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

WESTERN ASSET HIGH YIELD FUND

Schedule of investments (unaudited) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 82.6%
COMMUNICATION SERVICES - 10.9%
Diversified Telecommunication Services - 2.0%
Altice Financing SA, Senior Secured Notes		5.000	%		1/15/28		600,000	$	488,406	(a)
Altice Financing SA, Senior Secured Notes		5.750	%		8/15/29		1,670,000		1,324,411	(a)
Altice France Holding SA, Senior Notes		6.000	%		2/15/28		880,000		389,198	(a)
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		1,030,000		559,810	(a)
Altice France SA, Senior Secured Notes		5.125	%		7/15/29		820,000		580,418	(a)
Altice France SA, Senior Secured Notes		5.500	%		10/15/29		760,000		549,648	(a)
Telecom Italia Capital SA, Senior Notes		6.000	%		9/30/34		340,000		285,184
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		540,000		533,475	(a)
Total Diversified Telecommunication Services									4,710,550
Entertainment - 0.7%
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes		10.500	%		2/15/28		1,300,000		745,537	(a)
AMC Entertainment Holdings Inc., Senior Secured Notes		7.500	%		2/15/29		840,000		574,108	(a)
Playtika Holding Corp., Senior Notes		4.250	%		3/15/29		350,000		303,065	(a)
Speedway Motorsports LLC/Speedway Funding II Inc., Senior Notes		4.875	%		11/1/27		140,000		129,840	(a)
Total Entertainment									1,752,550
Interactive Media & Services - 0.8%
Match Group Holdings II LLC, Senior Notes		4.625	%		6/1/28		190,000		175,469	(a)
Match Group Holdings II LLC, Senior Notes		3.625	%		10/1/31		1,500,000		1,224,165	(a)
Rackspace Technology Global Inc., Senior Secured Notes		3.500	%		2/15/28		890,000		423,243	(a)
Total Interactive Media & Services									1,822,877
Media - 5.1%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.750	%		2/1/32		590,000		488,765	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		750,000		608,707
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		5,400,000		4,140,300	(a)
Clear Channel Outdoor Holdings Inc., Senior Notes		7.500	%		6/1/29		430,000		320,862	(a)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes		5.875	%		8/15/27		1,220,000		1,082,284	(a)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		300,000		279,320
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,887,000		1,413,080

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		1,410,000	$	763,656
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		1,080,000		840,397	(a)
iHeartCommunications Inc., Senior Secured Notes		5.250	%		8/15/27		70,000		55,423	(a)
iHeartCommunications Inc., Senior Secured Notes		4.750	%		1/15/28		240,000		185,209	(a)
News Corp., Senior Notes		3.875	%		5/15/29		330,000		290,103	(a)
Univision Communications Inc., Senior Secured Notes		8.000	%		8/15/28		530,000		530,185	(a)
Urban One Inc., Senior Secured Notes		7.375	%		2/1/28		180,000		156,682	(a)
Virgin Media Finance PLC, Senior Notes		5.000	%		7/15/30		300,000		242,921	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		970,000		887,869	(a)
Total Media									12,285,763
Wireless Telecommunication Services - 2.3%
CSC Holdings LLC, Senior Notes		11.250	%		5/15/28		550,000		542,973	(a)
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		1,020,000		844,186	(a)
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		2,430,000		1,346,402	(a)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		970,000		519,308	(a)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		950,000		1,133,122
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		1,410,000		1,179,899	(a)
Total Wireless Telecommunication Services									5,565,890
TOTAL COMMUNICATION SERVICES									26,137,630
CONSUMER DISCRETIONARY - 23.6%
Automobile Components - 1.6%
American Axle & Manufacturing Inc., Senior Notes		6.250	%		3/15/26		42,000		40,890
American Axle & Manufacturing Inc., Senior Notes		5.000	%		10/1/29		1,700,000		1,401,173
Dornoch Debt Merger Sub Inc., Senior Notes		6.625	%		10/15/29		250,000		215,836	(a)
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		1,610,000		1,576,507	(a)
ZF North America Capital Inc., Senior Notes		7.125	%		4/14/30		670,000		679,462	(a)
Total Automobile Components									3,913,868
Automobiles - 2.8%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		5,770,000		4,509,304
Ford Motor Co., Senior Notes		6.100	%		8/19/32		860,000		822,530

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Automobiles - (continued)
Ford Motor Credit Co. LLC, Senior Notes		7.350	%		3/6/30		640,000		$	652,079
PM General Purchaser LLC, Senior Secured Notes		9.500	%		10/1/28		860,000			828,907	(a)
Total Automobiles										6,812,820
Distributors - 0.7%
Accelerate360 Holdings LLC, Secured Notes		8.000	%		3/1/28		724,550			752,032	(a)
