Western Asset Funds NPORT-P Western Asset Core Bond Fund (Sep 2019 report)

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MORTGAGE-BACKED SECURITIES - 38.2%
FHLMC - 10.9%
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		10/1/25-5/1/49	$	173,221,693	$	179,888,992
Federal Home Loan Mortgage Corp. (FHLMC)		6.000	%		10/1/36		168,273		193,759
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		3/1/38-1/1/49		38,543,435		41,290,781
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		6/1/46-8/1/49		313,609,489		323,461,518
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		9/1/47-9/1/49		343,580,205		349,665,749
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		9/1/49-10/1/49		80,000,000		81,790,637	(a)
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		10/1/49		4,600,000		4,580,423
Federal Home Loan Mortgage Corp. (FHLMC) Gold		5.000	%		7/1/20-11/1/48		19,197,551		20,708,534
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.500	%		7/1/23-8/1/47		55,431,423		59,173,660
Federal Home Loan Mortgage Corp. (FHLMC) Gold		7.000	%		4/1/24-3/1/39		606,219		693,898
Federal Home Loan Mortgage Corp. (FHLMC) Gold		6.500	%		6/1/32-9/1/39		362,856		416,812
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.500	%		8/1/33-2/1/49		24,282,856		25,253,953
Federal Home Loan Mortgage Corp. (FHLMC) Gold		5.500	%		4/1/35-4/1/38		1,995,911		2,170,982
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.000	%		2/1/38-3/1/49		119,196,548		122,241,095
Federal Home Loan Mortgage Corp. (FHLMC) Gold		6.000	%		11/1/39		206,090		237,409
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.000	%		11/1/41-4/1/49		90,727,867		95,777,979
Total FHLMC									1,307,546,181
FNMA - 19.2%
Federal National Mortgage Association (FNMA)		4.000	%		8/1/20-6/1/57		329,982,211		348,610,408
Federal National Mortgage Association (FNMA)		5.000	%		8/1/20-11/1/48		71,874,799		77,244,510
Federal National Mortgage Association (FNMA)		6.000	%		8/1/21-12/1/39		4,428,386		5,067,789

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		2.810	%		4/1/25-8/1/31	$	6,098,758	$	6,387,973
Federal National Mortgage Association (FNMA)		7.500	%		6/1/25-4/1/28		37,379		38,150
Federal National Mortgage Association (FNMA)		7.000	%		4/1/27-2/1/39		1,760,159		2,001,943
Federal National Mortgage Association (FNMA)		2.500	%		1/1/28-10/1/42		2,264,460		2,284,708
Federal National Mortgage Association (FNMA)		3.080	%		1/1/28		4,692,730		5,001,369
Federal National Mortgage Association (FNMA)		3.640	%		11/1/28		3,761,000		4,168,912
Federal National Mortgage Association (FNMA)		3.740	%		11/1/28		6,188,314		6,889,302
Federal National Mortgage Association (FNMA)		3.070	%		1/1/29		1,863,000		1,992,153
Federal National Mortgage Association (FNMA)		3.770	%		1/1/29		4,244,951		4,776,153
Federal National Mortgage Association (FNMA)		3.660	%		2/1/29		806,003		900,549
Federal National Mortgage Association (FNMA)		3.300	%		4/1/29		1,343,000		1,466,172
Federal National Mortgage Association (FNMA)		3.090	%		5/1/29		3,761,000		4,050,606
Federal National Mortgage Association (FNMA)		3.160	%		5/1/29		2,640,186		2,842,965
Federal National Mortgage Association (FNMA)		3.190	%		5/1/29		1,336,488		1,440,604
Federal National Mortgage Association (FNMA)		3.240	%		5/1/29		5,319,286		5,780,822
Federal National Mortgage Association (FNMA)		3.260	%		5/1/29		4,489,947		4,870,023
Federal National Mortgage Association (FNMA)		3.350	%		5/1/29		976,000		1,068,740
Federal National Mortgage Association (FNMA)		3.040	%		6/1/29		1,791,118		1,922,013
Federal National Mortgage Association (FNMA)		2.740	%		8/1/29		3,940,461		4,121,009
Federal National Mortgage Association (FNMA)		2.790	%		8/1/29		10,478,000		11,018,048

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		4.500	%		4/1/31-9/1/57	$	38,209,299	$	41,351,176
Federal National Mortgage Association (FNMA)		3.310	%		5/1/31		1,253,783		1,372,792
Federal National Mortgage Association (FNMA)		2.870	%		7/1/31-8/1/31		4,925,000		5,226,387
Federal National Mortgage Association (FNMA)		2.765	%		8/1/31		9,078,247		9,471,018
Federal National Mortgage Association (FNMA)		2.770	%		8/1/31		6,358,000		6,636,249
Federal National Mortgage Association (FNMA)		2.800	%		8/1/31		3,492,681		3,656,329
Federal National Mortgage Association (FNMA)		2.840	%		8/1/31		3,313,000		3,505,768
Federal National Mortgage Association (FNMA)		2.850	%		8/1/31		4,289,729		4,512,376
Federal National Mortgage Association (FNMA)		2.860	%		8/1/31		3,672,000		3,891,751
Federal National Mortgage Association (FNMA)		2.920	%		8/1/31		148,000		156,392
Federal National Mortgage Association (FNMA)		2.980	%		8/1/31		179,112		190,249
Federal National Mortgage Association (FNMA)		2.450	%		9/1/31		4,209,000		4,290,191
Federal National Mortgage Association (FNMA)		2.670	%		9/1/31		1,360,200		1,415,425
Federal National Mortgage Association (FNMA)		2.710	%		9/1/31		1,000,000		1,025,781	(b)(c)(d)
Federal National Mortgage Association (FNMA)		2.400	%		10/1/31		4,112,000		4,112,964	(b)(c)(d)
Federal National Mortgage Association (FNMA)		6.500	%		2/1/32-5/1/40		927,913		1,069,502
Federal National Mortgage Association (FNMA)		2.670	%		9/1/34		2,150,000		2,203,078	(b)(d)
Federal National Mortgage Association (FNMA)		3.000	%		10/1/34-10/1/49		237,555,000		241,137,999	(d)
Federal National Mortgage Association (FNMA)		3.500	%		10/1/34-10/1/49		191,000,000		196,886,485	(d)
Federal National Mortgage Association (FNMA)		5.500	%		9/1/35-11/1/38		2,480,815		2,780,957

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		3.000	%		12/1/37-10/1/49	$	536,261,254	$	549,338,403
Federal National Mortgage Association (FNMA)		3.500	%		12/1/37-3/1/57		559,971,318		580,496,786
Federal National Mortgage Association (FNMA)		3.000	%		9/1/49		2,600,000		2,643,104	(a)
Federal National Mortgage Association (FNMA)		2.500	%		10/1/49		52,900,000		52,658,230	(d)
Federal National Mortgage Association (FNMA)		4.000	%		10/1/49		17,500,000		18,159,668	(d)
Federal National Mortgage Association (FNMA)		4.500	%		10/1/49		44,400,000		46,758,124	(d)
Federal National Mortgage Association (FNMA)		5.000	%		10/1/49		20,700,000		22,173,258	(d)
Federal National Mortgage Association (FNMA) (Federal Reserve US 12 mo. Cumulative Average 1 Year CMT + 1.963%)		4.419	%		11/1/35		398,198		419,222	(e)
Total FNMA									2,311,484,585
GNMA - 8.1%
Government National Mortgage Association (GNMA)		7.500	%		10/15/22-8/15/32		29,968		32,858
Government National Mortgage Association (GNMA)		6.500	%		10/15/23-8/15/34		3,899,455		4,405,105
Government National Mortgage Association (GNMA)		7.000	%		1/15/24-5/15/32		19,121		19,793
Government National Mortgage Association (GNMA)		6.000	%		11/15/28-6/15/35		1,965,623		2,213,124
Government National Mortgage Association (GNMA)		5.500	%		2/15/35-6/15/36		193,505		219,786
Government National Mortgage Association (GNMA)		5.000	%		1/15/40		46,098		51,827
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		14,896,648		15,349,033
Government National Mortgage Association (GNMA)		3.500	%		6/15/48		3,746,843		3,938,275
Government National Mortgage Association (GNMA) II		6.000	%		9/20/36-2/20/42		2,594,649		2,979,896
Government National Mortgage Association (GNMA) II		6.500	%		10/20/37		562,460		654,926

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		4.500	%		1/20/40-3/20/49	$	130,074,516	$	136,429,905
Government National Mortgage Association (GNMA) II		5.000	%		7/20/40-1/20/49		47,959,111		50,838,894
Government National Mortgage Association (GNMA) II		3.500	%		6/20/44-9/20/49		231,084,793		240,958,239
Government National Mortgage Association (GNMA) II		4.000	%		6/20/47-5/20/49		180,146,503		188,053,740
Government National Mortgage Association (GNMA) II		3.000	%		1/20/48-4/20/48		55,885,981		57,440,742
Government National Mortgage Association (GNMA) II		3.000	%		10/1/49		10,000,000		10,262,109	(d)
Government National Mortgage Association (GNMA) II		3.500	%		10/1/49		179,900,000		186,382,724	(d)
Government National Mortgage Association (GNMA) II		4.000	%		10/1/49		11,900,000		12,376,233	(d)
Government National Mortgage Association (GNMA) II		4.500	%		10/1/49		59,500,000		62,185,959	(d)
Total GNMA									974,793,168
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $4,522,894,000)									4,593,823,934
CORPORATE BONDS & NOTES - 25.0%
COMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 0.5%
AT&T Inc., Senior Notes		4.450	%		5/15/21		663,000		686,763
AT&T Inc., Senior Notes		3.800	%		2/15/27		3,457,000		3,664,373
AT&T Inc., Senior Notes		6.100	%		7/15/40		9,000		11,266
AT&T Inc., Senior Notes		4.350	%		6/15/45		7,415,000		7,805,390
Telefonica Emisiones SA, Senior Notes		5.134	%		4/27/20		913,000		927,711
Telefonica Emisiones SA, Senior Notes		4.103	%		3/8/27		219,000		238,527
Telefonica Emisiones SA, Senior Notes		5.213	%		3/8/47		2,821,000		3,286,501
Verizon Communications Inc., Senior Notes		3.500	%		11/1/24		2,552,000		2,700,256
Verizon Communications Inc., Senior Notes		3.376	%		2/15/25		3,431,000		3,621,651
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		2,387,000		2,420,356
Verizon Communications Inc., Senior Notes		4.125	%		3/16/27		2,114,000		2,336,188
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		9,637,000		10,935,227

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Diversified Telecommunication Services - (continued)
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29	$	1,728,000	$	1,897,859
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		6,788,000		7,888,498
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		2,097,000		2,599,826
Verizon Communications Inc., Senior Notes		3.850	%		11/1/42		5,726,000		6,122,181
Verizon Communications Inc., Senior Notes		4.125	%		8/15/46		9,000		10,043
Verizon Communications Inc., Senior Notes		4.862	%		8/21/46		2,534,000		3,099,485
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		564,000		745,383
Verizon Communications Inc., Senior Notes		4.522	%		9/15/48		2,266,000		2,683,402
Total Diversified Telecommunication Services									63,680,886
Entertainment - 0.0%
Viacom Inc., Senior Notes		4.250	%		9/1/23		645,000		684,378
Viacom Inc., Senior Notes		3.875	%		4/1/24		322,000		338,883
Walt Disney Co., Senior Notes		6.200	%		12/15/34		36,000		51,277	(f)
Walt Disney Co., Senior Notes		6.650	%		11/15/37		1,970,000		2,964,207	(f)
Total Entertainment									4,038,745
Media - 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.579	%		7/23/20		3,761,000		3,795,226
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		1,864,000		2,046,276
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.750	%		2/15/28		940,000		964,521
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		6,296,000		6,627,009
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		14,297,000		16,008,241

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Media - (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35	$	340,000	$	412,262
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		3,197,000		3,576,877
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		2,474,000		3,014,741
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		5/1/47		1,352,000		1,475,486
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes		5.750	%		4/1/48		1,857,000		2,120,245
Comcast Corp., Senior Notes		3.950	%		10/15/25		6,305,000		6,867,980
Comcast Corp., Senior Notes		3.150	%		3/1/26		1,505,000		1,577,098
Comcast Corp., Senior Notes		4.150	%		10/15/28		19,281,000		21,645,719
Comcast Corp., Senior Notes		4.250	%		10/15/30		5,767,000		6,565,403
Comcast Corp., Senior Notes		7.050	%		3/15/33		3,475,000		5,007,175
Comcast Corp., Senior Notes		5.650	%		6/15/35		2,669,000		3,487,360
Comcast Corp., Senior Notes		3.200	%		7/15/36		734,000		752,225
Comcast Corp., Senior Notes		3.900	%		3/1/38		3,430,000		3,793,594
Comcast Corp., Senior Notes		4.700	%		10/15/48		1,182,000		1,449,378
Fox Corp., Senior Notes		4.709	%		1/25/29		685,000		783,051	(f)
Fox Corp., Senior Notes		5.476	%		1/25/39		5,060,000		6,212,362	(f)
Fox Corp., Senior Notes		5.576	%		1/25/49		575,000		728,615	(f)
Time Warner Cable LLC, Senior Secured Notes		4.125	%		2/15/21		2,436,000		2,480,438
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		1,191,000		1,431,945
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		403,000		510,383
Time Warner Cable LLC, Senior Secured Notes		6.750	%		6/15/39		815,000		997,980
Time Warner Cable LLC, Senior Secured Notes		5.875	%		11/15/40		5,058,000		5,667,310
Time Warner Cable LLC, Senior Secured Notes		5.500	%		9/1/41		18,000		19,420
Total Media									110,018,320

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV, Senior Notes		5.000	%		3/30/20	$	591,000	$	598,780
America Movil SAB de CV, Senior Notes		3.125	%		7/16/22		4,533,000		4,656,349
Deutsche Telekom International Finance BV, Senior Notes		2.820	%		1/19/22		1,512,000		1,530,396	(f)
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes		3.360	%		9/20/21		11,329,000		11,399,806	(f)
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes		4.738	%		3/20/25		1,406,000		1,498,107	(f)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		9,830,000		10,866,356
Total Wireless Telecommunication Services									30,549,794
TOTAL COMMUNICATION SERVICES									208,287,745
CONSUMER DISCRETIONARY - 0.7%
Automobiles - 0.2%
BMW US Capital LLC, Senior Notes		1.850	%		9/15/21		949,000		944,970	(f)
Daimler Finance North America LLC, Senior Notes		2.450	%		5/18/20		878,000		880,067	(f)
Daimler Finance North America LLC, Senior Notes		2.700	%		8/3/20		2,046,000		2,057,107	(f)
Ford Motor Co., Senior Notes		4.750	%		1/15/43		1,496,000		1,302,885
Ford Motor Credit Co. LLC, Senior Notes		8.125	%		1/15/20		913,000		928,164
Ford Motor Credit Co. LLC, Senior Notes		3.200	%		1/15/21		3,331,000		3,336,372
Ford Motor Credit Co. LLC, Senior Notes		5.875	%		8/2/21		4,684,000		4,907,665
General Motors Co., Senior Notes		5.150	%		4/1/38		797,000		806,054
General Motors Co., Senior Notes		6.250	%		10/2/43		4,266,000		4,680,467
General Motors Co., Senior Notes		5.950	%		4/1/49		716,000		768,329
General Motors Financial Co. Inc., Senior Notes		2.450	%		11/6/20		1,097,000		1,096,664
General Motors Financial Co. Inc., Senior Notes		3.450	%		4/10/22		1,155,000		1,175,350
General Motors Financial Co. Inc., Senior Notes		4.350	%		1/17/27		949,000		976,262
Total Automobiles									23,860,356
Hotels, Restaurants & Leisure - 0.4%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		16,004,000		16,318,549
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		2,893,000		3,107,659
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		994,000		1,063,303
McDonald’s Corp., Senior Notes		3.800	%		4/1/28		1,513,000		1,659,540
McDonald’s Corp., Senior Notes		4.875	%		12/9/45		5,870,000		7,107,788

See Notes to Schedule of Investments.

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WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Hotels, Restaurants & Leisure - (continued)
Sands China Ltd., Senior Notes		4.600	%		8/8/23	$	5,508,000	$	5,840,625
Sands China Ltd., Senior Notes		5.125	%		8/8/25		7,559,000		8,318,075
Total Hotels, Restaurants & Leisure									43,415,539
Household Durables - 0.0%
Newell Brands Inc., Senior Notes		3.850	%		4/1/23		1,682,000		1,732,529
Newell Brands Inc., Senior Notes		4.200	%		4/1/26		179,000		187,431
Total Household Durables									1,919,960
Internet & Direct Marketing Retail - 0.1%
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		6,161,000		6,550,490
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		2,705,000		3,116,829
Amazon.com Inc., Senior Notes		4.950	%		12/5/44		3,036,000		4,023,944
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		2,355,000		2,833,549
QVC Inc., Senior Secured Notes		5.950	%		3/15/43		90,000		90,347
Total Internet & Direct Marketing Retail									16,615,159
TOTAL CONSUMER DISCRETIONARY									85,811,014
CONSUMER STAPLES - 1.9%
Beverages - 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		13,236,000		14,190,923
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		10,621,000		12,693,048
Anheuser-Busch InBev Finance Inc., Senior Notes		2.650	%		2/1/21		1,225,000		1,236,936
Anheuser-Busch InBev Finance Inc., Senior Notes		3.300	%		2/1/23		3,614,000		3,754,313
Anheuser-Busch InBev Worldwide Inc., Senior Notes		2.500	%		7/15/22		3,170,000		3,215,341
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		1/12/24		2,212,000		2,336,268
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.150	%		1/23/25		4,254,000		4,649,167
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		1,460,000		1,611,525
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		16,245,000		18,895,812
Diageo Capital PLC, Senior Notes		4.828	%		7/15/20		770,000		787,031
Diageo Investment Corp., Senior Notes		2.875	%		5/11/22		2,463,000		2,520,103

See Notes to Schedule of Investments.

