WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 53.0%
COMMUNICATION SERVICES - 4.0%
Diversified Telecommunication Services - 1.2%
AT&T Inc., Senior Notes		0.900	%		3/25/24	$	2,510,000	$	2,502,691
NTT Finance Corp., Senior Notes		0.583	%		3/1/24		1,360,000		1,360,000	(a)
Verizon Communications Inc., Senior Notes		0.750	%		3/22/24		320,000		319,225
Verizon Communications Inc., Senior Notes		1.450	%		3/20/26		710,000		658,491
Verizon Communications Inc., Senior Notes		1.680	%		10/30/30		568,000		458,058
Total Diversified Telecommunication Services									5,298,465
Entertainment - 0.6%
Warnermedia Holdings Inc., Senior Notes		3.638	%		3/15/25		1,530,000		1,498,011
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		910,000		861,333
Total Entertainment									2,359,344
Media - 1.2%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		700,000		662,459	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		2,940,000		2,900,107
Comcast Corp., Senior Notes		3.950	%		10/15/25		1,370,000		1,346,460
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		130,000		104,081	(a)
Total Media									5,013,107
Wireless Telecommunication Services - 1.0%
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		480,000		510,882
Sprint LLC, Senior Notes		7.125	%		6/15/24		1,150,000		1,153,766
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/25		2,810,000		2,747,673
T-Mobile USA Inc., Senior Notes		3.375	%		4/15/29		90,000		82,603
Total Wireless Telecommunication Services									4,494,924
TOTAL COMMUNICATION SERVICES									17,165,840
CONSUMER DISCRETIONARY - 3.3%
Automobiles - 1.7%
American Honda Finance Corp., Senior Notes		2.400	%		6/27/24		1,310,000		1,296,971
American Honda Finance Corp., Senior Notes		4.950	%		1/9/26		490,000		488,509
Ford Motor Credit Co. LLC, Senior Notes		3.375	%		11/13/25		1,800,000		1,727,706
Ford Motor Credit Co. LLC, Senior Notes		4.950	%		5/28/27		610,000		593,258
General Motors Financial Co. Inc., Senior Notes		2.750	%		6/20/25		910,000		878,411
General Motors Financial Co. Inc., Senior Notes		1.500	%		6/10/26		1,400,000		1,282,913
Hyundai Capital America, Senior Notes		5.950	%		9/21/26		330,000		333,821	(a)
Nissan Motor Acceptance Co. LLC, Senior Notes		2.000	%		3/9/26		1,100,000		1,014,385	(a)
Total Automobiles									7,615,974

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      1

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Broadline Retail - 0.4%
eBay Inc., Senior Notes		1.400	%		5/10/26	$	690,000	$	636,609
Prosus NV, Senior Notes		3.257	%		1/19/27		1,120,000		1,031,274	(a)
Total Broadline Retail									1,667,883
Hotels, Restaurants & Leisure - 1.1%
Caesars Entertainment Inc., Senior Notes		8.125	%		7/1/27		210,000		215,765
Carnival Holdings Bermuda Ltd., Senior Notes		10.375	%		5/1/28		190,000		207,408
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		2,890,000		2,765,585
NCL Corp. Ltd., Senior Secured Notes		8.125	%		1/15/29		460,000		484,328	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.375	%		7/15/27		470,000		461,460
Sands China Ltd., Senior Notes		2.550	%		3/8/27		330,000		297,458
Sands China Ltd., Senior Notes		3.100	%		3/8/29		220,000		190,033
Total Hotels, Restaurants & Leisure									4,622,037
Household Durables - 0.0%††
DR Horton Inc., Senior Notes		2.500	%		10/15/24		130,000		127,543
Specialty Retail - 0.1%
Home Depot Inc., Senior Notes		2.875	%		4/15/27		310,000		293,051
TOTAL CONSUMER DISCRETIONARY									14,326,488
CONSUMER STAPLES - 1.4%
Personal Care Products - 0.5%
Haleon UK Capital PLC, Senior Notes		3.125	%		3/24/25		1,130,000		1,102,286
Kenvue Inc., Senior Notes		5.350	%		3/22/26		940,000		946,484
Total Personal Care Products									2,048,770
Tobacco - 0.9%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		1,150,000		1,110,893
Altria Group Inc., Senior Notes		2.625	%		9/16/26		1,550,000		1,456,450
BAT International Finance PLC, Senior Notes		1.668	%		3/25/26		750,000		695,092
Philip Morris International Inc., Senior Notes		4.750	%		2/12/27		940,000		928,566
Total Tobacco									4,191,001
TOTAL CONSUMER STAPLES									6,239,771
ENERGY - 7.1%
Oil, Gas & Consumable Fuels - 7.1%
Chevron USA Inc., Senior Notes		0.687	%		8/12/25		120,000		112,898
Columbia Pipelines Holding Co. LLC, Senior Notes		6.055	%		8/15/26		1,487,000		1,505,395	(a)
Columbia Pipelines Holding Co. LLC, Senior Notes		6.042	%		8/15/28		900,000		917,072	(a)
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		130,000		119,362	(a)
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		2,650,000		2,666,168
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		2,900,000		2,773,331

See Notes to Schedule of Investments.

    2  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25	$	30,000	$	29,552	(b)(c)
Energy Transfer LP, Senior Notes		4.500	%		4/15/24		730,000		728,738
Energy Transfer LP, Senior Notes		4.750	%		1/15/26		1,160,000		1,147,091
Energy Transfer LP, Senior Notes		5.550	%		2/15/28		630,000		635,472
Enterprise Products Operating LLC, Senior Notes		3.750	%		2/15/25		1,160,000		1,141,243
Enterprise Products Operating LLC, Senior Notes		3.700	%		2/15/26		2,850,000		2,780,755
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		1,880,000		1,852,073
EQT Corp., Senior Notes		3.125	%		5/15/26		1,620,000		1,533,370	(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		560,000		530,340
EQT Corp., Senior Notes		5.000	%		1/15/29		550,000		536,468
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		1,510,000		1,488,364
MPLX LP, Senior Notes		4.875	%		6/1/25		50,000		49,565
MPLX LP, Senior Notes		1.750	%		3/1/26		1,150,000		1,073,198
Occidental Petroleum Corp., Senior Notes		3.200	%		8/15/26		730,000		686,689
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		170,000		158,989
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		1,400,000		1,400,800
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		1,160,000		1,077,288
QazaqGaz NC JSC, Senior Notes		4.375	%		9/26/27		1,140,000		1,066,755	(a)
Southwestern Energy Co., Senior Notes		8.375	%		9/15/28		410,000		426,721
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,780,000		1,850,040
Venture Global LNG Inc., Senior Secured Notes		9.500	%		2/1/29		200,000		213,368
Western Midstream Operating LP, Senior Notes		3.950	%		6/1/25		190,000		185,499
Western Midstream Operating LP, Senior Notes		4.650	%		7/1/26		1,620,000		1,586,265
Western Midstream Operating LP, Senior Notes		6.350	%		1/15/29		410,000		423,556
TOTAL ENERGY									30,696,425
FINANCIALS - 21.3%
Banks - 13.2%
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		1,600,000		1,532,503	(c)
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)		1.319	%		6/19/26		3,880,000		3,673,811	(c)
Bank of America Corp., Senior Notes (3.841% to 4/25/24 then SOFR + 1.110%)		3.841	%		4/25/25		1,760,000		1,754,670	(c)
Bank of America Corp., Subordinated Notes (3 mo. Term SOFR + 1.022%)		6.406	%		9/15/26		200,000		199,241	(c)
Bank of Montreal, Senior Notes		0.625	%		7/9/24		1,650,000		1,622,321

