WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 53.5%
COMMUNICATION SERVICES - 5.9%
Diversified Telecommunication Services - 2.3%
AT&T Inc., Senior Notes		0.900	%		3/25/24	$	3,440,000	$	3,359,974
AT&T Inc., Senior Notes		1.700	%		3/25/26		1,200,000		1,089,101
NTT Finance Corp., Senior Notes		0.583	%		3/1/24		2,760,000		2,700,550	(a)
Verizon Communications Inc., Senior Notes		0.750	%		3/22/24		1,560,000		1,522,503
Verizon Communications Inc., Senior Notes		3.376	%		2/15/25		2,070,000		2,003,695
Verizon Communications Inc., Senior Notes		1.450	%		3/20/26		1,250,000		1,128,983
Verizon Communications Inc., Senior Notes		4.125	%		3/16/27		3,430,000		3,263,765
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		62,000		58,283
Total Diversified Telecommunication Services									15,126,854
Entertainment - 0.5%
Warnermedia Holdings Inc., Senior Notes		3.638	%		3/15/25		2,300,000		2,218,999
Warnermedia Holdings Inc., Senior Notes		6.412	%		3/15/26		350,000		350,087
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		940,000		868,233
Total Entertainment									3,437,319
Interactive Media & Services - 0.0%††
Alphabet Inc., Senior Notes		0.450	%		8/15/25		40,000		36,654
Media - 1.7%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.500	%		2/1/24		1,330,000		1,322,929
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		4,730,000		4,623,476
Comcast Corp., Senior Notes		3.950	%		10/15/25		2,590,000		2,513,557
Comcast Corp., Senior Notes		3.150	%		3/1/26		70,000		66,491
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		250,000		233,096
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		100,000		85,173	(a)
Fox Corp., Senior Notes		4.030	%		1/25/24		2,000,000		1,985,964
Total Media									10,830,686
Wireless Telecommunication Services - 1.4%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		1,200,000		995,509	(a)
Sprint LLC, Senior Notes		7.125	%		6/15/24		1,940,000		1,953,479
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/25		1,060,000		1,023,066
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		4,320,000		3,980,684

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         1

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Wireless Telecommunication Services - (continued)
T-Mobile USA Inc., Senior Notes		4.750	%		2/1/28	$	900,000	$	863,557
T-Mobile USA Inc., Senior Notes		3.375	%		4/15/29		70,000		61,632
Total Wireless Telecommunication Services									8,877,927
TOTAL COMMUNICATION SERVICES									38,309,440
CONSUMER DISCRETIONARY - 4.6%
Automobiles - 2.2%
American Honda Finance Corp., Senior Notes		2.400	%		6/27/24		2,530,000		2,468,183
BMW US Capital LLC, Senior Notes		0.800	%		4/1/24		1,460,000		1,424,548	(a)
Daimler Finance North America LLC, Senior Notes		0.750	%		3/1/24		1,590,000		1,556,899	(a)
Ford Motor Credit Co. LLC, Senior Notes		3.375	%		11/13/25		970,000		900,806
Ford Motor Credit Co. LLC, Senior Notes		4.950	%		5/28/27		1,150,000		1,080,739
General Motors Financial Co. Inc., Senior Notes		3.950	%		4/13/24		1,070,000		1,055,848
General Motors Financial Co. Inc., Senior Notes		2.750	%		6/20/25		2,820,000		2,656,010
Toyota Motor Corp., Senior Notes		0.681	%		3/25/24		3,460,000		3,377,280
Total Automobiles									14,520,313
Broadline Retail - 0.8%
Amazon.com Inc., Senior Notes		0.450	%		5/12/24		1,980,000		1,919,054
Amazon.com Inc., Senior Notes		3.000	%		4/13/25		770,000		744,198
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		650,000		602,764
Amazon.com Inc., Senior Notes		3.300	%		4/13/27		590,000		555,395
Prosus NV, Senior Notes		3.257	%		1/19/27		1,770,000		1,568,773	(a)
Total Broadline Retail									5,390,184
Hotels, Restaurants & Leisure - 0.9%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		210,000		203,298
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		1,730,000		1,613,857
Marriott International Inc., Senior Notes		3.600	%		4/15/24		1,230,000		1,215,038
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		170,000		163,799
McDonald’s Corp., Senior Notes		1.450	%		9/1/25		1,240,000		1,148,574
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		660,000		634,987
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		230,000		216,617
Sands China Ltd., Senior Notes		2.550	%		3/8/27		420,000		364,644
Sands China Ltd., Senior Notes		3.100	%		3/8/29		200,000		165,627
Total Hotels, Restaurants & Leisure									5,726,441
Household Durables - 0.1%
DR Horton Inc., Senior Notes		2.500	%		10/15/24		880,000		849,451
Specialty Retail - 0.5%
AutoZone Inc., Senior Notes		5.050	%		7/15/26		620,000		611,181
Home Depot Inc., Senior Notes		2.700	%		4/15/25		350,000		336,305

See Notes to Schedule of Investments.

    2     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Specialty Retail - (continued)
Home Depot Inc., Senior Notes		2.500	%		4/15/27	$	770,000	$	702,929
Home Depot Inc., Senior Notes		2.875	%		4/15/27		290,000		268,641
Lowe’s Cos. Inc., Senior Notes		4.000	%		4/15/25		1,460,000		1,423,337
Total Specialty Retail									3,342,393
Textiles, Apparel & Luxury Goods - 0.1%
NIKE Inc., Senior Notes		2.400	%		3/27/25		320,000		306,219
TOTAL CONSUMER DISCRETIONARY									30,135,001
CONSUMER STAPLES - 1.7%
Beverages - 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		3,810,000		3,660,254
Consumer Staples Distribution & Retail - 0.2%
Target Corp., Senior Notes		2.250	%		4/15/25		800,000		762,610
Walmart Inc., Senior Notes		1.050	%		9/17/26		660,000		588,802
Total Consumer Staples Distribution & Retail									1,351,412
Food Products - 0.0%††
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		230,000		215,273
Household Products - 0.0%††
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		30,000		27,848
Personal Care Products - 0.4%
Haleon UK Capital PLC, Senior Notes		3.125	%		3/24/25		1,040,000		999,204
Kenvue Inc., Senior Notes		5.350	%		3/22/26		640,000		638,728	(a)
Kenvue Inc., Senior Notes		5.050	%		3/22/28		890,000		878,770	(a)
Total Personal Care Products									2,516,702
Tobacco - 0.5%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		2,670,000		2,526,611
Altria Group Inc., Senior Notes		4.400	%		2/14/26		800,000		776,902
Philip Morris International Inc., Senior Notes		2.875	%		5/1/24		20,000		19,667
Total Tobacco									3,323,180
TOTAL CONSUMER STAPLES									11,094,669
ENERGY - 8.5%
Oil, Gas & Consumable Fuels - 8.5%
Chevron Corp., Senior Notes		1.554	%		5/11/25		2,290,000		2,155,189
Columbia Pipelines Holding Co. LLC, Senior Notes		6.055	%		8/15/26		860,000		863,034	(a)
Columbia Pipelines Holding Co. LLC, Senior Notes		6.042	%		8/15/28		1,000,000		995,550	(a)
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		860,000		846,367
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		1,380,000		1,223,307	(a)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         3

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Devon Energy Corp., Senior Notes		5.250	%		9/15/24	$	1,520,000	$	1,508,907
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		3,370,000		3,354,023
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		2,040,000		1,908,409
Energy Transfer LP, Senior Notes		4.500	%		4/15/24		980,000		971,776
Energy Transfer LP, Senior Notes		4.050	%		3/15/25		610,000		593,384
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		1,070,000		1,016,981
Energy Transfer LP, Senior Notes		5.550	%		2/15/28		470,000		462,124
Energy Transfer LP/Regency Energy Finance Corp., Senior Notes		4.500	%		11/1/23		2,170,000		2,166,772
Enterprise Products Operating LLC, Senior Notes		3.750	%		2/15/25		720,000		699,637
Enterprise Products Operating LLC, Senior Notes		3.700	%		2/15/26		5,510,000		5,281,710
EQT Corp., Senior Notes		3.125	%		5/15/26		1,300,000		1,204,021	(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		420,000		388,814
EQT Corp., Senior Notes		5.000	%		1/15/29		710,000		668,075
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		1,870,000		1,806,252
Kinder Morgan Energy Partners LP, Senior Notes		4.250	%		9/1/24		1,930,000		1,899,165
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		1,790,000		1,744,649
MPLX LP, Senior Notes		4.000	%		2/15/25		3,160,000		3,075,414
Occidental Petroleum Corp., Senior Notes		3.200	%		8/15/26		2,150,000		1,976,668
ONEOK Inc., Senior Notes		5.550	%		11/1/26		480,000		476,987
ONEOK Inc., Senior Notes		5.650	%		11/1/28		750,000		740,562
ONEOK Inc., Senior Notes		5.800	%		11/1/30		30,000		29,387
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		1,050,000		1,022,241
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		1,210,000		856,385	(a)
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		2,480,000		2,242,308
QazaqGaz NC JSC, Senior Notes		4.375	%		9/26/27		1,790,000		1,653,190	(a)
Schlumberger Holdings Corp., Senior Notes		3.900	%		5/17/28		500,000		464,800	(a)
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		2,220,000		2,095,139
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		2,100,000		2,059,027
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,530,000		1,591,258
Western Midstream Operating LP, Senior Notes		3.100	%		2/1/25		2,130,000		2,039,976
Western Midstream Operating LP, Senior Notes		3.950	%		6/1/25		170,000		163,334
Western Midstream Operating LP, Senior Notes		4.750	%		8/15/28		60,000		56,170
Western Midstream Operating LP, Senior Notes		6.350	%		1/15/29		140,000		140,419
Williams Cos. Inc., Senior Notes		4.500	%		11/15/23		1,150,000		1,147,175
Williams Cos. Inc., Senior Notes		4.300	%		3/4/24		1,300,000		1,290,347
TOTAL ENERGY									54,878,933

See Notes to Schedule of Investments.

