WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 43.5%
COMMUNICATION SERVICES - 3.5%
Diversified Telecommunication Services - 1.1%
AT&T Inc., Senior Notes		4.250	%		3/1/27	$	580,000	$	562,544
AT&T Inc., Senior Notes		2.300	%		6/1/27		400,000		356,585
AT&T Inc., Senior Notes		1.650	%		2/1/28		40,000		34,002
AT&T Inc., Senior Notes		2.250	%		2/1/32		560,000		437,481
AT&T Inc., Senior Notes		2.550	%		12/1/33		380,000		291,125
Telefonica Emisiones SA, Senior Notes		4.895	%		3/6/48		870,000		694,375
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		300,000		275,660
Verizon Communications Inc., Senior Notes		4.125	%		3/16/27		930,000		895,520
Verizon Communications Inc., Senior Notes		3.000	%		3/22/27		140,000		129,432
Verizon Communications Inc., Senior Notes		2.100	%		3/22/28		530,000		457,645
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		484,000		464,000
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		360,000		335,301
Verizon Communications Inc., Senior Notes		1.680	%		10/30/30		954,000		738,718
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		190,000		155,502
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		2,285,000		1,797,485
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		120,000		111,632
Total Diversified Telecommunication Services									7,737,007
Entertainment - 0.3%
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		860,000		789,280	(a)
Warnermedia Holdings Inc., Senior Notes		4.054	%		3/15/29		280,000		250,560	(a)
Warnermedia Holdings Inc., Senior Notes		4.279	%		3/15/32		1,390,000		1,200,748	(a)
Total Entertainment									2,240,588
Interactive Media & Services - 0.1%
Alphabet Inc., Senior Notes		0.450	%		8/15/25		100,000		90,500
Alphabet Inc., Senior Notes		1.100	%		8/15/30		240,000		189,315
Alphabet Inc., Senior Notes		1.900	%		8/15/40		250,000		166,563
Alphabet Inc., Senior Notes		2.050	%		8/15/50		150,000		90,931
Total Interactive Media & Services									537,309
Media - 1.5%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		4,930,000		4,825,788
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.400	%		4/1/33		500,000		427,973
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		170,000		124,430

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         1

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Media - (continued)
Comcast Corp., Senior Notes		3.375	%		2/15/25	$	280,000	$	270,542
Comcast Corp., Senior Notes		3.950	%		10/15/25		1,910,000		1,857,414
Comcast Corp., Senior Notes		3.150	%		3/1/26		330,000		312,178
Comcast Corp., Senior Notes		3.300	%		4/1/27		190,000		178,149
Comcast Corp., Senior Notes		4.150	%		10/15/28		1,890,000		1,808,167
Comcast Corp., Senior Notes		3.400	%		4/1/30		290,000		261,976
Comcast Corp., Senior Notes		4.250	%		10/15/30		200,000		189,987
Comcast Corp., Senior Notes		3.250	%		11/1/39		210,000		163,969
Comcast Corp., Senior Notes		3.750	%		4/1/40		50,000		41,007
Fox Corp., Senior Notes		4.030	%		1/25/24		170,000		167,807
Fox Corp., Senior Notes		4.709	%		1/25/29		210,000		200,699
Total Media									10,830,086
Wireless Telecommunication Services - 0.5%
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/25		490,000		469,464
T-Mobile USA Inc., Senior Notes		3.750	%		4/15/27		90,000		84,648
T-Mobile USA Inc., Senior Notes		3.875	%		4/15/30		2,620,000		2,376,868
T-Mobile USA Inc., Senior Notes		2.550	%		2/15/31		290,000		236,821
T-Mobile USA Inc., Senior Notes		2.250	%		11/15/31		250,000		196,134
Total Wireless Telecommunication Services									3,363,935
TOTAL COMMUNICATION SERVICES									24,708,925
CONSUMER DISCRETIONARY - 2.0%
Automobiles - 0.3%
Ford Motor Credit Co. LLC, Senior Notes		3.664	%		9/8/24		200,000		192,045
General Motors Co., Senior Notes		5.600	%		10/15/32		130,000		123,742
General Motors Financial Co. Inc., Senior Notes		3.700	%		5/9/23		1,230,000		1,226,359
Toyota Motor Corp., Senior Notes		1.339	%		3/25/26		950,000		852,836
Total Automobiles									2,394,982
Hotels, Restaurants & Leisure - 0.4%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		310,000		298,496
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		40,000		37,092
McDonald’s Corp., Senior Notes		3.350	%		4/1/23		800,000		798,600
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		320,000		307,801
McDonald’s Corp., Senior Notes		1.450	%		9/1/25		80,000		73,147
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		130,000		125,481
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		560,000		528,881
McDonald’s Corp., Senior Notes		3.500	%		7/1/27		160,000		150,993
McDonald’s Corp., Senior Notes		3.800	%		4/1/28		300,000		284,532

See Notes to Schedule of Investments.

    2     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Hotels, Restaurants & Leisure - (continued)
McDonald’s Corp., Senior Notes		3.600	%		7/1/30	$	240,000	$	219,128
McDonald’s Corp., Senior Notes		3.625	%		9/1/49		60,000		45,224
Total Hotels, Restaurants & Leisure									2,869,375
Household Durables - 0.0%††
Newell Brands Inc., Senior Notes		4.450	%		4/1/26		10,000		9,465
Internet & Direct Marketing Retail - 0.7%
Amazon.com Inc., Senior Notes		0.400	%		6/3/23		1,040,000		1,027,941
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		240,000		219,156
Amazon.com Inc., Senior Notes		3.300	%		4/13/27		640,000		604,870
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		350,000		302,443
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		1,640,000		1,532,200
Amazon.com Inc., Senior Notes		3.450	%		4/13/29		740,000		687,754
Amazon.com Inc., Senior Notes		1.500	%		6/3/30		160,000		128,435
Amazon.com Inc., Senior Notes		2.100	%		5/12/31		190,000		156,387
Amazon.com Inc., Senior Notes		2.500	%		6/3/50		240,000		154,253
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		60,000		51,981
Total Internet & Direct Marketing Retail									4,865,420
Multiline Retail - 0.1%
Target Corp., Senior Notes		2.250	%		4/15/25		450,000		425,298
Specialty Retail - 0.4%
Home Depot Inc., Senior Notes		2.500	%		4/15/27		1,160,000		1,061,025
Home Depot Inc., Senior Notes		2.875	%		4/15/27		800,000		743,612
Home Depot Inc., Senior Notes		3.900	%		12/6/28		40,000		38,297
Home Depot Inc., Senior Notes		3.300	%		4/15/40		210,000		167,439
Home Depot Inc., Senior Notes		3.900	%		6/15/47		30,000		24,891
Lowe’s Cos. Inc., Senior Notes		1.700	%		9/15/28		460,000		384,278
Lowe’s Cos. Inc., Senior Notes		4.500	%		4/15/30		210,000		200,184
Total Specialty Retail									2,619,726
Textiles, Apparel & Luxury Goods - 0.1%
NIKE Inc., Senior Notes		2.750	%		3/27/27		420,000		389,642
NIKE Inc., Senior Notes		2.850	%		3/27/30		410,000		364,799
Total Textiles, Apparel & Luxury Goods									754,441
TOTAL CONSUMER DISCRETIONARY									13,938,707
CONSUMER STAPLES - 1.7%
Beverages - 0.5%
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		220,000		216,399
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		6/1/30		1,100,000		1,002,522

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         3

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Beverages - (continued)
Coca-Cola Co., Senior Notes		3.375	%		3/25/27	$	590,000	$	563,375
Coca-Cola Co., Senior Notes		1.450	%		6/1/27		520,000		456,885
Constellation Brands Inc., Senior Notes		3.600	%		5/9/24		420,000		411,614
Constellation Brands Inc., Senior Notes		4.350	%		5/9/27		50,000		48,349
Constellation Brands Inc., Senior Notes		2.250	%		8/1/31		90,000		70,905
Diageo Capital PLC, Senior Notes		3.500	%		9/18/23		220,000		217,908
PepsiCo Inc., Senior Notes		0.750	%		5/1/23		560,000		556,212
PepsiCo Inc., Senior Notes		2.250	%		3/19/25		50,000		47,391
PepsiCo Inc., Senior Notes		2.625	%		3/19/27		60,000		55,553
PepsiCo Inc., Senior Notes		1.625	%		5/1/30		300,000		243,922
Total Beverages									3,891,035
Food & Staples Retailing - 0.2%
Costco Wholesale Corp., Senior Notes		1.375	%		6/20/27		830,000		725,524
Costco Wholesale Corp., Senior Notes		1.600	%		4/20/30		170,000		138,967
Walmart Inc., Senior Notes		1.500	%		9/22/28		140,000		119,094
Walmart Inc., Senior Notes		2.375	%		9/24/29		50,000		43,483
Walmart Inc., Senior Notes		1.800	%		9/22/31		110,000		88,841
Total Food & Staples Retailing									1,115,909
Food Products - 0.3%
Hershey Co., Senior Notes		0.900	%		6/1/25		140,000		127,675
Mars Inc., Senior Notes		2.700	%		4/1/25		360,000		342,027	(a)
Mars Inc., Senior Notes		3.200	%		4/1/30		910,000		820,414	(a)
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		900,000		830,025
Total Food Products									2,120,141
Household Products - 0.1%
Kimberly-Clark Corp., Senior Notes		3.100	%		3/26/30		130,000		116,720
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		80,000		74,642
Procter & Gamble Co., Senior Notes		3.000	%		3/25/30		260,000		235,956
Total Household Products									427,318
Tobacco - 0.6%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		130,000		121,919
Altria Group Inc., Senior Notes		4.800	%		2/14/29		59,000		56,636
Altria Group Inc., Senior Notes		2.450	%		2/4/32		2,560,000		1,934,106
Altria Group Inc., Senior Notes		6.200	%		2/14/59		115,000		107,313
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		1,150,000		1,048,096
Cargill Inc., Senior Notes		1.375	%		7/23/23		470,000		462,426	(a)

See Notes to Schedule of Investments.