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      3

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Bank of Montreal, Senior Notes		1.850	%		5/1/25	$	650,000	$	624,809
Bank of Nova Scotia, Senior Notes		1.350	%		6/24/26		780,000		716,242
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		3,000,000		2,872,843	(a)(c)
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		650,000		645,746	(a)(c)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. Term SOFR + 4.167%)		5.950	%		5/15/25		400,000		397,081	(b)(c)
Citigroup Inc., Senior Notes (0.981% to 5/1/24 then SOFR + 0.669%)		0.981	%		5/1/25		3,240,000		3,211,828	(c)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		1,570,000		1,528,410	(c)
Citigroup Inc., Senior Notes (3.290% to 3/17/25 then SOFR + 1.528%)		3.290	%		3/17/26		1,250,000		1,220,512	(c)
Citigroup Inc., Senior Notes (SOFR + 0.686%)		6.031	%		10/30/24		2,170,000		2,172,621	(c)
Cooperatieve Rabobank UA, Senior Notes		2.625	%		7/22/24		320,000		316,350	(a)
Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury Constant Maturity Rate + 1.220%)		3.649	%		4/6/28		550,000		521,245	(a)(c)
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		900,000		857,800	(a)(c)
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		3,580,000		3,573,150	(a)(c)
DNB Bank ASA, Senior Notes (1.535% to 5/25/26 then 1 year Treasury Constant Maturity Rate + 0.720%)		1.535	%		5/25/27		1,230,000		1,128,836	(a)(c)
HSBC Holdings PLC, Senior Notes (0.976% to 5/24/24 then SOFR + 0.708%)		0.976	%		5/24/25		490,000		484,491	(c)
JPMorgan Chase & Co., Senior Notes (0.824% to 6/1/24 then 3 mo. Term SOFR + 0.540%)		0.824	%		6/1/25		3,190,000		3,148,182	(c)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		2,270,000		2,184,548	(c)
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		250,000		248,168	(c)
Nordea Bank Abp, Senior Notes		0.625	%		5/24/24		2,680,000		2,649,994	(a)
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)		5.812	%		6/12/26		610,000		611,087	(c)

See Notes to Schedule of Investments.

    4  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Royal Bank of Canada, Senior Notes		3.375	%		4/14/25	$	1,230,000	$	1,205,124
Royal Bank of Canada, Senior Notes		1.150	%		7/14/26		2,530,000		2,313,784
Santander UK Group Holdings PLC, Senior Notes (1.673% to 6/14/26 then SOFR + 0.989%)		1.673	%		6/14/27		1,100,000		1,000,311	(c)
Swedbank AB, Senior Notes		3.356	%		4/4/25		1,960,000		1,919,698	(a)
Toronto-Dominion Bank, Senior Notes		1.200	%		6/3/26		2,800,000		2,569,911
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)		6.047	%		6/8/27		240,000		242,471	(c)
US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%)		2.215	%		1/27/28		150,000		137,478	(c)
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)		5.775	%		6/12/29		260,000		262,810	(c)
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		5,380,000		5,163,892	(c)
Wells Fargo & Co., Senior Notes (3.908% to 4/25/25 then SOFR + 1.320%)		3.908	%		4/25/26		2,770,000		2,716,606	(c)
Westpac Banking Corp., Senior Notes		1.150	%		6/3/26		2,160,000		1,985,915
Total Banks									57,414,489
Capital Markets - 6.5%
Bank of New York Mellon Corp., Senior Notes		2.100	%		10/24/24		1,010,000		988,226
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		450,000		432,471
Charles Schwab Corp., Senior Notes		0.750	%		3/18/24		1,880,000		1,876,165
Charles Schwab Corp., Senior Notes		1.150	%		5/13/26		1,360,000		1,248,085
Credit Suisse AG, Senior Notes		4.750	%		8/9/24		250,000		248,881
Credit Suisse AG, Senior Notes		7.950	%		1/9/25		300,000		305,405
Goldman Sachs Group Inc., Senior Notes		4.000	%		3/3/24		1,310,000		1,310,000
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		150,000		146,933
Goldman Sachs Group Inc., Senior Notes (0.855% to 2/12/25 then SOFR + 0.609%)		0.855	%		2/12/26		4,530,000		4,324,692	(c)
Goldman Sachs Group Inc., Senior Notes (SOFR + 0.505%)		5.859	%		9/10/24		3,000,000		3,001,505	(c)
Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%)		0.985	%		12/10/26		7,830,000		7,227,313	(c)
Morgan Stanley, Senior Notes (3.620% to 4/17/24 then SOFR + 1.160%)		3.620	%		4/17/25		2,790,000		2,781,693	(c)
UBS AG, Senior Notes		1.250	%		6/1/26		800,000		733,688
UBS Group AG, Senior Notes		4.125	%		9/24/25		600,000		587,033	(a)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      5

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
UBS Group AG, Senior Notes (1.494% to 8/10/26 then 1 year Treasury Constant Maturity Rate + 0.850%)		1.494	%		8/10/27	$	650,000	$	589,035	(a)(c)
UBS Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26		2,390,000		2,287,558	(a)(c)
Total Capital Markets									28,088,683
Financial Services - 1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		1,120,000		1,033,604
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		6.100	%		1/15/27		690,000		699,003
GA Global Funding Trust, Secured Notes		1.625	%		1/15/26		1,500,000		1,382,282	(a)
National Securities Clearing Corp., Senior Notes		1.500	%		4/23/25		500,000		480,238	(a)
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		1,190,000		1,139,339
USAA Capital Corp., Senior Notes		0.500	%		5/1/24		750,000		744,057	(a)
Total Financial Services									5,478,523
Insurance - 0.3%
Allstate Corp., Senior Notes		0.750	%		12/15/25		200,000		184,634
Aon North America Inc., Senior Notes		5.150	%		3/1/29		850,000		850,861	(d)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		390,000		369,263	(a)
Total Insurance									1,404,758
TOTAL FINANCIALS									92,386,453
HEALTH CARE - 5.2%
Biotechnology - 0.9%
AbbVie Inc., Senior Notes		2.600	%		11/21/24		1,950,000		1,909,987
AbbVie Inc., Senior Notes		3.800	%		3/15/25		300,000		295,434
AbbVie Inc., Senior Notes		4.800	%		3/15/27		1,830,000		1,825,109
Total Biotechnology									4,030,530
Health Care Equipment & Supplies - 0.2%
Becton Dickinson & Co., Senior Notes		3.363	%		6/6/24		186,000		184,804
Solventum Corp., Senior Notes		5.450	%		2/25/27		600,000		601,246	(a)
Total Health Care Equipment & Supplies									786,050
Health Care Providers & Services - 2.5%
Cardinal Health Inc., Senior Notes		5.125	%		2/15/29		760,000		756,961
Centene Corp., Senior Notes		4.250	%		12/15/27		400,000		380,921
Centene Corp., Senior Notes		4.625	%		12/15/29		350,000		331,557
CVS Health Corp., Senior Notes		2.625	%		8/15/24		2,440,000		2,407,787
CVS Health Corp., Senior Notes		3.875	%		7/20/25		2,850,000		2,792,633

See Notes to Schedule of Investments.