American News Co. LLC, Secured Notes (8.500% Cash or 10.000% PIK)		8.500	%		9/1/26		740,003			835,278	(a)(b)
Total Distributors										1,587,310
Diversified Consumer Services - 1.5%
Adtalem Global Education Inc., Senior Secured Notes		5.500	%		3/1/28		338,000			315,319	(a)
Carriage Services Inc., Senior Notes		4.250	%		5/15/29		550,000			477,785	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes		6.250	%		1/15/28		890,000			848,598	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		3.375	%		8/31/27		310,000			276,001	(a)
StoneMor Inc., Senior Secured Notes		8.500	%		5/15/29		660,000			551,374	(a)
WW International Inc., Senior Secured Notes		4.500	%		4/15/29		1,614,000			1,119,148	(a)
Total Diversified Consumer Services										3,588,225
Hotels, Restaurants & Leisure - 14.4%
888 Acquisitions Ltd., Senior Secured Notes		7.558	%		7/15/27		470,000	EUR		486,583	(a)
Boyne USA Inc., Senior Notes		4.750	%		5/15/29		330,000			298,125	(a)
Caesars Entertainment Inc., Senior Notes		8.125	%		7/1/27		530,000			538,603	(a)
Caesars Entertainment Inc., Senior Notes		4.625	%		10/15/29		390,000			341,731	(a)
Caesars Entertainment Inc., Senior Secured Notes		7.000	%		2/15/30		850,000			854,086	(a)
Carnival Corp., Senior Notes		6.000	%		5/1/29		1,260,000			1,138,758	(a)
Carnival Corp., Senior Notes		10.500	%		6/1/30		1,310,000			1,396,499	(a)
Carnival Corp., Senior Secured Notes		7.000	%		8/15/29		520,000			528,090	(a)
Carnival Holdings Bermuda Ltd., Senior Notes		10.375	%		5/1/28		1,470,000			1,600,087	(a)
Carrols Restaurant Group Inc., Senior Notes		5.875	%		7/1/29		1,240,000			1,068,260	(a)
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior Secured Notes		4.625	%		1/15/29		460,000			398,346	(a)
Full House Resorts Inc., Senior Secured Notes		8.250	%		2/15/28		1,160,000			1,033,145	(a)
Las Vegas Sands Corp., Senior Notes		3.900	%		8/8/29		1,400,000			1,234,263
Marston’s Issuer PLC, Secured Notes (3 mo. GBP LIBOR + 2.669%)		7.819	%		7/16/35		1,232,000	GBP		1,115,649	(c)(d)
Melco Resorts Finance Ltd., Senior Notes		4.875	%		6/6/25		200,000			190,181	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Hotels, Restaurants & Leisure - (continued)
Melco Resorts Finance Ltd., Senior Notes		5.375	%		12/4/29		1,270,000		$	1,066,076	(a)
Mohegan Tribal Gaming Authority, Senior Notes		13.250	%		12/15/27		800,000			851,600	(a)
NCL Corp. Ltd., Senior Notes		5.875	%		3/15/26		1,980,000			1,868,751	(a)
NCL Corp. Ltd., Senior Notes		7.750	%		2/15/29		600,000			571,336	(a)
NCL Corp. Ltd., Senior Secured Notes		5.875	%		2/15/27		1,720,000			1,668,311	(a)
NCL Finance Ltd., Senior Notes		6.125	%		3/15/28		1,200,000			1,083,000	(a)
Royal Caribbean Cruises Ltd., Senior Notes		4.250	%		7/1/26		820,000			765,264	(a)
Royal Caribbean Cruises Ltd., Senior Notes		11.625	%		8/15/27		930,000			1,014,189	(a)
Royal Caribbean Cruises Ltd., Senior Notes		3.700	%		3/15/28		1,040,000			906,858
Royal Caribbean Cruises Ltd., Senior Notes		7.250	%		1/15/30		1,190,000			1,209,220	(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		1,020,000	GBP		1,232,004	(c)
Sands China Ltd., Senior Notes		4.300	%		1/8/26		320,000			299,946
Sands China Ltd., Senior Notes		5.650	%		8/8/28		500,000			472,348
Sands China Ltd., Senior Notes		3.350	%		3/8/29		200,000			166,835
Sands China Ltd., Senior Notes		3.500	%		8/8/31		1,470,000			1,183,793
Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes		8.500	%		11/28/25		320,000			317,249	(a)
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Senior Secured Notes		5.875	%		5/15/25		300,000			290,569	(a)
Viking Cruises Ltd., Senior Notes		5.875	%		9/15/27		500,000			467,983	(a)
Viking Cruises Ltd., Senior Notes		7.000	%		2/15/29		790,000			749,789	(a)
Viking Cruises Ltd., Senior Notes		9.125	%		7/15/31		1,420,000			1,468,333	(a)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes		5.625	%		2/15/29		391,000			363,857	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		1,139,000			1,058,235	(a)
Wynn Macau Ltd., Senior Notes		4.875	%		10/1/24		380,000			371,315	(a)
Wynn Macau Ltd., Senior Notes		5.500	%		1/15/26		200,000			187,926	(a)
Wynn Macau Ltd., Senior Notes		5.500	%		10/1/27		570,000			513,673	(a)
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		870,000			768,398	(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		5.125	%		10/1/29		390,000			349,481	(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.125	%		2/15/31		870,000			855,737	(a)
Total Hotels, Restaurants & Leisure										34,344,482
Household Durables - 0.2%
Installed Building Products Inc., Senior Notes		5.750	%		2/1/28		190,000			178,735	(a)
TopBuild Corp., Senior Notes		3.625	%		3/15/29		350,000			301,525	(a)
Total Household Durables										480,260