    4     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Tobacco - (continued)
Philip Morris International Inc., Senior Notes		1.125	%		5/1/23	$	280,000	$	278,003
Philip Morris International Inc., Senior Notes		2.100	%		5/1/30		310,000		251,113
Total Tobacco									4,259,612
TOTAL CONSUMER STAPLES									11,814,015
ENERGY - 6.8%
Energy Equipment & Services - 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25		17,000		16,449
Oil, Gas & Consumable Fuels - 6.8%
Apache Corp., Senior Notes		4.250	%		1/15/30		180,000		159,265
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		420,000		401,143
BP Capital Markets America Inc., Senior Notes		3.119	%		5/4/26		1,070,000		1,011,478
BP Capital Markets America Inc., Senior Notes		3.588	%		4/14/27		970,000		917,803
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		320,000		293,439
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		350,000		304,137	(a)
Chevron Corp., Senior Notes		1.554	%		5/11/25		240,000		222,863
Chevron Corp., Senior Notes		1.995	%		5/11/27		260,000		233,004
Chevron USA Inc., Senior Notes		3.850	%		1/15/28		620,000		596,620
Chevron USA Inc., Senior Notes		3.250	%		10/15/29		490,000		445,789
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		1,020,000		995,789
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		580,000		537,748
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		50,000		47,371	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		1,830,000		1,716,142
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		570,000		526,852
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		1,360,000		1,369,894
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		356,000		352,108
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		128,000		119,205
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		90,000		83,106
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		90,000		76,358
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		360,000		333,745
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		550,000		486,092
Diamondback Energy Inc., Senior Notes		3.125	%		3/24/31		160,000		134,291
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		2,440,000		2,314,340
Energy Transfer LP, Senior Notes		4.500	%		4/15/24		20,000		19,746
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		400,000		377,656
Energy Transfer LP, Senior Notes		5.500	%		6/1/27		320,000		318,418
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		70,000		67,672
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		760,000		674,902
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		250,000		215,328
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		90,000		85,759

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         5

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer LP/Regency Energy Finance Corp., Senior Notes		4.500	%		11/1/23	$	500,000	$	496,428
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		1,630,000		1,542,535
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		720,000		635,459
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		430,000		368,603
Enterprise Products Operating LLC, Senior Notes		4.800	%		2/1/49		70,000		61,365
Enterprise Products Operating LLC, Senior Notes		4.200	%		1/31/50		100,000		80,427
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		50,000		36,853
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		740,000		722,868
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		210,000		202,093
EQT Corp., Senior Notes		3.900	%		10/1/27		660,000		604,204
EQT Corp., Senior Notes		7.000	%		2/1/30		500,000		516,757
Exxon Mobil Corp., Senior Notes		1.571	%		4/15/23		50,000		49,779
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		1,850,000		1,776,766
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		1,670,000		1,582,862
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		30,000		26,674
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		1,070,000		967,217	(a)
KazMunayGas National Co. JSC, Senior Notes		5.750	%		4/19/47		660,000		528,746	(a)
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		410,000		400,621
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		220,000		210,011
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		120,000		108,708
MPLX LP, Senior Notes		4.125	%		3/1/27		780,000		744,679
MPLX LP, Senior Notes		4.800	%		2/15/29		720,000		692,248
MPLX LP, Senior Notes		5.200	%		3/1/47		160,000		138,207
MPLX LP, Senior Notes		5.200	%		12/1/47		250,000		215,855
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		56,000		56,619
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		1,730,000		1,722,604
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		910,000		845,044
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		500,000		454,720
Pertamina Persero PT, Senior Notes		6.000	%		5/3/42		580,000		562,904	(a)
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		470,000		471,868
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		390,000		325,747
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		2,040,000		1,564,170	(a)
Petroleos Mexicanos, Senior Notes		4.250	%		1/15/25		760,000		725,176

See Notes to Schedule of Investments.

    6     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Petroleos Mexicanos, Senior Notes		5.625	%		1/23/46	$	1,100,000	$	648,797
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		300,000		267,251
Pioneer Natural Resources Co., Senior Notes		1.900	%		8/15/30		370,000		288,584
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		400,000		315,644
Reliance Industries Ltd., Senior Notes		2.875	%		1/12/32		640,000		519,494	(a)
Reliance Industries Ltd., Senior Notes		3.625	%		1/12/52		1,120,000		786,150	(a)
Shell International Finance BV, Senior Notes		3.250	%		5/11/25		2,550,000		2,456,794
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		400,000		374,726
Shell International Finance BV, Senior Notes		2.750	%		4/6/30		230,000		202,049
Sinopec Group Overseas Development 2014 Ltd., Senior Notes		4.375	%		4/10/24		1,620,000		1,602,881	(a)
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		810,000		796,952
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		740,000		625,879	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,490,000		1,580,426
Western Midstream Operating LP, Senior Notes		3.350	%		2/1/25		230,000		218,238
Western Midstream Operating LP, Senior Notes		4.300	%		2/1/30		120,000		106,433
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		920,000		865,337
Williams Cos. Inc., Senior Notes		4.900	%		1/15/45		230,000		197,475
Williams Cos. Inc., Senior Notes		5.100	%		9/15/45		350,000		308,267
Total Oil, Gas & Consumable Fuels									47,038,257
TOTAL ENERGY									47,054,706
FINANCIALS - 18.4%
Banks - 14.0%
ABN AMRO Bank NV, Subordinated Notes		4.750	%		7/28/25		310,000		301,626	(a)
Banco Santander SA, Senior Notes		2.746	%		5/28/25		1,000,000		937,497
Banco Santander SA, Senior Notes (3 mo. USD LIBOR + 1.120%)		5.926	%		4/12/23		800,000		800,819	(b)
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		1,496,472	(b)
Bank of America Corp., Senior Notes		4.100	%		7/24/23		930,000		925,843
Bank of America Corp., Senior Notes		4.000	%		4/1/24		1,560,000		1,537,131
Bank of America Corp., Senior Notes		3.500	%		4/19/26		460,000		438,478
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)		1.319	%		6/19/26		110,000		99,829	(b)
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		690,000		549,684	(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         7

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31	$	550,000	$	454,578	(b)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		610,000		499,502	(b)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. USD LIBOR + 1.040%)		3.419	%		12/20/28		1,572,000		1,431,432	(b)
Bank of America Corp., Senior Notes (3.458% to 3/15/24 then 3 mo. USD LIBOR + 0.970%)		3.458	%		3/15/25		660,000		645,260	(b)
Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. USD LIBOR + 1.370%)		3.593	%		7/21/28		1,140,000		1,051,831	(b)
Bank of America Corp., Senior Notes (3.970% to 3/5/28 then 3 mo. USD LIBOR + 1.070%)		3.970	%		3/5/29		1,500,000		1,393,637	(b)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. USD LIBOR + 1.210%)		3.974	%		2/7/30		2,210,000		2,023,339	(b)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. USD LIBOR + 3.150%)		4.083	%		3/20/51		240,000		193,040	(b)
Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%)		4.376	%		4/27/28		470,000		449,584	(b)
Bank of America Corp., Subordinated Notes		4.200	%		8/26/24		710,000		696,547
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		320,000		311,906
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		1,360,000		1,307,091
Bank of Montreal, Senior Notes		1.850	%		5/1/25		920,000		853,936
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		480,000		438,489
Barclays PLC, Senior Notes (4.972% to 5/16/28 then 3 mo. USD LIBOR + 1.902%)		4.972	%		5/16/29		1,000,000		952,987	(b)
BNP Paribas SA, Senior Notes		3.375	%		1/9/25		260,000		249,911	(a)
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		750,000		708,898	(a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		600,000		554,518	(a)(b)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. USD LIBOR + 2.235%)		4.705	%		1/10/25		2,010,000		1,989,649	(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		1,290,000		1,269,074	(a)(b)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		370,000		359,795	(a)(b)
BNP Paribas SA, Subordinated Notes (4.375% to 3/1/28 then USD 5 year ICE Swap Rate + 1.483%)		4.375	%		3/1/33		360,000		326,977	(a)(b)
Canadian Imperial Bank of Commerce, Senior Notes		0.950	%		6/23/23		480,000		473,841

See Notes to Schedule of Investments.

    8     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Citigroup Inc., Senior Notes		3.300	%		4/27/25	$	1,810,000	$	1,733,178
Citigroup Inc., Senior Notes		8.125	%		7/15/39		34,000		43,131
Citigroup Inc., Senior Notes		4.650	%		7/30/45		84,000		74,461
Citigroup Inc., Senior Notes (1.678% to 5/15/23 then SOFR + 1.667%)		1.678	%		5/15/24		530,000		525,634	(b)
Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%)		2.572	%		6/3/31		780,000		640,153	(b)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		370,000		351,526	(b)
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)		3.785	%		3/17/33		870,000		756,984	(b)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. USD LIBOR + 1.338%)		3.980	%		3/20/30		1,840,000		1,679,523	(b)
Citigroup Inc., Senior Notes (4.075% to 4/23/28 then 3 mo. USD LIBOR + 1.192%)		4.075	%		4/23/29		1,620,000		1,509,070	(b)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		660,000		614,048	(b)
Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%)		4.658	%		5/24/28		630,000		609,692	(b)
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		670,000		655,826
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		870,000		872,032
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		180,000		172,724
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		2,390,000		2,284,094
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		280,000		262,194
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		116,000		109,158
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		2,630,000		2,549,336
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		2,210,000		2,062,312	(a)(b)
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		400,000		367,228	(a)(b)
Danske Bank A/S, Senior Notes		3.875	%		9/12/23		200,000		198,168	(a)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		1,400,000		1,396,277	(a)
Danske Bank A/S, Senior Notes (1.226% to 6/22/23 then 1 year Treasury Constant Maturity Rate + 1.000%)		1.226	%		6/22/24		200,000		196,996	(a)(b)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		210,000		199,727	(a)(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         9

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 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	$	1,430,000	$	1,399,966	(a)(b)
Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury Constant Maturity Rate + 1.750%)		4.298	%		4/1/28		1,160,000		1,093,714	(a)(b)
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26		1,140,000		1,049,581	(b)
HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + 2.387%)		2.848	%		6/4/31		840,000		691,724	(b)
HSBC Holdings PLC, Senior Notes (4.041% to 3/13/27 then 3 mo. USD LIBOR + 1.546%)		4.041	%		3/13/28		700,000		653,969	(b)
HSBC Holdings PLC, Subordinated Notes		4.250	%		3/14/24		430,000		423,663
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,580,000		1,526,906	(a)
JPMorgan Chase & Co., Senior Notes		3.900	%		7/15/25		2,200,000		2,137,849
JPMorgan Chase & Co., Senior Notes (1.514% to 6/1/23 then SOFR + 1.455%)		1.514	%		6/1/24		1,410,000		1,396,308	(b)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		860,000		798,952	(b)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31		700,000		579,279	(b)
JPMorgan Chase & Co., Senior Notes (3.845% to 6/14/24 then SOFR + 0.980%)		3.845	%		6/14/25		3,410,000		3,329,923	(b)
JPMorgan Chase & Co., Senior Notes (4.005% to 4/23/28 then 3 mo. USD LIBOR + 1.120%)		4.005	%		4/23/29		1,180,000		1,097,097	(b)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. USD LIBOR + 1.000%)		4.023	%		12/5/24		1,250,000		1,233,986	(b)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. USD LIBOR + 1.330%)		4.452	%		12/5/29		1,770,000		1,677,910	(b)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		1,790,000		1,747,992
Lloyds Banking Group PLC, Senior Notes		3.900	%		3/12/24		1,690,000		1,661,522
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		680,000		655,730
Mitsubishi UFJ Financial Group Inc., Senior Notes		3.407	%		3/7/24		3,120,000		3,056,595
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		340,000		326,897	(b)
Mitsubishi UFJ Financial Group Inc., Senior Notes (4.080% to 4/19/27 then 1 year Treasury Constant Maturity Rate + 1.300%)		4.080	%		4/19/28		340,000		322,900	(b)

See Notes to Schedule of Investments.