9

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Beverages - (continued)
Molson Coors Brewing Co., Senior Notes		3.500	%		5/1/22	$	367,000	$	378,015
PepsiCo Inc., Senior Notes		4.000	%		3/5/42		430,000		495,731
Pernod Ricard SA, Senior Notes		4.450	%		1/15/22		5,588,000		5,864,307	(f)
Total Beverages									72,628,520
Food & Staples Retailing - 0.2%
CVS Pass-Through Trust, Secured Trust		6.943	%		1/10/30		409,688		484,156
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		4,879,817		5,492,383
Walmart Inc., Senior Notes		3.050	%		7/8/26		7,308,000		7,748,326
Walmart Inc., Senior Notes		3.700	%		6/26/28		9,233,000		10,241,189
Total Food & Staples Retailing									23,966,054
Food Products - 0.3%
Danone SA, Senior Notes		2.077	%		11/2/21		4,218,000		4,213,087	(f)
Danone SA, Senior Notes		2.589	%		11/2/23		6,493,000		6,586,339	(f)
Danone SA, Senior Notes		2.947	%		11/2/26		4,317,000		4,422,352	(f)
Kraft Heinz Foods Co., Secured Notes		4.875	%		2/15/25		704,000		724,789	(f)
Kraft Heinz Foods Co., Senior Notes		3.950	%		7/15/25		1,970,000		2,063,632
Kraft Heinz Foods Co., Senior Notes		3.000	%		6/1/26		2,798,000		2,770,707
Kraft Heinz Foods Co., Senior Notes		5.000	%		7/15/35		1,003,000		1,071,187
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		116,000		119,830
Mars Inc., Senior Notes		2.700	%		4/1/25		3,269,000		3,356,546	(f)
Mars Inc., Senior Notes		3.200	%		4/1/30		9,788,000		10,363,868	(f)
WM Wrigley Jr. Co., Senior Notes		2.900	%		10/21/19		1,639,000		1,639,642	(f)
WM Wrigley Jr. Co., Senior Notes		3.375	%		10/21/20		600,000		608,643	(f)
Total Food Products									37,940,622
Tobacco - 0.8%
Altria Group Inc., Senior Notes		4.750	%		5/5/21		2,902,000		3,018,207
Altria Group Inc., Senior Notes		3.490	%		2/14/22		2,185,000		2,242,366
Altria Group Inc., Senior Notes		2.850	%		8/9/22		1,657,000		1,677,375
Altria Group Inc., Senior Notes		3.800	%		2/14/24		2,418,000		2,529,339
Altria Group Inc., Senior Notes		4.400	%		2/14/26		17,347,000		18,564,116
Altria Group Inc., Senior Notes		4.800	%		2/14/29		10,496,000		11,507,036
Altria Group Inc., Senior Notes		5.800	%		2/14/39		5,615,000		6,514,304
Altria Group Inc., Senior Notes		5.950	%		2/14/49		5,034,000		5,928,120
Altria Group Inc., Senior Notes		6.200	%		2/14/59		1,791,000		2,103,046
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		17,750,000		17,895,222
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		5,767,000		5,538,032

See Notes to Schedule of Investments.

10

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Tobacco - (continued)
Philip Morris International Inc., Senior Notes		1.875	%		11/1/19	$	4,326,000	$	4,325,176
Philip Morris International Inc., Senior Notes		2.900	%		11/15/21		1,567,000		1,592,392
Philip Morris International Inc., Senior Notes		2.500	%		8/22/22		2,328,000		2,350,962
Philip Morris International Inc., Senior Notes		2.500	%		11/2/22		7,559,000		7,629,063
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		1,406,000		1,563,779
Reynolds American Inc., Senior Notes		3.250	%		6/12/20		906,000		911,846
Reynolds American Inc., Senior Notes		6.150	%		9/15/43		1,110,000		1,254,105
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		1,610,000		1,784,286
Total Tobacco									98,928,772
TOTAL CONSUMER STAPLES									233,463,968
ENERGY - 4.0%
Energy Equipment & Services - 0.1%
Halliburton Co., Senior Notes		3.800	%		11/15/25		3,126,000		3,313,660
Halliburton Co., Senior Notes		5.000	%		11/15/45		1,075,000		1,202,252
Total Energy Equipment & Services									4,515,912
Oil, Gas & Consumable Fuels - 3.9%
Apache Corp., Senior Notes		3.250	%		4/15/22		930,000		947,071
Apache Corp., Senior Notes		6.000	%		1/15/37		89,000		97,436
Apache Corp., Senior Notes		5.100	%		9/1/40		6,063,000		6,053,473
Apache Corp., Senior Notes		5.250	%		2/1/42		6,878,000		7,027,263
Apache Corp., Senior Notes		4.750	%		4/15/43		9,824,000		9,430,631
Apache Corp., Senior Notes		4.250	%		1/15/44		18,144,000		16,185,458
BP Capital Markets America Inc., Senior Notes		3.216	%		11/28/23		6,511,000		6,767,039
BP Capital Markets America Inc., Senior Notes		3.119	%		5/4/26		8,803,000		9,185,409
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		6,672,000		7,047,155
BP Capital Markets PLC, Senior Notes		3.561	%		11/1/21		143,000		147,290
BP Capital Markets PLC, Senior Notes		3.245	%		5/6/22		1,916,000		1,973,553
BP Capital Markets PLC, Senior Notes		3.535	%		11/4/24		896,000		950,194
BP Capital Markets PLC, Senior Notes		3.506	%		3/17/25		1,119,000		1,188,232
Cimarex Energy Co., Senior Notes		4.375	%		6/1/24		1,872,000		1,968,258
Cimarex Energy Co., Senior Notes		3.900	%		5/15/27		5,329,000		5,430,295

See Notes to Schedule of Investments.

11

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
CNOOC Finance 2015 USA LLC, Senior Notes		3.500	%		5/5/25	$	9,932,000	$	10,369,692
CNOOC Finance 2015 USA LLC, Senior Notes		4.375	%		5/2/28		7,218,000		8,030,124
CNOOC Nexen Finance 2014 ULC, Senior Notes		4.250	%		4/30/24		6,394,000		6,844,078
Concho Resources Inc., Senior Notes		4.375	%		1/15/25		1,571,000		1,628,477
Concho Resources Inc., Senior Notes		3.750	%		10/1/27		134,000		139,391
Concho Resources Inc., Senior Notes		4.300	%		8/15/28		5,373,000		5,791,685
Conoco Funding Co., Senior Notes		7.250	%		10/15/31		313,000		442,215
ConocoPhillips Holding Co., Senior Notes		6.950	%		4/15/29		573,000		781,619
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		2,190,000		2,275,297
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		2,897,000		2,955,186
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		2,149,000		2,223,197
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		2,774,000		3,299,459
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		2,140,000		2,601,740
Devon Energy Corp., Senior Notes		4.750	%		5/15/42		220,000		242,074
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		5,490,000		6,357,322
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		31,345,000		36,673,963
El Paso Natural Gas Co. LLC, Senior Notes		8.375	%		6/15/32		2,696,000		3,728,237
Energy Transfer Operating LP, Senior Notes		4.950	%		6/15/28		967,000		1,063,634
Energy Transfer Operating LP, Senior Notes		5.250	%		4/15/29		18,000		20,334
Energy Transfer Operating LP, Senior Notes		6.250	%		4/15/49		484,000		588,607
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		5,776,000		6,401,815
Enterprise Products Operating LLC, Senior Notes		5.700	%		2/15/42		510,000		641,923
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		1,684,000		1,863,791
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		2,946,000		3,089,473
Exxon Mobil Corp., Senior Notes		2.440	%		8/16/29		13,218,000		13,319,651
Exxon Mobil Corp., Senior Notes		4.114	%		3/1/46		3,663,000		4,342,341

See Notes to Schedule of Investments.

12

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30	$	10,603,000	$	11,940,303	(f)
KazMunayGas National Co. JSC, Senior Notes		5.750	%		4/19/47		7,863,000		9,239,340	(f)
KazMunayGas National Co. JSC, Senior Notes		6.375	%		10/24/48		2,803,000		3,490,497	(f)
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		3/1/21		2,472,000		2,510,000
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		9/1/23		349,000		361,314
Kinder Morgan Energy Partners LP, Senior Notes		4.250	%		9/1/24		1,792,000		1,922,657
MPLX LP, Senior Notes		4.000	%		3/15/28		3,787,000		3,951,675
MPLX LP, Senior Notes		4.800	%		2/15/29		1,684,000		1,860,588
MPLX LP, Senior Notes		4.500	%		4/15/38		4,308,000		4,473,003
MPLX LP, Senior Notes		4.700	%		4/15/48		7,377,000		7,712,260
MPLX LP, Senior Notes		5.500	%		2/15/49		3,224,000		3,744,410
Noble Energy Inc., Senior Notes		4.150	%		12/15/21		4,084,000		4,243,857
Noble Energy Inc., Senior Notes		5.250	%		11/15/43		3,179,000		3,546,018
Noble Energy Inc., Senior Notes		4.950	%		8/15/47		7,918,000		8,654,969
Occidental Petroleum Corp., Senior Notes		2.600	%		8/13/21		3,412,000		3,435,469
Occidental Petroleum Corp., Senior Notes		3.125	%		2/15/22		1,093,000		1,110,486
Occidental Petroleum Corp., Senior Notes		2.700	%		8/15/22		4,926,000		4,973,889
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		618,000		725,375
Occidental Petroleum Corp., Senior Notes		2.900	%		8/15/24		3,833,000		3,865,978
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		627,000		707,679
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		2,257,000		2,241,138
Occidental Petroleum Corp., Senior Notes		3.500	%		8/15/29		2,579,000		2,617,750
Occidental Petroleum Corp., Senior Notes		7.875	%		9/15/31		8,284,000		11,195,478
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		2,346,000		2,831,749

See Notes to Schedule of Investments.

13

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Occidental Petroleum Corp., Senior Notes		4.500	%		7/15/44	$	18,287,000	$	18,679,708
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		5,060,000		5,241,737
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		2,050,000		2,677,265
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		1,657,000		1,690,368
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		3,349,000		3,270,543
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		4,594,000		4,559,264
Pertamina Persero PT, Senior Notes		6.000	%		5/3/42		6,914,000		8,426,223	(f)
Petrobras Global Finance BV, Senior Notes		4.375	%		5/20/23		3,081,000		3,225,807
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		2,087,000		2,351,527
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		25,909,000		28,467,514	(f)
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/35		3,889,000		3,819,970
Petroleos Mexicanos, Senior Notes		5.500	%		6/27/44		5,821,000		4,992,381
Petroleos Mexicanos, Senior Notes		6.375	%		1/23/45		3,880,000		3,613,250
Petroleos Mexicanos, Senior Notes		5.625	%		1/23/46		13,254,000		11,345,424
Petroleos Mexicanos, Senior Notes		6.750	%		9/21/47		4,478,000		4,309,179
Schlumberger Holdings Corp., Senior Notes		4.000	%		12/21/25		211,000		225,420	(f)
Schlumberger Holdings Corp., Senior Notes		3.900	%		5/17/28		142,000		150,433	(f)
Shell International Finance BV, Senior Notes		4.375	%		3/25/20		2,454,000		2,482,308
Shell International Finance BV, Senior Notes		1.875	%		5/10/21		931,000		931,366
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		6,654,000		6,930,213
Shell International Finance BV, Senior Notes		4.550	%		8/12/43		1,451,000		1,786,650
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		4,084,000		4,942,240
Shell International Finance BV, Senior Notes		4.000	%		5/10/46		3,779,000		4,357,126
Sinopec Group Overseas Development 2014 Ltd., Senior Notes		4.375	%		4/10/24		5,552,000		5,992,479	(f)

See Notes to Schedule of Investments.

14

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Southern Natural Gas Co. LLC, Senior Notes		8.000	%		3/1/32	$	3,985,000	$	5,613,372
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		17,006,000		21,583,926
Williams Cos. Inc., Senior Notes		5.250	%		3/15/20		1,737,000		1,759,853
Williams Cos. Inc., Senior Notes		7.875	%		9/1/21		331,000		364,508
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		2,125,000		2,793,867
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		23,000		30,513
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		3,065,000		4,418,219
Total Oil, Gas & Consumable Fuels									472,502,617
TOTAL ENERGY									477,018,529
FINANCIALS - 9.0%
Banks - 6.2%
ABN AMRO Bank NV, Senior Notes		2.450	%		6/4/20		2,024,000		2,027,337	(f)
ABN AMRO Bank NV, Subordinated Notes		4.750	%		7/28/25		1,352,000		1,458,444	(f)
Banco Santander SA, Senior Notes		3.848	%		4/12/23		6,448,000		6,723,725
Banco Santander SA, Senior Notes		3.800	%		2/23/28		1,254,000		1,314,764
Banco Santander SA, Senior Notes		4.379	%		4/12/28		4,836,000		5,294,652
Banco Santander SA, Senior Notes (3 mo. USD LIBOR + 1.120%)		3.460	%		4/12/23		2,149,000		2,152,408	(e)
Bank of America Corp., Senior Notes		3.300	%		1/11/23		4,594,000		4,749,391
Bank of America Corp., Senior Notes		4.100	%		7/24/23		4,988,000		5,325,179
Bank of America Corp., Senior Notes		4.000	%		4/1/24		3,134,000		3,361,647
Bank of America Corp., Senior Notes		3.500	%		4/19/26		4,567,000		4,852,648
Bank of America Corp., Senior Notes		5.000	%		1/21/44		9,215,000		11,706,773
Bank of America Corp., Senior Notes (3.004% to 12/20/22 then 3 mo. USD LIBOR + 0.790%)		3.004	%		12/20/23		2,241,000		2,289,851	(e)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. USD LIBOR + 1.040%)		3.419	%		12/20/28		10,406,000		10,876,988	(e)
Bank of America Corp., Senior Notes (3.550% to 3/5/23 then 3 mo. USD LIBOR + 0.780%)		3.550	%		3/5/24		7,782,000		8,091,725	(e)
Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. USD LIBOR + 1.370%)		3.593	%		7/21/28		7,711,000		8,147,349	(e)

See Notes to Schedule of Investments.

15

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Bank of America Corp., Senior Notes (3.946% to 1/23/48 then 3 mo. USD LIBOR + 1.190%)		3.946	%		1/23/49	$	3,717,000	$	4,180,171	(e)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. USD LIBOR + 1.210%)		3.974	%		2/7/30		7,684,000		8,403,788	(e)
Bank of America Corp., Senior Notes (4.330% to 3/15/49 then 3 mo. USD LIBOR + 1.520%)		4.330	%		3/15/50		4,720,000		5,569,929	(e)
Bank of America Corp., Subordinated Notes		4.200	%		8/26/24		5,409,000		5,805,400
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		2,875,000		3,054,821
Bank of America Corp., Subordinated Notes		4.450	%		3/3/26		1,093,000		1,192,077
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		16,120,000		17,419,753
Bank of America Corp., Subordinated Notes		6.110	%		1/29/37		2,700,000		3,541,032
Bank of Montreal, Subordinated Notes (3.803% to 12/15/27 then USD 5 year ICE Swap Rate + 1.432%)		3.803	%		12/15/32		1,316,000		1,366,047	(e)
Banque Federative du Credit Mutuel SA, Senior Notes		2.200	%		7/20/20		1,970,000		1,972,730	(f)
Barclays Bank PLC, Subordinated Notes		10.179	%		6/12/21		3,206,000		3,586,644	(f)
Barclays PLC, Senior Notes (4.972% to 5/16/28 then 3 mo. USD LIBOR + 1.902%)		4.972	%		5/16/29		4,899,000		5,378,564	(e)
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%)		5.088	%		6/20/30		2,848,000		2,973,007	(e)
BNP Paribas SA, Senior Notes		3.375	%		1/9/25		2,463,000		2,545,176	(f)
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		7,899,000		8,732,786	(f)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. USD LIBOR + 2.235%)		4.705	%		1/10/25		16,281,000		17,608,612	(e)(f)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		10,514,000		12,314,202	(e)(f)

See Notes to Schedule of Investments.

16

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
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	$	2,669,000	$	2,817,412	(e)(f)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		4,541,000		4,975,615	(f)
Citigroup Inc., Senior Notes		3.300	%		4/27/25		12,054,000		12,617,104
Citigroup Inc., Senior Notes		8.125	%		7/15/39		3,081,000		5,057,669
Citigroup Inc., Senior Notes		4.650	%		7/30/45		7,037,000		8,489,685
Citigroup Inc., Senior Notes		4.650	%		7/23/48		1,675,000		2,052,861
Citigroup Inc., Senior Notes (3.520% to 10/27/27 then 3 mo. USD LIBOR + 1.151%)		3.520	%		10/27/28		18,054,000		18,895,949	(e)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. USD LIBOR + 1.338%)		3.980	%		3/20/30		16,048,000		17,463,904	(e)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		1,849,000		1,918,067
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		4,549,000		4,900,330
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		2,722,000		3,088,179
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		1,343,000		1,447,935
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		25,282,000		27,607,903
Citigroup Inc., Subordinated Notes		6.625	%		6/15/32		412,000		539,443
Citigroup Inc., Subordinated Notes		6.125	%		8/25/36		605,000		782,595
Citigroup Inc., Subordinated Notes		6.675	%		9/13/43		564,000		818,929
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		1,423,000		1,771,527
Citigroup Inc., Subordinated Notes		4.750	%		5/18/46		716,000		836,289
Commonwealth Bank of Australia, Senior Notes		5.000	%		10/15/19		143,000		143,156	(f)
Compass Bank, Subordinated Notes		3.875	%		4/10/25		1,567,000		1,632,828
Cooperatieve Rabobank UA, Senior Notes		2.250	%		1/14/20		1,330,000		1,330,530
Cooperatieve Rabobank UA, Senior Notes		4.750	%		1/15/20		1,343,000		1,353,323	(f)
Cooperatieve Rabobank UA, Senior Notes		4.625	%		12/1/23		3,520,000		3,781,094
Cooperatieve Rabobank UA, Senior Notes		3.375	%		5/21/25		13,201,000		14,051,395
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		9,027,000		9,756,374
Cooperatieve Rabobank UA, Senior Notes		3.750	%		7/21/26		833,000		864,867

See Notes to Schedule of Investments.

