Western Asset Funds NPORT-P Western Asset High Yield Fund (Feb 2023 report)

WESTERN ASSET HIGH YIELD FUND

Schedule of investments (unaudited) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 84.2%
COMMUNICATION SERVICES - 11.6%
Diversified Telecommunication Services - 2.4%
Altice Financing SA, Senior Secured Notes		5.000	%		1/15/28		600,000	$	498,468	(a)
Altice Financing SA, Senior Secured Notes		5.750	%		8/15/29		1,680,000		1,375,744	(a)
Altice France Holding SA, Senior Notes		6.000	%		2/15/28		880,000		613,008	(a)
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		1,030,000		851,635	(a)
Altice France SA, Senior Secured Notes		5.125	%		7/15/29		470,000		364,734	(a)
Altice France SA, Senior Secured Notes		5.500	%		10/15/29		1,860,000		1,457,651	(a)
Telecom Italia Capital SA, Senior Notes		6.000	%		9/30/34		340,000		284,408
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		540,000		526,354	(a)
Total Diversified Telecommunication Services									5,972,002
Entertainment - 0.6%
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes		10.500	%		2/15/28		1,300,000		562,010	(a)
AMC Entertainment Holdings Inc., Secured Notes (5.000% Cash and 6.000% PIK or 10.000% Cash or 12.000% PIK)		10.000	%		6/15/26		310,000		160,087	(a)(b)
AMC Entertainment Holdings Inc., Senior Secured Notes		7.500	%		2/15/29		530,000		318,140	(a)
Playtika Holding Corp., Senior Notes		4.250	%		3/15/29		350,000		283,815	(a)
Speedway Motorsports LLC/Speedway Funding II Inc., Senior Notes		4.875	%		11/1/27		140,000		129,342	(a)
Total Entertainment									1,453,394
Interactive Media & Services - 0.9%
Match Group Holdings II LLC, Senior Notes		4.625	%		6/1/28		190,000		168,940	(a)
Match Group Holdings II LLC, Senior Notes		3.625	%		10/1/31		1,820,000		1,425,788	(a)
Rackspace Technology Global Inc., Senior Secured Notes		3.500	%		2/15/28		890,000		542,753	(a)
Total Interactive Media & Services									2,137,481
Media - 5.6%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.750	%		2/1/32		590,000		478,431	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		750,000		594,375
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		5,720,000		4,287,469	(a)
Clear Channel Outdoor Holdings Inc., Senior Notes		7.500	%		6/1/29		430,000		348,704	(a)

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         1

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - continued
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes		5.875	%		8/15/27		1,680,000	$	1,503,909	(a)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		300,000		281,352
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,887,000		1,466,680
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		1,410,000		834,544
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		1,080,000		864,729	(a)
iHeartCommunications Inc., Senior Secured Notes		5.250	%		8/15/27		70,000		60,988	(a)
iHeartCommunications Inc., Senior Secured Notes		4.750	%		1/15/28		240,000		202,038	(a)
News Corp., Senior Notes		3.875	%		5/15/29		330,000		283,091	(a)
Urban One Inc., Senior Secured Notes		7.375	%		2/1/28		180,000		160,847	(a)
Virgin Media Finance PLC, Senior Notes		5.000	%		7/15/30		300,000		244,770	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		1,520,000		1,378,731	(a)
VZ Secured Financing BV, Senior Secured Notes		5.000	%		1/15/32		850,000		699,908	(a)
Total Media									13,690,566
Wireless Telecommunication Services - 2.1%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		1,020,000		865,751	(a)
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		2,430,000		1,394,492	(a)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		970,000		517,471	(a)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		1,050,000		1,251,022
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		1,410,000		1,169,031	(a)
Total Wireless Telecommunication Services									5,197,767
TOTAL COMMUNICATION SERVICES									28,451,210
CONSUMER DISCRETIONARY - 22.4%
Auto Components - 1.5%
American Axle & Manufacturing Inc., Senior Notes		6.250	%		3/15/26		42,000		39,990
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		671,000		620,967
American Axle & Manufacturing Inc., Senior Notes		5.000	%		10/1/29		1,700,000		1,373,340
Dornoch Debt Merger Sub Inc., Senior Notes		6.625	%		10/15/29		250,000		189,062	(a)
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		1,610,000		1,553,256	(a)
Total Auto Components									3,776,615

See Notes to Schedule of Investments.

    2     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Automobiles - 2.8%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		5,770,000		$	4,380,742
Ford Motor Co., Senior Notes		6.100	%		8/19/32		860,000			801,706
Ford Motor Credit Co. LLC, Senior Notes		2.900	%		2/16/28		850,000			711,012
Ford Motor Credit Co. LLC, Senior Notes		7.350	%		3/6/30		640,000			648,851
PM General Purchaser LLC, Senior Secured Notes		9.500	%		10/1/28		330,000			301,751	(a)
Total Automobiles										6,844,062
Distributors - 0.6%
Accelerate360 Holdings LLC, Secured Notes		8.000	%		3/1/28		724,550			765,357	(a)
American News Co. LLC, Secured Notes (8.500% Cash or 10.000% PIK)		8.500	%		9/1/26		704,765			806,075	(a)(b)
Total Distributors										1,571,432
Diversified Consumer Services - 1.8%
Adtalem Global Education Inc., Senior Secured Notes		5.500	%		3/1/28		338,000			311,444	(a)
Carriage Services Inc., Senior Notes		4.250	%		5/15/29		970,000			780,695	(a)
Prime Security Services Borrower LLC/ Prime Finance Inc., Secured Notes		6.250	%		1/15/28		890,000			826,396	(a)
Prime Security Services Borrower LLC/ Prime Finance Inc., Senior Secured Notes		3.375	%		8/31/27		310,000			268,479	(a)
StoneMor Inc., Senior Secured Notes		8.500	%		5/15/29		1,850,000			1,339,391	(a)
WW International Inc., Senior Secured Notes		4.500	%		4/15/29		1,614,000			824,972	(a)
Total Diversified Consumer Services										4,351,377
Hotels, Restaurants & Leisure - 13.4%
888 Acquisitions Ltd., Senior Secured Notes		7.558	%		7/15/27		470,000	EUR		427,522	(a)
Boyne USA Inc., Senior Notes		4.750	%		5/15/29		330,000			292,368	(a)
Caesars Entertainment Inc., Senior Notes		8.125	%		7/1/27		530,000			535,782	(a)
Caesars Entertainment Inc., Senior Notes		4.625	%		10/15/29		390,000			333,922	(a)
Caesars Entertainment Inc., Senior Secured Notes		7.000	%		2/15/30		850,000			857,374	(a)
Carnival Corp., Secured Notes		10.500	%		2/1/26		600,000			621,563	(a)
Carnival Corp., Senior Notes		6.000	%		5/1/29		1,260,000			982,800	(a)
Carnival Corp., Senior Notes		10.500	%		6/1/30		1,310,000			1,269,881	(a)
Carnival Holdings Bermuda Ltd., Senior Notes		10.375	%		5/1/28		870,000			931,683	(a)
Carrols Restaurant Group Inc., Senior Notes		5.875	%		7/1/29		1,240,000			944,068	(a)