    10     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
NatWest Group PLC, Senior Notes (4.269% to 3/22/24 then 3 mo. USD LIBOR + 1.762%)		4.269	%		3/22/25	$	590,000	$	579,467	(b)
NatWest Group PLC, Senior Notes (4.519% to 6/25/23 then 3 mo. USD LIBOR + 1.550%)		4.519	%		6/25/24		200,000		198,943	(b)
Nordea Bank Abp, Senior Notes		1.000	%		6/9/23		860,000		850,466	(a)
PNC Financial Services Group Inc., Senior Notes		3.500	%		1/23/24		2,070,000		2,038,005
Royal Bank of Canada, Senior Notes		1.600	%		4/17/23		790,000		786,592
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		460,000		419,920
Royal Bank of Canada, Senior Notes		3.875	%		5/4/32		230,000		207,434
Swedbank AB, Senior Notes		1.300	%		6/2/23		610,000		603,577	(a)
Toronto-Dominion Bank, Senior Notes		0.750	%		6/12/23		910,000		899,253
Toronto-Dominion Bank, Senior Notes		1.150	%		6/12/25		460,000		419,926
Toronto-Dominion Bank, Senior Notes		4.456	%		6/8/32		1,100,000		1,036,181
US Bancorp, Senior Notes		3.375	%		2/5/24		4,580,000		4,495,878
US Bancorp, Senior Notes		1.450	%		5/12/25		1,060,000		978,472
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		5,790,000		5,704,450
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		720,000		665,031
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		500,000		468,637
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		880,000		818,609	(b)
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		190,000		160,766	(b)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then SOFR + 4.032%)		4.478	%		4/4/31		330,000		310,616	(b)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		1,080,000		995,901	(b)
Wells Fargo & Co., Subordinated Notes		4.100	%		6/3/26		400,000		384,202
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		1,790,000		1,733,082
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		90,000		79,705
Total Banks									97,284,249
Capital Markets - 3.0%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		270,000		250,448
Bank of New York Mellon Corp., Senior Notes (4.289% to 6/13/32 then SOFR + 1.418%)		4.289	%		6/13/33		1,130,000		1,051,783	(b)
Charles Schwab Corp., Senior Notes		3.850	%		5/21/25		600,000		583,510
Credit Suisse AG, Senior Notes		1.000	%		5/5/23		2,850,000		2,820,827
Credit Suisse AG, Senior Notes		3.625	%		9/9/24		2,550,000		2,411,293
Credit Suisse AG, Senior Notes		2.950	%		4/9/25		530,000		481,496

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         11

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
Credit Suisse Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%)		9.016	%		11/15/33	$	260,000	$	273,268	(a)(b)
Goldman Sachs Capital II, Junior Subordinated Notes (3 mo. USD LIBOR + 0.768%, 4.000% floor)		5.730	%		3/31/23		71,000		57,510	(b)(c)
Goldman Sachs Group Inc., Senior Notes		3.625	%		2/20/24		1,000,000		982,305
Goldman Sachs Group Inc., Senior Notes		4.000	%		3/3/24		1,480,000		1,458,450
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		280,000		274,099
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		570,000		549,250
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		1,350,000		1,268,163
Goldman Sachs Group Inc., Senior Notes		3.850	%		1/26/27		160,000		151,447
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)		3.615	%		3/15/28		150,000		139,284	(b)
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. USD LIBOR + 1.158%)		3.814	%		4/23/29		750,000		688,930	(b)
Goldman Sachs Group Inc., Senior Notes (4.387% to 6/15/26 then SOFR + 1.510%)		4.387	%		6/15/27		1,260,000		1,216,503	(b)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		930,000		901,288
Intercontinental Exchange Inc., Senior Notes		4.600	%		3/15/33		520,000		495,179
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		1,180,000		1,100,315	(b)
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%)		2.699	%		1/22/31		1,000,000		835,764	(b)
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. USD LIBOR + 1.140%)		3.772	%		1/24/29		1,390,000		1,283,871	(b)
UBS Group AG, Senior Notes		4.125	%		9/24/25		290,000		280,790	(a)
UBS Group AG, Senior Notes		4.253	%		3/23/28		690,000		651,068	(a)
UBS Group AG, Senior Notes (4.488% to 5/12/25 then 1 year Treasury Constant Maturity Rate + 1.550%)		4.488	%		5/12/26		580,000		565,681	(a)(b)
Total Capital Markets									20,772,522
Consumer Finance - 0.3%
American Express Co., Senior Notes		3.375	%		5/3/24		790,000		772,187
American Express Co., Senior Notes		2.500	%		7/30/24		420,000		404,222

See Notes to Schedule of Investments.

    12     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Consumer Finance - (continued)
American Express Co., Senior Notes		4.050	%		5/3/29	$	150,000	$	142,215
Nationwide Building Society, Senior Notes (4.363% to 8/1/23 then 3 mo. USD LIBOR + 1.392%)		4.363	%		8/1/24		940,000		932,996	(a)(b)
Total Consumer Finance									2,251,620
Diversified Financial Services - 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		940,000		829,149
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.000	%		10/29/28		910,000		775,724
National Securities Clearing Corp., Senior Notes		1.200	%		4/23/23		420,000		417,616	(a)
National Securities Clearing Corp., Senior Notes		1.500	%		4/23/25		600,000		554,849	(a)
Vanguard Group Inc.		3.050	%		8/22/50		660,000		432,704	(d)(e)
Total Diversified Financial Services									3,010,042
Insurance - 0.7%
American International Group Inc., Senior Notes		2.500	%		6/30/25		186,000		175,167
Chubb INA Holdings Inc., Senior Notes		3.350	%		5/3/26		100,000		95,301
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		180,000		162,757	(a)
MassMutual Global Funding II, Senior Secured Notes		0.850	%		6/9/23		1,400,000		1,383,827	(a)
MetLife Capital Trust IV, Junior Subordinated Notes		7.875	%		12/15/37		390,000		420,449	(a)
Metropolitan Life Global Funding I, Secured Notes		0.900	%		6/8/23		970,000		958,647	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		340,000		307,592	(a)
Nuveen LLC, Senior Notes		4.000	%		11/1/28		1,000,000		941,963	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		160,000		145,238	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		32,000		35,536	(a)
Total Insurance									4,626,477
TOTAL FINANCIALS									127,944,910
HEALTH CARE - 3.5%
Biotechnology - 0.9%
AbbVie Inc., Senior Notes		3.750	%		11/14/23		110,000		108,729
AbbVie Inc., Senior Notes		2.600	%		11/21/24		1,050,000		1,001,587
AbbVie Inc., Senior Notes		3.800	%		3/15/25		570,000		553,123

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         13

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Biotechnology - (continued)
AbbVie Inc., Senior Notes		3.600	%		5/14/25	$	510,000	$	490,929
AbbVie Inc., Senior Notes		2.950	%		11/21/26		180,000		166,159
AbbVie Inc., Senior Notes		3.200	%		11/21/29		1,940,000		1,716,620
AbbVie Inc., Senior Notes		4.250	%		11/21/49		80,000		66,665
Amgen Inc., Senior Notes		3.625	%		5/22/24		120,000		117,375
Gilead Sciences Inc., Senior Notes		2.500	%		9/1/23		700,000		690,099
Gilead Sciences Inc., Senior Notes		3.700	%		4/1/24		90,000		88,449
GSK Consumer Healthcare Capital US LLC, Senior Notes		3.375	%		3/24/27		750,000		697,715
GSK Consumer Healthcare Capital US LLC, Senior Notes		3.375	%		3/24/29		390,000		347,236
Total Biotechnology									6,044,686
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories, Senior Notes		3.400	%		11/30/23		700,000		691,950
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		430,000		415,855
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		848,000		826,569
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		23,000		22,367
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		200,000		177,698
Total Health Care Equipment & Supplies									2,134,439
Health Care Providers & Services - 1.7%
Aetna Inc., Senior Notes		2.800	%		6/15/23		1,070,000		1,062,434
Cigna Corp., Senior Notes		3.750	%		7/15/23		114,000		113,222
Cigna Corp., Senior Notes		4.125	%		11/15/25		740,000		719,963
Cigna Corp., Senior Notes		4.375	%		10/15/28		1,830,000		1,758,307
Cigna Group., Senior Notes		3.500	%		6/15/24		820,000		800,298
CVS Health Corp., Senior Notes		3.875	%		7/20/25		868,000		841,289
CVS Health Corp., Senior Notes		3.625	%		4/1/27		800,000		752,839
CVS Health Corp., Senior Notes		4.300	%		3/25/28		631,000		603,463
CVS Health Corp., Senior Notes		3.750	%		4/1/30		210,000		189,831
CVS Health Corp., Senior Notes		1.875	%		2/28/31		100,000		77,736
CVS Health Corp., Senior Notes		2.125	%		9/15/31		330,000		259,127
CVS Health Corp., Senior Notes		5.050	%		3/25/48		270,000		242,535
Elevance Health Inc., Senior Notes		3.650	%		12/1/27		240,000		225,283
Elevance Health Inc., Senior Notes		4.100	%		5/15/32		280,000		257,268
Elevance Health Inc., Senior Notes		4.550	%		5/15/52		40,000		34,698
Humana Inc., Senior Notes		4.500	%		4/1/25		80,000		78,650
Humana Inc., Senior Notes		3.950	%		3/15/27		970,000		927,894
Humana Inc., Senior Notes		3.700	%		3/23/29		770,000		698,967
Humana Inc., Senior Notes		2.150	%		2/3/32		120,000		92,713

See Notes to Schedule of Investments.

    14     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - (continued)
UnitedHealth Group Inc., Senior Notes		3.500	%		6/15/23	$	150,000	$	149,364
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		400,000		388,229
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		170,000		153,651
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		790,000		746,969
UnitedHealth Group Inc., Senior Notes		4.000	%		5/15/29		660,000		626,074
UnitedHealth Group Inc., Senior Notes		2.300	%		5/15/31		70,000		57,738
UnitedHealth Group Inc., Senior Notes		4.250	%		6/15/48		60,000		52,013
UnitedHealth Group Inc., Senior Notes		4.450	%		12/15/48		20,000		17,800
Total Health Care Providers & Services									11,928,355
Pharmaceuticals - 0.6%
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		881,000		854,224
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		486,000		460,352
Johnson & Johnson, Senior Notes		0.550	%		9/1/25		290,000		261,827
Johnson & Johnson, Senior Notes		2.450	%		3/1/26		1,390,000		1,302,345
Johnson & Johnson, Senior Notes		0.950	%		9/1/27		600,000		513,843
Merck & Co. Inc., Senior Notes		1.450	%		6/24/30		290,000		232,413
Pfizer Inc., Senior Notes		2.625	%		4/1/30		450,000		393,017
Pfizer Inc., Senior Notes		1.700	%		5/28/30		430,000		351,843
Total Pharmaceuticals									4,369,864
TOTAL HEALTH CARE									24,477,344
INDUSTRIALS - 2.2%
Aerospace & Defense - 1.3%
Boeing Co., Senior Notes		1.433	%		2/4/24		870,000		836,821
Boeing Co., Senior Notes		4.875	%		5/1/25		1,700,000		1,676,816
Boeing Co., Senior Notes		3.100	%		5/1/26		70,000		65,206
Boeing Co., Senior Notes		2.800	%		3/1/27		90,000		81,666
Boeing Co., Senior Notes		3.200	%		3/1/29		330,000		290,551
Boeing Co., Senior Notes		5.150	%		5/1/30		1,500,000		1,452,440
Boeing Co., Senior Notes		5.705	%		5/1/40		620,000		591,286
Boeing Co., Senior Notes		5.805	%		5/1/50		380,000		361,912
Boeing Co., Senior Notes		5.930	%		5/1/60		10,000		9,357
General Dynamics Corp., Senior Notes		3.750	%		5/15/28		340,000		323,509
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		226,000		218,479
Lockheed Martin Corp., Senior Notes		3.900	%		6/15/32		1,020,000		946,078
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		1,350,000		1,292,978
Raytheon Technologies Corp., Senior Notes		3.150	%		12/15/24		210,000		202,307
Raytheon Technologies Corp., Senior Notes		3.950	%		8/16/25		280,000		272,218