17

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Credit Agricole SA, Subordinated Notes (4.000% to 1/10/28 then USD 5 year ICE Swap Rate + 1.644%)		4.000	%		1/10/33	$	3,743,000	$	3,873,421	(e)(f)
Credit Agricole SA, Junior Subordinated Notes (8.375% to 10/13/19 then 3 mo. USD LIBOR + 6.982%)		8.375	%		10/13/19		6,457,000		6,499,616	(e)(f)(g)
Danske Bank A/S, Senior Notes		5.000	%		1/12/22		11,168,000		11,745,393	(f)
Danske Bank A/S, Senior Notes		3.875	%		9/12/23		3,529,000		3,661,080	(f)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		7,066,000		7,766,441	(f)
Danske Bank A/S, Senior Notes (3.001% to 9/20/21 then 3 mo. USD LIBOR + 1.249%)		3.001	%		9/20/22		5,360,000		5,381,174	(e)(f)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		4,872,000		4,914,665	(e)(f)
HSBC Bank USA NA, Subordinated Notes		4.875	%		8/24/20		6,636,000		6,799,143
HSBC Holdings PLC, Senior Notes		3.400	%		3/8/21		7,791,000		7,915,804
HSBC Holdings PLC, Senior Notes		4.300	%		3/8/26		997,000		1,077,676
HSBC Holdings PLC, Senior Notes (3.803% to 3/11/24 then 3 mo. USD LIBOR + 1.211%)		3.803	%		3/11/25		10,753,000		11,211,139	(e)
HSBC Holdings PLC, Senior Notes (3.973% to 5/22/29 then 3 mo. USD LIBOR + 1.610%)		3.973	%		5/22/30		10,872,000		11,617,276	(e)
HSBC Holdings PLC, Senior Notes (4.041% to 3/13/27 then 3 mo. USD LIBOR + 1.546%)		4.041	%		3/13/28		8,051,000		8,556,373	(e)
HSBC Holdings PLC, Senior Notes (4.583% to 6/19/28 then 3 mo. USD LIBOR + 1.535%)		4.583	%		6/19/29		11,159,000		12,368,821	(e)
HSBC Holdings PLC, Subordinated Notes		4.250	%		3/14/24		1,916,000		2,017,330
HSBC Holdings PLC, Subordinated Notes		4.250	%		8/18/25		4,567,000		4,825,656
ING Bank NV, Senior Notes		2.500	%		10/1/19		2,409,000		2,409,000	(f)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		10,353,000		10,396,985	(f)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		2,266,000		2,286,249	(f)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		10,460,000		10,771,434	(f)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		12,493,000		13,284,408	(f)
JPMorgan Chase & Co., Senior Notes		4.250	%		10/15/20		5,175,000		5,296,169

See Notes to Schedule of Investments.

18

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
JPMorgan Chase & Co., Senior Notes		2.550	%		3/1/21	$	1,433,000	$	1,441,429
JPMorgan Chase & Co., Senior Notes		4.350	%		8/15/21		537,000		558,780
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. USD LIBOR + 1.000%)		4.023	%		12/5/24		12,448,000		13,280,055	(e)
JPMorgan Chase & Co., Senior Notes (4.203% to 7/23/28 then 3 mo. USD LIBOR + 1.260%)		4.203	%		7/23/29		5,687,000		6,307,807	(e)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. USD LIBOR + 1.330%)		4.452	%		12/5/29		4,191,000		4,741,216	(e)
JPMorgan Chase & Co., Subordinated Notes		4.125	%		12/15/26		5,791,000		6,324,104
JPMorgan Chase & Co., Subordinated Notes		4.250	%		10/1/27		9,717,000		10,684,568
JPMorgan Chase & Co., Subordinated Notes		3.625	%		12/1/27		8,015,000		8,444,837
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		3,546,000		4,423,158
Lloyds Bank PLC, Senior Notes		2.700	%		8/17/20		887,000		893,424
Lloyds Bank PLC, Senior Notes		6.500	%		9/14/20		90,000		93,184	(f)
Lloyds Banking Group PLC, Senior Notes		3.100	%		7/6/21		11,284,000		11,439,135
Lloyds Banking Group PLC, Senior Notes		4.375	%		3/22/28		1,970,000		2,144,216
Lloyds Banking Group PLC, Senior Notes (2.907% to 11/7/22 then 3 mo. USD LIBOR + 0.810%)		2.907	%		11/7/23		9,636,000		9,659,588	(e)
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		2,843,000		2,997,030
Nordea Bank Abp, Subordinated Notes		4.875	%		5/13/21		4,720,000		4,885,773	(f)
Royal Bank of Canada		1.875	%		2/5/20		6,860,000		6,853,195
Royal Bank of Canada, Senior Notes		2.150	%		10/26/20		3,896,000		3,903,599
Royal Bank of Canada, Senior Notes		3.200	%		4/30/21		3,609,000		3,677,933
Royal Bank of Scotland Group PLC, Senior Notes (4.269% to 3/22/24 then 3 mo. USD LIBOR + 1.762%)		4.269	%		3/22/25		5,803,000		6,073,459	(e)
Royal Bank of Scotland Group PLC, Senior Notes (4.519% to 6/25/23 then 3 mo. USD LIBOR + 1.550%)		4.519	%		6/25/24		13,433,000		14,134,122	(e)
Royal Bank of Scotland Group PLC, Subordinated Notes		5.125	%		5/28/24		2,893,000		3,086,238

See Notes to Schedule of Investments.

19

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Santander UK Group Holdings PLC, Senior Notes		3.571	%		1/10/23	$	1,791,000	$	1,817,424
Santander UK Group Holdings PLC, Subordinated Notes		5.625	%		9/15/45		725,000		836,156	(f)
Santander UK PLC, Senior Notes		2.375	%		3/16/20		2,373,000		2,375,122
Santander UK PLC, Subordinated Notes		5.000	%		11/7/23		1,128,000		1,199,576	(f)
Standard Chartered PLC, Subordinated Notes		5.700	%		3/26/44		1,782,000		2,189,207	(f)
Svenska Handelsbanken AB, Senior Notes		3.350	%		5/24/21		4,648,000		4,746,792
Toronto-Dominion Bank, Senior Notes		3.250	%		6/11/21		5,006,000		5,112,678
US Bank NA, Senior Notes		3.150	%		4/26/21		3,546,000		3,604,867
Wachovia Capital Trust III Ltd., Junior Subordinated Bonds (the greater of 3 mo. USD LIBOR + 0.930% or 5.570%)		5.570	%		10/31/19		20,383,000		20,490,418	(e)(g)
Wells Fargo & Co., Senior Notes		4.600	%		4/1/21		537,000		556,727
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		3,690,000		3,906,979
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		7,684,000		7,898,389
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		8,588,000		9,530,196
Wells Fargo & Co., Subordinated Notes		3.450	%		2/13/23		1,809,000		1,869,377
Wells Fargo & Co., Subordinated Notes		4.125	%		8/15/23		134,000		142,296
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		12,726,000		13,954,449
Wells Fargo & Co., Subordinated Notes		5.375	%		11/2/43		430,000		540,204
Wells Fargo & Co., Subordinated Notes		5.606	%		1/15/44		1,522,000		1,972,432
Wells Fargo & Co., Subordinated Notes		4.650	%		11/4/44		1,513,000		1,750,809
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		4,469,000		5,321,969
Wells Fargo & Co., Subordinated Notes		4.400	%		6/14/46		16,048,000		18,047,776
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		13,120,000		15,511,557
Wells Fargo Capital X, Ltd. Gtd.		5.950	%		12/15/36		7,000		8,669
Westpac Banking Corp., Senior Notes		2.600	%		11/23/20		4,352,000		4,381,343
Total Banks									741,500,098
Capital Markets - 1.9%
CME Group Inc., Senior Notes		5.300	%		9/15/43		1,070,000		1,450,016
Credit Suisse AG, Senior Notes		3.625	%		9/9/24		2,660,000		2,810,006
Credit Suisse Group AG, Senior Notes		4.282	%		1/9/28		5,149,000		5,534,204	(f)
Credit Suisse Group AG, Senior Notes (2.593% to 9/11/24 then SOFR + 1.560%)		2.593	%		9/11/25		1,997,000		1,978,599	(e)(f)

See Notes to Schedule of Investments.

20

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
Credit Suisse Group AG, Senior Notes (3.869% to 1/12/28 then 3 mo. USD LIBOR + 1.410%)		3.869	%		1/12/29	$	8,990,000	$	9,463,725	(e)(f)
Credit Suisse Group Funding Guernsey Ltd., Senior Notes		4.550	%		4/17/26		457,000		502,186
Goldman Sachs Capital II (3 mo. USD LIBOR + 0.768%, 4.000% floor)		4.000	%		10/31/19		32,000		27,060	(e)(g)
Goldman Sachs Group Inc., Senior Notes		5.375	%		3/15/20		4,603,000		4,669,809
Goldman Sachs Group Inc., Senior Notes		6.000	%		6/15/20		340,000		349,057
Goldman Sachs Group Inc., Senior Notes		5.250	%		7/27/21		815,000		859,154
Goldman Sachs Group Inc., Senior Notes		5.750	%		1/24/22		287,000		309,312
Goldman Sachs Group Inc., Senior Notes		3.200	%		2/23/23		4,785,000		4,916,170
Goldman Sachs Group Inc., Senior Notes		3.625	%		2/20/24		9,269,000		9,720,461
Goldman Sachs Group Inc., Senior Notes		4.000	%		3/3/24		1,012,000		1,079,112
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		1,352,000		1,432,094
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		10,165,000		10,568,038
Goldman Sachs Group Inc., Senior Notes		6.250	%		2/1/41		5,481,000		7,578,835
Goldman Sachs Group Inc., Senior Notes		4.750	%		10/21/45		7,066,000		8,490,168
Goldman Sachs Group Inc., Senior Notes (2.876% to 10/31/21 then 3 mo. USD LIBOR + 0.821%)		2.876	%		10/31/22		13,433,000		13,589,572	(e)
Goldman Sachs Group Inc., Senior Notes (3.691% to 6/5/27 then 3 mo. USD LIBOR + 1.510%)		3.691	%		6/5/28		8,956,000		9,401,612	(e)
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. USD LIBOR + 1.158%)		3.814	%		4/23/29		7,236,000		7,688,710	(e)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. USD LIBOR + 1.301%)		4.223	%		5/1/29		12,565,000		13,726,765	(e)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		8,454,000		9,053,906
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		3,045,000		4,115,609
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		11,911,000		14,156,355
KKR Group Finance Co. II LLC, Senior Notes		5.500	%		2/1/43		331,000		401,514	(f)
Lehman Brothers Holdings Capital Trust VII, Junior Subordinated Notes		5.857	%		11/25/19		1,430,000		0	*(b)(c)(g)(h)(i)

See Notes to Schedule of Investments.

21

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
Lehman Brothers Holdings Inc., Junior Subordinated Notes		6.500	%		7/19/17	$	13,380,000	$	0	*(b)(c)(i)(j)
Lehman Brothers Holdings Inc., Subordinated Notes		6.750	%		12/28/17		31,220,000		0	*(b)(c)(i)(j)
Morgan Stanley, Senior Notes		5.500	%		7/24/20		2,436,000		2,502,020
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. USD LIBOR + 1.140%)		3.772	%		1/24/29		9,869,000		10,556,073	(e)
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		8,768,000		9,855,497	(e)
State Street Corp., Senior Notes		3.300	%		12/16/24		1,048,000		1,100,375
UBS AG, Senior Notes		4.500	%		6/26/48		179,000		222,326	(f)
UBS Group AG, Senior Notes (3.126% to 8/13/29 then 3 mo. USD LIBOR + 1.468%)		3.126	%		8/13/30		4,299,000		4,333,773	(e)(f)
UBS Group Funding Switzerland AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		27,771,000		29,527,516	(e)(f)(g)
UBS Group Funding Switzerland AG, Senior Notes		3.491	%		5/23/23		12,018,000		12,342,436	(f)
UBS Group Funding Switzerland AG, Senior Notes		4.125	%		9/24/25		2,731,000		2,952,759	(f)
UBS Group Funding Switzerland AG, Senior Notes		4.253	%		3/23/28		15,923,000		17,381,749	(f)
Total Capital Markets									234,646,573
Consumer Finance - 0.3%
American Express Co., Senior Notes		2.650	%		12/2/22		10,000		10,163
American Express Co., Senior Notes		2.500	%		7/30/24		20,670,000		20,843,735
American Express Credit Corp., Senior Notes		2.375	%		5/26/20		4,030,000		4,035,682
Nationwide Building Society, Senior Notes (4.363% to 8/1/23 then 3 mo. USD LIBOR + 1.392%)		4.363	%		8/1/24		6,797,000		7,142,223	(e)(f)
Total Consumer Finance									32,031,803
Diversified Financial Services - 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.500	%		5/15/21		6,334,000		6,540,919
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		5.000	%		10/1/21		421,000		442,768

See Notes to Schedule of Investments.

22

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Diversified Financial Services - (continued)
Banco Nacional de Comercio Exterior SNC, Subordinated Notes (3.800% to 8/11/21 then 5 year Treasury Constant Maturity Rate + 3.000%)		3.800	%		8/11/26	$	7,236,000	$	7,335,567	(e)(f)
Boeing Capital Corp., Senior Notes		4.700	%		10/27/19		179,000		179,276
GE Capital International Funding Co. Unlimited Co., Senior Notes		2.342	%		11/15/20		16,724,000		16,688,143
ILFC E-Capital Trust II, Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10 year Treasury Constant Maturity Rate and 30 year Treasury Constant Maturity Rate) + 1.800%)		4.020	%		12/21/65		3,743,000		2,627,960	(e)(f)
International Lease Finance Corp., Senior Notes		8.625	%		1/15/22		3,349,000		3,802,309
Syngenta Finance NV, Senior Notes		3.933	%		4/23/21		869,000		885,172	(f)
Total Diversified Financial Services									38,502,114
Insurance - 0.3%
Ambac Assurance Corp., Subordinated Notes		5.100	%		6/7/20		92		134	(f)
Ambac LSNI LLC, Senior Secured Notes (3 mo. USD LIBOR + 5.000%)		7.104	%		2/12/23		2,665		2,699	(e)(f)
American International Group Inc., Junior Subordinated Notes (6.250% to 3/15/37 then 3 mo. USD LIBOR + 2.056%)		6.250	%		3/15/37		5,081,000		5,419,369	(e)(g)
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		7,344,000		8,707,465
Brighthouse Financial Inc., Senior Notes		4.700	%		6/22/47		1,003,000		896,560
Chubb INA Holdings Inc., Senior Notes		2.300	%		11/3/20		1,039,000		1,042,526
Chubb INA Holdings Inc., Senior Notes		3.350	%		5/3/26		1,164,000		1,244,088
MetLife Inc., Junior Subordinated Notes (6.400% to 12/15/36 then 3 mo. USD LIBOR + 2.205%)		6.400	%		12/15/36		6,365,000		7,558,438	(e)(g)
Reliance Standard Life Global Funding II, Senior Secured Notes		2.500	%		1/15/20		1,424,000		1,425,113	(f)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		93,000		137,648	(f)
Teachers Insurance & Annuity Association of America, Subordinated Notes		4.900	%		9/15/44		3,500,000		4,357,201	(f)
Total Insurance									30,791,241
TOTAL FINANCIALS									1,077,471,829

See Notes to Schedule of Investments.

23

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
HEALTH CARE - 1.9%
Biotechnology - 0.2%
AbbVie Inc., Senior Notes		3.600	%		5/14/25	$	2,194,000	$	2,283,727
Amgen Inc., Senior Notes		2.125	%		5/1/20		967,000		966,765
Amgen Inc., Senior Notes		3.875	%		11/15/21		1,970,000		2,034,422
Celgene Corp., Senior Notes		2.250	%		8/15/21		2,722,000		2,722,926
Celgene Corp., Senior Notes		3.550	%		8/15/22		1,200,000		1,244,932
Celgene Corp., Senior Notes		3.625	%		5/15/24		537,000		567,424
Celgene Corp., Senior Notes		3.875	%		8/15/25		3,385,000		3,656,453
Celgene Corp., Senior Notes		5.250	%		8/15/43		1,030,000		1,301,495
Celgene Corp., Senior Notes		5.000	%		8/15/45		1,728,000		2,169,794
Gilead Sciences Inc., Senior Notes		2.550	%		9/1/20		1,191,000		1,196,940
Gilead Sciences Inc., Senior Notes		3.700	%		4/1/24		1,460,000		1,546,462
Gilead Sciences Inc., Senior Notes		3.650	%		3/1/26		1,711,000		1,835,316
Gilead Sciences Inc., Senior Notes		4.500	%		2/1/45		716,000		829,818
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		3,967,000		4,728,813
Total Biotechnology									27,085,287
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		2,649,000		2,888,232
Abbott Laboratories, Senior Notes		4.750	%		11/30/36		1,836,000		2,248,021
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		3,681,000		4,755,231
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		6,421,000		6,702,014
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		1,229,000		1,301,249
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		1,407,000		1,635,841
Medtronic Inc., Senior Notes		3.500	%		3/15/25		1,350,000		1,450,018
Medtronic Inc., Senior Notes		4.625	%		3/15/45		410,000		527,062
Total Health Care Equipment & Supplies									21,507,668
Health Care Providers & Services - 1.2%
Aetna Inc., Senior Notes		2.800	%		6/15/23		761,000		770,678
Aetna Inc., Senior Notes		3.875	%		8/15/47		2,006,000		1,968,839
Anthem Inc., Senior Notes		3.125	%		5/15/22		1,827,000		1,869,542
Anthem Inc., Senior Notes		2.950	%		12/1/22		3,627,000		3,698,989
Anthem Inc., Senior Notes		3.350	%		12/1/24		1,791,000		1,863,384
Anthem Inc., Senior Notes		3.650	%		12/1/27		7,057,000		7,421,785
Cigna Corp., Senior Notes		3.400	%		9/17/21		3,251,000		3,325,608
Cigna Corp., Senior Notes		3.750	%		7/15/23		8,669,000		9,085,820
Cigna Corp., Senior Notes		4.125	%		11/15/25		2,499,000		2,686,715
Cigna Corp., Senior Notes		4.375	%		10/15/28		10,102,000		11,058,502
CommonSpirit Health, Secured Notes		4.350	%		11/1/42		358,000		384,448
CVS Health Corp., Senior Notes		3.350	%		3/9/21		1,179,000		1,198,189

See Notes to Schedule of Investments.

