North America Finance LLC, Senior Notes		5.750	%		5/1/43		530,000			776,558
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		810,000			1,153,265
Glencore Finance Canada Ltd., Senior Notes		5.550	%		10/25/42		1,170,000			1,372,868	(b)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		370,000			402,779	(b)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		200,000			219,924	(b)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		800,000			875,381	(b)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		1,670,000			2,139,247
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		670,000			728,942
TOTAL MATERIALS										9,492,898
TOTAL CORPORATE BONDS & NOTES (Cost - $40,009,568)										44,412,580
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 8.2%
Argentina - 0.0%††
Argentina Treasury Bond		1.000	%		8/5/21		7,495,963	ARS		58,553
Brazil - 2.2%
Brazil Notas do Tesouro Nacional Serie B, Notes		6.000	%		8/15/30		13,375,179	BRL		3,051,576
Brazil Notas do Tesouro Nacional Serie B, Notes		6.000	%		8/15/50		23,529,180	BRL		5,803,201
Total Brazil										8,854,777
Canada - 0.7%
Canada Government Real Return Bond		0.500	%		12/1/50		3,071,971	CAD		2,820,721
Italy - 3.7%
Italy Buoni Poliennali Del Tesoro		3.100	%		9/15/26		10,955,043	EUR		15,327,021	(c)

See Notes to Consolidated Schedule of Investments.

Western Asset Inflation-Linked Income Fund 2020 Quarterly Report         3

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Mexico - 0.8%
Mexican Udibonos		2.000	%		6/9/22		68,199,804	MXN	$	3,168,967
Russia - 0.8%
Russian Federal Inflation Linked Bond - OFZ		2.500	%		2/2/28		243,819,488	RUB		3,278,565
TOTAL NON-U.S. TREASURY INFLATION PROTECTED SECURITIES (Cost - $33,323,030)										33,508,604
COLLATERALIZED MORTGAGE OBLIGATIONS(e) - 6.9%
Alternative Loan Trust, 2007-12T1 A3		6.000	%		6/25/37		1,429,272			1,039,354
BCAP LLC Trust, 2011-RR5 11A4 (1 mo. USD LIBOR + 0.150%)		0.472	%		5/28/36		339,889			339,560	(b)(d)
Bear Stearns ARM Trust, 2004-9 24A1		4.126	%		11/25/34		17,839			17,003	(d)
BHMS, 2018-ATLS D (1 mo. USD LIBOR + 2.250%)		2.412	%		7/15/35		2,520,000			2,224,324	(b)(d)
BXMT Ltd., 2020-FL2 A (1 mo. USD LIBOR + 0.900%)		1.062	%		2/16/37		660,000			646,140	(b)(d)
Chase Mortgage Finance Trust, 2007-A1 2A3		3.163	%		2/25/37		3,687			3,619	(d)
CSMC Trust, 2014-11R 9A2 (1 mo. USD LIBOR + 0.140%)		0.312	%		10/27/36		2,395,675			2,052,155	(b)(d)
CSMC Trust, 2019-NQM1 A1		2.656	%		10/25/59		1,121,390			1,141,968	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K721 X1, IO		0.436	%		8/25/22		145,749,570			817,262	(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4057 UI, IO		3.000	%		5/15/27		633,122			37,142
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4085 IO, IO		3.000	%		6/15/27		1,706,522			93,587
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-DNA2 M2 (1 mo. USD LIBOR + 3.450%)		3.625	%		10/25/29		1,300,000			1,343,562	(d)
Federal National Mortgage Association (FNMA) - CAS, 2014-C04 1M2 (1 mo. USD LIBOR + 4.900%)		5.075	%		11/25/24		717,704			741,877	(b)(d)
Federal National Mortgage Association (FNMA) - CAS, 2017-C03 1M2 (1 mo. USD LIBOR + 3.000%)		3.175	%		10/25/29		1,291,006			1,309,682	(b)(d)
Federal National Mortgage Association (FNMA) - CAS, 2017-C03 1B1 (1 mo. USD LIBOR + 4.850%)		5.025	%		10/25/29		1,340,000			1,344,203	(b)(d)
GMACM Mortgage Loan Trust, 2005-AF2 A1		6.000	%		12/25/35		964,271			916,288
Government National Mortgage Association (GNMA), 2011-142 IO, IO		0.000	%		9/16/46		2,491,261			6,362	(d)

See Notes to Consolidated Schedule of Investments.

