Western Asset Funds NPORT-P Western Asset Intermediate Bond Fund (Feb 2022 report)

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 38.3%
COMMUNICATION SERVICES - 2.8%
Diversified Telecommunication Services - 1.2%
AT&T Inc., Senior Notes		4.250	%		3/1/27	$	580,000	$	625,138
AT&T Inc., Senior Notes		2.300	%		6/1/27		790,000		779,988
AT&T Inc., Senior Notes		1.650	%		2/1/28		40,000		37,745
AT&T Inc., Senior Notes		2.250	%		2/1/32		510,000		471,118
AT&T Inc., Senior Notes		2.550	%		12/1/33		50,000		46,416
Telefonica Emisiones SA, Senior Notes		4.895	%		3/6/48		870,000		915,869
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		300,000		299,800
Verizon Communications Inc., Senior Notes		4.125	%		3/16/27		930,000		988,710
Verizon Communications Inc., Senior Notes		3.000	%		3/22/27		140,000		141,745
Verizon Communications Inc., Senior Notes		2.100	%		3/22/28		530,000		512,396
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		484,000		527,644
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		360,000		382,679
Verizon Communications Inc., Senior Notes		1.680	%		10/30/30		954,000		857,867
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		840,000		807,058
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		2,165,000		2,023,404	(a)
Verizon Communications Inc., Senior Notes		2.650	%		11/20/40		1,800,000		1,563,972
Verizon Communications Inc., Senior Notes		3.850	%		11/1/42		30,000		30,228
Verizon Communications Inc., Senior Notes		4.125	%		8/15/46		110,000		114,968
Verizon Communications Inc., Senior Notes		4.862	%		8/21/46		190,000		227,666
Verizon Communications Inc., Senior Notes		4.000	%		3/22/50		160,000		164,582
Total Diversified Telecommunication Services									11,518,993
Entertainment - 0.0%††
Walt Disney Co., Senior Notes		3.000	%		9/15/22		170,000		171,852
Interactive Media & Services - 0.2%
Alphabet Inc., Senior Notes		0.450	%		8/15/25		100,000		94,816
Alphabet Inc., Senior Notes		0.800	%		8/15/27		220,000		203,884
Alphabet Inc., Senior Notes		1.100	%		8/15/30		240,000		216,892
Alphabet Inc., Senior Notes		2.050	%		8/15/50		400,000		323,732
Tencent Holdings Ltd., Senior Notes		3.595	%		1/19/28		1,200,000		1,224,265	(a)
Total Interactive Media & Services									2,063,589
Media - 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		4,930,000		5,228,815
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		170,000		166,560

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         1

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Media - continued
Comcast Corp., Senior Notes		3.375	%		2/15/25	$	280,000	$	288,877
Comcast Corp., Senior Notes		3.950	%		10/15/25		1,910,000		2,015,820
Comcast Corp., Senior Notes		3.150	%		3/1/26		330,000		340,378
Comcast Corp., Senior Notes		3.300	%		4/1/27		190,000		197,476
Comcast Corp., Senior Notes		4.150	%		10/15/28		1,520,000		1,649,437
Comcast Corp., Senior Notes		3.400	%		4/1/30		290,000		299,571
Comcast Corp., Senior Notes		3.250	%		11/1/39		210,000		199,333
Comcast Corp., Senior Notes		3.750	%		4/1/40		50,000		50,578
Comcast Corp., Senior Notes		3.450	%		2/1/50		100,000		93,509
Comcast Corp., Senior Notes		2.800	%		1/15/51		50,000		41,843
Comcast Corp., Senior Notes		2.937	%		11/1/56		81,000		68,311	(a)
Fox Corp., Senior Notes		4.030	%		1/25/24		170,000		176,247
Fox Corp., Senior Notes		4.709	%		1/25/29		210,000		229,462
Total Media									11,046,217
Wireless Telecommunication Services - 0.3%
T-Mobile USA Inc., Senior Secured Notes		3.500	%		4/15/25		490,000		503,944
T-Mobile USA Inc., Senior Secured Notes		3.750	%		4/15/27		90,000		93,509
T-Mobile USA Inc., Senior Secured Notes		3.875	%		4/15/30		1,210,000		1,252,542
T-Mobile USA Inc., Senior Secured Notes		2.550	%		2/15/31		290,000		271,988
T-Mobile USA Inc., Senior Secured Notes		2.250	%		11/15/31		250,000		226,583
T-Mobile USA Inc., Senior Secured Notes		3.000	%		2/15/41		200,000		173,595
T-Mobile USA Inc., Senior Secured Notes		3.300	%		2/15/51		40,000		34,950
Total Wireless Telecommunication Services									2,557,111
TOTAL COMMUNICATION SERVICES									27,357,762
CONSUMER DISCRETIONARY - 1.8%
Automobiles - 0.4%
Ford Motor Credit Co. LLC, Senior Notes		3.664	%		9/8/24		200,000		200,475
General Motors Financial Co. Inc., Senior Notes		3.450	%		4/10/22		880,000		881,768
General Motors Financial Co. Inc., Senior Notes		3.700	%		5/9/23		1,230,000		1,252,566
Toyota Motor Corp., Senior Notes		1.339	%		3/25/26		1,150,000		1,111,692
Total Automobiles									3,446,501
Hotels, Restaurants & Leisure - 0.4%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		310,000		305,807
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		40,000		38,524
McDonald’s Corp., Senior Notes		3.350	%		4/1/23		800,000		815,929
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		320,000		329,385
McDonald’s Corp., Senior Notes		1.450	%		9/1/25		80,000		78,099
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		130,000		136,959
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		560,000		585,553

See Notes to Schedule of Investments.

    2     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Hotels, Restaurants & Leisure - continued
McDonald’s Corp., Senior Notes		3.500	%		7/1/27	$	160,000	$	167,785
McDonald’s Corp., Senior Notes		3.800	%		4/1/28		650,000		689,683
McDonald’s Corp., Senior Notes		3.600	%		7/1/30		240,000		252,016
McDonald’s Corp., Senior Notes		3.625	%		9/1/49		60,000		59,035
McDonald’s Corp., Senior Notes		4.200	%		4/1/50		510,000		546,378
Total Hotels, Restaurants & Leisure									4,005,153
Household Durables - 0.0%††
Newell Brands Inc., Senior Notes		4.350	%		4/1/23		198,000		201,686
Newell Brands Inc., Senior Notes		4.700	%		4/1/26		10,000		10,363
Total Household Durables									212,049
Internet & Direct Marketing Retail - 0.4%
Amazon.com Inc., Senior Notes		0.400	%		6/3/23		1,040,000		1,028,974
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		240,000		231,585
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		350,000		333,086
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		2,080,000		2,175,697
Amazon.com Inc., Senior Notes		1.500	%		6/3/30		160,000		148,305
Amazon.com Inc., Senior Notes		2.100	%		5/12/31		190,000		183,089
Amazon.com Inc., Senior Notes		2.500	%		6/3/50		240,000		207,731
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		60,000		69,586
Total Internet & Direct Marketing Retail									4,378,053
Multiline Retail - 0.1%
Dollar General Corp., Senior Notes		3.250	%		4/15/23		50,000		50,718
Target Corp., Senior Notes		2.250	%		4/15/25		450,000		452,947
Total Multiline Retail									503,665
Specialty Retail - 0.4%
Home Depot Inc., Senior Notes		2.500	%		4/15/27		3,020,000		3,051,941
Home Depot Inc., Senior Notes		3.900	%		12/6/28		40,000		43,253
Home Depot Inc., Senior Notes		3.300	%		4/15/40		210,000		210,473
Home Depot Inc., Senior Notes		3.900	%		6/15/47		30,000		31,925
Lowe’s Cos. Inc., Senior Notes		1.700	%		9/15/28		460,000		432,158
Lowe’s Cos. Inc., Senior Notes		4.500	%		4/15/30		210,000		231,936
Total Specialty Retail									4,001,686
Textiles, Apparel & Luxury Goods - 0.1%
NIKE Inc., Senior Notes		2.400	%		3/27/25		260,000		263,511
NIKE Inc., Senior Notes		2.750	%		3/27/27		420,000		431,529
NIKE Inc., Senior Notes		2.850	%		3/27/30		410,000		417,259

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         3

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Textiles, Apparel & Luxury Goods - continued
NIKE Inc., Senior Notes		3.250	%		3/27/40	$	100,000	$	100,348
NIKE Inc., Senior Notes		3.375	%		3/27/50		20,000		20,463
Total Textiles, Apparel & Luxury Goods									1,233,110
TOTAL CONSUMER DISCRETIONARY									17,780,217
CONSUMER STAPLES - 1.4%
Beverages - 0.4%
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		6/1/30		1,450,000		1,516,171
Coca-Cola Co., Senior Notes		3.375	%		3/25/27		1,090,000		1,149,408
Coca-Cola Co., Senior Notes		1.450	%		6/1/27		520,000		498,889
Diageo Capital PLC, Senior Notes		3.500	%		9/18/23		220,000		225,466
PepsiCo Inc., Senior Notes		0.750	%		5/1/23		560,000		555,642
PepsiCo Inc., Senior Notes		2.250	%		3/19/25		50,000		50,385
PepsiCo Inc., Senior Notes		2.625	%		3/19/27		60,000		61,386
PepsiCo Inc., Senior Notes		1.625	%		5/1/30		300,000		280,060
Total Beverages									4,337,407
Food & Staples Retailing - 0.1%
Costco Wholesale Corp., Senior Notes		1.375	%		6/20/27		830,000		798,547
Costco Wholesale Corp., Senior Notes		1.600	%		4/20/30		170,000		157,897
Walmart Inc., Senior Notes		1.500	%		9/22/28		140,000		133,368
Walmart Inc., Senior Notes		2.375	%		9/24/29		50,000		49,903
Walmart Inc., Senior Notes		1.800	%		9/22/31		110,000		103,434
Total Food & Staples Retailing									1,243,149
Food Products - 0.3%
Hershey Co., Senior Notes		0.900	%		6/1/25		140,000		134,968
Mars Inc., Senior Notes		2.700	%		4/1/25		360,000		365,015	(a)
Mars Inc., Senior Notes		3.200	%		4/1/30		1,160,000		1,197,116	(a)
Mondelez International Holdings Netherlands BV, Senior Notes		2.125	%		9/19/22		300,000		301,826	(a)
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		900,000		876,740
Total Food Products									2,875,665
Household Products - 0.1%
Kimberly-Clark Corp., Senior Notes		3.100	%		3/26/30		130,000		134,620
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		80,000		82,391
Procter & Gamble Co., Senior Notes		3.000	%		3/25/30		260,000		271,294
Total Household Products									488,305
Tobacco - 0.5%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		130,000		129,665
Altria Group Inc., Senior Notes		4.800	%		2/14/29		59,000		63,809

See Notes to Schedule of Investments.