24

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - (continued)
CVS Health Corp., Senior Notes		2.750	%		12/1/22	$	188,000	$	190,326
CVS Health Corp., Senior Notes		3.700	%		3/9/23		11,248,000		11,715,849
CVS Health Corp., Senior Notes		4.100	%		3/25/25		5,221,000		5,582,058
CVS Health Corp., Senior Notes		3.875	%		7/20/25		4,600,000		4,870,854
CVS Health Corp., Senior Notes		4.300	%		3/25/28		35,724,000		38,661,916
CVS Health Corp., Senior Notes		5.125	%		7/20/45		5,194,000		5,896,367
CVS Health Corp., Senior Notes		5.050	%		3/25/48		3,278,000		3,726,156
Humana Inc., Senior Notes		3.150	%		12/1/22		672,000		688,324
Humana Inc., Senior Notes		3.950	%		3/15/27		3,726,000		3,957,963
Humana Inc., Senior Notes		4.625	%		12/1/42		779,000		868,549
Humana Inc., Senior Notes		4.950	%		10/1/44		1,110,000		1,289,654
Humana Inc., Senior Notes		4.800	%		3/15/47		242,000		278,911
UnitedHealth Group Inc., Senior Notes		2.700	%		7/15/20		3,126,000		3,144,002
UnitedHealth Group Inc., Senior Notes		3.875	%		10/15/20		1,442,000		1,463,051
UnitedHealth Group Inc., Senior Notes		2.875	%		12/15/21		2,624,000		2,675,114
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		1,021,000		1,098,666
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		830,000		914,571
UnitedHealth Group Inc., Senior Notes		5.800	%		3/15/36		582,000		777,260
UnitedHealth Group Inc., Senior Notes		5.700	%		10/15/40		1,576,000		2,091,391
UnitedHealth Group Inc., Senior Notes		3.700	%		8/15/49		4,227,000		4,487,613
UnitedHealth Group Inc., Senior Notes		3.875	%		8/15/59		2,669,000		2,838,889
Total Health Care Providers & Services									142,549,983
Pharmaceuticals - 0.3%
Allergan Funding SCS, Senior Notes		3.450	%		3/15/22		1,424,000		1,459,768
Allergan Funding SCS, Senior Notes		3.800	%		3/15/25		4,066,000		4,260,438
Allergan Funding SCS, Senior Notes		4.550	%		3/15/35		233,000		247,735
Bristol-Myers Squibb Co., Senior Notes		2.600	%		5/16/22		5,293,000		5,367,951	(f)
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		10,317,000		10,643,289	(f)
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		7,299,000		7,663,590	(f)
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		3,036,000		3,245,609	(f)
Eli Lilly & Co., Senior Notes		3.100	%		5/15/27		788,000		829,308
GlaxoSmithKline Capital PLC, Senior Notes		2.850	%		5/8/22		384,000		392,171
Johnson & Johnson, Senior Notes		3.700	%		3/1/46		2,946,000		3,329,813
Wyeth LLC, Senior Notes		5.950	%		4/1/37		1,245,000		1,693,244
Total Pharmaceuticals									39,132,916
TOTAL HEALTH CARE									230,275,854

See Notes to Schedule of Investments.

25

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
INDUSTRIALS - 1.8%
Aerospace & Defense - 0.6%
Boeing Co., Senior Notes		4.875	%		2/15/20	$	3,529,000	$	3,562,117
Boeing Co., Senior Notes		3.100	%		5/1/26		1,379,000		1,445,629
Boeing Co., Senior Notes		2.700	%		2/1/27		2,588,000		2,634,305
Boeing Co., Senior Notes		2.800	%		3/1/27		1,791,000		1,830,000
Boeing Co., Senior Notes		3.200	%		3/1/29		5,382,000		5,655,154
Boeing Co., Senior Notes		3.250	%		2/1/35		10,057,000		10,439,890
Boeing Co., Senior Notes		5.875	%		2/15/40		448,000		610,498
Boeing Co., Senior Notes		3.750	%		2/1/50		2,633,000		2,851,577
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		5,623,000		6,033,165
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		550,000		661,426
Northrop Grumman Corp., Senior Notes		2.550	%		10/15/22		7,093,000		7,190,415
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		9,609,000		9,911,953
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		2,964,000		3,113,424
Raytheon Co., Senior Notes		3.125	%		10/15/20		1,146,000		1,159,861
United Technologies Corp., Senior Notes		3.950	%		8/16/25		5,920,000		6,490,513
United Technologies Corp., Senior Notes		4.125	%		11/16/28		4,890,000		5,537,058
United Technologies Corp., Senior Notes		5.400	%		5/1/35		18,000		23,033
United Technologies Corp., Senior Notes		4.500	%		6/1/42		833,000		999,350
Total Aerospace & Defense									70,149,368
Airlines - 0.0%
Air 2 U.S. Pass-Through Certificates		8.027	%		10/1/19		37,620		37,643	(f)
Continental Airlines Pass-Through Trust		6.703	%		6/15/21		212,629		226,854
Delta Air Lines Pass-Through Trust		6.821	%		8/10/22		110,839		121,796
Total Airlines									386,293
Commercial Services & Supplies - 0.2%
Cintas Corp. No 2, Senior Notes		2.900	%		4/1/22		2,606,000		2,663,868
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		3,188,000		3,479,092
Republic Services Inc., Senior Notes		2.500	%		8/15/24		3,645,000		3,687,855
Waste Management Inc., Senior Notes		4.600	%		3/1/21		842,000		866,688
Waste Management Inc., Senior Notes		3.500	%		5/15/24		958,000		1,010,111
Waste Management Inc., Senior Notes		3.200	%		6/15/26		1,961,000		2,069,463
Waste Management Inc., Senior Notes		3.450	%		6/15/29		2,731,000		2,951,790
Waste Management Inc., Senior Notes		4.000	%		7/15/39		2,391,000		2,720,820
Waste Management Inc., Senior Notes		4.150	%		7/15/49		2,812,000		3,281,918
Total Commercial Services & Supplies									22,731,605
Electrical Equipment - 0.1%
ABB Finance USA Inc., Senior Notes		4.375	%		5/8/42		304,000		369,147

See Notes to Schedule of Investments.

26

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Electrical Equipment - (continued)
Eaton Corp., Senior Notes		2.750	%		11/2/22	$	5,615,000	$	5,715,512
Eaton Corp., Senior Notes		4.150	%		11/2/42		2,524,000		2,800,532
Total Electrical Equipment									8,885,191
Industrial Conglomerates - 0.6%
3M Co., Senior Notes		2.375	%		8/26/29		16,008,000		15,943,505
General Electric Co., Senior Notes		2.500	%		3/28/20		5,526,000		5,521,259
General Electric Co., Senior Notes		5.550	%		5/4/20		4,237,000		4,298,421
General Electric Co., Senior Notes		4.375	%		9/16/20		952,000		968,603
General Electric Co., Senior Notes		4.625	%		1/7/21		9,103,000		9,337,065
General Electric Co., Senior Notes		4.650	%		10/17/21		9,860,000		10,259,624
General Electric Co., Senior Notes		6.750	%		3/15/32		788,000		991,674
General Electric Co., Senior Notes		5.875	%		1/14/38		690,000		830,873
General Electric Co., Senior Notes		6.875	%		1/10/39		20,683,000		27,406,046
General Electric Co., Subordinated Notes		5.300	%		2/11/21		670,000		692,439
								��
Total Industrial Conglomerates									76,249,509
Machinery - 0.0%
John Deere Capital Corp., Senior Notes		1.700	%		1/15/20		699,000		698,106
Road & Rail - 0.2%
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		2,257,000		2,432,590
Union Pacific Corp., Senior Notes		3.950	%		9/10/28		10,066,000		11,112,970
Union Pacific Corp., Senior Notes		4.500	%		9/10/48		8,150,000		9,739,018
Total Road & Rail									23,284,578
Transportation Infrastructure - 0.1%
DP World PLC, Senior Notes		5.625	%		9/25/48		16,729,000		19,403,298	(f)
TOTAL INDUSTRIALS									221,787,948
INFORMATION TECHNOLOGY - 1.4%
Communications Equipment - 0.0%
Harris Corp., Senior Notes		4.854	%		4/27/35		1,730,000		2,051,037
Harris Corp., Senior Notes		5.054	%		4/27/45		1,881,000		2,363,367
Total Communications Equipment									4,414,404
Internet Software & Services - 0.1%
Tencent Holdings Ltd., Senior Notes		3.595	%		1/19/28		12,762,000		13,334,656	(f)
IT Services - 0.3%
International Business Machines Corp., Senior Notes		3.000	%		5/15/24		16,559,000		17,179,948
Mastercard Inc., Senior Notes		3.375	%		4/1/24		2,552,000		2,712,169
Visa Inc., Senior Notes		2.200	%		12/14/20		1,361,000		1,366,398

See Notes to Schedule of Investments.

27

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
IT Services - (continued)
Visa Inc., Senior Notes		3.150	%		12/14/25	$	6,117,000	$	6,524,912
Visa Inc., Senior Notes		4.300	%		12/14/45		3,063,000		3,806,395
Total IT Services									31,589,822
Semiconductors & Semiconductor Equipment - 0.1%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		3,045,000		3,025,842
Intel Corp., Senior Notes		3.700	%		7/29/25		851,000		922,833
Texas Instruments Inc., Senior Notes		2.250	%		9/4/29		9,000		8,872
Texas Instruments Inc., Senior Notes		4.150	%		5/15/48		6,484,000		7,958,171
Total Semiconductors & Semiconductor Equipment									11,915,718
Software - 0.6%
Microsoft Corp., Senior Notes		2.875	%		2/6/24		6,985,000		7,281,020
Microsoft Corp., Senior Notes		2.700	%		2/12/25		1,943,000		2,015,704
Microsoft Corp., Senior Notes		3.125	%		11/3/25		8,660,000		9,215,137
Microsoft Corp., Senior Notes		2.400	%		8/8/26		13,371,000		13,628,947
Microsoft Corp., Senior Notes		3.300	%		2/6/27		9,180,000		9,911,376
Microsoft Corp., Senior Notes		3.450	%		8/8/36		233,000		257,954
Microsoft Corp., Senior Notes		4.100	%		2/6/37		45,000		53,447
Microsoft Corp., Senior Notes		3.700	%		8/8/46		2,570,000		2,929,319
Microsoft Corp., Senior Notes		3.950	%		8/8/56		1,075,000		1,275,205
salesforce.com Inc., Senior Notes		3.250	%		4/11/23		4,424,000		4,617,943
salesforce.com Inc., Senior Notes		3.700	%		4/11/28		13,872,000		15,238,491
Total Software									66,424,543
Technology Hardware, Storage & Peripherals - 0.3%
Apple Inc., Senior Notes		2.000	%		11/13/20		3,869,000		3,877,800
Apple Inc., Senior Notes		2.450	%		8/4/26		9,994,000		10,136,084
Apple Inc., Senior Notes		3.850	%		8/4/46		4,111,000		4,641,329
Dell International LLC/EMC Corp., Senior Secured Notes		4.420	%		6/15/21		16,299,000		16,810,623	(f)
Total Technology Hardware, Storage & Peripherals									35,465,836
TOTAL INFORMATION TECHNOLOGY									163,144,979
MATERIALS - 1.6%
Chemicals - 0.1%
Equate Petrochemical BV, Senior Notes		4.250	%		11/3/26		8,311,000		8,968,649	(f)
Nutrien Ltd., Senior Notes		4.875	%		3/30/20		618,000		625,610
OCP SA, Senior Notes		4.500	%		10/22/25		4,836,000		5,095,935	(f)
Total Chemicals									14,690,194

See Notes to Schedule of Investments.

28

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Metals & Mining - 1.4%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24	$	9,018,000	$	9,322,558	(f)
Anglo American Capital PLC, Senior Notes		4.750	%		4/10/27		5,355,000		5,779,723	(f)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		2,212,000		2,286,237	(f)
ArcelorMittal, Senior Notes		4.550	%		3/11/26		8,857,000		9,274,602
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		752,000		946,686
Barrick PD Australia Finance Pty Ltd., Senior Notes		5.950	%		10/15/39		8,508,000		10,987,045
BHP Billiton Finance USA Ltd., Senior Notes		2.875	%		2/24/22		395,000		403,067
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		7,863,000		10,164,576
BHP Billiton Finance USA Ltd., Senior Notes (6.750% to 10/19/25 then USD 5 year ICE Swap Rate + 5.093%)		6.750	%		10/19/75		4,890,000		5,722,620	(e)(f)
Corp. Nacional del Cobre de Chile, Senior Notes		3.625	%		8/1/27		14,365,000		15,160,965	(f)
Glencore Finance Canada Ltd., Senior Notes		4.250	%		10/25/22		4,227,000		4,410,702	(f)
Glencore Funding LLC, Senior Notes		2.875	%		4/16/20		1,084,000		1,087,774	(f)
Glencore Funding LLC, Senior Notes		3.000	%		10/27/22		157,000		158,669	(f)
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		2,884,000		3,020,105	(f)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		13,810,000		14,495,576	(f)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		6,797,000		6,992,615	(f)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		4,675,000		4,793,511	(f)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		18,708,000		21,150,371
Southern Copper Corp., Senior Notes		5.875	%		4/23/45		5,346,000		6,501,336
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		17,177,000		19,882,378
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		3,208,000		4,080,576
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		5,508,000		7,043,410
Total Metals & Mining									163,665,102
Paper & Forest Products - 0.1%
Suzano Austria GmbH, Senior Notes		6.000	%		1/15/29		16,245,000		17,698,927
TOTAL MATERIALS									196,054,223

See Notes to Schedule of Investments.

29

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		3.750	%		9/17/24	$	3,923,000	$	4,159,755	(f)
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		4.750	%		9/17/44		1,433,000		1,676,769	(f)
TOTAL REAL ESTATE									5,836,524
UTILITIES - 0.9%
Electric Utilities - 0.9%
Berkshire Hathaway Energy Co., Senior Notes		5.950	%		5/15/37		269,000		370,927
Cleveland Electric Illuminating Co., Senior Notes		3.500	%		4/1/28		1,415,000		1,477,671	(f)
Comision Federal de Electricidad, Senior Notes		4.750	%		2/23/27		9,618,000		10,135,064	(f)
Duke Energy Corp., Senior Notes		3.550	%		9/15/21		779,000		797,539
Duke Energy Corp., Senior Notes		2.400	%		8/15/22		7,657,000		7,736,880
Duke Energy Corp., Senior Notes		3.150	%		8/15/27		3,979,000		4,138,196
Exelon Corp., Senior Notes		5.625	%		6/15/35		1,984,000		2,483,586
FirstEnergy Corp., Senior Notes		4.250	%		3/15/23		3,824,000		4,047,020
FirstEnergy Corp., Senior Notes		3.900	%		7/15/27		15,102,000		16,106,201
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		14,324,000		20,281,312
FirstEnergy Corp., Senior Notes		4.850	%		7/15/47		1,970,000		2,358,779
MidAmerican Energy Co.		3.650	%		4/15/29		7,057,000		7,784,163
Perusahaan Listrik Negara PT, Senior Notes		4.125	%		5/15/27		3,743,000		3,959,574	(f)
Perusahaan Listrik Negara PT, Senior Notes		5.450	%		5/21/28		6,672,000		7,693,827	(f)
Perusahaan Listrik Negara PT, Senior Notes		5.250	%		10/24/42		3,944,000		4,466,580	(k)
Perusahaan Listrik Negara PT, Senior Notes		6.150	%		5/21/48		13,326,000		17,116,021	(f)
Progress Energy Inc., Senior Notes		3.150	%		4/1/22		1,093,000		1,115,931
TOTAL UTILITIES									112,069,271
TOTAL CORPORATE BONDS & NOTES (Cost - $2,850,354,542)									3,011,221,884

See Notes to Schedule of Investments.

30

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 15.2%
U.S. Government Agencies - 0.7%
Federal National Mortgage Association (FNMA), Notes		6.625	%		11/15/30	$	18,010,000	$	26,397,595
Federal National Mortgage Association (FNMA), Subordinated Notes		0.000	%		10/9/19		53,035,000		53,007,498
Total U.S. Government Agencies									79,405,093
U.S. Government Obligations - 14.5%
U.S. Treasury Bonds		3.750	%		11/15/43		28,340,000		37,286,473
U.S. Treasury Bonds		3.625	%		2/15/44		84,240,000		108,924,623
U.S. Treasury Bonds		2.875	%		8/15/45		103,400,000		119,176,578
U.S. Treasury Bonds		2.750	%		8/15/47		85,780,000		97,114,018
U.S. Treasury Bonds		3.000	%		2/15/48		63,390,000		75,279,339
U.S. Treasury Bonds		3.125	%		5/15/48		115,130,000		139,966,150
U.S. Treasury Bonds		3.000	%		8/15/48		132,848,000		158,019,064
U.S. Treasury Bonds		3.000	%		2/15/49		14,520,000		17,315,667
U.S. Treasury Bonds		2.875	%		5/15/49		89,140,000		103,983,899
U.S. Treasury Bonds		2.250	%		8/15/49		67,920,000		69,868,721
U.S. Treasury Notes		2.500	%		2/15/22		19,120,000		19,509,122
U.S. Treasury Notes		2.625	%		1/31/26		109,560,000		116,214,914
U.S. Treasury Notes		2.125	%		5/31/26		44,780,000		46,210,861
U.S. Treasury Notes		1.875	%		7/31/26		101,430,000		103,117,858
U.S. Treasury Notes		1.375	%		8/31/26		222,900,000		219,351,885
U.S. Treasury Notes		1.625	%		9/30/26		181,710,000		181,770,333
U.S. Treasury Notes		1.625	%		8/15/29		133,820,000		133,218,855
U.S. Treasury Strip Principal, STRIPS		0.000	%		11/15/21		2,212,000		2,136,004
Total U.S. Government Obligations									1,748,464,364
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $1,722,012,635)									1,827,869,457
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- 9.4%
Alternative Loan Trust, 2006-OA8 1A1 (1 mo. USD LIBOR + 0.190%)		2.208	%		7/25/46		831,208		813,919	(e)
APS Resecuritization Trust, 2015-3 1A (Federal Reserve US 12 mo. Cumulative Avg 1 Year CMT + 0.960%)		2.789	%		10/27/46		8,843,512		8,909,290	(e)(f)
Banc of America Funding Trust, 2005-E 8A1 (Cost of Funds for the 11th District of San Francisco + 1.430%, min. coupon of 1.430%)		2.585	%		6/20/35		46,406		34,655	(e)
Banc of America Funding Trust, 2015-R3 9A1 (1 mo. USD LIBOR + 0.150%)		2.295	%		2/27/37		7,373,826		7,150,510	(e)(f)
Bear Stearns ARM Trust, 2004-9 24A1		4.622	%		11/25/34		1,160,545		1,163,384	(e)

See Notes to Schedule of Investments.