    4     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FINANCIALS - 21.4%
Banks - 14.2%
Banco Santander SA, Senior Notes		2.746	%		5/28/25	$	2,800,000	$	2,637,725
Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury Constant Maturity Rate + 2.000%)		4.175	%		3/24/28		1,200,000		1,108,574	(b)
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)		1.319	%		6/19/26		8,080,000		7,412,417	(b)
Bank of America Corp., Senior Notes (3.458% to 3/15/24 then 3 mo. Term SOFR + 1.232%)		3.458	%		3/15/25		70,000		69,075	(b)
Bank of America Corp., Senior Notes (3.841% to 4/25/24 then SOFR + 1.110%)		3.841	%		4/25/25		1,490,000		1,469,126	(b)
Bank of America NA, Senior Notes		5.650	%		8/18/25		2,100,000		2,095,232
Bank of Montreal, Senior Notes		3.300	%		2/5/24		130,000		128,786
Bank of Montreal, Senior Notes		2.500	%		6/28/24		1,490,000		1,452,762
Bank of Nova Scotia, Senior Notes		3.450	%		4/11/25		1,220,000		1,174,918
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		1,080,000		999,517
Bank of Nova Scotia, Senior Notes		1.050	%		3/2/26		650,000		580,471
BNP Paribas SA, Senior Notes		3.375	%		1/9/25		2,110,000		2,037,033	(a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		970,000		905,453	(a)(b)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. Term SOFR + 2.497%)		4.705	%		1/10/25		210,000		208,974	(a)(b)
BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant Maturity Rate + 1.450%)		5.125	%		1/13/29		1,130,000		1,091,504	(a)(b)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. Term SOFR + 4.167%)		5.950	%		5/15/25		540,000		515,911	(b)(c)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		2,280,000		2,176,395	(b)
Citigroup Inc., Senior Notes (3.290% to 3/17/25 then SOFR + 1.528%)		3.290	%		3/17/26		1,510,000		1,445,465	(b)
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		3,000,000		2,911,716
Cooperatieve Rabobank UA, Senior Notes (1.339% to 6/24/25 then 1 year Treasury Constant Maturity Rate + 1.000%)		1.339	%		6/24/26		2,830,000		2,605,139	(a)(b)
Credit Agricole SA, Senior Notes (1.247% to 1/26/26 then SOFR + 0.892%)		1.247	%		1/26/27		2,030,000		1,813,953	(a)(b)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		970,000		966,197	(a)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         5

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Danske Bank A/S, Senior Notes (3.773% to 3/28/24 then 1 year Treasury Constant Maturity Rate + 1.450%)		3.773	%		3/28/25	$	3,680,000	$	3,625,810	(a)(b)
HSBC Holdings PLC, Senior Notes (0.976% to 5/24/24 then SOFR + 0.708%)		0.976	%		5/24/25		3,460,000		3,334,064	(b)
HSBC Holdings PLC, Senior Notes (3.803% to 3/11/24 then 3 mo. Term SOFR + 1.473%)		3.803	%		3/11/25		950,000		938,424	(b)
ING Groep NV, Senior Notes (4.017% to 3/28/27 then SOFR + 1.830%)		4.017	%		3/28/28		1,680,000		1,560,683	(b)
Intesa Sanpaolo SpA, Senior Notes		3.250	%		9/23/24		430,000		416,790	(a)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		7,460,000		7,004,044	(b)
JPMorgan Chase & Co., Senior Notes (3.220% to 3/1/24 then 3 mo. Term SOFR + 1.417%)		3.220	%		3/1/25		920,000		908,071	(b)
JPMorgan Chase & Co., Senior Notes (3.845% to 6/14/24 then SOFR + 0.980%)		3.845	%		6/14/25		1,450,000		1,424,686	(b)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. Term SOFR + 1.262%)		4.023	%		12/5/24		2,530,000		2,518,898	(b)
KeyBank NA, Senior Notes (SOFR + 0.340%)		5.685	%		1/3/24		1,410,000		1,404,854	(b)
Lloyds Banking Group PLC, Senior Notes (3.870% to 7/9/24 then 1 year Treasury Constant Maturity Rate + 3.500%)		3.870	%		7/9/25		3,160,000		3,099,134	(b)
Mitsubishi UFJ Financial Group Inc., Senior Notes		1.412	%		7/17/25		640,000		590,664
Mitsubishi UFJ Financial Group Inc., Senior Notes (3.837% to 4/17/25 then 1 year Treasury Constant Maturity Rate + 1.125%)		3.837	%		4/17/26		270,000		260,816	(b)
NatWest Group PLC, Senior Notes (4.269% to 3/22/24 then 3 mo. USD LIBOR + 1.762%)		4.269	%		3/22/25		1,770,000		1,751,289	(b)
Nordea Bank Abp, Senior Notes		0.625	%		5/24/24		1,050,000		1,015,406	(a)
PNC Financial Services Group Inc., Senior Notes		3.500	%		1/23/24		370,000		367,207
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)		5.812	%		6/12/26		1,050,000		1,041,914	(b)
Royal Bank of Canada, Senior Notes		3.375	%		4/14/25		3,340,000		3,223,297
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		1,060,000		980,583
Royal Bank of Canada, Senior Notes (SOFR + 0.360%)		5.700	%		7/29/24		1,450,000		1,448,528	(b)
Sumitomo Mitsui Financial Group Inc., Senior Notes		0.508	%		1/12/24		510,000		502,481
Sumitomo Mitsui Financial Group Inc., Senior Notes (3 mo. Term SOFR + 1.062%)		6.372	%		10/16/23		1,290,000		1,290,222	(b)

See Notes to Schedule of Investments.

    6     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Swedbank AB, Senior Notes		3.356	%		4/4/25	$	3,960,000	$	3,811,574	(a)
Toronto-Dominion Bank, Senior Notes		5.523	%		7/17/28		1,820,000		1,797,418
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)		6.047	%		6/8/27		420,000		415,577	(b)
US Bancorp, Senior Notes		3.375	%		2/5/24		315,000		312,031
US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%)		2.215	%		1/27/28		250,000		220,666	(b)
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)		5.775	%		6/12/29		450,000		438,271	(b)
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		2,060,000		2,045,310
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		5,830,000		5,475,461	(b)
Wells Fargo & Co., Senior Notes (3.908% to 4/25/25 then SOFR + 1.320%)		3.908	%		4/25/26		3,070,000		2,958,958	(b)
Total Banks									91,989,474
Capital Markets - 5.3%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		440,000		412,530
Bank of New York Mellon Corp., Senior Notes (3.992% to 6/13/27 then SOFR + 1.151%)		3.992	%		6/13/28		900,000		849,015	(b)
Charles Schwab Corp., Senior Notes		0.750	%		3/18/24		1,970,000		1,923,094
Charles Schwab Corp., Senior Notes		5.875	%		8/24/26		210,000		209,390
Credit Suisse AG, Senior Notes		4.750	%		8/9/24		370,000		364,827
Credit Suisse AG, Senior Notes		3.625	%		9/9/24		1,140,000		1,109,937
Credit Suisse AG, Senior Notes		2.950	%		4/9/25		880,000		836,483
Goldman Sachs Group Inc., Senior Notes		3.625	%		2/20/24		4,260,000		4,220,272
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		1,010,000		972,772
Goldman Sachs Group Inc., Senior Notes (3.272% to 9/29/24 then 3 mo. Term SOFR + 1.463%)		3.272	%		9/29/25		6,550,000		6,348,782	(b)
Goldman Sachs Group Inc., Senior Notes (4.387% to 6/15/26 then SOFR + 1.510%)		4.387	%		6/15/27		720,000		693,085	(b)
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		4,380,000		4,116,201	(b)
Morgan Stanley, Senior Notes (3.620% to 4/17/24 then SOFR + 1.160%)		3.620	%		4/17/25		3,400,000		3,346,921	(b)
Morgan Stanley, Senior Notes (SOFR + 0.455%)		5.790	%		1/25/24		4,370,000		4,369,560	(b)
Morgan Stanley Bank NA, Senior Notes		4.754	%		4/21/26		670,000		655,081
UBS AG, Senior Notes		0.700	%		8/9/24		1,000,000		956,003	(a)
UBS Group AG, Senior Notes		4.125	%		9/24/25		940,000		901,422	(a)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         7

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
UBS Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26	$	880,000	$	818,787	(a)(b)
UBS Group AG, Senior Notes (2.593% to 9/11/24 then SOFR + 1.560%)		2.593	%		9/11/25		1,490,000		1,434,621	(a)(b)
Total Capital Markets									34,538,783
Financial Services - 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		1.650	%		10/29/24		2,910,000		2,769,160
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		6.100	%		1/15/27		1,160,000		1,154,908
Caterpillar Financial Services Corp., Senior Notes		0.450	%		5/17/24		2,310,000		2,238,265
National Securities Clearing Corp., Senior Notes		0.750	%		12/7/25		1,020,000		920,683	(a)
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		2,260,000		2,115,715
USAA Capital Corp., Senior Notes		0.500	%		5/1/24		340,000		329,385	(a)
Visa Inc., Senior Notes		3.150	%		12/14/25		520,000		496,499
Total Financial Services									10,024,615
Insurance - 0.4%
American International Group Inc., Senior Notes		2.500	%		6/30/25		60,000		56,629
Great-West Lifeco US Finance 2020 LP, Senior Notes		0.904	%		8/12/25		1,630,000		1,475,876	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		940,000		865,589	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		60,000		55,378	(a)
Total Insurance									2,453,472
TOTAL FINANCIALS									139,006,344
HEALTH CARE - 4.0%
Biotechnology - 0.9%
AbbVie Inc., Senior Notes		3.750	%		11/14/23		2,930,000		2,922,895
AbbVie Inc., Senior Notes		2.600	%		11/21/24		2,440,000		2,353,156
AbbVie Inc., Senior Notes		2.950	%		11/21/26		390,000		362,080
Gilead Sciences Inc., Senior Notes		3.700	%		4/1/24		310,000		306,672
Total Biotechnology									5,944,803
Health Care Equipment & Supplies - 0.1%
Becton Dickinson & Co., Senior Notes		3.363	%		6/6/24		580,000		569,878
Health Care Providers & Services - 1.9%
Centene Corp., Senior Notes		4.250	%		12/15/27		30,000		27,683
Cigna Group, Senior Notes		4.125	%		11/15/25		2,090,000		2,024,195
CVS Health Corp., Senior Notes		2.625	%		8/15/24		3,630,000		3,530,106

See Notes to Schedule of Investments.