    4     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Tobacco - continued
Altria Group Inc., Senior Notes		2.450	%		2/4/32	$	2,830,000	$	2,528,927
Altria Group Inc., Senior Notes		6.200	%		2/14/59		115,000		128,933
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		1,500,000		1,510,908
Cargill Inc., Senior Notes		1.375	%		7/23/23		470,000		468,146	(a)
Philip Morris International Inc., Senior Notes		1.125	%		5/1/23		280,000		279,124
Philip Morris International Inc., Senior Notes		2.100	%		5/1/30		310,000		291,618
Total Tobacco									5,401,130
TOTAL CONSUMER STAPLES									14,345,656
ENERGY - 6.4%
Energy Equipment & Services - 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25		17,000		17,803
Oil, Gas & Consumable Fuels - 6.4%
Apache Corp., Senior Notes		4.375	%		10/15/28		1,030,000		1,044,616
Apache Corp., Senior Notes		4.250	%		1/15/30		180,000		181,660
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		420,000		435,475
BP Capital Markets America Inc., Senior Notes		3.119	%		5/4/26		1,990,000		2,038,904
BP Capital Markets America Inc., Senior Notes		3.588	%		4/14/27		970,000		1,010,751
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		320,000		333,533
BP Capital Markets PLC, Senior Notes		3.535	%		11/4/24		80,000		83,018
BP Capital Markets PLC, Senior Notes		3.506	%		3/17/25		500,000		518,635
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		350,000		345,310	(a)
Chevron Corp., Senior Notes		1.554	%		5/11/25		470,000		463,141
Chevron Corp., Senior Notes		1.995	%		5/11/27		260,000		256,420
Chevron Corp., Senior Notes		3.078	%		5/11/50		60,000		57,904
Chevron USA Inc., Senior Notes		3.850	%		1/15/28		620,000		668,344
Chevron USA Inc., Senior Notes		3.250	%		10/15/29		490,000		515,217
ConocoPhillips, Senior Notes		3.750	%		10/1/27		160,000		170,973	(a)
ConocoPhillips, Senior Notes		4.300	%		8/15/28		770,000		850,313	(a)
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		1,020,000		1,041,665
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		580,000		600,054
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		50,000		55,841	(a)
Coterra Energy Inc., Senior Notes		4.375	%		6/1/24		180,000		186,793	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		1,830,000		1,908,094	(a)
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		570,000		612,396	(a)
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		1,360,000		1,517,705
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		356,000		369,131
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		128,000		133,816
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		90,000		105,410
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		90,000		100,509

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         5

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - continued
Diamondback Energy Inc., Senior Notes		2.875	%		12/1/24	$	1,990,000	$	2,015,251
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		360,000		367,929
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		350,000		354,357
Diamondback Energy Inc., Senior Notes		3.125	%		3/24/31		160,000		156,345
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		2,440,000		2,504,916
Energy Transfer LP, Senior Notes		4.500	%		4/15/24		20,000		20,807
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		400,000		401,983
Energy Transfer LP, Senior Notes		5.500	%		6/1/27		320,000		353,025
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		70,000		75,358
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		1,260,000		1,281,346
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		250,000		268,085
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		90,000		104,146
Energy Transfer LP/Regency Energy Finance Corp., Senior Notes		4.500	%		11/1/23		500,000		515,454
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		2,290,000		2,471,434
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		720,000		728,481
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		430,000		423,327
Enterprise Products Operating LLC, Senior Notes		4.800	%		2/1/49		70,000		76,441
Enterprise Products Operating LLC, Senior Notes		4.200	%		1/31/50		100,000		100,706
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		50,000		46,704
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		740,000		789,711
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		210,000		232,096
Exxon Mobil Corp., Senior Notes		1.571	%		4/15/23		50,000		50,120
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		1,850,000		1,900,369
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		1,670,000		1,728,794
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		30,000		33,990
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		1,070,000		1,138,212	(a)
KazMunayGas National Co. JSC, Senior Notes		5.750	%		4/19/47		660,000		691,746	(a)
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		410,000		429,793
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		290,000		309,331
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		120,000		137,974
Lukoil Capital DAC, Senior Notes		2.800	%		4/26/27		910,000		414,050	(a)
Lukoil Capital DAC, Senior Notes		3.600	%		10/26/31		1,170,000		441,675	(a)
MPLX LP, Senior Notes		4.125	%		3/1/27		780,000		820,956
MPLX LP, Senior Notes		4.800	%		2/15/29		1,120,000		1,228,433
MPLX LP, Senior Notes		5.200	%		3/1/47		160,000		176,551
MPLX LP, Senior Notes		5.200	%		12/1/47		250,000		272,740
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		120,000		130,349
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		1,730,000		1,861,419

See Notes to Schedule of Investments.

    6     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - continued
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26	$	910,000	$	911,197
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		500,000		488,408
Pertamina Persero PT, Senior Notes		6.000	%		5/3/42		580,000		645,007	(a)
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		470,000		498,158
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		390,000		362,487
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		2,040,000		1,971,517	(a)
Petroleos Mexicanos, Senior Notes		4.875	%		1/18/24		500,000		513,862
Petroleos Mexicanos, Senior Notes		4.250	%		1/15/25		760,000		759,658
Petroleos Mexicanos, Senior Notes		5.625	%		1/23/46		1,100,000		848,952
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		300,000		285,203
Pioneer Natural Resources Co., Senior Notes		1.900	%		8/15/30		370,000		336,416
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		400,000		369,342
Qatar Energy, Senior Notes		2.250	%		7/12/31		1,400,000		1,321,261	(a)
Qatar Energy, Senior Notes		3.125	%		7/12/41		900,000		848,308	(a)
Qatar Energy, Senior Notes		3.300	%		7/12/51		900,000		849,094	(a)
Reliance Industries Ltd., Senior Notes		2.875	%		1/12/32		640,000		599,506	(a)
Reliance Industries Ltd., Senior Notes		3.625	%		1/12/52		1,120,000		1,032,186	(a)
Shell International Finance BV, Senior Notes		3.250	%		5/11/25		2,550,000		2,646,673
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		400,000		411,611
Shell International Finance BV, Senior Notes		2.750	%		4/6/30		230,000		229,464
Shell International Finance BV, Senior Notes		3.250	%		4/6/50		490,000		470,414
Sinopec Group Overseas Development 2014 Ltd., Senior Notes		4.375	%		4/10/24		1,620,000		1,697,828	(a)
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		670,000		643,226	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,490,000		1,757,120
Western Midstream Operating LP, Senior Notes		3.600	%		2/1/25		230,000		230,864
Western Midstream Operating LP, Senior Notes		4.550	%		2/1/30		120,000		123,622
Western Midstream Operating LP, Senior Notes
(3 mo. USD LIBOR + 1.850%)		1.844	%		1/13/23		130,000		129,522	(b)
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		920,000		959,794
Williams Cos. Inc., Senior Notes		4.900	%		1/15/45		230,000		248,368
Williams Cos. Inc., Senior Notes		5.100	%		9/15/45		350,000		386,606
Total Oil, Gas & Consumable Fuels									63,235,706
TOTAL ENERGY									63,253,509
FINANCIALS - 15.1%
Banks - 11.1%
ABN AMRO Bank NV, Subordinated Notes		4.750	%		7/28/25		310,000		326,741	(a)
Banco Santander SA, Senior Notes		3.125	%		2/23/23		1,000,000		1,008,998

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         7

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - continued
Banco Santander SA, Senior Notes		2.746	%		5/28/25	$	1,400,000	$	1,402,289
Banco Santander SA, Senior Notes (3 mo. USD LIBOR + 1.120%)		1.358	%		4/12/23		800,000		805,758	(b)
Bank of America Corp., Senior Notes		3.300	%		1/11/23		600,000		610,351
Bank of America Corp., Senior Notes		4.100	%		7/24/23		930,000		961,259
Bank of America Corp., Senior Notes		4.000	%		4/1/24		1,560,000		1,619,548
Bank of America Corp., Senior Notes		3.500	%		4/19/26		460,000		476,817
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)		1.319	%		6/19/26		110,000		105,159	(b)
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		690,000		653,890	(b)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		550,000		526,253	(b)
Bank of America Corp., Senior Notes (3.004% to 12/20/22 then 3 mo. USD LIBOR + 0.790%)		3.004	%		12/20/23		570,000		575,291	(b)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. USD LIBOR + 1.040%)		3.419	%		12/20/28		1,572,000		1,608,782	(b)
Bank of America Corp., Senior Notes (3.458% to 3/15/24 then 3 mo. USD LIBOR + 0.970%)		3.458	%		3/15/25		660,000		672,864	(b)
Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. USD LIBOR + 1.370%)		3.593	%		7/21/28		1,140,000		1,178,452	(b)
Bank of America Corp., Senior Notes (3.970% to 3/5/28 then 3 mo. USD LIBOR + 1.070%)		3.970	%		3/5/29		1,500,000		1,569,690	(b)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. USD LIBOR + 1.210%)		3.974	%		2/7/30		4,210,000		4,414,628	(b)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. USD LIBOR + 3.150%)		4.083	%		3/20/51		240,000		258,023	(b)
Bank of America Corp., Subordinated Notes		4.200	%		8/26/24		710,000		739,863
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		320,000		332,558
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		2,190,000		2,342,526
Bank of Montreal, Senior Notes		1.850	%		5/1/25		920,000		909,586
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		480,000		463,561
Barclays Bank PLC, Senior Notes		1.700	%		5/12/22		370,000		370,340
Barclays PLC, Senior Notes (4.972% to 5/16/28 then 3 mo. USD LIBOR + 1.902%)		4.972	%		5/16/29		1,000,000		1,084,042	(b)
BNP Paribas SA, Senior Notes		3.375	%		1/9/25		260,000		265,355	(a)
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		750,000		799,544	(a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		600,000		588,119	(a)(b)

See Notes to Schedule of Investments.

    8     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - continued
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. USD LIBOR + 2.235%)		4.705	%		1/10/25	$	2,010,000	$	2,089,568	(a)(b)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		370,000		411,337	(a)(b)
BNP Paribas SA, Subordinated Notes (4.375% to 3/1/28 then USD 5 year ICE Swap Rate + 1.483%)		4.375	%		3/1/33		360,000		371,057	(a)(b)
BPCE SA, Senior Notes		3.000	%		5/22/22		2,570,000		2,579,657	(a)
Canadian Imperial Bank of Commerce, Senior Notes		0.950	%		6/23/23		480,000		475,200
Citigroup Inc., Senior Notes		3.300	%		4/27/25		1,810,000		1,854,289
Citigroup Inc., Senior Notes		8.125	%		7/15/39		34,000		53,275
Citigroup Inc., Senior Notes		4.650	%		7/30/45		84,000		95,929
Citigroup Inc., Senior Notes (1.678% to 5/15/23 then SOFR + 1.667%)		1.678	%		5/15/24		530,000		529,253	(b)
Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%)		2.572	%		6/3/31		780,000		745,586	(b)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		370,000		375,032	(b)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. USD LIBOR + 1.338%)		3.980	%		3/20/30		1,840,000		1,938,022	(b)
Citigroup Inc., Senior Notes (4.075% to 4/23/28 then 3 mo. USD LIBOR + 1.192%)		4.075	%		4/23/29		1,620,000		1,706,383	(b)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		660,000		715,690	(b)
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		670,000		703,375
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		870,000		948,971
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		180,000		191,585
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		4,370,000		4,672,280
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		280,000		294,685
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		116,000		137,093
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		2,980,000		3,122,000
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		400,000		389,438	(a)(b)
Danske Bank A/S, Senior Notes		3.875	%		9/12/23		200,000		204,859	(a)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		1,400,000		1,475,432	(a)
Danske Bank A/S, Senior Notes		1.226	%		6/22/24		200,000		195,857	(a)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		210,000		212,559	(a)(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         9

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - continued
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26	$	1,140,000	$	1,111,927	(b)
HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + 2.387%)		2.848	%		6/4/31		840,000		804,437	(b)
HSBC Holdings PLC, Senior Notes (4.041% to 3/13/27 then 3 mo. USD LIBOR + 1.546%)		4.041	%		3/13/28		700,000		725,979	(b)
HSBC Holdings PLC, Subordinated Notes		4.250	%		3/14/24		430,000		445,748
ING Bank NV, Senior Secured Notes		2.625	%		12/5/22		1,000,000		1,010,676	(a)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		1,030,000		1,035,492	(a)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		390,000		394,143	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,580,000		1,627,326	(a)
JPMorgan Chase & Co., Senior Notes		3.900	%		7/15/25		3,000,000		3,139,823
JPMorgan Chase & Co., Senior Notes (1.514% to 6/1/23 then SOFR + 1.455%)		1.514	%		6/1/24		1,410,000		1,405,050	(b)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		860,000		847,600	(b)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31		700,000		670,218	(b)
JPMorgan Chase & Co., Senior Notes (4.005% to 4/23/28 then 3 mo. USD LIBOR + 1.120%)		4.005	%		4/23/29		1,180,000		1,244,073	(b)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. USD LIBOR + 1.000%)		4.023	%		12/5/24		1,250,000		1,290,224	(b)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. USD LIBOR + 1.330%)		4.452	%		12/5/29		2,250,000		2,435,446	(b)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		1,790,000		1,857,819
Lloyds Banking Group PLC, Senior Notes		3.900	%		3/12/24		2,040,000		2,104,582
Lloyds Banking Group PLC, Senior Notes (1.326% to 6/15/22 then 1 year Treasury Constant Maturity Rate + 1.100%)		1.326	%		6/15/23		2,350,000		2,347,388	(b)
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		680,000		717,702
Mitsubishi UFJ Financial Group Inc., Senior Notes		3.407	%		3/7/24		3,470,000		3,556,420
NatWest Group PLC, Senior Notes (4.269% to 3/22/24 then 3 mo. USD LIBOR + 1.762%)		4.269	%		3/22/25		590,000		610,293	(b)
NatWest Group PLC, Senior Notes (4.519% to 6/25/23 then 3 mo. USD LIBOR + 1.550%)		4.519	%		6/25/24		200,000		206,130	(b)
Nordea Bank Abp, Senior Notes		1.000	%		6/9/23		860,000		853,681	(a)
PNC Financial Services Group Inc., Senior Notes		3.500	%		1/23/24		2,420,000		2,492,489
Royal Bank of Canada, Senior Notes		1.600	%		4/17/23		790,000		791,117
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		460,000		442,789

See Notes to Schedule of Investments.

