WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 39.6%
COMMUNICATION SERVICES - 3.0%
Diversified Telecommunication Services - 0.7%
AT&T Inc., Senior Notes		4.250	%		3/1/27	$	580,000	$	559,222
AT&T Inc., Senior Notes		2.300	%		6/1/27		400,000		358,313
AT&T Inc., Senior Notes		2.250	%		2/1/32		350,000		273,202
AT&T Inc., Senior Notes		2.550	%		12/1/33		80,000		61,073
Telefonica Emisiones SA, Senior Notes		4.895	%		3/6/48		870,000		695,249
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		300,000		279,438
Verizon Communications Inc., Senior Notes		4.125	%		3/16/27		930,000		896,256
Verizon Communications Inc., Senior Notes		3.000	%		3/22/27		140,000		130,212
Verizon Communications Inc., Senior Notes		2.100	%		3/22/28		530,000		463,483
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		484,000		463,741
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		360,000		336,587
Verizon Communications Inc., Senior Notes		1.680	%		10/30/30		954,000		746,381
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		128,000		105,442
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		80,000		73,945
Total Diversified Telecommunication Services									5,442,544
Entertainment - 0.2%
Warnermedia Holdings Inc., Senior Notes		6.412	%		3/15/26		310,000		310,503
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		860,000		806,897
Warnermedia Holdings Inc., Senior Notes		4.054	%		3/15/29		280,000		257,613
Warnermedia Holdings Inc., Senior Notes		4.279	%		3/15/32		310,000		273,685
Total Entertainment									1,648,698
Interactive Media & Services - 0.1%
Alphabet Inc., Senior Notes		0.450	%		8/15/25		100,000		91,854
Alphabet Inc., Senior Notes		1.100	%		8/15/30		240,000		192,451
Alphabet Inc., Senior Notes		1.900	%		8/15/40		250,000		167,928
Alphabet Inc., Senior Notes		2.050	%		8/15/50		150,000		89,890
Total Interactive Media & Services									542,123
Media - 1.5%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		4,930,000		4,845,470
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.400	%		4/1/33		500,000		440,574
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		170,000		126,073
Comcast Corp., Senior Notes		3.950	%		10/15/25		1,910,000		1,860,994

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Media - continued
Comcast Corp., Senior Notes		3.150	%		3/1/26	$	330,000	$	315,253
Comcast Corp., Senior Notes		3.300	%		4/1/27		190,000		179,468
Comcast Corp., Senior Notes		4.150	%		10/15/28		1,890,000		1,823,263
Comcast Corp., Senior Notes		3.400	%		4/1/30		290,000		264,617
Comcast Corp., Senior Notes		4.250	%		10/15/30		200,000		190,395
Comcast Corp., Senior Notes		3.250	%		11/1/39		210,000		161,884
Comcast Corp., Senior Notes		3.750	%		4/1/40		50,000		41,160
Fox Corp., Senior Notes		4.030	%		1/25/24		170,000		168,687
Fox Corp., Senior Notes		4.709	%		1/25/29		210,000		202,651
Total Media									10,620,489
Wireless Telecommunication Services - 0.5%
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/25		490,000		473,969
T-Mobile USA Inc., Senior Notes		3.750	%		4/15/27		90,000		85,341
T-Mobile USA Inc., Senior Notes		3.875	%		4/15/30		2,620,000		2,392,328
T-Mobile USA Inc., Senior Notes		2.550	%		2/15/31		290,000		239,120
T-Mobile USA Inc., Senior Notes		2.250	%		11/15/31		250,000		198,873
Total Wireless Telecommunication Services									3,389,631
TOTAL COMMUNICATION SERVICES									21,643,485
CONSUMER DISCRETIONARY - 1.6%
Automobiles - 0.2%
Ford Motor Credit Co. LLC, Senior Notes		3.664	%		9/8/24		200,000		194,187
General Motors Co., Senior Notes		5.600	%		10/15/32		130,000		125,178
Toyota Motor Corp., Senior Notes		1.339	%		3/25/26		950,000		865,733
Total Automobiles									1,185,098
Broadline Retail - 0.5%
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		240,000		222,996
Amazon.com Inc., Senior Notes		3.300	%		4/13/27		640,000		609,590
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		350,000		308,413
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		1,640,000		1,543,226
Amazon.com Inc., Senior Notes		3.450	%		4/13/29		740,000		696,844
Amazon.com Inc., Senior Notes		1.500	%		6/3/30		160,000		130,187
Amazon.com Inc., Senior Notes		2.100	%		5/12/31		190,000		157,673
Amazon.com Inc., Senior Notes		2.500	%		6/3/50		240,000		153,156
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		60,000		52,012
Total Broadline Retail									3,874,097
Hotels, Restaurants & Leisure - 0.3%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		310,000		300,326
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		40,000		37,800
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		320,000		309,268

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Hotels, Restaurants & Leisure - continued
McDonald’s Corp., Senior Notes		1.450	%		9/1/25	$	80,000	$	74,383
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		130,000		125,793
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		560,000		533,258
McDonald’s Corp., Senior Notes		3.500	%		7/1/27		160,000		151,992
McDonald’s Corp., Senior Notes		3.800	%		4/1/28		300,000		287,004
McDonald’s Corp., Senior Notes		3.600	%		7/1/30		240,000		221,011
McDonald’s Corp., Senior Notes		3.625	%		9/1/49		60,000		45,298
Total Hotels, Restaurants & Leisure									2,086,133
Household Durables - 0.0%††
Newell Brands Inc., Senior Notes		4.700	%		4/1/26		10,000		9,590
Specialty Retail - 0.5%
AutoZone Inc., Senior Notes		5.050	%		7/15/26		570,000		566,056
Home Depot Inc., Senior Notes		2.500	%		4/15/27		1,160,000		1,072,984
Home Depot Inc., Senior Notes		2.875	%		4/15/27		800,000		751,272
Home Depot Inc., Senior Notes		3.900	%		12/6/28		40,000		38,481
Home Depot Inc., Senior Notes		3.300	%		4/15/40		210,000		165,741
Home Depot Inc., Senior Notes		3.900	%		6/15/47		30,000		24,440
Lowe’s Cos. Inc., Senior Notes		1.700	%		9/15/28		460,000		391,852
Lowe’s Cos. Inc., Senior Notes		4.500	%		4/15/30		210,000		202,458
Total Specialty Retail									3,213,284
Textiles, Apparel & Luxury Goods - 0.1%
NIKE Inc., Senior Notes		2.750	%		3/27/27		420,000		392,816
NIKE Inc., Senior Notes		2.850	%		3/27/30		410,000		366,340
Total Textiles, Apparel & Luxury Goods									759,156
TOTAL CONSUMER DISCRETIONARY									11,127,358
CONSUMER STAPLES - 1.8%
Beverages - 0.5%
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		220,000		218,076
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		6/1/30		1,100,000		1,012,375
Coca-Cola Co., Senior Notes		3.375	%		3/25/27		590,000		565,654
Coca-Cola Co., Senior Notes		1.450	%		6/1/27		520,000		464,599
Constellation Brands Inc., Senior Notes		3.600	%		5/9/24		420,000		413,662
Constellation Brands Inc., Senior Notes		4.350	%		5/9/27		50,000		48,441
Constellation Brands Inc., Senior Notes		2.250	%		8/1/31		90,000		72,403
Diageo Capital PLC, Senior Notes		3.500	%		9/18/23		220,000		219,792
PepsiCo Inc., Senior Notes		2.250	%		3/19/25		50,000		47,870

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Beverages - continued
PepsiCo Inc., Senior Notes		2.625	%		3/19/27	$	60,000	$	55,967
PepsiCo Inc., Senior Notes		1.625	%		5/1/30		300,000		247,061
Total Beverages									3,365,900
Consumer Staples Distribution & Retail - 0.2%
Costco Wholesale Corp., Senior Notes		1.375	%		6/20/27		830,000		734,296
Costco Wholesale Corp., Senior Notes		1.600	%		4/20/30		170,000		140,370
Target Corp., Senior Notes		2.250	%		4/15/25		450,000		429,824
Walmart Inc., Senior Notes		1.500	%		9/22/28		140,000		121,014
Walmart Inc., Senior Notes		2.375	%		9/24/29		50,000		44,665
Walmart Inc., Senior Notes		1.800	%		9/22/31		110,000		90,115
Total Consumer Staples Distribution & Retail									1,560,284
Food Products - 0.3%
Hershey Co., Senior Notes		0.900	%		6/1/25		140,000		130,006
Mars Inc., Senior Notes		2.700	%		4/1/25		360,000		345,669	(a)
Mars Inc., Senior Notes		3.200	%		4/1/30		910,000		821,723	(a)
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		900,000		842,190
Total Food Products									2,139,588
Household Products - 0.1%
Kimberly-Clark Corp., Senior Notes		3.100	%		3/26/30		130,000		117,518
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		80,000		75,084
Procter & Gamble Co., Senior Notes		3.000	%		3/25/30		260,000		237,775
Total Household Products									430,377
Personal Care Products - 0.3%
Haleon US Capital LLC, Senior Notes		3.375	%		3/24/27		750,000		705,550
Haleon US Capital LLC, Senior Notes		3.375	%		3/24/29		390,000		356,770
Kenvue Inc., Senior Notes		5.350	%		3/22/26		570,000		573,107	(a)
Kenvue Inc., Senior Notes		5.050	%		3/22/28		780,000		782,556	(a)
Total Personal Care Products									2,417,983
Tobacco - 0.4%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		130,000		123,158
Altria Group Inc., Senior Notes		4.800	%		2/14/29		59,000		57,190
Altria Group Inc., Senior Notes		2.450	%		2/4/32		2,560,000		1,999,338
Altria Group Inc., Senior Notes		6.200	%		2/14/59		115,000		116,031
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		303,000		281,219
Philip Morris International Inc., Senior Notes		2.100	%		5/1/30		310,000		255,044
Total Tobacco									2,831,980
TOTAL CONSUMER STAPLES									12,746,112

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ENERGY - 6.9%
Energy Equipment & Services - 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25	$	17,000	$	16,587
Oil, Gas & Consumable Fuels - 6.9%
Apache Corp., Senior Notes		4.250	%		1/15/30		180,000		164,217
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		420,000		403,995
BP Capital Markets America Inc., Senior Notes		3.119	%		5/4/26		1,070,000		1,017,915
BP Capital Markets America Inc., Senior Notes		3.588	%		4/14/27		970,000		925,920
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		320,000		295,719
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		350,000		299,620	(a)
Chevron Corp., Senior Notes		1.554	%		5/11/25		240,000		225,886
Chevron Corp., Senior Notes		1.995	%		5/11/27		260,000		235,922
Chevron USA Inc., Senior Notes		3.850	%		1/15/28		620,000		599,771
Chevron USA Inc., Senior Notes		3.250	%		10/15/29		490,000		449,655
Columbia Pipelines Operating Co. LLC, Senior Notes		6.036	%		11/15/33		1,030,000		1,041,331	(a)
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		1,020,000		1,002,307
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		580,000		546,446
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		50,000		47,820	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		1,830,000		1,741,016
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		570,000		536,651
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		1,360,000		1,367,948
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		356,000		353,322
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		128,000		119,851
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		90,000		83,679
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		90,000		77,097
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		360,000		338,819
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		550,000		497,944
Diamondback Energy Inc., Senior Notes		3.125	%		3/24/31		160,000		137,679
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		2,440,000		2,365,587
Energy Transfer LP, Senior Notes		4.500	%		4/15/24		20,000		19,812
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		400,000		380,458
Energy Transfer LP, Senior Notes		5.500	%		6/1/27		320,000		318,318
Energy Transfer LP, Senior Notes		5.550	%		2/15/28		1,180,000		1,176,920
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		70,000		67,834
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		760,000		679,342
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		250,000		215,552
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		90,000		86,268
Energy Transfer LP/Regency Energy Finance Corp., Senior Notes		4.500	%		11/1/23		500,000		498,727