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         15

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Aerospace & Defense - (continued)
Raytheon Technologies Corp., Senior Notes		4.125	%		11/16/28	$	90,000	$	85,737
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		340,000		281,892
Total Aerospace & Defense									8,989,253
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		2.722	%		2/15/30		140,000		118,259
Carrier Global Corp., Senior Notes		2.700	%		2/15/31		60,000		49,588
Total Building Products									167,847
Commercial Services & Supplies - 0.2%
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		1,040,000		993,624
Republic Services Inc., Senior Notes		3.200	%		3/15/25		750,000		718,455
Total Commercial Services & Supplies									1,712,079
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		2.375	%		8/26/29		100,000		84,018
3M Co., Senior Notes		3.050	%		4/15/30		90,000		78,777
Honeywell International Inc., Senior Notes		1.350	%		6/1/25		330,000		304,716
Total Industrial Conglomerates									467,511
Machinery - 0.0%††
Deere & Co., Senior Notes		3.100	%		4/15/30		20,000		17,893
Otis Worldwide Corp., Senior Notes		2.056	%		4/5/25		120,000		111,985
Total Machinery									129,878
Road & Rail - 0.3%
Canadian Pacific Railway Co., Senior Notes		2.450	%		12/2/31		1,550,000		1,291,683
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		600,000		582,540
Union Pacific Corp., Senior Notes		2.891	%		4/6/36		340,000		268,071
Total Road & Rail									2,142,294
Trading Companies & Distributors - 0.2%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		310,000		292,502
Air Lease Corp., Senior Notes		5.300	%		2/1/28		350,000		340,355
Aviation Capital Group LLC, Senior Notes		4.125	%		8/1/25		790,000		742,593	(a)
Total Trading Companies & Distributors									1,375,450
Transportation Infrastructure - 0.1%
SMBC Aviation Capital Finance DAC, Senior Notes		4.125	%		7/15/23		710,000		705,477	(a)
TOTAL INDUSTRIALS									15,689,789
INFORMATION TECHNOLOGY - 2.8%
IT Services - 0.4%
Mastercard Inc., Senior Notes		3.375	%		4/1/24		230,000		225,717
Mastercard Inc., Senior Notes		3.850	%		3/26/50		40,000		33,760
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		420,000		389,357

See Notes to Schedule of Investments.

    16     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
IT Services - (continued)
PayPal Holdings Inc., Senior Notes		4.400	%		6/1/32	$	220,000	$	207,098
Visa Inc., Senior Notes		3.150	%		12/14/25		1,400,000		1,337,287
Visa Inc., Senior Notes		1.900	%		4/15/27		400,000		359,142
Visa Inc., Senior Notes		4.300	%		12/14/45		320,000		289,327
Total IT Services									2,841,688
Semiconductors & Semiconductor Equipment - 0.9%
Broadcom Inc., Senior Notes		3.137	%		11/15/35		2,010,000		1,483,025	(a)
Intel Corp., Senior Notes		3.700	%		7/29/25		140,000		135,463
Intel Corp., Senior Notes		3.750	%		3/25/27		170,000		162,376
Intel Corp., Senior Notes		1.600	%		8/12/28		240,000		201,931
Intel Corp., Senior Notes		5.125	%		2/10/30		250,000		247,108
Intel Corp., Senior Notes		4.750	%		3/25/50		100,000		86,724
Micron Technology Inc., Senior Notes		5.875	%		2/9/33		480,000		465,364
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		650,000		535,135
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		300,000		281,698
Texas Instruments Inc., Senior Notes		1.750	%		5/4/30		290,000		237,556
TSMC Arizona Corp., Senior Notes		1.750	%		10/25/26		1,160,000		1,027,979
TSMC Arizona Corp., Senior Notes		2.500	%		10/25/31		1,250,000		1,036,592
Total Semiconductors & Semiconductor Equipment									5,900,951
Software - 1.1%
Adobe Inc., Senior Notes		2.300	%		2/1/30		380,000		325,428
Microsoft Corp., Senior Notes		2.400	%		8/8/26		3,060,000		2,839,408
Microsoft Corp., Senior Notes		3.300	%		2/6/27		1,220,000		1,166,196
Microsoft Corp., Senior Notes		3.450	%		8/8/36		10,000		8,769
Microsoft Corp., Senior Notes		2.921	%		3/17/52		10,000		7,201
Oracle Corp., Senior Notes		1.650	%		3/25/26		420,000		375,566
Oracle Corp., Senior Notes		4.650	%		5/6/30		260,000		246,781
Oracle Corp., Senior Notes		2.875	%		3/25/31		300,000		248,832
Salesforce Inc., Senior Notes		3.250	%		4/11/23		370,000		369,219
Salesforce Inc., Senior Notes		3.700	%		4/11/28		250,000		238,340
Workday Inc., Senior Notes		3.500	%		4/1/27		170,000		158,863
Workday Inc., Senior Notes		3.700	%		4/1/29		1,330,000		1,215,385
Workday Inc., Senior Notes		3.800	%		4/1/32		670,000		590,220
Total Software									7,790,208
Technology Hardware, Storage & Peripherals - 0.4%
Apple Inc., Senior Notes		1.125	%		5/11/25		1,140,000		1,053,188
Apple Inc., Senior Notes		2.450	%		8/4/26		1,170,000		1,083,584

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         17

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Technology Hardware, Storage & Peripherals - (continued)
Apple Inc., Senior Notes		3.350	%		2/9/27	$	80,000	$	76,281
Apple Inc., Senior Notes		2.900	%		9/12/27		850,000		790,755
Total Technology Hardware, Storage & Peripherals									3,003,808
TOTAL INFORMATION TECHNOLOGY									19,536,655
MATERIALS - 1.9%
Chemicals - 0.5%
Equate Petrochemical BV, Senior Notes		4.250	%		11/3/26		880,000		848,537	(a)
Equate Petrochemical BV, Senior Notes		2.625	%		4/28/28		1,200,000		1,053,353	(a)
OCP SA, Senior Notes		4.500	%		10/22/25		550,000		528,501	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		1.875	%		5/11/26		740,000		648,247	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		2.875	%		5/11/31		710,000		559,835	(a)
Total Chemicals									3,638,473
Metals & Mining - 1.1%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		990,000		957,020	(a)
Anglo American Capital PLC, Senior Notes		4.750	%		4/10/27		690,000		670,631	(a)
Corp. Nacional del Cobre de Chile, Senior Notes		3.625	%		8/1/27		1,110,000		1,036,961	(a)
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		150,000		141,415
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		1,790,000		1,784,203	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		1,080,000		1,063,813	(a)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		780,000		730,119
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		690,000		704,652
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		608,000		623,410
Total Metals & Mining									7,712,224
Paper & Forest Products - 0.3%
Suzano Austria GmbH, Senior Notes		6.000	%		1/15/29		1,690,000		1,660,358
TOTAL MATERIALS									13,011,055
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
WEA Finance LLC, Senior Notes		4.125	%		9/20/28		500,000		435,320	(a)
UTILITIES - 0.6%
Electric Utilities - 0.6%
American Transmission Systems Inc., Senior Notes		2.650	%		1/15/32		140,000		114,836	(a)
Comision Federal de Electricidad, Senior Notes		4.750	%		2/23/27		690,000		657,118	(a)
FirstEnergy Corp., Senior Notes		1.600	%		1/15/26		190,000		169,563
FirstEnergy Corp., Senior Notes		4.150	%		7/15/27		1,500,000		1,400,842

See Notes to Schedule of Investments.

    18     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Electric Utilities - (continued)
MidAmerican Energy Co., First Mortgage Bonds		3.650	%		4/15/29	$	810,000	$	751,446
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		770,000		656,435
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		4.125	%		5/15/27		440,000		416,350	(a)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		5.450	%		5/21/28		380,000		376,061	(a)
TOTAL UTILITIES									4,542,651
TOTAL CORPORATE BONDS & NOTES (Cost - $327,053,908)									303,154,077
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 23.5%
U.S. Government Obligations - 23.5%
U.S. Treasury Bonds		3.250	%		5/15/42		150,000		132,633
U.S. Treasury Bonds		4.000	%		11/15/42		2,830,000		2,790,645
U.S. Treasury Bonds		3.875	%		2/15/43		1,700,000		1,649,531
U.S. Treasury Bonds		3.625	%		8/15/43		550,000		512,499
U.S. Treasury Bonds		3.750	%		11/15/43		6,450,000		6,117,170
U.S. Treasury Bonds		2.500	%		2/15/45		1,560,000		1,192,760
U.S. Treasury Bonds		1.625	%		11/15/50		9,010,000		5,523,552
U.S. Treasury Bonds		1.875	%		2/15/51		35,780,000		23,374,403
U.S. Treasury Bonds		2.375	%		5/15/51		9,370,000		6,881,826
U.S. Treasury Bonds		2.000	%		8/15/51		3,210,000		2,158,913
U.S. Treasury Bonds		1.875	%		11/15/51		4,260,000		2,771,829
U.S. Treasury Bonds		2.250	%		2/15/52		12,405,000		8,849,223
U.S. Treasury Bonds		2.875	%		5/15/52		1,540,000		1,261,416
U.S. Treasury Bonds		3.000	%		8/15/52		7,430,000		6,248,166
U.S. Treasury Bonds		4.000	%		11/15/52		2,500,000		2,545,312
U.S. Treasury Notes		2.250	%		11/15/25		460,000		433,227
U.S. Treasury Notes		2.125	%		5/31/26		1,190,000		1,107,769
U.S. Treasury Notes		1.875	%		7/31/26		2,960,000		2,726,206
U.S. Treasury Notes		1.625	%		9/30/26		220,000		200,209
U.S. Treasury Notes		1.625	%		10/31/26		570,000		517,743
U.S. Treasury Notes		2.750	%		4/30/27		7,540,000		7,097,614
U.S. Treasury Notes		3.125	%		8/31/27		1,220,000		1,164,457
U.S. Treasury Notes		4.125	%		10/31/27		190,000		189,069
U.S. Treasury Notes		1.250	%		3/31/28		7,030,000		6,096,877
U.S. Treasury Notes		2.625	%		7/31/29		66,660,000		61,137,115
U.S. Treasury Notes		3.125	%		8/31/29		520,000		491,156
U.S. Treasury Notes		4.000	%		10/31/29		6,220,000		6,184,284