    4     Western Asset Inflation-Linked Income Fund 2020 Quarterly Report

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(e) - (continued)
Government National Mortgage Association (GNMA), 2012-44 IO, IO		0.223	%		3/16/49		893,815	$	4,702	(d)
Government National Mortgage Association (GNMA), 2012-112 IO, IO		0.200	%		2/16/53		1,529,721		15,899	(d)
Government National Mortgage Association (GNMA), 2012-152 IO, IO		0.767	%		1/16/54		4,059,920		170,747	(d)
Government National Mortgage Association (GNMA), 2013-145 IO, IO		1.034	%		9/16/44		139,942		4,054	(d)
Government National Mortgage Association (GNMA), 2014-47 IA, IO		0.125	%		2/16/48		300,887		4,298	(d)
Government National Mortgage Association (GNMA), 2014-50 IO, IO		0.694	%		9/16/55		1,215,879		53,917	(d)
Government National Mortgage Association (GNMA), 2014-169 IO, IO		0.769	%		10/16/56		11,634,232		441,106	(d)
Government National Mortgage Association (GNMA), 2015-101 IO, IO		0.618	%		3/16/52		9,678,370		255,690	(d)
Government National Mortgage Association (GNMA), 2015-183 IO, IO		0.869	%		9/16/57		17,820,562		952,580	(d)
GSR Mortgage Loan Trust, 2004-11 1A1		3.336	%		9/25/34		52,425		52,250	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-NNN FFL (1 mo. USD LIBOR + 2.500%)		2.662	%		1/16/37		2,310,000		2,067,940	(b)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-NNN GFL (1 mo. USD LIBOR + 3.000%)		3.162	%		1/16/37		2,310,000		1,949,201	(b)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-NNN GFX		4.688	%		1/16/37		2,270,000		2,025,594	(b)(d)
Merrill Lynch Mortgage Investors Trust, 2004-A1 2A1		3.675	%		2/25/34		5,541		5,522	(d)
MRCD Mortgage Trust, 2019-PARK A		2.718	%		12/15/36		850,000		877,489	(b)
Natixis Commercial Mortgage Securities Trust, 2019-TRUE A (1 mo. USD LIBOR + 2.011%)		2.162	%		4/18/24		2,050,000		2,016,372	(b)(d)
New Residential Mortgage Loan Trust, 2014-1A A		3.750	%		1/25/54		603,311		654,515	(b)(d)
Nomura Resecuritization Trust, 2015-4R 2A2 (1 mo. USD LIBOR + 0.306%)		0.312	%		10/26/36		2,820,051		2,424,784	(b)(d)
RAMP Trust, 2004-SL4 A5		7.500	%		7/25/32		45,456		30,197
Washington Mutual MSC Mortgage Pass- Through Certificates Trust, 2004-RA1 2A		7.000	%		3/25/34		5,676		6,047
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $31,346,380)									28,086,992

See Notes to Consolidated Schedule of Investments.

Western Asset Inflation-Linked Income Fund 2020 Quarterly Report         5

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
SOVEREIGN BONDS - 4.4%
Brazil - 0.2%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		2,920,000	BRL $		599,968
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		965,000	BRL		206,061
Total Brazil										806,029
Chile - 0.9%
Bonos de la Tesoreria de la Republica en pesos, Bonds		5.000	%		3/1/35		2,330,000,000	CLP		3,773,600
Indonesia - 1.1%
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		200,000			259,210	(b)
Indonesia Government International Bond, Senior Notes		4.750	%		7/18/47		400,000			501,504	(b)
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		290,000			344,943
Indonesia Treasury Bond		7.000	%		5/15/27		49,188,000,000	IDR		3,504,381
Total Indonesia										4,610,038
Mexico - 0.8%
Mexican Bonos, Bonds		8.000	%		11/7/47		21,750,000	MXN		1,110,133
Mexico Government International Bond, Senior Notes		4.500	%		4/22/29		1,830,000			2,066,756
Total Mexico										3,176,889
Nigeria - 0.1%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		200,000			199,274	(b)
Qatar - 0.5%
Qatar Government International Bond, Senior Notes		4.000	%		3/14/29		1,850,000			2,171,519	(b)
Russia - 0.4%
Russian Federal Bond - OFZ		7.050	%		1/19/28		120,000,000	RUB		1,749,159
United Arab Emirates - 0.4%
Abu Dhabi Government International Bond, Senior Notes		3.875	%		4/16/50		1,260,000			1,539,853	(b)
TOTAL SOVEREIGN BONDS (Cost - $17,654,910)										18,026,361
ASSET-BACKED SECURITIES - 2.6%
Ameriquest Mortgage Securities Inc., Asset- Backed Pass-Through Certificates, 2005-R7 M2 (1 mo. USD LIBOR + 0.500%)		0.675	%		9/25/35		779,764			779,042	(d)

See Notes to Consolidated Schedule of Investments.