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         3

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Hotels, Restaurants & Leisure - continued
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior Secured Notes		4.625	%		1/15/29		460,000		$	398,268	(a)
Full House Resorts Inc., Senior Secured Notes		8.250	%		2/15/28		1,160,000			1,114,559	(a)
Las Vegas Sands Corp., Senior Notes		3.900	%		8/8/29		1,400,000			1,221,823
Marston’s Issuer PLC, Secured Notes (3 mo. GBP LIBOR + 2.669%)		6.482	%		7/16/35		1,232,000	GBP		1,164,520	(c)(d)
Melco Resorts Finance Ltd., Senior Notes		4.875	%		6/6/25		200,000			186,750	(a)
Melco Resorts Finance Ltd., Senior Notes		5.375	%		12/4/29		1,270,000			1,055,382	(a)
Mohegan Tribal Gaming Authority, Senior Notes		13.250	%		12/15/27		800,000			854,328	(a)
NCL Corp. Ltd., Senior Notes		3.625	%		12/15/24		780,000			733,200	(a)
NCL Corp. Ltd., Senior Notes		5.875	%		3/15/26		1,200,000			1,039,416	(a)
NCL Corp. Ltd., Senior Notes		7.750	%		2/15/29		600,000			522,900	(a)
NCL Corp. Ltd., Senior Secured Notes		5.875	%		2/15/27		1,720,000			1,596,951	(a)
NCL Finance Ltd., Senior Notes		6.125	%		3/15/28		1,200,000			1,000,404	(a)
Royal Caribbean Cruises Ltd., Senior Notes		4.250	%		7/1/26		820,000			716,190	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		8/31/26		930,000			855,488	(a)
Royal Caribbean Cruises Ltd., Senior Notes		11.625	%		8/15/27		650,000			692,861	(a)
Royal Caribbean Cruises Ltd., Senior Notes		7.250	%		1/15/30		1,190,000			1,194,326	(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		1,020,000	GBP		1,147,183	(c)
Sands China Ltd., Senior Notes		4.300	%		1/8/26		320,000			296,485
Sands China Ltd., Senior Notes		5.900	%		8/8/28		500,000			473,805
Sands China Ltd., Senior Notes		3.350	%		3/8/29		200,000			163,637
Sands China Ltd., Senior Notes		3.750	%		8/8/31		1,470,000			1,162,553
Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes		8.500	%		11/28/25		320,000			292,357	(a)
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp., Senior Secured Notes		5.875	%		5/15/25		300,000			283,143	(a)
Viking Cruises Ltd., Senior Notes		5.875	%		9/15/27		500,000			429,385	(a)
Viking Cruises Ltd., Senior Notes		7.000	%		2/15/29		790,000			680,213	(a)
Viking Cruises Ltd., Senior Secured Notes		13.000	%		5/15/25		1,200,000			1,276,614	(a)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes		5.625	%		2/15/29		391,000			336,016	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		1,139,000			1,004,427	(a)
Wynn Macau Ltd., Senior Notes		4.875	%		10/1/24		380,000			363,502	(a)
Wynn Macau Ltd., Senior Notes		5.500	%		1/15/26		200,000			183,192	(a)
Wynn Macau Ltd., Senior Notes		5.500	%		10/1/27		570,000			502,161	(a)

See Notes to Schedule of Investments.

    4     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - continued
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		1,230,000	$	1,053,956	(a)
Wynn Macau Ltd., Senior Notes		5.125	%		12/15/29		1,140,000		935,877	(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.125	%		2/15/31		870,000		869,082	(a)
Total Hotels, Restaurants & Leisure									32,997,917
Household Durables - 0.2%
Installed Building Products Inc., Senior Notes		5.750	%		2/1/28		190,000		176,994	(a)
TopBuild Corp., Senior Notes		3.625	%		3/15/29		350,000		292,069	(a)
Total Household Durables									469,063
Specialty Retail - 2.1%
Academy Ltd., Senior Secured Notes		6.000	%		11/15/27		270,000		255,435	(a)
Bath & Body Works Inc., Senior Notes		9.375	%		7/1/25		550,000		582,219	(a)
Bath & Body Works Inc., Senior Notes		6.694	%		1/15/27		110,000		109,102
Bath & Body Works Inc., Senior Notes		6.625	%		10/1/30		780,000		739,919	(a)
Foot Locker Inc., Senior Notes		4.000	%		10/1/29		450,000		370,434	(a)
Gannett Holdings LLC, Senior Secured Notes		6.000	%		11/1/26		390,000		328,080	(a)
Michaels Cos. Inc., Senior Notes		7.875	%		5/1/29		650,000		489,902	(a)
Michaels Cos. Inc., Senior Secured Notes		5.250	%		5/1/28		650,000		541,616	(a)
NMG Holding Co. Inc./Neiman Marcus Group LLC, Senior Secured Notes		7.125	%		4/1/26		460,000		444,369	(a)
Upbound Group Inc., Senior Notes		6.375	%		2/15/29		1,370,000		1,176,741	(a)
Total Specialty Retail									5,037,817
TOTAL CONSUMER DISCRETIONARY									55,048,283
CONSUMER STAPLES - 0.7%
Beverages - 0.1%
Triton Water Holdings Inc., Senior Notes		6.250	%		4/1/29		380,000		303,333	(a)
Food Products - 0.5%
Darling Ingredients Inc., Senior Notes		6.000	%		6/15/30		640,000		619,200	(a)
FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes		5.625	%		8/15/26		440,000		414,642	(a)
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed Ingredients Inc., Secured Notes		4.625	%		3/1/29		320,000		261,123	(a)
Total Food Products									1,294,965
Personal Products - 0.1%
Edgewell Personal Care Co., Senior Notes		4.125	%		4/1/29		180,000		153,684	(a)
TOTAL CONSUMER STAPLES									1,751,982

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         5

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ENERGY - 13.1%
Energy Equipment & Services - 1.2%
Nabors Industries Ltd., Senior Notes		7.250	%		1/15/26		630,000	$	600,274	(a)
Sunnova Energy Corp., Senior Notes		5.875	%		9/1/26		1,610,000		1,404,942	(a)
Transocean Inc., Senior Secured Notes		8.750	%		2/15/30		1,000,000		1,018,705	(a)
Total Energy Equipment & Services									3,023,921
Oil, Gas & Consumable Fuels - 11.9%
Antero Resources Corp., Senior Notes		5.375	%		3/1/30		770,000		702,315	(a)
Apache Corp., Senior Notes		7.750	%		12/15/29		170,000		176,099
Berry Petroleum Co. LLC, Senior Notes		7.000	%		2/15/26		2,080,000		1,962,334	(a)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		7.625	%		12/15/25		420,000		422,568	(a)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.625	%		7/15/26		720,000		702,727	(a)
Chesapeake Energy Corp., Senior Notes		5.500	%		2/1/26		80,000		78,494	(a)
Chord Energy Corp., Senior Notes		6.375	%		6/1/26		1,640,000		1,583,428	(a)
CNX Midstream Partners LP, Senior Notes		4.750	%		4/15/30		610,000		500,785	(a)
Crescent Energy Finance LLC, Senior Notes		9.250	%		2/15/28		830,000		810,225	(a)
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		50,000		50,873	(a)
DCP Midstream Operating LP, Senior Notes		6.750	%		9/15/37		420,000		441,290	(a)
Earthstone Energy Holdings LLC, Senior Notes		8.000	%		4/15/27		190,000		182,192	(a)
Endeavor Energy Resources LP/EER Finance Inc., Senior Notes		5.750	%		1/30/28		290,000		280,118	(a)
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate + 5.694%)		6.500	%		11/15/26		190,000		175,601	(d)(e)
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%)		6.625	%		2/15/28		170,000		139,349	(d)(e)
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		1,270,000		1,176,337	(d)(e)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		960,000		855,840	(d)(e)
EQM Midstream Partners LP, Senior Notes		6.000	%		7/1/25		100,000		96,614	(a)
EQM Midstream Partners LP, Senior Notes		6.500	%		7/1/27		170,000		161,209	(a)
EQM Midstream Partners LP, Senior Notes		5.500	%		7/15/28		200,000		178,701
EQM Midstream Partners LP, Senior Notes		7.500	%		6/1/30		1,570,000		1,497,805	(a)
EQM Midstream Partners LP, Senior Notes		4.750	%		1/15/31		200,000		162,705	(a)

See Notes to Schedule of Investments.