    10     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks continued
Swedbank AB, Senior Notes		1.300	%		6/2/23	$	610,000	$	607,437	(a)
Toronto-Dominion Bank, Senior Notes		0.750	%		6/12/23		910,000		900,772
Toronto-Dominion Bank, Senior Notes		1.150	%		6/12/25		460,000		443,113
US Bancorp, Senior Notes		3.375	%		2/5/24		5,000,000		5,140,406
US Bancorp, Senior Notes		1.450	%		5/12/25		1,060,000		1,036,452
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		7,640,000		7,880,662
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		720,000		729,621
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		500,000		533,789
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		880,000		868,808	(b)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then SOFR + 4.032%)		4.478	%		4/4/31		330,000		360,530	(b)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		1,080,000		1,332,937	(b)
Wells Fargo & Co., Subordinated Notes		4.100	%		6/3/26		400,000		422,603
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		2,100,000		2,243,233
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		90,000		102,316
Total Banks									109,929,950
Capital Markets - 2.5%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		270,000		266,017
Charles Schwab Corp., Senior Notes		3.850	%		5/21/25		600,000		630,696
Credit Suisse AG, Senior Notes		1.000	%		5/5/23		2,850,000		2,829,290
Credit Suisse AG, Senior Notes		3.625	%		9/9/24		2,550,000		2,633,467
Credit Suisse AG, Senior Notes		2.950	%		4/9/25		530,000		537,081
Daiwa Securities Group Inc., Senior Notes		3.129	%		4/19/22		220,000		220,624	(a)
Goldman Sachs Capital II, Junior Subordinated Notes (3 mo. USD LIBOR + 0.768%, 4.000% floor)		4.000	%		3/31/22		71,000		61,415	(b)(c)
Goldman Sachs Group Inc., Senior Notes		3.200	%		2/23/23		410,000		415,208
Goldman Sachs Group Inc., Senior Notes		3.625	%		2/20/24		1,000,000		1,026,811
Goldman Sachs Group Inc., Senior Notes		4.000	%		3/3/24		1,480,000		1,533,494
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		280,000		289,733
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		570,000		586,175
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		1,350,000		1,383,249
Goldman Sachs Group Inc., Senior Notes		3.850	%		1/26/27		160,000		166,796
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. USD LIBOR + 1.158%)	��	3.814	%		4/23/29		750,000		779,202	(b)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		2,280,000		2,396,645

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         11

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - continued
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26	$	1,560,000	$	1,540,524	(b)
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%)		2.699	%		1/22/31		1,000,000		968,412	(b)
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. USD LIBOR + 1.140%)		3.772	%		1/24/29		1,390,000		1,444,324	(b)
UBS AG, Senior Notes		1.750	%		4/21/22		880,000		880,653	(a)
UBS Group AG, Senior Notes		3.491	%		5/23/23		3,060,000		3,073,795	(a)
UBS Group AG, Senior Notes		4.125	%		9/24/25		290,000		304,069	(a)
UBS Group AG, Senior Notes		4.253	%		3/23/28		690,000		733,903	(a)
UBS Group AG, Senior Notes (2.859% to 8/15/22 then 3 mo. USD LIBOR + 0.954%)		2.859	%		8/15/23		200,000		201,317	(a)(b)
Total Capital Markets									24,902,900
Consumer Finance - 0.3%
American Express Co., Senior Notes		2.650	%		12/2/22		1,500,000		1,517,070
American Express Co., Senior Notes		2.500	%		7/30/24		420,000		426,266
Nationwide Building Society, Senior Notes (4.363% to 8/1/23 then 3 mo. USD LIBOR + 1.392%)		4.363	%		8/1/24		940,000		967,149	(a)(b)
Total Consumer Finance									2,910,485
Diversified Financial Services - 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		940,000		907,442
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.000	%		10/29/28		910,000		877,313
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		2,880,000		2,936,466
National Securities Clearing Corp., Senior Notes		1.200	%		4/23/23		420,000		418,885	(a)
National Securities Clearing Corp., Senior Notes		1.500	%		4/23/25		600,000		588,854	(a)
Vanguard Group Inc.		3.050	%		8/22/50		660,000		591,802	(d)(e)
Total Diversified Financial Services									6,320,762
Insurance - 0.5%
American International Group Inc., Senior Notes		2.500	%		6/30/25		280,000		281,369
Chubb INA Holdings Inc., Senior Notes		3.350	%		5/3/26		100,000		103,935
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		180,000		174,016	(a)
MassMutual Global Funding II, Senior Secured Notes		0.850	%		6/9/23		1,400,000		1,387,460	(a)
MetLife Capital Trust IV, Junior Subordinated Notes		7.875	%		12/15/37		390,000		489,450	(a)
Metropolitan Life Global Funding I, Secured Notes		0.900	%		6/8/23		970,000		962,796	(a)

See Notes to Schedule of Investments.

    12     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Insurance - continued
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25	$	340,000	$	328,289	(a)
Nuveen LLC, Senior Notes		4.000	%		11/1/28		1,000,000		1,085,636	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		160,000		154,711	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		32,000		43,684	(a)
Total Insurance									5,011,346
TOTAL FINANCIALS									149,075,443
HEALTH CARE - 3.3%
Biotechnology - 0.7%
AbbVie Inc., Senior Notes		2.900	%		11/6/22		220,000		222,254
AbbVie Inc., Senior Notes		2.300	%		11/21/22		880,000		885,727
AbbVie Inc., Senior Notes		3.750	%		11/14/23		110,000		113,480
AbbVie Inc., Senior Notes		2.600	%		11/21/24		1,050,000		1,060,812
AbbVie Inc., Senior Notes		3.800	%		3/15/25		570,000		592,949
AbbVie Inc., Senior Notes		3.600	%		5/14/25		510,000		527,063
AbbVie Inc., Senior Notes		2.950	%		11/21/26		180,000		183,385
AbbVie Inc., Senior Notes		3.200	%		11/21/29		2,330,000		2,362,633
AbbVie Inc., Senior Notes		4.250	%		11/21/49		80,000		85,205
Amgen Inc., Senior Notes		3.625	%		5/22/24		120,000		124,050
Gilead Sciences Inc., Senior Notes		2.500	%		9/1/23		700,000		707,427
Gilead Sciences Inc., Senior Notes		3.700	%		4/1/24		90,000		92,908
Total Biotechnology									6,957,893
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories, Senior Notes		3.400	%		11/30/23		700,000		720,502
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		430,000		459,099
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		848,000		869,403
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		23,000		23,800
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		227,000		253,856
Medtronic Inc., Senior Notes		3.500	%		3/15/25		126,000		131,347
Total Health Care Equipment & Supplies									2,458,007
Health Care Providers & Services - 1.5%
Aetna Inc., Senior Notes		2.800	%		6/15/23		1,070,000		1,084,585
Anthem Inc., Senior Notes		3.125	%		5/15/22		330,000		331,550
Anthem Inc., Senior Notes		3.650	%		12/1/27		240,000		251,896
Cigna Corp., Senior Notes		3.750	%		7/15/23		114,000		116,997
Cigna Corp., Senior Notes		3.500	%		6/15/24		820,000		841,515
Cigna Corp., Senior Notes		4.125	%		11/15/25		740,000		780,147
Cigna Corp., Senior Notes		4.375	%		10/15/28		2,110,000		2,289,548

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         13

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - continued
CVS Health Corp., Senior Notes		3.875	%		7/20/25	$	868,000	$	907,958
CVS Health Corp., Senior Notes		3.625	%		4/1/27		800,000		838,886
CVS Health Corp., Senior Notes		4.300	%		3/25/28		911,000		984,562
CVS Health Corp., Senior Notes		2.125	%		9/15/31		330,000		305,165
CVS Health Corp., Senior Notes		5.050	%		3/25/48		270,000		315,746
Humana Inc., Senior Notes		3.150	%		12/1/22		110,000		111,056
Humana Inc., Senior Notes		2.900	%		12/15/22		1,800,000		1,818,220
Humana Inc., Senior Notes		4.500	%		4/1/25		80,000		84,961
Humana Inc., Senior Notes		3.950	%		3/15/27		1,220,000		1,290,142
UnitedHealth Group Inc., Senior Notes		2.375	%		10/15/22		70,000		70,550
UnitedHealth Group Inc., Senior Notes		3.500	%		6/15/23		150,000		153,753
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		400,000		419,399
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		170,000		164,469
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		1,150,000		1,239,387
UnitedHealth Group Inc., Senior Notes		4.250	%		6/15/48		60,000		67,088
UnitedHealth Group Inc., Senior Notes		4.450	%		12/15/48		20,000		23,060
Total Health Care Providers & Services									14,490,640
Pharmaceuticals - 0.9%
Bristol-Myers Squibb Co., Senior Notes		2.600	%		5/16/22		520,000		522,024
Bristol-Myers Squibb Co., Senior Notes		3.550	%		8/15/22		410,000		414,675
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		881,000		902,121
Bristol-Myers Squibb Co., Senior Notes		3.875	%		8/15/25		354,000		373,754
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		740,000		771,233
Eli Lilly & Co., Senior Notes		2.350	%		5/15/22		680,000		682,174
Johnson & Johnson, Senior Notes		0.550	%		9/1/25		290,000		276,597
Johnson & Johnson, Senior Notes		2.450	%		3/1/26		1,390,000		1,416,319
Johnson & Johnson, Senior Notes		0.950	%		9/1/27		600,000		567,006
Merck & Co. Inc., Senior Notes		0.750	%		2/24/26		530,000		505,313
Merck & Co. Inc., Senior Notes		1.450	%		6/24/30		290,000		265,212
Pfizer Inc., Senior Notes		0.800	%		5/28/25		700,000		679,182
Pfizer Inc., Senior Notes		2.625	%		4/1/30		450,000		450,764
Pfizer Inc., Senior Notes		1.700	%		5/28/30		430,000		401,580
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		230,000		229,121
Total Pharmaceuticals									8,457,075
TOTAL HEALTH CARE									32,363,615
INDUSTRIALS - 2.1%
Aerospace & Defense - 1.0%
Boeing Co., Senior Notes		1.433	%		2/4/24		870,000		856,282

See Notes to Schedule of Investments.