    6     Western Asset Inflation-Linked Income Fund 2020 Quarterly Report

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
Ameriquest Mortgage Securities Inc., Asset- Backed Pass-Through Certificates, 2005-R10 M5 (1 mo. USD LIBOR + 0.630%)		0.805	%		1/25/36		4,660,000	$	4,255,107	(d)
CWHEQ Revolving Home Equity Loan Trust, 2005-C 2A (1 mo. USD LIBOR + 0.180%)		0.342	%		7/15/35		417,017		402,789	(d)
CWHEQ Revolving Home Equity Loan Trust, 2006-I 2A (1 mo. USD LIBOR + 0.140%)		0.302	%		1/15/37		656,821		626,345	(d)
First Franklin Mortgage Loan Trust, 2006- FF15 A5 (1 mo. USD LIBOR + 0.160%)		0.335	%		11/25/36		1,078,266		1,047,885	(d)
Legacy Mortgage Asset Trust, 2019-GS1 A1		4.000	%		1/25/59		974,607		1,000,345	(b)
Structured Asset Securities Corp. Mortgage Loan Trust, 2005-WF4 M8 (1 mo. USD LIBOR + 2.625%)		2.800	%		11/25/35		2,600,000		2,627,365	(d)
TOTAL ASSET-BACKED SECURITIES (Cost - $9,581,795)									10,738,878
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.7%
U.S. Government Obligations - 0.7%
U.S. Treasury Notes (Cost - $2,936,166)		0.500	%		8/31/27		2,940,000		2,944,364
MORTGAGE-BACKED SECURITIES - 0.2%
FNMA - 0.2%
Federal National Mortgage Association (FNMA)		2.680	%		1/1/35-2/1/35		300,000		337,925
Federal National Mortgage Association (FNMA)		2.790	%		1/1/35		468,757		532,790	(d)
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $779,378)									870,715
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $532,365,773)									583,870,678
						SHARES
SHORT-TERM INVESTMENTS - 5.0%
Dreyfus Government Cash Management, Institutional Shares (Cost - $20,729,966)		0.038	%				20,729,966		20,729,966
TOTAL INVESTMENTS - 147.2% (Cost - $553,095,739)									604,600,644
Liabilities in Excess of Other Assets - (47.2)%									(193,858,817	)
TOTAL NET ASSETS - 100.0%								$	410,741,827

See Notes to Consolidated Schedule of Investments.

Western Asset Inflation-Linked Income Fund 2020 Quarterly Report         7

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

† Face amount denominated in U.S. dollars, unless otherwise noted.

†† Represents less than 0.1%.

(a) All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.

(b) 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 of Trustees.

(c) 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 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 Board of Trustees.

(d) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published 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 reference rate and spread in their description above.

(e) Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct 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 more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

Abbreviation(s) used in this schedule:

ARM	— Adjustable Rate Mortgage
ARS	— Argentine Peso
BRL	— Brazilian Real
CAD	— Canadian Dollar
CAS	— Connecticut Avenue Securities
CLP	— Chilean Peso
EUR	— Euro
GTD	— Guaranteed
IDR	— Indonesian Rupiah
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
OFZ	— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
REMIC	— Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

At August 31, 2020, the Fund had the following open reverse repurchase agreements:

Counterparty	Rate	Effective Date		Maturity Date		Face Amount of Reverse Repurchase Agreements		Asset Class of Collateral*	Collateral Value
Morgan Stanley & Co. Inc.	0.240%		6/12/2020		12/11/2020	$	195,500,000	U.S. Treasury Inflation Protected Securities	$	204,214,047
						$	195,500,000		$	204,214,047

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

See Notes to Consolidated Schedule of Investments.