    6     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - continued
EQM Midstream Partners LP, Senior Notes		6.500	%		7/15/48		2,140,000	$	1,596,847
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes		8.875	%		4/15/30		750,000		754,543
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes		6.250	%		4/15/32		410,000		372,315	(a)
Howard Midstream Energy Partners LLC, Senior Notes		6.750	%		1/15/27		420,000		400,380	(a)
MEG Energy Corp., Senior Notes		7.125	%		2/1/27		320,000		325,134	(a)
MEG Energy Corp., Senior Notes		5.875	%		2/1/29		900,000		840,357	(a)
Northern Oil and Gas Inc., Senior Notes		8.125	%		3/1/28		600,000		579,540	(a)
Occidental Petroleum Corp., Senior Notes		8.875	%		7/15/30		210,000		238,787
Occidental Petroleum Corp., Senior Notes		6.125	%		1/1/31		1,340,000		1,351,377
Occidental Petroleum Corp., Senior Notes		6.450	%		9/15/36		410,000		412,610
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		40,000		40,759
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		220,000		169,024
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		150,000		112,660
Permian Resources Operating LLC, Senior Notes		5.875	%		7/1/29		1,600,000		1,436,512	(a)
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		150,000		143,261
Range Resources Corp., Senior Notes		8.250	%		1/15/29		820,000		842,316
Range Resources Corp., Senior Notes		4.750	%		2/15/30		230,000		206,081	(a)
ROCC Holdings LLC, Senior Notes		9.250	%		8/15/26		1,350,000		1,425,937	(a)
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		1,800,000		1,548,720
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes		8.500	%		10/15/26		535,000		508,610	(a)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Notes		6.000	%		12/31/30		460,000		397,288	(a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes		6.250	%		1/15/30		800,000		790,060	(a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes		4.125	%		8/15/31		350,000		301,394	(a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes		3.875	%		11/1/33		430,000		351,074	(a)
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		800,000		676,360
Western Midstream Operating LP, Senior Notes		5.500	%		2/1/50		1,210,000		989,439
Total Oil, Gas & Consumable Fuels									29,148,994
TOTAL ENERGY									32,172,915

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         7

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FINANCIALS - 7.3%
Banks - 0.4%
Lloyds Banking Group PLC, Junior Subordinated Notes (6.750% to 6/27/26 then 5 year Treasury Constant Maturity Rate + 4.815%)		6.750	%		6/27/26		290,000	$	280,414	(d)(e)
UniCredit SpA, Subordinated Notes (5.459% to 6/30/30 then 5 year Treasury Constant Maturity Rate + 4.750%)		5.459	%		6/30/35		840,000		713,490	(a)(d)
Total Banks									993,904
Capital Markets - 2.0%
Coinbase Global Inc., Senior Notes		3.625	%		10/1/31		920,000		555,717	(a)
Compass Group Diversified Holdings LLC, Senior Notes		5.250	%		4/15/29		310,000		270,601	(a)
Credit Suisse Group AG, Junior Subordinated Notes (6.375% to 8/21/26 then 5 year Treasury Constant Maturity Rate + 4.822%)		6.375	%		8/21/26		600,000		444,704	(a)(d)(e)
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		1,800,000		1,329,948	(a)(d)(e)
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 7/17/23 then USD 5 year ICE Swap Rate + 4.600%)		7.500	%		7/17/23		750,000		657,188	(a)(d)(e)
Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate + 6.383%)		9.750	%		6/23/27		890,000		807,586	(a)(d)(e)
Credit Suisse Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%)		6.537	%		8/12/33		770,000		692,029	(a)(d)
StoneX Group Inc., Senior Secured Notes		8.625	%		6/15/25		250,000		251,697	(a)
Total Capital Markets									5,009,470
Consumer Finance - 0.8%
FirstCash Inc., Senior Notes		4.625	%		9/1/28		250,000		217,435	(a)
FirstCash Inc., Senior Notes		5.625	%		1/1/30		530,000		469,566	(a)
Midcap Financial Issuer Trust, Senior Notes		6.500	%		5/1/28		550,000		475,269	(a)
Midcap Financial Issuer Trust, Senior Notes		5.625	%		1/15/30		390,000		307,086	(a)
Paysafe Finance PLC/Paysafe Holdings US Corp., Senior Secured Notes		4.000	%		6/15/29		550,000		438,212	(a)
Total Consumer Finance									1,907,568

See Notes to Schedule of Investments.

    8     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Financial Services - 1.9%
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		3,393,942	$	3,071,517	(a)(b)
Jane Street Group/JSG Finance Inc., Senior Secured Notes		4.500	%		11/15/29		1,001,000		879,699	(a)
VistaJet Malta Finance PLC/XO Management Holding Inc., Senior Notes		6.375	%		2/1/30		890,000		780,210	(a)
Total Diversified Financial Services									4,731,426
Insurance - 0.4%
Highlands Holdings Bond Issuer Ltd./ Highlands Holdings Bond Co-Issuer Inc., Senior Secured Notes (7.625% Cash or 8.375% PIK)		7.625	%		10/15/25		704,387		648,685	(a)(b)
Ryan Specialty Group LLC, Senior Secured Notes		4.375	%		2/1/30		330,000		282,550	(a)
Total Insurance									931,235
Mortgage Real Estate Investment Trusts (REITs) - 1.0%
AFC Gamma Inc., Senior Notes		5.750	%		5/1/27		660,000		524,790	(a)
Apollo Commercial Real Estate Finance Inc., Senior Secured Notes		4.625	%		6/15/29		850,000		656,472	(a)
Burford Capital Global Finance LLC, Senior Notes		6.250	%		4/15/28		550,000		480,138	(a)
Burford Capital Global Finance LLC, Senior Notes		6.875	%		4/15/30		470,000		406,033	(a)
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., Senior Notes		4.250	%		2/1/27		320,000		272,366	(a)
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., Senior Notes		4.750	%		6/15/29		140,000		114,008	(a)
Total Mortgage Real Estate Investment Trusts (REITs)									2,453,807
Thrifts & Mortgage Finance - 0.8%
NMI Holdings Inc., Senior Secured Notes		7.375	%		6/1/25		600,000		597,615	(a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes		3.875	%		3/1/31		370,000		288,689	(a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes		4.000	%		10/15/33		1,450,000		1,073,286	(a)
Total Thrifts & Mortgage Finance									1,959,590
TOTAL FINANCIALS									17,987,000