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - continued
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28	$	1,630,000	$	1,558,170
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		720,000		645,549
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		430,000		372,954
Enterprise Products Operating LLC, Senior Notes		4.800	%		2/1/49		70,000		61,563
Enterprise Products Operating LLC, Senior Notes		4.200	%		1/31/50		100,000		79,997
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		50,000		36,651
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		740,000		724,867
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		210,000		204,265
EQT Corp., Senior Notes		3.900	%		10/1/27		660,000		616,897
EQT Corp., Senior Notes		7.000	%		2/1/30		500,000		523,656
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		1,850,000		1,791,903
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		1,670,000		1,596,032
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		30,000		26,025
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		1,070,000		975,381	(a)
KazMunayGas National Co. JSC, Senior Notes		5.750	%		4/19/47		660,000		532,621	(a)
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		410,000		401,084
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		220,000		209,858
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		120,000		108,551
MPLX LP, Senior Notes		4.125	%		3/1/27		780,000		747,159
MPLX LP, Senior Notes		4.800	%		2/15/29		720,000		694,123
MPLX LP, Senior Notes		5.200	%		3/1/47		160,000		137,914
MPLX LP, Senior Notes		5.200	%		12/1/47		250,000		214,821
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		56,000		56,371
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		1,730,000		1,717,094
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		910,000		853,893
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		500,000		450,637
ONEOK Inc., Senior Notes		5.550	%		11/1/26		450,000		450,279
ONEOK Inc., Senior Notes		5.650	%		11/1/28		710,000		711,408
ONEOK Inc., Senior Notes		5.800	%		11/1/30		240,000		240,630
Pertamina Persero PT, Senior Notes		6.000	%		5/3/42		580,000		563,358	(a)
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		470,000		469,131
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		390,000		342,519
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		2,040,000		1,514,790	(a)
Petroleos Mexicanos, Senior Notes		4.250	%		1/15/25		760,000		720,677
Petroleos Mexicanos, Senior Notes		6.375	%		1/23/45		990,000		602,494
Petroleos Mexicanos, Senior Notes		5.625	%		1/23/46		40,000		22,983
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		300,000		272,137
Pioneer Natural Resources Co., Senior Notes		1.900	%		8/15/30		370,000		298,836
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		400,000		324,444

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - continued
Reliance Industries Ltd., Senior Notes		2.875	%		1/12/32	$	640,000	$	525,181	(a)
Reliance Industries Ltd., Senior Notes		3.625	%		1/12/52		1,120,000		763,170	(a)
Shell International Finance BV, Senior Notes		3.250	%		5/11/25		2,550,000		2,469,768
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		400,000		379,459
Shell International Finance BV, Senior Notes		2.750	%		4/6/30		230,000		202,911
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		810,000		802,314
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		740,000		634,079	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,490,000		1,558,085
Western Midstream Operating LP, Senior Notes		3.100	%		2/1/25		230,000		220,478
Western Midstream Operating LP, Senior Notes		4.050	%		2/1/30		120,000		107,166
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		920,000		866,488
Williams Cos. Inc., Senior Notes		4.900	%		1/15/45		230,000		196,475
Williams Cos. Inc., Senior Notes		5.100	%		9/15/45		350,000		308,734
Total Oil, Gas & Consumable Fuels									49,225,378
TOTAL ENERGY									49,241,965
FINANCIALS - 17.0%
Banks - 13.0%
ABN AMRO Bank NV, Subordinated Notes		4.750	%		7/28/25		310,000		301,432	(a)
Banco Santander SA, Senior Notes		2.746	%		5/28/25		1,000,000		946,829
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		1,501,729	(b)
Bank of America Corp., Senior Notes		4.000	%		4/1/24		1,560,000		1,544,804
Bank of America Corp., Senior Notes		3.500	%		4/19/26		460,000		437,581
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)		1.319	%		6/19/26		110,000		101,281	(b)
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		690,000		553,304	(b)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		550,000		457,795	(b)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		610,000		501,760	(b)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. Term SOFR + 1.302%)		3.419	%		12/20/28		1,572,000		1,442,271	(b)
Bank of America Corp., Senior Notes (3.458% to 3/15/24 then 3 mo. Term SOFR + 1.232%)		3.458	%		3/15/25		660,000		650,761	(b)
Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. Term SOFR + 1.632%)		3.593	%		7/21/28		1,140,000		1,061,604	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - continued
Bank of America Corp., Senior Notes (3.970% to 3/5/28 then 3 mo. Term SOFR + 1.332%)		3.970	%		3/5/29	$	1,500,000	$	1,402,320	(b)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term SOFR + 1.472%)		3.974	%		2/7/30		2,210,000		2,035,767	(b)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. Term SOFR + 3.412%)		4.083	%		3/20/51		240,000		193,043	(b)
Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%)		4.376	%		4/27/28		470,000		451,406	(b)
Bank of America Corp., Subordinated Notes		4.200	%		8/26/24		710,000		697,654
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		320,000		311,896
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		1,360,000		1,306,560
Bank of Montreal, Senior Notes		1.850	%		5/1/25		920,000		864,830
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		480,000		444,909
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		950,861	(b)
BNP Paribas SA, Senior Notes		3.375	%		1/9/25		260,000		251,536	(a)
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		750,000		709,533	(a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		600,000		560,849	(a)(b)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. Term SOFR + 2.497%)		4.705	%		1/10/25		2,010,000		1,999,151	(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		1,264,580	(a)(b)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. Term SOFR + 2.829%)		5.198	%		1/10/30		370,000		357,294	(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		326,155	(a)(b)
Citigroup Inc., Senior Notes		3.300	%		4/27/25		1,810,000		1,749,387
Citigroup Inc., Senior Notes		8.125	%		7/15/39		34,000		42,358
Citigroup Inc., Senior Notes		4.650	%		7/30/45		84,000		72,423
Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%)		2.572	%		6/3/31		780,000		644,511	(b)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		370,000		354,286	(b)
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)		3.785	%		3/17/33		870,000		756,724	(b)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. Term SOFR + 1.600%)		3.980	%		3/20/30		1,840,000		1,695,508	(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - continued
Citigroup Inc., Senior Notes (4.075% to 4/23/28 then 3 mo. Term SOFR + 1.454%)		4.075	%		4/23/29	$	1,620,000	$	1,519,677	(b)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		660,000		613,175	(b)
Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%)		4.658	%		5/24/28		630,000		613,801	(b)
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		670,000		653,815
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		870,000		865,502
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		180,000		173,015
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		2,390,000		2,285,892
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		280,000		261,220
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		116,000		105,703
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		2,630,000		2,551,214
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		2,053,589	(a)(b)
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		400,000		372,558	(a)(b)
Danske Bank A/S, Senior Notes		3.875	%		9/12/23		200,000		199,911	(a)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		1,400,000		1,394,907	(a)
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		201,313	(a)(b)
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		1,407,709	(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		1,092,227	(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		1,063,162	(b)
HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + 2.387%)		2.848	%		6/4/31		840,000		693,387	(b)
HSBC Holdings PLC, Senior Notes (4.041% to 3/13/27 then 3 mo. Term SOFR + 1.808%)		4.041	%		3/13/28		700,000		657,828	(b)
HSBC Holdings PLC, Subordinated Notes		4.250	%		3/14/24		430,000		425,452
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,580,000		1,545,411	(a)
JPMorgan Chase & Co., Senior Notes		3.900	%		7/15/25		2,200,000		2,139,067
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		860,000		809,260	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - continued
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31	$	700,000	$	587,468	(b)
JPMorgan Chase & Co., Senior Notes (3.845% to 6/14/24 then SOFR + 0.980%)		3.845	%		6/14/25		3,410,000		3,349,815	(b)
JPMorgan Chase & Co., Senior Notes (4.005% to 4/23/28 then 3 mo. Term SOFR + 1.382%)		4.005	%		4/23/29		1,180,000		1,107,491	(b)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. Term SOFR + 1.262%)		4.023	%		12/5/24		1,250,000		1,243,637	(b)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. Term SOFR + 1.592%)		4.452	%		12/5/29		1,770,000		1,688,172	(b)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		1,790,000		1,755,724
Lloyds Banking Group PLC, Senior Notes		3.900	%		3/12/24		1,690,000		1,671,596
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		680,000		656,751
Mitsubishi UFJ Financial Group Inc., Senior Notes		3.407	%		3/7/24		3,120,000		3,082,071
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		329,283	(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		323,322	(b)
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		583,495	(b)
PNC Financial Services Group Inc., Senior Notes		3.500	%		1/23/24		2,070,000		2,048,083
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)		5.812	%		6/12/26		940,000		939,474	(b)
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		460,000		426,282
Royal Bank of Canada, Senior Notes		3.875	%		5/4/32		230,000		209,014
Toronto-Dominion Bank, Senior Notes		1.150	%		6/12/25		460,000		426,916
Toronto-Dominion Bank, Senior Notes		4.456	%		6/8/32		1,100,000		1,025,313
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)		6.047	%		6/8/27		380,000		379,904	(b)
US Bancorp, Senior Notes		3.375	%		2/5/24		4,580,000		4,536,466
US Bancorp, Senior Notes		1.450	%		5/12/25		1,060,000		991,901
US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%)		2.215	%		1/27/28		230,000		205,378	(b)
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)		5.775	%		6/12/29		410,000		409,276	(b)
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		5,790,000		5,744,674
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		720,000		667,128

