Western Asset Funds NPORT-P Western Asset Total Return Unconstrained Fund (Feb 2023 report)

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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 - 39.4%
COMMUNICATION SERVICES - 4.2%
Diversified Telecommunication Services - 0.6%
AT&T Inc., Senior Notes		1.700	%		3/25/26		710,000		$	638,198
AT&T Inc., Senior Notes		2.250	%		2/1/32		1,040,000			812,464
AT&T Inc., Senior Notes		2.550	%		12/1/33		120,000			91,934
NTT Finance Corp., Senior Notes		4.372	%		7/27/27		580,000			566,758	(a)
Total Diversified Telecommunication Services										2,109,354
Entertainment - 0.6%
Netflix Inc., Senior Notes		3.875	%		11/15/29		840,000	EUR		847,157	(b)
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		580,000			532,305	(a)
Warnermedia Holdings Inc., Senior Notes		5.050	%		3/15/42		550,000			445,968	(a)
Warnermedia Holdings Inc., Senior Notes		5.141	%		3/15/52		300,000			235,369	(a)
Total Entertainment										2,060,799
Media - 1.6%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		550,000			435,875
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		2,560,000			1,918,867	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		270,000			264,293
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		260,000			217,801
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.500	%		3/1/42		40,000			25,839
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		180,000			131,750
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.500	%		4/1/63		585,000			455,206
Comcast Corp., Senior Notes		2.800	%		1/15/51		90,000			57,512
Comcast Corp., Senior Notes		2.887	%		11/1/51		190,000			123,146
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		380,000			318,962	(a)
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		320,000			256,216	(a)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         1

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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)
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		10,000	$	9,589
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		500,000		501,719
Walt Disney Co., Senior Notes		8.450	%		8/1/34		350,000		423,505
Total Media									5,140,280
Wireless Telecommunication Services - 1.4%
CSC Holdings LLC, Senior Notes		3.375	%		2/15/31		590,000		405,153	(a)
CSC Holdings LLC, Senior Notes		4.500	%		11/15/31		680,000		483,476	(a)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		1,240,000		661,509	(a)
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		120,000		109,267
T-Mobile USA Inc., Senior Notes		5.375	%		4/15/27		570,000		570,655
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		80,000		68,129
T-Mobile USA Inc., Senior Notes		3.375	%		4/15/29		120,000		106,089
T-Mobile USA Inc., Senior Notes		2.875	%		2/15/31		1,430,000		1,187,612
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		1,310,000		1,135,229
Total Wireless Telecommunication Services									4,727,119
TOTAL COMMUNICATION SERVICES									14,037,552
CONSUMER DISCRETIONARY - 2.8%
Automobiles - 1.1%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		1,290,000		979,403
Ford Motor Co., Senior Notes		6.100	%		8/19/32		210,000		195,765
Ford Motor Credit Co. LLC, Senior Notes		2.300	%		2/10/25		660,000		607,222
Ford Motor Credit Co. LLC, Senior Notes		3.625	%		6/17/31		340,000		269,749
General Motors Co., Senior Notes		5.600	%		10/15/32		120,000		114,223
General Motors Co., Senior Notes		6.600	%		4/1/36		30,000		29,998
General Motors Financial Co. Inc., Senior Notes		4.250	%		5/15/23		600,000		598,714
General Motors Financial Co. Inc., Senior Notes		3.800	%		4/7/25		120,000		115,491
Nissan Motor Co. Ltd., Senior Notes		3.522	%		9/17/25		790,000		739,233	(a)
Total Automobiles									3,649,798
Hotels, Restaurants & Leisure - 1.3%
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.250	%		6/1/25		20,000		19,600
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.375	%		4/15/26		140,000		136,667
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		860,000		828,087
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		110,000		102,003

See Notes to Schedule of Investments.

    2     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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)
Sands China Ltd., Senior Notes		5.625	%		8/8/25		1,650,000	$	1,600,860
Sands China Ltd., Senior Notes		2.800	%		3/8/27		500,000		426,106
Sands China Ltd., Senior Notes		5.900	%		8/8/28		590,000		559,091
Sands China Ltd., Senior Notes		3.350	%		3/8/29		330,000		270,001
Sands China Ltd., Senior Notes		3.750	%		8/8/31		200,000		158,170
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		5.125	%		10/1/29		10,000		8,956	(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.125	%		2/15/31		120,000		119,873	(a)
Total Hotels, Restaurants & Leisure									4,229,414
Household Durables - 0.1%
Lennar Corp., Senior Notes		4.500	%		4/30/24		350,000		345,484
Lennar Corp., Senior Notes		4.750	%		5/30/25		110,000		107,621
Lennar Corp., Senior Notes		5.000	%		6/15/27		40,000		39,192
Total Household Durables									492,297
Internet & Direct Marketing Retail - 0.3%
Prosus NV, Senior Notes		3.061	%		7/13/31		1,310,000		1,006,403	(a)
TOTAL CONSUMER DISCRETIONARY									9,377,912
CONSUMER STAPLES - 0.8%
Beverages - 0.3%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		885,000		848,133
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.600	%		4/15/48		44,000		38,942
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		100,000		100,793
Total Beverages									987,868
Food & Staples Retailing - 0.0%††
CVS Pass-Through Trust, Senior Secured Trust		5.298	%		1/11/27		8,410		8,242	(a)
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		36,975		37,268
Total Food & Staples Retailing									45,510
Food Products - 0.0%††
Kraft Heinz Foods Co., Senior Notes		4.250	%		3/1/31		60,000		56,246
Kraft Heinz Foods Co., Senior Notes		6.750	%		3/15/32		20,000		21,703
Total Food Products									77,949

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         3

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Tobacco - 0.5%
Altria Group Inc., Senior Notes		4.400	%		2/14/26		405,000	$	396,581
Altria Group Inc., Senior Notes		3.875	%		9/16/46		180,000		120,796
Altria Group Inc., Senior Notes		5.950	%		2/14/49		50,000		44,803
Altria Group Inc., Senior Notes		6.200	%		2/14/59		248,000		231,424
BAT Capital Corp., Senior Notes		2.789	%		9/6/24		260,000		249,324
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		700,000		503,214
Total Tobacco									1,546,142
TOTAL CONSUMER STAPLES									2,657,469
ENERGY - 8.2%
Energy Equipment & Services - 0.1%
Halliburton Co., Senior Notes		4.850	%		11/15/35		260,000		242,632
Oil, Gas & Consumable Fuels - 8.1%
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		430,000		358,592	(a)
Cheniere Energy Inc., Senior Notes		4.625	%		10/15/28		280,000		259,851
Cheniere Energy Partners LP, Senior Notes		4.000	%		3/1/31		350,000		301,962
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		460,000		369,175
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		460,000		401,107	(a)
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		810,000		767,416	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		615,000		576,736
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		230,000		212,589
Devon Energy Corp., Senior Notes		8.250	%		8/1/23		1,370,000		1,379,937
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		26,000		25,716
Devon Energy Corp., Senior Notes		5.875	%		6/15/28		26,000		26,176
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		84,000		78,229
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		505,000		466,319
Devon Energy Corp., Senior Notes		4.750	%		5/15/42		220,000		183,261
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		190,000		176,143
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		200,000		176,761
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		220,000		208,670
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		1,180,000		779,313
Energy Transfer LP, Junior Subordinated Notes (3 mo. USD LIBOR + 4.028%)		8.892	%		3/16/23		1,930,000		1,831,087	(c)(d)
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		80,000		73,937	(c)(d)

See Notes to Schedule of Investments.