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         9

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
HEALTH CARE - 5.1%
Health Care Equipment & Supplies - 0.3%
Medline Borrower LP, Senior Notes		5.250	%		10/1/29		420,000	$	345,232	(a)
Medline Borrower LP, Senior Secured Notes		3.875	%		4/1/29		310,000		258,656	(a)
Total Health Care Equipment & Supplies									603,888
Health Care Providers & Services - 1.8%
Akumin Inc., Senior Secured Notes		7.000	%		11/1/25		300,000		238,932	(a)
Cano Health LLC, Senior Notes		6.250	%		10/1/28		440,000		288,200	(a)
CHS/Community Health Systems Inc., Secured Notes		6.875	%		4/15/29		700,000		490,342	(a)
CHS/Community Health Systems Inc., Secured Notes		6.125	%		4/1/30		60,000		41,169	(a)
CHS/Community Health Systems Inc., Senior Secured Notes		5.250	%		5/15/30		1,060,000		849,601	(a)
HCA Inc., Senior Notes		7.500	%		11/15/95		680,000		739,134
Legacy LifePoint Health LLC, Senior Secured Notes		6.750	%		4/15/25		240,000		229,618	(a)
Radiology Partners Inc., Senior Notes		9.250	%		2/1/28		70,000		41,937	(a)
Tenet Healthcare Corp., Secured Notes		6.250	%		2/1/27		480,000		467,917
Tenet Healthcare Corp., Senior Secured Notes		4.250	%		6/1/29		720,000		631,152
U.S. Renal Care Inc., Senior Notes		10.625	%		7/15/27		980,000		314,112	(a)
Total Health Care Providers & Services									4,332,114
Health Care Technology - 0.2%
AthenaHealth Group Inc., Senior Notes		6.500	%		2/15/30		620,000		491,167	(a)
Pharmaceuticals - 2.8%
AdaptHealth LLC, Senior Notes		6.125	%		8/1/28		700,000		644,226	(a)
AdaptHealth LLC, Senior Notes		4.625	%		8/1/29		160,000		134,448	(a)
AdaptHealth LLC, Senior Notes		5.125	%		3/1/30		680,000		588,985	(a)
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		960,000		422,788	(a)
Bausch Health Cos. Inc., Senior Notes		5.250	%		1/30/30		440,000		190,300	(a)
Bausch Health Cos. Inc., Senior Secured Notes		6.125	%		2/1/27		500,000		345,573	(a)
Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Senior Secured Notes		6.125	%		4/1/29		300,000		222,750	*(a)(f)
Par Pharmaceutical Inc., Senior Secured Notes		7.500	%		4/1/27		800,000		603,000	*(a)(f)
Teva Pharmaceutical Finance Co. LLC, Senior Notes		6.150	%		2/1/36		390,000		352,533
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		215,000		188,086

See Notes to Schedule of Investments.

    10     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - continued
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.750	%		5/9/27		2,860,000	$	2,577,546
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		790,000		699,987
Total Pharmaceuticals									6,970,222
TOTAL HEALTH CARE									12,397,391
INDUSTRIALS - 12.5%
Aerospace & Defense - 1.6%
Bombardier Inc., Senior Notes		7.875	%		4/15/27		1,200,000		1,193,700	(a)
Bombardier Inc., Senior Notes		7.500	%		2/1/29		750,000		735,748	(a)
TransDigm Inc., Senior Notes		5.500	%		11/15/27		90,000		82,953
TransDigm Inc., Senior Notes		4.625	%		1/15/29		140,000		120,457
TransDigm Inc., Senior Secured Notes		8.000	%		12/15/25		200,000		204,586	(a)
TransDigm Inc., Senior Secured Notes		6.750	%		8/15/28		1,590,000		1,584,038	(a)(g)
Total Aerospace & Defense									3,921,482
Air Freight & Logistics - 0.1%
XPO CNW Inc., Senior Notes		6.700	%		5/1/34		360,000		329,481
Airlines - 3.0%
American Airlines Inc., Senior Secured Notes		7.250	%		2/15/28		620,000		606,050	(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.500	%		4/20/26		210,000		204,601	(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.750	%		4/20/29		2,460,000		2,342,154	(a)
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		920,000		856,428	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		454,500		454,954	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,200,000		1,205,700	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		310,000		311,473	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		1,655,000		1,468,706	(a)
Total Airlines									7,450,066
Building Products - 0.7%
Advanced Drainage Systems Inc., Senior Notes		6.375	%		6/15/30		230,000		219,942	(a)

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         11

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Building Products — continued
MIWD Holdco II LLC/MIWD Finance Corp., Senior Notes		5.500	%		2/1/30		1,550,000	$	1,260,481	(a)
PGT Innovations Inc., Senior Notes		4.375	%		10/1/29		240,000		201,748	(a)
Total Building Products									1,682,171
Commercial Services & Supplies - 3.1%
ADT Security Corp., Senior Secured Notes		4.125	%		8/1/29		280,000		241,217	(a)
Allied Universal Holdco LLC/Allied Universal Finance Corp., Senior Secured Notes		6.625	%		7/15/26		1,030,000		979,391	(a)
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes		4.625	%		6/1/28		1,000,000		821,486	(a)
Clean Harbors Inc., Senior Notes		6.375	%		2/1/31		440,000		437,384	(a)
CoreCivic Inc., Senior Notes		8.250	%		4/15/26		1,530,000		1,550,402
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		687,000		596,524
GEO Group Inc., Secured Notes		10.500	%		6/30/28		347,000		353,385
GEO Group Inc., Secured Notes		9.500	%		12/31/28		1,460,000		1,409,510	(a)
Legends Hospitality Holding Co. LLC/ Legends Hospitality Co-Issuer Inc., Senior Secured Notes		5.000	%		2/1/26		730,000		665,074	(a)
Madison IAQ LLC, Senior Notes		5.875	%		6/30/29		560,000		446,717	(a)
Madison IAQ LLC, Senior Secured Notes		4.125	%		6/30/28		100,000		85,405	(a)
Total Commercial Services & Supplies									7,586,495
Construction & Engineering - 0.3%
Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes		6.000	%		2/1/26		350,000		325,765	(a)
Empire Communities Corp., Senior Notes		7.000	%		12/15/25		400,000		357,450	(a)
Total Construction & Engineering									683,215
Electrical Equipment - 0.3%
Resideo Funding Inc., Senior Notes		4.000	%		9/1/29		330,000		271,960	(a)
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		530,000		460,978	(a)
Total Electrical Equipment									732,938
Industrial Conglomerates - 0.1%
Covanta Holding Corp., Senior Notes		4.875	%		12/1/29		340,000		287,523	(a)
Machinery - 0.9%
ATS Corp., Senior Notes		4.125	%		12/15/28		1,090,000		952,733	(a)
Park-Ohio Industries Inc., Senior Notes		6.625	%		4/15/27		390,000		297,700

See Notes to Schedule of Investments.

    12     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY Date		FACE AMOUNT†		VALUE
Machinery — continued
Roller Bearing Co. of America Inc., Senior Notes		4.375	%		10/15/29		500,000	$	432,800	(a)
Titan International Inc., Senior Secured Notes		7.000	%		4/30/28		560,000		531,104
Total Machinery									2,214,337
Professional Services - 0.1%
ZipRecruiter Inc., Senior Notes		5.000	%		1/15/30		250,000		210,281	(a)
Road & Rail - 0.0%††
XPO Escrow Sub LLC, Senior Notes		7.500	%		11/15/27		120,000		121,855	(a)
Trading Companies & Distributors - 2.1%
Alta Equipment Group Inc., Secured Notes		5.625	%		4/15/26		490,000		458,916	(a)
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		2,070,000		1,782,281	(a)
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		160,000		152,656
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		1,230,000		1,160,892
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		640,000		548,390
United Rentals North America Inc., Senior Secured Notes		6.000	%		12/15/29		950,000		951,259	(a)
Total Trading Companies & Distributors									5,054,394
Transportation Infrastructure - 0.2%
Carriage Purchaser Inc., Senior Notes		7.875	%		10/15/29		560,000		419,415	(a)
TOTAL INDUSTRIALS									30,693,653
INFORMATION TECHNOLOGY - 3.0%
Communications Equipment - 1.4%
Central Parent Inc./CDK Global Inc., Senior Secured Notes		7.250	%		6/15/29		660,000		645,982	(a)
CommScope Inc., Senior Notes		8.250	%		3/1/27		1,030,000		876,628	(a)
CommScope Inc., Senior Secured Notes		4.750	%		9/1/29		2,000,000		1,632,060	(a)
CommScope Technologies LLC, Senior Notes		5.000	%		3/15/27		90,000		68,713	(a)
Viavi Solutions Inc., Senior Notes		3.750	%		10/1/29		290,000		242,376	(a)
Total Communications Equipment									3,465,759
IT Services - 0.5%
Clarivate Science Holdings Corp., Senior Notes		4.875	%		7/1/29		350,000		302,731	(a)
Sabre GLBL Inc., Senior Secured Notes		11.250	%		12/15/27		1,070,000		1,069,994	(a)
Total IT Services									1,372,725