    8     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - (continued)
CVS Health Corp., Senior Notes		3.875	%		7/20/25	$	2,070,000	$	2,000,852
CVS Health Corp., Senior Notes		3.000	%		8/15/26		1,040,000		967,363
Humana Inc., Senior Notes		4.500	%		4/1/25		590,000		579,525
UnitedHealth Group Inc., Senior Notes		0.550	%		5/15/24		710,000		687,779
UnitedHealth Group Inc., Senior Notes		2.375	%		8/15/24		460,000		447,195
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		420,000		408,774
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		350,000		319,015
UnitedHealth Group Inc., Senior Notes		3.700	%		5/15/27		1,150,000		1,090,592
Total Health Care Providers & Services									12,083,079
Pharmaceuticals - 1.1%
Astrazeneca Finance LLC, Senior Notes		0.700	%		5/28/24		3,420,000		3,309,896
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		31,000		30,308
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		3,240,000		2,890,438
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.750	%		5/9/27		1,000,000		918,783
Total Pharmaceuticals									7,149,425
TOTAL HEALTH CARE									25,747,185
INDUSTRIALS - 3.2%
Aerospace & Defense - 1.4%
Avolon Holdings Funding Ltd., Senior Notes		4.250	%		4/15/26		1,510,000		1,419,878	(a)
Boeing Co., Senior Notes		1.433	%		2/4/24		1,820,000		1,791,239
Boeing Co., Senior Notes		4.875	%		5/1/25		2,880,000		2,830,981
Boeing Co., Senior Notes		2.196	%		2/4/26		1,640,000		1,506,196
General Dynamics Corp., Senior Notes		3.250	%		4/1/25		1,340,000		1,296,368
Total Aerospace & Defense									8,844,662
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		2.242	%		2/15/25		62,000		58,940
Commercial Services & Supplies - 0.1%
Republic Services Inc., Senior Notes		2.500	%		8/15/24		460,000		446,940
Ground Transportation - 0.2%
Canadian Pacific Railway Co., Senior Notes		1.750	%		12/2/26		1,340,000		1,196,335
Industrial Conglomerates - 0.3%
3M Co., Senior Notes		3.250	%		2/14/24		1,590,000		1,574,261
Machinery - 0.2%
John Deere Capital Corp., Senior Notes		0.450	%		6/7/24		1,530,000		1,479,785
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		100,000		87,991	(a)
Total Machinery									1,567,776

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         9

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Passenger Airlines - 0.3%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25	$	538,000	$	538,208	(a)
United Airlines Inc., Senior Secured Notes		4.375	%		4/15/26		400,000		370,314	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		1,410,000		1,213,412	(a)
Total Passenger Airlines									2,121,934
Trading Companies & Distributors - 0.7%
Air Lease Corp., Senior Notes		0.700	%		2/15/24		1,900,000		1,862,067
Air Lease Corp., Senior Notes		1.875	%		8/15/26		3,030,000		2,693,713
Air Lease Corp., Senior Notes		5.300	%		2/1/28		40,000		38,672
Total Trading Companies & Distributors									4,594,452
TOTAL INDUSTRIALS									20,405,300
INFORMATION TECHNOLOGY - 1.2%
Communications Equipment - 0.0%††
CommScope Inc., Senior Secured Notes		4.750	%		9/1/29		40,000		29,474	(a)
IT Services - 0.1%
International Business Machines Corp., Senior Notes		3.000	%		5/15/24		910,000		894,716
Semiconductors & Semiconductor Equipment - 0.6%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.625	%		1/15/24		590,000		585,723
Broadcom Inc., Senior Notes		3.150	%		11/15/25		230,000		217,475
Intel Corp., Senior Notes		3.700	%		7/29/25		1,180,000		1,142,683
Microchip Technology Inc., Senior Notes		0.983	%		9/1/24		360,000		343,740
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		46,000		43,705
Texas Instruments Inc., Senior Notes		1.375	%		3/12/25		540,000		510,063
TSMC Arizona Corp., Senior Notes		1.750	%		10/25/26		1,150,000		1,032,100
Total Semiconductors & Semiconductor Equipment									3,875,489
Software - 0.2%
Oracle Corp., Senior Notes		4.500	%		5/6/28		1,300,000		1,239,726
Technology Hardware, Storage & Peripherals - 0.3%
Apple Inc., Senior Notes		1.125	%		5/11/25		2,070,000		1,936,696
TOTAL INFORMATION TECHNOLOGY									7,976,101
MATERIALS - 1.5%
Chemicals - 0.3%
MEGlobal BV, Senior Notes		4.250	%		11/3/26		1,920,000		1,826,592	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		1.875	%		5/11/26		320,000		285,603	(a)
Total Chemicals									2,112,195

See Notes to Schedule of Investments.

    10     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Metals & Mining - 0.7%
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24	$	1,220,000	$	1,209,713	(a)
Glencore Funding LLC, Senior Notes		4.625	%		4/29/24		840,000		831,722	(a)
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		860,000		875,149
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		751,000		756,303
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		710,000		667,070
Total Metals & Mining									4,339,957
Paper & Forest Products - 0.5%
Inversiones CMPC SA, Senior Notes		4.375	%		4/4/27		1,740,000		1,629,652	(a)
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		790,000		781,324	(a)
Suzano International Finance BV, Senior Notes		5.500	%		1/17/27		870,000		853,091
Total Paper & Forest Products									3,264,067
TOTAL MATERIALS									9,716,219
REAL ESTATE - 0.1%
Health Care REITs - 0.1%
CTR Partnership LP/CareTrust Capital Corp., Senior Notes		3.875	%		6/30/28		390,000		333,906	(a)
UTILITIES - 1.4%
Electric Utilities - 1.4%
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds		5.200	%		10/1/28		1,570,000		1,558,743
NextEra Energy Capital Holdings Inc., Senior Notes		5.749	%		9/1/25		420,000		418,957
Pacific Gas and Electric Co., First Mortgage Bonds		4.950	%		6/8/25		1,190,000		1,162,509
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		5.450	%		5/21/28		2,212,000		2,160,935	(a)
Southern California Edison Co., First Mortgage Bonds		0.975	%		8/1/24		1,170,000		1,123,213
Southern California Edison Co., First Mortgage Bonds		5.650	%		10/1/28		2,720,000		2,716,405
TOTAL UTILITIES									9,140,762
TOTAL CORPORATE BONDS & NOTES (Cost - $362,286,234)									346,743,860
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 14.5%
U.S. Government Agencies - 0.2%
Federal National Mortgage Association (FNMA), Notes		0.375	%		8/25/25		1,010,000		924,003
U.S. Government Obligations - 14.3%
Federal Farm Credit Banks Funding Corp., Bonds		3.375	%		8/26/24		830,000		814,181
U.S. Treasury Notes		0.250	%		6/15/24		1,230,000		1,185,885

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         11

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. Government Obligations - (continued)
U.S. Treasury Notes		3.000	%		6/30/24	$	11,450,000	$	11,241,981
U.S. Treasury Notes		0.250	%		5/31/25		20,000		18,445
U.S. Treasury Notes		0.250	%		7/31/25		4,545,000		4,162,048
U.S. Treasury Notes		2.750	%		7/31/27		9,400,000		8,757,789
U.S. Treasury Notes		4.125	%		10/31/27		9,210,000		9,015,367
U.S. Treasury Notes		3.500	%		1/31/28		12,820,000		12,236,590
U.S. Treasury Notes		4.000	%		2/29/28		2,670,000		2,601,268
U.S. Treasury Notes		3.500	%		4/30/28		39,930,000		38,062,961
U.S. Treasury Notes		3.625	%		5/31/28		4,850,000		4,648,990
Total U.S. Government Obligations									92,745,505
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $97,632,050)									93,669,508
ASSET-BACKED SECURITIES - 13.6%
ABFC Trust, 2002-WF2 A2 (1 mo. Term SOFR + 1.239%)		6.559	%		5/25/32		10,097		10,021	(b)
ABFC Trust, 2003-OPT1 A3 (1 mo. Term SOFR + 0.794%)		6.114	%		4/25/33		477,488		452,212	(b)
ABFC Trust, 2004-OPT2 M1 (1 mo. Term SOFR + 0.939%)		6.259	%		8/25/33		132		132	(b)
Allegro CLO Ltd., 2014-1RA A1 (3 mo. Term SOFR + 1.342%)		6.675	%		10/21/28		712,539		712,193	(a)(b)
Avis Budget Rental Car Funding AESOP LLC, 2020-2A A		2.020	%		2/20/27		940,000		858,814	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A A		1.380	%		8/20/27		1,230,000		1,086,866	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A C		2.130	%		8/20/27		980,000		854,711	(a)
Ballyrock CLO Ltd., 2019-2A A1BR (3 mo. Term SOFR + 1.462%)		6.841	%		11/20/30		490,000		488,818	(a)(b)
Barings Private Credit Corp. CLO Ltd., 2023-1A A1 (3 mo. Term SOFR + 2.400%)		7.807	%		7/15/31		1,130,000		1,130,538	(a)(b)
Battery Park CLO Ltd., 2022-1A A1 (3 mo. Term SOFR + 2.210%)		7.536	%		10/20/35		1,150,000		1,155,133	(a)(b)
BCRED MML CLO LLC, 2021-1A A (3 mo. Term SOFR + 1.742%)		7.050	%		1/15/35		1,050,000		1,039,500	(a)(b)
BDS Ltd., 2021-FL10 D (1 mo. Term SOFR + 2.964%)		8.295	%		12/16/36		1,320,000		1,257,385	(a)(b)
BlueMountain CLO Ltd., 2018-22A A1 (3 mo. Term SOFR + 1.342%)		6.650	%		7/15/31		770,000		768,053	(a)(b)
Bravo Mortgage Asset Trust, 2006-1A M1 (1 mo. Term SOFR + 0.714%)		6.034	%		7/25/36		690,672		595,967	(a)(b)

See Notes to Schedule of Investments.