    6  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - (continued)
CVS Health Corp., Senior Notes		3.000	%		8/15/26	$	120,000	$	113,978
Humana Inc., Senior Notes		4.500	%		4/1/25		300,000		296,955
Humana Inc., Senior Notes		1.350	%		2/3/27		1,890,000		1,695,343
Humana Inc., Senior Notes		5.750	%		12/1/28		230,000		235,007
UnitedHealth Group Inc., Senior Notes		0.550	%		5/15/24		1,210,000		1,198,141
UnitedHealth Group Inc., Senior Notes		3.700	%		5/15/27		800,000		774,885
Total Health Care Providers & Services									10,984,168
Pharmaceuticals - 1.6%
Astrazeneca Finance LLC, Senior Notes		1.200	%		5/28/26		1,370,000		1,260,427
Bristol-Myers Squibb Co., Senior Notes		4.950	%		2/20/26		170,000		169,763
Bristol-Myers Squibb Co., Senior Notes		4.900	%		2/22/27		790,000		789,282
Eli Lilly & Co., Senior Notes		4.500	%		2/9/29		1,600,000		1,591,447
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.750	%		5/9/27		3,080,000		2,933,700
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		210,000		198,510
Total Pharmaceuticals									6,943,129
TOTAL HEALTH CARE									22,743,877
INDUSTRIALS - 4.4%
Aerospace & Defense - 2.0%
Boeing Co., Senior Notes		4.875	%		5/1/25		1,030,000		1,020,745
Boeing Co., Senior Notes		2.750	%		2/1/26		2,540,000		2,413,285
General Dynamics Corp., Senior Notes		3.250	%		4/1/25		1,530,000		1,498,471
General Dynamics Corp., Senior Notes		1.150	%		6/1/26		1,030,000		949,176
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		160,000		156,542
RTX Corp., Senior Notes		5.750	%		11/8/26		2,370,000		2,404,686
TransDigm Inc., Senior Secured Notes		6.375	%		3/1/29		230,000		231,327
Total Aerospace & Defense									8,674,232
Commercial Services & Supplies - 0.1%
GFL Environmental Inc., Senior Secured Notes		5.125	%		12/15/26		230,000		225,207
Republic Services Inc., Senior Notes		2.500	%		8/15/24		200,000		197,196
Total Commercial Services & Supplies									422,403
Ground Transportation - 0.3%
Canadian Pacific Railway Co., Senior Notes		1.750	%		12/2/26		1,200,000		1,100,980
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		2.000	%		2/14/25		400,000		386,528
Machinery - 0.6%
John Deere Capital Corp., Senior Notes		1.050	%		6/17/26		1,040,000		953,868
John Deere Capital Corp., Senior Notes		4.950	%		7/14/28		1,050,000		1,056,296

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      7

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Machinery - (continued)
PACCAR Financial Corp., Senior Notes		1.100	%		5/11/26	$	710,000	$	654,755
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		110,000		101,596	(a)
Total Machinery									2,766,515
Passenger Airlines - 0.8%
American Airlines Inc., Senior Secured Notes		8.500	%		5/15/29		200,000		210,377	(a)
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		540,000		557,455
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		414,000		299,790	(a)
United Airlines Inc., Senior Secured Notes		4.375	%		4/15/26		2,670,000		2,572,664	(a)
Total Passenger Airlines									3,640,286
Trading Companies & Distributors - 0.5%
Air Lease Corp., Senior Notes		1.875	%		8/15/26		2,180,000		2,002,605
Air Lease Corp., Senior Notes		5.300	%		2/1/28		290,000		288,783
Total Trading Companies & Distributors									2,291,388
TOTAL INDUSTRIALS									19,282,332
INFORMATION TECHNOLOGY - 2.4%
Electronic Equipment, Instruments & Components - 0.3%
Vontier Corp., Senior Notes		1.800	%		4/1/26		1,380,000		1,273,290
Semiconductors & Semiconductor Equipment - 1.1%
Broadcom Inc., Senior Notes		3.150	%		11/15/25		1,290,000		1,245,199
Intel Corp., Senior Notes		1.600	%		8/12/28		1,400,000		1,218,100
Microchip Technology Inc., Senior Notes		0.983	%		9/1/24		1,490,000		1,454,434
TSMC Arizona Corp., Senior Notes		1.750	%		10/25/26		1,090,000		1,002,607
Total Semiconductors & Semiconductor Equipment									4,920,340
Software - 0.5%
Oracle Corp., Senior Notes		3.400	%		7/8/24		1,980,000		1,963,968
Technology Hardware, Storage & Peripherals - 0.5%
Apple Inc., Senior Notes		1.400	%		8/5/28		2,480,000		2,168,847
TOTAL INFORMATION TECHNOLOGY									10,326,445
MATERIALS - 2.2%
Chemicals - 0.3%
MEGlobal BV, Senior Notes		4.250	%		11/3/26		1,410,000		1,357,315	(a)
Metals & Mining - 1.1%
First Quantum Minerals Ltd., Secured Notes		9.375	%		3/1/29		420,000		435,777
Glencore Funding LLC, Senior Notes		1.625	%		9/1/25		1,630,000		1,540,294	(a)
Glencore Funding LLC, Senior Notes		1.625	%		4/27/26		1,030,000		952,987	(a)
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		1,140,000		1,156,245
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		850,000		815,168
Total Metals & Mining									4,900,471

See Notes to Schedule of Investments.

    8  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Paper & Forest Products - 0.8%
Georgia-Pacific LLC, Senior Notes		0.950	%		5/15/26	$	1,200,000	$	1,097,672	(a)
Inversiones CMPC SA, Senior Notes		4.375	%		4/4/27		1,100,000		1,061,336	(a)
Suzano International Finance BV, Senior Notes		5.500	%		1/17/27		1,260,000		1,257,300
Total Paper & Forest Products									3,416,308
TOTAL MATERIALS									9,674,094
REAL ESTATE - 0.1%
Health Care REITs - 0.1%
CTR Partnership LP/CareTrust Capital Corp., Senior Notes		3.875	%		6/30/28		430,000		389,311	(a)
UTILITIES - 1.6%
Electric Utilities - 1.6%
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds		5.200	%		10/1/28		880,000		888,149
Connecticut Light and Power Co., First Mortgage Bonds		4.650	%		1/1/29		450,000		442,619
Georgia Power Co., Senior Notes		5.004	%		2/23/27		970,000		968,435
NextEra Energy Capital Holdings Inc., Senior Notes		5.749	%		9/1/25		240,000		241,355
Pacific Gas and Electric Co., First Mortgage Bonds		5.550	%		5/15/29		530,000		531,387
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		5.450	%		5/21/28		1,360,000		1,353,787	(a)
Southern California Edison Co., First Mortgage Bonds		0.975	%		8/1/24		910,000		892,348
Southern California Edison Co., First Mortgage Bonds		5.650	%		10/1/28		1,710,000		1,752,017
TOTAL UTILITIES									7,070,097
TOTAL CORPORATE BONDS & NOTES (Cost - $239,688,978)									230,301,133
ASSET-BACKED SECURITIES - 14.8%
Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, 2005-4 M2 (1 mo. Term SOFR + 0.819%)		6.140	%		10/25/35		462,787		430,001	(c)
AMMC CLO Ltd., 2020-23A A1R (3 mo. Term SOFR + 1.302%)		6.618	%		10/17/31		1,120,000		1,122,553	(a)(c)
Avis Budget Rental Car Funding AESOP LLC, 2020-2A A		2.020	%		2/20/27		600,000		564,743	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A C		2.130	%		8/20/27		940,000		856,802	(a)
Ballyrock CLO Ltd., 2019-2A A1RR (3 mo. Term SOFR + 1.400%)		6.719	%		2/20/36		510,000		510,393	(a)(c)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      9