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         13

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Software - 0.5%
Elastic NV, Senior Notes		4.125	%		7/15/29		380,000	$	312,223	(a)
Gen Digital Inc., Senior Notes		7.125	%		9/30/30		250,000		244,020	(a)
Open Text Corp., Senior Secured Notes		6.900	%		12/1/27		260,000		262,834	(a)
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Senior Notes		3.875	%		2/1/29		380,000		316,233	(a)
Total Software									1,135,310
Technology Hardware, Storage & Peripherals - 0.6%
CA Magnum Holdings, Senior Secured Notes		5.375	%		10/31/26		540,000		498,662	(a)
NCR Corp., Senior Notes		5.125	%		4/15/29		170,000		145,338	(a)
Vericast Corp., Senior Secured Notes		11.000	%		9/15/26		720,000		774,900	(a)
Total Technology Hardware, Storage & Peripherals									1,418,900
TOTAL INFORMATION TECHNOLOGY									7,392,694
MATERIALS - 5.8%
Chemicals - 0.6%
Anagram International Inc./Anagram Holdings LLC, Secured Notes (5.000% Cash and 5.000% PIK or 10.000% Cash or 10.000% PIK)		10.000	%		8/15/26		111,834		89,747	(a)(b)
INEOS Quattro Finance 2 PLC, Senior Secured Notes		3.375	%		1/15/26		900,000		792,591	(a)
LSF11 A5 Holdco LLC, Senior Notes		6.625	%		10/15/29		400,000		339,815	(a)
Olin Corp., Senior Notes		5.000	%		2/1/30		200,000		182,223
Total Chemicals									1,404,376
Construction Materials - 0.5%
Smyrna Ready Mix Concrete LLC, Senior Secured Notes		6.000	%		11/1/28		340,000		302,146	(a)
Summit Materials LLC/Summit Materials Finance Corp., Senior Notes		5.250	%		1/15/29		910,000		838,215	(a)
Total Construction Materials									1,140,361
Containers & Packaging - 2.2%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)		6.500	%		6/30/27		2,610,000		2,137,172	(a)(b)
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, Senior Notes		4.000	%		9/1/29		200,000		160,523	(a)
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, Senior Secured Notes		6.000	%		6/15/27		1,140,000		1,104,512	(a)
Ball Corp., Senior Notes		3.125	%		9/15/31		770,000		617,397

See Notes to Schedule of Investments.

    14     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Containers & Packaging - continued
Canpack SA/Canpack US LLC, Senior Notes		3.875	%		11/15/29		1,460,000	$	1,162,014	(a)
Cascades Inc./Cascades USA Inc., Senior Notes		5.375	%		1/15/28		330,000		298,960	(a)
Pactiv LLC, Senior Notes		8.375	%		4/15/27		10,000		10,088
Total Containers & Packaging									5,490,666
Metals & Mining - 2.5%
First Quantum Minerals Ltd., Senior Notes		7.500	%		4/1/25		1,350,000		1,310,777	(a)
First Quantum Minerals Ltd., Senior Notes		6.875	%		3/1/26		250,000		238,750	(a)
First Quantum Minerals Ltd., Senior Notes		6.875	%		10/15/27		1,840,000		1,727,944	(a)
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		1,660,000		1,501,128
Hudbay Minerals Inc., Senior Notes		4.500	%		4/1/26		190,000		170,782	(a)
Hudbay Minerals Inc., Senior Notes		6.125	%		4/1/29		1,390,000		1,228,593	(a)
Total Metals & Mining									6,177,974
TOTAL MATERIALS									14,213,377
REAL ESTATE - 2.3%
Equity Real Estate Investment Trusts (REITs) - 1.9%
Diversified Healthcare Trust, Senior Notes		9.750	%		6/15/25		380,000		368,646
Diversified Healthcare Trust, Senior Notes		4.750	%		2/15/28		400,000		260,756
Diversified Healthcare Trust, Senior Notes		4.375	%		3/1/31		930,000		645,648
IIP Operating Partnership LP, Senior Notes		5.500	%		5/25/26		970,000		841,026
Iron Mountain Information Management Services Inc., Senior Notes		5.000	%		7/15/32		380,000		313,743	(a)
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		4.625	%		8/1/29		320,000		239,606
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Senior Secured Notes		5.875	%		10/1/28		150,000		133,555	(a)
Service Properties Trust, Senior Notes		4.500	%		3/15/25		160,000		149,257
Service Properties Trust, Senior Notes		5.500	%		12/15/27		1,110,000		1,001,428
Service Properties Trust, Senior Notes		4.950	%		10/1/29		720,000		568,740
Total Equity Real Estate Investment Trusts (REITs)									4,522,405
Real Estate Management & Development - 0.4%
Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes		7.875	%		11/15/25		620,000		560,378	(a)
Forestar Group Inc., Senior Notes		3.850	%		5/15/26		390,000		341,744	(a)
Forestar Group Inc., Senior Notes		5.000	%		3/1/28		120,000		103,583	(a)
Total Real Estate Management & Development									1,005,705
TOTAL REAL ESTATE									5,528,110

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         15

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
UTILITIES - 0.4%
Gas Utilities - 0.2%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes		5.000	%		6/1/31		290,000	$	241,625	(a)
Superior Plus LP/Superior General Partner Inc., Senior Notes		4.500	%		3/15/29		190,000		165,232	(a)
Total Gas Utilities									406,857
Independent Power and Renewable Electricity Producers - 0.2%
TransAlta Corp., Senior Notes		7.750	%		11/15/29		560,000		573,135
TOTAL UTILITIES									979,992
TOTAL CORPORATE BONDS & NOTES (Cost — $225,801,534)									206,616,607
ASSET-BACKED SECURITIES - 6.8%
AB BSL CLO Ltd., 2021-2A D (3 mo. USD LIBOR + 3.350%)		8.142	%		4/15/34		250,000		239,833	(a)(d)
AGL CLO Ltd., 2021-11A E (3 mo. USD LIBOR + 6.360%)		11.152	%		4/15/34		250,000		224,393	(a)(d)
AGL CLO Ltd., 2021-16A D (3 mo. USD LIBOR + 3.100%)		7.908	%		1/20/35		250,000		232,948	(a)(d)
AIG CLO LLC, 2018-1A DR (3 mo. USD LIBOR + 3.100%)		7.908	%		4/20/32		280,000		265,542	(a)(d)
Aimco CLO Ltd., 2020-12A DR (3 mo. Term SOFR + 2.900%)		7.558	%		1/17/32		370,000		350,732	(a)(d)
Bain Capital Credit CLO Ltd., 2021-4A E (3 mo. USD LIBOR + 6.500%)		11.308	%		10/20/34		650,000		576,764	(a)(d)
Ballyrock CLO Ltd., 2018-1A C (3 mo. USD LIBOR + 3.150%)		7.958	%		4/20/31		1,575,000		1,501,715	(a)(d)
Ballyrock CLO Ltd., 2022-19A D (3 mo. Term SOFR + 7.110%)		11.749	%		4/20/35		670,000		608,260	(a)(d)
Barings CLO Ltd., 2018-3A D (3 mo. USD LIBOR + 2.900%)		7.708	%		7/20/29		250,000		239,804	(a)(d)
Battalion CLO Ltd., 2017-11A DR (3 mo. USD LIBOR + 3.650%)		8.466	%		4/24/34		250,000		242,049	(a)(d)
Battalion CLO Ltd., 2021-20A D (3 mo. USD LIBOR + 3.100%)		7.892	%		7/15/34		250,000		231,345	(a)(d)
BlueMountain CLO Ltd., 2016-2A DR (3 mo. USD LIBOR + 7.790%)		12.705	%		8/20/32		250,000		228,146	(a)(d)
BlueMountain CLO Ltd., 2021-31A E (3 mo. USD LIBOR + 6.530%)		11.328	%		4/19/34		160,000		139,931	(a)(d)
Bristol Park CLO Ltd., 2016-1A ER (3 mo. USD LIBOR + 7.000%)		11.792	%		4/15/29		300,000		269,036	(a)(d)

See Notes to Schedule of Investments.