    14     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Aerospace & Defense - continued
Boeing Co., Senior Notes		4.875	%		5/1/25	$	2,120,000	$	2,254,841
Boeing Co., Senior Notes		3.100	%		5/1/26		70,000		70,654
Boeing Co., Senior Notes		2.800	%		3/1/27		90,000		88,970
Boeing Co., Senior Notes		3.200	%		3/1/29		330,000		326,594
Boeing Co., Senior Notes		5.150	%		5/1/30		1,500,000		1,657,842
Boeing Co., Senior Notes		5.705	%		5/1/40		620,000		723,384
Boeing Co., Senior Notes		5.805	%		5/1/50		380,000		452,121
Boeing Co., Senior Notes		5.930	%		5/1/60		10,000		11,900
General Dynamics Corp., Senior Notes		3.750	%		5/15/28		340,000		359,982
General Dynamics Corp., Senior Notes		4.250	%		4/1/40		20,000		22,375
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		450,000		474,280
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		1,350,000		1,377,000
Northrop Grumman Corp., Senior Notes		5.250	%		5/1/50		180,000		226,733
Raytheon Technologies Corp., Senior Notes		3.150	%		12/15/24		210,000		214,843
Raytheon Technologies Corp., Senior Notes		3.950	%		8/16/25		280,000		295,220
Raytheon Technologies Corp., Senior Notes		4.125	%		11/16/28		90,000		97,356
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		440,000		417,068
Total Aerospace & Defense									9,927,445
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		2.722	%		2/15/30		240,000		233,687
Carrier Global Corp., Senior Notes		2.700	%		2/15/31		60,000		58,087
Total Building Products									291,774
Commercial Services & Supplies - 0.2%
Cintas Corp. No 2, Senior Notes		2.900	%		4/1/22		460,000		460,769
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		1,040,000		1,099,189
Republic Services Inc., Senior Notes		3.200	%		3/15/25		750,000		767,561
Total Commercial Services & Supplies									2,327,519
Electrical Equipment - 0.3%
Eaton Corp., Senior Notes		2.750	%		11/2/22		2,640,000		2,666,468
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		2.375	%		8/26/29		100,000		97,849
3M Co., Senior Notes		3.050	%		4/15/30		90,000		92,265
3M Co., Senior Notes		3.700	%		4/15/50		80,000		82,314
Honeywell International Inc., Senior Notes		1.350	%		6/1/25		330,000		323,180
Total Industrial Conglomerates									595,608
Machinery - 0.1%
Deere & Co., Senior Notes		3.100	%		4/15/30		20,000		20,706

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         15

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Machinery - continued
Deere & Co., Senior Notes		3.750	%		4/15/50	$	240,000	$	255,037
Otis Worldwide Corp., Senior Notes		2.056	%		4/5/25		220,000		218,436
Total Machinery									494,179
Road & Rail - 0.2%
Canadian Pacific Railway Co., Senior Notes		2.450	%		12/2/31		1,550,000		1,488,804
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		600,000		630,258
Union Pacific Corp., Senior Notes		2.891	%		4/6/36		340,000		329,371
Total Road & Rail									2,448,433
Trading Companies & Distributors - 0.1%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		310,000		313,755
Aviation Capital Group LLC, Senior Notes		4.125	%		8/1/25		790,000		806,294	(a)
Total Trading Companies & Distributors									1,120,049
Transportation Infrastructure - 0.1%
SMBC Aviation Capital Finance DAC, Senior Notes		4.125	%		7/15/23		710,000		729,223	(a)
TOTAL INDUSTRIALS									20,600,698
INFORMATION TECHNOLOGY - 2.4%
IT Services - 0.5%
International Business Machines Corp., Senior Notes		3.000	%		5/15/24		1,200,000		1,228,196
Mastercard Inc., Senior Notes		3.375	%		4/1/24		230,000		237,736
Mastercard Inc., Senior Notes		3.850	%		3/26/50		40,000		43,580
PayPal Holdings Inc., Senior Notes		1.350	%		6/1/23		420,000		418,832
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		420,000		411,745
Visa Inc., Senior Notes		3.150	%		12/14/25		1,400,000		1,451,709
Visa Inc., Senior Notes		1.900	%		4/15/27		400,000		394,626
Visa Inc., Senior Notes		4.300	%		12/14/45		320,000		371,189
Total IT Services									4,557,613
Semiconductors & Semiconductor Equipment - 0.7%
Broadcom Inc., Senior Notes		3.137	%		11/15/35		2,010,000		1,863,618	(a)
Intel Corp., Senior Notes		3.700	%		7/29/25		140,000		146,730
Intel Corp., Senior Notes		3.750	%		3/25/27		170,000		180,618
Intel Corp., Senior Notes		1.600	%		8/12/28		240,000		227,619
Intel Corp., Senior Notes		4.750	%		3/25/50		100,000		117,183
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		650,000		668,764
NVIDIA Corp., Senior Notes		3.500	%		4/1/50		60,000		61,938
NVIDIA Corp., Senior Notes		3.700	%		4/1/60		400,000		418,882
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		300,000		301,859	(a)

See Notes to Schedule of Investments.

    16     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Semiconductors & Semiconductor Equipment - continued
Texas Instruments Inc., Senior Notes		1.750	%		5/4/30	$	290,000	$	273,599
TSMC Arizona Corp., Senior Notes		1.750	%		10/25/26		1,160,000		1,124,613
TSMC Arizona Corp., Senior Notes		2.500	%		10/25/31		1,250,000		1,190,469
Total Semiconductors & Semiconductor Equipment									6,575,892
Software - 0.7%
Adobe Inc., Senior Notes		2.300	%		2/1/30		380,000		369,921
Microsoft Corp., Senior Notes		2.400	%		8/8/26		3,310,000		3,363,332
Microsoft Corp., Senior Notes		3.300	%		2/6/27		1,220,000		1,303,943
Microsoft Corp., Senior Notes		3.450	%		8/8/36		10,000		10,743
Microsoft Corp., Senior Notes		2.921	%		3/17/52		10,000		9,570
Oracle Corp., Senior Notes		2.500	%		10/15/22		1,020,000		1,027,842
Oracle Corp., Senior Notes		1.650	%		3/25/26		420,000		402,598
Oracle Corp., Senior Notes		2.875	%		3/25/31		300,000		286,548
salesforce.com Inc., Senior Notes		3.250	%		4/11/23		370,000		377,719
salesforce.com Inc., Senior Notes		3.700	%		4/11/28		250,000		266,852
Total Software									7,419,068
Technology Hardware, Storage & Peripherals - 0.5%
Apple Inc., Senior Notes		2.400	%		5/3/23		1,780,000		1,802,858
Apple Inc., Senior Notes		1.125	%		5/11/25		1,140,000		1,112,232
Apple Inc., Senior Notes		2.450	%		8/4/26		1,170,000		1,188,694
Apple Inc., Senior Notes		3.350	%		2/9/27		80,000		84,253
Apple Inc., Senior Notes		2.900	%		9/12/27		850,000		877,771
Total Technology Hardware, Storage & Peripherals									5,065,808
TOTAL INFORMATION TECHNOLOGY									23,618,381
MATERIALS - 1.8%
Chemicals - 0.4%
Equate Petrochemical BV, Senior Notes		4.250	%		11/3/26		1,080,000		1,117,800	(a)
Equate Petrochemical BV, Senior Notes		2.625	%		4/28/28		1,200,000		1,136,926	(a)
OCP SA, Senior Notes		4.500	%		10/22/25		550,000		555,280	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		1.875	%		5/11/26		740,000		694,127	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		2.875	%		5/11/31		710,000		642,745	(a)
Total Chemicals									4,146,878
Metals & Mining - 1.2%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		990,000		1,017,145	(a)
Anglo American Capital PLC, Senior Notes		4.750	%		4/10/27		690,000		741,942	(a)
Corp. Nacional del Cobre de Chile, Senior Notes		3.625	%		8/1/27		1,310,000		1,343,129	(a)
Glencore Finance Canada Ltd., Senior Notes		4.250	%		10/25/22		370,000		376,174	(a)
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		1,790,000		1,836,692	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		1,230,000		1,272,399	(a)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         17

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Metals & Mining - continued
Southern Copper Corp., Senior Notes		3.500	%		11/8/22	$	1,040,000	$	1,052,282
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		1,140,000		1,328,989
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		690,000		782,588
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		1,358,000		1,672,384
Total Metals & Mining									11,423,724
Paper & Forest Products - 0.2%
Suzano Austria GmbH, Senior Notes		6.000	%		1/15/29		1,690,000		1,853,381
TOTAL MATERIALS									17,423,983
REAL ESTATE - 0.0%††
Equity Real Estate Investment Trusts (REITs) - 0.0%††
WEA Finance LLC, Senior Notes		4.125	%		9/20/28		500,000		520,545	(a)
UTILITIES - 1.2%
Electric Utilities - 1.2%
Abu Dhabi National Energy Co. PJSC, Senior Notes		2.000	%		4/29/28		1,500,000		1,425,807	(a)
Abu Dhabi National Energy Co. PJSC, Senior Notes		3.400	%		4/29/51		980,000		956,172	(a)
Comision Federal de Electricidad, Senior Notes		4.750	%		2/23/27		690,000		718,007	(a)
Duke Energy Corp., Senior Notes		2.400	%		8/15/22		1,640,000		1,649,200
FirstEnergy Corp., Senior Notes		3.350	%		7/15/22		1,780,000		1,777,348
FirstEnergy Corp., Senior Notes		1.600	%		1/15/26		190,000		178,910
FirstEnergy Corp., Senior Notes		4.400	%		7/15/27		2,000,000		2,074,690
MidAmerican Energy Co., First Mortgage Bonds		3.650	%		4/15/29		810,000		864,239
Pacific Gas and Electric Co., First Mortgage Bonds		1.750	%		6/16/22		700,000		699,450
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		770,000		715,865
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		4.125	%		5/15/27		730,000		748,520	(a)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes		5.450	%		5/21/28		580,000		631,916	(a)
TOTAL UTILITIES									12,440,124
TOTAL CORPORATE BONDS & NOTES (Cost - $375,281,685)									378,779,933
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 35.7%
U.S. Government Obligations - 35.7%
U.S. Treasury Bonds		1.125	%		8/15/40		14,910,000		12,357,827
U.S. Treasury Bonds		1.375	%		11/15/40		6,110,000		5,285,150
U.S. Treasury Bonds		1.875	%		2/15/41		3,280,000		3,084,481
U.S. Treasury Bonds		2.250	%		5/15/41		190,000		189,458

See Notes to Schedule of Investments.

    18     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. Government Obligations - continued
U.S. Treasury Bonds		1.750	%		8/15/41	$	5,360,000	$	4,916,125
U.S. Treasury Bonds		2.000	%		11/15/41		6,130,000		5,870,433
U.S. Treasury Bonds		3.750	%		11/15/43		12,640,000		15,796,544
U.S. Treasury Bonds		3.625	%		2/15/44		1,360,000		1,671,206
U.S. Treasury Bonds		2.500	%		2/15/45		1,560,000		1,611,005
U.S. Treasury Bonds		3.000	%		2/15/48		18,190,000		20,932,000
U.S. Treasury Bonds		3.000	%		8/15/48		1,900,000		2,192,867
U.S. Treasury Bonds		2.000	%		2/15/50		8,990,000		8,611,788
U.S. Treasury Bonds		1.250	%		5/15/50		31,490,000		25,130,496
U.S. Treasury Bonds		1.375	%		8/15/50		28,350,000		23,347,776
U.S. Treasury Bonds		1.625	%		11/15/50		7,870,000		6,897,932
U.S. Treasury Bonds		1.875	%		2/15/51		40,100,000		37,343,125
U.S. Treasury Bonds		2.375	%		5/15/51		8,690,000		9,063,738
U.S. Treasury Bonds		2.000	%		8/15/51		3,210,000		3,080,095
U.S. Treasury Bonds		1.875	%		11/15/51		5,560,000		5,189,044
U.S. Treasury Notes		2.875	%		9/30/23		200,000		204,773
U.S. Treasury Notes		0.250	%		11/15/23		120,000		117,689
U.S. Treasury Notes		2.250	%		4/30/24		280,000		284,397
U.S. Treasury Notes		0.250	%		5/31/25		33,040,000		31,550,619
U.S. Treasury Notes		0.250	%		6/30/25		660,000		629,243
U.S. Treasury Notes		2.875	%		7/31/25		5,040,000		5,238,647
U.S. Treasury Notes		0.250	%		9/30/25		20,000		18,988
U.S. Treasury Notes		3.000	%		9/30/25		1,970,000		2,058,804
U.S. Treasury Notes		0.250	%		10/31/25		470,000		445,600
U.S. Treasury Notes		2.250	%		11/15/25		7,100,000		7,235,621
U.S. Treasury Notes		0.375	%		11/30/25		3,630,000		3,453,038
U.S. Treasury Notes		0.375	%		1/31/26		1,280,000		1,214,400
U.S. Treasury Notes		0.750	%		4/30/26		8,100,000		7,778,531
U.S. Treasury Notes		2.125	%		5/31/26		1,190,000		1,208,315
U.S. Treasury Notes		1.875	%		7/31/26		2,970,000		2,986,010
U.S. Treasury Notes		1.625	%		9/30/26		220,000		218,848
U.S. Treasury Notes		1.625	%		10/31/26		570,000		566,927
U.S. Treasury Notes		0.750	%		1/31/28		17,180,000		16,170,004
U.S. Treasury Notes		1.250	%		3/31/28		7,190,000		6,961,942
U.S. Treasury Notes		1.250	%		4/30/28		46,240,000		44,751,651
U.S. Treasury Notes		1.250	%		5/31/28		4,700,000		4,545,231
U.S. Treasury Notes		1.250	%		6/30/28		6,380,000		6,163,678
U.S. Treasury Notes		1.000	%		7/31/28		2,000,000		1,900,820
U.S. Treasury Notes		1.125	%		8/31/28		4,500,000		4,307,520