    12     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Carlyle Global Market Strategies CLO Ltd., 2014-3RA A1A (3 mo. Term SOFR + 1.312%)		6.669	%		7/27/31	$	376,896	$	376,820	(a)(b)
CarVal CLO Ltd., 2023-1A A1 (3 mo. Term SOFR + 2.200%)		7.526	%		1/20/35		1,210,000		1,218,554	(a)(b)
CBAM Ltd., 2017-1A A1 (3 mo. Term SOFR + 1.512%)		6.838	%		7/20/30		304,826		305,067	(a)(b)
CCG Receivables Trust, 2021-2 A2		0.540	%		3/14/29		1,000,214		964,344	(a)
Cedar Funding CLO Ltd., 2016-5A AFRR		1.937	%		7/17/31		1,700,000		1,580,974	(a)
Countrywide Asset-Backed Certificates Trust, 2002-S3 M1		4.800	%		5/25/32		1,285		915	(b)
Dryden CLO Ltd., 2019-80A BR (3 mo. Term SOFR + 1.750%)		7.058	%		1/17/33		1,710,000		1,685,354	(a)(b)
Ent Auto Receivables Trust, 2023-1A A4		6.260	%		11/15/29		640,000		640,651	(a)
Enterprise Fleet Financing LLC, 2022-3 A2		4.380	%		7/20/29		982,407		962,145	(a)
Enterprise Fleet Financing LLC, 2023-1 A2		5.510	%		1/22/29		1,590,000		1,577,568	(a)
Ford Credit Auto Owner Trust, 2023-1 A		4.850	%		8/15/35		2,000,000		1,939,887	(a)
Fortress Credit BSL Ltd., 2021-1A A (3 mo. Term SOFR + 1.732%)		7.058	%		4/20/33		2,990,000		2,991,293	(a)(b)
Foundation Finance Trust, 2021-1A A		1.270	%		5/15/41		307,421		271,289	(a)
Galaxy CLO Ltd., 2018-26A A (3 mo. Term SOFR + 1.462%)		6.845	%		11/22/31		450,000		449,859	(a)(b)
GECU Auto Receivables Trust, 2023-1A A3		5.630	%		8/15/28		1,530,000		1,518,694	(a)
GoldenTree Loan Management US CLO Ltd., 2021-10A A (3 mo. Term SOFR + 1.362%)		6.688	%		7/20/34		2,590,000		2,586,638	(a)(b)
GoldenTree Loan Opportunities Ltd., 2014-9A AR2 (3 mo. Term SOFR + 1.372%)		6.741	%		10/29/29		284,792		284,943	(a)(b)
GoldenTree Loan Opportunities Ltd., 2014-9A BR2 (3 mo. Term SOFR + 1.862%)		7.231	%		10/29/29		1,080,000		1,081,768	(a)(b)
Golub Capital Partners CLO LP, 2021-54A A (3 mo. Term SOFR + 1.792%)		7.161	%		8/5/33		1,980,000		1,959,831	(a)(b)
Golub Capital Partners CLO Ltd., 2015-25A AR (3 mo. Term SOFR + 1.642%)		7.011	%		5/5/30		956,747		955,254	(a)(b)
Golub Capital Partners CLO Ltd., 2018-36A B (3 mo. Term SOFR + 1.912%)		7.281	%		2/5/31		1,270,000		1,242,624	(a)(b)
Golub Capital Partners CLO Ltd., 2020-47A A1 (3 mo. Term SOFR + 1.942%)		7.311	%		5/5/32		1,080,000		1,075,140	(a)(b)
GoodLeap Sustainable Home Solutions Trust, 2021-4GS A		1.930	%		7/20/48		570,699		420,122	(a)
Great Lakes Kcap F3c Senior LLC, 2017-1A A (3 mo. Term SOFR + 2.162%)		7.559	%		12/20/29		880,716		882,528	(a)(b)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         13

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Greenwood Park CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.272%)		6.580	%		4/15/31	$	500,000	$	499,645	(a)(b)
Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%)		6.467	%		7/15/39		1,030,000		1,015,473	(a)(b)
Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.890%)		7.241	%		4/26/31		650,000		648,354	(a)(b)
Grippen Park CLO Ltd., 2017-1A A (3 mo. Term SOFR + 1.522%)		6.848	%		1/20/30		801,568		801,303	(a)(b)
Grippen Park CLO Ltd., 2017-1A C (3 mo. Term SOFR + 2.562%)		7.888	%		1/20/30		750,000		750,032	(a)(b)
Halsey Point CLO Ltd., 2019-1A A1A1 (3 mo. Term SOFR + 1.612%)		6.938	%		1/20/33		1,360,000		1,358,009	(a)(b)
Hertz Vehicle Financing LLC, 2021-1A A		1.210	%		12/26/25		1,250,000		1,186,929	(a)
Hertz Vehicle Financing LP, 2021-2A A		1.680	%		12/27/27		530,000		465,723	(a)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		1,321,287		1,088,798	(a)
Home Equity Asset Trust, 2005-6 M5 (1 mo. Term SOFR + 1.059%)		6.379	%		12/25/35		380,000		345,236	(b)
JPMorgan Mortgage Acquisition Trust, 2007-CH2 MV2 (1 mo. Term SOFR + 0.414%)		5.734	%		1/25/37		420,000		400,946	(b)
KREF Ltd., 2022-FL3 A (1 mo. Term SOFR + 1.450%)		6.777	%		2/17/39		1,600,000		1,583,147	(a)(b)
Magnetite Ltd., 2015-14RA A2 (3 mo. Term SOFR + 1.382%)		6.692	%		10/18/31		730,000		730,433	(a)(b)
MASTR Specialized Loan Trust, 2006-3 A (1 mo. Term SOFR + 0.634%)		5.954	%		6/25/46		31,183		29,609	(a)(b)
MF1 LLC, 2022-FL9 A (1 mo. Term SOFR + 2.150%)		7.477	%		6/19/37		2,250,000		2,253,352	(a)(b)
MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%)		6.525	%		10/16/36		1,060,000		1,049,284	(a)(b)
Midocean Credit CLO, 2018-8A A1R (3 mo. Term SOFR + 1.312%)		6.691	%		2/20/31		738,166		737,767	(a)(b)
Midocean Credit CLO, 2018-9A B (3 mo. Term SOFR + 2.012%)		7.338	%		7/20/31		1,750,000		1,738,123	(a)(b)
Myers Park CLO Ltd., 2018-1A B1 (3 mo. Term SOFR + 1.862%)		7.188	%		10/20/30		250,000		248,052	(a)(b)
Navient Private Education Refi Loan Trust, 2022-BA A		4.160	%		10/15/70		935,116		874,103	(a)
Navient Student Loan Trust, 2016-6A A3 (30 Day Average SOFR + 1.414%)		6.729	%		3/25/66		1,812,683		1,818,867	(a)(b)

See Notes to Schedule of Investments.