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Barings Private Credit Corp. CLO Ltd., 2023-1A A1 (3 mo. Term SOFR + 2.400%)		7.714	%		7/15/31	$	609,979	$	611,950	(a)(c)
Black Diamond CLO Ltd., 2017-1A A1AR (3 mo. Term SOFR + 1.312%)		6.630	%		4/24/29		229,659		230,195	(a)(c)
BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%)		6.584	%		8/19/38		1,032,681		1,019,101	(a)(c)
Cascade MH Asset Trust, 2021-MH1 A1		1.753	%		2/25/46		225,607		195,260	(a)
CCG Receivables Trust, 2021-2 A2		0.540	%		3/14/29		305,039		297,316	(a)
Cedar Funding CLO Ltd., 2016-5A AFRR		1.937	%		7/17/31		2,375,004		2,251,528	(a)
CMFT Net Lease Master Issuer LLC, 2021-1 A1		2.090	%		7/20/51		1,024,744		875,041	(a)
Commonbond Student Loan Trust, 2021-AGS A		1.200	%		3/25/52		408,415		333,676	(a)
Credit Suisse European Mortgage Capital Ltd., 2019-1OTF A (3 mo. USD LIBOR + 2.900%)		8.479	%		8/9/24		915,000		913,216	(a)(c)
Cutwater Ltd., 2015-1A AR (3 mo. Term SOFR + 1.482%)		6.796	%		1/15/29		40,467		40,410	(a)(c)
ECMC Group Student Loan Trust, 2016-1A A (30 Day Average SOFR + 1.464%)		6.786	%		7/26/66		1,524,509		1,533,079	(a)(c)
GECU Auto Receivables Trust, 2023-1A A3		5.630	%		8/15/28		1,280,000		1,283,242	(a)
GM Financial Revolving Receivables Trust, 2021-1 A		1.170	%		6/12/34		5,500,000		4,996,221	(a)
GoldenTree Loan Opportunities Ltd., 2014-9A BR2 (3 mo. Term SOFR + 1.862%)		7.181	%		10/29/29		650,000		650,000	(a)(c)
Golub Capital Partners CLO Ltd., 2018-36A B (3 mo. Term SOFR + 1.912%)		7.184	%		2/5/31		1,000,000		997,557	(a)(c)
Golub Capital Partners CLO Ltd., 2020-47A A1 (3 mo. Term SOFR + 1.942%)		7.214	%		5/5/32		970,000		973,496	(a)(c)
GoodLeap Sustainable Home Solutions Trust, 2021-5CS A		2.310	%		10/20/48		772,252		619,036	(a)
Great Lakes Kcap F3c Senior LLC, 2017-1A A (3 mo. Term SOFR + 2.162%)		7.532	%		12/20/29		706,671		708,919	(a)(c)
Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%)		6.452	%		7/15/39		1,280,000		1,267,034	(a)(c)
Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.890%)		7.214	%		4/26/31		667,000		670,210	(a)(c)
Grippen Park CLO Ltd., 2017-1A A (3 mo. Term SOFR + 1.522%)		6.839	%		1/20/30		164,950		165,614	(a)(c)
Grippen Park CLO Ltd., 2017-1A C (3 mo. Term SOFR + 2.562%)		7.879	%		1/20/30		820,000		827,443	(a)(c)
Hertz Vehicle Financing LLC, 2021-1A A		1.210	%		12/26/25		400,000		389,433	(a)
Hertz Vehicle Financing LP, 2021-2A A		1.680	%		12/27/27		1,500,000		1,362,432	(a)

See Notes to Schedule of Investments.

    10  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
HGI CRE CLO Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.114%)		6.436	%		9/17/36	$	789,407	$	783,040	(a)(c)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		493,986		415,639	(a)
Home Equity Mortgage Loan Asset-Backed Trust, 2005-C M2 (1 mo. Term SOFR + 0.864%)		6.185	%		10/25/35		461,816		450,898	(c)
Jamestown CLO Ltd., 2018-6RA A1 (3 mo. Term SOFR + 1.412%)		6.736	%		4/25/30		252,031		252,257	(a)(c)
KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.184%)		6.506	%		2/15/39		1,300,000		1,277,252	(a)(c)
M&T Equipment Notes, 2023-1A A4		5.750	%		7/15/30		1,270,000		1,271,542	(a)
Madison Park Funding Ltd., 2019-35A A1R (3 mo. Term SOFR + 1.252%)		6.569	%		4/20/32		760,000		760,380	(a)(c)
Magnetite Ltd., 2015-14RA A2 (3 mo. Term SOFR + 1.382%)		6.680	%		10/18/31		526,467		527,400	(a)(c)
Magnetite Ltd., 2020-26A A1R (3 mo. Term SOFR + 1.382%)		6.706	%		7/25/34		270,000		270,628	(a)(c)
MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%)		6.514	%		10/16/36		1,093,842		1,087,427	(a)(c)
Midocean Credit CLO, 2017-7A BR (3 mo. Term SOFR + 1.862%)		7.176	%		7/15/29		500,000		501,606	(a)(c)
Midocean Credit CLO, 2018-8A A1R (3 mo. Term SOFR + 1.312%)		6.631	%		2/20/31		951,483		954,376	(a)(c)
Midocean Credit CLO, 2018-9A B (3 mo. Term SOFR + 2.012%)		7.329	%		7/20/31		1,250,000		1,254,797	(a)(c)
Morgan Stanley Capital I Inc. Trust, 2006-NC2 A2D (1 mo. Term SOFR + 0.694%)		6.015	%		2/25/36		776,782		764,456	(c)
MVW LLC, 2020-1A A		1.740	%		10/20/37		510,693		479,750	(a)
Navient Private Education Refi Loan Trust, 2019-A A2A		3.420	%		1/15/43		34,922		33,899	(a)
Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. Term SOFR + 1.014%)		6.332	%		1/15/43		123,648		123,135	(a)(c)
Navient Student Loan Trust, 2015-1 A2 (30 Day Average SOFR + 0.714%)		6.036	%		4/25/40		714,110		699,089	(c)
Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%)		6.036	%		12/26/69		537,318		529,541	(a)(c)
Nelnet Student Loan Trust, 2015-2A A2 (30 Day Average SOFR + 0.714%)		6.036	%		9/25/42		299,041		294,321	(a)(c)
Nelnet Student Loan Trust, 2021-A A2 (1 mo. Term SOFR + 1.144%)		6.464	%		4/20/62		1,550,000		1,525,353	(a)(c)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      11

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Nelnet Student Loan Trust, 2021-CA AFL (1 mo. Term SOFR + 0.854%)		6.174	%		4/20/62	$	1,012,420	$	1,001,492	(a)(c)
Neuberger Berman CLO Ltd., 2014-17A BR2 (3 mo. Term SOFR + 1.762%)		7.079	%		4/22/29		750,000		752,234	(a)(c)
Neuberger Berman Loan Advisers CLO Ltd., 2017-24A AR (3 mo. Term SOFR + 1.282%)		6.591	%		4/19/30		653,368		654,546	(a)(c)
New Century Home Equity Loan Trust, 2004-2 M2 (1 mo. Term SOFR + 1.044%)		6.365	%		8/25/34		368,922		371,256	(c)
NovaStar Mortgage Funding Trust, 2003-1 M1 (1 mo. Term SOFR + 1.539%)		3.780	%		5/25/33		147,439		139,563	(c)
NovaStar Mortgage Funding Trust, 2003-3 A1 (1 mo. Term SOFR + 0.824%)		6.145	%		12/25/33		804,791		793,853	(c)
Octagon Investment Partners Ltd., 2012-1A AARR (3 mo. Term SOFR + 1.212%)		6.526	%		7/15/29		324,214		325,166	(a)(c)
OHA Loan Funding Ltd., 2013-2A AR (3 mo. Term SOFR + 1.302%)		6.624	%		5/23/31		747,152		749,493	(a)(c)
Option One Mortgage Loan Trust, 2004-3 M1 (1 mo. Term SOFR + 0.894%)		6.215	%		11/25/34		281,664		278,392	(c)
Option One Mortgage Loan Trust, 2007-FXD1 1A1		5.866	%		1/25/37		221,125		179,822
Oscar US Funding LLC, 2021-2A A4		1.270	%		9/11/28		1,500,000		1,431,050	(a)
Parliament Funding Ltd., 2020-1A AR (3 mo. Term SOFR + 1.512%)		6.829	%		10/20/31		1,270,487		1,268,965	(a)(c)
PFS Financing Corp., 2024-A B (30 Day Average SOFR + 1.300%)		6.634	%		1/15/28		1,380,000		1,381,611	(a)(c)
Renaissance Home Equity Loan Trust, 2003-2 A (1 mo. Term SOFR + 0.994%)		3.760	%		8/25/33		187,742		170,768	(c)
RR Ltd., 2018-3A A1R2 (3 mo. Term SOFR + 1.352%)		6.666	%		1/15/30		474,332		474,712	(a)(c)
Silver Rock CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.780%)		1.833	%		10/20/33		530,000		533,138	(a)(c)
SLM Private Credit Student Loan Trust, 2006-B A5 (3 mo. Term SOFR + 0.532%)		5.916	%		12/15/39		1,062,300		1,035,884	(c)
SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%)		10.182	%		10/15/41		1,206,343		1,297,732	(a)(c)
SLM Student Loan Trust, 2005-4 B (90 Day Average SOFR + 0.442%)		5.803	%		7/25/55		148,473		139,443	(c)
SLM Student Loan Trust, 2006-2 A6 (90 Day Average SOFR + 0.432%)		5.793	%		1/25/41		598,878		579,462	(c)
SLM Student Loan Trust, 2013-1 A3 (30 Day Average SOFR + 0.664%)		5.986	%		5/26/55		667,725		655,354	(c)