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - continued
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29	$	500,000	$	471,868
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		880,000		828,029	(b)
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		190,000		160,077	(b)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then 3 mo. Term SOFR + 4.032%)		4.478	%		4/4/31		330,000		308,865	(b)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + 4.502%)		5.013	%		4/4/51		1,080,000		976,139	(b)
Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%)		5.557	%		7/25/34		400,000		394,903	(b)
Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%)		5.574	%		7/25/29		360,000		358,633	(b)
Wells Fargo & Co., Subordinated Notes		4.100	%		6/3/26		400,000		383,854
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		1,790,000		1,714,913
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		90,000		77,338
Total Banks									92,706,740
Capital Markets - 2.9%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		270,000		253,846
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		1,040,250	(b)
Charles Schwab Corp., Senior Notes		3.850	%		5/21/25		600,000		582,209
Charles Schwab Corp., Senior Notes		5.875	%		8/24/26		650,000		654,054
Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%)		6.136	%		8/24/34		490,000		498,759	(b)
Credit Suisse AG, Senior Notes		4.750	%		8/9/24		340,000		335,389
Credit Suisse AG, Senior Notes		3.625	%		9/9/24		2,550,000		2,481,414
Credit Suisse AG, Senior Notes		2.950	%		4/9/25		530,000		503,564
Goldman Sachs Capital II, Ltd. GTD (3 mo. Term SOFR + 1.029%)		6.439	%		10/2/23		71,000		57,258	(b)(c)
Goldman Sachs Group Inc., Senior Notes		3.625	%		2/20/24		1,000,000		989,540
Goldman Sachs Group Inc., Senior Notes		4.000	%		3/3/24		1,480,000		1,465,642
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		280,000		275,535
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		570,000		550,291
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		1,350,000		1,269,302
Goldman Sachs Group Inc., Senior Notes		3.850	%		1/26/27		160,000		151,918
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)		3.615	%		3/15/28		150,000		140,331	(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - continued
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. Term SOFR + 1.420%)		3.814	%		4/23/29	$	750,000	$	694,312	(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		1,223,421	(b)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		930,000		902,845
Intercontinental Exchange Inc., Senior Notes		4.600	%		3/15/33		520,000		498,105
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		1,180,000		1,112,620	(b)
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%)		2.699	%		1/22/31		1,000,000		842,198	(b)
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. Term SOFR + 1.402%)		3.772	%		1/24/29		1,390,000		1,289,966	(b)
Nuveen LLC, Senior Notes		4.000	%		11/1/28		1,000,000		941,532	(a)
UBS Group AG, Senior Notes		4.125	%		9/24/25		290,000		279,920	(a)
UBS Group AG, Senior Notes		4.253	%		3/23/28		690,000		646,055	(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		563,543	(a)(b)
UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%)		9.016	%		11/15/33		260,000		315,000	(a)(b)
Total Capital Markets									20,558,819
Consumer Finance - 0.2%
American Express Co., Senior Notes		3.375	%		5/3/24		790,000		777,418
American Express Co., Senior Notes		2.500	%		7/30/24		420,000		408,054
American Express Co., Senior Notes		4.050	%		5/3/29		150,000		142,588
Total Consumer Finance									1,328,060
Financial Services - 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		940,000		846,297
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.000	%		10/29/28		910,000		789,284
Mastercard Inc., Senior Notes		3.375	%		4/1/24		230,000		227,058
Mastercard Inc., Senior Notes		3.850	%		3/26/50		40,000		33,269
National Securities Clearing Corp., Senior Notes		1.500	%		4/23/25		600,000		564,692	(a)
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		420,000		393,762
PayPal Holdings Inc., Senior Notes		4.400	%		6/1/32		220,000		210,412
Vanguard Group Inc.		3.050	%		8/22/50		660,000		396,419	(d)
Visa Inc., Senior Notes		3.150	%		12/14/25		1,400,000		1,343,457

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Financial Services - continued
Visa Inc., Senior Notes		1.900	%		4/15/27	$	400,000	$	362,734
Visa Inc., Senior Notes		4.300	%		12/14/45		320,000		289,523
Total Financial Services									5,456,907
Insurance - 0.2%
American International Group Inc., Senior Notes		2.500	%		6/30/25		186,000		176,208
Chubb INA Holdings Inc., Senior Notes		3.350	%		5/3/26		100,000		95,904
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		180,000		165,680	(a)
MetLife Capital Trust IV, Junior Subordinated Notes		7.875	%		12/15/37		390,000		409,744	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		340,000		313,996	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		160,000		147,523	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		32,000		35,109	(a)
Total Insurance									1,344,164
TOTAL FINANCIALS									121,394,690
HEALTH CARE - 3.1%
Biotechnology - 0.7%
AbbVie Inc., Senior Notes		3.750	%		11/14/23		110,000		109,567
AbbVie Inc., Senior Notes		2.600	%		11/21/24		1,050,000		1,013,525
AbbVie Inc., Senior Notes		3.800	%		3/15/25		570,000		555,364
AbbVie Inc., Senior Notes		3.600	%		5/14/25		510,000		494,884
AbbVie Inc., Senior Notes		2.950	%		11/21/26		180,000		168,557
AbbVie Inc., Senior Notes		3.200	%		11/21/29		1,940,000		1,749,790
AbbVie Inc., Senior Notes		4.250	%		11/21/49		80,000		67,423
Amgen Inc., Senior Notes		3.625	%		5/22/24		120,000		118,260
Gilead Sciences Inc., Senior Notes		2.500	%		9/1/23		700,000		700,000
Gilead Sciences Inc., Senior Notes		3.700	%		4/1/24		90,000		88,962
Total Biotechnology									5,066,332
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories, Senior Notes		3.400	%		11/30/23		700,000		696,281
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		430,000		416,878
Becton Dickinson & Co., Senior Notes		3.363	%		6/6/24		848,000		832,213
Becton Dickinson & Co., Senior Notes		3.734	%		12/15/24		23,000		22,454
Becton Dickinson & Co., Senior Notes		4.685	%		12/15/44		200,000		177,360
Total Health Care Equipment & Supplies									2,145,186
Health Care Providers & Services - 1.5%
Cigna Group, Senior Notes		4.125	%		11/15/25		740,000		721,372
Cigna Group, Senior Notes		4.375	%		10/15/28		1,830,000		1,763,361

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - continued
Cigna Group., Senior Notes		3.500	%		6/15/24	$	820,000	$	806,431
CVS Health Corp., Senior Notes		3.875	%		7/20/25		868,000		842,498
CVS Health Corp., Senior Notes		3.625	%		4/1/27		800,000		757,633
CVS Health Corp., Senior Notes		4.300	%		3/25/28		631,000		606,380
CVS Health Corp., Senior Notes		3.750	%		4/1/30		210,000		191,155
CVS Health Corp., Senior Notes		1.875	%		2/28/31		100,000		78,559
CVS Health Corp., Senior Notes		2.125	%		9/15/31		330,000		260,860
CVS Health Corp., Senior Notes		5.050	%		3/25/48		270,000		236,977
Elevance Health Inc., Senior Notes		3.650	%		12/1/27		240,000		226,326
Elevance Health Inc., Senior Notes		4.100	%		5/15/32		280,000		258,132
Elevance Health Inc., Senior Notes		4.550	%		5/15/52		40,000		34,482
Humana Inc., Senior Notes		4.500	%		4/1/25		80,000		78,866
Humana Inc., Senior Notes		3.950	%		3/15/27		970,000		931,695
Humana Inc., Senior Notes		3.700	%		3/23/29		770,000		713,295
Humana Inc., Senior Notes		2.150	%		2/3/32		120,000		94,177
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		400,000		389,956
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		170,000		155,609
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		790,000		756,653
UnitedHealth Group Inc., Senior Notes		4.000	%		5/15/29		660,000		631,275
UnitedHealth Group Inc., Senior Notes		2.300	%		5/15/31		70,000		58,560
UnitedHealth Group Inc., Senior Notes		4.250	%		6/15/48		60,000		50,925
UnitedHealth Group Inc., Senior Notes		4.450	%		12/15/48		20,000		17,575
Total Health Care Providers & Services									10,662,752
Pharmaceuticals - 0.6%
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		881,000		861,253
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		486,000		463,775
Johnson & Johnson, Senior Notes		0.550	%		9/1/25		290,000		265,601
Johnson & Johnson, Senior Notes		2.450	%		3/1/26		1,390,000		1,311,900
Johnson & Johnson, Senior Notes		0.950	%		9/1/27		600,000		523,593
Merck & Co. Inc., Senior Notes		1.450	%		6/24/30		290,000		234,036
Pfizer Inc., Senior Notes		2.625	%		4/1/30		450,000		395,906
Pfizer Inc., Senior Notes		1.700	%		5/28/30		430,000		354,659
Total Pharmaceuticals									4,410,723
TOTAL HEALTH CARE									22,284,993
INDUSTRIALS - 1.9%
Aerospace & Defense - 1.3%
Boeing Co., Senior Notes		1.433	%		2/4/24		870,000		853,347
Boeing Co., Senior Notes		4.875	%		5/1/25		1,700,000		1,677,409
Boeing Co., Senior Notes		3.100	%		5/1/26		70,000		65,970

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Aerospace & Defense - continued
Boeing Co., Senior Notes		2.800	%		3/1/27	$	90,000	$	82,258
Boeing Co., Senior Notes		3.200	%		3/1/29		330,000		296,871
Boeing Co., Senior Notes		5.150	%		5/1/30		1,500,000		1,476,462
Boeing Co., Senior Notes		5.705	%		5/1/40		620,000		603,586
Boeing Co., Senior Notes		5.805	%		5/1/50		380,000		370,228
Boeing Co., Senior Notes		5.930	%		5/1/60		10,000		9,668
General Dynamics Corp., Senior Notes		3.750	%		5/15/28		340,000		324,895
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		226,000		218,837
Lockheed Martin Corp., Senior Notes		3.900	%		6/15/32		1,020,000		949,159
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		1,350,000		1,305,196
RTX Corp., Senior Notes		3.150	%		12/15/24		210,000		203,682
RTX Corp., Senior Notes		3.950	%		8/16/25		280,000		272,371
RTX Corp., Senior Notes		4.125	%		11/16/28		90,000		85,947
RTX Corp., Senior Notes		2.250	%		7/1/30		340,000		282,824
Total Aerospace & Defense									9,078,710
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		2.722	%		2/15/30		140,000		120,149
Carrier Global Corp., Senior Notes		2.700	%		2/15/31		60,000		50,408
Total Building Products									170,557
Commercial Services & Supplies - 0.2%
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		1,040,000		998,995
Republic Services Inc., Senior Notes		3.200	%		3/15/25		750,000		725,702
Total Commercial Services & Supplies									1,724,697
Ground Transportation - 0.1%
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		600,000		583,345
Union Pacific Corp., Senior Notes		2.891	%		4/6/36		340,000		268,977
Total Ground Transportation									852,322
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		2.375	%		8/26/29		100,000		86,283
3M Co., Senior Notes		3.050	%		4/15/30		90,000		80,532
Honeywell International Inc., Senior Notes		1.350	%		6/1/25		330,000		309,479
Total Industrial Conglomerates									476,294
Machinery - 0.0%††
Deere & Co., Senior Notes		3.100	%		4/15/30		20,000		18,150
Otis Worldwide Corp., Senior Notes		2.056	%		4/5/25		120,000		113,773
Total Machinery									131,923