    8     Western Asset Inflation-Linked Income Fund 2020 Quarterly Report

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

At August 31, 2020, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
90-Day Eurodollar		38		3/21	$	9,347,605	$	9,481,000	$	133,395
Brent Crude		188		10/20		5,953,362		8,584,080		2,630,718
Copper		140		12/20		10,096,100		10,715,250		619,150
Euro		53		9/20		7,506,114		7,909,919		403,805
Gold 100 Ounce		61		10/20		11,977,516		12,020,050		42,534
Japanese Yen		35		9/20		4,069,210		4,133,281		64,071
Mexican Peso		146		9/20		3,304,421		3,330,260		25,839
Silver Future		30		12/20		4,248,888		4,289,100		40,212
U.S. Treasury 5-Year Notes		180		12/20		22,657,474		22,685,625		28,151
U.S. Treasury 10-Year Notes		407		12/20		56,626,006		56,674,750		48,744
WTI Crude		9		11/20		246,195		388,890		142,695
										4,179,314
Contracts to Sell:
British Pound		33		9/20		2,631,152		2,759,419		(128,267	)
U.S. Treasury Long-Term Bonds		355		12/20		63,078,791		62,380,156		698,635
U.S. Treasury Ultra Long-Term Bonds		131		12/20		29,343,638		28,938,719		404,919
										975,287
Net unrealized appreciation on open futures contracts									$	5,154,601

At August 31, 2020, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,445,510		CAD	3,347,196	BNP Paribas SA		10/16/20	$	(120,967	)
USD	4,889,909		EUR	4,350,000	BNP Paribas SA		10/16/20		(306,415	)
USD	4,909,619		EUR	4,350,000	BNP Paribas SA		10/16/20		(286,705	)
USD	4,986,917		EUR	4,430,000	BNP Paribas SA		10/16/20		(304,971	)
USD	7,485,410		EUR	6,628,609	BNP Paribas SA		10/16/20		(432,844	)
GBP	1,928,058		USD	2,406,392	Citibank N.A.		10/16/20		171,677
USD	935,097		MXN	21,061,278	Citibank N.A.		10/16/20		(21,961	)
USD	1,181,397		MXN	26,660,000	Citibank N.A.		10/16/20		(30,076	)
USD	4,577,485		MXN	103,322,986	Citibank N.A.		10/16/20		(117,676	)
BRL	24,556,828		USD	4,570,158	Goldman Sachs Group Inc.		10/16/20		(94,156	)

See Notes to Consolidated Schedule of Investments.

Western Asset Inflation-Linked Income Fund 2020 Quarterly Report         9

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	880,310		USD	8,196	Goldman Sachs Group Inc.		10/16/20	$	120
MYR	14,965,762		USD	3,488,523	Goldman Sachs Group Inc.		10/16/20		98,203
RUB	982,834,559		USD	13,571,314	Goldman Sachs Group Inc.		10/16/20		(367,585	)
USD	931,543		CLP	733,403,765	Goldman Sachs Group Inc.		10/16/20		(11,878	)
USD	2,936,315		CLP	2,287,797,259	Goldman Sachs Group Inc.		10/16/20		(6,615	)
IDR	26,052,151,242		USD	1,757,549	JPMorgan Chase & Co.		10/16/20		23,743
INR	311,074,531		USD	4,074,856	JPMorgan Chase & Co.		10/16/20		131,072
USD	256,823		AUD	370,501	JPMorgan Chase & Co.		10/16/20		(16,479	)
COP	33,243,638,583		USD	8,876,806	Morgan Stanley & Co. Inc.		10/16/20		(17,437	)
Total								$	(1,710,950	)

Abbreviation(s) used in this table:

AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CLP	— Chilean Peso
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
RUB	— Russian Ruble
USD	— United States Dollar

At August 31, 2020, the Fund had the following open swap contracts:

OTC INTEREST RATE SWAPS

SWAP COUNTERPARTY

NOTIONAL AMOUNT

TERMINATION DATE

PAYMENTS MADE BY THE FUND†

PAYMENTS RECEIVED BY THE FUND†

UPFRONT PREMIUMS PAID (RECEIVED)

UNREALIZED APPRECIATION

Citibank N.A.

$

15,000,000

3/31/30

1.158

%*

CPURNSA

*

—

$

1,161,994

CENTRALLY CLEARED INTEREST RATE SWAPS
NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION
$	28,813,000		8/31/24	3-Month LIBOR quarterly	0.380% semi-annually	$	9,276	$	116,023

See Notes to Consolidated Schedule of Investments.