    4     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		310,000	$	276,365	(c)(d)
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		90,000		87,007
Energy Transfer LP, Senior Notes		5.250	%		4/15/29		130,000		126,924
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		120,000		106,564
Energy Transfer LP, Senior Notes		5.300	%		4/1/44		60,000		51,472
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		10,000		8,613
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		705,000		671,775
Energy Transfer LP, Senior Notes		5.000	%		5/15/50		230,000		188,834
Enterprise Products Operating LLC, Senior Notes		3.750	%		2/15/25		285,000		276,665
Enterprise Products Operating LLC, Senior Notes		6.875	%		3/1/33		500,000		553,871
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		410,000		302,192
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. USD LIBOR + 2.570%)		5.375	%		2/15/78		130,000		108,875	(d)
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		160,000		154,145
EQT Corp., Senior Notes		6.125	%		2/1/25		260,000		260,644
EQT Corp., Senior Notes		5.678	%		10/1/25		450,000		444,600
EQT Corp., Senior Notes		3.900	%		10/1/27		1,460,000		1,336,572
EQT Corp., Senior Notes		5.000	%		1/15/29		250,000		234,148
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		750,000		688,489	(a)
KazMunayGas National Co. JSC, Senior Notes		6.375	%		10/24/48		530,000		446,773	(a)
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		720,000		804,305
MPLX LP, Senior Notes		4.875	%		6/1/25		350,000		344,748
NGPL PipeCo LLC, Senior Notes		4.875	%		8/15/27		1,860,000		1,778,684	(a)
Occidental Petroleum Corp., Senior Notes		7.950	%		6/15/39		530,000		585,001
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		70,000		64,102	(a)
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		560,000		467,739
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		120,000		109,800
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		320,000		275,328

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         5

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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)
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		630,000	$	619,851
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		210,000		212,548
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		30,000		30,407
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		4.450	%		8/1/42		690,000		594,603
Western Midstream Operating LP, Senior Notes		3.350	%		2/1/25		280,000		265,681
Western Midstream Operating LP, Senior Notes		4.300	%		2/1/30		3,120,000		2,767,245
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		750,000		634,088
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		710,000		595,562
Western Midstream Operating LP, Senior Notes		5.500	%		2/1/50		460,000		376,150
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		460,000		432,668
Williams Cos. Inc., Senior Notes		3.500	%		11/15/30		380,000		332,856
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		130,000		124,168
YPF SA, Senior Secured Notes, Step bond (4.000% to 2/12/23 then 9.000%)		9.000	%		2/12/26		897,646		885,438	(a)
Total Oil, Gas & Consumable Fuels									27,278,477
TOTAL ENERGY									27,521,109
FINANCIALS - 13.7%
Banks - 7.5%
Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury Constant Maturity Rate + 2.000%)		4.175	%		3/24/28		800,000		748,236	(d)
Bank of America Corp., Senior Notes (2.551% to 2/4/27 then SOFR + 1.050%)		2.551	%		2/4/28		1,310,000		1,171,640	(d)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		1,390,000		1,138,209	(d)
Bank of America Corp., Senior Notes (3.841% to 4/25/24 then SOFR + 1.110%)		3.841	%		4/25/25		970,000		950,278	(d)
Bank of America Corp., Senior Notes (4.827% to 7/22/25 then SOFR + 1.750%)		4.827	%		7/22/26		240,000		236,179	(d)

See Notes to Schedule of Investments.

    6     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
Bank of Nova Scotia, Senior Notes		3.450	%		4/11/25		935,000		$	898,122
BNP Paribas SA, Senior Notes (2.871% to 4/19/31 then SOFR + 1.387%)		2.871	%		4/19/32		1,130,000			912,050	(a)(d)
Citigroup Inc., Senior Notes		4.650	%		7/30/45		368,000			326,211
Citigroup Inc., Senior Notes (3.070% to 2/24/27 then SOFR + 1.280%)		3.070	%		2/24/28		470,000			426,823	(d)
Citigroup Inc., Senior Notes (3.290% to 3/17/25 then SOFR + 1.528%)		3.290	%		3/17/26		750,000			715,680	(d)
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)		3.785	%		3/17/33		540,000			469,852	(d)
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		510,000			511,191
Cooperatieve Rabobank UA, Junior Subordinated Notes (4.625% to 12/29/25 then EUR 5 year Swap Rate + 4.098%)		4.625	%		12/29/25		2,200,000	EUR		2,171,372	(b)(c)(d)
Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury Constant Maturity Rate + 1.220%)		3.649	%		4/6/28		450,000			419,928	(a)(d)
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%)		8.125	%		12/23/25		1,020,000			1,034,267	(a)(c)(d)
Danske Bank A/S, Senior Notes (3.773% to 3/28/24 then 1 year Treasury Constant Maturity Rate + 1.450%)		3.773	%		3/28/25		1,290,000			1,262,906	(a)(d)
Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury Constant Maturity Rate + 1.750%)		4.298	%		4/1/28		720,000			678,857	(a)(d)
ING Groep NV, Senior Notes (4.017% to 3/28/27 then SOFR + 1.830%)		4.017	%		3/28/28		400,000			375,959	(d)
JPMorgan Chase & Co., Senior Notes (2.947% to 2/24/27 then SOFR + 1.170%)		2.947	%		2/24/28		790,000			716,919	(d)
JPMorgan Chase & Co., Senior Notes (4.080% to 4/26/25 then SOFR + 1.320%)		4.080	%		4/26/26		640,000			622,235	(d)
JPMorgan Chase & Co., Senior Notes (4.851% to 7/25/27 then SOFR + 1.990%)		4.851	%		7/25/28		1,200,000			1,172,202	(d)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         7

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
Lloyds Banking Group PLC, Junior Subordinated Notes (4.947% to 6/27/25 then EUR 5 year Swap Rate + 5.290%)		4.947	%		6/27/25		1,312,000	EUR	$	1,333,582	(b)(c)(d)
Lloyds Banking Group PLC, Subordinated Notes		4.500	%		11/4/24		470,000			461,059
Mitsubishi UFJ Financial Group Inc., Senior Notes (3.837% to 4/17/25 then 1 year Treasury Constant Maturity Rate + 1.125%)		3.837	%		4/17/26		460,000			442,273	(d)
Mitsubishi UFJ Financial Group Inc., Senior Notes (4.080% to 4/19/27 then 1 year Treasury Constant Maturity Rate + 1.300%)		4.080	%		4/19/28		260,000			246,923	(d)
Royal Bank of Canada, Senior Notes		3.375	%		4/14/25		1,195,000			1,149,797
Toronto-Dominion Bank, Senior Notes		4.693	%		9/15/27		980,000			959,039
Toronto-Dominion Bank, Senior Notes		4.456	%		6/8/32		945,000			890,174
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		140,000			118,459	(d)
Wells Fargo & Co., Senior Notes (3.908% to 4/25/25 then SOFR + 1.320%)		3.908	%		4/25/26		1,380,000			1,331,580	(d)
Wells Fargo & Co., Senior Notes (4.808% to 7/25/27 then SOFR + 1.980%)		4.808	%		7/25/28		480,000			467,582	(d)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		820,000			756,147	(d)
Total Banks										25,115,731
Capital Markets - 4.0%
Credit Suisse AG, Senior Notes		3.700	%		2/21/25		360,000			335,241
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		1,680,000			1,524,432	(a)(c)(d)
Credit Suisse Group AG, Senior Notes (3.091% to 5/14/31 then SOFR + 1.730%)		3.091	%		5/14/32		2,040,000			1,436,566	(a)(d)
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)		3.615	%		3/15/28		780,000			724,279	(d)
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		750,000			696,315

See Notes to Schedule of Investments.

    8     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Capital Markets - (continued)
Intercontinental Exchange Inc., Senior Notes		4.000	%		9/15/27		1,060,000		$	1,031,762
Intercontinental Exchange Inc., Senior Notes		4.600	%		3/15/33		850,000			809,426
Morgan Stanley, Senior Notes (2.475% to 1/21/27 then SOFR + 1.000%)		2.475	%		1/21/28		960,000			856,726	(d)
Morgan Stanley, Senior Notes (3.620% to 4/17/24 then SOFR + 1.160%)		3.620	%		4/17/25		1,130,000			1,104,229	(d)
Morgan Stanley, Senior Notes (4.679% to 7/17/25 then SOFR + 1.669%)		4.679	%		7/17/26		890,000			873,125	(d)
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		4,110,000			4,100,478	(a)(c)(d)
Total Capital Markets										13,492,579
Consumer Finance - 0.6%
American Express Co., Senior Notes		3.950	%		8/1/25		2,065,000			2,005,080
Diversified Financial Services - 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		10/15/27		1,190,000			1,123,085
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		640,000			512,461
Indian Railway Finance Corp. Ltd., Senior Secured Notes		7.270	%		6/15/27		100,000,000	INR		1,191,647
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		270,000			269,780	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		1,150,000			1,136,703	(a)
Vanguard Group Inc.		3.050	%		8/22/50		1,000,000			655,612	(e)(f)
Total Diversified Financial Services										4,889,288
Insurance - 0.1%
MetLife Inc., Junior Subordinated Notes		6.400	%		12/15/36		510,000			512,496
TOTAL FINANCIALS										46,015,174
HEALTH CARE - 3.2%
Biotechnology - 0.0%††
AbbVie Inc., Senior Notes		3.200	%		11/21/29		90,000			79,637
AbbVie Inc., Senior Notes		4.875	%		11/14/48		60,000			55,064
Total Biotechnology										134,701