    16     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - CONTINUED
Carlyle US CLO Ltd., 2017-2A C (3 mo. USD LIBOR + 3.700%)		8.508	%		7/20/31		250,000	$	230,230	(a)(d)
Carlyle US CLO Ltd., 2019-2A DR (3 mo. USD LIBOR + 6.500%)		11.292	%		7/15/32		500,000		455,813	(a)(d)
Cathedral Lake Ltd., 2021-6A E (3 mo. USD LIBOR + 7.210%)		12.028	%		4/25/34		125,000		118,192	(a)(d)
Catskill Park CLO Ltd., 2017-1A C (3 mo. USD LIBOR + 3.700%)		8.508	%		4/20/29		1,000,000		951,971	(a)(d)
Cook Park CLO Ltd., 2018-1A E (3 mo. USD LIBOR + 5.400%)		10.192	%		4/17/30		250,000		205,610	(a)(d)
Dryden Senior Loan Fund, 2015-40A DR (3 mo. USD LIBOR + 3.100%)		7.964	%		8/15/31		250,000		235,346	(a)(d)
Eaton Vance CLO Ltd., 2020-2A ER (3 mo. USD LIBOR + 6.500%)		11.292	%		1/15/35		410,000		380,272	(a)(d)
Greenwood Park CLO Ltd., 2018-1A D (3 mo. USD LIBOR + 2.500%)		7.292	%		4/15/31		350,000		323,754	(a)(d)
Greenwood Park CLO Ltd., 2018-1A E (3 mo. USD LIBOR + 4.950%)		9.742	%		4/15/31		250,000		210,197	(a)(d)
Grippen Park CLO Ltd., 2017-1A E (3 mo. USD LIBOR + 5.700%)		10.508	%		1/20/30		460,000		406,091	(a)(d)
Halsey Point CLO Ltd., 2019-1A E (3 mo. USD LIBOR + 7.700%)		12.508	%		1/20/33		350,000		336,586	(a)(d)
Jay Park CLO Ltd., 2016-1A DR (3 mo. USD LIBOR + 5.200%)		10.008	%		10/20/27		350,000		321,624	(a)(d)
Magnetite Ltd., 2015-12A ER (3 mo. USD LIBOR + 5.680%)		10.472	%		10/15/31		750,000		684,269	(a)(d)
Magnetite Ltd., 2020-26A ER (3 mo. USD LIBOR + 5.950%)		10.768	%		7/25/34		500,000		461,501	(a)(d)
Marble Point CLO Ltd., 2017-1A C (3 mo. USD LIBOR + 2.350%)		7.142	%		10/15/30		250,000		235,652	(a)(d)
Marble Point CLO Ltd., 2018-2A D (3 mo. USD LIBOR + 3.530%)		8.338	%		1/20/32		500,000		433,669	(a)(d)
MKS CLO Ltd., 2017-2A D (3 mo. USD LIBOR + 2.650%)		7.458	%		1/20/31		250,000		222,161	(a)(d)
Mountain View CLO Ltd., 2015-9A CR (3 mo. USD LIBOR + 3.120%)		7.912	%		7/15/31		250,000		215,135	(a)(d)
Neuberger Berman CLO Ltd., 2017-16SA DR (3 mo. USD LIBOR + 2.900%)		7.692	%		4/15/34		650,000		607,514	(a)(d)
Neuberger Berman Loan Advisers CLO Ltd., 2017-25A DR (3 mo. USD LIBOR + 2.850%)		7.645	%		10/18/29		250,000		235,431	(a)(d)

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         17

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - CONTINUED
Neuberger Berman Loan Advisers CLO Ltd., 2019-34A ER (3 mo. Term SOFR + 6.500%)		11.139	%		1/20/35		600,000	$	556,295	(a)(d)
Neuberger Berman Loan Advisers CLO Ltd., 2021-40A D (3 mo. USD LIBOR + 2.750%)		7.542	%		4/16/33		250,000		234,962	(a)(d)
Ocean Trails CLO, 2014-5A DRR (3 mo. USD LIBOR + 3.450%)		8.265	%		10/13/31		300,000		280,908	(a)(d)
Palmer Square CLO Ltd., 2021-2A E (3 mo. USD LIBOR + 6.350%)		11.142	%		7/15/34		250,000		224,409	(a)(d)
Palmer Square Loan Funding Ltd., 2022-3A C (3 mo. Term SOFR + 5.400%)		9.405	%		4/15/31		270,000		268,854	(a)(d)
Sculptor CLO Ltd., 26A E (3 mo. USD LIBOR + 7.250%)		12.058	%		7/20/34		310,000		268,774	(a)(d)
Symphony CLO Ltd., 2020-22A D (3 mo. USD LIBOR + 3.150%)		7.945	%		4/18/33		825,000		771,978	(a)(d)
Symphony CLO Ltd., 2021-25A D (3 mo. USD LIBOR + 3.600%)		8.398	%		4/19/34		250,000		234,388	(a)(d)
THL Credit Wind River CLO Ltd., 2017-3A ER (3 mo. USD LIBOR + 7.050%)		11.842	%		4/15/35		250,000		229,590	(a)(d)
TICP CLO Ltd., 2018-IIA C (3 mo. USD LIBOR + 2.950%)		7.758	%		4/20/28		310,000		304,977	(a)(d)
Venture CLO Ltd., 2014-17A DRR (3 mo. USD LIBOR + 2.820%)		7.612	%		4/15/27		350,000		326,820	(a)(d)
Venture CLO Ltd., 2014-17A ERR (3 mo. USD LIBOR + 5.740%)		10.532	%		4/15/27		350,000		298,385	(a)(d)
TOTAL ASSET-BACKED SECURITIES (Cost — $16,995,338)									16,621,856
SENIOR LOANS - 4.7%
COMMUNICATION SERVICES - 0.3%
Media - 0.3%
DirecTV Financing LLC, Closing Date Term Loan (1 mo. USD LIBOR + 5.000%)		9.635	%		8/2/27		775,192		756,033	(d)(h)(i)
CONSUMER DISCRETIONARY - 1.4%
Auto Components - 0.4%
Clarios Global LP, First Lien Amendment No. 1 Dollar Term Loan (1 mo. USD LIBOR + 3.250%)		7.885	%		4/30/26		490,221		489,073	(d)(h)(i)
First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR + 5.000%)		10.252	%		3/30/27		334,050		325,908	(d)(h)(i)
Truck Hero Inc., Initial Term Loan (1 mo. USD LIBOR + 3.750%)		8.385	%		1/31/28		363,525		330,601	(d)(h)(i)
Total Auto Components									1,145,582

See Notes to Schedule of Investments.