See Notes to Schedule of Investments.

    12  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
SLM Student Loan Trust, 2013-6 A3 (30 Day Average SOFR + 0.764%)		6.086	%		6/26/28	$	700,862	$	694,005	(c)
SMB Private Education Loan Trust, 2016-B A2B (1 mo. Term SOFR + 1.564%)		6.882	%		2/17/32		40,670		40,732	(a)(c)
SMB Private Education Loan Trust, 2021-A APT2		1.070	%		1/15/53		318,380		281,282	(a)
SMB Private Education Loan Trust, 2021-B A		1.310	%		7/17/51		434,260		393,825	(a)
SMB Private Education Loan Trust, 2021-C A2 (1 mo. Term SOFR + 0.914%)		6.232	%		1/15/53		2,163,849		2,142,532	(a)(c)
SoFi Professional Loan Program Trust, 2020-C AFX		1.950	%		2/15/46		426,950		389,272	(a)
SpringCastle America Funding LLC, 2020-AA A		1.970	%		9/25/37		943,004		873,418	(a)
Sunrun Atlas Issuer LLC, 2019-2 A		3.610	%		2/1/55		525,256		480,043	(a)
TCI-Flatiron CLO Ltd., 2016-1A AR3 (3 mo. Term SOFR + 1.100%)		6.417	%		1/17/32		676,971		678,268	(a)(c)
TRP LLC, 2021-1 A		2.070	%		6/19/51		866,968		780,316	(a)
Voya CLO Ltd., 2016-3A A1R (3 mo. Term SOFR + 1.452%)		6.750	%		10/18/31		239,396		239,659	(a)(c)
VSE VOI Mortgage LLC, 2018-A A		3.560	%		2/20/36		591,827		582,022	(a)
Whitebox CLO Ltd., 2019-1A ANAR (3 mo. Term SOFR + 1.392%)		6.710	%		7/24/32		1,040,000		1,043,367	(a)(c)
Whitehorse Ltd., 2018-12A A (3 mo. Term SOFR + 1.512%)		6.826	%		10/15/31		282,161		283,341	(a)(c)
TOTAL ASSET-BACKED SECURITIES (Cost - $66,149,817)									64,068,705
COLLATERALIZED MORTGAGE OBLIGATIONS (e) - 14.1%
280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. Term SOFR + 1.180%)		6.502	%		9/15/34		500,000		489,689	(a)(c)
Angel Oak Mortgage Trust, 2021-7 A3		2.337	%		10/25/66		290,954		242,410	(a)(c)
AOA Mortgage Trust, 2021-1177 A (1 mo. Term SOFR + 0.989%)		6.307	%		10/15/38		790,000		771,190	(a)(c)
AREIT Trust, 2021-CRE5 A (1 mo. Term SOFR + 1.194%)		6.514	%		11/17/38		724,204		721,349	(a)(c)
BANK, 2021-BN32 A5		2.643	%		4/15/54		960,000		818,200
BDS, 2021-FL8 A (1 mo. Term SOFR + 1.034%)		6.354	%		1/18/36		483,936		482,726	(a)(c)
Benchmark Mortgage Trust, 2021-B29 XA, IO		1.032	%		9/15/54		12,339,595		605,783	(c)
Benchmark Mortgage Trust, 2021-B31 A5		2.669	%		12/15/54		620,000		519,807
Benchmark Mortgage Trust, 2023-V3 A3		6.363	%		7/15/56		850,000		888,487	(c)
Benchmark Mortgage Trust, 2023-V3 XA, IO		0.814	%		7/15/56		20,906,372		650,372	(c)
BHMS, 2018-ATLS A (1 mo. Term SOFR + 1.547%)		6.865	%		7/15/35		910,000		907,628	(a)(c)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      13

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (e) - (continued)
BRAVO Residential Funding Trust, 2021-NQM2 A1		0.970	%		3/25/60	$	297,379	$	276,410	(a)(c)
BRAVO Residential Funding Trust, 2024-NQM1 A1		5.943	%		12/1/63		895,024		893,361	(a)
BX Commercial Mortgage Trust, 2020-VIV4 A		2.843	%		3/9/44		1,070,000		920,900	(a)
BX Commercial Mortgage Trust, 2021-CIP A (1 mo. Term SOFR + 1.035%)		6.353	%		12/15/38		110,000		108,730	(a)(c)
BX Commercial Mortgage Trust, 2021-SOAR A (1 mo. Term SOFR + 0.784%)		6.102	%		6/15/38		971,018		962,538	(a)(c)
BX Commercial Mortgage Trust, 2021-VOLT A (1 mo. Term SOFR + 0.814%)		6.132	%		9/15/36		1,460,000		1,444,585	(a)(c)
BX Commercial Mortgage Trust, 2022-AHP A (1 mo. Term SOFR + 0.990%)		6.308	%		1/17/39		1,570,000		1,557,610	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. Term SOFR + 0.414%)		5.735	%		8/25/35		1,063		991	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. Term SOFR + 0.694%)		6.015	%		10/25/35		4,478		4,186	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2005-1A A2 (1 mo. Term SOFR + 0.314%)		5.635	%		1/25/36		1,677		1,485	(a)(c)
CIM Trust, 2021-R6 A1		1.425	%		7/25/61		833,491		720,275	(a)(c)
Citigroup Commercial Mortgage Trust, 2017-B1 A4		3.458	%		8/15/50		330,000		306,061
Cross Mortgage Trust, 2023-H2 A1A		7.135	%		11/25/68		807,525		819,835	(a)
CSMC Trust, 2019-AFC1 A1		3.573	%		7/25/49		92,243		85,265	(a)
CSMC Trust, 2019-AFC1 A2		3.776	%		7/25/49		202,821		188,193	(a)
CSMC Trust, 2019-AFC1 A3		3.877	%		7/25/49		202,821		188,244	(a)
CSMC Trust, 2019-UVIL A		3.160	%		12/15/41		1,480,000		1,300,383	(a)
CSMC Trust, 2020-AFC1 A1		3.240	%		2/25/50		335,630		307,401	(a)(c)
CSMC Trust, 2021-AFC1 A1		0.830	%		3/25/56		393,942		332,699	(a)(c)
CSMC Trust, 2021-AFC1 A3		1.169	%		3/25/56		393,942		326,985	(a)(c)
CSMC Trust, 2021-NQM3 A3		1.632	%		4/25/66		485,941		403,438	(a)(c)
CSMC Trust, 2021-NQM5 A1		0.938	%		5/25/66		802,608		638,173	(a)(c)
CSMC Trust, 2021-NQM7 A1		1.756	%		10/25/66		475,463		410,667	(a)(c)
CSMC Trust, 2021-RPL4 A1		1.796	%		12/27/60		655,161		635,990	(a)(c)
Deephaven Residential Mortgage Trust, 2022-1 A1		2.205	%		1/25/67		1,503,363		1,347,618	(a)(c)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		609,493		490,993	(a)(c)

See Notes to Schedule of Investments.