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         9

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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 - 2.5%
Cigna Corp., Senior Notes		3.400	%		3/1/27		1,245,000	$	1,166,538
Cigna Corp., Senior Notes		4.375	%		10/15/28		10,000		9,608
Cigna Corp., Senior Notes		4.900	%		12/15/48		60,000		54,057
CommonSpirit Health, Secured Notes		4.350	%		11/1/42		840,000		709,511
CommonSpirit Health, Senior Secured Notes		3.817	%		10/1/49		600,000		454,093
CVS Health Corp., Senior Notes		1.300	%		8/21/27		1,380,000		1,163,447
CVS Health Corp., Senior Notes		1.875	%		2/28/31		90,000		69,962
CVS Health Corp., Senior Notes		5.050	%		3/25/48		60,000		53,896
Dignity Health, Secured Notes		5.267	%		11/1/64		860,000		803,302
Elevance Health Inc., Senior Notes		4.100	%		5/15/32		860,000		790,180
Hackensack Meridian Health Inc., Senior Secured Notes		4.211	%		7/1/48		860,000		734,806
HCA Inc., Senior Notes		5.625	%		9/1/28		20,000		19,793
HCA Inc., Senior Notes		3.500	%		9/1/30		380,000		327,039
Humana Inc., Senior Notes		2.150	%		2/3/32		110,000		84,987
Humana Inc., Senior Notes		8.150	%		6/15/38		480,000		568,531
Humana Inc., Senior Notes		4.625	%		12/1/42		30,000		26,218
UnitedHealth Group Inc., Senior Notes		3.700	%		5/15/27		620,000		591,718
UnitedHealth Group Inc., Senior Notes		2.300	%		5/15/31		70,000		57,738
Willis-Knighton Medical Center, Secured Notes		4.813	%		9/1/48		580,000		533,986
Total Health Care Providers & Services									8,219,410
Pharmaceuticals - 0.7%
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		1,830,000		1,600,921
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		730,000		646,824
Total Pharmaceuticals									2,247,745
TOTAL HEALTH CARE									10,601,856
INDUSTRIALS - 2.8%
Aerospace & Defense - 0.6%
Boeing Co., Senior Notes		2.700	%		2/1/27		560,000		507,594
Boeing Co., Senior Notes		3.250	%		2/1/35		130,000		100,221
Boeing Co., Senior Notes		3.550	%		3/1/38		150,000		113,360
Boeing Co., Senior Notes		5.705	%		5/1/40		265,000		252,727
Boeing Co., Senior Notes		5.805	%		5/1/50		590,000		561,916
Boeing Co., Senior Notes		5.930	%		5/1/60		540,000		505,262
Total Aerospace & Defense									2,041,080

See Notes to Schedule of Investments.

    10     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - 1.5%
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		1,745,000	$	1,781,866	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		328,000		318,769	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		360,000		342,216	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		369,000		369,369	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		390,000		391,853	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		2,010,000		1,783,746	(a)
Total Airlines									4,987,819
Building Products - 0.0%††
Builders FirstSource Inc., Senior Notes		4.250	%		2/1/32		30,000		25,216	(a)
Commercial Services & Supplies - 0.1%
California Institute of Technology, Senior Notes		3.650	%		9/1/2119		710,000		488,301
Road & Rail - 0.0%††
XPO Inc., Senior Notes		6.250	%		5/1/25		28,000		28,040	(a)
Trading Companies & Distributors - 0.6%
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		2,280,000		1,963,092	(a)
TOTAL INDUSTRIALS									9,533,548
INFORMATION TECHNOLOGY - 0.9%
Semiconductors & Semiconductor Equipment - 0.5%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.875	%		1/15/27		770,000		726,622
TSMC Global Ltd., Senior Notes		4.375	%		7/22/27		1,030,000		1,007,980	(a)
Total Semiconductors & Semiconductor Equipment									1,734,602
Software - 0.4%
Workday Inc., Senior Notes		3.500	%		4/1/27		1,000,000		934,490
Workday Inc., Senior Notes		3.800	%		4/1/32		330,000		290,706
Total Software									1,225,196
TOTAL INFORMATION TECHNOLOGY									2,959,798

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         11

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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 - 2.2%
Chemicals - 0.8%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		1,010,000	$	952,647	(b)
Celanese US Holdings LLC, Senior Notes		5.900	%		7/5/24		640,000		639,517
OCP SA, Senior Notes		5.625	%		4/25/24		1,100,000		1,093,035	(a)
Total Chemicals									2,685,199
Metals & Mining - 1.4%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		740,000		715,348	(a)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		290,000		271,935	(a)
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		200,000		184,800
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		1,070,000		967,595
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		840,000		827,410	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		975,000		926,200	(a)
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		910,000		933,065
Total Metals & Mining									4,826,353
TOTAL MATERIALS									7,511,552
UTILITIES - 0.6%
Electric Utilities - 0.6%
American Transmission Systems Inc., Senior Notes		2.650	%		1/15/32		130,000		106,633	(a)
Pacific Gas and Electric Co., First Mortgage Bonds		4.950	%		6/8/25		1,030,000		1,009,354
Pacific Gas and Electric Co., First Mortgage Bonds		3.000	%		6/15/28		460,000		401,709
Trans-Allegheny Interstate Line Co., Senior Notes		3.850	%		6/1/25		550,000		528,006	(a)
TOTAL UTILITIES									2,045,702
TOTAL CORPORATE BONDS & NOTES (Cost - $143,867,697)									132,261,672
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - 13.2%
BANK, 2018-BN15 B		4.657	%		11/15/61		1,050,000		964,749	(d)
Bear Stearns Mortgage Funding Trust, 2007-AR1 1A1 (1 mo. USD LIBOR + 0.160%)		4.777	%		1/25/37		1,077,581		920,965	(d)
BX Commercial Mortgage Trust, 2021- VOLT G (1 mo. USD LIBOR + 2.850%)		7.438	%		9/15/36		850,000		818,535	(a)(d)
BX Commercial Mortgage Trust, 2021- XL2 J (1 mo. USD LIBOR + 3.890%)		8.478	%		10/15/38		991,585		926,534	(a)(d)
BX Trust, 2018-GWMZ MC (1 mo. USD LIBOR + 5.488%)		10.076	%		5/15/37		1,170,000		1,153,373	(a)(d)
BX Trust, 2021-ARIA G (1 mo. USD LIBOR + 3.142%)		7.730	%		10/15/36		1,030,000		955,330	(a)(d)

See Notes to Schedule of Investments.