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Specialty Retail - 2.4%
Academy Ltd., Senior Secured Notes		6.000	%		11/15/27		270,000	$	258,957	(a)
Bath & Body Works Inc., Senior Notes		9.375	%		7/1/25		550,000		575,910	(a)
Bath & Body Works Inc., Senior Notes		6.694	%		1/15/27		110,000		110,133
Bath & Body Works Inc., Senior Notes		6.625	%		10/1/30		780,000		761,453	(a)
FirstCash Inc., Senior Notes		4.625	%		9/1/28		250,000		222,601	(a)
FirstCash Inc., Senior Notes		5.625	%		1/1/30		530,000		481,750	(a)
Foot Locker Inc., Senior Notes		4.000	%		10/1/29		450,000		339,107	(a)
Gannett Holdings LLC, Senior Secured Notes		6.000	%		11/1/26		390,000		334,893	(a)
Michaels Cos. Inc., Senior Notes		7.875	%		5/1/29		650,000		451,165	(a)
Michaels Cos. Inc., Senior Secured Notes		5.250	%		5/1/28		650,000		542,523	(a)
NMG Holding Co. Inc./Neiman Marcus Group LLC, Senior Secured Notes		7.125	%		4/1/26		460,000		437,605	(a)
Upbound Group Inc., Senior Notes		6.375	%		2/15/29		1,370,000		1,245,878	(a)
Total Specialty Retail									5,761,975
TOTAL CONSUMER DISCRETIONARY									56,488,940
CONSUMER STAPLES - 0.8%
Beverages - 0.1%
Triton Water Holdings Inc., Senior Notes		6.250	%		4/1/29		380,000		323,363	(a)
Food Products - 0.6%
Darling Ingredients Inc., Senior Notes		6.000	%		6/15/30		760,000		743,546	(a)
FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes		5.625	%		8/15/26		440,000		423,372	(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		266,605	(a)
Total Food Products									1,433,523
Personal Care Products - 0.1%
Edgewell Personal Care Co., Senior Notes		4.125	%		4/1/29		180,000		156,157	(a)
TOTAL CONSUMER STAPLES									1,913,043
ENERGY - 11.5%
Energy Equipment & Services - 1.3%
Nabors Industries Ltd., Senior Notes		7.250	%		1/15/26		630,000		606,725	(a)
Noble Finance II LLC, Senior Notes		8.000	%		4/15/30		550,000		569,260	(a)
Sunnova Energy Corp., Senior Notes		5.875	%		9/1/26		1,610,000		1,418,179	(a)
Transocean Inc., Senior Secured Notes		8.750	%		2/15/30		532,000		544,747	(a)
Total Energy Equipment & Services									3,138,911
Oil, Gas & Consumable Fuels - 10.2%
Antero Resources Corp., Senior Notes		5.375	%		3/1/30		770,000		720,738	(a)
Berry Petroleum Co. LLC, Senior Notes		7.000	%		2/15/26		1,800,000		1,732,659	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		7.625	%		12/15/25		420,000	$	421,599	(a)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.625	%		7/15/26		1,110,000		1,091,932	(a)
Chesapeake Energy Corp., Senior Notes		5.500	%		2/1/26		80,000		78,179	(a)
Chord Energy Corp., Senior Notes		6.375	%		6/1/26		1,640,000		1,617,958	(a)
CNX Midstream Partners LP, Senior Notes		4.750	%		4/15/30		610,000		527,079	(a)
Crescent Energy Finance LLC, Senior Notes		9.250	%		2/15/28		1,020,000		1,044,347	(a)
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		50,000		51,077	(a)
DCP Midstream Operating LP, Senior Notes		6.750	%		9/15/37		420,000		443,708	(a)
Earthstone Energy Holdings LLC, Senior Notes		8.000	%		4/15/27		190,000		194,103	(a)
Earthstone Energy Holdings LLC, Senior Notes		9.875	%		7/15/31		800,000		877,828	(a)
Endeavor Energy Resources LP/EER Finance Inc., Senior Notes		5.750	%		1/30/28		600,000		587,502	(a)
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		137,127	(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		1,170,788	(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		710,000		630,040	(d)(e)
EQM Midstream Partners LP, Senior Notes		7.500	%		6/1/30		1,570,000		1,611,690	(a)
EQM Midstream Partners LP, Senior Notes		6.500	%		7/15/48		1,250,000		1,135,935
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes		6.250	%		4/15/32		410,000		376,665	(a)
Howard Midstream Energy Partners LLC, Senior Notes		6.750	%		1/15/27		800,000		771,179	(a)
Howard Midstream Energy Partners LLC, Senior Notes		8.875	%		7/15/28		530,000		549,361	(a)
MEG Energy Corp., Senior Notes		5.875	%		2/1/29		900,000		860,657	(a)
Northern Oil and Gas Inc., Senior Notes		8.125	%		3/1/28		910,000		913,012	(a)
Permian Resources Operating LLC, Senior Notes		5.875	%		7/1/29		1,180,000		1,139,261	(a)
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		150,000		146,494
Range Resources Corp., Senior Notes		8.250	%		1/15/29		820,000		852,033
Range Resources Corp., Senior Notes		4.750	%		2/15/30		230,000		207,917	(a)
Southwestern Energy Co., Senior Notes		8.375	%		9/15/28		420,000		437,537
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		1,800,000		1,596,502

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes		9.000	%		10/15/26		535,000	$	516,756	(a)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Notes		6.000	%		12/31/30		460,000		412,042	(a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes		6.250	%		1/15/30		800,000		780,221	(a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes		4.125	%		8/15/31		610,000		518,055	(a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes		3.875	%		11/1/33		170,000		138,296	(a)