    18     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

Schedule of investments (unaudited) (cont’d) August 31, 2022

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Consumer Services - 0.2%
Adtalem Global Education Inc., Term Loan B (1 mo. USD LIBOR + 4.000%)		8.635	%		8/12/28		273,279	$	273,230	(d)(h)(i)
WW International Inc., Initial Term Loan (1 mo. USD LIBOR + 3.500%)		8.140	%		4/13/28		256,000		148,801	(d)(h)(i)
Total Diversified Consumer Services									422,031
Hotels, Restaurants & Leisure - 0.5%
Equinox Holdings Inc., Term Loan B2 (3 mo. USD LIBOR + 9.000%)		13.730	%		3/8/24		438,750		375,131	(d)(h)(i)
NCL Corp. Ltd., Term Loan A3 (3 mo. Term SOFR + 2.350%)		6.930	%		1/2/25		580,000		562,600	(d)(h)(i)(j)
Scientific Games International Inc., Initial Term Loan B (1 mo. Term SOFR + 3.100%)		7.662	%		4/13/29		248,750		248,484	(d)(h)(i)
Total Hotels, Restaurants & Leisure									1,186,215
Specialty Retail - 0.3%
Spencer Spirit IH LLC, Initial Term Loan (1 mo. USD LIBOR + 6.000%)		10.617	%		6/19/26		683,799		677,532	(d)(h)(i)
TOTAL CONSUMER DISCRETIONARY									3,431,360
FINANCIALS - 0.3%
Diversified Financial Services - 0.2%
Citadel Securities LP, Incremental Term Loan B (1 mo. Term SOFR + 3.000%)		7.732	%		2/2/28		249,375		249,593	(d)(h)(i)
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (1 mo. USD LIBOR + 6.750%)		11.385	%		4/7/28		200,000		187,876	(d)(h)(i)
Total Diversified Financial Services									437,469
Insurance - 0.1%
Asurion LLC, New Term Loan B10 (3 mo. Term SOFR + 4.100%)		8.680	%		8/19/28		309,225		290,698	(d)(h)(i)
TOTAL FINANCIALS									728,167
HEALTH CARE - 0.8%
Health Care Providers & Services - 0.8%
EyeCare Partners LLC, First Lien Amendment No. 2 Term Loan (3 mo. Term SOFR + 4.500%)		9.180	%		11/15/28		290,000		241,666	(d)(h)(i)
EyeCare Partners LLC, First Lien Initial Term Loan (3 mo. USD LIBOR + 3.750%)		8.480	%		2/18/27		555,203		467,587	(d)(h)(i)

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         19

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - continued
One Call Corp., First Lien Term Loan B (3 mo. USD LIBOR + 5.500%)		10.375	%		4/22/27		768,300	$	640,570	(d)(h)(i)
U.S. Renal Care Inc., First Lien Term Loan B (1 mo. USD LIBOR + 5.000%)		9.688	%		6/26/26		949,599		638,434	(d)(h)(i)
TOTAL HEALTH CARE									1,988,257
INDUSTRIALS - 0.7%
Airlines - 0.4%
United Airlines Inc., Term Loan B (3 mo. USD LIBOR + 3.750%)		8.568	%		4/21/28		995,814		996,691	(d)(h)(i)
Commercial Services & Supplies - 0.2%
Neptune Bidco US Inc., Term Loan B		—			4/11/29		310,000		285,846	(k)
Verscend Holding Corp., New Term Loan B (1 mo. USD LIBOR + 4.000%)		8.635	%		8/27/25		248,737		248,960	(d)(h)(i)
Total Commercial Services & Supplies									534,806
Transportation Infrastructure - 0.1%
Carriage Purchaser Inc., Term Loan B (1 mo. USD LIBOR + 4.250%)		8.885	%		9/29/28		248,741		245,383	(d)(h)(i)
TOTAL INDUSTRIALS									1,776,880
INFORMATION TECHNOLOGY - 0.9%
Communications Equipment - 0.1%
Global Tel Link Corp., First Lien Term Loan (3 mo. Term SOFR + 4.250%)		9.076	%		11/29/25		136,011		121,794	(d)(h)(i)
IT Services - 0.2%
Redstone Holdco 2 LP, First Lien Initial Term Loan (3 mo. USD LIBOR + 4.750%)		9.568	%		4/27/28		275,260		226,486	(d)(h)(i)
Redstone Holdco 2 LP, Second Lien Initial Term Loan (3 mo. USD LIBOR + 7.750%)		12.565	%		4/27/29		510,000		305,717	(d)(h)(i)
Total IT Services									532,203
Software - 0.6%
DCert Buyer Inc., First Lien Initial Term Loan (3 mo. Term SOFR + 4.000%)		8.696	%		10/16/26		488,743		482,451	(d)(h)(i)
DCert Buyer Inc., Second Lien Initial Term Loan (3 mo. Term SOFR + 7.000%)		11.696	%		2/19/29		790,000		738,156	(d)(h)(i)
Peraton Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		8.385	%		2/1/28		248,711		246,846	(d)(h)(i)
Total Software									1,467,453
TOTAL INFORMATION TECHNOLOGY									2,121,450

See Notes to Schedule of Investments.

    20     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.3%
Construction Materials - 0.1%
Smyrna Ready Mix Concrete LLC, Initial Term Loan (1 mo. Term SOFR + 4.350%)		8.968	%		4/2/29		248,750	$	248,128	(d)(h)(i)(j)
Metals & Mining - 0.2%
Arctic Canadian Diamond Co. Ltd., Second
Lien Term Loan (5.000% Cash and 12.500% PIK)		17.500	%		12/31/27		583,425		498,833	(b)(d)(h)(i)(j)(l)
TOTAL MATERIALS									746,961
TOTAL SENIOR LOANS (Cost - $12,589,360)									11,549,108
CONVERTIBLE BONDS & NOTES - 1.6%
COMMUNICATION SERVICES - 0.7%
Media - 0.7%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		240,000		221,337
DISH Network Corp., Senior Notes		3.375	%		8/15/26		2,300,000		1,481,384
TOTAL COMMUNICATION SERVICES									1,702,721
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
DraftKings Holdings Inc., Senior Notes		0.000	%		3/15/28		390,000		274,170
FINANCIALS - 0.3%
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
Apollo Commercial Real Estate
Finance Inc., Senior Notes		5.375	%		10/15/23		180,000		179,100
Two Harbors Investment Corp., Senior Notes		6.250	%		1/15/26		660,000		590,923
TOTAL FINANCIALS									770,023
INDUSTRIALS - 0.4%
Airlines - 0.4%
Spirit Airlines Inc., Senior Notes		1.000	%		5/15/26		1,060,000		870,790
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
NextEra Energy Partners LP, Senior Notes		2.500	%		6/15/26		270,000		246,105	(a)
TOTAL CONVERTIBLE BONDS & NOTES (Cost - $4,721,708)									3,863,809
SOVEREIGN BONDS - 0.3%
Argentina - 0.3%
Argentine Republic Government
International Bond, Senior Notes		1.000	%		7/9/29		47,191		14,757

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         21

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Argentina - continued
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23, 0.750% to 7/9/27 then 1.750%)		0.500	%		7/9/30		556,653	$	181,637
Argentine Republic Government International Bond, Senior Notes, Step bond (1.500% to 7/9/23 then 3.625%)		1.500	%		7/9/35		53,946		15,472
Provincia de Buenos Aires, Senior Notes, Step bond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%)		5.250	%		9/1/37		1,510,142		583,292	(a)
TOTAL SOVEREIGN BONDS (Cost - $1,081,811)									795,158
						SHARES/ UNITS
COMMON STOCKS - 0.3%
ENERGY - 0.3%
Energy Equipment & Services - 0.0%††
KCAD Holdings I Ltd.							819,262,754		0	*(j)(l)(m)
Oil, Gas & Consumable Fuels - 0.3%
Berry Corp.							35,911		338,641
Chord Energy Corp.							1,925		259,143
Permian Production Partners LLC							21,667		14,084	*(l)
Total Oil, Gas & Consumable Fuels									611,868
TOTAL ENERGY									611,868
MATERIALS - 0.0%††
Metals & Mining - 0.0%††
Arctic Canadian Diamond Co. Ltd.							541		0	*(j)(l)(m)
TOTAL COMMON STOCKS (COST - $7,081,682)									611,868
						SHARES
CONVERTIBLE PREFERRED STOCKS - 0.2%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
MPLX LP (Cost - $521,658)		8.462	%				16,051		577,836	(j)(l)

See Notes to Schedule of Investments.