31

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Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l) - (continued)
BHMS, 2018-ATLS A (1 mo. USD LIBOR + 1.250%)		3.278	%		7/15/35	$	21,879,000	$	21,915,205	(e)(f)
BX Commercial Mortgage Trust, 2019-IMC A (1 mo. USD LIBOR + 1.000%)		3.028	%		4/15/34		8,956,000		8,971,622	(e)(f)
CD Mortgage Trust, 2016-CD2 A4		3.526	%		11/10/49		4,209,000		4,544,350	(e)
CHL Mortgage Pass-Through Trust, 2005-9 2A1 (1 mo. USD LIBOR + 0.440%)		2.458	%		5/25/35		356,330		275,815	(e)
CHL Mortgage Pass-Through Trust, 2005-9 1A1 (1 mo. USD LIBOR + 0.600%)		2.618	%		5/25/35		2,475,360		2,333,133	(e)
CHL Mortgage Pass-Through Trust, 2005-11 3A3		2.863	%		4/25/35		38,291		32,248	(e)
CHT Mortgage Trust, 2017-CSMO A (1 mo. USD LIBOR + 0.930%)		2.958	%		11/15/36		5,821,000		5,828,840	(e)(f)
Citigroup Commercial Mortgage Trust, 2014-GC25 AS		4.017	%		10/10/47		1,773,000		1,891,401
Citigroup Commercial Mortgage Trust, 2017-C4 A4		3.471	%		10/12/50		8,956,000		9,657,357
Citigroup Commercial Mortgage Trust, 2017-P7 B		4.137	%		4/14/50		2,624,000		2,839,427	(e)
Citigroup Commercial Mortgage Trust, 2019-SMRT A		4.149	%		1/10/24		12,269,000		13,201,437	(f)
Commercial Mortgage Trust, 2013-300P B		4.540	%		8/10/30		4,057,000		4,343,943	(e)(f)
Commercial Mortgage Trust, 2014-277P A		3.732	%		8/10/49		2,830,000		3,016,920	(e)(f)
Commercial Mortgage Trust, 2014-UBS2 XA, IO		1.365	%		3/10/47		17,070,202		719,133	(e)
Commercial Mortgage Trust, 2015-CR24 AM		4.028	%		8/10/48		7,541,000		8,184,549	(e)
Commercial Mortgage Trust, 2017- PANW A		3.244	%		10/10/29		9,771,000		10,192,161	(f)
Commercial Mortgage Trust, 2013-CR12 AM		4.300	%		10/10/46		448,000		479,474
Commercial Mortgage Trust, 2013-CR12 B		4.762	%		10/10/46		394,000		415,083	(e)
Commercial Mortgage Trust, 2013-CR12 C		5.250	%		10/10/46		188,000		191,174	(e)
CSAIL Commercial Mortgage Trust, 2018-C14 A4		4.422	%		11/15/51		14,929,000		17,220,942	(e)
CSAIL Commercial Mortgage Trust, 2019-C15 A4		4.053	%		3/15/52		13,433,000		15,111,859

See Notes to Schedule of Investments.

32

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Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l) - (continued)
CSMC Trust, 2015-12R 2A1		2.766	%		11/30/37	$	12,878,392	$	12,856,683	(e)(f)
CSMC Trust, 2015-GLPA A		3.881	%		11/15/37		1,356,664		1,486,992	(f)
CSMC Trust, 2017-RPL3 A1		4.000	%		8/1/57		14,219,005		14,666,204	(e)(f)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		72,484,664		72,841,419	(e)(f)
CSMC Trust, 2018-PLUM A (1 mo. USD LIBOR + 3.231%)		5.259	%		8/15/20		10,078,238		10,090,917	(e)(f)
CSMC Trust, 2019-ICE4 A (1 mo. USD LIBOR + 0.980%)		3.008	%		5/15/36		24,332,000		24,362,415	(e)(f)
Deutsche Mortgage Securities Inc. Mortgage Loan Trust, 2004-4 7AR2 (1 mo. USD LIBOR + 0.450%)		2.468	%		6/25/34		141,260		135,166	(e)
Deutsche Mortgage Securities Inc. Mortgage Loan Trust Series,2006-PR1 4AF1 (1 mo. USD LIBOR + 0.290%)		2.318	%		4/15/36		6,493,677		5,714,202	(e)(f)
EverBank Mortgage Loan Trust, 2018-1 A22		3.500	%		2/25/48		19,045,827		19,235,390	(e)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K072 X1, IO		0.495	%		12/25/27		92,950,793		2,577,711	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K007 X1, IO		1.202	%		4/25/20		14,602,573		33,881	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K016 X1, IO		1.635	%		10/25/21		1,569,673		40,820	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K036 X1, IO		0.881	%		10/25/23		68,045,785		1,811,699	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K062 X1, IO		0.436	%		12/25/26		273,232,807		5,708,434	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K091 A2		3.505	%		3/25/29		10,621,000		11,803,638
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K091 X1, IO		0.704	%		3/25/29		25,093,362		1,202,750	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K092 X1, IO		0.852	%		4/25/29		17,905,457		1,071,647	(e)

See Notes to Schedule of Investments.

33

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K093 X1, IO		1.092	%		5/25/29	$	20,231,237	$	1,583,460	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K095 X1, IO		1.083	%		6/25/29		15,670,607		1,199,585	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K095 XAM, IO		1.372	%		6/25/29		10,114,000		1,059,960	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K735 X1, IO		1.102	%		5/25/26		16,117,551		909,230	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K736 X1, IO		1.312	%		7/25/26		24,180,000		1,804,314	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, S8FX A2		3.291	%		3/25/27		7,057,000		7,573,311
Federal Home Loan Mortgage Corp. (FHLMC) Reference REMIC, R007 ZA		6.000	%		5/15/36		2,029,693		2,345,449
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 1345 A, PO		0.000	%		7/15/22		66		65
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2957 ZA, PAC		5.000	%		3/15/35		3,161,793		3,488,637
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3242 SC, IO(-1.000 x 1 mo. USD LIBOR + 6.290%)		4.263	%		11/15/36		486,864		86,617	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3281 AI, IO(-1.000 x 1 mo. USD LIBOR + 6.430%)		4.403	%		2/15/37		1,251,015		230,834	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3368 AI, IO(-1.000 x 1 mo. USD LIBOR + 6.030%)		4.003	%		9/15/37		952,647		147,934	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3621 SB, IO(-1.000 x 1 mo. USD LIBOR + 6.230%)		4.203	%		1/15/40		287,736		47,847	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3639 EY		5.000	%		2/15/30		1,168,980		1,255,447
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3947 SG, IO(-1.000 x 1 mo. USD LIBOR + 5.950%)		3.923	%		10/15/41		1,142,707		168,712	(e)

See Notes to Schedule of Investments.

34

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3973 SA, IO(-1.000 x 1 mo. USD LIBOR + 6.490%)		4.463	%		12/15/41	$	532,976	$	115,830	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4054 SA, IO(-1.000 x 1 mo. USD LIBOR + 6.050%)		4.023	%		8/15/39		889,916		151,771	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4099 ST, IO(-1.000 x 1 mo. USD LIBOR + 6.000%)		3.973	%		8/15/42		1,706,692		273,035	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4119 IN, IO		3.500	%		10/15/32		1,089,468		121,228
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4174 SA, IO(-1.000 x 1 mo. USD LIBOR + 6.200%)		4.173	%		5/15/39		735,173		59,345	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4194 BI, IO		3.500	%		4/15/43		8,872,683		971,637
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4203 PS, IO, PAC(-1.000 x 1 mo. USD LIBOR + 6.250%)		4.223	%		9/15/42		1,047,090		150,326	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4239 IO, IO		3.500	%		6/15/27		1,777,126		139,115
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4298 PI, IO, PAC		4.000	%		4/15/43		1,372,942		103,900
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4310 SA, IO(-1.000 x 1 mo. USD LIBOR + 5.950%)		3.923	%		2/15/44		1,999,172		330,689	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4335 SW, IO(-1.000 x 1 mo. USD LIBOR + 6.000%)		3.973	%		5/15/44		813,644		133,260	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4415 IO, IO		2.027	%		4/15/41		1,118,470		64,108	(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4793 CB		3.000	%		5/15/48		17,231,351		17,607,690
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4793 CD		3.000	%		6/15/48		12,454,211		12,609,643
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4813 CJ		3.000	%		8/15/48		15,769,631		15,769,537
Federal Home Loan Mortgage Corp. (FHLMC) Strips, 170 B, IO		10.000	%		3/1/21		25		0	(i)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 283 IO, IO		3.500	%		10/15/27		433,401		37,353

See Notes to Schedule of Investments.

35

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 334 S7, IO(-1.000 x 1 mo. USD LIBOR + 6.100%)		4.073	%		8/15/44	$	527,944	$	104,914	(e)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 353 S1, IO(-1.000 x 1 mo. USD LIBOR + 6.000%)		3.973	%		12/15/46		7,188,499		1,231,443	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes,2014-DN2 M2 (1 mo. USD LIBOR + 1.650%)		3.668	%		4/25/24		4,957,024		4,973,914	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2016-DNA1 M2 (1 mo. USD LIBOR + 2.900%)		5.045	%		7/25/28		8,125,131		8,181,803	(e)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes,2014-DN1 M2 (1 mo. USD LIBOR + 2.200%)		4.218	%		2/25/24		2,297,563		2,325,281	(e)
Federal National Mortgage Association (FNMA) - CAS,2016-C04 1M1 (1 mo. USD LIBOR + 1.450%)		3.468	%		1/25/29		1,543,123		1,545,761	(e)(f)
Federal National Mortgage Association (FNMA) - CAS,2017-C01 1ED1 (1 mo. USD LIBOR + 1.250%)		3.268	%		7/25/29		27,780,000		27,814,689	(e)(f)
Federal National Mortgage Association (FNMA) - CAS,2017-C01 1M1 (1 mo. USD LIBOR + 1.300%)		3.318	%		7/25/29		6,757,659		6,772,676	(e)(f)
Federal National Mortgage Association (FNMA) - CAS,2019-R02 1M1 (1 mo. USD LIBOR + 0.850%)		2.868	%		8/25/31		16,773,834		16,792,194	(e)(f)
Federal National Mortgage Association (FNMA) ACES,2012-M13 X2, IO		0.744	%		5/25/22		74,968,298		1,009,995	(e)
Federal National Mortgage Association (FNMA) ACES,2013-M1 X2, IO		0.639	%		8/25/22		55,991,083		693,130	(e)
Federal National Mortgage Association (FNMA) ACES,2014-M3 X2, IO		0.091	%		1/25/24		61,181,576		203,826	(e)
Federal National Mortgage Association (FNMA) ACES,2015-M7 X2, IO		0.572	%		12/25/24		140,091,646		2,954,925	(e)
Federal National Mortgage Association (FNMA) ACES,2018-M15 1A2		3.700	%		1/25/36		3,735,000		4,221,951
Federal National Mortgage Association (FNMA) ACES,2019-M4 A2		3.610	%		2/25/31		4,648,000		5,210,738

See Notes to Schedule of Investments.

36

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Federal National Mortgage Association (FNMA) ACES,2019-M5 A2		3.273	%		1/25/29	$	8,418,000	$	9,117,847
Federal National Mortgage Association (FNMA) ACES,2019-M6 A2		3.450	%		1/1/29		9,466,061		10,499,354
Federal National Mortgage Association (FNMA) REMIC,1991-97 KA, IO		1,009.250	%		8/25/21		11		91
Federal National Mortgage Association (FNMA) REMIC,1992-96 B, PO, PAC		0.000	%		5/25/22		43		41
Federal National Mortgage Association (FNMA) REMIC,2006-115 EI, IO(-1.000 x 1 mo. USD LIBOR + 6.640%)		4.622	%		12/25/36		1,042,562		223,155	(e)
Federal National Mortgage Association (FNMA) REMIC,2010-27 AS, IO(-1.000 x 1 mo. USD LIBOR + 6.480%)		4.462	%		4/25/40		641,908		129,238	(e)
Federal National Mortgage Association (FNMA) REMIC,2010-123 PM, PAC		4.000	%		7/25/40		5,234,642		5,476,339
Federal National Mortgage Association (FNMA) REMIC,2011-59 NZ		5.500	%		7/25/41		968,703		1,101,214
Federal National Mortgage Association (FNMA) REMIC,2011-99 KS, IO(-1.000 x 1 mo. USD LIBOR + 6.700%)		4.682	%		10/25/26		543,194		50,426	(e)
Federal National Mortgage Association (FNMA) REMIC,2012-28 B		6.500	%		6/25/39		142,284		153,780
Federal National Mortgage Association (FNMA) REMIC,2012-035 SC, IO(-1.000 x 1 mo. USD LIBOR + 6.500%)		4.482	%		4/25/42		1,475,726		244,327	(e)
Federal National Mortgage Association (FNMA) REMIC,2012-046 BA		6.000	%		5/25/42		955,980		1,086,020
Federal National Mortgage Association (FNMA) REMIC,2012-51 B		7.000	%		5/25/42		360,050		433,466
Federal National Mortgage Association (FNMA) REMIC,2012-070 YS, IO(-1.000 x 1 mo. USD LIBOR + 6.650%)		4.632	%		2/25/41		310,906		24,373	(e)
Federal National Mortgage Association (FNMA) REMIC,2012-074 OA, PO		0.000	%		3/25/42		71,060		65,348
Federal National Mortgage Association (FNMA) REMIC,2012-074 SA, IO(-1.000 x 1 mo. USD LIBOR + 6.650%)		4.632	%		3/25/42		1,251,561		173,715	(e)
Federal National Mortgage Association (FNMA) REMIC,2012-075 AO, PO		0.000	%		3/25/42		142,121		130,695

See Notes to Schedule of Investments.

37

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Federal National Mortgage Association (FNMA) REMIC,2012-75 NS, IO(-1.000 x 1 mo. USD LIBOR + 6.600%)		4.582	%		7/25/42	$	392,316	$	67,090	(e)
Federal National Mortgage Association (FNMA) REMIC,2012-101 BI, IO		4.000	%		9/25/27		640,568		45,922
Federal National Mortgage Association (FNMA) REMIC,2012-133 CS, IO(-1.000 x 1 mo. USD LIBOR + 6.150%)		4.132	%		12/25/42		1,141,053		203,599	(e)
Federal National Mortgage Association (FNMA) REMIC,2012-134 MS, IO(-1.000 x 1 mo. USD LIBOR + 6.150%)		4.132	%		12/25/42		724,975		139,268	(e)
Federal National Mortgage Association (FNMA) REMIC,2013-9 BC		6.500	%		7/25/42		1,745,409		2,049,720
Federal National Mortgage Association (FNMA) REMIC,2013-9 CB		5.500	%		4/25/42		4,443,154		4,993,149
Federal National Mortgage Association (FNMA) REMIC,2013-014 IG, IO		4.000	%		3/25/43		1,747,145		179,682
Federal National Mortgage Association (FNMA) REMIC,2013-026 HI, IO		3.000	%		4/25/32		1,670,420		86,642
Federal National Mortgage Association (FNMA) REMIC,2013-029 QI, IO		4.000	%		4/25/43		2,752,941		267,926
Federal National Mortgage Association (FNMA) REMIC,2013-54 BS, IO(-1.000 x 1 mo. USD LIBOR + 6.150%)		4.132	%		6/25/43		2,687,621		563,598	(e)
Federal National Mortgage Association (FNMA) REMIC,2013-124 SB, IO(-1.000 x 1 mo. USD LIBOR + 5.950%)		3.932	%		12/25/43		5,323,624		991,019	(e)
Federal National Mortgage Association (FNMA) REMIC,2013-126 CS, IO(-1.000 x 1 mo. USD LIBOR + 6.150%)		4.132	%		9/25/41		2,564,022		326,980	(e)
Federal National Mortgage Association (FNMA) REMIC,2014-47 AI, IO		2.009	%		8/25/44		3,009,169		164,381	(e)
Federal National Mortgage Association (FNMA) REMIC,2015-56 AS, IO(-1.000 x 1 mo. USD LIBOR + 6.150%)		4.132	%		8/25/45		1,219,827		279,237	(e)
Federal National Mortgage Association (FNMA) REMIC,2016-60 QS, IO(-1.000 x 1 mo. USD LIBOR + 6.100%)		4.082	%		9/25/46		7,038,097		1,255,645	(e)
Federal National Mortgage Association (FNMA) REMIC,2017-76 SB, IO(-1.000 x 1 mo. USD LIBOR + 6.100%)		4.082	%		10/25/57		15,314,809		3,031,732	(e)

See Notes to Schedule of Investments.

38

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Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Federal National Mortgage Association (FNMA) REMIC,2017-85 SC, IO(-1.000 x 1 mo. USD LIBOR + 6.200%)		4.182	%		11/25/47	$	4,469,333	$	749,229	(e)
Federal National Mortgage Association (FNMA) STRIPS, 390 C3, IO		6.000	%		7/25/38		384,048		72,367
Federal National Mortgage Association (FNMA) STRIPS, 407 22, IO		5.000	%		1/25/39		139,556		19,499
Federal National Mortgage Association (FNMA) STRIPS, 407 23, IO		5.000	%		1/25/39		71,544		10,735	(e)
Federal National Mortgage Association (FNMA) STRIPS, 407 27, IO		5.500	%		1/25/39		66,102		10,398	(e)
Federal National Mortgage Association (FNMA) STRIPS, 407 34, IO		5.000	%		1/25/38		90,165		13,047
Federal National Mortgage Association (FNMA) STRIPS, 407 41, IO		6.000	%		1/25/38		471,634		95,546
Federal National Mortgage Association (FNMA) STRIPS, 409 C1, IO		3.000	%		11/25/26		1,723,395		114,799
Federal National Mortgage Association (FNMA) STRIPS, 409 C13, IO		3.500	%		11/25/41		1,902,310		307,987
Federal National Mortgage Association (FNMA) STRIPS, 409 C17, IO		4.000	%		11/25/41		2,022,632		243,022
Federal National Mortgage Association (FNMA) STRIPS, 409 C18, IO		4.000	%		4/25/42		1,440,326		214,412
Federal National Mortgage Association (FNMA) STRIPS, 409 C2, IO		3.000	%		4/25/27		2,133,966		147,904
Federal National Mortgage Association (FNMA) STRIPS, 409 C22, IO		4.500	%		11/25/39		869,061		181,643
Flagstar Mortgage Trust,2018-2 A4		3.500	%		4/25/48		30,012,225		30,622,136	(e)(f)
FREMF Mortgage Trust,2012-K20 X2A, IO		0.200	%		5/25/45		46,630,612		204,881	(f)
Galton Funding Mortgage Trust,2017-1 A22		3.000	%		7/25/56		8,028,348		8,024,337	(e)(f)
GE Business Loan Trust,2007-1A A (1 mo. USD LIBOR + 0.170%)		2.198	%		4/15/35		823,852		807,667	(e)(f)
Government National Mortgage Association (GNMA),2009-106 PD		4.500	%		4/20/38		410,860		414,910
Government National Mortgage Association (GNMA),2010-31 GS, IO,PAC-1(-1.000 x 1 mo. USD LIBOR + 6.500%)		4.456	%		3/20/39		99,569		3,288	(e)

See Notes to Schedule of Investments.