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Trading Companies & Distributors - 0.2%
Air Lease Corp., Senior Notes		3.375	%		7/1/25	$	310,000	$	295,637
Air Lease Corp., Senior Notes		5.300	%		2/1/28		350,000		344,053
Aviation Capital Group LLC, Senior Notes		4.125	%		8/1/25		790,000		753,165	(a)
Total Trading Companies & Distributors									1,392,855
TOTAL INDUSTRIALS									13,827,358
INFORMATION TECHNOLOGY - 2.0%
Semiconductors & Semiconductor Equipment - 0.8%
Broadcom Inc., Senior Notes		3.137	%		11/15/35		2,010,000		1,535,117	(a)
Intel Corp., Senior Notes		3.700	%		7/29/25		140,000		136,120
Intel Corp., Senior Notes		3.750	%		3/25/27		170,000		163,175
Intel Corp., Senior Notes		1.600	%		8/12/28		240,000		206,356
Intel Corp., Senior Notes		5.125	%		2/10/30		250,000		250,588
Intel Corp., Senior Notes		4.750	%		3/25/50		100,000		87,938
Micron Technology Inc., Senior Notes		5.875	%		2/9/33		480,000		475,010
Micron Technology Inc., Senior Notes		5.875	%		9/15/33		20,000		19,622
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		650,000		541,703
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		300,000		285,521
Texas Instruments Inc., Senior Notes		1.750	%		5/4/30		290,000		241,952
TSMC Arizona Corp., Senior Notes		1.750	%		10/25/26		1,160,000		1,045,540
TSMC Arizona Corp., Senior Notes		2.500	%		10/25/31		1,250,000		1,040,997
Total Semiconductors & Semiconductor Equipment									6,029,639
Software - 0.8%
Adobe Inc., Senior Notes		2.300	%		2/1/30		380,000		330,141
Microsoft Corp., Senior Notes		2.400	%		8/8/26		3,060,000		2,870,900
Microsoft Corp., Senior Notes		3.300	%		2/6/27		1,220,000		1,172,954
Microsoft Corp., Senior Notes		3.450	%		8/8/36		10,000		8,900
Microsoft Corp., Senior Notes		2.921	%		3/17/52		10,000		7,098
Oracle Corp., Senior Notes		1.650	%		3/25/26		360,000		328,168
Oracle Corp., Senior Notes		4.650	%		5/6/30		260,000		249,888
Oracle Corp., Senior Notes		2.875	%		3/25/31		300,000		253,639
Salesforce Inc., Senior Notes		3.700	%		4/11/28		250,000		239,661
Total Software									5,461,349
Technology Hardware, Storage & Peripherals - 0.4%
Apple Inc., Senior Notes		1.125	%		5/11/25		1,140,000		1,066,678
Apple Inc., Senior Notes		2.450	%		8/4/26		1,170,000		1,095,073
Apple Inc., Senior Notes		3.350	%		2/9/27		80,000		76,496
Apple Inc., Senior Notes		2.900	%		9/12/27		850,000		795,961
Total Technology Hardware, Storage & Peripherals									3,034,208
TOTAL INFORMATION TECHNOLOGY									14,525,196

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MATERIALS - 1.6%
Chemicals - 0.5%
MEGlobal BV, Senior Notes		4.250	%		11/3/26	$	880,000	$	844,856	(a)
MEGlobal BV, Senior Notes		2.625	%		4/28/28		1,200,000		1,058,704	(a)
OCP SA, Senior Notes		4.500	%		10/22/25		550,000		534,094	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		1.875	%		5/11/26		740,000		660,265	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		2.875	%		5/11/31		710,000		564,642	(a)
Total Chemicals									3,662,561
Metals & Mining - 0.8%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		990,000		967,350	(a)
Anglo American Capital PLC, Senior Notes		4.750	%		4/10/27		690,000		669,340	(a)
Corp. Nacional del Cobre de Chile, Senior Notes		3.625	%		8/1/27		1,110,000		1,033,108	(a)
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		150,000		142,280
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		1,080,000		1,070,285	(a)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		780,000		722,001
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		690,000		703,252
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		608,000		634,403
Total Metals & Mining									5,942,019
Paper & Forest Products - 0.3%
Suzano Austria GmbH, Senior Notes		6.000	%		1/15/29		1,690,000		1,677,197
TOTAL MATERIALS									11,281,777
REAL ESTATE - 0.1%
Retail REITs - 0.1%
WEA Finance LLC, Senior Notes		4.125	%		9/20/28		500,000		430,567	(a)
UTILITIES - 0.6%
Electric Utilities - 0.6%
American Transmission Systems Inc., Senior Notes		2.650	%		1/15/32		140,000		114,809	(a)
Comision Federal de Electricidad, Senior Notes		4.750	%		2/23/27		690,000		669,234	(a)
FirstEnergy Corp., Senior Notes		1.600	%		1/15/26		190,000		172,699
FirstEnergy Corp., Senior Notes		4.150	%		7/15/27		1,500,000		1,416,281
MidAmerican Energy Co., First Mortgage Bonds		3.650	%		4/15/29		810,000		755,515
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		770,000		665,615
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		4.125	%		5/15/27		440,000		417,507	(a)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		5.450	%		5/21/28		380,000		376,528	(a)
TOTAL UTILITIES									4,588,188
TOTAL CORPORATE BONDS & NOTES (Cost - $303,001,849)									283,091,689

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 25.4%
U.S. Government Obligations - 25.4%
U.S. Treasury Bonds		3.250	%		5/15/42	$	150,000	$	128,124
U.S. Treasury Bonds		4.000	%		11/15/42		10,000		9,489
U.S. Treasury Bonds		3.875	%		2/15/43		1,700,000		1,582,062
U.S. Treasury Bonds		3.875	%		5/15/43		6,660,000		6,195,881
U.S. Treasury Bonds		3.625	%		8/15/43		550,000		491,670
U.S. Treasury Bonds		4.500	%		8/15/43		5,340,000		5,326,650
U.S. Treasury Bonds		3.750	%		11/15/43		4,780,000		4,349,053
U.S. Treasury Bonds		3.625	%		2/15/44		10,000		8,922
U.S. Treasury Bonds		3.375	%		5/15/44		10,000		8,577
U.S. Treasury Bonds		2.500	%		2/15/45		1,560,000		1,145,808
U.S. Treasury Bonds		2.875	%		8/15/45		1,740,000		1,361,822
U.S. Treasury Bonds		3.000	%		2/15/49		2,230,000		1,770,498
U.S. Treasury Bonds		2.875	%		5/15/49		600,000		465,188
U.S. Treasury Bonds		1.625	%		11/15/50		8,320,000		4,814,550
U.S. Treasury Bonds		1.875	%		2/15/51		29,490,000		18,197,403
U.S. Treasury Bonds		2.375	%		5/15/51		10,670,000		7,418,151
U.S. Treasury Bonds		2.000	%		8/15/51		3,210,000		2,038,475
U.S. Treasury Bonds		1.875	%		11/15/51		4,260,000		2,618,402
U.S. Treasury Bonds		2.250	%		2/15/52		12,405,000		8,372,406
U.S. Treasury Bonds		2.875	%		5/15/52		320,000		248,488
U.S. Treasury Bonds		3.000	%		8/15/52		7,430,000		5,923,393
U.S. Treasury Bonds		4.000	%		11/15/52		3,390,000		3,272,012
U.S. Treasury Bonds		3.625	%		2/15/53		1,960,000		1,766,297
U.S. Treasury Bonds		3.625	%		5/15/53		7,540,000		6,801,905
U.S. Treasury Notes		2.125	%		5/31/26		410,000		384,263
U.S. Treasury Notes		1.875	%		7/31/26		2,960,000		2,746,441
U.S. Treasury Notes		1.625	%		9/30/26		220,000		202,082
U.S. Treasury Notes		1.625	%		10/31/26		570,000		522,107
U.S. Treasury Notes		2.750	%		4/30/27		7,540,000		7,117,937
U.S. Treasury Notes		3.125	%		8/31/27		1,220,000		1,164,337
U.S. Treasury Notes		4.125	%		10/31/27		190,000		188,256
U.S. Treasury Notes		4.000	%		2/29/28		400,000		395,109
U.S. Treasury Notes		1.250	%		3/31/28		2,460,000		2,150,338
U.S. Treasury Notes		3.625	%		3/31/28		1,210,000		1,176,347
U.S. Treasury Notes		3.625	%		5/31/28		2,220,000		2,159,340
U.S. Treasury Notes		2.625	%		7/31/29		64,770,000		59,332,862
U.S. Treasury Notes		3.125	%		8/31/29		520,000		489,521
U.S. Treasury Notes		4.000	%		10/31/29		6,220,000		6,137,634

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. Government Obligations - continued
U.S. Treasury Notes		3.625	%		3/31/30	$	4,070,000	$	3,932,002
U.S. Treasury Notes		3.500	%		4/30/30		2,180,000		2,090,416
U.S. Treasury Notes		4.000	%		7/31/30		3,270,000		3,231,680
U.S. Treasury Notes		2.750	%		8/15/32		1,430,000		1,283,816
U.S. Treasury Notes		4.125	%		11/15/32		919,000		918,749
U.S. Treasury Strip Principal (STRIPS)		0.000	%		5/15/49		5,220,000		1,764,544
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $215,754,773)									181,703,007
MORTGAGE-BACKED SECURITIES - 12.2%
FHLMC - 3.4%
Federal Home Loan Mortgage Corp. (FHLMC)		4.600	%		2/1/30		100,000		96,933
Federal Home Loan Mortgage Corp. (FHLMC)		1.500	%		11/1/40-2/1/51		1,363,114		1,095,768
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		10/1/41-11/1/51		4,528,078		3,734,155
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		3/1/42-4/1/52		9,277,718		7,782,965
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		7/1/42-4/1/52		1,381,430		1,208,517
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		7/1/49-2/1/53		1,995,539		1,861,850
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		9/1/50-11/1/52		2,889,052		2,761,119
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		1/1/52		85,175		76,284	(e)
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		5/1/52-8/1/52		2,864,215		2,578,176
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		7/1/52-6/1/53		1,134,433		1,102,152
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		12/1/52-1/1/53		287,114		284,024	(e)
Federal Home Loan Mortgage Corp. (FHLMC)		6.500	%		1/1/53-5/1/53		670,690		685,633
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		4/1/53		94,490		91,700	(e)
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		4/1/53-7/1/53		785,665		778,308
Total FHLMC									24,137,584
FNMA - 5.9%
Federal National Mortgage Association (FNMA)		4.830	%		9/1/28		100,000		98,984	(f)
Federal National Mortgage Association (FNMA)		5.340	%		9/1/28		100,000		101,719	(d)(f)
Federal National Mortgage Association (FNMA)		4.740	%		6/1/30		100,000		98,008
Federal National Mortgage Association (FNMA)		3.345	%		6/1/32		100,000		89,510