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         19

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. Government Obligations - continued
U.S. Treasury Notes		1.625	%		5/15/31	$	6,430,000	$	6,320,238
U.S. Treasury Notes		1.250	%		8/15/31		1,290,000		1,225,198
U.S. Treasury Strip Principal (STRIPS)		0.000	%		5/15/49		5,220,000		2,883,566
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $369,087,919)									353,011,388
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - 8.9%
280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. USD LIBOR + 0.880%)		1.071	%		9/15/34		730,000		726,195	(a)(b)
Adjustable Rate Mortgage Trust, 2004-5 4A1		2.789	%		4/25/35		43,910		44,159	(b)
AREIT Trust, 2022-CRE6 A (30 Day Average SOFR + 1.250%)		1.298	%		11/17/24		1,030,000		1,035,695	(a)(b)
BCAP LLC Trust, 2015-RR6 1A2		3.500	%		5/26/37		2,285,000		2,266,146	(a)(b)
BENCHMARK Mortgage Trust, 2018-B7 A4		4.510	%		5/15/53		785,000		862,279	(b)
BENCHMARK Mortgage Trust, 2019-B10 A4		3.717	%		3/15/62		2,760,000		2,906,584
BPR Trust, 2021-TY B (1 mo. USD LIBOR + 1.150%)		1.341	%		9/15/38		2,140,000		2,111,221	(a)(b)
BRAVO Residential Funding Trust, 2021-NQM2 A1		0.970	%		3/25/60		339,114		335,714	(a)(b)
BX Commercial Mortgage Trust, 2021-XL2 A (1 mo. USD LIBOR + 0.689%)		0.880	%		10/15/38		1,030,000		1,009,429	(a)(b)
BX Commercial Mortgage Trust, 2022-LP2 A (1 mo. Term SOFR + 1.013%)		1.063	%		2/15/39		940,000		931,975	(a)(b)
CIM Trust, 2021-R6 A1		1.425	%		7/25/61		459,878		446,210	(a)(b)
Citigroup Commercial Mortgage Trust, 2014- GC25 AS		4.017	%		10/10/47		640,000		657,536
Commercial Mortgage Trust, 2013-300P B		4.394	%		8/10/30		560,000		568,467	(a)(b)
Commercial Mortgage Trust, 2013-CR12 AM		4.300	%		10/10/46		80,000		81,555
Commercial Mortgage Trust, 2013-CR12 B		4.762	%		10/10/46		70,000		70,987	(b)
Commercial Mortgage Trust, 2013-CR12 C		5.070	%		10/10/46		40,000		38,910	(b)
Commercial Mortgage Trust, 2014-UBS2 XA, IO		1.115	%		3/10/47		2,684,403		47,114	(b)
CSMC Trust, 2014-USA B		4.185	%		9/15/37		2,820,000		2,693,886	(a)
CSMC Trust, 2017-RPL3 A1		4.000	%		8/1/57		695,208		713,150	(a)(b)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		1,664,242		1,664,440	(a)(b)
CSMC Trust, 2019-AFC1 A1, Step bond (2.573% to 8/25/23 then 3.573%)		2.573	%		7/25/49		624,816		623,050	(a)
CSMC Trust, 2019-AFC1 A3, Step bond (2.877% to 8/25/23 then 3.877%)		2.877	%		7/25/49		1,373,829		1,365,395	(a)
CSMC Trust, 2019-ICE4 A (1 mo. USD LIBOR + 0.980%)		1.171	%		5/15/36		190,000		188,611	(a)(b)
CSMC Trust, 2020-AFC1 A1		2.240	%		2/25/50		1,039,451		1,031,140	(a)(b)

See Notes to Schedule of Investments.

    20     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - continued
CSMC Trust, 2021-2R 1A1 (1 mo. USD LIBOR + 1.750%)		1.857	%		7/25/47	$	962,536	$	977,476	(a)(b)
CSMC Trust, 2021-AFC1 A3		1.169	%		3/25/56		393,048		384,748	(a)(b)
CSMC Trust, 2021-NQM2 A3		1.538	%		2/25/66		350,362		342,033	(a)(b)
CSMC Trust, 2021-NQM5 A1		0.938	%		5/25/66		665,808		643,968	(a)(b)
CSMC Trust, 2021-NQM7 A1		1.756	%		10/25/66		467,697		454,756	(a)(b)
CSMC Trust, 2021-RPL6 A1		2.000	%		10/25/60		697,137		683,478	(a)(b)
CSMC Trust, 2022-NQM1 A1		2.265	%		11/25/66		1,623,744		1,601,536	(a)(b)
DBJPM Mortgage Trust, 2016-C1 B		4.195	%		5/10/49		1,060,000		1,073,911	(b)
Deephaven Residential Mortgage Trust, 2022-1 A1		2.205	%		1/25/67		1,025,672		1,014,945	(a)(b)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		1,235,877		1,202,164	(a)(b)
Ellington Financial Mortgage Trust, 2022-1 A1		2.206	%		1/25/67		507,395		503,756	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K091 X1, IO		0.559	%		3/25/29		2,482,430		89,919	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K093 X1, IO		0.952	%		5/25/29		1,989,642		118,677	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, S8FX A2		3.291	%		3/25/27		590,000		611,783
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4066 PI, IO		3.500	%		9/15/31		1,137,139		56,977
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4203 PS,IO, PAC(-1.000 x 1 mo. USD LIBOR + 6.250%)		6.059	%		9/15/42		277,616		35,591	(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		148,748		20,674
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		349,524		55,710
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO		2.500	%		9/25/50		182,776		29,535
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		91,216		12,246
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA1 M1A (30 Day Average SOFR + 1.000%)		1.049	%		1/25/42		1,350,000		1,338,673	(a)(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         21

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA6 M1 (30 Day Average SOFR + 0.900%)		0.949	%		12/25/50	$	136,071	$	136,046	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA6 M2 (30 Day Average SOFR + 1.500%)		1.549	%		10/25/41		1,230,000		1,188,592	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 334 S7, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.909	%		8/15/44		106,329		18,252	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%)		2.349	%		8/25/33		1,930,000		1,953,641	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1A (30 Day Average SOFR + 1.300%)		1.349	%		2/25/42		2,000,000		2,000,354	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%)		2.449	%		2/25/42		2,000,000		1,992,701	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2014-C04 2M2 (1 mo. USD LIBOR + 5.000%)		5.187	%		11/25/24		161,900		163,801	(b)
Federal National Mortgage Association (FNMA) - CAS, 2016-C02 1M2 (1 mo. USD LIBOR + 6.000%)		6.187	%		9/25/28		778,917		807,568	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2017-C01 1ED1 (1 mo. USD LIBOR + 1.250%)		1.437	%		7/25/29		1,124,061		1,125,152	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2021-R03 1 M2 (30 Day Average SOFR + 1.650%)		1.699	%		12/25/41		2,140,000		2,081,859	(a)(b)
Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2		3.610	%		2/25/31		260,000		284,380
Federal National Mortgage Association (FNMA) ACES, 2019-M19 A2		2.560	%		9/25/29		439,393		450,790
Federal National Mortgage Association (FNMA) ACES, 2019-M28 AV		2.232	%		2/25/27		192,827		193,973

See Notes to Schedule of Investments.

    22     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - continued
Federal National Mortgage Association (FNMA) REMIC, 2013-026 HI, IO		3.000	%		4/25/32	$	11,706	$	243
Federal National Mortgage Association (FNMA) REMIC, 2013-54 BS, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		5.963	%		6/25/43		24,322		4,108	(b)
Federal National Mortgage Association (FNMA) REMIC, 2013-73 IA, IO		3.000	%		9/25/32		617,875		39,187
Federal National Mortgage Association (FNMA) REMIC, 2013-124 SB, IO (-1.000 x 1 mo. USD LIBOR + 5.950%)		5.763	%		12/25/43		27,848		4,783	(b)
Federal National Mortgage Association (FNMA) REMIC, 2017-85 SC, IO (-1.000 x 1 mo. USD LIBOR + 6.200%)		6.013	%		11/25/47		38,307		6,389	(b)
Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO		2.500	%		8/25/50		171,523		27,395
Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO		2.500	%		12/25/50		84,094		11,973
Federal National Mortgage Association (FNMA) STRIPS, 409 C18, IO		4.000	%		4/25/42		19,478		2,863
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		10,243		10,258	(a)(b)
Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. USD LIBOR + 0.350%)		0.451	%		8/20/58		377,461		377,125	(b)
Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. USD LIBOR + 0.450%)		0.551	%		11/20/60		1,091,349		1,092,461	(b)
Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. USD LIBOR + 0.500%)		0.601	%		2/20/61		141,828		142,082	(b)
Government National Mortgage Association (GNMA), 2011-H09 AF (1 mo. USD LIBOR + 0.500%)		0.601	%		3/20/61		132,385		132,630	(b)
Government National Mortgage Association (GNMA), 2012-027 IO, IO		0.576	%		4/16/53		2,123,241		16,256	(b)
Government National Mortgage Association (GNMA), 2012-H30 GA (1 mo. USD LIBOR + 0.350%)		0.451	%		12/20/62		524,307		523,877	(b)
Government National Mortgage Association (GNMA), 2013-95 IO, IO		0.525	%		4/16/47		4,841,226		78,067	(b)
Government National Mortgage Association (GNMA), 2014-105 IO, IO		0.122	%		6/16/54		265,967		6,803	(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         23

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - continued
Government National Mortgage Association (GNMA), 2014-130 IB, IO		0.351	%		8/16/54	$	1,199,055	$	17,692	(b)
Government National Mortgage Association (GNMA), 2014-157 IO, IO		0.233	%		5/16/55		1,122,433		14,604	(b)
Government National Mortgage Association (GNMA), 2014-186 IO, IO		0.391	%		8/16/54		937,530		13,688	(b)
Government National Mortgage Association (GNMA), 2020-H9 NF (1 mo. USD LIBOR + 1.250%)		1.412	%		4/20/70		143,685		147,355	(b)
GS Mortgage Securities Corp. II, 2018-SRP5 A (1 mo. USD LIBOR + 1.550%)		1.741	%		9/15/31		2,864,543		2,586,681	(a)(b)
GS Mortgage Securities Corp. II, 2018-SRP5 B (1 mo. USD LIBOR + 2.750%)		2.941	%		9/15/31		2,231,129		1,828,170	(a)(b)
GS Mortgage Securities Corp. Trust, 2016-GS3 C		3.993	%		10/10/49		570,000		566,786	(b)
GS Mortgage Securities Trust, 2013-GC16 B		5.161	%		11/10/46		240,000		244,823	(b)
GSMSC Resecuritization Trust, 2015-7R A (1 mo. USD LIBOR + 0.150%)		0.256	%		9/26/37		226,114		224,546	(a)(b)
Impac CMB Trust, 2007-A A (1 mo. USD LIBOR + 0.500%)		0.687	%		5/25/37		677,675		676,354	(a)(b)
JPMorgan Mortgage Trust, 2019-LTV3 B2		4.486	%		3/25/50		499,389		497,352	(a)(b)
JPMBB Commercial Mortgage Securities Trust, 2013-C17 B		4.885	%		1/15/47		90,000		92,569	(b)
JPMBB Commercial Mortgage Securities Trust, 2014-C22 C		4.551	%		9/15/47		300,000		285,157	(b)
JPMBB Commercial Mortgage Securities Trust, 2015-C30 B		4.263	%		7/15/48		654,000		660,902	(b)
JPMDB Commercial Mortgage Securities Trust, 2017-C5 B		4.009	%		3/15/50		1,030,000		1,027,594	(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		1.636	%		5/15/28		586,094		524,848	(a)(b)
Legacy Mortgage Asset Trust, 2021-GS2 A1, Step bond (1.750% to 4/25/24, 4.750% to 4/25/25 then 5.750%)		1.750	%		4/25/61		477,264		466,826	(a)
Madison Avenue Mortgage Trust, 2017-330M A		3.294	%		8/15/34		630,000		628,785	(a)(b)
Merrill Lynch Mortgage Investors Trust, 2004-A1 2A1		2.234	%		2/25/34		115,586		118,550	(b)
Mill City Mortgage Loan Trust, 2019-1 A1		3.250	%		10/25/69		931,463		947,467	(a)(b)
Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C25 A5		3.635	%		10/15/48		1,245,000		1,285,922

See Notes to Schedule of Investments.