    12     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - (continued)
BX Trust, 2021-SDMF F (1 mo. USD LIBOR + 1.937%)		6.525	%		9/15/34		860,000	$	816,956	(a)(d)
CFK Trust, 2020-MF2 E		3.458	%		3/15/39		1,440,000		1,191,150	(a)(d)
CHL Mortgage Pass-Through Trust, 2001- HYB1 1A1		3.250	%		6/19/31		3,535		3,397	(d)
CHL Mortgage Pass-Through Trust, 2003-60 1A1		4.168	%		2/25/34		30,575		28,193	(d)
Citigroup Mortgage Loan Trust Inc., 2005-9 1A1 (1 mo. USD LIBOR + 0.260%)		4.877	%		11/25/35		91,515		75,663	(d)
Countrywide Alternative Loan Trust, 2005-28CB 2A3		5.750	%		8/25/35		802,859		560,730
Countrywide Alternative Loan Trust, 2005-52CB 1A2, IO (-1.000 x 1 mo. USD LIBOR + 5.100%)		0.483	%		11/25/35		3,338,784		196,429	(d)
Countrywide Alternative Loan Trust, 2005-76 3A1 (1 mo. USD LIBOR + 0.520%)		5.137	%		1/25/46		64,881		56,708	(d)
Countrywide Alternative Loan Trust, 2006-4CB 1A4, IO (-1.000 x 1 mo. USD LIBOR + 5.300%)		0.683	%		4/25/36		5,747,404		394,632	(d)
Countrywide Alternative Loan Trust, 2006-8T1 1A2, IO (-1.000 x 1 mo. USD LIBOR + 5.500%)		0.883	%		4/25/36		3,395,708		323,981	(d)
Countrywide Alternative Loan Trust, 2006-21CB A6,IO (-1.000 x 1 mo. USD LIBOR + 5.600%)		0.983	%		7/25/36		1,536,610		149,589	(d)
CSMC OA LLC, 2014-USA F		4.373	%		9/15/37		4,400,000		2,343,035	(a)
CSMC Trust, 2015-2R 7A1		3.598	%		8/27/36		113,464		113,385	(a)(d)
CSMC Trust, 2017-CHOP H (1 mo. USD LIBOR + 7.350%)		11.938	%		7/15/32		1,229,000		1,142,706	(a)(d)
CSMC Trust, 2021-RPL1 A2		3.937	%		9/27/60		870,000		829,983	(a)
CSMC Trust, 2022-7R 1A1 (30 Day Average SOFR + 2.500%)		6.562	%		10/25/66		1,068,662		1,075,553	(a)(d)
DBJPM Mortgage Trust, 2016-C3 A5		2.890	%		8/10/49		440,000		404,089
Deutsche Mortgage Securities Inc. Mortgage Loan Trust, 2004-4 7AR2 (1 mo. USD LIBOR + 0.450%)		5.067	%		6/25/34		2,876		2,600	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2017-2 M1		4.000	%		8/25/56		1,080,918		1,053,646	(a)(d)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         13

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2020-2 M		4.250	%		11/25/59		2,120,000	$	1,802,890	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 B1 (30 Day Average SOFR + 3.400%)		7.884	%		8/25/33		520,000		502,772	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2019-R05 1B1 (1 mo. USD LIBOR + 4.100%)		8.717	%		7/25/39		1,722,541		1,768,570	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2020-R01 1B1 (1 mo. USD LIBOR + 3.250%)		7.867	%		1/25/40		1,790,000		1,749,805	(a)(d)
Federal National Mortgage Association (FNMA) REMIC, 2012-51 B		7.000	%		5/25/42		27,325		29,185
First Horizon Alternative Mortgage Securities Trust, 2005-AA12 1A1		4.333	%		2/25/36		34,388		26,374	(d)
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		25,113		24,509	(a)(d)
Government National Mortgage Association (GNMA), 2011-142 IO, IO		0.000	%		9/16/46		2,205,139		22	(d)
Government National Mortgage Association (GNMA), 2012-112 IO, IO		0.130	%		2/16/53		1,270,608		3,759	(d)
Government National Mortgage Association (GNMA), 2014-47 IA, IO		0.147	%		2/16/48		218,870		1,218	(d)
Government National Mortgage Association (GNMA), 2014-50 IO, IO		0.629	%		9/16/55		933,235		23,568	(d)
Government National Mortgage Association (GNMA), 2014-134 IA, IO		0.149	%		1/16/55		31,548,570		153,009	(d)
Government National Mortgage Association (GNMA), 2017-21 IO, IO		0.633	%		10/16/58		2,901,522		100,568	(d)
Government National Mortgage Association (GNMA), 2017-41 IO, IO		0.595	%		7/16/58		515,842		14,516	(d)
GreenPoint Mortgage Funding Trust, 2006-AR3 3A1 (1 mo. USD LIBOR + 0.460%)		5.077	%		4/25/36		8,511		9,887	(d)
HarborView Mortgage Loan Trust, 2006-13 A (1 mo. USD LIBOR + 0.180%)		4.771	%		11/19/46		74,701		52,918	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2007-LD12 AJ		6.673	%		2/15/51		76,756		68,443	(d)

See Notes to Schedule of Investments.

    14     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, 2018-PHMZ M (1 mo. USD LIBOR + 8.508%)		13.096	%		6/15/35		10,150,000	$	101	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST G (1 mo. USD LIBOR + 4.500%)		9.088	%		12/15/36		2,079,000		737,173	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST H (1 mo. USD LIBOR + 7.000%)		11.588	%		12/15/36		2,173,000		550,439	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-NNNZ M		8.542	%		1/16/37		122,014		105,883	(a)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-HTL5 F (1 mo. USD LIBOR + 4.265%)		8.853	%		11/15/38		2,140,000		2,054,399	(a)(d)
Legacy Mortgage Asset Trust, 2021-GS2 A2, Step bond (3.500% to 4/25/24, 6.500% to 4/25/25 then 7.500%)		3.500	%		4/25/61		1,200,000		1,054,777	(a)
Med Trust, 2021-MDLN E (1 mo. USD LIBOR + 3.150%)		7.738	%		11/15/38		1,525,468		1,463,559	(a)(d)
Merrill Lynch Mortgage Investors Trust, 2004-A3 4A3		3.066	%		5/25/34		32,163		28,594	(d)
ML-CFC Commercial Mortgage Trust, 2007-5 AJ		5.450	%		8/12/48		351,184		89,973	(d)
ML-CFC Commercial Mortgage Trust, 2007-5 AJFL		5.450	%		8/12/48		452,863		116,023	(a)(d)
ML-CFC Commercial Mortgage Trust, 2007-9 AJ		6.193	%		9/12/49		9,769		9,579	(d)
Morgan Stanley Capital I Trust, 2021-L7 XA, IO		1.100	%		10/15/54		6,383,163		375,537	(d)
Natixis Commercial Mortgage Securities Trust, 2019-FAME D		4.398	%		8/15/36		2,862,000		2,347,766	(a)(d)
New Residential Mortgage Loan Trust, 2019-2A A1		4.250	%		12/25/57		1,185,092		1,114,810	(a)(d)
Nomura Asset Acceptance Corp. Alternative Loan Trust, 2006-AF2 4A		5.183	%		8/25/36		65,901		40,279	(d)
PRKCM Trust, 2022-AFC1 A1A		4.100	%		4/25/57		653,167		619,606	(a)(d)
Residential Asset Securitization Trust, 2005-A15 2A11, IO (-1.000 x 1 mo. USD LIBOR + 5.550%)		0.933	%		2/25/36		8,163,793		836,297	(d)
SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%)		10.562	%		2/15/39		657,632		616,202	(a)(d)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         15

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(g) - (continued)
Starwood Retail Property Trust, 2014- STAR E (1 mo. USD LIBOR + 4.400%)		8.988	%		11/15/27		7,530,000		$	15,098	(a)(d)
Structured Adjustable Rate Mortgage Loan Trust, 2004-4 3A2		4.384	%		4/25/34		35,037			34,704	(d)
Tharaldson Hotel Portfolio Trust, 2018- THL E (1 mo. USD LIBOR + 3.480%)		8.052	%		11/11/34		1,603,959			1,556,189	(a)(d)
Towd Point Mortgage Trust, 2019-4 B1B		3.500	%		10/25/59		1,840,000			1,327,817	(a)(d)
TTAN, 2021-MHC A (1 mo. USD LIBOR + 0.850%)		5.438	%		3/15/38		1,646,646			1,615,442	(a)(d)
Verus Securitization Trust, 2022-6 A3		4.910	%		6/25/67		1,453,152			1,370,617	(a)
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A1A (1 mo. USD LIBOR + 0.720%)		5.337	%		11/25/34		1,481,083			1,363,522	(d)
WaMu Mortgage Pass-Through Certificates Trust, 2006-AR3 A1B (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 1.000%)		3.793	%		2/25/46		1,259,389			1,102,306	(d)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		121,580			118,483	(a)(d)
Wells Fargo Commercial Mortgage Trust, 2022-ONL F		4.928	%		12/15/39		1,190,000			900,063	(a)(d)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $72,338,852)										44,399,162
SOVEREIGN BONDS - 11.7%
Argentina - 0.6%
Argentine Bonos del Tesoro, Bonds		16.000	%		10/17/23		44,960,000	ARS		83,092	(e)
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		143,435			44,853
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		768,100			250,633
Argentine Republic Government International Bond, Senior Notes, Step bond (3.500% to 7/9/29 then 4.875%)		3.500	%		7/9/41		1,460,000			462,121
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		3,198,882			1,235,569	(a)
Total Argentina										2,076,268

See Notes to Schedule of Investments.