    14     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%)		6.029	%		12/26/69	$	639,163	$	632,443	(a)(b)
Nelnet Student Loan Trust, 2014-6A A (30 Day Average SOFR + 0.764%)		6.079	%		11/25/52		235,211		232,655	(a)(b)
Nelnet Student Loan Trust, 2021-A A2 (1 mo. Term SOFR + 1.144%)		6.469	%		4/20/62		1,310,000		1,293,519	(a)(b)
Nelnet Student Loan Trust, 2021-A APT1		1.360	%		4/20/62		539,066		480,851	(a)
Neuberger Berman Loan Advisers CLO Ltd., 2017-24A AR (3 mo. Term SOFR + 1.282%)		6.602	%		4/19/30		471,871		471,705	(a)(b)
Neuberger Berman Loan Advisers CLO Ltd., 2018-29A A1 (3 mo. Term SOFR + 1.392%)		6.712	%		10/19/31		250,000		250,000	(a)(b)
Neuberger Berman Loan Advisers CLO Ltd., 2021-40A A (3 mo. Term SOFR + 1.322%)		6.630	%		4/16/33		600,000		597,526	(a)(b)
Ocean Trails CLO, 2019-7A AR (3 mo. Term SOFR + 1.272%)		6.580	%		4/17/30		1,369,132		1,366,259	(a)(b)
Ocean Trails CLO Ltd., 2023-14A A1 (3 mo. Term SOFR + 2.000%)		7.326	%		1/20/35		670,000		673,488	(a)(b)
Octagon Investment Partners Ltd., 2014-1A AAR3 (3 mo. Term SOFR + 1.262%)		6.631	%		2/14/31		260,000		258,956	(a)(b)
Octagon Investment Partners Ltd., 2018-1A A1A (3 mo. Term SOFR + 1.322%)		6.648	%		1/20/31		2,952,897		2,947,166	(a)(b)
OHA Loan Funding Ltd., 2013-2A AR (3 mo. Term SOFR + 1.302%)		6.679	%		5/23/31		238,255		238,273	(a)(b)
Option One Mortgage Loan Trust, 2007-FXD1 1A1		5.866	%		1/25/37		413,922		321,433
Option One Mortgage Loan Trust, 2007-FXD1 2A1		5.866	%		1/25/37		368,849		294,751
Owl Rock CLO Ltd., 2019-1A A (3 mo. Term SOFR + 2.062%)		7.441	%		5/20/31		710,497		711,050	(a)(b)
Parliament Funding Ltd., 2020-1A AR (3 mo. Term SOFR + 1.512%)		6.838	%		10/20/31		1,915,391		1,910,698	(a)(b)
Saranac CLO Ltd., 2014-3A BR (3 mo. USD LIBOR + 1.850%)		7.508	%		6/22/30		690,000		686,092	(a)(b)
Saxon Asset Securities Trust, 2003-3 M1 (1 mo. Term SOFR + 1.089%)		3.759	%		12/25/33		15,426		14,833	(b)
SLM Private Credit Student Loan Trust, 2005-A A4 (3 mo. Term SOFR + 0.572%)		5.981	%		12/15/38		906,697		878,660	(b)
SLM Private Credit Student Loan Trust, 2006-A A5 (3 mo. Term SOFR + 0.552%)		5.961	%		6/15/39		674,214		650,553	(b)
SLM Private Credit Student Loan Trust, 2006-B A5 (3 mo. Term SOFR + 0.532%)		5.941	%		12/15/39		373,745		358,865	(b)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         15

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
SLM Student Loan Trust, 2003-10A A4 (90 Day Average SOFR + 0.931%)		6.152	%		12/17/68	$	678,308	$	672,991	(a)(b)
SMB Private Education Loan Trust, 2016-C A2A		2.340	%		9/15/34		285,020		276,659	(a)
SMB Private Education Loan Trust, 2021-A A2A1 (1 mo. Term SOFR + 0.844%)		6.177	%		1/15/53		409,658		403,487	(a)(b)
SMB Private Education Loan Trust, 2021-A A2B		1.590	%		1/15/53		438,406		380,571	(a)
SMB Private Education Loan Trust, 2021-A C		2.990	%		1/15/53		757,203		634,746	(a)
SMB Private Education Loan Trust, 2023-B A1B (30 Day Average SOFR + 1.800%)		7.113	%		10/16/56		2,280,876		2,298,532	(a)(b)
Sonic Capital LLC, 2020-1A A2I		3.845	%		1/20/50		87,225		79,304	(a)
Stonepeak ABS, 2021-1A A		2.675	%		2/28/33		932,081		831,114	(a)
Stratus CLO Ltd., 2021-3A A (3 mo. Term SOFR + 1.212%)		6.538	%		12/29/29		1,122,092		1,117,965	(a)(b)
Stratus Static CLO Ltd., 2022-3A A (3 mo. Term SOFR + 2.150%)		7.476	%		10/20/31		673,039		674,004	(a)(b)
Structured Asset Securities Corp., 2004-SC1 A		8.239	%		12/25/29		4,806		4,047	(a)(b)
Structured Asset Securities Corp. Mortgage Loan Trust, 2006-GEL4 M1 (1 mo. Term SOFR + 0.684%)		6.004	%		10/25/36		296,630		286,359	(a)(b)
Structured Asset Securities Corp. Trust, 2005- SC1 1A2		6.990	%		5/25/31		433,822		331,499	(a)(b)
STWD Ltd., 2022-FL3 A (30 Day Average SOFR + 1.350%)		6.663	%		11/15/38		250,000		245,126	(a)(b)
Sycamore Tree CLO Ltd., 2023-2A A (3 mo. Term SOFR + 2.330%)		7.656	%		4/20/35		1,210,000		1,218,172	(a)(b)
Symphony CLO Ltd., 2016-18A BR (3 mo. Term SOFR + 1.862%)		7.207	%		7/23/33		1,040,000		1,025,572	(a)(b)
Symphony CLO Ltd., 2018-19A A (3 mo. Term SOFR + 1.222%)		6.530	%		4/16/31		258,241		257,982	(a)(b)
TRP LLC, 2021-1 A		2.070	%		6/19/51		883,715		762,776	(a)
Voya CLO Ltd., 2015-1A A1R (3 mo. Term SOFR + 1.162%)		6.472	%		1/18/29		329,332		329,346	(a)(b)
Voya CLO Ltd., 2018-3A A1A (3 mo. Term SOFR + 1.412%)		6.720	%		10/15/31		350,000		349,584	(a)(b)
Voya CLO Ltd., 2018-4A A1AR (3 mo. Term SOFR + 1.302%)		6.610	%		1/15/32		820,000		817,070	(a)(b)
Whitebox CLO Ltd., 2019-1A ANAR (3 mo. Term SOFR + 1.392%)		6.737	%		7/24/32		1,940,000		1,937,330	(a)(b)

See Notes to Schedule of Investments.

    16     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Woodmont Trust, 2023-12A A1A (3 mo. Term SOFR + 2.500%)		7.620	%		7/25/31	$	840,000	$	842,874	(a)(b)
ZAIS CLO Ltd., 2019-13A A1A (3 mo. Term SOFR + 1.752%)		7.060	%		7/15/32		300,000		300,063	(a)(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $90,361,025)									88,352,739
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - 12.1%
Alternative Loan Trust, 2005-56 4A1 (1 mo. Term SOFR + 0.734%)		6.054	%		11/25/35		62,280		55,647	(b)
AREIT Trust, 2021-CRE5 A (1 mo. Term SOFR + 1.194%)		6.525	%		11/17/38		657,763		644,508	(a)(b)
Banc of America Mortgage Trust, 2003-C B1		4.746	%		4/25/33		14,181		3,058	(b)
BANK, 2017-BNK9 ASB		3.470	%		11/15/54		1,092,694		1,030,677
BANK, 2022-BNK39 XA, IO		0.533	%		2/15/55		60,658,398		1,629,964	(b)
BANK, 2022-BNK40 A4		3.507	%		3/15/64		470,000		393,041	(b)
BANK, 2023-BNK45 A5		5.203	%		2/15/56		1,590,000		1,505,097
Bear Stearns ALT-A Trust, 2007-1 1A1 (1 mo. Term SOFR + 0.434%)		5.754	%		1/25/47		80,585		64,754	(b)
Benchmark Mortgage Trust, 2021-B31 A5		2.669	%		12/15/54		1,320,000		1,043,912
BPR Trust, 2021-TY C (1 mo. Term SOFR + 1.814%)		7.147	%		9/15/38		990,000		926,360	(a)(b)
BX Commercial Mortgage Trust, 2021-XL2 J (1 mo. Term SOFR + 4.004%)		9.336	%		10/15/38		774,111		732,645	(a)(b)
BX Commercial Mortgage Trust, 2022-AHP A (1 mo. Term SOFR + 0.990%)		6.322	%		1/17/39		1,270,000		1,242,139	(a)(b)
BX Commercial Mortgage Trust, 2023-VLT2 A (1 mo. Term SOFR + 2.281%)		7.613	%		6/15/40		1,970,000		1,972,119	(a)(b)
BX Mortgage Trust, 2021-PAC A (1 mo. Term SOFR + 0.804%)		6.136	%		10/15/36		330,000		322,903	(a)(b)
BX Trust, 2019-OC11 A		3.202	%		12/9/41		680,000		574,491	(a)
BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%)		8.589	%		10/15/36		990,000		928,835	(a)(b)
BX Trust, 2021-BXMF A (1 mo. Term SOFR + 0.750%)		6.082	%		10/15/26		1,640,000		1,607,186	(a)(b)
BX Trust, 2021-SDMF F (1 mo. Term SOFR + 2.051%)		7.383	%		9/15/34		1,170,000		1,099,664	(a)(b)
BX Trust, 2022-CLS A		5.760	%		10/13/27		1,630,000		1,575,117	(a)
BX Trust, 2022-IND A (1 mo. Term SOFR + 1.491%)		6.823	%		4/15/37		629,677		625,706	(a)(b)
BX Trust, 2022-LBA6 A (1 mo. Term SOFR + 1.000%)		6.332	%		1/15/39		1,290,000		1,262,499	(a)(b)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         17

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
BX Trust, 2023-LIFE A		5.045	%		2/15/28	$	1,270,000	$	1,196,213	(a)
CD Mortgage Trust, 2016-CD2 A4		3.526	%		11/10/49		960,000		873,797	(b)
CFK Trust, 2020-MF2 F		3.573	%		3/15/39		1,270,000		921,823	(a)(b)
Chase Mortgage Finance Trust, 2007-A1 2A3		5.269	%		2/25/37		5,719		5,291	(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. Term SOFR + 0.414%)		5.738	%		8/25/35		1,109		1,033	(a)(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. Term SOFR + 0.694%)		6.014	%		10/25/35		9,587		8,786	(a)(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2005-1A A2 (1 mo. Term SOFR + 0.314%)		5.634	%		1/25/36		2,238		1,989	(a)(b)
Citigroup Commercial Mortgage Trust, 2013- 375P A		3.251	%		5/10/35		316,184		294,660	(a)
Citigroup Commercial Mortgage Trust, 2017-B1 A4		3.458	%		8/15/50		930,000		842,310
Citigroup Mortgage Loan Trust, 2007-AR4 2A1A		4.524	%		3/25/37		18,707		18,289	(b)
Countrywide Home Loans Reperforming REMIC Trust, 2006-R2 AF1 (1 mo. Term SOFR + 0.534%)		5.854	%		7/25/36		74,946		68,310	(a)(b)
CRSO Trust, 2023-BRND A		7.121	%		7/10/40		1,280,000		1,283,688	(a)
CSMC Trust, 2019-UVIL A		3.160	%		12/15/41		1,730,000		1,434,939	(a)
CSMC Trust, 2020-RPL4 A1		2.000	%		1/25/60		280,348		239,338	(a)(b)
DSLA Mortgage Loan Trust, 2005-AR1 2A1A (1 mo. Term SOFR + 0.614%)		5.942	%		2/19/45		10,469		10,268	(b)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		440,962		345,530	(a)(b)
Ellington Financial Mortgage Trust, 2022-1 A1		2.206	%		1/25/67		1,091,618		891,413	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2525 AM		4.500	%		4/15/32		50,713		48,915
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5200 KQ, PAC		3.000	%		9/25/49		81,091		71,437
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA1 B1 (30 Day Average SOFR + 2.414%)		7.729	%		1/25/50		230,000		231,502	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA2 M2 (30 Day Average SOFR + 1.964%)		7.279	%		2/25/50		135,586		135,873	(a)(b)

See Notes to Schedule of Investments.