    24     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - continued
Morgan Stanley Capital I Trust, 2019-BPR A (1 mo. USD LIBOR + 1.400%)		1.591	%		5/15/36	$	1,930,000	$	1,899,692	(a)(b)
MSCG Trust, 2015-ALDR A2		3.462	%		6/7/35		1,440,000		1,450,354	(a)(b)
Natixis Commercial Mortgage Securities Trust, 2019-FAME A		3.047	%		8/15/36		1,300,000		1,280,583	(a)
Natixis Commercial Mortgage Securities Trust, 2019-FAME B		3.655	%		8/15/36		2,550,000		2,463,195	(a)
New Residential Mortgage Loan Trust, 2015-1A A2		3.750	%		5/28/52		400,521		406,807	(a)(b)
New Residential Mortgage Loan Trust, 2017-1A A1		4.000	%		2/25/57		485,372		502,544	(a)(b)
New Residential Mortgage Loan Trust, 2017-3A A1		4.000	%		4/25/57		750,439		774,458	(a)(b)
New Residential Mortgage Loan Trust, 2017-4A A1		4.000	%		5/25/57		758,004		779,998	(a)(b)
New Residential Mortgage Loan Trust, 2021- NQM3 A3		1.516	%		11/27/56		417,048		406,233	(a)(b)
OBX Trust, 2022-NQM1 A1		2.305	%		11/25/61		1,970,042		1,949,992	(a)(b)
OBX Trust, 2021-NQM2 A1		1.101	%		5/25/61		418,290		402,946	(a)(b)
OBX Trust, 2021-NQM3 A1		1.054	%		7/25/61		623,815		603,871	(a)(b)
Onslow Bay Mortgage Loan Trust, 2021-NQM4 A1		1.957	%		10/25/61		485,182		471,521	(a)(b)
OPG Trust, 2021-PORT A (1 mo. USD LIBOR + 0.484%)		0.675	%		10/15/36		2,130,000		2,049,705	(a)(b)
PRKCM Trust, 2021-AFC1 A1		1.510	%		8/25/56		1,275,239		1,229,439	(a)(b)
PRKCM Trust, 2021-AFC2 A1		2.071	%		11/25/56		510,358		496,641	(a)(b)
Residential Mortgage Loan Trust, 2020-2 A1		1.654	%		5/25/60		1,512,980		1,514,003	(a)(b)
SACO I Trust, 2007-VA1 A		5.019	%		6/25/23		19,619		17,471	(a)(b)
UBS Commercial Mortgage Trust, 2018-C11 B		4.713	%		6/15/51		1,040,000		1,081,191	(b)
UBS-Barclays Commercial Mortgage Trust, 2012-C4 D		4.460	%		12/10/45		570,000		521,802	(a)(b)
VASA Trust, 2021-VASA A (1 mo. USD LIBOR + 0.900%)		1.091	%		7/15/39		880,000		867,940	(a)(b)
Virginia Housing Development Authority, 2006-C CTFS		6.000	%		6/25/34		332,405		341,622
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR9 A7		2.723	%		8/25/34		950,253		978,054	(b)
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A2A (1 mo. USD LIBOR + 0.740%)		0.927	%		11/25/34		304,248		294,603	(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         25

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - continued
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. USD LIBOR + 0.720%)		0.907	%		7/25/45	$	1,593,227	$	1,579,457	(b)
Waterfall Commercial Mortgage Trust, 2015- SBC5 A		4.104	%		9/14/22		147,252		146,173	(a)(b)
WF-RBS Commercial Mortgage Trust, 2013-C14 B		3.841	%		6/15/46		1,060,000		1,063,607	(b)
WF-RBS Commercial Mortgage Trust, 2014-C23 XA, IO		0.560	%		10/15/57		4,834,116		59,320	(b)
ZH Trust, 2021-2 A		2.349	%		10/17/27		570,000		568,440	(a)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $89,886,518)									87,604,346
ASSET-BACKED SECURITIES - 8.6%
522 Funding CLO Ltd., 2020-6A A1R (3 mo. USD LIBOR + 1.150%)		1.409	%		10/23/34		1,520,000		1,520,097	(a)(b)
ABPCI Direct Lending Fund CLO X LP, 2020-10A A1A (3 mo. USD LIBOR + 1.950%)		2.204	%		1/20/32		1,320,000		1,321,049	(a)(b)
AccessLex Institute, 2005-A A3 (3 mo. USD LIBOR + 0.400%)		0.658	%		7/25/34		470,911		463,366	(b)
Apidos CLO XII, 2013-12A AR (3 mo. USD LIBOR + 1.080%)		1.321	%		4/15/31		750,000		746,816	(a)(b)
Applebee’s Funding LLC/IHOP Funding LLC, 2019-1A A2I		4.194	%		6/5/49		990,000		991,299	(a)
Aqua Finance Trust, 2021-A B		2.400	%		7/17/46		1,050,000		1,014,415	(a)
Arbor Realty Commercial Real Estate Notes Ltd., 2022-FL1 A (30 Day Average SOFR + 1.450%)		1.500	%		1/15/37		924,000		924,007	(a)(b)
Ares XLVII CLO Ltd., 2018-47A A1 (3 mo. USD LIBOR + 0.920%)		1.161	%		4/15/30		860,000		858,577	(a)(b)
Avis Budget Rental Car Funding AESOP LLC, 2020-2A A		2.020	%		2/20/27		2,770,000		2,738,657	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A A		1.380	%		8/20/27		2,650,000		2,554,967	(a)
Balboa Bay Loan Funding Ltd., 2021-2A A1 (3 mo. USD LIBOR + 1.170%)		1.382	%		1/20/35		630,000		630,705	(a)(b)
BCRED MML CLO LLC, 2021-1A A (3 mo. USD LIBOR + 1.480%)		1.810	%		1/15/35		740,000		739,444	(a)(b)
BCRED MML CLO LLC, 2022-1A A1 (3 mo. Term SOFR + 1.650%)		2.061	%		4/20/35		1,050,000		1,050,268	(a)(b)(g)
BDS Ltd., 2021-FL10 D (1 mo. USD LIBOR + 2.850%)		2.987	%		12/16/36		2,140,000		2,134,934	(a)(b)

See Notes to Schedule of Investments.

    26     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
Bear Stearns Asset Backed Securities Trust, 2004-SD2 A3 (1 year Treasury Constant Maturity Rate + 2.320%)		2.470	%		3/25/44	$	263,597	$	262,346	(b)
Benefit Street Partners CLO IV Ltd., 2014-IVA ARRR (3 mo. USD LIBOR + 1.180%)		1.434	%		1/20/32		750,000		750,371	(a)(b)(h)
Blackbird Capital Aircraft, 2021-1A A		2.443	%		7/15/46		510,283		491,237	(a)
Canyon CLO Ltd., 2020-1A AR (3 mo. USD LIBOR + 1.180%)		1.421	%		7/15/34		1,360,000		1,361,619	(a)(b)
Carlyle Global Market Strategies CLO Ltd., 2014-3RA A1A (3 mo. USD LIBOR + 1.050%)		1.318	%		7/27/31		545,508		545,242	(a)(b)
Catskill Park CLO Ltd., 2017-1A A2 (3 mo. USD LIBOR + 1.700%)		1.954	%		4/20/29		1,250,000		1,249,220	(a)(b)
Cayuga Park CLO Ltd., 2020-1A AR (3 mo. USD LIBOR + 1.120%)		1.361	%		7/17/34		1,020,000		1,018,832	(a)(b)
Cerberus Loan Funding XXVIII LP, 2020-1A A (3 mo. USD LIBOR + 1.850%)		1.974	%		10/15/31		420,000		420,057	(a)(b)
CLI Funding VIII LLC, 2022-1A A1		2.720	%		1/18/47		1,421,952		1,406,627	(a)
College Ave Student Loans LLC, 2021-C C		3.060	%		7/26/55		1,100,000		1,072,102	(a)
Countrywide Home Equity Loan Trust, 2006-HW 2A1B (1 mo. USD LIBOR + 0.150%)		0.341	%		11/15/36		419,784		361,417	(b)
Countrywide Home Equity Loan Trust, 2006-I 2A (1 mo. USD LIBOR + 0.140%)		0.331	%		1/15/37		472,878		454,098	(b)
Dryden 75 CLO Ltd., 2019-75A AR2 (3 mo. USD LIBOR + 1.040%)		1.281	%		4/15/34		800,000		793,000	(a)(b)
Dryden 87 CLO Ltd., 2021-87A A1 (3 mo. USD LIBOR + 1.100%)		1.580	%		5/20/34		2,020,000		2,008,736	(a)(b)
Eaton Vance CLO Ltd., 2020-2A AR (3 mo. USD LIBOR + 1.150%)		1.391	%		1/15/35		930,000		927,614	(a)(b)
First Franklin Mortgage Loan Trust, 2003-FF1 A1 (1 mo. USD LIBOR + 1.125%)		1.231	%		3/25/33		364,961		361,591	(b)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		2,220,000		2,411,890
Golub Capital Partners CLO Ltd., 2021-57A A1 (3 mo. USD LIBOR + 1.490%)		1.611	%		10/25/34		1,730,000		1,718,686	(a)(b)
GoodLeap Sustainable Home Solutions Trust, 2022-1GS B		2.940	%		1/20/49		943,000		947,065	(a)
Great Lakes Kcap F3c Senior LLC, 2017-1A A (3 mo. USD LIBOR + 1.900%)		2.114	%		12/20/29		2,040,000		2,037,462	(a)(b)
Grippen Park CLO Ltd., 2017-1A A (3 mo. USD LIBOR + 1.260%)		1.514	%		1/20/30		500,000		500,123	(a)(b)
GRMT Mortgage Loan Trust, 2001-1A A5		6.650	%		7/20/31		17,926		17,995	(a)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         27