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - continued
Federal National Mortgage Association (FNMA)		4.320	%		6/1/33	$	100,000	$	95,942
Federal National Mortgage Association (FNMA)		4.510	%		8/1/33		200,000		194,845
Federal National Mortgage Association (FNMA)		2.500	%		11/1/40-9/1/61		7,881,766		6,533,196
Federal National Mortgage Association (FNMA)		6.000	%		7/1/41-7/1/53		1,071,150		1,080,391
Federal National Mortgage Association (FNMA)		2.000	%		9/1/41-4/1/52		9,824,264		7,942,788
Federal National Mortgage Association (FNMA)		3.000	%		5/1/42-6/1/52		7,184,500		6,240,444
Federal National Mortgage Association (FNMA)		4.000	%		4/1/44-6/1/57		3,576,876		3,338,987
Federal National Mortgage Association (FNMA)		3.500	%		12/1/47-3/1/57		4,340,982		3,909,896
Federal National Mortgage Association (FNMA)		4.500	%		5/1/50-8/1/58		1,641,725		1,560,373
Federal National Mortgage Association (FNMA)		1.500	%		1/1/51-3/1/51		403,662		305,288
Federal National Mortgage Association (FNMA)		3.500	%		1/1/52		89,080		79,863	(e)
Federal National Mortgage Association (FNMA)		3.000	%		3/1/52		177,707		153,445	(e)
Federal National Mortgage Association (FNMA)		5.000	%		6/1/52-5/1/53		1,228,266		1,193,990
Federal National Mortgage Association (FNMA)		5.500	%		8/1/52-5/1/53		867,158		859,558
Federal National Mortgage Association (FNMA)		6.500	%		1/1/53-2/1/53		363,814		372,063
Federal National Mortgage Association (FNMA)		2.000	%		9/1/53		3,000,000		2,389,570	(f)
Federal National Mortgage Association (FNMA)		2.500	%		9/1/53		1,200,000		994,313	(f)
Federal National Mortgage Association (FNMA)		3.000	%		9/1/53		1,700,000		1,464,988	(f)
Federal National Mortgage Association (FNMA)		3.500	%		9/1/53		100,000		89,395	(f)
Federal National Mortgage Association (FNMA)		5.000	%		9/1/53		600,000		581,824	(f)
Federal National Mortgage Association (FNMA)		5.500	%		9/1/53		2,100,000		2,073,586	(f)
Federal National Mortgage Association (FNMA) (12 mo. USD LIBOR + 1.423%)		4.189	%		5/1/43		366,977		360,708	(b)
Total FNMA									42,203,674
GNMA - 2.9%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		231,932		207,727
Government National Mortgage Association (GNMA)		4.000	%		3/15/50		31,965		29,936

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
GNMA - continued
Government National Mortgage Association (GNMA)		3.500	%		5/15/50	$	161,150	$	148,349
Government National Mortgage Association (GNMA) II		4.000	%		8/20/46-4/20/53		1,637,849		1,545,765
Government National Mortgage Association (GNMA) II		5.000	%		5/20/48-5/20/53		2,137,078		2,093,438
Government National Mortgage Association (GNMA) II		4.500	%		6/20/48-9/20/52		1,326,689		1,277,708
Government National Mortgage Association (GNMA) II		3.500	%		10/20/49-12/20/52		1,960,623		1,783,612
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50-4/20/52		2,794,309		2,463,872
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50-9/20/52		2,954,118		2,510,938
Government National Mortgage Association (GNMA) II		2.000	%		2/20/51		299,775		248,165
Government National Mortgage Association (GNMA) II		3.000	%		12/20/51-4/20/53		755,513		663,123	(e)
Government National Mortgage Association (GNMA) II		5.500	%		11/20/52		574,256		568,815
Government National Mortgage Association (GNMA) II		6.000	%		3/20/53		196,623		197,459
Government National Mortgage Association (GNMA) II		2.000	%		9/20/53		700,000		577,555	(f)
Government National Mortgage Association (GNMA) II		2.500	%		9/20/53		100,000		85,094	(f)
Government National Mortgage Association (GNMA) II		3.000	%		9/20/53		2,300,000		2,022,652	(f)
Government National Mortgage Association (GNMA) II		3.500	%		9/20/53		800,000		726,531	(f)
Government National Mortgage Association (GNMA) II		4.000	%		9/20/53		300,000		279,563	(f)
Government National Mortgage Association (GNMA) II		4.500	%		9/20/53		900,000		857,742	(f)
Government National Mortgage Association (GNMA) II		5.000	%		9/20/53		200,000		194,629	(f)
Government National Mortgage Association (GNMA) II		5.500	%		9/20/53		1,200,000		1,187,906	(f)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
GNMA - continued
Government National Mortgage Association (GNMA) II		6.000	%		9/20/53	$	900,000	$	902,988	(f)
Government National Mortgage Association (GNMA) II		6.500	%		9/20/53		200,000		202,570	(f)
Total GNMA									20,776,137
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $90,646,356)									87,117,395
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - 10.8%
280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. Term SOFR + 0.930%)		6.246	%		9/15/34		730,000		710,635	(a)(b)
Adjustable Rate Mortgage Trust, 2004-5 4A1		3.972	%		4/25/35		36,293		36,050	(b)
AREIT LLC, 2022-CRE7 A (1 mo. Term SOFR + 2.242%)		7.556	%		6/17/39		1,810,000		1,809,538	(a)(b)
AREIT Trust, 2022-CRE6 A (30 Day Average SOFR + 1.250%)		6.480	%		1/20/37		946,281		932,157	(a)(b)
BCAP LLC Trust, 2015-RR6 1A2		3.500	%		5/26/37		426,388		423,838	(a)(b)
Benchmark Mortgage Trust, 2018-B7 A4		4.510	%		5/15/53		785,000		741,560	(b)
Benchmark Mortgage Trust, 2019-B10 A4		3.717	%		3/15/62		1,260,000		1,143,244
BPR Trust, 2021-TY B (1 mo. Term SOFR + 1.264%)		6.575	%		9/15/38		2,140,000		2,008,336	(a)(b)
BRAVO Residential Funding Trust, 2021-NQM2 A1		0.970	%		3/25/60		137,727		128,546	(a)(b)
BRAVO Residential Funding Trust, 2022-NQM3 A1		5.108	%		7/25/62		351,784		342,415	(a)(b)
BX Commercial Mortgage Trust, 2022-LP2 A (1 mo. Term SOFR + 1.013%)		6.323	%		2/15/39		761,465		741,538	(a)(b)
CIM Trust, 2021-R6 A1		1.425	%		7/25/61		324,517		278,424	(a)(b)
Citigroup Commercial Mortgage Trust, 2014- GC25 AS		4.017	%		10/10/47		640,000		610,997
Commercial Mortgage Trust, 2013-300P B		4.540	%		8/10/30		560,000		499,338	(a)(b)
Commercial Mortgage Trust, 2013-CR12 AM		4.300	%		10/10/46		80,000		70,677
Commercial Mortgage Trust, 2013-CR12 B		4.762	%		10/10/46		70,000		50,963	(b)
Commercial Mortgage Trust, 2013-CR12 C		5.124	%		10/10/46		40,000		15,999	(b)
Commercial Mortgage Trust, 2014-UBS2 XA, IO		1.195	%		3/10/47		2,118,297		1,799	(b)
CSMC Trust, 2014-USA B		4.185	%		9/15/37		2,820,000		2,295,585	(a)
CSMC Trust, 2017-RPL3 A1		4.000	%		8/1/57		532,003		490,719	(a)(b)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		1,322,326		1,167,075	(a)(b)
CSMC Trust, 2019-AFC1 A1 (2.573% to 8/1/23 then 3.573%)		3.573	%		7/25/49		405,658		373,086	(a)
CSMC Trust, 2019-AFC1 A3 (2.877% to 8/1/23 then 3.877%)		3.877	%		7/25/49		891,950		818,511	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - continued
CSMC Trust, 2019-ICE4 A (1 mo. Term SOFR + 1.027%)		6.338	%		5/15/36	$	189,529	$	189,350	(a)(b)
CSMC Trust, 2020-AFC1 A1		2.240	%		2/25/50		575,520		533,216	(a)(b)
CSMC Trust, 2020-RPL4 A1		2.000	%		1/25/60		1,321,546		1,142,580	(a)(b)
CSMC Trust, 2021-AFC1 A3		1.169	%		3/25/56		307,284		229,569	(a)(b)
CSMC Trust, 2021-NQM2 A3		1.538	%		2/25/66		224,164		184,098	(a)(b)
CSMC Trust, 2021-NQM5 A1		0.938	%		5/25/66		524,263		407,188	(a)(b)
CSMC Trust, 2021-NQM7 A1		1.756	%		10/25/66		352,010		290,424	(a)(b)
CSMC Trust, 2021-RPL6 A1		2.000	%		10/25/60		541,852		470,697	(a)(b)
CSMC Trust, 2022-7R 1A1 (30 Day Average SOFR + 3.500%)		8.804	%		10/25/66		1,074,910		1,070,834	(a)(b)
CSMC Trust, 2022-NQM1 A1		2.265	%		11/25/66		1,448,413		1,215,671	(a)(b)
DBJPM Mortgage Trust, 2016-C1 B		4.195	%		5/10/49		1,060,000		921,793	(b)
Deephaven Residential Mortgage Trust, 2022-1 A1		2.205	%		1/25/67		861,469		759,571	(a)(b)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		976,163		782,447	(a)(b)
Ellington Financial Mortgage Trust, 2022-1 A1		2.206	%		1/25/67		435,266		361,406	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K091 X1, IO		0.706	%		3/25/29		2,448,456		65,063	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K093 X1, IO		1.092	%		5/25/29		1,924,108		81,312	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K106 X1, IO		1.477	%		1/25/30		3,479,916		237,783	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K109 A2		1.558	%		4/25/30		200,000		163,948
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K128 X1, IO		0.612	%		3/25/31		8,432,690		254,633	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K154 X1, IO		0.527	%		1/25/33		6,599,326		197,365	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K748 A2		2.260	%		1/25/29		200,000		176,208	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K751 A2		4.412	%		3/25/30		100,000		97,639