39

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Government National Mortgage Association (GNMA),2010-42 BS, IO(-1.000 x 1 mo. USD LIBOR + 6.480%)		4.436	%		4/20/40	$	148,218	$	29,970	(e)
Government National Mortgage Association (GNMA),2010-42 PC,PAC-1		5.000	%		7/20/39		4,011,646		4,226,007
Government National Mortgage Association (GNMA),2010-59 LB,PAC-1		4.500	%		10/20/39		905,959		959,732
Government National Mortgage Association (GNMA),2010-76 CS, IO(-1.000 x 1 mo. USD LIBOR + 6.550%)		4.506	%		6/20/40		2,095,233		483,103	(e)
Government National Mortgage Association (GNMA),2010-85 HS, IO, PAC(-1.000 x 1 mo. USD LIBOR + 6.650%)		4.606	%		1/20/40		247,481		21,826	(e)
Government National Mortgage Association (GNMA),2010-86 PB,PAC-1		4.500	%		10/20/39		5,661,378		5,893,691
Government National Mortgage Association (GNMA),2010-H03 FA (1 mo. USD LIBOR + 0.550%)		2.690	%		3/20/60		1,779,263		1,782,433	(e)
Government National Mortgage Association (GNMA),2010-H10 FC (1 mo. USD LIBOR + 1.000%)		3.140	%		5/20/60		893,215		903,247	(e)
Government National Mortgage Association (GNMA),2010-H26 LF (1 mo. USD LIBOR + 0.350%)		2.579	%		8/20/58		616,294		614,820	(e)
Government National Mortgage Association (GNMA),2010-H27 FA (1 mo. USD LIBOR + 0.380%)		2.609	%		12/20/60		1,074,385		1,071,806	(e)
Government National Mortgage Association (GNMA),2010-H28 FE (1 mo. USD LIBOR + 0.400%)		2.629	%		12/20/60		2,007,584		2,004,424	(e)
Government National Mortgage Association (GNMA),2011-H03 FA (1 mo. USD LIBOR + 0.500%)		2.729	%		1/20/61		1,322,291		1,323,318	(e)
Government National Mortgage Association (GNMA),2011-H05 FB (1 mo. USD LIBOR + 0.500%)		2.729	%		12/20/60		1,527,793		1,529,031	(e)
Government National Mortgage Association (GNMA),2011-H06 FA (1 mo. USD LIBOR + 0.450%)		2.679	%		2/20/61		1,305,907		1,305,278	(e)
Government National Mortgage Association (GNMA),2011-H08 FG (1 mo. USD LIBOR + 0.480%)		2.709	%		3/20/61		2,502,699		2,503,372	(e)

See Notes to Schedule of Investments.

40

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Government National Mortgage Association (GNMA),2011-H09 AF (1 mo. USD LIBOR + 0.500%)		2.729	%		3/20/61	$	1,879,066	$	1,880,387	(e)
Government National Mortgage Association (GNMA),2012-027 IO, IO		0.947	%		4/16/53		17,393,026		502,175	(e)
Government National Mortgage Association (GNMA),2012-034 SA, IO(-1.000 x 1 mo. USD LIBOR + 6.050%)		4.006	%		3/20/42		2,341,330		458,174	(e)
Government National Mortgage Association (GNMA),2012-066 CI, IO		3.500	%		2/20/38		1,203,681		57,928
Government National Mortgage Association (GNMA),2012-081 AI, IO		3.500	%		4/20/27		241,686		17,150
Government National Mortgage Association (GNMA),2012-098 SA, IO(-1.000 x 1 mo. USD LIBOR + 6.100%)		4.073	%		8/16/42		1,003,243		197,618	(e)
Government National Mortgage Association (GNMA),2012-124 AS, IO(-1.000 x 1 mo. USD LIBOR + 6.200%)		4.173	%		10/16/42		1,044,608		222,734	(e)
Government National Mortgage Association (GNMA),2013-002 IO, IO		0.408	%		5/16/54		13,523,996		263,566	(e)
Government National Mortgage Association (GNMA),2013-145 IO, IO		1.063	%		9/16/44		14,966,988		677,876	(e)
Government National Mortgage Association (GNMA),2013-163 IO, IO		1.239	%		2/16/46		17,109,129		779,495	(e)
Government National Mortgage Association (GNMA),2013-188 CI, IO		3.500	%		3/20/39		2,730,869		101,739
Government National Mortgage Association (GNMA),2014-005 SP, IO(-1.000 x 1 mo. USD LIBOR + 6.150%)		4.123	%		6/16/43		940,106		109,120	(e)
Government National Mortgage Association (GNMA),2014-50 IO, IO		0.825	%		9/16/55		8,713,648		453,641	(e)
Government National Mortgage Association (GNMA),2014-118 HS, IO(-1.000 x 1 mo. USD LIBOR + 6.200%)		4.156	%		8/20/44		8,643,424		1,768,863	(e)
Government National Mortgage Association (GNMA),2014-160 EI, IO		4.000	%		7/16/26		2,025,788		156,536
Government National Mortgage Association (GNMA),2014-175 AB		2.600	%		6/16/47		1,069,091		1,070,722
Government National Mortgage Association (GNMA),2014-186 IO, IO		0.756	%		8/16/54		35,859,707		1,621,228	(e)

See Notes to Schedule of Investments.

41

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Government National Mortgage Association (GNMA),2015-98 IO, IO		0.879	%		4/16/55	$	32,586,443	$	1,690,637	(e)
Government National Mortgage Association (GNMA),2015-167 OI, IO		4.000	%		4/16/45		3,106,333		591,962
Government National Mortgage Association (GNMA),2016-84 IG, IO, PAC		4.500	%		11/16/45		16,654,688		2,838,129
Government National Mortgage Association (GNMA),2016-135 SB, IO(-1.000 x 1 mo. USD LIBOR + 6.100%)		4.073	%		10/16/46		2,397,337		532,714	(e)
Government National Mortgage Association (GNMA),2017-41 IO, IO		0.792	%		7/16/58		10,252,040		661,429	(e)
Government National Mortgage Association (GNMA),2017-111 IO, IO		0.740	%		2/16/59		12,937,201		851,542	(e)
Government National Mortgage Association (GNMA),2017-145 IO, IO		0.666	%		4/16/57		17,271,807		1,013,878	(e)
Government National Mortgage Association (GNMA),2017-190 IO, IO		0.687	%		3/16/60		6,397,005		384,661	(e)
Government National Mortgage Association (GNMA),2017-H22 IC, IO		2.186	%		11/20/67		789,660		91,162	(e)
Government National Mortgage Association (GNMA),2018-37 QA		2.750	%		3/20/48		3,838,731		3,901,918
Government National Mortgage Association (GNMA),2018-119 IO, IO		0.653	%		5/16/60		15,939,311		1,068,361	(e)
Government National Mortgage Association (GNMA),2018-130 A		3.250	%		5/16/59		6,164,456		6,293,000
Government National Mortgage Association (GNMA),2018-H06 PF (1 mo. USD LIBOR + 0.300%)		2.529	%		2/20/68		7,625,895		7,592,831	(e)
Government National Mortgage Association (GNMA),2018-H07 FD (1 mo. USD LIBOR + 0.300%)		2.529	%		5/20/68		12,023,698		11,968,898	(e)
Government National Mortgage Association (GNMA),2018-H08 KF (1 mo. USD LIBOR + 0.300%)		2.529	%		5/20/68		5,589,973		5,559,479	(e)
Government National Mortgage Association (GNMA),2019-28 AB		3.150	%		6/16/60		14,080,392		14,376,845
Government National Mortgage Association (GNMA),2019-90 AB		3.000	%		7/20/49		8,022,826		8,178,446
Government National Mortgage Association (GNMA),2012-44 IO, IO		0.402	%		3/16/49		8,765,835		101,033	(e)

See Notes to Schedule of Investments.

42

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Government National Mortgage Association (GNMA),2012-112 IO, IO		0.278	%		2/16/53	$	11,983,220	$	224,780	(e)
Government National Mortgage Association (GNMA),2014-47 IA, IO		0.128	%		2/16/48		3,157,737		60,158	(e)
GS Mortgage Securities Corp. II, 2018-SRP5 A (1 mo. USD LIBOR + 1.300%)		3.328	%		9/15/31		25,900,000		25,640,482	(e)(f)
GS Mortgage Securities Corp. II, 2018-SRP5 B (1 mo. USD LIBOR + 2.500%)		4.528	%		9/15/31		31,936,000		31,612,488	(e)(f)
GS Mortgage Securities Trust, 2013-GC16 B		5.161	%		11/10/46		1,003,000		1,107,156	(e)
GS Mortgage Securities Trust,2017-GS8 A4		3.469	%		11/10/50		10,290,000		11,055,592
GSR Mortgage Loan Trust,2005-4F 1A1		4.500	%		4/25/20		1,002		1,000
HarborView Mortgage Loan Trust,2005-9 2A1B (1 mo. USD LIBOR + 0.370%)		2.414	%		6/20/35		5,649,374		5,661,202	(e)
IndyMac INDX Mortgage Loan Trust, 2005-AR15 A2		3.819	%		9/25/35		22,262		20,985	(e)
JPMBB Commercial Mortgage Securities Trust,2013-C17 B		5.055	%		1/15/47		439,000		481,006	(e)
JPMBB Commercial Mortgage Securities Trust,2014-C22 C		4.709	%		9/15/47		1,379,000		1,425,924	(e)
JPMorgan Chase Commercial Mortgage Securities Trust, 2013-LC11 AS		3.216	%		4/15/46		1,791,000		1,834,343
JPMorgan Chase Commercial Mortgage Securities Trust,2015-FL7 D (1 mo. USD LIBOR + 3.750%)		5.778	%		5/15/28		2,451,692		2,405,412	(e)(f)
JPMorgan Chase Commercial Mortgage Securities Trust, 2019-BOLT A (1 mo. USD LIBOR + 1.150%)		3.178	%		7/15/34		23,204,000		23,213,732	(e)(f)
JPMorgan Chase Commercial Mortgage Securities Trust, 2019-BOLT B (1 mo. USD LIBOR + 2.200%)		4.228	%		7/15/34		10,818,000		10,845,886	(e)(f)
JPMorgan Mortgage Trust,2018-3 A1		3.500	%		9/25/48		38,157,934		38,961,922	(e)(f)
JPMorgan Mortgage Trust,2018-5 A1		3.500	%		10/25/48		49,948,540		50,981,162	(e)(f)
MASTR Reperforming Loan Trust,2005-2 1A1F (1 mo. USD LIBOR + 0.350%)		2.368	%		5/25/35		449,027		320,216	(e)(f)
MASTR Reperforming Loan Trust,2005-1 1A2		6.500	%		8/25/34		293,673		284,618	(f)
MASTR Reperforming Loan Trust,2005-1 1A3		7.000	%		8/25/34		57,196		59,556	(f)

See Notes to Schedule of Investments.

43

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Merrill Lynch Mortgage Investors Trust Series,2005-A8 A3A3 (1 mo. USD LIBOR + 0.370%)		2.388	%		8/25/36	$	10,346,196	$	10,456,420	(e)
Merrill Lynch Mortgage Investors Trust Series,2005-A9 3A1		4.465	%		12/25/35		24,658		22,020	(e)
Merrill Lynch Mortgage Investors Trust Series MLCC,2006-1 1A		4.291	%		2/25/36		54,829		56,160	(e)
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. USD LIBOR + 0.850%)		2.878	%		11/15/34		2,275,000		2,266,671	(e)(f)
Morgan Stanley Capital I Trust, 2019- BPR A (1 mo. USD LIBOR + 1.400%)		3.428	%		5/15/36		19,362,000		19,373,588	(e)(f)
Morgan Stanley Capital I Trust,2019-L2 A4		4.071	%		3/15/52		9,206,000		10,416,094
Morgan Stanley Capital I Trust,2019-L2 XA, IO		1.197	%		3/15/52		42,182,611		3,452,351	(e)
Morgan Stanley Mortgage Loan Trust,2005-3AR 2A2		3.608	%		7/25/35		523,613		494,028	(e)
MSCG Trust, 2015-ALDR A2		3.577	%		6/7/35		6,358,000		6,639,481	(e)(f)
NAAC Reperforming Loan REMIC Trust Certificates Series,2004-R3 A1		6.500	%		2/25/35		170,732		175,365	(f)
Natixis Commercial Mortgage Securities Trust, 2019-FAME A		3.047	%		8/15/34		15,583,000		15,942,751	(f)
New Residential Mortgage Loan Trust,2016-4A A1		3.750	%		11/25/56		8,534,092		8,864,220	(e)(f)
New Residential Mortgage Loan Trust,2017-1A A1		4.000	%		2/25/57		13,089,944		13,674,873	(e)(f)
New Residential Mortgage Loan Trust,2017-4A A1		4.000	%		5/25/57		14,871,080		15,610,570	(e)(f)
New Residential Mortgage Loan Trust,2018-1A A1A		4.000	%		12/25/57		15,358,476		16,020,368	(e)(f)
New Residential Mortgage Loan Trust,2018-3A A1		4.500	%		5/25/58		20,551,727		21,745,919	(e)(f)
New Residential Mortgage Loan Trust,2019-3A A1A		3.750	%		11/25/58		24,167,209		25,218,796	(e)(f)
New Residential Mortgage Loan Trust,2019-4A A1B		3.500	%		12/25/58		26,449,819		27,365,565	(e)(f)
Nomura Asset Acceptance Corp. Alternative Loan Trust Series,2005-AP2 A5		5.476	%		5/25/35		78,941		62,342
Nomura Resecuritization Trust,2014-5R 1A1		3.000	%		6/26/35		1,640,030		1,647,375	(e)(f)

See Notes to Schedule of Investments.

44

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(l)- (continued)
Nomura Resecuritization Trust,2015-5R 4A1 (1 mo. USD LIBOR + 0.140%)		3.219	%		7/26/37	$	6,890,343	$	6,960,641	(e)(f)
Prime Mortgage Trust,2006-DR1 1A1		5.500	%		5/25/35		486,782		466,549	(f)
Prime Mortgage Trust,2006-DR1 2A2		6.000	%		5/25/35		17,305,056		14,999,667	(f)
Residential Asset Securitization Trust,2003-A14 A1		4.750	%		2/25/19		12,206		9,850
Rosslyn Portfolio Trust, 2017-ROSS A (1 mo. USD LIBOR + 0.950%)		2.978	%		6/15/33		7,559,000		7,565,684	(e)(f)
Structured Adjustable Rate Mortgage Loan Trust, 2005-19XS 1A1 (1 mo. USD LIBOR + 0.320%)		2.338	%		10/25/35		295,322		287,860	(e)
UBS Commercial Mortgage Trust,2017-C3 AS		3.739	%		8/15/50		4,254,000		4,564,896	(e)
WaMu Mortgage Pass-Through Certificates Series Trust,2003-AR9 1A7		4.319	%		9/25/33		11,502		12,082	(e)
WaMu Mortgage Pass-Through Certificates Series Trust,2007-HY4 4A1		3.946	%		9/25/36		133,368		125,043	(e)
Washington Mutual Inc., Mortgage Pass-Through Certificates Trust, 2005- AR19 A1A2 (1 mo. USD LIBOR + 0.290%)		2.308	%		12/25/45		49,339		49,243	(e)
Washington Mutual MSC Mortgage Pass-Through Certificates Series Trust,2004-RA1 2A		7.000	%		3/25/34		3,276		3,532
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		2,916,726		3,009,367	(e)(f)
Wells Fargo Commercial Mortgage Trust, 2015-NXS1, IO		1.274	%		5/15/48		42,215,773		1,713,319	(e)
WFRBS Commercial Mortgage Trust,2014-C19 B		4.723	%		3/15/47		224,000		242,019	(e)
WFRBS Commercial Mortgage Trust,2014-C19 XA, IO		1.199	%		3/15/47		8,119,175		279,486	(e)
WFRBS Commercial Mortgage Trust,2014-C21 AS		3.891	%		8/15/47		2,478,000		2,639,018
WFRBS Commercial Mortgage Trust,2014-C21 B		4.213	%		8/15/47		4,621,000		4,894,469	(e)
WFRBS Commercial Mortgage Trust,2014-C21 XA, IO		1.195	%		8/15/47		26,589,384		1,088,447	(e)
WF-RBS Commercial Mortgage Trust,2014-C24 AS		3.931	%		11/15/47		2,611,000		2,783,054
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $1,129,311,946)									1,135,552,472

See Notes to Schedule of Investments.

45

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - 5.8%
ACIS CLO Ltd.,2014-4A A (3 mo. USD LIBOR + 1.420%)		3.673	%		5/1/26	$	2,791,890	$	2,796,776	(e)(f)
ACIS CLO Ltd.,2015-6A A1 (3 mo. USD LIBOR + 1.590%)		3.843	%		5/1/27		6,901,520		6,908,367	(e)(f)
AMMC CLO XI Ltd., 2012-011A A1R2 (3 mo. USD LIBOR + 1.010%)		3.276	%		4/30/31		913,000		903,979	(e)(f)
AMMC CLO XII Ltd., 2013-012A AR (3 mo. USD LIBOR + 1.200%)		3.381	%		11/10/30		6,041,000		6,025,269	(e)(f)
Amortizing Residential Collateral Trust,2002-BC5 M1 (1 mo. USD LIBOR + 1.035%)		3.053	%		7/25/32		342,995		342,223	(e)
Apidos CLO XXII,2015-22A A1 (3 mo. USD LIBOR + 1.500%)		3.778	%		10/20/27		4,478,000		4,487,261	(e)(f)
Applebee’s Funding LLC,2019-1A A2I		4.194	%		6/7/49		11,221,000		11,491,538	(f)
Ares LII CLO Ltd.,2019-52A B (3 mo. USD LIBOR + 1.850%)		4.128	%		4/22/31		4,478,000		4,477,915	(e)(f)
Ares XLIV CLO Ltd.,2017-44A A2 (3 mo. USD LIBOR + 1.350%)		3.653	%		10/15/29		3,582,000		3,545,385	(e)(f)
Ares XLVII CLO Ltd.,2018-47A A1 (3 mo. USD LIBOR + 0.920%)		3.223	%		4/15/30		8,060,000		7,990,378	(e)(f)
Ares XXXIV CLO Ltd.,2015-2A BR (3 mo. USD LIBOR + 1.500%)		3.756	%		7/29/26		1,567,000		1,565,204	(e)(f)
Argent Securities Trust,2006-W4 A2B (1 mo. USD LIBOR + 0.110%)		2.128	%		5/25/36		109,553		40,916	(e)
Avery Point VII CLO Ltd.,2015-7A AR (3 mo. USD LIBOR + 1.140%)		3.443	%		1/15/28		1,773,000		1,774,484	(e)(f)
Avis Budget Rental Car Funding AESOP LLC,2019-2A A		3.350	%		9/22/25		13,433,000		13,995,483	(f)
Avis Budget Rental Car Funding AESOP LLC,2019-3A A		2.360	%		3/20/26		17,911,000		17,860,941	(f)
Ballyrock CLO Ltd.,2018-1A A1 (3 mo. USD LIBOR + 1.000%)		3.278	%		4/20/31		5,373,000		5,317,744	(e)(f)
Bear Stearns Asset Backed Securities I Trust, 2004-HE10 M1 (1 mo. USD LIBOR + 0.975%)		2.993	%		12/25/34		5,075,356		5,089,044	(e)
Benefit Street Partners CLO IV Ltd.,2014-IVA A1RR (3 mo. USD LIBOR + 1.250%)		3.528	%		1/20/29		6,269,000		6,274,090	(e)(f)
BlueMountain CLO Ltd.,2015-1A A1R (3 mo. USD LIBOR + 1.330%)		3.633	%		4/13/27		5,707,703		5,719,118	(e)(f)

See Notes to Schedule of Investments.