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
HalseyPoint CLO I Ltd., 2019-1A A1A1 (3 mo. USD LIBOR + 1.350%)		1.604	%		1/20/33	$	250,000	$	249,800	(a)(b)
HalseyPoint CLO 3 Ltd., 2020-3A A1A (3 mo. USD LIBOR + 1.450%)		1.749	%		11/30/32		560,000		560,626	(a)(b)
Hardee’s Funding LLC, 2021-1A A2		2.865	%		6/20/51		527,350		501,772	(a)
Hertz Vehicle Financing III LP, 2021-2A C		2.520	%		12/27/27		1,090,000		1,049,121	(a)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		540,000		540,000	(a)
HPS Loan Management Ltd., 2021-16A A1 (3 mo. USD LIBOR + 1.140%)		1.395	%		1/23/35		890,000		885,324	(a)(b)
KeyCorp Student Loan Trust, 2006-A 2B (3 mo. USD LIBOR + 0.480%)		0.700	%		12/27/41		568,176		564,851	(b)
KKR CLO 32 Ltd., 32A A1 (3 mo. USD LIBOR + 1.320%)		1.561	%		1/15/32		490,000		490,218	(a)(b)
KREF Ltd., 2022-FL3 A (1 mo. Term SOFR + 1.450%)		1.500	%		2/15/39		2,020,000		2,037,628	(a)(b)
LCM XVIII LP, 19A AR (3 mo. USD LIBOR + 1.240%)		1.481	%		7/15/27		102,976		103,011	(a)(b)
Legacy Mortgage Asset Trust, 2019-GS5 A1, Step bond		3.200	%		5/25/59		2,523,201		2,527,469	(a)
MF1 Ltd., 2021-FL7 A (1 mo. USD LIBOR + 1.080%)		1.206	%		10/16/36		2,100,000		2,088,080	(a)(b)
Midocean Credit CLO VII, 2017-7A BR (3 mo. USD LIBOR + 1.600%)		1.841	%		7/15/29		750,000		741,902	(a)(b)
Mosaic Solar Loan Trust, 2018-2GS A		4.200	%		2/22/44		1,457,894		1,518,974	(a)
Myers Park CLO Ltd., 2018-1A B1 (3 mo. USD LIBOR + 1.600%)		1.854	%		10/20/30		550,000		550,850	(a)(b)
Navient Student Loan Trust, 2016-3A A3 (1 mo. USD LIBOR + 1.350%)		1.537	%		6/25/65		1,696,723		1,731,591	(a)(b)
Navient Student Loan Trust, 2020-1A A1B (1 mo. USD LIBOR + 1.050%)		1.237	%		6/25/69		259,351		261,197	(a)(b)
Nelnet Student Loan Trust, 2012-2A A (1 mo. USD LIBOR + 0.800%)		0.987	%		12/26/33		632,774		633,221	(a)(b)
Oasis Securitization Funding LLC, 2021-1A A		2.579	%		2/15/33		472,646		473,309	(a)
Octagon Investment Partners 45 Ltd., 2019-1A A (3 mo. USD LIBOR + 1.330%)		1.571	%		10/15/32		750,000		750,862	(a)(b)
Octagon Investment Partners XXI Ltd., 2014-1A AAR3 (3 mo. USD LIBOR + 1.000%)		1.395	%		2/14/31		720,000		718,141	(a)(b)
OHA Credit Funding 7 Ltd., 2020-7A AR (3 mo. Term SOFR + 1.300%)		1.711	%		2/24/37		870,000		870,225	(a)(b)

See Notes to Schedule of Investments.

    28     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
Owl Rock CLO III Ltd., 2020-3A A1L (3 mo. USD LIBOR + 1.800%)		2.054	%		4/20/32	$	1,040,000	$	1,040,780	(a)(b)
OZLM XII Ltd., 2015-12A A1R (3 mo. USD LIBOR + 1.050%)		1.349	%		4/30/27		161,375		161,589	(a)(b)
Palmer Square CLO Ltd., 2019-1A A1R (3 mo. USD LIBOR + 1.150%)		1.545	%		11/14/34		1,250,000		1,248,330	(a)(b)
Point Au Roche Park CLO Ltd., 2021-1A A (3 mo. USD LIBOR + 1.080%)		1.334	%		7/20/34		1,650,000		1,652,060	(a)(b)
Recette CLO Ltd., 2015-1A ARR (3 mo. USD LIBOR + 1.080%)		1.334	%		4/20/34		510,000		508,166	(a)(b)
Reese Park CLO Ltd., 2020-1A AR (3 mo. USD LIBOR + 1.130%)		1.371	%		10/15/34		1,840,000		1,840,230	(a)(b)
SBA Small Business Investment Cos., 2021-10A 1		1.667	%		3/10/31		3,033,375		2,967,992
Silver Rock CLO I Ltd., 2020-1A A (3 mo. USD LIBOR + 1.650%)		1.904	%		10/20/31		1,410,000		1,408,230	(a)(b)
SLM Private Education Loan Trust, 2010-C A5 (1 mo. USD LIBOR + 4.750%)		4.941	%		10/15/41		442,215		490,763	(a)(b)
SLM Student Loan Trust, 2003-4 A5A (3 mo. USD LIBOR + 0.750%)		0.953	%		3/15/33		413,252		409,266	(a)(b)
SLM Student Loan Trust, 2003-4 A5E (3 mo. USD LIBOR + 0.750%)		0.953	%		3/15/33		840,920		832,808	(a)(b)
SMB Private Education Loan Trust, 2021-A A2B		1.590	%		1/15/53		2,140,000		2,085,717	(a)
Structured Asset Investment Loan Trust, 2004-7 A8 (1 mo. USD LIBOR + 1.200%)		1.387	%		8/25/34		520,000		518,083	(b)
STWD Ltd., 2022-FL3 A (30 Day Average SOFR + 1.350%)		1.400	%		11/15/38		1,540,000		1,535,392	(a)(b)
Towd Point Mortgage Trust, 2017-4 B2		3.424	%		6/25/57		1,010,000		1,015,481	(a)(b)
Toyota Auto Loan Extended Note Trust, 2021-1A A		1.070	%		2/27/34		540,000		518,192	(a)
TRTX Issuer Ltd., 2022-FL5 A (30 Day Average SOFR + 1.650%)		1.700	%		2/15/39		2,000,000		1,998,833	(a)(b)
Tryon Park CLO Ltd., 2013-1A A1SR (3 mo. USD LIBOR + 0.890%)		1.131	%		4/15/29		716,036		716,107	(a)(b)
Voya CLO Ltd., 2018-3A A1A (3 mo. USD LIBOR + 1.150%)		1.391	%		10/15/31		1,090,000		1,088,378	(a)(b)
Wendy’s Funding LLC, 2021-1A A2I		2.370	%		6/15/51		2,109,400		2,017,456	(a)
Whitebox CLO II Ltd., 2020-2A A1R (3 mo. USD LIBOR + 1.220%)		1.479	%		10/24/34		1,110,000		1,111,387	(a)(b)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         29

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - continued
Whitebox CLO III Ltd., 2021-3A A1 (3 mo. USD LIBOR + 1.220%)		1.341	%		10/15/34	$	1,050,000	$	1,050,064	(a)(b)
ZAIS CLO 13 Ltd., 2019-13A A1A (3 mo. USD LIBOR + 1.490%)		1.731	%		7/15/32		602,500		603,893	(a)(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $85,729,091)									85,473,300
SOVEREIGN BONDS - 4.9%
Canada - 0.1%
Province of Quebec Canada, Senior Notes		2.625	%		2/13/23		1,400,000		1,419,076
Chile - 0.4%
Chile Government International Bond, Senior Notes		3.500	%		1/31/34		2,580,000		2,564,442
Chile Government International Bond, Senior Notes		3.100	%		5/7/41		1,380,000		1,212,358
Total Chile									3,776,800
Colombia - 0.4%
Colombia Government International Bond, Senior Notes		3.875	%		4/25/27		1,210,000		1,166,005
Colombia Government International Bond, Senior Notes		3.125	%		4/15/31		620,000		526,609
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		920,000		831,606
Colombia Government International Bond, Senior Notes		5.200	%		5/15/49		2,200,000		1,866,766
Total Colombia									4,390,986
India - 0.1%
Export-Import Bank of India, Senior Notes		3.375	%		8/5/26		660,000		667,713	(a)
Indonesia - 0.4%
Indonesia Government International Bond, Senior Notes		5.875	%		1/15/24		479,000		512,936	(a)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		200,000		210,367	(a)
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		200,000		224,016	(a)
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		2,730,000		3,057,816	(i)
Total Indonesia									4,005,135
Kazakhstan - 0.1%
Kazakhstan Government International Bond, Senior Notes		4.875	%		10/14/44		1,270,000		1,281,621	(a)

See Notes to Schedule of Investments.

    30     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Kuwait - 0.2%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27	$	2,170,000	$	2,300,287	(a)
Mexico - 0.6%
Mexico Government International Bond, Senior Notes		2.659	%		5/24/31		1,525,000		1,405,257
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		2,640,000		2,621,428
Mexico Government International Bond, Senior Notes		4.400	%		2/12/52		1,780,000		1,642,628
Total Mexico									5,669,313
Panama - 0.4%
Panama Government International Bond, Senior Notes		6.700	%		1/26/36		930,000		1,145,569
Panama Government International Bond, Senior Notes		4.500	%		5/15/47		1,240,000		1,224,054
Panama Government International Bond, Senior Notes		4.300	%		4/29/53		1,630,000		1,541,833
Total Panama									3,911,456
Peru - 0.3%
Peruvian Government International Bond, Senior Notes		6.550	%		3/14/37		930,000		1,183,476
Peruvian Government International Bond, Senior Notes		3.300	%		3/11/41		580,000		518,421
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		740,000		926,428
Peruvian Government International Bond, Senior Notes		3.550	%		3/10/51		40,000		36,354
Total Peru									2,664,679
Poland - 0.2%
Republic of Poland Government International Bond		3.250	%		4/6/26		1,340,000		1,386,276
Republic of Poland Government International Bond, Senior Notes		4.000	%		1/22/24		530,000		548,064
Total Poland									1,934,340
Qatar - 0.5%
Qatar Government International Bond, Senior Notes		3.875	%		4/23/23		1,390,000		1,428,276	(i)
Qatar Government International Bond, Senior Notes		3.250	%		6/2/26		200,000		207,541	(i)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         31

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Qatar - continued
Qatar Government International Bond, Senior Notes		4.000	%		3/14/29	$	1,030,000	$	1,123,404	(a)
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		2,110,000		2,567,743	(a)
Total Qatar									5,326,964
Russia - 0.1%
Russian Foreign Bond - Eurobond, Senior Notes		4.875	%		9/16/23		800,000		336,000	(a)
Russian Foreign Bond - Eurobond, Senior Notes		5.625	%		4/4/42		800,000		308,147	(i)
Russian Foreign Bond - Eurobond, Senior Notes, Step bond		7.500	%		3/31/30		110,955		40,221	(i)
Russian Foreign Bond - Eurobond, Senior Notes, Step bond		7.500	%		3/31/30		35,100		12,724	(a)
Total Russia									697,092
Saudi Arabia - 0.0%††
Saudi Government International Bond, Senior Notes		2.875	%		3/4/23		290,000		294,146	(a)
Supranational - 0.1%
Asian Development Bank, Senior Notes		1.500	%		1/20/27		1,280,000		1,260,947
United Arab Emirates - 0.6%
Abu Dhabi Government International Bond, Senior Notes		2.500	%		10/11/22		2,100,000		2,119,417	(a)
Abu Dhabi Government International Bond, Senior Notes		2.125	%		9/30/24		3,280,000		3,292,398	(a)
Total United Arab Emirates									5,411,815
Uruguay - 0.4%
Uruguay Government International Bond, Senior Notes		4.375	%		1/23/31		2,200,000		2,423,872
Uruguay Government International Bond, Senior Notes		5.100	%		6/18/50		1,240,000		1,484,621
Total Uruguay									3,908,493
TOTAL SOVEREIGN BONDS (Cost - $49,976,949)									48,920,863
MORTGAGE-BACKED SECURITIES - 0.9%
FHLMC - 0.0%††
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		10/1/32		4,151		4,142
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		10/1/32		85,023		87,782
Total FHLMC									91,924

See Notes to Schedule of Investments.