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         19

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. Government Obligations - (continued)
U.S. Treasury Notes		2.750	%		8/15/32	$	1,430,000	$	1,299,736
U.S. Treasury Notes		4.125	%		11/15/32		919,000		933,790
U.S. Treasury Strip Principal (STRIPS)		0.000	%		5/15/49		5,220,000		1,901,550
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $196,185,001)									163,490,680
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - 10.9%
280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. USD LIBOR + 0.880%)		5.461	%		9/15/34		730,000		715,931	(a)(b)
Adjustable Rate Mortgage Trust, 2004-5 4A1		3.977	%		4/25/35		38,187		38,037	(b)
AREIT LLC, 2022-CRE7 A (1 mo. Term SOFR + 2.242%)		6.806	%		6/17/39		1,810,000		1,812,145	(a)(b)
AREIT Trust, 2022-CRE6 A (30 Day Average SOFR + 1.250%)		5.676	%		1/16/37		964,790		947,705	(a)(b)
BCAP LLC Trust, 2015-RR6 1A2		3.500	%		5/26/37		818,082		812,853	(a)(b)
BENCHMARK Mortgage Trust, 2018-B7 A4		4.510	%		5/15/53		785,000		757,164	(b)
BENCHMARK Mortgage Trust, 2019-B10 A4		3.717	%		3/15/62		1,260,000		1,161,340
BPR Trust, 2021-TY B (1 mo. USD LIBOR + 1.150%)		5.738	%		9/15/38		2,140,000		2,019,945	(a)(b)
BRAVO Residential Funding Trust, 2021-NQM2 A1		0.970	%		3/25/60		152,549		142,933	(a)(b)
BRAVO Residential Funding Trust, 2022-NQM3 A1		5.108	%		7/25/62		376,290		366,665	(a)(b)
BX Commercial Mortgage Trust, 2021-XL2 A (1 mo. USD LIBOR + 0.689%)		5.277	%		10/15/38		954,516		931,755	(a)(b)
BX Commercial Mortgage Trust, 2022-LP2 A (1 mo. Term SOFR + 1.013%)		5.575	%		2/15/39		872,687		860,788	(a)(b)
CIM Trust, 2021-R6 A1		1.425	%		7/25/61		352,010		311,515	(a)(b)
Citigroup Commercial Mortgage Trust, 2014- GC25 AS		4.017	%		10/10/47		640,000		606,897
Commercial Mortgage Trust, 2013-300P B		4.394	%		8/10/30		560,000		543,578	(a)(b)
Commercial Mortgage Trust, 2013-CR12 AM		4.300	%		10/10/46		80,000		72,631
Commercial Mortgage Trust, 2013-CR12 B		4.762	%		10/10/46		70,000		59,544	(b)
Commercial Mortgage Trust, 2013-CR12 C		5.020	%		10/10/46		40,000		27,338	(b)
Commercial Mortgage Trust, 2014-UBS2 XA, IO		1.057	%		3/10/47		2,404,483		14,707	(b)
CSMC Trust, 2014-USA B		4.185	%		9/15/37		2,820,000		2,416,408	(a)
CSMC Trust, 2017-RPL3 A1		4.000	%		8/1/57		567,238		516,229	(a)(b)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		1,390,882		1,239,400	(a)(b)
CSMC Trust, 2019-AFC1 A1, Step bond (2.573% to 8/1/23 then 3.573%)		2.573	%		7/25/49		432,197		404,597	(a)

See Notes to Schedule of Investments.

    20     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - (continued)
CSMC Trust, 2019-AFC1 A3, Step bond (2.877% to 8/1/23 then 3.877%)		2.877	%		7/25/49	$	950,302	$	886,555	(a)
CSMC Trust, 2019-ICE4 A (1 mo. USD LIBOR + 0.980%)		5.568	%		5/15/36		189,528		188,653	(a)(b)
CSMC Trust, 2020-AFC1 A1		2.240	%		2/25/50		658,488		609,059	(a)(b)
CSMC Trust, 2020-RPL4 A1		2.000	%		1/25/60		1,397,309		1,227,124	(a)(b)
CSMC Trust, 2021-AFC1 A3		1.169	%		3/25/56		326,352		232,502	(a)(b)
CSMC Trust, 2021-NQM2 A3		1.538	%		2/25/66		240,740		199,958	(a)(b)
CSMC Trust, 2021-NQM5 A1		0.938	%		5/25/66		558,447		439,209	(a)(b)
CSMC Trust, 2021-NQM7 A1		1.756	%		10/25/66		374,422		310,574	(a)(b)
CSMC Trust, 2021-RPL6 A1		2.000	%		10/25/60		581,616		512,794	(a)(b)
CSMC Trust, 2022-7R 1A1 (30 Day Average SOFR + 2.500%)		6.562	%		10/25/66		1,125,405		1,132,662	(a)(b)
CSMC Trust, 2022-NQM1 A1		2.265	%		11/25/66		1,501,900		1,304,489	(a)(b)
DBJPM Mortgage Trust, 2016-C1 B		4.195	%		5/10/49		1,060,000		961,866	(b)
Deephaven Residential Mortgage Trust, 2022-1 A1		2.205	%		1/25/67		917,189		801,761	(a)(b)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		1,029,771		832,122	(a)(b)
Ellington Financial Mortgage Trust, 2022-1 A1		2.206	%		1/25/67		454,412		387,643	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K091 X1, IO		0.561	%		3/25/29		2,453,573		69,981	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K093 X1, IO		0.952	%		5/25/29		1,982,840		92,776	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, S8FX A2		3.291	%		3/25/27		590,000		556,185
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4066 PI, IO		3.500	%		9/15/31		798,164		36,220
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4203 PS,IO, PAC (-1.000 x 1 mo. USD LIBOR + 6.250%)		1.662	%		9/15/42		234,130		14,961	(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		137,505		20,209
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		326,715		51,266
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO		2.500	%		9/25/50		166,933		25,466
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		86,046		11,559

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         21

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5224 HL		4.000	%		4/25/52	$	100,000	$	90,835
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA6 M2 (30 Day Average SOFR + 1.500%)		5.984	%		10/25/41		1,230,000		1,182,848	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA1 M1A (30 Day Average SOFR + 1.000%)		5.484	%		1/25/42		1,164,764		1,146,470	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1A (30 Day Average SOFR + 1.300%)		5.784	%		2/25/42		1,448,532		1,439,322	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%)		6.884	%		2/25/42		2,000,000		1,957,310	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA4 M1A (30 Day Average SOFR + 2.200%)		6.684	%		5/25/42		1,245,681		1,258,040	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 334 S7, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		1.512	%		8/15/44		85,653		8,536	(b)
Federal National Mortgage Association (FNMA) - CAS, 2014-C04 2M2 (1 mo. USD LIBOR + 5.000%)		9.617	%		11/25/24		42,086		42,512	(b)
Federal National Mortgage Association (FNMA) - CAS, 2021-R03 1 M2 (30 Day Average SOFR + 1.650%)		6.134	%		12/25/41		2,140,000		2,051,300	(a)(b)
Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2		3.610	%		2/25/31		255,231		240,051
Federal National Mortgage Association (FNMA) ACES, 2019-M19 A2		2.560	%		9/25/29		414,447		369,505
Federal National Mortgage Association (FNMA) ACES, 2019-M28 AV		2.232	%		2/25/27		173,252		159,634
Federal National Mortgage Association (FNMA) REMIC, 2013-026 HI, IO		3.000	%		4/25/32		2,475		93
Federal National Mortgage Association (FNMA) REMIC, 2013-54 BS, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		1.533	%		6/25/43		18,787		1,927	(b)

See Notes to Schedule of Investments.

    22     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2013-73 IA, IO		3.000	%		9/25/32	$	484,406	$	28,846
Federal National Mortgage Association (FNMA) REMIC, 2013-124 SB, IO (-1.000 x 1 mo. USD LIBOR + 5.950%)		1.333	%		12/25/43		22,607		1,932	(b)
Federal National Mortgage Association (FNMA) REMIC, 2015-65 CZ		3.500	%		9/25/45		259,936		223,886
Federal National Mortgage Association (FNMA) REMIC, 2017-85 SC, IO (-1.000 x 1 mo. USD LIBOR + 6.200%)		1.583	%		11/25/47		30,650		2,486	(b)
Federal National Mortgage Association (FNMA) REMIC, 2020-56 AQ		2.000	%		8/25/50		700,000		553,674
Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO		2.500	%		8/25/50		158,609		24,517
Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO		2.500	%		12/25/50		77,575		11,341
Federal National Mortgage Association (FNMA) STRIPS, 409 C18, IO		4.000	%		4/25/42		16,518		3,099
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		3,677		3,589	(a)(b)
Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. USD LIBOR + 0.350%)		4.742	%		8/20/58		286,929		284,633	(b)
Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. USD LIBOR + 0.450%)		4.842	%		11/20/60		859,277		856,112	(b)
Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. USD LIBOR + 0.500%)		4.892	%		2/20/61		84,135		83,805	(b)
Government National Mortgage Association (GNMA), 2011-H09 AF (1 mo. USD LIBOR + 0.500%)		4.892	%		3/20/61		91,878		91,562	(b)
Government National Mortgage Association (GNMA), 2012-027 IO, IO		0.271	%		4/16/53		1,104,348		3,541	(b)
Government National Mortgage Association (GNMA), 2012-H30 GA (1 mo. USD LIBOR + 0.350%)		4.742	%		12/20/62		298,895		297,237	(b)
Government National Mortgage Association (GNMA), 2013-95 IO, IO		0.421	%		4/16/47		3,675,224		35,296	(b)
Government National Mortgage Association (GNMA), 2014-105 IO, IO		0.121	%		6/16/54		248,366		2,835	(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         23

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - (continued)
Government National Mortgage Association (GNMA), 2014-130 IB, IO		0.227	%		8/16/54	$	1,084,261	$	9,557	(b)
Government National Mortgage Association (GNMA), 2014-157 IO, IO		0.192	%		5/16/55		870,344		6,787	(b)
Government National Mortgage Association (GNMA), 2014-186 IO, IO		0.374	%		8/16/54		850,969		8,905	(b)
Government National Mortgage Association (GNMA), 2020-103 AD		1.450	%		1/16/63		591,148		469,571
Government National Mortgage Association (GNMA), 2020-H09 NF (1 mo. USD LIBOR + 1.250%)		5.642	%		4/20/70		117,484		118,464	(b)
GS Mortgage Securities Corp. II, 2018-SRP5 A (1 mo. USD LIBOR + 1.800%)		6.388	%		9/15/31		2,745,037		2,355,334	(a)(b)
GS Mortgage Securities Corp. II, 2018-SRP5 B (1 mo. USD LIBOR + 3.000%)		7.588	%		9/15/31		2,138,049		1,588,333	(a)(b)
GS Mortgage Securities Corp. Trust, 2016-GS3 C		3.990	%		10/10/49		570,000		488,215	(b)
GS Mortgage Securities Trust, 2013-GC16 B		5.161	%		11/10/46		240,000		236,105	(b)
GSMSC Resecuritization Trust, 2015-7R A (1 mo. USD LIBOR + 0.150%)		4.716	%		9/26/37		57,389		57,054	(a)(b)
Impac CMB Trust, 2007-A A (1 mo. USD LIBOR + 0.500%)		5.117	%		5/25/37		556,118		516,014	(a)(b)
JPMorgan Mortgage Trust, 2019-LTV3 B2		4.394	%		3/25/50		491,239		429,927	(a)(b)
JPMBB Commercial Mortgage Securities Trust, 2013-C17 B		4.883	%		1/15/47		90,000		87,834	(b)
JPMBB Commercial Mortgage Securities Trust, 2014-C22 C		4.547	%		9/15/47		300,000		264,312	(b)
JPMBB Commercial Mortgage Securities Trust, 2015-C30 B		4.230	%		7/15/48		654,000		611,650	(b)
JPMDB Commercial Mortgage Securities Trust, 2017-C5 B		4.009	%		3/15/50		1,030,000		889,749	(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		8.338	%		5/15/28		586,094		542,701	(a)(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2022-ACB A (30 Day Average SOFR + 1.400%)		5.801	%		3/15/39		620,000		609,413	(a)(b)
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		406,936		377,544	(a)

See Notes to Schedule of Investments.