Total Oil, Gas & Consumable Fuels									24,290,277
TOTAL ENERGY									27,429,188
FINANCIALS - 7.6%
Banks - 1.9%
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then USD 5 year ICE Swap Rate + 5.150%)		7.375	%		8/19/25		600,000		589,470	(a)(d)(e)
BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year Treasury Constant Maturity Rate + 4.899%)		7.750	%		8/16/29		700,000		681,184	(a)(d)(e)
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		710,000		709,605	(a)(d)(e)
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		267,146	(d)(e)
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%)		8.000	%		9/27/29		970,000		880,501	(d)(e)
Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to 10/31/27 then 5 year Treasury Constant Maturity Rate + 4.075%)		8.125	%		10/31/82		720,000		725,416	(d)
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		730,064	(a)(d)
Total Banks									4,583,386
Capital Markets - 0.7%
Coinbase Global Inc., Senior Notes		3.625	%		10/1/31		920,000		620,365	(a)
Credit Suisse AG, Senior Notes		3.625	%		9/9/24		250,000		243,276

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
StoneX Group Inc., Senior Secured Notes		8.625	%		6/15/25		250,000	$	253,404	(a)
UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%)		6.537	%		8/12/33		520,000		540,299	(a)(d)
Total Capital Markets									1,657,344
Consumer Finance - 0.5%
Midcap Financial Issuer Trust, Senior Notes		6.500	%		5/1/28		550,000		490,025	(a)
Midcap Financial Issuer Trust, Senior Notes		5.625	%		1/15/30		390,000		314,350	(a)
Paysafe Finance PLC/Paysafe Holdings US Corp., Senior Secured Notes		4.000	%		6/15/29		550,000		466,711	(a)
Total Consumer Finance									1,271,086
Financial Services - 3.5%
Burford Capital Global Finance LLC, Senior Notes		6.250	%		4/15/28		550,000		506,773	(a)
Burford Capital Global Finance LLC, Senior Notes		6.875	%		4/15/30		470,000		431,578	(a)
Burford Capital Global Finance LLC, Senior Notes		9.250	%		7/1/31		740,000		749,250	(a)
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		2,543,942		2,392,018	(a)(b)
Jane Street Group/JSG Finance Inc., Senior Secured Notes		4.500	%		11/15/29		1,001,000		879,514	(a)
NMI Holdings Inc., Senior Secured Notes		7.375	%		6/1/25		600,000		604,608	(a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes		3.875	%		3/1/31		370,000		301,550	(a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes		4.000	%		10/15/33		1,450,000		1,148,117	(a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes		7.875	%		5/1/27		490,000		443,947	(a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes		9.500	%		6/1/28		110,000		101,614	(a)
VistaJet Malta Finance PLC/XO Management Holding Inc., Senior Notes		6.375	%		2/1/30		890,000		731,048	(a)
Total Financial Services									8,290,017

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
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	$	665,847	(a)(b)
Ryan Specialty Group LLC, Senior Secured Notes		4.375	%		2/1/30		330,000		295,363	(a)
Total Insurance									961,210
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
Apollo Commercial Real Estate Finance Inc., Senior Secured Notes		4.625	%		6/15/29		1,150,000		903,049	(a)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes		4.250	%		2/1/27		320,000		289,775	(a)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes		4.750	%		6/15/29		140,000		117,842	(a)
Total Mortgage Real Estate Investment Trusts (REITs)									1,310,666
TOTAL FINANCIALS									18,073,709
HEALTH CARE - 5.2%
Health Care Equipment & Supplies - 0.3%
Medline Borrower LP, Senior Notes		5.250	%		10/1/29		420,000		373,387	(a)
Medline Borrower LP, Senior Secured Notes		3.875	%		4/1/29		310,000		270,917	(a)
Total Health Care Equipment & Supplies									644,304
Health Care Providers & Services - 2.1%
Akumin Inc., Senior Secured Notes		7.000	%		11/1/25		300,000		226,873	(a)
Cano Health LLC, Senior Notes		6.250	%		10/1/28		440,000		149,996	(a)
CHS/Community Health Systems Inc., Secured Notes		6.875	%		4/15/29		700,000		429,954	(a)
CHS/Community Health Systems Inc., Secured Notes		6.125	%		4/1/30		60,000		34,583	(a)
CHS/Community Health Systems Inc., Senior Secured Notes		5.250	%		5/15/30		1,060,000		836,900	(a)
HCA Inc., Senior Notes		7.500	%		11/15/95		680,000		750,163
LifePoint Health Inc., Senior Secured Notes		9.875	%		8/15/30		1,390,000		1,374,362	(a)
Radiology Partners Inc., Senior Notes		9.250	%		2/1/28		70,000		27,555	(a)
Tenet Healthcare Corp., Secured Notes		6.250	%		2/1/27		480,000		473,148
Tenet Healthcare Corp., Senior Secured Notes		4.250	%		6/1/29		720,000		643,523