    32     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - 0.6%
Federal National Mortgage Association (FNMA)		3.500	%		12/1/34-3/1/57	$	1,186,418	$	1,243,597
Federal National Mortgage Association (FNMA)		3.000	%		7/1/35- 3/1/40		1,794,005		1,843,925
Federal National Mortgage Association (FNMA)		1.500	%		12/1/35		89,523		87,229
Federal National Mortgage Association (FNMA)		2.500	%		3/1/38-5/1/41		1,096,382		1,105,165
Federal National Mortgage Association (FNMA)		6.000	%		7/1/41		151,491		173,114
Federal National Mortgage Association (FNMA)		4.000	%		2/1/56-6/1/57		185,990		200,133
Federal National Mortgage Association (FNMA)		4.500	%		8/1/58		46,562		50,850
Federal National Mortgage Association (FNMA) (12 mo. USD LIBOR + 1.428%)		1.749	%		5/1/43		446,406		459,983	(b)
Total FNMA									5,163,996
GNMA - 0.3%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		278,115		287,229
Government National Mortgage Association (GNMA)		4.000	%		3/15/50		32,877		34,562
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		242,611		254,511
Government National Mortgage Association (GNMA) II		4.000	%		7/20/47-4/20/50		690,090		734,619
Government National Mortgage Association (GNMA) II		4.500	%		10/20/48-3/20/50		738,951		776,876
Government National Mortgage Association (GNMA) II		3.500	%		10/20/49-2/20/50		138,591		142,932
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50		417,675		425,450
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50		443,856		443,396
Total GNMA									3,099,575
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $8,476,860)									8,355,495
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS - 0.0%††
EXCHANGE-TRADED PURCHASED OPTIONS - 0.0%††
U.S. Treasury 5-Year Notes Futures, Call @ $118.25		3/25/22			67		67,000		40,305

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         33

WESTERN ASSET INTERMEDIATE BOND FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) February 28, 2022

SECURITY	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT		VALUE
EXCHANGE-TRADED PURCHASED OPTIONS - continued
U.S. Treasury 10-Year Notes Futures, Call @ $127.00		3/25/22			79	$	79,000	$	91,344
U.S. Treasury Long-Term Bonds Futures, Call @ $155.00		3/25/22			22		22,000		64,281
U.S. Treasury Long-Term Bonds Futures, Call @ $156.00		3/25/22			22		22,000		51,562
TOTAL PURCHASED OPTIONS (Cost - $161,360)									247,492
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $978,600,382)									962,392,817
	RATE					SHARES
SHORT-TERM INVESTMENTS - 1.0%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $9,972,831)		0.010	%				9,972,831		9,972,831	(h)
TOTAL INVESTMENTS - 98.3% (Cost - $988,573,213)									972,365,648
Other Assets in Excess of Liabilities - 1.7%									17,205,748
TOTAL NET ASSETS - 100.0%								$	989,571,396

†† Represents less than 0.1%.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

(b) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

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

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

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

(f) Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

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

(h) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2022, the total market value of investments in Affiliated Companies was $10,723,202 and the cost was $10,722,831 (Note 2).

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

See Notes to Schedule of Investments.

    34     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2022

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CLO	— Collateralized Loan Obligation
CTFS	— Certificates
ICE	— Intercontinental Exchange
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
PAC	— Planned Amortization Class
PJSC	— Private Joint Stock Company
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			3/25/22	$	117.75			208	$	208,000	$	(183,625	)
U.S. Treasury 5-Year Notes Futures, Call			3/25/22		118.00			208		208,000		(152,750	)
U.S. Treasury 5-Year Notes Futures, Call			3/25/22		118.75			458		458,000		(175,328	)
U.S. Treasury 5-Year Notes Futures, Put			3/25/22		117.25			206		206,000		(41,844	)
U.S. Treasury 10-Year Notes Futures, Call			3/25/22		128.00			158		158,000		(106,156	)
U.S. Treasury 10-Year Notes Futures, Call			3/25/22		128.50			132		132,000		(68,063	)
U.S. Treasury 10-Year Notes Futures, Call			3/25/22		129.00			64		64,000		(24,000	)
U.S. Treasury 10-Year Notes Futures, Call			3/25/22		129.50			64		64,000		(18,000	)
U.S. Treasury 10-Year Notes Futures, Call			3/25/22		130.00			64		64,000		(14,000	)
U.S. Treasury 10-Year Notes Futures, Call			3/25/22		130.50			48		48,000		(7,500	)
U.S. Treasury 10-Year Notes Futures, Call			5/20/22		130.00			64		64,000		(37,000	)
U.S. Treasury Long-Term Bonds Futures, Call			3/25/22		157.00			44		44,000		(81,125	)
U.S. Treasury Long-Term Bonds Futures, Call			3/25/22		158.00			44		44,000		(63,250	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $735,756)											$	(972,641	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Interest rate swaption, Put (Premiums received - $45,903)	Citibank N.A.		4/29/22		130.00	bps		17,080,000	$	17,080,000	$	(170,556	)
TOTAL WRITTEN OPTIONS (Premiums received - $781,659)											$	(1,143,197	)

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         35

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2022

Abbreviation(s) used in this schedule:

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

At February 28, 2022, 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		1,508		12/22	$	372,371,912	$	370,496,750	$	(1,875,162	)
90-Day Eurodollar		214		6/23		53,094,495		52,381,850		(712,645	)
90-Day Eurodollar		49		9/23		12,137,716		11,988,463		(149,253	)
90-Day Eurodollar		1,112		12/23		274,584,073		272,036,900		(2,547,173	)
U.S. Treasury 2-Year Notes		1,091		6/22		234,306,130		234,812,179		506,049
U.S. Treasury 5-Year Notes		1,394		6/22		164,038,951		164,884,063		845,112
U.S. Treasury 10-Year Notes		1,885		6/22		237,911,609		240,219,687		2,308,078
										(1,624,994	)
Contracts to Sell:
90-Day Eurodollar		337		3/22		84,070,712		83,698,163		372,549
U.S. Treasury Long-Term Bonds		1,295		6/22		200,690,531		202,910,312		(2,219,781	)
U.S. Treasury Ultra 10-Year Notes		33		6/22		4,610,060		4,663,828		(53,768	)
U.S. Treasury Ultra Long- Term Bonds		679		6/22		126,917,800		126,251,563		666,237
										(1,234,763	)
Net unrealized depreciation on open futures contracts									$	(2,859,757	)

See Notes to Schedule of Investments.

    36     Western Asset Intermediate Bond Fund 2022 Quarterly Report

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2022

At February 28, 2022, the Fund had the following open swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†		PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
	$	42,144,000		6/15/22		3-Month LIBOR quarterly		0.190% semi-annually	$	(30	)	$	(49,269	)
		13,040,000		11/18/23		3.970%*		CPURNSA*		(48,126	)		251,875
		94,348,000		6/4/24		3-Month LIBOR quarterly		0.820% semi-annually		—			(1,204,443	)
		9,580,000		10/20/26		2.950%*		CPURNSA*		(5,013	)		308,547
		13,040,000		11/18/26		CPURNSA*		3.370%*		131,424			(246,787	)
		14,820,000		11/20/26		1.520% annually		Daily SOFR Compound annually		(25,410	)		112,501
		14,623,000		5/15/27		0.710% annually		Daily SOFR Compound annually		70,927			561,482
		30,911,000		2/15/28		1.350% semi-annually		3-Month LIBOR quarterly		(25,348	)		921,314
		15,928,000		8/15/28		1.130% annually		Daily SOFR Compound annually		114,136			347,468
		10,908,000		8/15/28		1.220% annually		Daily SOFR Compound annually		(4,660	)		259,991
		6,297,000		11/1/28		1.200% annually		Daily SOFR Compound annually		(367	)		162,623
		9,580,000		10/20/31		CPURNSA*		2.770%*		7,958			(266,421	)
		9,590,000		10/20/31		1.733% annually		Daily SOFR Compound annually		37,784			(14,534	)
		12,480,000		7/20/45		0.560% annually		Daily SOFR annually		85,368			2,800,030
		4,350,000		8/19/45		0.740% annually		Daily SOFR annually		—			849,038
		7,501,000		2/15/47		1.630% semi-annually		3-Month LIBOR quarterly		45,678			554,400
		2,366,000		2/15/47		1.520% annually		Daily SOFR Compound annually		(78,823	)		187,954
		4,875,000		2/15/47		1.729% annually		Daily SOFR Compound annually		69,464			(51,874	)
		4,800,000		5/15/47		1.630% annually		Daily SOFR Compound annually		203,695			(84,731	)
		4,043,000		7/9/51		1.671% semi-annually		3-Month LIBOR quarterly		(18,019	)		316,055
Total	$	325,224,000							$	560,638		$	5,715,219

See Notes to Schedule of Investments.

Western Asset Intermediate Bond Fund 2022 Quarterly Report         37

WESTERN ASSET INTERMEDIATE BOND FUND

Schedule of investments (unaudited) (cont’d) February 28, 2022

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE	PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE3		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED DEPRECIATION
Markit CDX.NA.IG.37 Index	$	192,052,250	12/20/26	1.000% quarterly	$	2,816,830	$	4,232,274	$	(1,415,444	)

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

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

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

† Percentage shown is an annual percentage rate.

* One time payment made at termination date.

Abbreviation(s) used in this table:

CPURNSA	— U.S. CPI Urban Consumers NSA Index
LIBOR	— London Interbank Offered Rate
SOFR	— Secured Overnight Financing Rate

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

See Notes to Schedule of Investments.

    38     Western Asset Intermediate Bond Fund 2022 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Intermediate Bond Fund (the “Fund”) is a separate diversified investment series of Western Asset Funds, Inc. (the “Corporation”). The Corporation, a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global 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.

39

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 – 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.

40

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Financials		—	$	148,483,641	$	591,802	$	149,075,443
Other Corporate Bonds & Notes		—		229,704,490		—		229,704,490
U.S. Government & Agency Obligations		—		353,011,388		—		353,011,388
Collateralized Mortgage Obligations		—		87,604,346		—		87,604,346
Asset-Backed Securities		—		85,473,300		—		85,473,300
Sovereign Bonds		—		48,920,863		—		48,920,863
Mortgage-Backed Securities		—		8,355,495		—		8,355,495
Purchased Options	$	247,492		—		—		247,492
Total Long-Term Investments		247,492		961,553,523		591,802		962,392,817
Short-Term Investments†		9,972,831		—		—		9,972,831
Total Investments	$	10,220,323	$	961,553,523	$	591,802	$	972,365,648
Other Financial Instruments:
Futures Contracts††	$	4,698,025		—		—	$	4,698,025
Centrally Cleared Interest Rate Swaps††		—	$	7,633,278		—		7,633,278
Total Other Financial Instruments	$	4,698,025	$	7,633,278		—	$	12,331,303
Total	$	14,918,348	$	969,186,801	$	591,802	$	984,696,951

41

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

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	972,641		—		—	$	972,641
OTC Written Options		—	$	170,556		—		170,556
Futures Contracts††		7,557,782		—		—		7,557,782
Centrally Cleared Interest Rate Swaps††		—		1,918,059		—		1,918,059
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection††		—		1,415,444		—		1,415,444
Total	$	8,530,423	$	3,504,059		—	$	12,034,482

† See Schedule of Investments for additional detailed categorizations.

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

2. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The Fund invested in Western Asset Premier Institutional Government Reserves, Premium Shares, an affiliated registered money market fund managed by Western Asset. Benefit Street Partners is a wholly-owned subsidiary of Franklin Resources, Inc. The following companies were considered affiliated companies for all or some portion of the period ended February 28, 2022. The following transactions were effected in such companies for the period ended February 28, 2022.

	Affiliate Value at May 31, 2021		Purchased				Sold
			Cost		Shares/ Face Amount		Cost		Shares/ Face Amount
Benefit Street Partners CLO IV Ltd., 2014-IVA ARRR	$	751,429		—		—		—		—
Western Asset Premier Institutional Government Reserves, Premium Shares		5,286,986	$	235,640,762		235,640,762	$	230,954,917		230,954,917
	$	6,038,415	$	235,640,762			$	230,954,917

42

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

(cont’d)	Realized Gain (Loss)		Interest/ Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at February 28, 2022
Benefit Street Partners CLO IV Ltd., 2014-IVA ARRR		—	$	7,624	$	(1,058	)	$	750,371
Western Asset Premier Institutional Government Reserves, Premium Shares		—		1,254		—			9,972,831
		—	$	8,878	$	(1,058	)	$	10,723,202

43