    16     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Brazil - 1.7%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		26,142,000	BRL	$	4,573,745
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/33		6,665,000	BRL		1,047,860
Total Brazil										5,621,605
Colombia - 0.1%
Colombia Government International Bond, Senior Notes		5.000	%		6/15/45		370,000			243,713
Ghana - 0.2%
Ghana Government International Bond, Senior Notes		10.750	%		10/14/30		1,130,000			803,622	(a)
India - 1.4%
India Government Bond		7.590	%		1/11/26		220,000,000	INR		2,678,519
India Government Bond, Senior Notes		5.790	%		5/11/30		200,000,000	INR		2,202,666
Total India										4,881,185
Indonesia - 2.2%
Indonesia Government International
Bond, Senior Notes		3.500	%		1/11/28		490,000			461,622
Indonesia Treasury Bond		7.000	%		5/15/27		2,506,000,000	IDR		167,138
Indonesia Treasury Bond		8.250	%		5/15/29		12,451,000,000	IDR		881,776
Indonesia Treasury Bond		7.125	%		6/15/42		88,000,000,000	IDR		5,805,115
Total Indonesia										7,315,651
Kenya - 0.3%
Republic of Kenya Government
International Bond, Senior Notes		7.000	%		5/22/27		1,000,000			901,315	(a)
Mexico - 5.0%
Mexican Bonos, Bonds		7.500	%		6/3/27		40,820,000	MXN		2,059,975
Mexican Bonos, Bonds		8.000	%		11/7/47		98,030,000	MXN		4,699,375
Mexican Bonos, Senior Notes		8.500	%		5/31/29		36,440,000	MXN		1,905,519
Mexican Bonos, Senior Notes		7.750	%		11/13/42		177,791,900	MXN		8,336,829
Total Mexico										17,001,698
Russia - 0.2%
Russian Federal Bond - OFZ		6.000	%		10/6/27		180,300,000	RUB		120,120	*(h)
Russian Federal Bond - OFZ		7.050	%		1/19/28		506,371,000	RUB		337,356	*(h)
Russian Federal Bond - OFZ		6.900	%		5/23/29		173,973,000	RUB		115,904	*(h)
Total Russia										573,380
TOTAL SOVEREIGN BONDS (Cost - $57,250,012)										39,418,437

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         17

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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 - 10.4%
AccessLex Institute, 2004-A B1 (28 day Auction Rate Security)		6.162	%			7/1/39		350,000	$	326,276	(d)
Amortizing Residential Collateral Trust, 2002-BC5 M1 (1 mo. USD LIBOR + 1.035%)		5.652	%			7/25/32		22,975		22,736	(d)
Barings CLO Ltd., 2018-2A B (3 mo. USD LIBOR + 1.900%)		6.692	%			4/15/30		2,480,000		2,380,144	(a)(d)
Bristol Park CLO Ltd., 2016-1A DR (3 mo. USD LIBOR + 2.950%)		7.742	%			4/15/29		1,420,000		1,304,589	(a)(d)
BRSP Ltd., 2021-FL1 A (1 mo. USD LIBOR + 1.150%)		5.741	%			8/19/38		1,600,000		1,574,000	(a)(d)
Cook Park CLO Ltd., 2018-1A D (3 mo. USD LIBOR + 2.600%)		7.392	%			4/17/30		840,000		753,864	(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)
Countrywide Home Equity Loan Trust, 2007-A A (1 mo. USD LIBOR + 0.120%)		4.708	%			4/15/37		673,497		621,003	(d)
Dividend Solar Loans LLC, 2018-1 C		5.140	%			7/20/38		2,555,906		2,298,364	(a)
Foundation Finance Trust, 2017-1A C		5.400	%			7/15/33		2,600,000		2,511,878	(a)
Fremont Home Loan Trust, 2006-B 2A2 (1 mo. USD LIBOR + 0.200%)		4.817	%			8/25/36		319,503		109,717	(d)
Goldentree Loan Management CLO Ltd., 2018-3A C (3 mo. USD LIBOR + 1.900%)		6.708	%	��		4/20/30		2,170,000		2,094,463	(a)(d)
GoldenTree Loan Opportunities Ltd., 2014-9A CR2 (3 mo. USD LIBOR + 2.100%)		6.902	%			10/29/29		2,270,000		2,224,030	(a)(d)
GoldenTree Loan Opportunities Ltd., 2014-9A DR2 (3 mo. USD LIBOR + 3.000%)		7.802	%			10/29/29		1,550,000		1,498,923	(a)(d)
Golub Capital Partners CLO Ltd., 2019-45A C (3 mo. USD LIBOR + 3.800%)		8.608	%			10/20/31		950,000		943,008	(a)(d)
GoodLeap Sustainable Home Solutions Trust, 2022-1GS C		3.500	%			1/20/49		1,557,122		1,064,558	(a)
Greywolf CLO Ltd., 2019-1A CR (3 mo. Term SOFR + 3.910%)		8.542	%			4/17/34		1,840,000		1,716,100	(a)(d)
Halsey Point CLO Ltd., 2019-1A F (3 mo. USD LIBOR + 8.200%)		13.008	%			1/20/33		860,000		735,258	(a)(d)
HPS Loan Management Ltd., 10A-16 CR (3 mo. USD LIBOR + 3.150%)		7.958	%			4/20/34		1,520,000		1,431,180	(a)(d)
LCM Ltd., 37A D (3 mo. Term SOFR + 3.650%)		8.308	%			4/15/34		940,000		872,041	(a)(d)

See Notes to Schedule of Investments.

    18     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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)
Lehman XS Trust, 2006-16N A4B (1 mo. USD LIBOR + 0.480%)		5.097	%		11/25/46		8,964	$	9,227	(d)
Lehman XS Trust, 2006-GP3 2A2 (1 mo. USD LIBOR + 0.440%)		5.057	%		6/25/46		10,819		21,685	(d)
Marathon CLO Ltd., 2019-2A BA (3 mo. USD LIBOR + 3.300%)		8.108	%		1/20/33		1,410,000		1,370,138	(a)(d)
MASTR Specialized Loan Trust, 2006-3 A (1 mo. USD LIBOR + 0.260%)		4.877	%		6/25/46		73,577		69,858	(a)(d)
Mosaic Solar Loan Trust, 2021-1A D		3.710	%		12/20/46		500,565		437,887	(a)
National Collegiate Student Loan Trust, 2007-2 A4 (1 mo. USD LIBOR + 0.290%)		4.907	%		1/25/33		752,057		695,090	(d)
Palmer Square Loan Funding Ltd., 2022-3A C (3 mo. Term SOFR + 5.400%)		9.405	%		4/15/31		580,000		577,538	(a)(d)
Saranac CLO Ltd., 2014-3A DR (3 mo. USD LIBOR + 3.250%)		8.003	%		6/22/30		2,000,000		1,785,465	(a)(d)
Sierra Timeshare Receivables Funding LLC, 2021-2A A		1.350	%		9/20/38		286,799		264,547	(a)
TSTAT Ltd., 2022-2A C (3 mo. Term SOFR + 4.800%)		9.313	%		1/20/31		820,000		820,593	(a)(d)
UCFC Manufactured Housing Contract, 1997-3 M		7.115	%		1/15/29		867,043		797,324
Whitehorse Ltd., 2018-12A D (3 mo. USD LIBOR + 3.650%)		8.442	%		10/15/31		2,260,000		2,123,284	(a)(d)
Z Capital Credit Partners CLO Ltd., 2021-1A D (3 mo. USD LIBOR + 4.200%)		8.992	%		7/15/33		1,450,000		1,355,206	(a)(d)
TOTAL ASSET-BACKED SECURITIES (Cost - $37,468,541)									35,015,584
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 8.6%
U.S. Government Obligations - 8.6%
U.S. Treasury Bonds		1.125	%		8/15/40		7,380,000		4,651,274
U.S. Treasury Bonds		2.250	%		5/15/41		3,720,000		2,828,144
U.S. Treasury Bonds		2.000	%		11/15/41		1,270,000		918,493
U.S. Treasury Bonds		3.625	%		8/15/43		570,000		531,135
U.S. Treasury Bonds		3.750	%		11/15/43		7,350,000		6,970,728	(i)
U.S. Treasury Bonds		3.125	%		8/15/44		900,000		770,186
U.S. Treasury Bonds		2.875	%		8/15/45		150,000		122,417
U.S. Treasury Bonds		2.750	%		8/15/47		6,390,000		5,083,420
U.S. Treasury Bonds		1.625	%		11/15/50		1,000,000		613,047
U.S. Treasury Bonds		4.000	%		11/15/52		30,000		30,544