U.S. Renal Care Inc., Senior Secured Notes		10.625	%		6/28/28		343,000		218,707	(a)
Total Health Care Providers & Services									5,165,764
Health Care Technology - 0.2%
AthenaHealth Group Inc., Senior Notes		6.500	%		2/15/30		620,000		539,029	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - 2.6%
AdaptHealth LLC, Senior Notes		6.125	%		8/1/28		700,000	$	632,706	(a)
AdaptHealth LLC, Senior Notes		4.625	%		8/1/29		160,000		130,910	(a)
AdaptHealth LLC, Senior Notes		5.125	%		3/1/30		680,000		558,407	(a)
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		960,000		421,051	(a)
Bausch Health Cos. Inc., Senior Notes		5.250	%		1/30/30		440,000		186,219	(a)
Bausch Health Cos. Inc., Senior Secured Notes		6.125	%		2/1/27		230,000		151,462	(a)
Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Senior Secured Notes		6.125	%		4/1/29		300,000		213,941	*(a)(f)
Par Pharmaceutical Inc., Senior Secured Notes		7.500	%		4/1/27		800,000		570,291	*(a)(f)
Teva Pharmaceutical Finance Co. LLC, Senior Notes		6.150	%		2/1/36		390,000		359,805
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.750	%		5/9/27		2,160,000		2,021,028
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		7.875	%		9/15/29		200,000		208,708
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		8.125	%		9/15/31		650,000		689,471
Total Pharmaceuticals									6,143,999
TOTAL HEALTH CARE									12,493,096
INDUSTRIALS - 12.0%
Aerospace & Defense - 1.1%
Bombardier Inc., Senior Notes		7.875	%		4/15/27		430,000		429,349	(a)
Bombardier Inc., Senior Notes		7.500	%		2/1/29		650,000		637,524	(a)
TransDigm Inc., Senior Secured Notes		6.750	%		8/15/28		1,590,000		1,597,561	(a)
Total Aerospace & Defense									2,664,434
Building Products - 0.7%
Advanced Drainage Systems Inc., Senior Notes		6.375	%		6/15/30		230,000		226,780	(a)
MIWD Holdco II LLC/MIWD Finance Corp., Senior Notes		5.500	%		2/1/30		1,550,000		1,315,423	(a)
PGT Innovations Inc., Senior Notes		4.375	%		10/1/29		240,000		222,957	(a)
Total Building Products									1,765,160
Commercial Services & Supplies - 3.2%
ADT Security Corp., Senior Secured Notes		4.125	%		8/1/29		280,000		244,663	(a)
Allied Universal Holdco LLC/Allied Universal Finance Corp., Senior Secured Notes		6.625	%		7/15/26		1,030,000		980,724	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Commercial Services & Supplies - (continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes		4.625	%		6/1/28		1,000,000	$	846,315	(a)
Clean Harbors Inc., Senior Notes		6.375	%		2/1/31		440,000		437,946	(a)
CoreCivic Inc., Senior Notes		8.250	%		4/15/26		940,000		944,576
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		687,000		615,118
GEO Group Inc., Secured Notes		10.500	%		6/30/28		347,000		347,415
GEO Group Inc., Secured Notes		9.500	%		12/31/28		1,460,000		1,445,400	(a)
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., Senior Secured Notes		5.000	%		2/1/26		730,000		686,638	(a)
Madison IAQ LLC, Senior Notes		5.875	%		6/30/29		560,000		472,023	(a)
Madison IAQ LLC, Senior Secured Notes		4.125	%		6/30/28		810,000		717,362	(a)
Total Commercial Services & Supplies									7,738,180
Construction & Engineering - 0.3%
Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes		6.000	%		2/1/26		350,000		336,343	(a)
Empire Communities Corp., Senior Notes		7.000	%		12/15/25		400,000		386,529	(a)
Total Construction & Engineering									722,872
Ground Transportation - 0.4%
Carriage Purchaser Inc., Senior Notes		7.875	%		10/15/29		560,000		420,736	(a)
XPO CNW Inc., Senior Notes		6.700	%		5/1/34		360,000		358,220
XPO Escrow Sub LLC, Senior Notes		7.500	%		11/15/27		120,000		122,140	(a)
Total Ground Transportation									901,096
Industrial Conglomerates - 0.1%
Covanta Holding Corp., Senior Notes		4.875	%		12/1/29		340,000		292,731	(a)
Machinery - 1.2%
ATS Corp., Senior Notes		4.125	%		12/15/28		1,090,000		969,616	(a)
Park-Ohio Industries Inc., Senior Notes		6.625	%		4/15/27		390,000		338,756
Roller Bearing Co. of America Inc., Senior Notes		4.375	%		10/15/29		500,000		447,960	(a)
Titan International Inc., Senior Secured Notes		7.000	%		4/30/28		560,000		534,048
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		530,000		476,301	(a)
Total Machinery									2,766,681
Passenger Airlines - 2.5%
American Airlines Inc., Senior Secured Notes		7.250	%		2/15/28		620,000		609,661	(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.750	%		4/20/29		2,460,000		2,355,194	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Passenger Airlines - (continued)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		570,000	$	527,992	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,200,000		1,202,496	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		310,000		310,612	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		1,154,000		1,027,609	(a)