    14  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (e) - (continued)
Ellington Financial Mortgage Trust, 2022-1 A1		2.206	%		1/25/67	$	316,595	$	269,309	(a)(c)
ELP Commercial Mortgage Trust, 2021-ELP A (1 mo. Term SOFR + 0.815%)		6.133	%		11/15/38		1,218,582		1,207,305	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, KS12 A (30 Day Average SOFR + 0.764%)		6.096	%		8/25/29		1,200,000		1,203,277	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4945 KF, PAC (30 Day Average SOFR + 0.564%)		5.886	%		9/25/49		673,148		654,917	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA3 M2 (30 Day Average SOFR + 2.100%)		7.422	%		10/25/33		850,000		861,391	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%)		7.722	%		2/25/42		880,000		899,566	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 19 F		4.509	%		6/1/28		24		24	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021- DNA2 M2 (30 Day Average SOFR + 2.300%)		7.622	%		8/25/33		317,628		324,319	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%)		9.822	%		6/25/42		810,000		877,814	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2014-C02 1M2 (30 Day Average SOFR + 2.714%)		8.036	%		5/25/24		525,268		526,563	(c)
Federal National Mortgage Association (FNMA) - CAS, 2018-C03 1M2C (30 Day Average SOFR + 2.264%)		7.586	%		10/25/30		320,000		326,670	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2023-R08 1M2 (30 Day Average SOFR + 2.500%)		7.822	%		10/25/43		596,753		613,984	(a)(c)
Federal National Mortgage Association (FNMA) REMIC, 1997-20 F		3.410	%		3/25/27		271		270	(c)
Federal National Mortgage Association (FNMA), Grantor Trust, 2000-T6 A3		4.238	%		11/25/40		81,861		80,445	(c)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      15

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (e) - (continued)
Federal National Mortgage Association (FNMA), Grantor Trust, 2002-T19 A4		4.841	%		3/25/42	$	586,485	$	567,385	(c)
Federal National Mortgage Association (FNMA), Grantor Trust, 2004-T3 2A		4.489	%		8/25/43		328,065		322,924	(c)
Federal National Mortgage Association (FNMA), Whole Loan, 2003-W6 6A		4.266	%		8/25/42		260,227		250,095	(c)
Federal National Mortgage Association (FNMA), Whole Loan, 2003-W8 3F1 (30 Day Average SOFR + 0.514%)		5.836	%		5/25/42		48,925		48,768	(c)
GCAT Trust, 2020-NQM1 A3		3.554	%		1/25/60		963,452		907,768	(a)
Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. Term SOFR + 0.614%)		5.963	%		2/20/61		31,878		31,754	(c)
Government National Mortgage Association (GNMA), 2013-H08 BF (1 mo. Term SOFR + 0.514%)		5.863	%		3/20/63		157,249		155,828	(c)
Government National Mortgage Association (GNMA), 2016-H07 FK (1 mo. Term SOFR + 1.114%)		6.463	%		3/20/66		1,408,770		1,406,303	(c)
Government National Mortgage Association (GNMA), 2017-H15 FN (1 mo. Term SOFR + 0.614%)		5.963	%		7/20/67		532,599		528,438	(c)
Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day Average SOFR + 0.380%)		5.774	%		4/20/70		2,387,505		2,343,079	(c)
Government National Mortgage Association (GNMA), 2021-H09 QF (30 Day Average SOFR + 1.500%)		6.824	%		6/20/71		2,923,758		2,942,457	(c)
Government National Mortgage Association (GNMA), 2021-H16 FG (30 Day Average SOFR + 0.300%)		5.624	%		9/20/71		2,955,199		2,918,798	(c)
GS Mortgage Securities Corp. Trust, 2000-1A A (1 mo. Term SOFR + 0.464%)		5.784	%		3/20/23		53,638		53,635	(a)(c)
GS Mortgage Securities Corp. Trust, 2021-IP A (1 mo. Term SOFR + 1.064%)		6.382	%		10/15/36		1,110,000		1,095,157	(a)(c)
HarborView Mortgage Loan Trust, 2005-9 2A1B (1 mo. Term SOFR + 0.854%)		6.174	%		6/20/35		218,316		199,467	(c)
HarborView Mortgage Loan Trust, 2005-9 2A1C (1 mo. Term SOFR + 1.014%)		6.334	%		6/20/35		179,421		163,270	(c)
IMPAC CMB Trust, 2005-7 A1 (1 mo. Term SOFR + 0.634%)		5.955	%		11/25/35		152,075		133,334	(c)

See Notes to Schedule of Investments.

    16  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (e) - (continued)
JPMorgan Mortgage Trust, 2019-LTV3 B2		4.379	%		3/25/50	$	305,486	$	275,537	(a)(c)
Legacy Mortgage Asset Trust, 2020-RPL1 A1		3.000	%		9/25/59		876,755		824,012	(a)(c)
Legacy Mortgage Asset Trust, 2021-GS2 A1, Step bond (1.750% to 4/25/24, 4.750% to 4/25/25 then 5.750%)		1.750	%		4/25/61		576,326		559,176	(a)
Legacy Mortgage Asset Trust, 2021-GS5 A1, Step bond (2.250% to 11/25/24 then 5.250%)		2.250	%		7/25/67		1,217,491		1,177,138	(a)
Mill City Mortgage Loan Trust, 2019-1 A1		3.250	%		10/25/69		478,004		459,369	(a)(c)
Mill City Mortgage Trust, 2015-2 M3		3.705	%		9/25/57		935,723		915,056	(a)(c)
Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 ASB		3.514	%		12/15/49		323,250		313,711
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. Term SOFR + 1.147%)		6.465	%		11/15/34		173,277		172,200	(a)(c)
New Residential Mortgage Loan Trust, 2015-1A A3		3.750	%		5/28/52		122,041		113,904	(a)(c)
New Residential Mortgage Loan Trust, 2016-4A A1		3.750	%		11/25/56		82,280		76,417	(a)(c)
New Residential Mortgage Loan Trust, 2021- NQM3 A1		1.156	%		11/27/56		776,165		653,570	(a)(c)
New Residential Mortgage Loan Trust, 2022- NQM2 A1		3.079	%		3/27/62		892,160		805,769	(a)(c)
Nomura Asset Acceptance Corp. Alternative Loan Trust, 2007-1 1A4		6.638	%		3/25/47		211,355		198,196
OBX Trust, 2021-NQM2 A1		1.101	%		5/25/61		661,303		521,416	(a)(c)
OBX Trust, 2021-NQM2 A3		1.563	%		5/25/61		667,106		524,377	(a)(c)
OBX Trust, 2021-NQM3 A1		1.054	%		7/25/61		870,208		677,236	(a)(c)
Onslow Bay Mortgage Loan Trust, 2021-NQM4 A1		1.957	%		10/25/61		836,851		693,027	(a)(c)
OPG Trust, 2021-PORT A (1 mo. Term SOFR + 0.598%)		5.916	%		10/15/36		974,363		960,451	(a)(c)
PMT Credit Risk Transfer Trust, 2019-2R A (1 mo. Term SOFR + 3.864%)		9.193	%		5/30/25		144,229		144,448	(a)(c)
PMT Credit Risk Transfer Trust, 2019-3R A (30 Day Average SOFR + 3.814%)		9.135	%		11/27/31		127,068		126,905	(a)(c)
Prime Mortgage Trust, 2006-DR1 2A1		5.500	%		5/25/35		199,242		180,598	(a)
PRKCM Trust, 2021-AFC1 A1		1.510	%		8/25/56		1,068,002		854,629	(a)(c)
RAMP Trust, 2004-SL4 A5		7.500	%		7/25/32		6,095		2,481
Ready Capital Mortgage Financing LLC, 2021-FL6 A (1 mo. Term SOFR + 1.064%)		6.385	%		7/25/36		754,858		748,180	(a)(c)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      17