46

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Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Bowman Park CLO Ltd.,2014-1A AR (3 mo. USD LIBOR + 1.180%)		3.328	%		11/23/25	$	4,730,353	$	4,736,096	(e)(f)
Brazos Student Finance Corp.,2009-1 AS (3 mo. USD LIBOR + 2.500%)		4.606	%		12/27/39		4,512,214		4,619,930	(e)
California Street CLO IX LP,2012-9A AR2 (3 mo. USD LIBOR + 1.320%)		3.601	%		7/16/32		16,788,000		16,817,631	(e)(f)
Catskill Park CLO Ltd.,2017-1A A2 (3 mo. USD LIBOR + 1.700%)		3.978	%		4/20/29		6,605,000		6,597,853	(e)(f)
CBAM Ltd.,2017-2A B1 (3 mo. USD LIBOR + 1.750%)		4.053	%		10/17/29		7,778,000		7,777,883	(e)(f)
Cedar Funding VI CLO Ltd.,2016-6A AR (3 mo. USD LIBOR + 1.090%)		3.368	%		10/20/28		1,791,000		1,791,990	(e)(f)
Community Funding CLO,2015-1A A		5.750	%		11/1/27		9,276,238		9,749,493	(f)
Countrywide Asset-Backed Certificates,2003-BC3 A2 (1 mo. USD LIBOR + 0.620%)		2.638	%		9/25/33		664,026		656,974	(e)
Countrywide Asset-Backed Certificates,2006-SD4 A1 (1 mo. USD LIBOR + 0.340%)		2.358	%		12/25/36		292,526		195,765	(e)(f)
Credit-Based Asset Servicing & Securitization LLC,1999-3 A		6.566	%		2/3/29		8,385		6,340	(e)(f)
CSMC Trust, 2017-RPL1 M1		3.082	%		7/25/57		22,223,700		22,229,278	(e)(f)
CSMC Trust, 2017-RPL1 A1		2.750	%		7/25/57		39,382,778		39,670,115	(e)(f)
Cutwater Ltd.,2014-1A A1AR (3 mo. USD LIBOR + 1.250%)		3.553	%		7/15/26		2,319,394		2,322,149	(e)(f)
Dividend Solar Loans LLC,2019-1 A		3.670	%		8/22/39		12,012,272		12,191,050	(f)
Dryden 75 CLO Ltd.,2019-75 AAR (3 mo. USD LIBOR + 1.200%)		3.534	%		7/15/30		8,351,000		8,361,272	(e)(f)
Fannie Mae Grantor Trust,2017-T1 A		2.898	%		6/25/27		2,235,183		2,343,040
Federal Home Loan Mortgage Corp. (FHLMC) Structured Pass-Through Certificates FRESR, 2017-SR01 A3		3.089	%		11/25/27		340,000		357,366
Ford Credit Floorplan Master Owner Trust,2018-4 A		4.060	%		11/15/30		20,275,000		22,476,585
Fortress Credit BSL VII Ltd.,2019-1A A2 (3 mo. USD LIBOR + 2.000%)		4.326	%		7/23/32		6,717,000		6,728,822	(e)(f)
Galaxy CLO Ltd.,2013-15A BR (3 mo. USD LIBOR + 1.600%)		3.903	%		10/15/30		10,971,000		10,846,029	(e)(f)
Golub Capital Partners CLO 45M Ltd.,2019-45A A (3 mo. USD LIBOR + 1.720%)		3.847	%		10/20/31		10,568,000		10,580,872	(e)(f)

See Notes to Schedule of Investments.

47

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
GSAA Home Equity Trust,2005-9 2A4 (1 mo. USD LIBOR + 0.430%)		2.448	%		8/25/35	$	5,821,000	$	5,885,160	(e)
Halcyon Loan Advisors Funding Ltd.,2015-2A AR (3 mo. USD LIBOR + 1.080%)		3.356	%		7/25/27		7,514,000		7,510,874	(e)(f)
Hertz Vehicle Financing II LP,2017-1A A		2.960	%		10/25/21		23,231,000		23,421,898	(f)
HSI Asset Securitization Corp. Trust, 2006-OPT3 3A3 (1 mo. USD LIBOR + 0.180%)		2.198	%		2/25/36		899,307		899,929	(e)
Jamestown CLO IV Ltd.,2014-4A A2R (3 mo. USD LIBOR + 1.350%)		3.653	%		7/15/26		15,135,000		15,141,599	(e)(f)
Jamestown CLO X Ltd.,2017-10A A1 (3 mo. USD LIBOR + 1.250%)		3.553	%		7/17/29		2,015,000		2,020,255	(e)(f)
Jamestown CLO X Ltd.,2017-10A A2 (3 mo. USD LIBOR + 1.850%)		4.153	%		7/17/29		5,821,000		5,821,157	(e)(f)
KKR CLO 16 Ltd., 16 A1R (3 mo. USD LIBOR + 1.250%)		3.528	%		1/20/29		10,971,000		10,982,245	(e)(f)
KKR CLO 16 Ltd., 16 A2R (3 mo. USD LIBOR + 1.800%)		4.078	%		1/20/29		4,621,000		4,620,917	(e)(f)
KKR Financial CLO 21 Ltd., 2021 A (3 mo. USD LIBOR + 1.000%)		3.303	%		4/15/31		4,787,000		4,738,254	(e)(f)
KKR Financial CLO Ltd.,2017-A (3 mo. USD LIBOR + 1.340%)		3.643	%		4/15/29		8,284,000		8,293,982	(e)(f)
LCM Loan Income Fund I Income Note Issuer Ltd., 27A A1 (3 mo. USD LIBOR + 1.080%)		3.402	%		7/16/31		4,478,000		4,448,602	(e)(f)
LCM XXIV Ltd., 2024A A (3 mo. USD LIBOR + 1.310%)		3.588	%		3/20/30		10,290,000		10,318,298	(e)(f)
Legacy Mortgage Asset Trust,2019-GS5 A1		3.200	%		5/25/59		27,205,175		27,645,871	(f)
Long Beach Mortgage Loan Trust,2000-1 AV1 (1 mo. USD LIBOR + 0.520%)		2.566	%		1/21/31		48,853		48,200	(e)
Long Beach Mortgage Loan Trust,2004-6 A3 (1 mo. USD LIBOR + 1.300%)		3.318	%		11/25/34		546,071		550,221	(e)
Long Beach Mortgage Loan Trust,2005-2 M4 (1 mo. USD LIBOR + 0.930%)		2.948	%		4/25/35		2,532,756		2,539,025	(e)
Magnetite XVII Ltd.,2016-17A AR (3 mo. USD LIBOR + 1.100%)		3.378	%		7/20/31		4,478,000		4,462,761	(e)(f)
Magnetite XVIII Ltd.,2016-18A AR (3 mo. USD LIBOR + 1.080%)		3.238	%		11/15/28		4,917,000		4,920,211	(e)(f)

See Notes to Schedule of Investments.

48

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Marathon CLO XIII Ltd.,2019-1A A1BL (3 mo. USD LIBOR + 2.000%)		4.349	%		4/15/32	$	4,702,000	$	4,710,393	(e)(f)
MASTR Asset Backed Securities Trust,2007-NCW A1 (1 mo. USD LIBOR + 0.300%)		2.318	%		5/25/37		4,740,765		4,543,205	(e)(f)
Monroe Capital BSL CLO Ltd.,2015-1A BR (3 mo. USD LIBOR + 1.750%)		3.900	%		5/22/27		1,724,000		1,721,257	(e)(f)
Morgan Stanley Resecuritization Trust,2015-R7 1A		4.250	%		2/26/29		4,053,407		4,074,128	(e)(f)
Myers Park CLO Ltd.,2018-1A B1 (3 mo. USD LIBOR + 1.600%)		3.878	%		10/20/30		6,090,000		6,029,197	(e)(f)
Navient Student Loan Trust,2016-6A A3 (1 mo. USD LIBOR + 1.300%)		3.318	%		3/25/66		8,956,000		9,120,041	(e)(f)
Nelnet Student Loan Trust,2007-1 A4 (3 mo. USD LIBOR + 0.110%)		2.242	%		8/27/36		21,637,000		20,519,789	(e)
Newark BSL CLO 2 Ltd.,2017-1A A1 (3 mo. USD LIBOR + 1.270%)		3.546	%		7/25/30		2,740,000		2,741,071	(e)(f)
OHA Loan Funding Ltd.,2015-1A AR (3 mo. USD LIBOR + 1.410%)		3.568	%		8/15/29		2,373,000		2,378,840	(e)(f)
RAAC Series Trust,2007-RP1 A (1 mo. USD LIBOR + 0.290%)		2.435	%		5/25/46		12,587,715		12,480,975	(e)(f)
SBA Small Business Investment Cos.,2019-10A 1		3.113	%		3/10/29		5,980,222		6,282,910
Seneca Park CLO Ltd.,2014-1A AR (3 mo. USD LIBOR + 1.120%)		3.423	%		7/17/26		2,721,012		2,726,454	(e)(f)
Shackleton CLO Ltd.,2013-3A AR (3 mo. USD LIBOR + 1.120%)		3.423	%		7/15/30		896,000		891,292	(e)(f)
SLM Student Loan EDC Repackaging Trust,2013-M1 M1		3.500	%		10/28/29		370,249		367,770	(f)
SLM Student Loan Trust,2006-10 A6 (3 mo. USD LIBOR + 0.150%)		2.426	%		3/25/44		24,941,000		23,817,655	(e)
SMB Private Education Loan Trust,2019-B A2B (1 mo. USD LIBOR + 1.000%)		3.028	%		6/15/37		10,245,000		10,270,629	(e)(f)
Sound Point CLO XX Ltd.,2018-2A A (3 mo. USD LIBOR + 1.100%)		3.367	%		7/26/31		649,000		643,896	(e)(f)
Structured Asset Investment Loan Trust,2004-1 A3 (1 mo. USD LIBOR + 0.800%)		2.818	%		2/25/34		4,916,826		4,950,115	(e)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2004- 6XS A5B		6.050	%		3/25/34		395,684		406,314

See Notes to Schedule of Investments.

49

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Symphony CLO XIX Ltd.,2018-19A A (3 mo. USD LIBOR + 0.960%)		3.282	%		4/16/31	$	4,254,000	$	4,206,530	(e)(f)
Symphony CLO XVIII Ltd.,2016-18A B (3 mo. USD LIBOR + 1.800%)		4.059	%		1/23/28		2,776,000		2,773,196	(e)(f)
TCI-Flatiron CLO Ltd.,2016-1A AR (3 mo. USD LIBOR + 1.220%)		3.523	%		7/17/28		6,717,000		6,718,834	(e)(f)
TCI-Symphony CLO Ltd.,2016-1A BR (3 mo. USD LIBOR + 1.650%)		3.953	%		10/13/29		4,926,000		4,907,528	(e)(f)
TCW CLO AMR Ltd.,2019-1A A (3 mo. USD LIBOR + 1.440%)		3.598	%		2/15/29		4,947,000		4,954,050	(e)(f)
Towd Point Mortgage Trust,2017-1 A1		2.750	%		10/25/56		9,581,292		9,692,678	(e)(f)
Tralee CLO V Ltd.,2018-5A B (3 mo. USD LIBOR + 1.700%)		3.978	%		10/20/28		5,472,000		5,426,665	(e)(f)
Tralee Clo VI Ltd.,2019-6A AS (3 mo. USD LIBOR + 1.300%)		3.318	%		10/25/32		12,242,000		12,242,000	(e)(f)
United States Small Business Administration,2019-20D 1		2.980	%		4/1/39		3,878,000		4,074,553
United States Small Business Administration,2019-25G 1		2.690	%		7/1/44		4,057,000		4,196,112
Venture 37 CLO Ltd.,2019-37A A1N (3 mo. USD LIBOR + 1.390%)		3.773	%		7/15/32		1,970,000		1,973,260	(e)(f)
Venture XXVIII CLO, 2017-28RR A1 (3 mo. USD LIBOR + 1.280%)		2.686	%		7/22/30		6,646,053		6,649,084	(e)(f)
Venture XXVIII CLO, 2017-28RR A2 (3 mo. USD LIBOR + 1.110%)		2.716	%		7/22/30		9,889,948		9,632,809	(e)(f)
Venture XXX CLO Ltd.,2017-30A B (3 mo. USD LIBOR + 1.600%)		3.903	%		1/15/31		4,343,000		4,281,794	(e)(f)
Voya CLO Ltd.,2017-2A A2A (3 mo. USD LIBOR + 1.710%)		4.013	%		6/7/30		7,075,000		7,051,879	(e)(f)
Voya CLO Ltd.,2018-3A A1A (3 mo. USD LIBOR + 1.150%)		3.453	%		10/15/31		6,045,000		6,024,175	(e)(f)
WHITEBOX CLO I Ltd.,2019-1A ANA (3 mo. USD LIBOR + 1.410%)		3.475	%		7/24/32		4,979,000		4,987,021	(e)(f)
Whitehorse XII Ltd.,2018-12A A (3 mo. USD LIBOR + 1.250%)		3.553	%		10/15/31		6,502,000		6,479,302	(e)(f)
ZAIS CLO 13 Ltd.,2019-13A A1A (3 mo. USD LIBOR + 1.490%)		3.569	%		7/15/32		22,998,000		22,832,828	(e)(f)
ZAIS CLO 2 Ltd.,2014-2A A1BR		2.920	%		7/25/26		3,408,239		3,406,964	(f)
ZAIS CLO 5 Ltd.,2016-2A A1 (3 mo. USD LIBOR + 1.530%)		3.833	%		10/15/28		7,023,000		7,022,916	(e)(f)
TOTAL ASSET-BACKED SECURITIES (Cost - $691,149,166)									700,142,216

See Notes to Schedule of Investments.

50

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
SOVEREIGN BONDS - 4.5%
Brazil - 0.1%
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45	$	6,170,000	$	6,410,167
Colombia - 0.5%
Colombia Government International Bond, Senior Notes		3.875	%		4/25/27		8,150,000		8,663,531
Colombia Government International Bond, Senior Notes		4.500	%		3/15/29		5,651,000		6,295,214
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		13,174,000		16,517,034
Colombia Government International Bond, Senior Notes		5.000	%		6/15/45		1,469,000		1,724,239
Colombia Government International Bond, Senior Notes		5.200	%		5/15/49		22,102,000		26,743,420
Total Colombia									59,943,438
India - 0.1%
Export-Import Bank of India, Senior Notes		3.375	%		8/5/26		7,299,000		7,503,085	(f)
Indonesia - 0.4%
Indonesia Government International Bond, Senior Notes		5.875	%		3/13/20		260,000		264,550	(k)
Indonesia Government International Bond, Senior Notes		4.875	%		5/5/21		1,066,000		1,106,488	(k)
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		5,128,000		5,294,649	(k)
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		251,000		259,157	(f)
Indonesia Government International Bond, Senior Notes		5.375	%		10/17/23		304,000		335,907	(k)
Indonesia Government International Bond, Senior Notes		5.875	%		1/15/24		816,000		919,864	(f)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		19,057,000		20,161,446	(f)
Indonesia Government International Bond, Senior Notes		4.625	%		4/15/43		3,063,000		3,431,354	(k)
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		7,451,000		8,911,760	(f)
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		2,705,000		3,235,312	(k)

See Notes to Schedule of Investments.

51

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Indonesia - (continued)
Indonesia Government International Bond, Senior Notes		5.250	%		1/8/47	$	6,233,000	$	7,621,262	(f)
Indonesia Government International Bond, Senior Notes		4.750	%		7/18/47		2,078,000		2,379,466	(f)
Total Indonesia									53,921,215
Kazakhstan - 0.1%
Kazakhstan Government International Bond, Senior Notes		4.875	%		10/14/44		15,162,000		18,287,040	(f)
Kuwait - 0.1%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		9,753,000		10,532,070	(f)
Mexico - 0.7%
Mexico Government International Bond, Senior Notes		4.000	%		10/2/23		4,347,000		4,582,933
Mexico Government International Bond, Senior Notes		3.600	%		1/30/25		9,547,000		9,933,654
Mexico Government International Bond, Senior Notes		6.050	%		1/11/40		100,000		126,126
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		51,074,000		55,415,290
Mexico Government International Bond, Senior Notes		4.600	%		1/23/46		13,344,000		14,237,648
Total Mexico									84,295,651
Panama - 0.3%
Panama Government International Bond, Senior Notes		6.700	%		1/26/36		10,747,000		15,341,450
Panama Government International Bond, Senior Notes		4.500	%		5/15/47		15,762,000		18,756,938
Total Panama									34,098,388
Peru - 0.3%
Peruvian Government International Bond, Senior Notes		6.550	%		3/14/37		10,469,000		15,324,103
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		10,508,000		15,420,595
Total Peru									30,744,698

See Notes to Schedule of Investments.

52

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Poland - 0.3%
Republic of Poland Government International Bond, Senior Notes		5.000	%		3/23/22	$	5,749,000	$	6,178,778
Republic of Poland Government International Bond, Senior Notes		4.000	%		1/22/24		23,455,000		25,439,223
Total Poland									31,618,001
Qatar - 0.4%
Qatar Government International Bond, Senior Notes		3.875	%		4/23/23		15,556,000		16,473,804	(k)
Qatar Government International Bond, Senior Notes		3.250	%		6/2/26		1,220,000		1,283,953	(k)
Qatar Government International Bond, Senior Notes		4.000	%		3/14/29		8,302,000		9,210,554	(f)
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		21,046,000		26,094,472	(f)
Total Qatar									53,062,783
Russia - 0.4%
Russian Foreign Bond - Eurobond, Senior Notes		5.625	%		4/4/42		40,800,000		50,366,743	(k)
Saudi Arabia - 0.0%
Saudi Government International Bond, Senior Notes		2.875	%		3/4/23		2,928,000		2,979,020	(f)
United Arab Emirates - 0.5%
Abu Dhabi Government International Bond, Senior Notes		2.500	%		10/11/22		24,350,000		24,624,181	(f)
Abu Dhabi Government International Bond, Senior Notes		3.125	%		9/30/49		33,010,000		32,060,962	(f)
Total United Arab Emirates									56,685,143
Uruguay - 0.3%
Uruguay Government International Bond, Senior Notes		4.375	%		1/23/31		22,174,000		24,519,122
Uruguay Government International Bond, Senior Notes		5.100	%		6/18/50		14,884,000		17,767,924
Total Uruguay									42,287,046
TOTAL SOVEREIGN BONDS (Cost - $489,477,268)									542,734,488
U.S. TREASURY INFLATION PROTECTED SECURITIES - 1.7%
U.S. Treasury Bonds, Inflation Indexed		1.375	%		2/15/44		29,961,550		35,736,098
U.S. Treasury Bonds, Inflation Indexed		0.750	%		2/15/45		31,390,333		32,822,876
U.S. Treasury Bonds, Inflation Indexed		1.000	%		2/15/46		28,200,033		31,257,905
U.S. Treasury Bonds, Inflation Indexed		1.000	%		2/15/49		86,655,226		97,357,595
TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES (Cost - $176,330,914)									197,174,474

See Notes to Schedule of Investments.