    24     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - (continued)
Madison Avenue Mortgage Trust, 2017-330M A		3.294	%		8/15/34	$	630,000	$	593,360	(a)(b)
Merrill Lynch Mortgage Investors Trust, 2004-A1 2A1		3.542	%		2/25/34		93,794		85,755	(b)
Mill City Mortgage Loan Trust, 2019-1 A1		3.250	%		10/25/69		718,575		682,794	(a)(b)
Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C25 A5		3.635	%		10/15/48		1,245,000		1,184,252
Morgan Stanley Capital I Trust, 2019-BPR A (1 mo. USD LIBOR + 1.650%)		6.238	%		5/15/36		1,692,198		1,647,288	(a)(b)
MSCG Trust, 2015-ALDR A2		3.462	%		6/7/35		1,440,000		1,311,594	(a)(b)
Natixis Commercial Mortgage Securities Trust, 2019-FAME A		3.047	%		8/15/36		1,300,000		1,173,300	(a)
Natixis Commercial Mortgage Securities Trust, 2019-FAME B		3.655	%		8/15/36		2,550,000		2,252,816	(a)
New Residential Mortgage Loan Trust, 2015-1A A2		3.750	%		5/28/52		322,963		296,790	(a)(b)
New Residential Mortgage Loan Trust, 2017-1A A1		4.000	%		2/25/57		389,040		366,338	(a)(b)
New Residential Mortgage Loan Trust, 2017-3A A1		4.000	%		4/25/57		594,812		561,034	(a)(b)
New Residential Mortgage Loan Trust, 2017-4A A1		4.000	%		5/25/57		592,412		548,035	(a)(b)
New Residential Mortgage Loan Trust, 2021- NQM3 A3		1.516	%		11/27/56		320,258		261,435	(a)(b)
New Residential Mortgage Loan Trust, 2022- NQM2 A1		3.079	%		3/27/62		1,812,714		1,626,954	(a)(b)
OBX Trust, 2021-NQM2 A1		1.101	%		5/25/61		329,120		256,380	(a)(b)
OBX Trust, 2021-NQM3 A1		1.054	%		7/25/61		527,327		409,295	(a)(b)
Onslow Bay Mortgage Loan Trust, 2021-NQM4 A1		1.957	%		10/25/61		428,955		350,419	(a)(b)
OPG Trust, 2021-PORT A (1 mo. USD LIBOR + 0.484%)		5.072	%		10/15/36		1,459,847		1,419,012	(a)(b)
PRKCM Trust, 2021-AFC1 A1		1.510	%		8/25/56		1,102,107		877,702	(a)(b)
PRKCM Trust, 2021-AFC2 A1		2.071	%		11/25/56		458,566		381,212	(a)(b)
Residential Mortgage Loan Trust, 2020-2 A1		1.654	%		5/25/60		519,685		511,706	(a)(b)
SACO I Trust, 2007-VA1 A		4.364	%		6/25/21		7,832		6,487	(a)(b)
SG Residential Mortgage Trust, 2022-1 A1		3.166	%		3/27/62		1,853,758		1,663,380	(a)(b)
Towd Point Mortgage Trust, 2017-4 B2		3.497	%		6/25/57		1,010,000		781,509	(a)(b)
Towd Point Mortgage Trust, 2022-4 A1		3.750	%		9/25/62		1,561,199		1,462,326	(a)
UBS Commercial Mortgage Trust, 2018-C11 B		4.713	%		6/15/51		1,040,000		937,382	(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         25

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - (continued)
VASA Trust, 2021-VASA A (1 mo. USD LIBOR + 0.900%)		5.488	%		7/15/39	$	880,000	$	821,672	(a)(b)
Virginia Housing Development Authority, 2006-C CTFS		6.000	%		6/25/34		293,299		289,655
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR9 A7		3.897	%		8/25/34		790,728		738,711	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A2A (1 mo. USD LIBOR + 0.740%)		5.357	%		11/25/34		258,035		234,034	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. USD LIBOR + 0.720%)		5.337	%		7/25/45		1,448,315		1,336,637	(b)
Waterfall Commercial Mortgage Trust, 2015- SBC5 A		4.104	%		9/14/22		88,549		86,294	(a)(b)
WF-RBS Commercial Mortgage Trust, 2013- C14 B		3.841	%		6/15/46		1,060,000		925,787	(b)
WF-RBS Commercial Mortgage Trust, 2014- C23 XA, IO		0.550	%		10/15/57		4,548,492		29,255	(b)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $83,771,343)									75,920,542
ASSET-BACKED SECURITIES - 9.7%
522 Funding CLO Ltd., 2020-6A A1R (3 mo. USD LIBOR + 1.150%)		5.965	%		10/23/34		770,000		759,779	(a)(b)
ABPCI Direct Lending Fund CLO LP, 2020-10A A1A (3 mo. USD LIBOR + 1.950%)		6.758	%		1/20/32		1,320,000		1,317,095	(a)(b)
AccessLex Institute, 2005-A A3 (3 mo. USD LIBOR + 0.400%)		5.218	%		7/25/34		326,702		319,352	(b)
AmeriCredit Automobile Receivables Trust, 2022-2 A3		4.380	%		4/18/28		420,000		413,783
Apidos CLO, 2013-12A AR (3 mo. USD LIBOR + 1.080%)		5.872	%		4/15/31		750,000		745,772	(a)(b)
Applebee’s Funding LLC/IHOP Funding LLC, 2019-1A A2I		4.194	%		6/5/49		990,000		963,957	(a)
Aqua Finance Trust, 2021-A B		2.400	%		7/17/46		1,050,000		856,801	(a)
Arbor Realty Commercial Real Estate Notes Ltd., 2022-FL1 A (30 Day Average SOFR + 1.450%)		5.851	%		1/15/37		924,000		916,586	(a)(b)
Ares CLO Ltd., 2022-63A A1A (3 mo. Term SOFR + 1.380%)		6.019	%		4/20/35		1,340,000		1,323,021	(a)(b)
Avis Budget Rental Car Funding AESOP LLC, 2020-2A A		2.020	%		2/20/27		2,770,000		2,508,457	(a)

See Notes to Schedule of Investments.

    26     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A A		1.380	%		8/20/27	$	2,650,000	$	2,324,119	(a)
Balboa Bay Loan Funding Ltd., 2021-2A A1 (3 mo. USD LIBOR + 1.170%)		5.978	%		1/20/35		630,000		622,353	(a)(b)
BCRED MML CLO LLC, 2021-1A A (3 mo. USD LIBOR + 1.480%)		6.272	%		1/15/35		740,000		722,550	(a)(b)
BDS Ltd., 2021-FL10 D (1 mo. USD LIBOR + 2.850%)		7.441	%		12/16/36		2,140,000		2,054,859	(a)(b)
Bear Stearns Asset Backed Securities Trust, 2004-SD2 A3 (1 year Treasury Constant Maturity Rate + 2.320%)		4.041	%		3/25/44		207,605		203,655	(b)
Benefit Street Partners CLO Ltd., 2014-IVA ARRR (3 mo. USD LIBOR + 1.180%)		5.988	%		1/20/32		750,000		744,291	(a)(b)(g)
Blackbird Capital Aircraft, 2021-1A A		2.443	%		7/15/46		442,628		375,325	(a)
Canyon CLO Ltd., 2020-1A AR (3 mo. USD LIBOR + 1.180%)		5.972	%		7/15/34		1,360,000		1,335,094	(a)(b)
Catskill Park CLO Ltd., 2017-1A A2 (3 mo. USD LIBOR + 1.700%)		6.508	%		4/20/29		1,250,000		1,238,374	(a)(b)
Cayuga Park CLO Ltd., 2020-1A AR (3 mo. USD LIBOR + 1.120%)		5.912	%		7/17/34		1,020,000		1,003,272	(a)(b)
Cerberus Loan Funding LP, 2020-1A A (3 mo. USD LIBOR + 1.850%)		6.642	%		10/15/31		320,206		318,922	(a)(b)
College Ave Student Loans LLC, 2021-C C		3.060	%		7/26/55		1,100,000		927,036	(a)
Countrywide Home Equity Loan Trust, 2006-HW 2A1B (1 mo. USD LIBOR + 0.150%)		4.468	%		11/15/36		340,862		300,472	(b)
Countrywide Home Equity Loan Trust, 2006-I 2A (1 mo. USD LIBOR + 0.140%)		4.728	%		1/15/37		360,893		334,892	(b)
Dryden CLO Ltd., 2019-75A AR2 (3 mo. USD LIBOR + 1.040%)		5.832	%		4/15/34		800,000		784,510	(a)(b)
Dryden CLO Ltd., 2021-87A A1 (3 mo. USD LIBOR + 1.100%)		6.015	%		5/20/34		2,020,000		1,991,942	(a)(b)
Eaton Vance CLO Ltd., 2020-2A AR (3 mo. USD LIBOR + 1.150%)		5.942	%		1/15/35		930,000		918,486	(a)(b)
First Franklin Mortgage Loan Trust, 2003-FF1 A1 (1 mo. USD LIBOR + 1.125%)		5.691	%		3/25/33		267,385		260,947	(b)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		2,220,000		2,110,353
Golub Capital Partners CLO Ltd., 2021-57A A1 (3 mo. USD LIBOR + 1.490%)		6.308	%		10/25/34		1,730,000		1,683,476	(a)(b)
Golub Capital Partners CLO Ltd., 2015-25A AR (3 mo. USD LIBOR + 1.380%)		6.186	%		5/5/30		390,630		388,283	(a)(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         27