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (e) - (continued)
Residential Asset Securitization Trust, 2003-A11 A2, PAC (1 mo. Term SOFR + 0.564%)		5.885	%		11/25/33	$	22,287	$	21,797	(c)
SFO Commercial Mortgage Trust, 2021-555 A (1 mo. Term SOFR + 1.264%)		6.582	%		5/15/38		920,000		891,970	(a)(c)
SMRT, 2022-MINI A (1 mo. Term SOFR + 1.000%)		6.318	%		1/15/39		1,560,000		1,545,795	(a)(c)
Structured Adjustable Rate Mortgage Loan Trust, 2004-2 1A1		5.763	%		3/25/34		73,989		66,429	(c)
Structured Asset Securities Corp., 2005-RF3 2A		4.095	%		6/25/35		269,124		234,289	(a)(c)
Towd Point Mortgage Trust, 2019-HY1 B1 (1 mo. Term SOFR + 2.264%)		7.585	%		10/25/48		1,460,000		1,522,195	(a)(c)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2A1A (1 mo. Term SOFR + 0.694%)		6.015	%		7/25/45		960,798		909,761	(c)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. Term SOFR + 0.834%)		6.155	%		7/25/45		307,941		288,381	(c)
Wells Fargo Commercial Mortgage Trust, 2015- NXS3 ASB		3.371	%		9/15/57		60,207		58,966
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $64,528,116)									61,202,357
MORTGAGE-BACKED SECURITIES - 5.7%
FHLMC - 2.4%
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		6/1/35		1,846,983		1,709,247
Federal Home Loan Mortgage Corp. (FHLMC)		6.500	%		7/1/53		95,621		98,874
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Refinitiv USD IBOR Consumer Cash Fallbacks + 1.630%)		3.268	%		1/1/49		4,143,159		3,887,025	(c)
Federal Home Loan Mortgage Corp. (FHLMC) (30 Day Average SOFR + 2.184%)		1.781	%		8/1/51		5,013,505		4,491,152	(c)
Total FHLMC									10,186,298
FNMA - 2.4%
Federal National Mortgage Association (FNMA)		2.500	%		2/1/35		1,309,836		1,227,965
Federal National Mortgage Association (FNMA)		3.000	%		4/1/38 - 2/1/40		1,655,386		1,534,717
Federal National Mortgage Association (FNMA)		4.500	%		11/1/38 - 1/1/59		899,804		876,817
Federal National Mortgage Association (FNMA)		5.500	%		8/1/52		4,074,438		4,041,416
Federal National Mortgage Association (FNMA)		6.500	%		10/1/53		1,179,727		1,204,261

See Notes to Schedule of Investments.

    18  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		6.000	%		11/1/53	$	1,280,050	$	1,292,604
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity Rate + 2.375%)		6.443	%		9/1/37		214,932		216,423	(c)
Total FNMA									10,394,203
GNMA - 0.9%
Government National Mortgage Association (GNMA) II		3.500	%		9/20/48		22,984		21,048
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50		146,367		122,747
Government National Mortgage Association (GNMA) II		5.500	%		8/20/53		1,288,118		1,285,167
Government National Mortgage Association (GNMA) II		6.000	%		11/20/53		1,283,467		1,301,273
Government National Mortgage Association (GNMA) II		6.500	%		1/20/54		1,300,000		1,325,372
Total GNMA									4,055,607
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $26,301,543)									24,636,108
SENIOR LOANS - 1.8%
COMMUNICATION SERVICES - 0.5%
Media - 0.5%
Charter Communications Operating LLC, Term Loan B2 (1 mo. Term SOFR + 1.750%)		7.076	%		2/1/27		489,770		488,660	(c)(f)(g)
Charter Communications Operating LLC, Term Loan B4 (3 mo. Term SOFR + 2.000%)		7.329	%		12/7/30		757,405		746,044	(c)(f)(g)
Nexstar Media Inc., Term Loan B4 (1 mo. Term SOFR + 2.614%)		7.941	%		9/18/26		493,014		492,534	(c)(f)(g)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. Term SOFR + 2.614%)		7.932	%		1/31/28		590,000		585,374	(c)(f)(g)
TOTAL COMMUNICATION SERVICES									2,312,612
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.0%††
1011778 BC Unlimited Liability Co., Term Loan B5 (1 mo. Term SOFR + 2.250%)		7.576	%		9/23/30		58,388		58,216	(c)(f)(g)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      19

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Specialty Retail - 0.2%
Harbor Freight Tools USA Inc., 2021 Refinancing Term Loan (1 mo. Term SOFR + 2.750%)		8.076	%		10/19/27	$	476,612	$	473,959	(c)(f)(g)
Rent-A-Center Inc., Term Loan B2 (3 mo. Term SOFR + 3.678%)		9.119	%		2/17/28		512,509		513,045	(c)(f)(g)
Total Specialty Retail									987,004
TOTAL CONSUMER DISCRETIONARY									1,045,220
FINANCIALS - 0.5%
Financial Services - 0.4%
Hudson River Trading LLC, Term Loan (1 mo. Term SOFR + 3.114%)		8.441	%		3/20/28		538,917		536,309	(c)(f)(g)
Setanta Aircraft Leasing DAC, Term Loan (1 mo. Term SOFR + 2.262%)		7.610	%		11/5/28		550,000		551,262	(c)(f)(g)
VFH Parent LLC, Initial Term Loan (1 mo. Term SOFR + 3.100%)		8.426	%		1/13/29		527,694		528,354	(c)(f)(g)
Total Financial Services									1,615,925
Insurance - 0.1%
Asurion LLC, New Term Loan B9 (1 mo. Term SOFR + 3.364%)		8.691	%		7/31/27		538,917		531,507	(c)(f)(g)
Asurion LLC, New Term Loan B11 (1 mo. Term SOFR + 4.350%)		9.676	%		8/21/28		47,750		47,571	(c)(f)(g)
Total Insurance									579,078
TOTAL FINANCIALS									2,195,003
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.1%
Grifols Worldwide Operations USA Inc., Dollar Term Loan B (1 mo. Term SOFR + 2.100%)		7.426	%		11/15/27		417,419		410,166	(c)(f)(g)
Pharmaceuticals - 0.1%
Jazz Financing Lux Sarl, Dollar Facility Term Loan B1 (1 mo. Term SOFR + 3.114%)		8.441	%		5/5/28		439,113		440,211	(c)(f)(g)
TOTAL HEALTH CARE									850,377
INDUSTRIALS - 0.3%
Commercial Services & Supplies - 0.1%
APi Group DE Inc., 2026 Term Loan (1 mo. Term SOFR + 2.364%)		7.691	%		10/1/26		294,381		294,934	(c)(f)(g)
Ground Transportation - 0.2%
Genesee & Wyoming Inc., Initial Term Loan (3 mo. Term SOFR + 2.100%)		7.448	%		12/30/26		814,292		815,228	(c)(f)(g)
TOTAL INDUSTRIALS									1,110,162

See Notes to Schedule of Investments.