53

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MUNICIPAL BONDS - 0.1%
Illinois - 0.1%
Chicago, IL, GO, Taxable Project, Series B, Refunding		6.314	%		1/1/44	$	4,818,000	$	5,305,533
Ohio - 0.0%
American Municipal Power-Ohio Inc., OH, Revenue, Series B, Taxable-combined Hydroelectric Projects Build America Bonds		7.834	%		2/15/41		134,000		218,211
TOTAL MUNICIPAL BONDS (Cost - $5,005,260)									5,523,744
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS - 0.0%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.0%
U.S. Treasury 5-Year Notes Futures, Call @ $119.25		10/4/19			261		261,000		48,938
U.S. Treasury 5-Year Notes Futures, Call @ $119.00		10/25/19			217		217,000		106,805
U.S. Treasury 5-Year Notes Futures, Call @ $119.25		10/25/19			84		84,000		31,500
U.S. Treasury 5-Year Notes Futures, Put @ $115.50		10/25/19			1,749		1,749,000		13,665
U.S. Treasury 5-Year Notes Futures, Put @ $115.75		10/25/19			616		616,000		4,813
U.S. Treasury 5-Year Notes Futures, Put @ $116.00		10/25/19			616		616,000		9,625
U.S. Treasury 5-Year Notes Futures, Put @ $119.00		10/25/19			211		211,000		72,531
U.S. Treasury 10-Year Notes Futures, Call @ $130.25		10/4/19			252		252,000		102,375
U.S. Treasury 10-Year Notes Futures, Call @ $129.00		10/25/19			571		571,000		874,344
U.S. Treasury 10-Year Notes Futures, Call @ $129.50		10/25/19			326		326,000		376,938
U.S. Treasury 10-Year Notes Futures, Call @ $130.00		10/25/19			645		645,000		544,219
U.S. Treasury 10-Year Notes Futures, Call @ $130.25		10/25/19			143		143,000		102,781
U.S. Treasury 10-Year Notes Futures, Put @ $129.00		10/25/19			37		37,000		8,094

See Notes to Schedule of Investments.

54

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SECURITY	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT		VALUE
EXCHANGE-TRADED PURCHASED OPTIONS - (continued)
U.S. Treasury 10-Year Notes Futures, Put @ $130.00		10/25/19			7	$	7,000	$	3,719
U.S. Treasury 10-Year Notes Futures, Put @ $130.25		10/25/19			84		84,000		55,125
U.S. Treasury Long-Term Bonds Futures, Call @ $158.00		10/25/19			24		24,000		111,000
U.S. Treasury Long-Term Bonds Futures, Call @ $161.00		10/25/19			51		51,000		121,125
U.S. Treasury Long-Term Bonds Futures, Call @ $162.00		10/25/19			155		155,000		278,516
U.S. Treasury Long-Term Bonds Futures, Call @ $162.50		10/25/19			42		42,000		64,969
U.S. Treasury Long-Term Bonds Futures, Call @ $163.00		10/25/19			88		88,000		116,875
U.S. Treasury Long-Term Bonds Futures, Put @ $159.00		10/25/19			81		81,000		39,234
U.S. Treasury Long-Term Bonds Futures, Put @ $160.00		10/25/19			163		163,000		119,703
U.S. Treasury Long-Term Bonds Futures, Put @ $164.00		10/25/19			163		163,000		430,422
TOTAL PURCHASED OPTIONS (Cost - $3,063,522)									3,637,316
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $11,589,599,253)									12,017,679,985
	RATE			MATURITY DATE		FACE AMOUNT
SHORT-TERM INVESTMENTS - 7.0%
COMMERCIAL PAPER - 0.7%
Banco Santander SA (Cost - $88,129,565)		2.166	%		10/16/19		88,213,000		88,130,158	(m)(n)
						SHARES
MONEY MARKET FUNDS - 6.3%
Western Asset Government Cash Management Portfolio LLC (Cost - $755,680,376)		2.030	%				755,680,376		755,680,376	(o)
TOTAL SHORT-TERM INVESTMENTS (Cost - $843,809,941)									843,810,534
TOTAL INVESTMENTS - 106.9% (Cost - $12,433,409,194)									12,861,490,519
Liabilities in Excess of Other Assets - (6.9)%									(827,816,960	)
Total Net Assets - 100.0%								$	12,033,673,559

See Notes to Schedule of Investments.

55

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

* Non-income producing security.

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

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

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

(d) This security is traded on a to-be-announced (“TBA”) basis. At September 30, 2019, the Fund held TBA securities with a total cost of $856,190,663.

(e) 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.

(f) 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.

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

(h) The coupon payment on these securities is currently in default as of September 30, 2019.

(i) Value is less than $1.

(j) The maturity principal is currently in default as of September 30, 2019.

(k) 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.

(l) 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.

(m) Commercial paper exempt from registration under Section 4(2) of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

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

(o) 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. At September 30, 2019, the total market value of investments in Affiliated Companies was $755,680,376 and the cost was $755,680,376 (Note 2).

See Notes to Schedule of Investments.

56

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

Abbreviations used in this schedule:

ACES	— Alternative Credit Enhancement Securities
ARM	— Adjustable Rate Mortgage
CAS	— Connecticut Avenue Securities
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury
GO	— General Obligation
GTD	— Guaranteed
ICE	— Intercontinental Exchange
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
PAC	— Planned Amortization Class
PO	— Principal Only
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Financing Rate
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar

SCHEDULE OF WRITTEN OPTIONS
EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
U.S. Treasury 5-Year Notes Futures, Call		10/25/19	$	119.50		939	$	939,000	$	(256,758	)
U.S. Treasury 5-Year Notes Futures, Call		11/22/19		119.50		507		507,000		(225,774	)
U.S. Treasury 5-Year Notes Futures, Put		10/25/19		119.50		421		421,000		(263,125	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		130.50		1,125		1,125,000		(667,969	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		130.75		251		251,000		(125,500	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		131.00		748		748,000		(303,875	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		131.25		126		126,000		(41,344	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		131.50		448		448,000		(119,000	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		132.00		1,065		1,065,000		(183,047	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		132.50		204		204,000		(22,313	)
U.S. Treasury 10-Year Notes Futures, Call		10/25/19		133.00		1,274		1,274,000		(99,531	)
U.S. Treasury 10-Year Notes Futures, Call		11/22/19		131.00		571		571,000		(401,484	)
U.S. Treasury 10-Year Notes Futures, Call		11/22/19		131.50		184		184,000		(100,625	)
U.S. Treasury 10-Year Notes Futures, Call		11/22/19		132.00		495		495,000		(201,094	)
U.S. Treasury 10-Year Notes Futures, Put		10/25/19		129.50		883		883,000		(303,531	)
U.S. Treasury 10-Year Notes Futures, Put		10/25/19		130.50		548		548,000		(428,125	)
U.S. Treasury 10-Year Notes Futures, Put		10/25/19		131.00		356		356,000		(389,375	)
U.S. Treasury 10-Year Notes Futures, Put		11/22/19		129.00		640		640,000		(290,000	)
U.S. Treasury 10-Year Notes Futures, Put		11/22/19		130.00		1,380		1,380,000		(1,142,812	)

See Notes to Schedule of Investments.

57

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

SCHEDULE OF WRITTEN OPTIONS (continued)
SECURITY		EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT		VALUE
EXCHANGE-TRADED WRITTEN OPTIONS (continued)
U.S. Treasury Long-Term Bonds Futures, Call			10/25/19	$	160.00			164	$	164,000	$	(499,688	)
U.S. Treasury Long-Term Bonds Futures, Call			10/25/19		164.00			219		219,000		(208,734	)
U.S. Treasury Long-Term Bonds Futures, Call			10/25/19		165.00			544		544,000		(374,000	)
U.S. Treasury Long-Term Bonds Futures, Call			10/25/19		166.00			543		543,000		(254,531	)
U.S. Treasury Long-Term Bonds Futures, Call			10/25/19		167.00			361		361,000		(118,453	)
U.S. Treasury Long-Term Bonds Futures, Call			10/25/19		168.00			407		407,000		(89,031	)
U.S. Treasury Long-Term Bonds Futures, Call			10/25/19		170.00			376		376,000		(41,125	)
U.S. Treasury Long-Term Bonds Futures, Call			11/22/19		162.00			81		81,000		(199,969	)
U.S. Treasury Long-Term Bonds Futures, Call			11/22/19		164.00			125		125,000		(201,172	)
U.S. Treasury Long-Term Bonds Futures, Put			10/25/19		161.00			381		381,000		(404,813	)
U.S. Treasury Long-Term Bonds Futures, Put			10/25/19		162.00			200		200,000		(296,875	)
U.S. Treasury Long-Term Bonds Futures, Put			10/25/19		163.00			133		133,000		(268,078	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $10,375,303)											$	(8,521,751	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Interest rate swaption with Bank of America N.A., Call	Bank of America N.A.		12/9/19		135.00	bps		51,130,000	$	51,130,000	$	(289,216	)
Interest rate swaption with Bank of America N.A., Call	Bank of America N.A.		12/9/19		135.00	bps		29,700,000		29,700,000		(167,997	)
Interest rate swaption with Bank of America N.A., Put	Bank of America N.A.		12/9/19		185.00	bps		51,130,000		51,130,000		(167,576	)
Interest rate swaption with Bank of America N.A., Put	Bank of America N.A.		12/9/19		185.00	bps		29,700,000		29,700,000		(97,340	)
TOTAL OTC WRITTEN OPTIONS (Premiums received - $796,175)											$	(722,129	)
TOTAL WRITTEN OPTIONS (Premiums received - $11,171,478)											$	(9,243,880	)

Abbreviation used in this schedule:

bps — basis point spread (100 basis points = 1.00%)

See Notes to Schedule of Investments.

58

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

At September 30, 2019, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
90-Day Eurodollar		2,231		12/19	$	547,337,473	$	546,818,100	$	(519,373	)
90-Day Eurodollar		152		3/20		37,124,374		37,365,400		241,026
90-Day Eurodollar		1,254		6/20		306,936,708		308,625,075		1,688,367
U.S. Treasury 2-Year Notes		9,607		12/19		2,074,162,902		2,070,308,500		(3,854,402	)
U.S. Treasury 5-Year Notes		22,721		12/19		2,716,940,226		2,707,171,706		(9,768,520	)
U.S. Treasury Ultra Long-Term Bonds		4,019		12/19		786,695,145		771,271,218		(15,423,927	)
										(27,636,829	)
Contracts to Sell:
30-Day Federal Funds		6,021		11/19		2,467,105,997		2,464,918,615		2,187,382
90-Day Eurodollar		3,321		6/21		816,107,464		818,834,063		(2,726,599	)
U.S. Treasury 10-Year Notes		3,914		12/19		507,638,677		510,043,125		(2,404,448	)
U.S. Treasury Long-Term Bonds		2,952		12/19		481,351,060		479,146,500		2,204,560
U.S. Treasury Ultra 10-Year Notes		23		12/19		3,321,281		3,275,344		45,937
										(693,168	)
Net unrealized depreciation on open futures contracts									$	(28,329,997	)

At September 30, 2019, the Fund had the following open swap contracts:

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT SEPTEMBER 30, 20193	PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
JPMorgan Chase & Co. (Berkshire Hathaway Inc., 2.750%, due 3/15/23)	$	7,100,000		3/20/24	0.448%	1.000% quarterly	$	169,416	$	(67,869	)	$	237,285

See Notes to Schedule of Investments.

59

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

OTC CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE4		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION
Banc of America Securities LLC (PrimeX.FRM.1)	$	870,077		7/25/36	4.420% monthly	$	86,834	$	53,033	$	33,801	(a)(b)

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
	$	162,570,000		10/17/19	3-Month LIBOR quarterly	1.138% semi-annually		—		$	(89,465	)
		214,280,000		6/14/20	3-Month LIBOR quarterly	1.671% semi-annually	$	(14,481	)		(395,087	)
		359,258,000		9/15/21	Daily U.S. Federal Funds Intraday Effective Rate annually	1.300% annually		47,233			16,035
		343,428,000		4/26/22	3-Month LIBOR quarterly	2.250% semi-annually		67,907			2,816,942
		397,690,000		6/15/22	3-Month LIBOR quarterly	1.850% semi-annually		(147,964	)		3,078,128
		350,612,000		4/26/23	2.300% semi-annually	3-Month LIBOR quarterly		23,659			(3,021,582	)
		266,352,000		12/31/25	2.250% semi-annually	3-Month LIBOR quarterly		1,394,686			(13,235,087	)
		595,051,000		1/31/26	2.500% semi-annually	3-Month LIBOR quarterly		(7,833,579	)		(27,883,725	)
		550,233,000		4/30/26	1.850% semi-annually	3-Month LIBOR quarterly		821,845			(12,523,360	)
		373,841,000		6/30/26	1.250% annually	Daily U.S. Federal Funds Intraday Effective Rate annually		(396,554	)		122,428
		169,776,000		2/15/36	3-Month LIBOR quarterly	3.000% semi-annually		93,674			32,942,438
		127,911,000		2/15/44	3.330% semi-annually	3-Month LIBOR quarterly		(5,133	)		(42,309,163	)
		15,476,000		5/15/44	2.875% semi-annually	3-Month LIBOR quarterly		160,496			(3,865,503	)

See Notes to Schedule of Investments.

60

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
	$	125,948,000		5/15/44	3.000% semi-annually	3-Month LIBOR quarterly	$	98,182		$	(33,508,791	)
		145,044,000		8/15/44	2.750% semi-annually	3-Month LIBOR quarterly		(732,681	)		(30,472,267	)
		45,838,000		11/15/44	1.810% semi-annually	3-Month LIBOR quarterly		61,343			(940,463	)
		43,220,000		11/15/44	1.850% semi-annually	3-Month LIBOR quarterly		(1,294,156	)		101,547
Total	$	4,286,528,000					$	(7,655,523	)	$	(129,166,975	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE4			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
Markit CDX.NA.IG.33 Index	$	1,704,852,500		12/20/24	1.000% quarterly	$	33,892,468		$	33,893,540		$	(1,072	)
Markit CDX.NA.IG.33 Index		41,800,000		12/20/29	1.000% quarterly		(249,964	)		(271,676	)		21,712
Total	$	1,746,652,500				$	33,642,504		$	33,621,864		$	20,640

See Notes to Schedule of Investments.

61

WESTERN ASSET CORE BOND FUND

Schedule of investments (unaudited) (cont’d) September 30, 2019

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  Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads 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. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

⁴  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.

^(a)  Swap contract is valued using significant unobservable inputs (See Note 1).

^(b)  Swap contract is valued in good faith in accordance with procedures approved by the Board of Directors (Note 1).

Abbreviations used in this table:

LIBOR — London Interbank Offered 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.

62

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Core 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 anopen-end management investment company.

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

(a) Investment valuation.The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments inopen-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.

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

63

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 – 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.

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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†:
Mortgage-Backed Securities		—	$	4,588,685,189	$	5,138,745	$	4,593,823,934
Corporate Bonds & Notes		—		3,011,221,884		—		3,011,221,884
U.S. Government & Agency Obligations		—		1,827,869,457		—		1,827,869,457
Collateralized Mortgage Obligations		—		1,135,552,472		—		1,135,552,472
Asset-Backed Securities		—		700,142,216		—		700,142,216
Sovereign Bonds		—		542,734,488		—		542,734,488
U.S. Treasury Inflation Protected Securities		—		197,174,474		—		197,174,474
Municipal Bonds		—		5,523,744		—		5,523,744
Purchased Options	$	3,637,316		—		—		3,637,316
Total Long-Term Investments		3,637,316		12,008,903,924		5,138,745		12,017,679,985
Short-Term Investments†:
Commercial Paper		—		88,130,158		—		88,130,158
Money Market Funds		—		755,680,376		—		755,680,376
Total Short-Term Investments		—		843,810,534		—		843,810,534
Total Investments	$	3,637,316	$	12,852,714,458	$	5,138,745	$	12,861,490,519
Other Financial Instruments:
Futures Contracts	$	6,367,272		—		—	$	6,367,272
OTC Credit Default Swaps on Corporate Issues - Sell Protection‡		—	$	169,416		—		169,416
Centrally Cleared Interest Rate Swaps		—		39,077,518		—		39,077,518
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		21,712		—		21,712
OTC Credit Default Swaps on Credit Indices - Sell Protection‡		—		—	$	86,834		86,834
Total Other Financial Instruments	$	6,367,272	$	39,268,646	$	86,834	$	45,722,752
Total	$	10,004,588	$	12,891,983,104	$	5,225,579	$	12,907,213,271

65

Notes to Schedule of Investments (unaudited) (continued)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	8,521,751		—		—	$	8,521,751
OTC Written Options		—	$	722,129		—		722,129
Futures Contracts		34,697,269		—		—		34,697,269
Centrally Cleared Interest Rate Swaps		—		168,244,493		—		168,244,493
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		1,072		—		1,072
Total	$	43,219,020	$	168,967,694		—	$	212,186,714

† See Schedule of Investments for additional detailed categorizations.

‡ Value includes any premium paid or received with respect to swap contracts.

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. The Fund may invest in Western Asset Government Cash Management Portfolio, LLC (“Cash Management Portfolio”), an affiliated private money market fund managed by Western Asset Management Company, LLC, the Fund’s subadviser. Cash Management Portfolio is available as a cash management vehicle for certain proprietary investment companies affiliated with Legg Mason, Inc. While Cash Management Portfolio is not a registered money market fund, it conducts all of its investment activities in accordance with the requirements of Rule2a-7 under the 1940 Act. Based on the Fund’s relative ownership, the following companies were considered affiliated companies for all or some portion of the period ended September 30, 2019. The following transactions were effected in shares of such companies for the period ended September 30, 2019.

	Affiliate Value at December 31, 2018		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at September 30, 2019
			Cost		Shares		Cost		Shares
Western Asset Government Cash Management Portfolio LLC	$	556,786,010	$	4,945,494,366		4,945,494,366	$	4,746,600,000		4,746,600,000		—	$	11,787,172		—	$	755,680,376

66