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - continued
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, S8FX A2		3.291	%		3/25/27	$	590,000	$	554,251
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4066 PI, IO		3.500	%		9/15/31		666,211		26,182
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4203 PS, IO, PAC (-1.000 x 30 Day Average SOFR + 6.136%)		0.947	%		9/15/42		224,219		16,344	(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4991 QV		2.000	%		9/25/45		186,935		148,516
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		596,156		89,951
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		475,528		81,851
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO		2.500	%		9/25/50		161,660		25,725
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		83,463		11,044
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5092 AP, PAC		2.000	%		4/25/41		319,556		272,353
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5200 KQ, PAC		3.000	%		9/25/49		246,751		221,472
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5224 HL, PAC		4.000	%		4/25/52		100,000		89,406
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA6 M2 (30 Day Average SOFR + 1.500%)		6.788	%		10/25/41		1,230,000		1,205,366	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA1 M1A (30 Day Average SOFR + 1.000%)		6.288	%		1/25/42		1,039,177		1,028,655	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1A (30 Day Average SOFR + 1.300%)		6.588	%		2/25/42		1,237,156		1,234,464	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%)		7.688	%		2/25/42		2,000,000		1,994,532	(a)(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA4 M1A (30 Day Average SOFR + 2.200%)		7.488	%		5/25/42	$	791,034	$	800,267	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 334 S7, IO (-1.000 x 30 Day Average SOFR + 5.986%)		0.797	%		8/15/44		80,819		7,624	(b)
Federal National Mortgage Association (FNMA) - CAS, 2014-C04 2M2 (30 Day Average SOFR + 5.114%)		10.402	%		11/25/24		10,819		10,936	(b)
Federal National Mortgage Association (FNMA) - CAS, 2021-R03 1 M2 (30 Day Average SOFR + 1.650%)		6.938	%		12/25/41		2,140,000		2,088,506	(a)(b)
Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2		3.610	%		2/25/31		249,861		233,054
Federal National Mortgage Association (FNMA) ACES, 2019-M19 A2		2.560	%		9/25/29		414,022		370,456
Federal National Mortgage Association (FNMA) ACES, 2019-M28 AV		2.232	%		2/25/27		172,360		160,503
Federal National Mortgage Association (FNMA) ACES, 2023-M4 A2		3.894	%		8/25/32		200,000		186,607	(b)
Federal National Mortgage Association (FNMA) REMIC, 2012-118 VZ		3.000	%		11/25/42		399,761		356,324
Federal National Mortgage Association (FNMA) REMIC, 2013-26 HI, IO		3.000	%		4/25/32		1,788		69
Federal National Mortgage Association (FNMA) REMIC, 2013-54 BS, IO (-1.000 x 30 Day Average SOFR + 6.036%)		0.748	%		6/25/43		17,474		1,830	(b)
Federal National Mortgage Association (FNMA) REMIC, 2013-73 IA, IO		3.000	%		9/25/32		423,706		23,144
Federal National Mortgage Association (FNMA) REMIC, 2013-124 SB, IO (-1.000 x 30 Day Average SOFR + 5.836%)		0.548	%		12/25/43		20,937		1,978	(b)
Federal National Mortgage Association (FNMA) REMIC, 2015-39 LZ		3.000	%		6/25/45		44,545		38,667
Federal National Mortgage Association (FNMA) REMIC, 2015-65 CZ		3.500	%		9/25/45		264,518		219,725
Federal National Mortgage Association (FNMA) REMIC, 2017-85 SC, IO (-1.000 x 30 Day Average SOFR + 6.086%)		0.798	%		11/25/47		28,798		2,340	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - continued
Federal National Mortgage Association (FNMA) REMIC, 2018-74 AB		3.500	%		10/25/48	$	303,160	$	275,262
Federal National Mortgage Association (FNMA) REMIC, 2020-56 AQ		2.000	%		8/25/50		700,000		531,434
Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO		2.500	%		8/25/50		155,189		26,903
Federal National Mortgage Association (FNMA) REMIC, 2020-57 TA		2.000	%		4/25/50		813,989		693,909
Federal National Mortgage Association (FNMA) REMIC, 2020-62 BI, IO		2.000	%		9/25/50		3,445,571		414,130
Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO		2.500	%		12/25/50		753,218		113,434
Federal National Mortgage Association (FNMA) REMIC, 2021-43 IO, IO		2.500	%		6/25/51		1,503,243		226,172
Federal National Mortgage Association (FNMA) REMIC, 2021-65 JA		2.000	%		1/25/46		225,220		193,391
Federal National Mortgage Association (FNMA) REMIC, 2022-57 BC		4.000	%		9/25/52		182,958		172,165
Federal National Mortgage Association (FNMA) STRIPS, 409 C18, IO		4.000	%		4/25/42		15,545		2,878
Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. Term SOFR + 0.464%)		5.605	%		8/20/58		203,460		202,625	(b)
Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. Term SOFR + 0.564%)		5.705	%		11/20/60		634,899		632,141	(b)
Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. Term SOFR + 0.614%)		5.718	%		2/20/61		69,056		68,720	(b)
Government National Mortgage Association (GNMA), 2011-H09 AF (1 mo. Term SOFR + 0.614%)		5.755	%		3/20/61		74,874		74,548	(b)
Government National Mortgage Association (GNMA), 2012-27 IO, IO		0.238	%		4/16/53		960,193		2,248	(b)
Government National Mortgage Association (GNMA), 2012-H30 GA (1 mo. Term SOFR + 0.464%)		5.605	%		12/20/62		241,524		240,018	(b)
Government National Mortgage Association (GNMA), 2013-95 IO, IO		0.420	%		4/16/47		3,523,404		33,553	(b)
Government National Mortgage Association (GNMA), 2014-105 IO, IO		0.125	%		6/16/54		230,375		1,357	(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - continued
Government National Mortgage Association (GNMA), 2014-130 IB, IO		0.219	%		8/16/54	$	1,056,976	$	7,578	(b)
Government National Mortgage Association (GNMA), 2014-157 IO, IO		0.191	%		5/16/55		861,333		5,654	(b)
Government National Mortgage Association (GNMA), 2014-186 IO, IO		0.373	%		8/16/54		833,686		8,937	(b)
Government National Mortgage Association (GNMA), 2018-168 PA, PAC		4.000	%		8/20/48		219,296		206,848
Government National Mortgage Association (GNMA), 2019-18 TP, PAC		3.500	%		2/20/49		188,569		170,962
Government National Mortgage Association (GNMA), 2020-103 AD		1.450	%		1/16/63		585,440		446,163
Government National Mortgage Association (GNMA), 2020-H09 NF (1 mo. Term SOFR + 1.364%)		6.468	%		4/20/70		108,026		108,931	(b)
Government National Mortgage Association (GNMA), 2021-8 AQ		5.000	%		1/20/51		150,062		150,824
Government National Mortgage Association (GNMA), 2021-29 AG		5.000	%		2/20/51		225,642		221,900
Government National Mortgage Association (GNMA), 2021-188 PA		2.000	%		10/20/51		726,455		602,004
Government National Mortgage Association (GNMA), 2021-223 P		2.000	%		6/20/51		88,457		75,374
Government National Mortgage Association (GNMA), 2022-99 JW		2.500	%		1/20/52		200,000		158,255
Government National Mortgage Association (GNMA), 2023-92 AH		2.000	%		6/16/64		1,499,949		1,144,847
Government National Mortgage Association (GNMA), 2023-92 IA, IO		0.611	%		6/16/64		1,999,932		124,372	(b)
GS Mortgage Securities Corp. Trust, 2016-GS3 C		4.112	%		10/10/49		570,000		460,068	(b)
GS Mortgage Securities Corp. Trust, 2018-SRP5 A (1 mo. Term SOFR + 1.914%)		7.225	%		9/15/31		2,715,084		2,253,338	(a)(b)
GS Mortgage Securities Corp. Trust, 2018-SRP5 B (1 mo. Term SOFR + 3.114%)		8.425	%		9/15/31		2,114,719		1,142,943	(a)(b)
GS Mortgage Securities Trust, 2013-GC16 B		5.161	%		11/10/46		223,182		221,716	(b)
Impac CMB Trust, 2007-A A (1 mo. Term SOFR + 0.614%)		5.929	%		5/25/37		520,695		489,034	(a)(b)
JPMorgan Mortgage Trust, 2019-LTV3 B2		4.381	%		3/25/50		486,489		435,213	(a)(b)
JPMBB Commercial Mortgage Securities Trust, 2013-C17 B		5.039	%		1/15/47		90,000		82,537	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - continued
JPMBB Commercial Mortgage Securities Trust, 2014-C22 C		4.698	%		9/15/47	$	300,000	$	253,197	(b)
JPMBB Commercial Mortgage Securities Trust, 2015-C30 B		4.370	%		7/15/48		654,000		594,492	(b)
JPMDB Commercial Mortgage Securities Trust, 2017-C5 B		4.009	%		3/15/50		1,030,000		807,632	(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		9.193	%		5/15/28		586,094		522,064	(a)(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2022-ACB A (30 Day Average SOFR + 1.400%)		6.589	%		3/15/39		620,000		613,300	(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		380,655		356,851	(a)
Madison Avenue Mortgage Trust, 2017-330M A		3.294	%		8/15/34		630,000		580,418	(a)(b)
Merrill Lynch Mortgage Investors Trust, 2004-A1 2A1		4.105	%		2/25/34		86,884		79,703	(b)
Mill City Mortgage Loan Trust, 2019-1 A1		3.250	%		10/25/69		646,616		613,818	(a)(b)
Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C25 A5		3.635	%		10/15/48		1,245,000		1,181,747
Morgan Stanley Capital I Trust, 2019-BPR A (1 mo. Term SOFR + 1.992%)		7.311	%		5/15/36		1,517,344		1,455,406	(a)(b)
MSCG Trust, 2015-ALDR A2		3.577	%		6/7/35		1,440,000		1,325,279	(a)(b)
Natixis Commercial Mortgage Securities Trust, 2019-FAME A		3.047	%		8/15/36		1,300,000		1,140,881	(a)
Natixis Commercial Mortgage Securities Trust, 2019-FAME B		3.655	%		8/15/36		2,550,000		1,969,192	(a)
New Residential Mortgage Loan Trust, 2015-1A A2		3.750	%		5/28/52		294,261		271,380	(a)(b)
New Residential Mortgage Loan Trust, 2017-1A A1		4.000	%		2/25/57		355,417		333,234	(a)(b)
New Residential Mortgage Loan Trust, 2017-3A A1		4.000	%		4/25/57		547,630		516,271	(a)(b)
New Residential Mortgage Loan Trust, 2017-4A A1		4.000	%		5/25/57		544,417		505,611	(a)(b)
New Residential Mortgage Loan Trust, 2021- NQM3 A3		1.516	%		11/27/56		303,001		245,721	(a)(b)
New Residential Mortgage Loan Trust, 2022- NQM2 A1		3.079	%		3/27/62		1,736,955		1,547,233	(a)(b)
OBX Trust, 2021-NQM2 A1		1.101	%		5/25/61		310,020		242,549	(a)(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - continued
OBX Trust, 2021-NQM3 A1		1.054	%		7/25/61	$	498,229	$	374,150	(a)(b)
Onslow Bay Mortgage Loan Trust, 2021-NQM4 A1		1.957	%		10/25/61		412,667		331,415	(a)(b)
OPG Trust, 2021-PORT A (1 mo. Term SOFR + 0.598%)		5.909	%		10/15/36		1,418,245		1,383,224	(a)(b)
PRKCM Trust, 2021-AFC1 A1		1.510	%		8/25/56		1,046,779		825,349	(a)(b)
PRKCM Trust, 2021-AFC2 A1		2.071	%		11/25/56		438,017		363,691	(a)(b)
Residential Mortgage Loan Trust, 2020-2 A1		1.654	%		5/25/60		315,217		310,141	(a)(b)
SACO I Trust, 2007-VA1 A		4.053	%		6/25/21		6,731		5,350	(a)(b)
SG Residential Mortgage Trust, 2022-1 A1		3.166	%		3/27/62		1,792,999		1,579,112	(a)(b)
Towd Point Mortgage Trust, 2017-4 B2		3.574	%		6/25/57		1,010,000		770,668	(a)(b)
Towd Point Mortgage Trust, 2022-4 A1		3.750	%		9/25/62		1,457,379		1,339,265	(a)
UBS Commercial Mortgage Trust, 2018-C11 B		4.713	%		6/15/51		1,040,000		874,363	(b)
VASA Trust, 2021-VASA A (1 mo. Term SOFR + 1.014%)		6.325	%		7/15/39		880,000		779,892	(a)(b)
Virginia Housing Development Authority, 2006-C CTFS		6.000	%		6/25/34		270,656		265,888
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR9 A7		5.268	%		8/25/34		749,361		709,875	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A2A (1 mo. Term SOFR + 0.854%)		6.169	%		11/25/34		248,049		232,946	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. Term SOFR + 0.834%)		6.149	%		7/25/45		1,369,111		1,275,016	(b)
Waterfall Commercial Mortgage Trust, 2015- SBC5 A		4.104	%		12/31/23		45,253		43,218	(a)(b)
WF-RBS Commercial Mortgage Trust, 2013-C14 B		3.841	%		6/15/46		1,060,000		862,297	(b)
WF-RBS Commercial Mortgage Trust, 2014-C23 XA, IO		0.693	%		10/15/57		4,467,481		15,395	(b)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $86,064,059)									76,945,587
ASSET-BACKED SECURITIES - 8.5%
522 Funding CLO Ltd., 2020-6A A1R (3 mo. Term SOFR + 1.412%)		6.757	%		10/23/34		770,000		763,732	(a)(b)
AB BSL CLO Ltd., 2023-4A A (3 mo. Term SOFR + 2.000%)		6.957	%		4/20/36		360,000		361,687	(a)(b)
ABPCI Direct Lending Fund CLO LP, 2020-10A A1A (3 mo. Term SOFR + 2.212%)		7.200	%		1/20/32		1,320,000		1,321,404	(a)(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
AccessLex Institute, 2005-A A3 (3 mo. Term SOFR + 0.662%)		6.013	%		7/25/34	$	266,765	$	261,043	(b)
AmeriCredit Automobile Receivables Trust, 2022-2 A3		4.380	%		4/18/28		420,000		413,001
Apidos CLO, 2013-12A AR (3 mo. Term SOFR + 1.342%)		6.650	%		4/15/31		747,801		746,580	(a)(b)
Aqua Finance Trust, 2021-A B		2.400	%		7/17/46		1,050,000		846,349	(a)
Arbor Realty Commercial Real Estate Notes Ltd., 2022-FL1 A (30 Day Average SOFR + 1.450%)		6.639	%		1/15/37		924,000		911,896	(a)(b)
Ares CLO Ltd., 2022-63A A1A (3 mo. Term SOFR + 1.380%)		6.706	%		4/20/35		1,340,000		1,330,199	(a)(b)
Avis Budget Rental Car Funding AESOP LLC, 2020-2A A		2.020	%		2/20/27		2,770,000		2,538,268	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A A		1.380	%		8/20/27		2,650,000		2,347,031	(a)
Balboa Bay Loan Funding Ltd., 2021-2A A1 (3 mo. Term SOFR + 1.432%)		6.765	%		1/20/35		630,000		623,229	(a)(b)
BCRED MML CLO LLC, 2021-1A A (3 mo. Term SOFR + 1.742%)		7.050	%		1/15/35		740,000		731,128	(a)(b)
BDS Ltd., 2021-FL10 D (1 mo. Term SOFR + 2.964%)		8.276	%		12/16/36		2,140,000		2,035,902	(a)(b)
Bear Stearns Asset Backed Securities Trust, 2004-SD2 A3		5.162	%		3/25/44		188,891		184,420	(b)
Benefit Street Partners CLO Ltd., 2014-IVA ARRR (3 mo. Term SOFR + 1.442%)		6.768	%		1/20/32		750,000		749,017	(a)(b)(h)
Blackbird Capital Aircraft, 2021-1A A		2.443	%		7/15/46		417,670		359,822	(a)
Canyon CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.442%)		6.750	%		7/15/34		1,360,000		1,343,732	(a)(b)
Catskill Park CLO Ltd., 2017-1A A2 (3 mo. Term SOFR + 1.962%)		7.288	%		4/20/29		1,250,000		1,246,858	(a)(b)
Cayuga Park CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.382%)		6.690	%		7/17/34		1,020,000		1,012,146	(a)(b)
Cerberus Loan Funding LP, 2020-1A A (3 mo. Term SOFR + 2.112%)		7.420	%		10/15/31		248,364		248,258	(a)(b)
College Ave Student Loans LLC, 2021-C C		3.060	%		7/26/55		1,100,000		942,566	(a)
Countrywide Home Equity Loan Trust, 2006-HW 2A1B (1 mo. USD LIBOR + 0.150%)		0.000	%		11/15/36		329,746		307,945	(b)
Countrywide Home Equity Loan Trust, 2006-I 2A (1 mo. Term SOFR + 0.254%)		5.565	%		1/15/37		327,690		295,085	(b)
Dryden CLO Ltd., 2021-87A A1 (3 mo. Term SOFR + 1.362%)		6.741	%		5/20/34		2,020,000		2,002,568	(a)(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
Eaton Vance CLO Ltd., 2020-2A AR (3 mo. Term SOFR + 1.412%)		6.720	%		1/15/35	$	930,000	$	923,510	(a)(b)
Empower CLO Ltd., 2023-2A A1 (3 mo. Term SOFR + 2.200%)		7.540	%		7/15/36		820,000		822,015	(a)(b)
First Franklin Mortgage Loan Trust, 2003-FF1 A1 (1 mo. Term SOFR + 1.239%)		6.558	%		3/25/33		243,980		238,149	(b)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		2,220,000		2,102,586
Golub Capital Partners CLO Ltd., 2015-25A AR (3 mo. Term SOFR + 1.642%)		7.011	%		5/5/30		334,527		333,958	(a)(b)
Golub Capital Partners CLO Ltd., 2021-57A A1 (3 mo. Term SOFR + 1.752%)		7.103	%		10/25/34		1,730,000		1,702,065	(a)(b)
Golub Capital Partners CLO Ltd., 2023-66A A (3 mo. Term SOFR + 1.950%)		6.926	%		4/25/36		370,000		370,615	(a)(b)
GoodLeap Sustainable Home Solutions Trust, 2022-1GS B		2.940	%		1/20/49		849,738		640,307	(a)
Great Lakes Kcap F3c Senior LLC, 2017-1A A (3 mo. USD LIBOR + 1.900%)		7.378	%		12/20/29		1,094,821		1,093,837	(a)(b)
Grippen Park CLO Ltd., 2017-1A A (3 mo. Term SOFR + 1.522%)		6.848	%		1/20/30		303,624		303,898	(a)(b)
GRMT Mortgage Loan Trust, 2001-1A A5		6.650	%		7/20/31		10,838		10,801	(a)
Halsey Point CLO Ltd., 2019-1A A1A1 (3 mo. Term SOFR + 1.612%)		6.938	%		1/20/33		250,000		249,500	(a)(b)
Halsey Point CLO Ltd., 2020-3A A1A (3 mo. Term SOFR + 1.712%)		7.081	%		11/30/32		560,000		558,196	(a)(b)
Hardee’s Funding LLC, 2021-1A A2		2.865	%		6/20/51		519,400		415,182	(a)
Hertz Vehicle Financing LP, 2021-2A C		2.520	%		12/27/27		1,090,000		952,593	(a)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		862,116		707,801	(a)
KeyCorp Student Loan Trust, 2006-A 2B (3 mo. USD LIBOR + 0.480%)		6.024	%		12/27/41		123,957		123,562	(b)
KKR CLO Ltd., 32A A1 (3 mo. Term SOFR + 1.582%)		6.890	%		1/15/32		490,000		489,015	(a)(b)
KREF Ltd., 2022-FL3 A (1 mo. Term SOFR + 1.450%)		6.764	%		2/17/39		2,020,000		2,002,333	(a)(b)
MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%)		6.506	%		10/16/36		2,100,000		2,078,455	(a)(b)
Midocean Credit CLO, 2017-7A BR (3 mo. Term SOFR + 1.862%)		7.170	%		7/15/29		750,000		739,655	(a)(b)
Mosaic Solar Loan Trust, 2018-2GS A		4.200	%		2/22/44		1,154,753		1,043,174	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
Myers Park CLO Ltd., 2018-1A B1 (3 mo. Term SOFR + 1.862%)		7.188	%		10/20/30	$	550,000	$	543,268	(a)(b)
Navient Student Loan Trust, 2016-3A A3 (30 Day Average SOFR + 1.464%)		6.752	%		6/25/65		1,268,528		1,279,260	(a)(b)
Navient Student Loan Trust, 2020-1A A1B (30 Day Average SOFR + 1.164%)		6.452	%		6/25/69		199,325		198,044	(a)(b)
Nelnet Student Loan Trust, 2012-2A A (30 Day Average SOFR + 0.914%)		6.202	%		12/26/33		443,148		440,715	(a)(b)
Octagon Investment Partners Ltd., 2014-1A AAR3 (3 mo. Term SOFR + 1.262%)		6.631	%		2/14/31		720,000		716,393	(a)(b)
Palmer Square CLO Ltd., 2019-1A A1R (3 mo. Term SOFR + 1.412%)		6.781	%		11/14/34		750,000		744,642	(a)(b)
Point Au Roche Park CLO Ltd., 2021-1A A (3 mo. Term SOFR + 1.342%)		6.668	%		7/20/34		1,650,000		1,632,626	(a)(b)
Recette CLO Ltd., 2015-1A ARR (3 mo. USD LIBOR + 1.080%)		6.668	%		4/20/34		510,000		505,310	(a)(b)
Reese Park CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.392%)		6.700	%		10/15/34		1,840,000		1,833,635	(a)(b)
Silver Rock CLO Ltd., 2020-1A A (3 mo. Term SOFR + 1.912%)		7.238	%		10/20/31		1,410,000		1,411,930	(a)(b)
SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%)		10.175	%		10/15/41		339,509		359,278	(a)(b)
SMB Private Education Loan Trust, 2021-A A2B		1.590	%		1/15/53		1,565,015		1,369,422	(a)
SoFi Professional Loan Program Trust, 2021-A AFX		1.030	%		8/17/43		397,550		336,235	(a)
Structured Asset Investment Loan Trust, 2004-7 A8 (1 mo. Term SOFR + 1.314%)		6.629	%		8/25/34		416,663		407,960	(b)
STWD Ltd., 2022-FL3 A (30 Day Average SOFR + 1.350%)		6.539	%		11/15/38		690,000		688,725	(a)(b)
Toyota Auto Loan Extended Note Trust, 2021-1A A		1.070	%		2/27/34		540,000		485,372	(a)
TRTX Issuer Ltd., 2022-FL5 A (30 Day Average SOFR + 1.650%)		6.872	%		2/15/39		2,000,000		1,964,634	(a)(b)
Voya CLO Ltd., 2018-3A A1A (3 mo. Term SOFR + 1.412%)		6.720	%		10/15/31		1,090,000		1,087,540	(a)(b)
Whitebox CLO Ltd., 2020-2A A1R (3 mo. Term SOFR + 1.482%)		6.827	%		10/24/34		1,110,000		1,100,695	(a)(b)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
Whitebox CLO Ltd., 2021-3A A1 (3 mo. Term SOFR + 1.482%)		6.790	%		10/15/34	$	1,050,000	$	1,042,397	(a)(b)
ZAIS CLO Ltd., 2019-13A A1A (3 mo. Term SOFR + 1.752%)		7.060	%		7/15/32		602,500		601,455	(a)(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $62,984,631)									60,574,609
SOVEREIGN BONDS - 2.1%
Chile - 0.1%
Chile Government International Bond, Senior Notes		3.100	%		5/7/41		630,000		460,495
Colombia - 0.4%
Colombia Government International Bond, Senior Notes		3.125	%		4/15/31		1,110,000		858,008
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		920,000		699,853
Colombia Government International Bond, Senior Notes		5.200	%		5/15/49		1,520,000		1,071,419
Total Colombia									2,629,280
India - 0.1%
Export-Import Bank of India, Senior Notes		3.375	%		8/5/26		660,000		623,452	(a)
Indonesia - 0.1%
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		540,000		524,271	(i)
Kazakhstan - 0.1%
Kazakhstan Government International Bond, Senior Notes		4.875	%		10/14/44		1,270,000		1,135,260	(a)
Mexico - 0.6%
Mexico Government International Bond, Senior Notes		2.659	%		5/24/31		1,325,000		1,099,562
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		2,040,000		1,718,495
Mexico Government International Bond, Senior Notes		4.400	%		2/12/52		1,780,000		1,375,956
Total Mexico									4,194,013
Panama - 0.2%
Panama Government International Bond, Senior Notes		4.500	%		4/16/50		520,000		390,561
Panama Government International Bond, Senior Notes		4.300	%		4/29/53		1,370,000		991,537
Total Panama									1,382,098