Total Passenger Airlines									6,033,564
Professional Services - 0.3%
RR Donnelley & Sons Co., Secured Notes		9.750	%		7/31/28		510,000		510,498	(a)
ZipRecruiter Inc., Senior Notes		5.000	%		1/15/30		250,000		210,000	(a)
Total Professional Services									720,498
Trading Companies & Distributors - 2.2%
Alta Equipment Group Inc., Secured Notes		5.625	%		4/15/26		490,000		453,941	(a)
Beacon Roofing Supply Inc., Senior Secured Notes		6.500	%		8/1/30		380,000		375,820	(a)
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		1,800,000		1,573,293	(a)
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		160,000		152,390
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		1,230,000		1,170,050
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		640,000		548,009
United Rentals North America Inc., Senior Secured Notes		6.000	%		12/15/29		950,000		945,034	(a)
Total Trading Companies & Distributors									5,218,537
TOTAL INDUSTRIALS									28,823,753
INFORMATION TECHNOLOGY - 2.3%
Communications Equipment - 1.0%
CommScope Inc., Senior Secured Notes		4.750	%		9/1/29		2,000,000		1,488,076	(a)
CommScope Technologies LLC, Senior Notes		5.000	%		3/15/27		1,190,000		662,829	(a)
Viavi Solutions Inc., Senior Notes		3.750	%		10/1/29		290,000		241,857	(a)
Total Communications Equipment									2,392,762
IT Services - 0.2%
Clarivate Science Holdings Corp., Senior Notes		4.875	%		7/1/29		350,000		305,539	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Software - 0.6%
Central Parent Inc./CDK Global Inc., Senior Secured Notes		7.250	%		6/15/29		660,000	$	651,623	(a)
Elastic NV, Senior Notes		4.125	%		7/15/29		380,000		327,010	(a)
Gen Digital Inc., Senior Notes		7.125	%		9/30/30		250,000		251,963	(a)
Open Text Corp., Senior Secured Notes		6.900	%		12/1/27		260,000		263,667	(a)
Total Software									1,494,263
Technology Hardware, Storage & Peripherals - 0.5%
CA Magnum Holdings, Senior Secured Notes		5.375	%		10/31/26		540,000		482,792	(a)
Vericast Corp., Senior Secured Notes		11.000	%		9/15/26		720,000		753,350	(a)
Total Technology Hardware, Storage & Peripherals									1,236,142
TOTAL INFORMATION TECHNOLOGY									5,428,706
MATERIALS - 5.7%
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		118,012		83,198	(a)(b)
INEOS Quattro Finance 2 PLC, Senior Secured Notes		3.375	%		1/15/26		900,000		824,234	(a)
LSF11 A5 Holdco LLC, Senior Notes		6.625	%		10/15/29		400,000		333,692	(a)
Olin Corp., Senior Notes		5.000	%		2/1/30		200,000		183,314
Total Chemicals									1,424,438
Construction Materials - 0.5%
Smyrna Ready Mix Concrete LLC, Senior Secured Notes		6.000	%		11/1/28		340,000		326,801	(a)
Summit Materials LLC/Summit Materials Finance Corp., Senior Notes		5.250	%		1/15/29		860,000		806,482	(a)
Total Construction Materials									1,133,283
Containers & Packaging - 2.0%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)		6.500	%		6/30/27		2,610,000		2,100,664	(a)(b)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Notes		4.000	%		9/1/29		200,000		162,740	(a)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Secured Notes		6.000	%		6/15/27		1,140,000		1,112,764	(a)
Canpack SA/Canpack US LLC, Senior Notes		3.875	%		11/15/29		1,460,000		1,181,110	(a)
Cascades Inc./Cascades USA Inc., Senior Notes		5.375	%		1/15/28		330,000		310,991	(a)
Pactiv LLC, Senior Notes		8.375	%		4/15/27		10,000		10,099
Total Containers & Packaging									4,878,368

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Metals & Mining - 2.6%
Arsenal AIC Parent LLC, Senior Secured Notes		8.000	%		10/1/30		100,000	$	102,249	(a)
First Quantum Minerals Ltd., Senior Notes		6.875	%		10/15/27		1,480,000		1,442,807	(a)
First Quantum Minerals Ltd., Senior Notes		8.625	%		6/1/31		1,710,000		1,742,272	(a)
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		1,500,000		1,347,666
Hudbay Minerals Inc., Senior Notes		4.500	%		4/1/26		190,000		179,531	(a)
Hudbay Minerals Inc., Senior Notes		6.125	%		4/1/29		1,390,000		1,308,121	(a)
Total Metals & Mining									6,122,646
TOTAL MATERIALS									13,558,735
REAL ESTATE - 2.6%
Diversified REITs - 0.6%
IIP Operating Partnership LP, Senior Notes		5.500	%		5/25/26		970,000		860,973
Iron Mountain Information Management Services Inc., Senior Notes		5.000	%		7/15/32		380,000		328,495	(a)
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		4.625	%		8/1/29		320,000		231,449
Total Diversified REITs									1,420,917
Health Care REITs - 0.5%
Diversified Healthcare Trust, Senior Notes		9.750	%		6/15/25		230,000		226,421
Diversified Healthcare Trust, Senior Notes		4.750	%		2/15/28		400,000		305,951
Diversified Healthcare Trust, Senior Notes		4.375	%		3/1/31		930,000		702,533