    18     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA1 M2 (30 Day Average SOFR + 1.800%)		7.115	%		1/25/51	$	162,126	$	161,661	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA3 M1A (30 Day Average SOFR + 2.000%)		7.315	%		4/25/42		320,389		322,836	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA3 M1B (30 Day Average SOFR + 2.900%)		8.215	%		4/25/42		590,000		603,942	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2018-1 M		4.750	%		5/25/57		603,976		559,025	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2019-1 M		4.750	%		7/25/58		1,040,000		948,383	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2020-2 M		4.250	%		11/25/59		950,000		822,019	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2017-C07 1B1 (30 Day Average SOFR + 4.114%)		9.429	%		5/25/30		370,000		397,980	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2018-C01 1B1 (30 Day Average SOFR + 3.664%)		8.979	%		7/25/30		410,000		435,484	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2019-R07 1M2 (30 Day Average SOFR + 2.214%)		7.529	%		10/25/39		15,101		15,126	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2020-R01 1M2 (30 Day Average SOFR + 2.164%)		7.479	%		1/25/40		107,690		108,131	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2022-R04 1M2 (30 Day Average SOFR + 3.100%)		8.415	%		3/25/42		540,000		548,895	(a)(b)
Federal National Mortgage Association (FNMA) ACES, 2019-M19 A2		2.560	%		9/25/29		193,697		170,277
Federal National Mortgage Association (FNMA) ACES, 2019-M28 AV		2.232	%		2/25/27		43,054		39,931
Federal National Mortgage Association (FNMA) REMIC, 2018-74 AB		3.500	%		10/25/48		166,702		147,525
Federal National Mortgage Association (FNMA) REMIC, 2022-57 BC		4.000	%		9/25/52		90,433		83,130

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         19

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
Freddie Mac Structured Pass-Through Certificates, T-51 1A		6.500	%		9/25/43	$	38,755	$	37,948	(b)
Government National Mortgage Association (GNMA), 2010-H02 FA (1 mo. Term SOFR + 0.794%)		6.123	%		2/20/60		18,201		18,114	(b)
Government National Mortgage Association (GNMA), 2010-H03 FA (1 mo. Term SOFR + 0.664%)		5.993	%		3/20/60		150,895		150,380	(b)
Government National Mortgage Association (GNMA), 2010-H10 FB (1 mo. Term SOFR + 1.114%)		6.443	%		5/20/60		250,012		250,529	(b)
Government National Mortgage Association (GNMA), 2010-H20 AF (1 mo. Term SOFR + 0.444%)		5.762	%		10/20/60		443,738		440,965	(b)
Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. Term SOFR + 0.464%)		5.782	%		8/20/58		348,875		346,851	(b)
Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. Term SOFR + 0.564%)		5.882	%		11/20/60		498,790		496,818	(b)
Government National Mortgage Association (GNMA), 2011-H03 FA (1 mo. Term SOFR + 0.614%)		5.932	%		1/20/61		42,127		41,942	(b)
Government National Mortgage Association (GNMA), 2011-H05 FB (1 mo. Term SOFR + 0.614%)		5.932	%		12/20/60		75,103		74,756	(b)
Government National Mortgage Association (GNMA), 2011-H06 FA (1 mo. Term SOFR + 0.564%)		5.882	%		2/20/61		93,443		92,962	(b)
Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. Term SOFR + 0.614%)		5.932	%		2/20/61		46,234		46,023	(b)
Government National Mortgage Association (GNMA), 2011-H19 FA (1 mo. Term SOFR + 0.584%)		5.902	%		8/20/61		182,131		181,308	(b)
Government National Mortgage Association (GNMA), 2012-H21 FA (1 mo. Term SOFR + 0.614%)		5.932	%		7/20/62		1,838,413		1,829,989	(b)
Government National Mortgage Association (GNMA), 2012-H23 SA (1 mo. Term SOFR + 0.644%)		5.962	%		10/20/62		90,564		90,227	(b)

See Notes to Schedule of Investments.

    20     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
Government National Mortgage Association (GNMA), 2012-H23 WA (1 mo. Term SOFR + 0.634%)		5.952	%		10/20/62	$	53,096	$	52,849	(b)
Government National Mortgage Association (GNMA), 2013-H02 FD (1 mo. Term SOFR + 0.454%)		5.772	%		12/20/62		520,801		516,948	(b)
Government National Mortgage Association (GNMA), 2013-H08 BF (1 mo. Term SOFR + 0.514%)		5.832	%		3/20/63		222,679		220,326	(b)
Government National Mortgage Association (GNMA), 2013-H14 FC (1 mo. Term SOFR + 0.584%)		5.902	%		6/20/63		48,355		48,120	(b)
Government National Mortgage Association (GNMA), 2013-H14 FD (1 mo. Term SOFR + 0.584%)		5.902	%		6/20/63		21,240		21,119	(b)
Government National Mortgage Association (GNMA), 2013-H14 FG (1 mo. Term SOFR + 0.584%)		5.902	%		5/20/63		22,530		22,416	(b)
Government National Mortgage Association (GNMA), 2018-168 PA, PAC		4.000	%		8/20/48		129,998		119,999
Government National Mortgage Association (GNMA), 2019-18 TP, PAC		3.500	%		2/20/49		91,844		81,110
Government National Mortgage Association (GNMA), 2021-8 AQ		5.000	%		1/20/51		74,606		72,972
Government National Mortgage Association (GNMA), 2021-29 AG		5.000	%		2/20/51		74,788		71,613
Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day Average SOFR + 0.380%)		4.550	%		4/20/70		1,965,263		1,905,280	(b)
Government National Mortgage Association (GNMA), 2021-H16 FG (30 Day Average SOFR + 0.300%)		5.418	%		9/20/71		2,276,199		2,227,403	(b)
Government National Mortgage Association (GNMA), 2022-H08 FA (30 Day Average SOFR + 0.750%)		5.205	%		4/20/72		2,386,486		2,334,385	(b)
GS Mortgage Securities Corp. Trust, 2021-IP A (1 mo. Term SOFR + 1.064%)		6.397	%		10/15/36		990,000		944,541	(a)(b)
Hawaii Hotel Trust, 2019-MAUI F (1 mo. Term SOFR + 2.797%)		8.129	%		5/15/38		1,000,000		972,749	(a)(b)
Impac CMB Trust, 2007-A A (1 mo. Term SOFR + 0.614%)		5.934	%		5/25/37		37,349		34,816	(a)(b)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         21

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. Term SOFR + 0.654%)		5.974	%		11/25/36	$	717,668	$	568,092	(b)
IndyMac INDX Mortgage Loan Trust, 2004-AR14 2A1A (1 mo. Term SOFR + 0.834%)		6.154	%		1/25/35		43,456		30,640	(b)
IndyMac INDX Mortgage Loan Trust, 2005-AR31 2A1		4.251	%		1/25/36		551,781		497,681	(b)
JPMDB Commercial Mortgage Securities Trust, 2017-C7 A5		3.409	%		10/15/50		893,000		803,942
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-NNN GFX		4.844	%		1/16/37		1,350,000		963,887	(a)(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-NYAH F (1 mo. Term SOFR + 2.304%)		7.637	%		6/15/38		1,320,000		1,132,024	(a)(b)
JPMorgan Resecuritization Trust, 2009-10 7A2		7.054	%		2/26/37		1,652,124		685,709	(a)(b)
Luminent Mortgage Trust, 2006-7 2A2 (1 mo. Term SOFR + 0.554%)		5.874	%		12/25/36		17,684		17,655	(b)
Med Trust, 2021-MDLN E (1 mo. Term SOFR + 3.264%)		8.596	%		11/15/38		975,319		932,098	(a)(b)
Merrill Lynch Mortgage Investors Trust, 2003-A2 2M1		4.791	%		3/25/33		5,046		4,096	(b)
Merrill Lynch Mortgage Investors Trust, 2004-A1 2A1		4.421	%		2/25/34		6,029		5,486	(b)
Merrill Lynch Mortgage Investors Trust, 2004-A1 2A2		4.421	%		2/25/34		256,682		233,569	(b)
MHC Commercial Mortgage Trust, 2021-MHC A (1 mo. Term SOFR + 0.915%)		6.247	%		4/15/38		747,218		737,692	(a)(b)
Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 ASB		3.514	%		12/15/49		175,576		168,021
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. Term SOFR + 1.022%)		6.355	%		11/15/34		285,906		283,348	(a)(b)
Morgan Stanley Capital I Trust, 2018-H4 XA, IO		0.997	%		12/15/51		23,590,969		760,596	(b)
Morgan Stanley Capital I Trust, 2019-BPR A (1 mo. Term SOFR + 1.992%)		7.322	%		5/15/36		526,746		507,561	(a)(b)
MSC Trust, 2021-ILP A (1 mo. Term SOFR + 0.892%)		6.225	%		11/15/23		1,654,529		1,619,073	(a)(b)
New Residential Mortgage Loan Trust, 2017-2A B2		4.750	%		3/25/57		299,095		274,782	(a)(b)
New Residential Mortgage Loan Trust, 2017-4A A1		4.000	%		5/25/57		119,404		109,182	(a)(b)
New Residential Mortgage Loan Trust, 2019-6A A1B		3.500	%		9/25/59		481,157		432,572	(a)(b)

See Notes to Schedule of Investments.