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Peru - 0.0%††
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50	$	310,000	$	309,358
Supranational - 0.1%
Asian Development Bank, Senior Notes		1.500	%		1/20/27		1,280,000		1,159,240
Uruguay - 0.4%
Uruguay Government International Bond, Senior Notes		4.375	%		1/23/31		410,000		403,741
Uruguay Government International Bond, Senior Notes		5.750	%		10/28/34		860,000		922,452
Uruguay Government International Bond, Senior Notes		7.625	%		3/21/36		350,000		424,276
Uruguay Government International Bond, Senior Notes		5.100	%		6/18/50		1,240,000		1,196,105
Total Uruguay									2,946,574
TOTAL SOVEREIGN BONDS (Cost - $18,285,208)									15,364,041
U.S. TREASURY INFLATION PROTECTED SECURITIES - 1.1%
U.S. Treasury Notes, Inflation Indexed (Cost - $8,374,972)		1.125	%		1/15/33		8,429,824		7,866,428
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS - 0.2%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.2%
3-Month SOFR Futures, Call @ $96.000		9/15/23			44		110,000		275
3-Month SOFR Futures, Call @ $95.250		3/15/24			65		162,500		30,063
SOFR 1-Year Mid-Curve Futures, Put @ $97.000		10/13/23			144		360,000		423,900
SOFR 1-Year Mid-Curve Futures, Put @ $95.875		12/15/23			121		302,500		106,631
SOFR 1-Year Mid-Curve Futures, Put @ $96.000		12/15/23			284		710,000		301,750
U.S. Treasury 5-Year Notes Futures, Call @ $106.500		9/22/23			84		84,000		63,656
U.S. Treasury 5-Year Notes Futures, Call @ $107.250		9/22/23			126		126,000		49,219
U.S. Treasury 10-Year Notes Futures, Call @ $110.500		9/22/23			42		42,000		43,969
U.S. Treasury 10-Year Notes Futures, Call @ $111.000		9/22/23			42		42,000		32,156
U.S. Treasury 10-Year Notes Futures, Put @ $110.750		9/22/23			21		21,000		13,125
U.S. Treasury Long-Term Bonds Futures, Call @ $119.000		9/22/23			42		42,000		134,531