    10     Western Asset Inflation-Linked Income Fund 2020 Quarterly Report

WESTERN ASSET INFLATION-LINKED INCOME FUND

Consolidated schedule of investments (unaudited) (cont’d) August 31, 2020

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION
	$	3,560,000		11/30/24	Daily U.S. Federal Funds Intraday Effective Rate annually		0.100% annually	$	2,140	$	1,015
		7,110,000		4/7/25	0.802%*		CPURNSA*		45,882		246,143
Total	$	39,483,000						$	57,298	$	363,181

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE3		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
Markit CDX.NA.HY.34 Index	$	12,443,400		6/20/25	5.000% quarterly	$	711,402	$	(571,875	)	$	1,283,277
Markit CDX.NA.IG.34 Index		97,760,000		6/20/25	1.000% quarterly		1,612,160		(275,999	)		1,888,159
Total	$	110,203,400				$	2,323,562	$	(847,874	)	$	3,171,436

¹  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 the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities 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 recovery value of the referenced obligation or underlying securities comprising the referenced index.

²  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 occurs as defined under the terms of that particular swap agreement.

³  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 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 of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when 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 default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

* One time payment made at termination date.

Abbreviation(s) used in this table:

CPURNSA	— U.S. CPI Urban Consumers NSA Index
LIBOR	— London Interbank Offered Rate

This Consolidated 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 Consolidated Schedule of Investments.

Western Asset Inflation-Linked Income Fund 2020 Quarterly Report         11

Notes to Consolidated Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Inflation-Linked Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, closed-end management investment company. The Fund commenced operations on September 26, 2003.

The Fund’s primary investment objective is to provide current income for its shareholders. Capital appreciation, when consistent with current income, is a secondary investment objective. Under normal market conditions and at the time of purchase, the Fund will invest at least 80% of its total managed assets in inflation-linked securities and at least 60% of its total managed assets in U.S. Treasury Inflation Protected Securities (“TIPS”). The Fund may also invest up to 40% of its total managed assets in non-U.S. dollar investments. The Fund can invest no more than 10% of its total managed assets in securities rated below investment grade at the time of purchase (or, if unrated, assets of comparable quality as determined by management). If a security is rated by multiple nationally recognized statistical rating organizations (“NRSROs”) and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.

The Fund may gain exposure to the commodities markets by investing a portion of its assets in a wholly-owned subsidiary, Western Asset Inflation-Linked Income Fund CFC (the “Subsidiary”), organized under the laws of the Cayman Islands. Among other investments, the Subsidiary may invest in commodity-linked instruments. The Fund may invest up to 25% of its total assets in the Subsidiary; although 10% of total managed assets may be utilized for commodity-related strategies. This schedule of investments is the consolidated schedule of investments of the Fund and the Subsidiary.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by

12

Notes to Consolidated Schedule of Investments (unaudited) (continued)

the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. 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 of Trustees, 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 of Trustees 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.

13

Notes to Consolidated Schedule of Investments (unaudited) (continued)

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 – 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:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
U.S. Treasury Inflation Protected Securities		—	$	445,282,184		—	$	445,282,184
Corporate Bonds & Notes		—		44,412,580		—		44,412,580
Non-U.S. Treasury Inflation Protected Securities		—		33,508,604		—		33,508,604
Collateralized Mortgage Obligations		—		28,086,992		—		28,086,992
Sovereign Bonds		—		18,026,361		—		18,026,361
Asset-Backed Securities		—		10,738,878		—		10,738,878
U.S. Government & Agency Obligations		—		2,944,364		—		2,944,364
Mortgage-Backed Securities		—		870,715		—		870,715
Total Long-Term Investments		—		583,870,678		—		583,870,678
Short-Term Investments†	$	20,729,966		—		—		20,729,966
Total Investments	$	20,729,966	$	583,870,678		—	$	604,600,644

14

Notes to Consolidated Schedule of Investments (unaudited) (continued)

ASSETS (cont’d)
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	5,282,868		—		—	$	5,282,868
Forward Foreign Currency Contracts		—	$	424,815		—		424,815
OTC Interest Rate Swaps		—		1,161,994		—		1,161,994
Centrally Cleared Interest Rate Swaps		—		363,181		—		363,181
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		3,171,436		—		3,171,436
Total Other Financial Instruments	$	5,282,868	$	5,121,426		—	$	10,404,294
Total	$	26,012,834	$	588,992,104		—	$	615,004,938
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	128,267		—		—	$	128,267
Forward Foreign Currency Contracts		—	$	2,135,765		—		2,135,765
Total	$	128,267	$	2,135,765		—	$	2,264,032

† See Consolidated Schedule of Investments for additional detailed categorizations.

15