    22     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
New Residential Mortgage Loan Trust, 2022-NQM2 A1		3.079	%		3/27/62	$	1,187,896	$	1,041,854	(a)(b)
OBX Trust, 2022-NQM1 A1		2.305	%		11/25/61		1,014,075		843,927	(a)(b)
OPG Trust, 2021-PORT A (1 mo. Term SOFR + 0.598%)		5.931	%		10/15/36		878,912		857,196	(a)(b)
Radnor RE Ltd., 2021-1 M1C (30 Day Average SOFR + 2.700%)		8.015	%		12/27/33		1,320,000		1,339,837	(a)(b)
RAMP Trust, 2004-SL4 A5		7.500	%		7/25/32		3,889		1,566
Residential Accredit Loans Inc., 2007-QS7 1A7 (1 mo. Term SOFR + 0.664%)		5.984	%		5/25/37		467,056		332,713	(b)
Sequoia Mortgage Trust, 2003-2 A2 (6 mo. USD LIBOR + 0.680%)		6.105	%		6/20/33		71,438		67,659	(b)
SFO Commercial Mortgage Trust, 2021-555 D (1 mo. Term SOFR + 2.514%)		7.846	%		5/15/38		920,000		712,165	(a)(b)
SG Residential Mortgage Trust, 2022-1 A1		3.166	%		3/27/62		1,324,692		1,146,941	(a)(b)
SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%)		11.332	%		2/15/39		1,484,360		1,304,890	(a)(b)
SREIT Trust, 2021-MFP A (1 mo. Term SOFR + 0.845%)		6.177	%		11/15/38		1,650,000		1,620,658	(a)(b)
SREIT Trust, 2021-MFP2 A (1 mo. Term SOFR + 0.936%)		6.268	%		11/15/36		1,450,000		1,426,525	(a)(b)
SREIT Trust, 2021-PALM A (1 mo. Term SOFR + 0.704%)		6.036	%		10/15/34		1,650,000		1,610,361	(a)(b)
Structured Adjustable Rate Mortgage Loan Trust, 2004-2 4A1		5.814	%		3/25/34		42,813		40,246	(b)
Structured Adjustable Rate Mortgage Loan Trust, 2005-4 1A1		4.821	%		3/25/35		73,008		60,911	(b)
Structured Adjustable Rate Mortgage Loan Trust, 2005-12 3A1		5.281	%		6/25/35		5,168		4,651	(b)
Structured Asset Securities Corp., 2005-RF3 2A		3.962	%		6/25/35		94,088		83,014	(a)(b)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2002-3 B2		6.500	%		3/25/32		263,166		297,389	(b)
STWD Trust, 2021-FLWR E (1 mo. Term SOFR + 2.038%)		7.370	%		7/15/36		2,200,000		2,089,161	(a)(b)
Tharaldson Hotel Portfolio Trust, 2018-THL D (1 mo. Term SOFR + 2.414%)		7.742	%		11/11/34		793,879		773,576	(a)(b)
Towd Point Mortgage Trust, 2015-2 1B3		3.627	%		11/25/60		900,000		727,217	(a)(b)
Towd Point Mortgage Trust, 2019-4 B1B		3.500	%		10/25/59		910,000		612,093	(a)(b)
UBS Commercial Mortgage Trust, 2017-C4 A4		3.563	%		10/15/50		1,330,000		1,200,585
Wachovia Mortgage Loan Trust LLC, 2005-A 1A1		5.372	%		8/20/35		2,855		2,699	(b)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         23

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(d) - (continued)
WaMu Mortgage Pass-Through Certificates Trust, 2003-AR5 A7		4.825	%		6/25/33	$	13,464	$	13,255	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR4 A5		3.908	%		4/25/35		9,488		8,877	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR19 A1B2 (1 mo. Term SOFR + 0.934%)		5.844	%		12/25/45		18,603		17,547	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2006-AR13 2A (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 1.500%)		6.126	%		10/25/46		347,852		309,804	(b)
WMRK Commercial Mortgage Trust, 2022- WMRK A (1 mo. Term SOFR + 2.789%)		8.121	%		11/15/27		2,070,000		2,075,013	(a)(b)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $84,968,259)									78,665,565
MORTGAGE-BACKED SECURITIES - 7.1%
FHLMC - 1.1%
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		4/1/33		60,838		57,213
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		6/1/35-11/1/35		3,142,140		2,807,122
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		2/1/51		64,760		51,609
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		7/1/52		459,975		435,203
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Refinitiv USD IBOR Consumer Cash Fallbacks + 1.495%)		5.137	%		6/1/43		87,713		86,878	(b)
Federal Home Loan Mortgage Corp. (FHLMC) (30 Day Average SOFR + 2.184%)		1.779	%		8/1/51		3,924,613		3,443,919	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Gold		7.000	%		4/1/32		21,267		22,051
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.000	%		2/1/38-4/1/38		53,496		47,645
Total FHLMC									6,951,640
FNMA - 5.4%
Federal National Mortgage Association (FNMA)		7.000	%		2/1/27-8/1/32		50,616		50,458
Federal National Mortgage Association (FNMA)		2.500	%		2/1/35-10/1/51		5,062,001		4,291,465
Federal National Mortgage Association (FNMA)		3.000	%		2/1/36-3/1/40		2,806,181		2,508,114
Federal National Mortgage Association (FNMA)		4.500	%		11/1/38		2,627,084		2,535,992
Federal National Mortgage Association (FNMA)		2.000	%		7/1/51-11/1/51		354,941		272,975

See Notes to Schedule of Investments.

    24     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		5.500	%		8/1/52	$	5,340,177	$	5,166,037
Federal National Mortgage Association (FNMA)		2.000	%		10/1/53		6,700,000		5,097,758	(e)
Federal National Mortgage Association (FNMA)		2.500	%		10/1/53		6,100,000		4,842,579	(e)
Federal National Mortgage Association (FNMA)		3.000	%		10/1/53		3,900,000		3,225,270	(e)
Federal National Mortgage Association (FNMA)		4.000	%		10/1/53		3,400,000		3,027,328	(e)
Federal National Mortgage Association (FNMA)		6.000	%		10/1/53		600,000		592,172	(e)
Federal National Mortgage Association (FNMA)		6.500	%		10/1/53		700,000		703,227	(e)
Federal National Mortgage Association (FNMA)		4.000	%		2/1/56-6/1/57		344,935		313,387
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity Rate + 2.375%)		6.536	%		9/1/37		351,481		352,274	(b)
Federal National Mortgage Association (FNMA) (30 Day Average SOFR + 2.120%)		1.924	%		11/1/51		2,442,278		2,159,115	(b)
Total FNMA									35,138,151
GNMA - 0.6%
Government National Mortgage Association (GNMA)		6.000	%		11/15/28		3,713		3,680
Government National Mortgage Association (GNMA)		6.500	%		8/15/34		43,478		44,607
Government National Mortgage Association (GNMA)		7.000	%		3/15/36		16,387		16,939
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		175,424		151,616
Government National Mortgage Association (GNMA)		3.500	%		6/15/48-5/15/50		155,037		139,293
Government National Mortgage Association (GNMA) II		3.500	%		6/20/44-10/20/49		87,460		77,614
Government National Mortgage Association (GNMA) II		4.000	%		2/20/48-4/20/48		11,699		10,694
Government National Mortgage Association (GNMA) II		5.000	%		5/20/48-4/20/49		85,049		81,802
Government National Mortgage Association (GNMA) II		4.500	%		8/20/48-9/20/52		384,655		358,228
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50-2/20/53		1,603,728		1,312,236
Government National Mortgage Association (GNMA) II		4.000	%		10/20/53		1,000,000		901,055	(e)
Government National Mortgage Association (GNMA) II		6.500	%		10/20/53		400,000		402,281	(e)

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         25

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II (1 mo. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.077%)		6.229	%		7/20/60	$	12,938	$	12,936	(b)
Government National Mortgage Association (GNMA) II (1 mo. Refinitiv USD IBOR Consumer Cash Fallbacks + 2.092%)		7.219	%		8/20/60		300,793		306,119	(b)
Government National Mortgage Association (GNMA) II (1 year Treasury Constant Maturity Rate + 1.104%)		6.345	%		7/20/60		22,386		22,359	(b)
Government National Mortgage Association (GNMA) II (1 year Treasury Constant Maturity Rate + 1.440%)		6.700	%		2/20/60		117,143		117,390	(b)
Total GNMA									3,958,849
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $49,144,435)									46,048,640
SENIOR LOANS - 1.2%
COMMUNICATION SERVICES - 0.3%
Media - 0.3%
Charter Communications Operating LLC, Term Loan B1 (3 mo. Term SOFR + 1.750%)		7.116	%		4/30/25		490,885		491,806	(b)(f)(g)
Charter Communications Operating LLC, Term Loan B2 (3 mo. Term SOFR + 1.750%)		7.116	%		2/1/27		491,049		491,080	(b)(f)(g)
Nexstar Media Inc., Term Loan B4 (1 mo. Term SOFR + 2.614%)		7.931	%		9/18/26		442,828		442,827	(b)(f)(g)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. Term SOFR + 2.614%)		7.947	%		1/31/28		750,000		730,549	(b)(f)(g)
TOTAL COMMUNICATION SERVICES									2,156,262
CONSUMER DISCRETIONARY - 0.2%
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, 2021 Refinancing Term Loan B1 (1 mo. Term SOFR + 2.864%)		8.192	%		9/23/26		491,184		491,017	(b)(f)(g)
Specialty Retail - 0.1%
Rent-A-Center Inc., Term Loan B2 (3 mo. Term SOFR + 3.512%)		8.881	%		2/17/28		700,756		700,210	(b)(f)(g)
TOTAL CONSUMER DISCRETIONARY									1,191,227
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Pilot Travel Centers LLC, Initial Term Loan B (1 mo. Term SOFR + 2.100%)		7.416	%		8/4/28		734,962		734,962	(b)(f)(g)

See Notes to Schedule of Investments.