    20  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
INFORMATION TECHNOLOGY - 0.1%
Software - 0.1%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)		9.326	%		10/16/26	$	486,111	$	483,211	(c)(f)(g)
TOTAL SENIOR LOANS (Cost - $8,030,204)									7,996,585
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.4%
U.S. Government Obligations - 0.4%
U.S. Treasury Notes		4.250	%		12/31/25		870,000		863,305
U.S. Treasury Notes		4.625	%		11/15/26		260,000		261,011
U.S. Treasury Notes		4.500	%		9/30/28		480,000		486,562
U.S. Treasury Notes		4.875	%		10/31/28		250,000		256,162
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $1,864,084)									1,867,040
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS - 0.1%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.1%
3-Month SOFR Futures, Put @ $94.750		4/12/24			87		217,500		6,525
3-Month SOFR Futures, Put @ $96.000		12/13/24			102		255,000		184,238
U.S. Treasury 5-Year Notes Futures, Call @ $107.500		3/22/24			37		37,000		10,695
TOTAL PURCHASED OPTIONS (Cost - $143,027)									201,458
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $406,705,769)									390,273,386
	RATE			MATURITY DATE		FACE AMOUNT
SHORT-TERM INVESTMENTS - 9.2%
COMMERCIAL PAPER - 5.1%
BPCE SA		5.594	%		4/17/24		2,500,000		2,482,217	(h)(i)
MUFG Bank Ltd.		5.541	%		4/12/24		5,000,000		4,968,420	(i)
Rabobank Netherland NV		5.586	%		6/5/24		5,000,000		4,928,484	(i)
Societe Generale SA		5.631	%		4/18/24		5,000,000		4,963,464	(h)(i)
Svenska Handelsbanken AB		5.528	%		6/11/24		5,000,000		4,924,856	(h)(i)
TOTAL COMMERCIAL PAPER (Cost - $22,262,367)									22,267,441
CERTIFICATES OF DEPOSIT - 0.7%
Mizuho Bank Ltd. (Cost - $3,000,222)		5.620	%		5/30/24		3,000,000		3,001,110
U.S. TREASURY BILLS - 0.6%
U.S. Treasury Bills (Cost - $2,480,777)		5.431	%		4/23/24		2,500,000		2,480,567	(i)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      21

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			SHARES		VALUE
MONEY MARKET FUNDS — 2.8%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $12,113,088)		5.272	%		12,113,088	$	12,113,088	(j)(k)
TOTAL SHORT-TERM INVESTMENTS (Cost - $39,856,454)							39,862,206
TOTAL INVESTMENTS - 99.1% (Cost - $446,562,223)							430,135,592
Other Assets in Excess of Liabilities - 0.9%							4,116,628
TOTAL NET ASSETS - 100.0%						$	434,252,220

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

(c) 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.

(d) Securities traded on a when-issued or delayed delivery basis.

(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.

(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) Commercial paper exempt from registration under Section 4(2) 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.

(i) Rate shown represents yield-to-maturity.

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

(k) 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 February 29, 2024, the total market value of investments in Affiliated Companies was $12,113,088 and the cost was $12,113,088 (Note 2).

See Notes to Schedule of Investments.

    22  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

Abbreviation(s) used in this schedule:

CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CLO	— Collateralized Loan Obligation
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
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar

At February 29, 2024, the Fund had the following written options contracts:

EXCHANGE-TRADED WRITTEN OPTIONS

SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
3-Month SOFR Futures, Call		12/13/24	$	97.125		102	$	255,000	$	(22,313	)
3-Month SOFR Futures, Put		12/13/24		95.500		102		255,000		(99,450	)
U.S. Treasury 5-Year Notes Futures, Call		3/22/24		108.500		37		37,000		(3,469	)
U.S. Treasury 5-Year Notes Futures, Put		3/22/24		106.000		17		17,000		(3,320	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $127,300)									$	(128,552	)

Abbreviation(s) used in this schedule:

SOFR — Secured Overnight Financing Rate

At February 29, 2024, 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		186		3/25	$	44,566,079	$	44,407,500	$	(158,579	)
3-Month SOFR		16		3/24		3,785,350		3,785,900		550
3-Month SOFR		205		3/26		49,323,646		49,346,063		22,417
										(135,612	)
Contracts to Sell:
3-Month SOFR		34		6/24		8,038,744		8,048,225		(9,481	)
U.S. Treasury 2-Year Notes		105		6/24		21,486,316		21,498,750		(12,434	)

See Notes to Schedule of Investments.

Western Asset Ultra-Short Income Fund 2024 Quarterly Report      23

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

	NUMBER OF CONTRACTS		EXPIRATION DATE		NOTIONAL AMOUNT		MARKET VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Contracts to Sell continued
U.S. Treasury 5-Year Notes		967		6/24	$	103,174,413	$	103,378,344	$	(203,931	)
U.S. Treasury 10-Year Notes		55		6/24		6,062,238		6,074,063		(11,825	)
U.S. Treasury Long-Term Bonds		13		6/24		1,544,179		1,550,250		(6,071	)
U.S. Treasury Ultra Long- Term Bonds		2		6/24		253,990		255,750		(1,760	)
										(245,502	)
Net unrealized depreciation on open futures contracts									$	(381,114	)

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

At February 29, 2024, 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)
	$	18,886,000		10/14/24	Daily SOFR Compound annually	2.770% annually	$	(292,672	)	$	127	$	(292,799	)
		7,856,000		10/14/27	2.600% annually	Daily SOFR Compound annually		408,479			2,568		405,911
Total	$	26,742,000					$	115,807		$	2,695	$	113,112

† Percentage shown is an annual percentage rate.

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

REFERENCE INDEX	REFERENCE RATE
Daily SOFR Compound		5.320	%

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

See Notes to Schedule of Investments.

    24  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

WESTERN ASSET ULTRA-SHORT INCOME FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

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 Ultra-Short Income Fund 2024 Quarterly Report      25

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Ultra-Short Income 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

    26  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

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)

  Western Asset Ultra-Short Income Fund 2024 Quarterly Report      27

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		—	$	230,301,133		—	$	230,301,133
Asset-Backed Securities		—		64,068,705		—		64,068,705
Collateralized Mortgage Obligations		—		61,202,357		—		61,202,357
Mortgage-Backed Securities		—		24,636,108		—		24,636,108
Senior Loans		—		7,996,585		—		7,996,585
U.S. Government & Agency Obligations		—		1,867,040		—		1,867,040
Purchased Options	$	201,458		—		—		201,458
Total Long-Term Investments		201,458		390,071,928		—		390,273,386
Short-Term Investments†:
Commercial Paper		—		22,267,441		—		22,267,441
Certificates of Deposit		—		3,001,110		—		3,001,110
U.S. Treasury Bills		—		2,480,567		—		2,480,567
Money Market Funds		12,113,088		—		—		12,113,088
Total Short-Term Investments		12,113,088		27,749,118		—		39,862,206
Total Investments	$	12,314,546	$	417,821,046		—	$	430,135,592
Other Financial Instruments:
Futures Contracts††	$	22,967		—		—	$	22,967
Centrally Cleared Interest Rate Swaps††		—	$	405,911		—		405,911
Total Other Financial Instruments	$	22,967	$	405,911		—	$	428,878
Total	$	12,337,513	$	418,226,957		—	$	430,564,470

    28  Western Asset Ultra-Short Income Fund 2024 Quarterly Report

Notes to Schedule of Investments (unaudited) (continued)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options	$	128,552		—		—	$	128,552
Futures Contracts††		404,081		—		—		404,081
Centrally Cleared Interest Rate Swaps††		—	$	292,799		—		292,799
Total	$	532,633	$	292,799		—	$	825,432

† 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 February 29, 2024. The following transactions were effected in such company for the period ended February 29, 2024.

	Affiliate Value at May 31, 2023		Purchased				Sold
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	179,460,429		179,460,429	$	167,347,341		167,347,341

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at February 29, 2024
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	856,849		—	$	12,113,088

  Western Asset Ultra-Short Income Fund 2024 Quarterly Report      29