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         19

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. Government Obligations - (continued)
U.S. Treasury Bonds		3.625	%		2/15/53		6,290,000	$	5,990,242
U.S. Treasury Notes		4.125	%		11/15/32		289,000		293,651
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $35,344,028)									28,803,281
MORTGAGE-BACKED SECURITIES - 8.1%
FHLMC - 3.8%
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		5/1/51		2,147,735		1,756,743
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		10/1/51-4/1/52		5,604,735		4,799,765
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		3/1/52		3,897,724		3,468,581
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		6/1/52		2,755,140		2,512,010
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		9/1/52		380,276		381,737
Total FHLMC									12,918,836
FNMA - 1.9%
Federal National Mortgage Association (FNMA)		2.000	%		10/1/50-11/1/51		2,005,810		1,639,468
Federal National Mortgage Association (FNMA)		2.500	%		2/1/52		282,483		240,845
Federal National Mortgage Association (FNMA)		4.500	%		3/1/52		1,200,000		1,156,500	(j)
Federal National Mortgage Association (FNMA)		5.500	%		3/1/52		400,000		399,437	(j)
Federal National Mortgage Association (FNMA)		4.000	%		4/1/52		2,196,366		2,067,570
Federal National Mortgage Association (FNMA)		5.000	%		7/1/52		685,349		679,832
Federal National Mortgage Association (FNMA)		4.500	%		8/1/58		39,245		38,172
Total FNMA									6,221,824
GNMA - 2.4%
Government National Mortgage Association (GNMA)		3.000	%		10/15/42-11/15/42		245,058		226,336
Government National Mortgage Association (GNMA)		4.000	%		3/15/50		32,275		30,775
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		43,165		40,562

See Notes to Schedule of Investments.

    20     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		4.500	%		4/20/41-3/20/50		154,554	$	152,403
Government National Mortgage Association (GNMA) II		3.500	%		10/20/49-2/20/50		97,041		89,260
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50-11/20/51		607,456		544,355
Government National Mortgage Association (GNMA) II		4.000	%		1/20/50-4/20/50		492,368		478,086
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50-4/20/51		2,026,822		1,757,402
Government National Mortgage Association (GNMA) II		3.000	%		3/1/52		1,600,000		1,428,906	(j)
Government National Mortgage Association (GNMA) II		3.500	%		3/1/52		1,000,000		919,180	(j)
Government National Mortgage Association (GNMA) II		4.000	%		3/1/52		200,000		189,008	(j)
Government National Mortgage Association (GNMA) II		4.500	%		3/1/52		400,000		387,953	(j)
Government National Mortgage Association (GNMA) II		5.000	%		3/1/52		1,000,000		988,281	(j)
Government National Mortgage Association (GNMA) II		5.500	%		1/20/53		798,626		802,814
Total GNMA									8,035,321
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $27,794,456)									27,175,981
U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.7%
U.S. Treasury Notes, Inflation Indexed (Cost - $2,498,558)		1.125	%		1/15/33		2,520,841		2,432,739
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.5%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.4%
3-Month SOFR Futures, Call @ $95.250		6/16/23			595		1,487,500		11,155
3-Month SOFR Futures, Call @ $95.500		6/16/23			411		1,027,500		5,138
SOFR 1-Year Mid-Curve Futures, Put @ $96.250		4/14/23			286		715,000		564,850
SOFR 1-Year Mid-Curve Futures, Put @ $95.250		6/16/23			898		2,245,000		510,738
SOFR 1-Year Mid-Curve Futures, Put @ $95.875		12/15/23			59		147,500		52,731

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         21

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY			EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
EXCHANGE-TRADED PURCHASED OPTIONS - (continued)
SOFR 1-Year Mid-Curve Futures, Put @ $96.000				12/15/23			138		345,000	$	141,450
U.S. Treasury 5-Year Notes Futures, Call @ $107.500				3/3/23			558		558,000		52,313
U.S. Treasury 5-Year Notes Futures, Put @ $106.500				3/3/23			558		558,000		39,235
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $1,262,288)											1,377,610
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.1%
Credit default swaption to sell protection on Markit CDX.NA.IG.39 Index, Put @ 80.000bps		Goldman Sachs Group Inc.		4/19/23			22,400,000		22,400,000		48,321
Interest rate swaption, Call @ 310.000bps		Morgan Stanley & Co. Inc.		8/29/23			5,690,000		5,690,000		62,542
U.S. Dollar/Eurodollar, Put @ 1.083EUR		BNP Paribas SA		5/31/23			4,770,000		4,770,000		37,394
TOTAL OTC PURCHASED OPTIONS (Cost - $176,930)											148,257
TOTAL PURCHASED OPTIONS (Cost - $1,439,218)											1,525,867
			RATE			MATURITY DATE		FACE AMOUNT†
SENIOR LOANS - 0.4%
CONSUMER DISCRETIONARY - 0.1%
Diversified Consumer Services - 0.1%
WW International Inc., Initial Term Loan (1 mo. USD LIBOR + 3.500%)				8.140	%		4/13/28		507,000		294,696	(d)(k)(l)
INFORMATION TECHNOLOGY - 0.3%
IT Services - 0.3%
Redstone Holdco 2 LP, Second Lien Initial Term Loan (3 mo. USD LIBOR + 7.750%)				12.565	%		4/27/29		1,360,000		815,245	(d)(k)(l)
Software - 0.0%††
Magenta Buyer LLC, First Lien Initial Term Loan (3 mo. USD LIBOR + 4.750%)				9.580	%		7/27/28		64,716		55,383	(d)(k)(l)
TOTAL INFORMATION TECHNOLOGY											870,628
TOTAL SENIOR LOANS (Cost - $1,911,618)											1,165,324

See Notes to Schedule of Investments.

    22     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MUNICIPAL BONDS - 0.2%
California - 0.2%
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A		7.000	%		10/1/39		360,000	$	386,143	(a)
Regents of the University of California, CA, Medical Center Pooled Revenue, Taxable Bonds, Series N		3.706	%		5/15/2120		190,000		127,114
Total California									513,257
						SHARES
INVESTMENTS IN UNDERLYING FUNDS - 0.1%
VanEck J.P. Morgan EM Local Currency Bond ETF (Cost - $497,296)							16,200		395,766
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $380,960,276)									313,107,070
	RATE
SHORT-TERM INVESTMENTS - 4.7%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $15,996,512)		4.513	%				15,996,512		15,996,512	(m)(n)
TOTAL INVESTMENTS - 98.0% (Cost - $396,956,788)									329,103,582
Other Assets in Excess of Liabilities - 2.0%									6,553,753
TOTAL NET ASSETS - 100.0%								$	335,657,335

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         23

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

† Face amount/notional 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) 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.

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

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

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

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

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

(i) All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts.

(j) This security is traded on a to-be-announced (“TBA”) basis. At February 28, 2023, the Fund held TBA securities with a total cost of $5,538,355.

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

(l) 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.

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

(n) 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 $15,996,512 and the cost was $15,996,512 (Note 2).

See Notes to Schedule of Investments.