    26     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FINANCIALS - 0.4%
Financial Services - 0.3%
Hudson River Trading LLC, Term Loan (3 mo. Term SOFR + 3.262%)		8.631	%		3/20/28	$	736,776	$	733,552	(b)(f)(g)
Setanta Aircraft Leasing DAC, Term Loan (3 mo. USD LIBOR + 2.262%)		7.652	%		11/5/28		750,000		750,589	(b)(f)(g)
VFH Parent LLC, Initial Term Loan (1 mo. Term SOFR + 3.100%)		8.418	%		1/13/29		495,000		492,421	(b)(f)(g)
Total Financial Services									1,976,562
Insurance - 0.1%
Asurion LLC, New Term Loan B9 (1 mo. Term SOFR + 3.364%)		8.681	%		7/31/27		491,184		475,589	(b)(f)(g)
TOTAL FINANCIALS									2,452,151
INDUSTRIALS - 0.2%
Commercial Services & Supplies - 0.1%
APi Group DE Inc., Initial Term Loan (1 mo. Term SOFR + 2.614%)		7.931	%		10/1/26		675,840		677,584	(b)(f)(g)
Ground Transportation - 0.1%
Genesee & Wyoming Inc., Initial Term Loan (3 mo. Term SOFR + 2.100%)		7.490	%		12/30/26		736,641		736,678	(b)(f)(g)
TOTAL INDUSTRIALS									1,414,262
TOTAL SENIOR LOANS (Cost - $7,994,415)									7,948,864
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS - 0.3%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.3%
SOFR 1-Year Mid-Curve Futures, Put @ $97.000		10/13/23			285		712,500		1,132,875
SOFR 1-Year Mid-Curve Futures, Put @ $95.875		12/15/23			137		342,500		200,363
SOFR 1-Year Mid-Curve Futures, Put @ $96.000		12/15/23			323		807,500		553,137
U.S. Treasury 5-Year Notes Futures, Call @ $106.000		10/27/23			69		69,000		21,023
U.S. Treasury 5-Year Notes Futures, Call @ $106.250		10/27/23			117		117,000		27,422
TOTAL PURCHASED OPTIONS (Cost - $850,094)									1,934,820

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         27

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
SOVEREIGN BONDS - 0.1%
Supranational - 0.1%
Asian Development Bank, Senior Notes (Cost - $826,839)		1.500	%		1/20/27	$	830,000	$	746,282
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $694,063,351)									664,110,278
						SHARES
SHORT-TERM INVESTMENTS - 2.8%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $18,190,119)		5.259	%				18,190,119		18,190,119	(h)(i)
TOTAL INVESTMENTS - 105.2% (Cost - $712,253,470)									682,300,397
Liabilities in Excess of Other Assets - (5.2)%									(33,503,030	)
TOTAL NET ASSETS - 100.0%								$	648,797,367

†† Represents less than 0.1%.

(a) 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.

(b) 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.

(c) Security has no maturity date. The date shown represents the next call date.

(d) 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.

(e) This security is traded on a to-be-announced (“TBA”) basis. At September 30, 2023, the Fund held TBA securities with a total cost of $19,075,297.

(f) Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

(g) Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(h) Rate shown is one-day yield as of the end of the reporting period.

(i) 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 voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2023, the total market value of investments in Affiliated Companies was $18,190,119 and the cost was $18,190,119 (Note 2).

See Notes to Schedule of Investments.

    28     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury
IBOR	— Interbank Offered Rate
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
PAC	— Planned Amortization Class
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

At September 30, 2023, the Fund had the following written options contracts:

EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
SOFR 1-Year Mid-Curve Futures, Put		10/13/23	$	96.250		285	$	712,500	$	(600,281	)
SOFR 1-Year Mid-Curve Futures, Put		10/13/23		96.500		285		712,500		(776,625	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.250		274		685,000		(131,863	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.375		646		1,615,000		(407,787	)
U.S. Treasury 5-Year Notes Futures, Call		10/27/23		106.750		43		43,000		(5,711	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $653,161)									$	(1,922,267	)

Abbreviation(s) used in this schedule:

SOFR — Secured Overnight Financing Rate

At September 30, 2023, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month SOFR		151		3/25	$	36,187,402	$	36,017,275	$	(170,127	)
3-Month SOFR		304		3/26		73,122,941		72,994,200		(128,741	)
U.S. Treasury 2-Year Notes		1,478		12/23		300,317,910		299,606,766		(711,144	)
										(1,010,012	)
Contracts to Sell:
3-Month SOFR		183		3/24		43,483,966		43,256,625		227,341

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         29

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell (continued)
U.S. Treasury 5-Year Notes		896		12/23	$	94,842,174	$	94,402,004	$	440,170
U.S. Treasury 10-Year Notes		409		12/23		44,892,934		44,197,563		695,371
U.S. Treasury Long-Term Bonds		27		12/23		3,207,672		3,072,094		135,578
U.S. Treasury Ultra Long-Term Bonds		6		12/23		761,029		712,125		48,904
										1,547,364
Net unrealized appreciation on open futures contracts									$	537,352

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

At September 30, 2023, the Fund had the following open swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAPS
NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION (DEPRECIATION)
$	185,149,000		1/31/24	5.410%**	Daily U.S. Federal Funds Intraday Effective Rate**	$	6,844			—	$	6,844
	25,291,000		9/30/24	Daily SOFR Compound annually	3.500% annually		(474,246	)	$	7,213		(481,459	)
	19,216,000		10/14/24	Daily SOFR Compound annually	2.770% annually		(512,249	)		216		(512,465	)
	7,993,000		10/14/27	2.600% annually	Daily SOFR Compound annually		543,645			2,613		541,032
	51,170,000		2/29/28	Daily SOFR Compound annually	4.000% annually		(714,320	)		10,593		(724,913	)

See Notes to Schedule of Investments.

    30     Western Asset Short-Term Bond Fund 2023 Quarterly Report

WESTERN ASSET SHORT-TERM BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2023

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
	$	2,253,000		4/30/29	3.270% annually	Daily SOFR Compound annually	$	119,682		$	(39,646	)	$	159,328
		11,345,000		9/30/29	3.250% annually	Daily SOFR Compound annually		641,004			6,603			634,401
Total	$	302,417,000					$	(389,640	)	$	(12,408	)	$	(377,232	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE3			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
Markit CDX.NA.IG.41 Index	$	12,898,400		12/20/28	1.000% quarterly	$	(154,502	)	$	(176,247	)	$	21,745

1 If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the 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:

SOFR — Secured Overnight Financing Rate

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

See Notes to Schedule of Investments.

Western Asset Short-Term Bond Fund 2023 Quarterly Report         31

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Short-Term Bond Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

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

Pursuant to policies adopted by the Board of Trustees, 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 of Trustees. When determining the reliability of third

32

Notes to Schedule of Investments (unaudited) (continued)

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.

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)

33

Notes to Schedule of Investments (unaudited) (continued)

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†:
Corporate Bonds & Notes		—	$	346,743,860		—	$	346,743,860
U.S. Government & Agency Obligations		—		93,669,508		—		93,669,508
Asset-Backed Securities		—		88,352,739		—		88,352,739
Collateralized Mortgage Obligations		—		78,665,565		—		78,665,565
Mortgage-Backed Securities		—		46,048,640		—		46,048,640
Senior Loans		—		7,948,864		—		7,948,864
Purchased Options	$	1,934,820		—		—		1,934,820
Sovereign Bonds		—		746,282		—		746,282
Total Long-Term Investments		1,934,820		662,175,458		—		664,110,278
Short-Term Investments†		18,190,119		—		—		18,190,119
Total Investments	$	20,124,939	$	662,175,458		—	$	682,300,397
Other Financial Instruments:
Futures Contracts††	$	1,547,364		—		—	$	1,547,364
Centrally Cleared Interest Rate Swaps††		—	$	1,341,605		—		1,341,605
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—		21,745		—		21,745
Total Other Financial Instruments	$	1,547,364	$	1,363,350		—	$	2,910,714
Total	$	21,672,303	$	663,538,808		—	$	685,211,111
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options	$	1,922,267		—		—	$	1,922,267
Futures Contracts††		1,010,012		—		—		1,010,012
Centrally Cleared Interest Rate Swaps††		—	$	1,718,837		—		1,718,837
Total	$	2,932,279	$	1,718,837		—	$	4,651,116

34

Notes to Schedule of Investments (unaudited) (continued)

† See Schedule of Investments for additional detailed categorizations.

†† 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 September 30, 2023. The following transactions were effected in such company for the period ended September 30, 2023.

	Affiliate Value at December 31, 2022		Purchased				Sold
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	23,437,784	$	191,468,509		191,468,509	$	196,716,174		196,716,174

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at September 30, 2023
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	1,129,879		—	$	18,190,119

35