    22     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

SECURITY				EXPIRATION DATE		WARRANTS		VALUE
WARRANTS - 0.0%††
FINANCIALS - 0.0%††
Capital Markets - 0.0%††
EG Acquisition Corp., Class A Shares (Cost - $16,407)					5/28/28		17,136	$	3,427	*
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $268,809,498)									240,639,669
	RATE					SHARES
SHORT-TERM INVESTMENTS - 0.6%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $1,474,499)		4.513	%				1,474,499		1,474,499	(n)(o)
TOTAL INVESTMENTS - 98.7% (Cost - $270,283,997)									242,114,168
Other Assets in Excess of Liabilities - 1.3%									3,265,407
TOTAL NET ASSETS - 100.0%								$	245,379,575

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         23

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

† Face amount denominated in U.S. dollars, unless otherwise noted.

†† Represents less than 0.1%.

* Non-income producing security.

^(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) Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.

^(c) 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.

^(d) 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.

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

^(f) The coupon payment on this security is currently in default as of February 28, 2023.

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

^(h) Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

⁽ⁱ⁾ Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

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

^(k) All or a portion of this loan is unfunded as of February 28, 2023. The interest rate for fully unfunded term loans is to be determined.

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

^(m) Value is less than $1.

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

^(o) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2023, the total market value of investments in Affiliated Companies was $1,474,499 and the cost was $1,474,499 (Note 2).

Abbreviation(s) used in this schedule:

CLO	— Collateralized Loan Obligation
EUR	— Euro
GBP	— British Pound
ICE	— Intercontinental Exchange
LIBOR	— London Interbank Offered Rate
PIK	— Payment-In-Kind
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

See Notes to Schedule of Investments.

    24     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

(Percentages shown based on Fund net assets)

At February 28, 2023, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Buy:
U.S. Treasury 5-Year Notes		76		6/23	$	8,167,098	$	8,136,156	$	(30,942	)

At February 28, 2023, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized (Depreciation)
EUR	2,032,902		USD	2,228,264	BNP Paribas SA		4/18/23	$	(71,807	)
GBP	1,477,000		USD	1,815,754	Morgan Stanley & Co. Inc.		4/18/23		(37,528	)
Total								$	(109,335	)

Abbreviation(s) used in this table:

EUR	— Euro
GBP	— British Pound
USD	— United States Dollar

At February 28, 2023, the Fund had the following open swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT AUGUST 31, 20233	PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
Ford Motor Co., 4.346%, due 12/8/26	$	800,000		12/20/26	2.665%	5.000% quarterly	$	61,747		$	90,524		$	(28,777	)
Occidental Petroleum Corp., 5.550%, due 3/15/26		800,000		6/20/26	1.036%	1.000% quarterly		(874	)		(24,325	)		23,451
Total	$	1,600,000					$	60,873		$	66,199		$	(5,326	)

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         25

WESTERN ASSET HIGH YIELD FUND

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

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION4
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT FEBRUARY 28, 20233	PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED (DEPRECIATION)
Beazer Homes USA Inc., 6.750%, due 3/15/25	$	460,000		12/20/27	5.514%	5.000% quarterly	$	8,851		$	52,751		$	(43,900	)
Goodyear Tire & Rubber Co., 5.000%, due 5/31/26		460,000		6/20/27	3.811%	5.000% quarterly		(19,659	)		(7,171	)		(12,488	)
KB Home, 6.875%, due 6/15/27		644,000		12/20/27	2.897%	5.000% quarterly		(54,515	)		(5,817	)		(48,698	)
NOVA Chemicals Corp., 4.875%, due 6/1/24		362,000		6/20/27	3.621%	5.000% quarterly		(17,979	)		(7,809	)		(10,170	)
Xerox Corp., 3.800%, due 5/15/24		183,000		6/20/27	3.569%	1.000% quarterly		16,847			22,334			(5,487	)
Total	$	2,109,000					$	(66,455	)	$	54,288		$	(120,743	)

See Notes to Schedule of Investments.

    26     Western Asset High Yield Fund 2023 Quarterly Report

WESTERN ASSET HIGH YIELD FUND

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

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

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

³ Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

⁴ If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or (ii) receive 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 the underlying securities comprising the referenced index.

† Percentage shown is an annual percentage rate.

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

See Notes to Schedule of Investments.

Western Asset High Yield Fund 2023 Quarterly Report         27

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

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

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

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

Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

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

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

29

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

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

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	206,616,607		—		$	206,616,607
Asset-Backed Securities		—		16,621,856		—			16,621,856
Senior Loans:
Consumer Discretionary		—		2,868,760	$	562,600			3,431,360
Materials		—		—		746,961			746,961
Other Senior Loans		—		7,370,787		—			7,370,787
Convertible Bonds & Notes		—		3,863,809		—			3,863,809
Sovereign Bonds		—		795,158		—			795,158
Common Stocks:
Energy	$	597,784		14,084		0	*		611,868
Materials		—		—		0	*		0	*
Convertible Preferred Stocks		—		—		577,836			577,836
Warrants		3,427		—		—			3,427
Total Long-Term Investments		601,211		238,151,061		1,887,397			240,639,669
Short-Term Investments†		1,474,499		—		—			1,474,499
Total Investments	$	2,075,710	$	238,151,061	$	1,887,397		$	242,114,168
Other Financial Instruments:
Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection††		—	$	23,451		—		$	23,451
Total	$	2,075,710	$	238,174,512	$	1,887,397		$	242,137,619

30

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:
Futures Contracts††	$	30,942		—		—	$	30,942
Forward Foreign Currency Contracts††		—	$	109,335		—		109,335
Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection††		—		28,777		—		28,777
Centrally Cleared Credit Default Swaps on Corporate Issues - Buy Protection††		—		120,743		—		120,743
Total	$	30,942	$	258,855		—	$	289,797

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

†† 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 Management Company, LLC. Benefit Street Partners is a wholly-owned subsidiary of Franklin Resources, Inc. The following companies were considered affiliated companies for all or some portion of the period ended February 28, 2023. The following transactions were effected in such companies for the period ended February 28, 2023.

	Affiliate Value at May 31, 2022		Purchased				Sold				Realized Gain (Loss)		Interest/ Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at February 28, 2023
			Cost		Shares		Proceeds		Shares
Benefit Street Partners CLO Ltd., 2017-12A C	$	237,551		—		—	$	212,802		250,000	$	12,523	$	1,116	$	(24,749	)		—
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	44,844,820		44,844,820		43,370,321		43,370,321		—		30,131		—		$	1,474,499
	$	237,551	$	44,844,820			$	43,583,123			$	12,523	$	31,247	$	(24,749	)	$	1,474,499

31