    24     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

Abbreviation(s) used in this schedule:

ARS	— Argentine Peso
bps	— basis point spread (100 basis points = 1.00%)
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury
ETF	— Exchange-Traded Fund
EUR	— Euro
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
INR	— Indian Rupee
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
OFZ	— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
REMIC	— Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

At February 28, 2023, the Fund had the following written options contracts:

EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
3 Month SOFR Futures, Put		12/15/23	$	95.000		286	$	715,000	$	(352,137	)
3-Month SOFR Futures, Call		6/16/23		96.000		411		1,027,500		(2,569	)
3-Month SOFR Futures, Call		9/15/23		98.250		836		2,090,000		(5,225	)
3-Month SOFR Futures, Call		12/15/23		96.500		531		1,327,500		(39,825	)
3-Month SOFR Futures, Call		12/15/23		96.625		547		1,367,500		(34,188	)
3-Month SOFR Futures, Put		12/15/23		94.250		898		2,245,000		(325,525	)
SOFR 1-Year Mid-Curve Futures, Call		6/16/23		96.875		595		1,487,500		(29,750	)
SOFR 1-Year Mid-Curve Futures, Put		4/14/23		95.250		286		715,000		(94,737	)
SOFR 1-Year Mid-Curve Futures, Put		6/16/23		94.250		898		2,245,000		(61,737	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.250		118		295,000		(47,938	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.375		276		690,000		(132,825	)
U.S. Treasury 5-Year Notes Futures, Call		3/3/23		107.000		186		186,000		(52,313	)
U.S. Treasury 5-Year Notes Futures, Put		3/3/23		107.000		186		186,000		(42,141	)
U.S. Treasury 5-Year Notes Futures, Put		3/24/23		108.750		55		55,000		(99,258	)
U.S. Treasury 10-Year Notes Futures, Call		3/24/23		116.000		564		564,000		(17,625	)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         25

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

EXCHANGE-TRADED WRITTEN OPTIONS (cont’d)
SECURITY		EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT			VALUE
U.S. Treasury 10-Year Notes Futures, Put			3/24/23	$	113.000			82	$	82,000		$	(142,219	)
U.S. Treasury 10-Year Notes Futures, Put			3/24/23		115.000			110		110,000			(376,406	)
Total Exchange-Traded Written Options (Premiums received - $2,841,523)												$	(1,856,418	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Credit default swaption to sell protection on Markit CDX.NA.IG.39 Index, Put	Goldman Sachs Group Inc.		4/19/23		95.000	bps		44,800,000	$	44,800,000	‡	$	(37,202	)
Interest rate swaption, Put	Morgan Stanley & Co. Inc.		8/29/23		410.000	bps		5,690,000		5,690,000			(58,917	)
TOTAL OTC WRITTEN OPTIONS (Premiums received — $143,230)												$	(96,119	)
TOTAL WRITTEN OPTIONS (Premiums received — $2,984,753)												$	(1,952,537	)

‡ In the event an option is exercised and a credit event occurs as defined under the terms of the swap agreement, the notional amount is the maximum potential amount that could be required to be paid as a seller of credit protection or received as a buyer of credit protection.

Abbreviation(s) used in this schedule:

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

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

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month SOFR		198		12/23	$	47,654,066	$	46,824,525	$	(829,541	)
3-Month SOFR		4		9/23		965,508		946,250		(19,258	)
90-Day Eurodollar		125		3/23		29,888,332		29,664,844		(223,488	)
Australian 10-Year Bonds		116		3/23		9,549,100		9,184,134		(364,966	)
Euro-Bobl		31		03/23		3,934,768		3,776,603		(158,165	)
U.S. Treasury 2-Year Notes		84		6/23		17,151,895		17,113,031		(38,864	)
U.S. Treasury 5-Year Notes		1,276		6/23		136,678,941		136,601,784		(77,157	)
U.S. Treasury Long-Term Bonds		203		06/23		25,516,383		25,419,406		(96,977	)

See Notes to Schedule of Investments.

    26     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy (continued)
U.S. Treasury Ultra Long-Term Bonds		28		6/23	$	3,812,273	$	3,781,750	$	(30,523	)
United Kingdom Long Gilt Bonds		37		6/23		4,470,730		4,448,765		(21,965	)
										(1,860,904	)
Contracts to Sell:
3-Month SOFR		299		6/25		72,589,545		72,029,100		560,445
Euro-Bund		89		03/23		13,353,371		12,511,523		841,848
Euro-Schatz		149		03/23		16,823,323		16,544,565		278,758
Japanese 10-Year Bonds		9		03/23		9,781,593		9,693,731		87,862
U.S. Treasury 10-Year Notes		230		06/23		25,620,212		25,680,937		(60,725	)
U.S. Treasury Ultra 10-Year Notes		268		06/23		31,366,907		31,406,250		(39,343	)
										1,668,845
Net unrealized depreciation on open futures contracts									$	(192,059	)

Abbreviation(s) used in this table:

Bobl	—Bundesobligation (Medium-term German Federal Government Bond)
SOFR	—Secured Overnight Financing Rate

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	1,080,000		USD	1,172,810	BNP Paribas SA		4/18/23	$	(27,170	)
USD	2,184,759		EUR	2,031,768	BNP Paribas SA		4/18/23		29,505
USD	2,535,619		EUR	2,342,545	BNP Paribas SA		4/18/23		50,701
JPY	36,000,000		USD	269,582	Goldman Sachs Group Inc.		4/18/23		(3,330	)
JPY	109,590,000		USD	809,326	Goldman Sachs Group Inc.		4/18/23		1,191
JPY	109,660,000		USD	809,269	Goldman Sachs Group Inc.		4/18/23		1,765
JPY	619,548,536		USD	4,737,153	Goldman Sachs Group Inc.		4/18/23		(155,035	)
USD	109,069		JPY	14,000,000	Goldman Sachs Group Inc.		4/18/23		5,527
USD	233,155		JPY	30,000,000	Goldman Sachs Group Inc.		4/18/23		11,278
USD	289,513		JPY	38,000,000	Goldman Sachs Group Inc.		4/18/23		8,469
USD	20,009,433		MXN	396,066,719	Goldman Sachs Group Inc.		4/18/23		(1,435,769	)
BRL	2,497,969		USD	466,404	JPMorgan Chase & Co.		4/18/23		6,505
CAD	6,420,884		USD	4,807,670	JPMorgan Chase & Co.		4/18/23		(99,671	)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         27

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CNH	33,408,217		USD	4,880,782	JPMorgan Chase & Co.		4/18/23	$	(58,127	)
CNY	10,414,616		USD	1,533,139	JPMorgan Chase & Co.		4/18/23		(27,018	)
CNY	16,847,653		USD	2,464,729	JPMorgan Chase & Co.		4/18/23		(28,287	)
IDR	5,149,466,454		USD	338,069	JPMorgan Chase & Co.		4/18/23		(947	)
INR	526,333,721		USD	6,350,360	JPMorgan Chase & Co.		4/18/23		(6,085	)
NZD	2,952,058		USD	1,847,244	JPMorgan Chase & Co.		4/18/23		(21,969	)
USD	3,446,213		BRL	18,076,074	JPMorgan Chase & Co.		4/18/23		24,094
USD	1,702,109		CAD	2,271,979	JPMorgan Chase & Co.		4/18/23		36,221
USD	1,066,541		CNH	7,256,244	JPMorgan Chase & Co.		4/18/23		19,064
USD	11,824,618		CNY	81,110,966	JPMorgan Chase & Co.		4/18/23		94,667
USD	2,608,359		IDR	40,758,871,352	JPMorgan Chase & Co.		4/18/23		(60,014	)
USD	1,014,751		INR	84,219,220	JPMorgan Chase & Co.		4/18/23		(404	)
USD	7,882,716		INR	656,551,393	JPMorgan Chase & Co.		4/18/23		(31,165	)
USD	1,314,442		JPY	173,137,986	JPMorgan Chase & Co.		4/18/23		33,930
USD	428,356		NZD	673,427	JPMorgan Chase & Co.		4/18/23		11,972
AUD	8,370,120		USD	5,836,175	Morgan Stanley & Co. Inc.		4/18/23		(194,043	)
EUR	835,066		NOK	9,047,741	Morgan Stanley & Co. Inc.		4/18/23		12,357
EUR	989,401		NOK	10,509,027	Morgan Stanley & Co. Inc.		4/18/23		35,002
EUR	400,000		USD	425,440	Morgan Stanley & Co. Inc.		4/18/23		(1,129	)
GBP	1,710,493		USD	2,089,282	Morgan Stanley & Co. Inc.		4/18/23		(29,942	)
JPY	70,000,000		USD	544,054	Morgan Stanley & Co. Inc.		4/18/23		(26,341	)
MXN	144,739,742		USD	7,680,277	Morgan Stanley & Co. Inc.		4/18/23		156,719
NOK	51,538,608		USD	5,171,859	Morgan Stanley & Co. Inc.		4/18/23		(196,362	)
USD	2,271,708		AUD	3,256,461	Morgan Stanley & Co. Inc.		4/18/23		76,592
USD	2,573,762		EUR	2,401,197	Morgan Stanley & Co. Inc.		4/18/23		26,626
USD	641,161		GBP	528,281	Morgan Stanley & Co. Inc.		4/18/23		5,140
Total								$	(1,755,483	)

See Notes to Schedule of Investments.