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
GoodLeap Sustainable Home Solutions Trust, 2022-1GS B		2.940	%		1/20/49	$	849,738	$	646,546	(a)
Great Lakes Kcap F3c Senior LLC, 2017-1A A (3 mo. USD LIBOR + 1.900%)		6.646	%		12/20/29		1,428,665		1,430,288	(a)(b)
Grippen Park CLO Ltd., 2017-1A A (3 mo. USD LIBOR + 1.260%)		6.068	%		1/20/30		419,500		417,823	(a)(b)
GRMT Mortgage Loan Trust, 2001-1A A5		6.650	%		7/20/31		13,122		13,040	(a)
Halsey Point CLO Ltd., 2019-1A A1A1 (3 mo. USD LIBOR + 1.350%)		6.158	%		1/20/33		250,000		248,034	(a)(b)
Halsey Point CLO Ltd., 2020-3A A1A (3 mo. USD LIBOR + 1.450%)		6.252	%		11/30/32		560,000		557,469	(a)(b)
Hardee’s Funding LLC, 2021-1A A2		2.865	%		6/20/51		522,050		422,226	(a)
Hertz Vehicle Financing LP, 2021-2A C		2.520	%		12/27/27		1,090,000		933,990	(a)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		528,013		446,801	(a)
HPS Loan Management Ltd., 2021-16A A1 (3 mo. USD LIBOR + 1.140%)		5.955	%		1/23/35		890,000		875,419	(a)(b)
KeyCorp Student Loan Trust, 2006-A 2B (3 mo. USD LIBOR + 0.480%)		5.204	%		12/27/41		258,787		257,289	(b)
KKR CLO Ltd., 32A A1 (3 mo. USD LIBOR + 1.320%)		6.112	%		1/15/32		490,000		488,316	(a)(b)
KREF Ltd., 2022-FL3 A (1 mo. Term SOFR + 1.450%)		6.014	%		2/17/39		2,020,000		2,000,769	(a)(b)
LCM LP, 19A AR (3 mo. USD LIBOR + 1.240%)		6.032	%		7/15/27		37,234		37,302	(a)(b)
MF1 Ltd., 2021-FL7 A (1 mo. USD LIBOR + 1.080%)		5.671	%		10/16/36		2,100,000		2,069,362	(a)(b)
Midocean Credit CLO, 2017-7A BR (3 mo. USD LIBOR + 1.600%)		6.392	%		7/15/29		750,000		728,212	(a)(b)
Mortgage Repurchase Agreement Financing Trust, 2022-S1 A1 (30 Day Average SOFR + 2.000%)		6.368	%		3/30/25		1,150,000		1,158,181	(a)(b)
Mosaic Solar Loan Trust, 2018-2GS A		4.200	%		2/22/44		1,227,038		1,129,351	(a)
Myers Park CLO Ltd., 2018-1A B1 (3 mo. USD LIBOR + 1.600%)		6.408	%		10/20/30		550,000		541,380	(a)(b)
Navient Student Loan Trust, 2016-3A A3 (1 mo. USD LIBOR + 1.350%)		5.967	%		6/25/65		1,374,790		1,372,810	(a)(b)
Navient Student Loan Trust, 2020-1A A1B (1 mo. USD LIBOR + 1.050%)		5.667	%		6/25/69		214,048		213,361	(a)(b)
Nelnet Student Loan Trust, 2012-2A A (1 mo. USD LIBOR + 0.800%)		5.417	%		12/26/33		496,964		491,499	(a)(b)
Oasis Securitization Funding LLC, 2021-1A A		2.579	%		2/15/33		106,621		105,813	(a)

See Notes to Schedule of Investments.

    28     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Octagon Investment Partners Ltd., 2014-1A AAR3 (3 mo. USD LIBOR + 1.000%)		5.869	%		2/14/31	$	720,000	$	712,454	(a)(b)
Palmer Square CLO Ltd., 2019-1A A1R (3 mo. USD LIBOR + 1.150%)		6.019	%		11/14/34		750,000		740,645	(a)(b)
Point Au Roche Park CLO Ltd., 2021-1A A (3 mo. USD LIBOR + 1.080%)		5.888	%		7/20/34		1,650,000		1,625,250	(a)(b)
Recette CLO Ltd., 2015-1A ARR (3 mo. USD LIBOR + 1.080%)		5.888	%		4/20/34		510,000		501,848	(a)(b)
Reese Park CLO Ltd., 2020-1A AR (3 mo. USD LIBOR + 1.130%)		5.922	%		10/15/34		1,840,000		1,810,308	(a)(b)
SBA Small Business Investment Cos., 2021-10A 1		1.667	%		3/10/31		2,966,868		2,645,042
Silver Rock CLO Ltd., 2020-1A A (3 mo. USD LIBOR + 1.650%)		6.458	%		10/20/31		1,410,000		1,408,881	(a)(b)
SLM Private Education Loan Trust, 2010-C A5 (1 mo. USD LIBOR + 4.750%)		9.338	%		10/15/41		373,310		400,702	(a)(b)
SLM Student Loan Trust, 2003-4 A5A (3 mo. USD LIBOR + 0.750%)		5.519	%		3/15/33		334,233		324,404	(a)(b)
SLM Student Loan Trust, 2003-4 A5E (3 mo. USD LIBOR + 0.750%)		5.519	%		3/15/33		680,126		660,124	(a)(b)
SMB Private Education Loan Trust, 2021-A A2B		1.590	%		1/15/53		1,752,009		1,541,348	(a)
SoFi Professional Loan Program Trust, 2021-A AFX		1.030	%		8/17/43		436,204		362,909	(a)
Structured Asset Investment Loan Trust, 2004-7 A8 (1 mo. USD LIBOR + 1.200%)		5.817	%		8/25/34		460,842		446,530	(b)
STWD Ltd., 2022-FL3 A (30 Day Average SOFR + 1.350%)		5.751	%		11/15/38		690,000		677,628	(a)(b)
Toyota Auto Loan Extended Note Trust, 2021-1A A		1.070	%		2/27/34		540,000		479,769	(a)
TRTX Issuer Ltd., 2022-FL5 A (30 Day Average SOFR + 1.650%)		6.068	%		2/15/39		2,000,000		1,953,391	(a)(b)
Voya CLO Ltd., 2018-3A A1A (3 mo. USD LIBOR + 1.150%)		5.942	%		10/15/31		1,090,000		1,080,719	(a)(b)
Whitebox CLO Ltd., 2020-2A A1R (3 mo. USD LIBOR + 1.220%)		6.036	%		10/24/34		1,110,000		1,097,918	(a)(b)
Whitebox CLO Ltd., 2021-3A A1 (3 mo. USD LIBOR + 1.220%)		6.012	%		10/15/34		1,050,000		1,033,225	(a)(b)
ZAIS CLO Ltd., 2019-13A A1A (3 mo. USD LIBOR + 1.490%)		6.282	%		7/15/32		602,500		594,263	(a)(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $70,533,154)									67,450,453

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         29

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MORTGAGE-BACKED SECURITIES - 5.9%
FHLMC - 1.3%
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		11/1/49-4/1/52	$	288,518	$	256,536
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		9/1/50		1,337,178		1,307,773
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		11/1/50-3/1/52		5,337,948		4,573,951
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		1/1/51-11/1/51		442,406		363,598
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		10/1/51-7/1/52		569,259		537,372
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		7/1/52		470,347		464,508
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		8/1/52		1,339,935		1,236,161
Federal Home Loan Mortgage Corp. (FHLMC)		6.500	%		1/1/53		99,922		102,655	(h)
Total FHLMC									8,842,554
FNMA - 3.0%
Federal National Mortgage Association (FNMA)		6.000	%		7/1/41		100,000		103,411
Federal National Mortgage Association (FNMA)		3.000	%		6/1/43-6/1/52		2,206,876		1,968,927
Federal National Mortgage Association (FNMA)		2.500	%		9/1/50-9/1/61		4,958,484		4,171,817
Federal National Mortgage Association (FNMA)		2.000	%		1/1/51-3/1/52		1,667,866		1,370,567
Federal National Mortgage Association (FNMA)		1.500	%		3/1/51		243,581		188,951
Federal National Mortgage Association (FNMA)		3.500	%		9/1/51-3/1/57		2,524,483		2,317,110
Federal National Mortgage Association (FNMA)		2.000	%		3/1/52		3,500,000		2,851,885	(i)
Federal National Mortgage Association (FNMA)		2.500	%		3/1/52		400,000		338,984	(i)
Federal National Mortgage Association (FNMA)		3.000	%		3/1/52		2,400,000		2,111,859	(i)
Federal National Mortgage Association (FNMA)		3.500	%		3/1/52		400,000		91,055	(i)
Federal National Mortgage Association (FNMA)		4.000	%		3/1/52		600,000		563,344	(i)
Federal National Mortgage Association (FNMA)		4.500	%		3/1/52		800,000		578,250	(i)

See Notes to Schedule of Investments.

    30     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		5.000	%		3/1/52	$	400,000	$	393,312	(i)
Federal National Mortgage Association (FNMA)		5.500	%		3/1/52		900,000		898,734	(i)
Federal National Mortgage Association (FNMA)		4.000	%		5/1/52-6/1/57		1,907,190		1,807,092
Federal National Mortgage Association (FNMA)		6.500	%		1/1/53		296,783		307,201
Federal National Mortgage Association (FNMA)		5.500	%		2/1/53		99,769		100,262
Federal National Mortgage Association (FNMA)		6.500	%		2/1/53		100,000		102,883	(h)
Federal National Mortgage Association (FNMA)		1.500	%		3/1/53		200,000		154,574	(i)
Federal National Mortgage Association (FNMA)		4.500	%		8/1/58		39,245		38,172
Federal National Mortgage Association (FNMA) (12 mo. USD LIBOR + 1.423%)		2.726	%		5/1/43		375,303		372,235	(b)
Total FNMA									20,830,625
GNMA - 1.6%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		242,754		224,200
Government National Mortgage Association (GNMA)		4.000	%		3/15/50		32,275		30,775
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		172,661		162,247
Government National Mortgage Association (GNMA) II		4.000	%		8/20/46- 4/20/50		853,737		823,348
Government National Mortgage Association (GNMA) II		4.500	%		10/20/48-3/20/50		552,051		541,233
Government National Mortgage Association (GNMA) II		3.500	%		10/20/49-11/20/50		966,020		898,166
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50-4/20/52		2,762,898		2,472,824
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50-12/20/51		3,598,731		3,125,627
Government National Mortgage Association (GNMA) II		3.000	%		3/1/52		400,000		357,227	(i)
Government National Mortgage Association (GNMA) II		3.500	%		3/1/52		400,000		367,672	(i)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         31

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		4.000	%		3/1/52	$	400,000	$	94,504	(i)
Government National Mortgage Association (GNMA) II		4.500	%		3/1/52		400,000		387,953	(i)
Government National Mortgage Association (GNMA) II		5.000	%		3/1/52		1,400,000		1,383,594	(i)
Government National Mortgage Association (GNMA) II		5.500	%		3/1/52		200,000		200,758	(i)
Total GNMA									11,070,128
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $42,752,486)									40,743,307
SOVEREIGN BONDS - 2.2%
Chile - 0.1%
Chile Government International Bond, Senior Notes		3.100	%		5/7/41		630,000		459,708
Colombia - 0.3%
Colombia Government International Bond, Senior Notes		3.125	%		4/15/31		1,110,000		807,875
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		920,000		667,584
Colombia Government International Bond, Senior Notes		5.200	%		5/15/49		1,520,000		1,010,195
Total Colombia									2,485,654
India - 0.1%
Export-Import Bank of India, Senior Notes		3.375	%		8/5/26		660,000		615,000	(a)
Indonesia - 0.1%
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		540,000		529,254	(j)
Kazakhstan - 0.2%
Kazakhstan Government International Bond, Senior Notes		4.875	%		10/14/44		1,270,000		1,151,207	(a)
Mexico - 0.6%
Mexico Government International Bond, Senior Notes		2.659	%		5/24/31		1,325,000		1,071,280
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		2,040,000		1,697,805
Mexico Government International Bond, Senior Notes		4.400	%		2/12/52		1,780,000		1,354,448
Total Mexico									4,123,533

See Notes to Schedule of Investments.