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT		VALUE
EXCHANGE-TRADED PURCHASED OPTIONS - continued
U.S. Treasury Long-Term Bonds Futures, Call @ $120.000		9/22/23			22	$	22,000	$	54,313
U.S. Treasury Long-Term Bonds Futures, Call @ $121.000		9/22/23			78		78,000		141,375
U.S. Treasury Long-Term Bonds Futures, Call @ $121.500		9/22/23			32		32,000		49,500
U.S. Treasury Long-Term Bonds Futures, Call @ $122.000		9/22/23			12		12,000		15,375
TOTAL PURCHASED OPTIONS (Cost - $1,030,826)									1,459,838
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $786,142,674)									714,122,594
	RATE					SHARES
SHORT-TERM INVESTMENTS - 0.1%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $679,317)		5.261	%				679,317		679,317	(h)(j)
TOTAL INVESTMENTS - 100.0% (Cost - $786,821,991)									714,801,911
Other Assets in Excess of Liabilities - 0.0%††									292,861
TOTAL NET ASSETS - 100.0%								$	715,094,772

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) August 31, 2023

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

(f) This security is traded on a to-be-announced (“TBA”) basis. At August 31, 2023, the Fund held TBA securities with a total cost of $14,712,082.

(g) 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.

(h) 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 August 31, 2023, the total market value of investments in Affiliated Companies was $1,428,334 and the cost was $1,429,317 (Note 2).

(i) 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.

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

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CLO	— Collateralized Loan Obligation
CTFS	— Certificates
GTD	— Guaranteed
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

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) August 31, 2023

At August 31, 2023, the Fund had the following written options contracts:

Exchange-Traded Written Options
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
3-Month SOFR Futures, Call		9/15/23	$	96.750		88	$	220,000	$	(550	)
3-Month SOFR Futures, Call		3/15/24		96.125		130		325,000		(30,875	)
SOFR 1-Year Mid-Curve Futures, Put		10/13/23		96.250		144		360,000		(179,100	)
SOFR 1-Year Mid-Curve Futures, Put		10/13/23		96.500		144		360,000		(256,500	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.250		242		605,000		(62,012	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.375		568		1,420,000		(191,700	)
U.S. Treasury 5-Year Notes Futures, Put		9/22/23		105.000		42		42,000		(1,969	)
U.S. Treasury 10-Year Notes Futures, Call		9/22/23		111.750		58		58,000		(26,281	)
U.S. Treasury 10-Year Notes Futures, Call		9/22/23		112.000		40		40,000		(14,375	)
U.S. Treasury 10-Year Notes Futures, Call		9/22/23		112.500		84		84,000		(19,688	)
U.S. Treasury 10-Year Notes Futures, Call		10/27/23		112.000		62		62,000		(47,469	)
U.S. Treasury 10-Year Notes Futures, Put		9/22/23		109.000		45		45,000		(7,031	)
U.S. Treasury 10-Year Notes Futures, Put		10/27/23		107.500		47		47,000		(9,547	)
U.S. Treasury 10-Year Notes Futures, Put		10/27/23		108.000		42		42,000		(11,813	)
U.S. Treasury Long-Term Bonds Futures, Call		9/22/23		123.000		28		28,000		(24,500	)
U.S. Treasury Long-Term Bonds Futures, Call		9/22/23		124.000		54		54,000		(30,375	)
U.S. Treasury Long-Term Bonds Futures, Put		9/22/23		117.000		10		10,000		(2,031	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $760,330)									$	(915,816	)

Abbreviation(s) used in this schedule:

SOFR — Secured Overnight Financing Rate

At August 31, 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		13		9/23	$	3,137,902	$	3,079,781	$	(58,121	)
3-Month SOFR		270		3/25		64,715,096		64,685,250		(29,846	)
3-Month SOFR		133		3/26		32,020,484		32,054,663		34,179
U.S. Treasury 2-Year Notes		424		12/23		86,170,478		86,413,188		242,710
U.S. Treasury 10-Year Notes		1,397		12/23		153,969,845		155,110,656		1,140,811
U.S. Treasury Ultra 10-Year Notes		115		12/23		13,189,261		13,352,578		163,317
										1,493,050

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) August 31, 2023

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell:
3-Month SOFR		325		3/24	$	77,458,802	$	76,862,500	$	596,302
U.S. Treasury 5-Year Notes		1,258		12/23		133,590,742		134,507,725		(916,983	)
U.S. Treasury Long-Term Bonds		649		12/23		77,857,521		78,975,188		(1,117,667	)
U.S. Treasury Ultra Long-Term Bonds		319		12/23		40,437,979		41,300,531		(862,552	)
										(2,300,900	)
Net unrealized depreciation on open futures contracts									$	(807,850	)

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

At August 31, 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)
	$	168,559,000		1/31/24	5.410%**	Daily U.S. Federal Funds Intraday Effective Rate**	$	5,516			—		$	5,516
		8,839,000		9/30/24	Daily SOFR Compound annually	3.500% annually		(167,348	)	$	(33,003	)		(134,345	)
		97,050,000		2/29/28	Daily SOFR Compound annually	4.000% annually		55,750			20,464			35,286
		5,694,000		2/15/29	2.850% annually	Daily SOFR Compound annually		313,816			22,648			291,168
		13,361,000		4/30/29	3.270% annually	Daily SOFR Compound annually		469,635			(183,620	)		653,255
		1,377,000		6/30/29	3.850% annually	Daily SOFR Compound annually		7,689			1,726			5,963

See Notes to Schedule of Investments.

    38  Western Asset Intermediate Bond Fund 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) August 31, 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)
	$	8,371,000		2/15/48		2.600% annually		Daily SOFR Compound annually	$	1,406,504	$	861,546		$	544,958
		11,504,000		2/15/48		3.050% annually		Daily SOFR Compound annually		1,108,814		436,693			672,121
		11,035,000		5/15/48		3.150% annually		Daily SOFR Compound annually		883,732		(2,161,211	)		3,044,943
Total	$	325,790,000							$	4,084,108	$	(1,034,757	)	$	5,118,865

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.40 Index	$	106,533,000	6/20/28	1.000% quarterly	$	1,650,329	$	732,897	$	917,432

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

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

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

† Percentage shown is an annual percentage rate.

** One time payment made at termination date.

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing Rate

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

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2023 Quarterly Report      39

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.

40

Notes to Schedule of Investments (unaudited) (continued)

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)

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

41

Notes to Schedule of Investments (unaudited) (continued)

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		—	$	283,091,689		—	$	283,091,689
U.S. Government & Agency Obligations		—		181,703,007		—		181,703,007
Mortgage-Backed Securities		—		87,117,395		—		87,117,395
Collateralized Mortgage Obligations		—		76,945,587		—		76,945,587
Asset-Backed Securities		—		60,574,609		—		60,574,609
Sovereign Bonds		—		15,364,041		—		15,364,041
U.S. Treasury Inflation Protected Securities		—		7,866,428		—		7,866,428
Purchased Options	$	1,459,838		—		—		1,459,838
Total Long-Term Investments		1,459,838		712,662,756		—		714,122,594
Short-Term Investments†		679,317		—		—		679,317
Total Investments	$	2,139,155	$	712,662,756		—	$	714,801,911
Other Financial Instruments:
Futures Contracts††	$	2,177,319		—		—	$	2,177,319
Centrally Cleared Interest Rate Swaps††		—	$	5,253,210		—		5,253,210
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		917,432		—		917,432
Total Other Financial Instruments	$	2,177,319	$	6,170,642		—	$	8,347,961
Total	$	4,316,474	$	718,833,398		—	$	723,149,872
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options	$	915,816		—		—	$	915,816
Futures Contracts††		2,985,169		—		—		2,985,169
Centrally Cleared Interest Rate Swaps††		—	$	134,345		—		134,345
Total	$	3,900,985	$	134,345		—	$	4,035,330

† See Schedule of Investments for additional detailed categorizations.

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

42

Notes to Schedule of Investments (unaudited) (continued)

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 August 31, 2023. The following transactions were effected in such companies for the period ended August 31, 2023.

	Affiliate Value at May 31, 2023		Purchased				Sold				Realized Gain (Loss)		Interest/ Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at August 31, 2023
			Cost		Shares/ Face amount		Proceeds		Shares/ Face amount
Benefit Street Partners CLO Ltd., 2014-IVA ARRR	$	740,117		—		—		—		—		—	$	12,627	$	8,900	$	749,017
Western Asset Premier Institutional Government Reserves, Premium Shares		390,142	$	30,592,035		30,592,035	$	30,302,860		30,302,860		—		28,631		—		679,317
	$	1,130,259	$	30,592,035			$	30,302,860				—	$	41,258	$	8,900	$	1,428,334

43