    28     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

Abbreviation(s) used in this table:

AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
USD	— United States Dollar

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

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT*		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		119,278,000		7/11/24	Daily SOFR Compound annually	1.323% annually	$	(6,105,545	)	$	(3,071,008	)	$	(3,034,537	)
		26,910,000		3/16/27	Daily SOFR Compound annually	3.550% annually		(606,707	)		(196,666	)		(410,041	)
		20,401,000		7/11/27	Daily SOFR Compound annually	1.600% annually		(2,012,306	)		—			(2,012,306	)
		3,688,000		8/15/28	1.130% annually	Daily SOFR Compound annually		498,611			18,013			480,598
		6,734,000		8/15/28	1.220% annually	Daily SOFR Compound annually		881,107			(3,875	)		884,982
		5,549,000		2/15/29	2.850% annually	Daily SOFR Compound annually		295,140			21,602			273,538

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         29

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†		MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		23,060,000			4/30/29	3.270% annually		Daily SOFR Compound annually	$	714,223		$	(405,790	)	$	1,120,013
		312,170,000	MXN		7/18/29	28-Day MXN TIIE - Banxico every 28 days		7.450% every 28 days		(1,380,601	)		143,441			(1,524,042	)
		8,331,000			9/30/29	3.250% annually		Daily SOFR Compound annually		252,927			4,018			248,909
		3,218,000			3/18/32	2.000% annually		Daily SOFR Compound annually		408,318			26,084			382,234
		16,566,000			5/15/32	3.220% annually		Daily SOFR Compound annually		569,733			(64,755	)		634,488
		10,838,000			7/11/32	1.800% annually		Daily SOFR Compound annually		1,578,892			—			1,578,892
		2,608,760,000	JPY		4/19/47	0.785% semi- annually		6-Month JPY LIBOR semi-annually		1,700,443			2,140			1,698,303
		15,495,000			5/15/47	1.630% annually		Daily SOFR Compound annually		4,423,739			871,087			3,552,652
		7,166,000			2/15/48	2.600% annually		Daily SOFR Compound annually		917,145			492,576			424,569
		2,040,000			2/15/48	3.050% annually		Daily SOFR Compound annually		109,407			62,886			46,521
		4,147,000			7/11/52	1.780% annually		Daily SOFR Compound annually		1,133,092			—			1,133,092
Total									$	3,377,618		$	(2,100,247	)	$	5,477,865

See Notes to Schedule of Investments.

    30     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

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

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1

SWAP COUNTERPARTY (REFERENCE ENTITY)

NOTIONAL AMOUNT2*

TERMINATION DATE

IMPLIED CREDIT SPREAD AT FEBRUARY 28, 20233

PERIODIC PAYMENTS RECEIVED BY THE FUND†

MARKET VALUE

UPFRONT PREMIUMS PAID (RECEIVED)

UNREALIZED APPRECIATION

BNP Paribas SA (Volkswagen International Finance NV, 0.875%, due 1/16/23)

7,380,000

EUR

12/20/24

0.613%

1.000% quarterly

$

53,088

$

33,125

$

19,963

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION4
SWAP COUNTERPARTY (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
BNP Paribas SA (Mercedes-Benz Group AG, 1.400%, due 12/1/24)		7,380,000	EUR		12/20/24	0.365%	1.000% quarterly	$	(87,324	)	$	(65,043	)	$	(22,281	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION4
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE5			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Markit CDX.NA.HY.39 Index	$	11,329,600		12/20/27	5.000% quarterly	$	(165,579	)	$	212,460		$	(378,039	)
Markit CDX.NA.IG.39 Index		13,071,000		12/20/27	1.000% quarterly		(132,612	)		(98,488	)		(34,124	)
Markit CDX.NA.IG.39 Index		30,058,000		12/20/32	1.000% quarterly		365,885			488,943			(123,058	)
Total	$	54,458,600				$	67,694		$	602,915		$	(535,221	)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2023 Quarterly Report         31

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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.

5 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.

* Notional amount denominated in U.S. dollars, unless otherwise noted.

Abbreviation(s) used in this table:

EUR	— Euro
JPY	— Japanese Yen
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
SOFR	— Secured Overnight Financing Rate
TIIE	— Tasa de Intere’s Interbancaria de Equilibrio (Equilibrium Interbanking Interest 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.

    32     Western Asset Total Return Unconstrained Fund 2023 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Total Return Unconstrained 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, including exchange-traded funds (“ETFs”), 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

33

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

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.

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)

34

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

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

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Financials		—	$	45,359,562	$	655,612	$	46,015,174
Other Corporate Bonds & Notes		—		86,246,498		—		86,246,498
Collateralized Mortgage Obligations		—		44,399,162		—		44,399,162
Sovereign Bonds		—		39,418,437		—		39,418,437
Asset-Backed Securities		—		35,015,584		—		35,015,584
U.S. Government & Agency Obligations		—		28,803,281		—		28,803,281
Mortgage-Backed Securities		—		27,175,981		—		27,175,981
U.S. Treasury Inflation Protected Securities		—		2,432,739		—		2,432,739
Purchased Options:
Exchange-Traded Purchased Options	$	1,377,610		—		—		1,377,610
OTC Purchased Options		—		148,257		—		148,257
Senior Loans		—		1,165,324		—		1,165,324
Municipal Bonds		—		513,257		—		513,257
Investments in Underlying Funds		395,766		—		—		395,766
Total Long-Term Investments		1,773,376		310,678,082		655,612		313,107,070
Short-Term Investments†		15,996,512		—		—		15,996,512
Total Investments	$	17,769,888	$	310,678,082	$	655,612	$	329,103,582
Other Financial Instruments:
Futures Contracts††	$	1,768,913		—		—	$	1,768,913
Forward Foreign Currency Contracts††		—	$	647,325		—		647,325
Centrally Cleared Interest Rate Swaps††		—		12,458,791		—		12,458,791
OTC Credit Default Swaps on Corporate Issues - Sell Protection‡		—		53,088		—		53,088
Total Other Financial Instruments	$	1,768,913	$	13,159,204		—	$	14,928,117
Total	$	19,538,801	$	323,837,286	$	655,612	$	344,031,699

35

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	$	1,856,418		—		—	$	1,856,418
OTC Written Options		—	$	96,119		—		96,119
Futures Contracts††		1,960,972		—		—		1,960,972
Forward Foreign Currency Contracts††		—		2,402,808		—		2,402,808
Centrally Cleared Interest Rate Swaps††		—		6,980,926		—		6,980,926
OTC Credit Default Swaps on Corporate Issues - Buy Protection‡		—		87,324		—		87,324
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection‡		—		535,221		—		535,221
Total	$	3,817,390	$	10,102,398		—	$	13,919,788

† See Schedule of Investments for additional detailed categorizations.

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

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

36

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

2. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The Fund invested in Western Asset Premier Institutional Government Reserves, Premium Shares, an affiliated registered money market fund managed by Western Asset. Benefit Street Partners is a wholly-owned subsidiary of Franklin Resources, Inc. The following companies were considered affiliated companies for all or some portion of the period ended February 28, 2023. The following transactions were effected in such companies for the period ended February 28, 2023.

	Affiliate Value at May 31, 2022		Purchased				Sold				Realized Gain (Loss)			Interest/ Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at February 28, 2023
			Cost		Shares		Proceeds		Shares
Benefit Street Partners CLO Ltd., 2014-IVA CRRR	$	1,384,079		—		—	$	1,450,000		1,450,000	$	(88,711	)	$	18,098	$	65,921		—
Western Asset Premier Institutional Government Reserves, Premium Shares		936,636	$	265,111,597		265,111,597		250,051,721		250,051,721		—			210,673		—	$	15,996,512
	$	2,320,715	$	265,111,597			$	251,501,721			$	(88,711	)	$	228,771	$	65,921	$	15,996,512

37