    32     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Panama - 0.2%
Panama Government International Bond, Senior Notes		6.700	%		1/26/36	$	400,000	$	423,548
Panama Government International Bond, Senior Notes		4.300	%		4/29/53		1,370,000		992,025
Total Panama									1,415,573
Peru - 0.0%††
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		310,000		304,659
Supranational - 0.2%
Asian Development Bank, Senior Notes		1.500	%		1/20/27		1,280,000		1,147,553
Uruguay - 0.4%
Uruguay Government International Bond, Senior Notes		4.375	%		1/23/31		410,000		400,299
Uruguay Government International Bond, Senior Notes		5.750	%		10/28/34		1,270,000		1,368,357
Uruguay Government International Bond, Senior Notes		5.100	%		6/18/50		1,240,000		1,215,486
Total Uruguay									2,984,142
TOTAL SOVEREIGN BONDS (Cost - $18,321,538)									15,216,283
U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.5%
U.S. Treasury Notes, Inflation Indexed (Cost - $3,910,771)		1.125	%		1/15/33		3,945,665		3,807,766
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS - 0.1%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.1%
SOFR 1-Year Mid-Curve Futures, Put @ $95.875		12/15/23			121		302,500		108,144
SOFR 1-Year Mid-Curve Futures, Put @ $96.000		12/15/23			284		710,000		291,100
U.S. Treasury 5-Year Notes Futures, Call @ $107.250		3/24/23			80		80,000		43,750
U.S. Treasury 10-Year Notes Futures, Call @ $111.500		3/24/23			40		40,000		40,625
U.S. Treasury Long-Term Bonds Futures, Call @ $125.500		3/24/23			40		40,000		66,250
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $509,877)									549,869

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         33

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	COUNTERPARTY		EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT		VALUE
OTC PURCHASED OPTIONS - 0.0%††
Interest rate swaption, Call @ 310.000bps (Cost - $122,273)		Morgan Stanley & Co. Inc.		8/29/23			11,757,000	$	11,757,000	$	129,228
TOTAL PURCHASED OPTIONS (Cost - $632,150)											679,097
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $743,160,351)											670,462,205
			RATE					SHARES
SHORT-TERM INVESTMENTS - 3.6%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $25,252,368)				4.513	%				25,252,368		25,252,368	(g)(k)
TOTAL INVESTMENTS - 99.9% (Cost - $768,412,719)											695,714,573
Other Assets in Excess of Liabilities - 0.1%											474,602
TOTAL NET ASSETS - 100.0%										$	696,189,175

†† 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 Directors.

(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) Security is valued in good faith in accordance with procedures approved by the Board of Directors (Note 1).

(e) Security is valued using significant unobservable inputs (Note 1).

(f) 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.

(g) 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 28, 2023, the total market value of investments in Affiliated Companies was $25,996,659 and the cost was $26,002,368 (Note 2).

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

(i) This security is traded on a to-be-announced (“TBA”) basis. At February 28, 2023, the Fund held TBA securities with a total cost of $10,961,129.

(j) Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

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

See Notes to Schedule of Investments.

    34     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
bps	— basis point spread (100 basis points = 1.00%)
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CLO	— Collateralized Loan Obligation
CTFS	— Certificates
ICE	— Intercontinental Exchange
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 28, 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			12/15/23	$	95.250			242	$	605,000	$	(98,312	)
SOFR 1-Year Mid-Curve Futures, Put			12/15/23		95.375			568		1,420,000		(273,350	)
U.S. Treasury 5-Year Notes Futures, Call			3/3/23		107.250			57		57,000		(9,352	)
U.S. Treasury 5-Year Notes Futures, Call			3/24/23		107.750			90		90,000		(30,937	)
U.S. Treasury 5-Year Notes Futures, Call			3/24/23		108.250			78		78,000		(15,844	)
U.S. Treasury 5-Year Notes Futures, Call			3/24/23		110.000			56		56,000		(1,312	)
U.S. Treasury 5-Year Notes Futures, Put			3/24/23		107.750			57		57,000		(59,227	)
U.S. Treasury 10-Year Notes Futures, Call			3/24/23		112.500			80		80,000		(45,000	)
U.S. Treasury 10-Year Notes Futures, Call			3/24/23		118.000			19		19,000		(297	)
U.S. Treasury 10-Year Notes Futures, Put			3/24/23		110.000			57		57,000		(19,594	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $503,716)											$	(553,225	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Interest rate swaption, Put (Premiums received - $129,327)	Morgan Stanley & Co. Inc.		8/29/23		410.000	bps		11,757,000	$	11,757,000	$	(121,738	)
TOTAL WRITTEN OPTIONS (Premiums received - $633,043)											$	(674,963	)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         35

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

Abbreviation(s) used in this schedule:

bps	— basis point spread (100 basis points = 1.00%)
SOFR	— Secured Overnight Financing Rate

At February 28, 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		49		12/23	$	11,669,036	$	11,587,888	$	(81,148	)
3-Month SOFR		13		9/23		3,137,902		3,075,313		(62,589	)
3-Month SOFR		79		3/26		19,036,146		19,078,500		42,354
90-Day Eurodollar		93		3/23		22,103,870		22,070,644		(33,226	)
U.S. Treasury 2-Year Notes		197		6/23		40,223,450		40,134,132		(89,318	)
U.S. Treasury 5-Year Notes		531		6/23		56,920,812		56,846,040		(74,772	)
U.S. Treasury 10-Year Notes		2,044		6/23		228,256,202		228,225,375		(30,827	)
U.S. Treasury Ultra 10-Year Notes		154		6/23		18,037,517		18,046,875		9,358
										(320,168	)
Contracts to Sell:
3-Month SOFR		426		3/24		101,806,095		100,908,750		897,345
3-Month SOFR		427		3/25		102,902,204		102,672,150		230,054
U.S. Treasury Long-Term Bonds		543		6/23		68,248,510		67,993,781		254,729
U.S. Treasury Ultra Long- Term Bonds		260		6/23		35,426,159		35,116,250		309,909
										1,692,037
Net unrealized appreciation on open futures contracts									$	1,371,869

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

See Notes to Schedule of Investments.

    36     Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2023

At February 28, 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)
	$	8,839,000		9/30/24	Daily SOFR Compound annually	3.500% annually	$	(217,965	)	$	(48,376	)	$	(169,589	)
		15,928,000		8/15/28	1.130% annually	Daily SOFR Compound annually		2,153,437			114,136			2,039,301
		10,908,000		8/15/28	1.220% annually	Daily SOFR Compound annually		1,427,252			(4,660	)		1,431,912
		5,694,000		2/15/29	2.850% annually	Daily SOFR Compound annually		302,853			22,648			280,205
		27,682,000		4/30/29	3.270% annually	Daily SOFR Compound annually		857,378			(435,628	)		1,293,006
		11,900,000		6/30/29	3.850% annually	Daily SOFR Compound annually		(16,479	)		14,915			(31,394	)
		5,265,000		3/18/32	2.000% annually	Daily SOFR Compound annually		668,053			42,677			625,376
		4,875,000		2/15/47	1.729% annually	Daily SOFR Compound annually		1,309,631			69,464			1,240,167
		4,800,000		5/15/47	1.630% annually	Daily SOFR Compound annually		1,370,374			203,695			1,166,679
		3,315,000		2/15/48	2.510% annually	Daily SOFR Compound annually		473,570			21,755			451,815
		1,984,000		2/15/48	2.600% annually	Daily SOFR Compound annually		253,923			136,376			117,547
		6,372,000		2/15/48	2.620% annually	Daily SOFR Compound annually		794,467			7,264			787,203

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report         37

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 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)
	$	4,447,000		2/15/48		3.050% annually		Daily SOFR Compound annually	$	238,496	$	137,085		$	101,411
		7,054,000		5/15/48		3.150% annually		Daily SOFR Compound annually		246,111		(2,270,589	)		2,516,700
Total	$	119,063,000							$	9,861,101	$	(1,989,238	)	$	11,850,339

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE	PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE3		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
Markit CDX.NA.IG.39 Index	$	123,015,000	12/20/27	1.000% quarterly	$	1,248,045	$	(124,964	)	$	1,373,009

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

²  The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

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.

    38     Western Asset Intermediate Bond Fund 2023 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Intermediate Bond Fund (the “Fund”) is a separate diversified investment series of Western Asset Funds, Inc. (the “Corporation”). The Corporation, a Maryland corporation, 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 Directors.

Pursuant to policies adopted by the Board of Directors, 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 Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

39

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

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 Directors, 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 Directors 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)

40

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

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:
Financials		—	$	127,512,206	$	432,704	$	127,944,910
Other Corporate Bonds & Notes		—		175,209,167		—		175,209,167
U.S. Government & Agency Obligations		—		163,490,680		—		163,490,680
Collateralized Mortgage Obligations		—		75,920,542		—		75,920,542
Asset-Backed Securities		—		67,450,453		—		67,450,453
Mortgage-Backed Securities		—		40,743,307		—		40,743,307
Sovereign Bonds		—		15,216,283		—		15,216,283
U.S. Treasury Inflation Protected Securities		—		3,807,766		—		3,807,766
Purchased Options:
Exchange-Traded Purchased Options	$	549,869		—		—		549,869
OTC Purchased Options		—		129,228		—		129,228
Total Long-Term Investments		549,869		669,479,632		432,704		670,462,205
Short-Term Investments†		25,252,368		—		—		25,252,368
Total Investments	$	25,802,237	$	669,479,632	$	432,704	$	695,714,573
Other Financial Instruments:
Futures Contracts††	$	1,743,749		—		—	$	1,743,749
Centrally Cleared Interest Rate Swaps††		—	$	12,051,322		—		12,051,322
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		1,373,009		—		1,373,009
Total Other Financial Instruments	$	1,743,749	$	13,424,331		—	$	15,168,080
Total	$	27,545,986	$	682,903,963	$	432,704	$	710,882,653

41

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

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	553,225		—		—	$	553,225
OTC Written Options		—	$	121,738		—		121,738
Futures Contracts††		371,880		—		—		371,880
Centrally Cleared Interest Rate Swaps††		—		200,983		—		200,983
Total	$	925,105	$	322,721		—	$	1,247,826

† See Schedule of Investments for additional detailed categorizations.

†† Reflects the unrealized appreciation (depreciation) of the instruments.

2. Transactions with affiliated companies

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 Fund invested in Western Asset Premier Institutional Government Reserves, Premium Shares, an affiliated registered money market fund managed by Western Asset. Benefit Street Partners is a wholly-owned subsidiary of Franklin Resources, Inc. The following companies were considered affiliated companies for all or some portion of the period ended February 28, 2023. The following transactions were effected in such companies for the period ended February 28, 2023.

	Affiliate Value at May 31, 2022		Purchased				Sold				Realized Gain (Loss)		Interest/ Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at February 28, 2023
			Cost		Shares/ Face amount		Proceeds		Shares/ Face amount
Benefit Street Partners CLO Ltd., 2014-IVA ARRR	$	739,125		—		—		—		—		—	$	25,128	$	5,166	$	744,291
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	166,998,387		166,998,387	$	141,746,019		141,746,019		—		270,687		—		25,252,368
	$	739,125	$	166,998,387			$	141,746,019				—	$	295,815	$	5,166	$	25,996,659

42