Total Health Care REITs									1,234,905
Hotel & Resort REITs - 0.8%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Senior Secured Notes		5.875	%		10/1/28		150,000		138,901	(a)
Service Properties Trust, Senior Notes		4.500	%		3/15/25		160,000		151,356
Service Properties Trust, Senior Notes		5.500	%		12/15/27		1,110,000		983,641
Service Properties Trust, Senior Notes		4.950	%		10/1/29		720,000		568,455
Total Hotel & Resort REITs									1,842,353
Real Estate Management & Development - 0.7%
Cushman & Wakefield US Borrower LLC, Senior Secured Notes		8.875	%		9/1/31		570,000		575,187	(a)
Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes		7.875	%		11/15/25		620,000		578,866	(a)
Forestar Group Inc., Senior Notes		3.850	%		5/15/26		390,000		361,508	(a)
Forestar Group Inc., Senior Notes		5.000	%		3/1/28		120,000		111,018	(a)
Total Real Estate Management & Development									1,626,579
TOTAL REAL ESTATE									6,124,754

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) August 31, 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	$	249,561	(a)
Superior Plus LP/Superior General Partner Inc., Senior Notes		4.500	%		3/15/29		190,000		167,384	(a)
Total Gas Utilities									416,945
Independent Power and Renewable Electricity Producers - 0.2%
TransAlta Corp., Senior Notes		7.750	%		11/15/29		560,000		580,362
TOTAL UTILITIES									997,307
TOTAL CORPORATE BONDS & NOTES (Cost - $210,398,725)									197,468,861
ASSET-BACKED SECURITIES - 7.1%
AB BSL CLO Ltd., 2021-2A D (3 mo. Term SOFR + 3.612%)		8.920	%		4/15/34		250,000		239,334	(a)(d)
AGL CLO Ltd., 2021-11A E (3 mo. Term SOFR + 6.622%)		11.930	%		4/15/34		250,000		241,374	(a)(d)
AGL CLO Ltd., 2021-16A D (3 mo. Term SOFR + 3.362%)		8.688	%		1/20/35		250,000		248,673	(a)(d)
Clover CLO LLC, 2018-1A DR (3 mo. Term SOFR + 3.362%)		8.688	%		4/20/32		280,000		280,422	(a)(d)
Aimco CLO Ltd., 2020-12A DR (3 mo. Term SOFR + 2.900%)		8.208	%		1/17/32		370,000		365,093	(a)(d)
Bain Capital Credit CLO Ltd., 2021-4A E (3 mo. Term SOFR + 6.762%)		12.088	%		10/20/34		650,000		588,746	(a)(d)
Ballyrock CLO Ltd., 2018-1A C (3 mo. Term SOFR + 3.412%)		8.738	%		4/20/31		1,575,000		1,547,596	(a)(d)
Ballyrock CLO Ltd., 2022-19A D (3 mo. Term SOFR + 7.110%)		12.436	%		4/20/35		670,000		654,396	(a)(d)
Barings CLO Ltd., 2018-3A D (3 mo. Term SOFR + 3.162%)		8.488	%		7/20/29		250,000		249,616	(a)(d)
Battalion CLO Ltd., 2017-11A DR (3 mo. Term SOFR + 3.912%)		9.257	%		4/24/34		250,000		241,332	(a)(d)
Battalion CLO Ltd., 2021-20A D (3 mo. Term SOFR + 3.362%)		8.670	%		7/15/34		250,000		233,074	(a)(d)
BlueMountain CLO Ltd., 2016-2A DR (3 mo. Term SOFR + 8.052%)		13.431	%		8/20/32		250,000		222,461	(a)(d)
BlueMountain CLO Ltd., 2020-30A DR (3 mo. Term SOFR + 3.300%)		8.608	%		4/15/35		400,000		377,078	(a)(d)
BlueMountain CLO Ltd., 2021-31A E (3 mo. Term SOFR + 6.792%)		12.112	%		4/19/34		160,000		148,066	(a)(d)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
Bristol Park CLO Ltd., 2016-1A ER (3 mo. Term SOFR + 7.262%)		12.570	%		4/15/29		300,000	$	278,185	(a)(d)
Carlyle US CLO Ltd., 2017-2A C (3 mo. Term SOFR + 3.962%)		9.288	%		7/20/31		250,000		245,652	(a)(d)
Carlyle US CLO Ltd., 2019-2A DR (3 mo. Term SOFR + 6.762%)		12.070	%		7/15/32		500,000		479,701	(a)(d)
Catskill Park CLO Ltd., 2017-1A C (3 mo. Term SOFR + 3.962%)		9.288	%		4/20/29		1,000,000		1,007,212	(a)(d)
Cook Park CLO Ltd., 2018-1A E (3 mo. Term SOFR + 5.662%)		10.970	%		4/17/30		250,000		208,164	(a)(d)
Dryden Senior Loan Fund, 2015-40A DR (3 mo. Term SOFR + 3.362%)		8.726	%		8/15/31		250,000		239,697	(a)(d)
Eaton Vance CLO Ltd., 2020-2A ER (3 mo. Term SOFR + 6.762%)		12.070	%		1/15/35		410,000		399,602	(a)(d)
Goldentree Loan Management CLO Ltd., 2018-3A C (3 mo. Term SOFR + 2.162%)		7.488	%		4/20/30		500,000		493,905	(a)(d)
Greenwood Park CLO Ltd., 2018-1A D (3 mo. Term SOFR + 2.762%)		8.070	%		4/15/31		350,000		327,164	(a)(d)
Greenwood Park CLO Ltd., 2018-1A E (3 mo. Term SOFR + 5.212%)		10.520	%		4/15/31		250,000		207,038	(a)(d)
Grippen Park CLO Ltd., 2017-1A E (3 mo. Term SOFR + 5.962%)		11.288	%		1/20/30		460,000		418,816	(a)(d)
Halsey Point CLO Ltd., 2019-1A E (3 mo. Term SOFR + 7.962%)		13.288	%		1/20/33		350,000		346,876	(a)(d)
Magnetite Ltd., 2015-12A ER (3 mo. Term SOFR + 5.942%)		11.250	%		10/15/31		750,000		718,845	(a)(d)
Magnetite Ltd., 2020-26A ER (3 mo. Term SOFR + 6.212%)		11.563	%		7/25/34		500,000		485,837	(a)(d)
Marble Point CLO Ltd., 2017-1A C (3 mo. Term SOFR + 2.612%)		7.920	%		10/15/30		250,000		247,579	(a)(d)
Marble Point CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.792%)		9.118	%		1/20/32		500,000		466,926	(a)(d)
MKS CLO Ltd., 2017-2A D (3 mo. Term SOFR + 2.912%)		8.238	%		1/20/31		250,000		235,649	(a)(d)
Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR + 3.382%)		8.690	%		7/15/31		250,000		224,713	(a)(d)
Neuberger Berman CLO Ltd., 2017-16SA DR (3 mo. Term SOFR + 3.162%)		8.470	%		4/15/34		900,000		862,501	(a)(d)
Neuberger Berman Loan Advisers CLO Ltd., 2017-25A DR (3 mo. Term SOFR + 3.112%)		8.422	%		10/18/29		250,000		243,810	(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) August 31, 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%)		11.826	%		1/20/35		600,000	$	581,474	(a)(d)
Ocean Trails CLO, 2014-5A DRR (3 mo. Term SOFR + 3.712%)		9.013	%		10/13/31		300,000		270,899	(a)(d)
Palmer Square CLO Ltd., 2021-2A E (3 mo. Term SOFR + 6.612%)		11.920	%		7/15/34		250,000		246,325	(a)(d)
Palmer Square Loan Funding Ltd., 2022-3A C (3 mo. Term SOFR + 5.400%)		10.708	%		4/15/31		270,000		272,700	(a)(d)
Sculptor CLO Ltd., 26A E (3 mo. Term SOFR + 7.512%)		12.838	%		7/20/34		310,000		291,477	(a)(d)
Symphony CLO Ltd., 2020-22A D (3 mo. Term SOFR + 3.412%)		8.722	%		4/18/33		825,000		796,902	(a)(d)
Symphony CLO Ltd., 2021-25A D (3 mo. Term SOFR + 3.862%)		9.182	%		4/19/34		250,000		248,130	(a)(d)
THL Credit Wind River CLO Ltd., 2017-3A ER (3 mo. Term SOFR + 7.312%)		12.620	%		4/15/35		250,000		233,154	(a)(d)
Venture CLO Ltd., 2014-17A DRR (3 mo. Term SOFR + 3.082%)		8.390	%		4/15/27		350,000		340,297	(a)(d)
TOTAL ASSET-BACKED SECURITIES (Cost - $16,791,571)									17,056,491
SENIOR LOANS - 5.1%
COMMUNICATION SERVICES - 0.3%
Media - 0.3%
DirecTV Financing LLC, Closing Date Term Loan (1 mo. Term SOFR + 5.000%)		10.446	%		8/2/27		735,886		728,402	(d)(g)(h)
CONSUMER DISCRETIONARY - 1.5%
Automobile Components - 0.5%
Clarios Global LP, 2023 Term Loan (1 mo. Term SOFR + 3.750%)		9.081	%		5/6/30		500,000		499,922	(d)(g)(h)
First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR + 5.000%)		10.881	%		3/30/27		332,350		328,508	(d)(g)(h)
Truck Hero Inc., Initial Term Loan (1 mo. Term SOFR + 3.750%)		9.196	%		1/31/28		361,675		351,429	(d)(g)(h)
Total Automobile Components									1,179,859
Diversified Consumer Services - 0.2%
Adtalem Global Education Inc., Term Loan B (1 mo. Term SOFR + 4.114%)		9.446	%		8/12/28		273,279		273,835	(d)(g)(h)
WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)		8.946	%		4/13/28		256,000		193,600	(d)(g)(h)
Total Diversified Consumer Services									467,435

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - 0.5%
Equinox Holdings Inc., Term Loan B2		14.538- 14.731	%		3/8/24		436,500	$	423,134	(d)(g)(h)
NCL Corp. Ltd., Term Loan A3 (3 mo. Term SOFR + 2.350%)		7.592	%		1/2/25		562,154		559,343	(d)(g)(h)(i)
Scientific Games International Inc., Initial Term Loan B (1 mo. Term SOFR + 3.100%)		8.412	%		4/13/29		247,500		248,009	(d)(g)(h)
Total Hotels, Restaurants & Leisure									1,230,486
Specialty Retail - 0.3%
Spencer Spirit IH LLC, Initial Term Loan (1 mo. Term SOFR + 6.000%)		11.429	%		6/19/26		680,385		676,983	(d)(g)(h)
TOTAL CONSUMER DISCRETIONARY									3,554,763
FINANCIALS - 0.3%
Financial Services - 0.2%
Citadel Securities LP, Term Loan B (1 mo. Term SOFR + 2.614%)		7.946	%		7/29/30		248,125		247,403	(d)(g)(h)
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (3 mo. USD LIBOR + 6.750%)		12.288	%		4/7/28		200,000		189,250	(d)(g)(h)
Total Financial Services									436,653
Insurance - 0.1%
Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%)		9.431	%		8/19/28		307,675		296,800	(d)(g)(h)
TOTAL FINANCIALS									733,453
HEALTH CARE - 0.9%
Health Care Providers & Services - 0.8%
EyeCare Partners LLC, First Lien Amendment No. 2 Term Loan (3 mo. Term SOFR + 4.500%)		9.842	%		11/15/28		288,550		227,955	(d)(g)(h)
EyeCare Partners LLC, First Lien Initial Term Loan (1 mo. Term SOFR + 3.750%)		9.253	%		2/18/27		552,370		439,726	(d)(g)(h)
LifePoint Health Inc., First Lien Term Loan B (3 mo. Term SOFR + 4.012%)		9.377	%		11/16/25		225,068		223,577	(d)(g)(h)
One Call Corp., First Lien Term Loan B (3 mo. Term SOFR + 5.762%)		11.113	%		4/22/27		664,400		525,706	(d)(g)(h)
U.S. Renal Care Inc., Closing Date Term Loan (3 mo. Term SOFR + 5.000%)		10.346	%		6/20/28		802,984		516,587	(d)(g)(h)
Total Health Care Providers & Services									1,933,551
Pharmaceuticals - 0.1%
Agiliti Health Inc., 2023 Term Loan B (3 mo. Term SOFR + 3.000%)		8.247	%		5/1/30		300,000		299,439	(d)(g)(h)
TOTAL HEALTH CARE									2,232,990

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, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
INDUSTRIALS - 1.0%
Commercial Services & Supplies - 0.2%
Neptune Bidco US Inc., Term Loan B (3 mo. Term SOFR + 5.100%)		10.398	%		4/11/29		309,225	$	282,683	(d)(g)(h)
Verscend Holding Corp., New Term Loan B (1 mo. Term SOFR + 4.114%)		9.446	%		8/27/25		247,475		247,739	(d)(g)(h)
Total Commercial Services & Supplies									530,422
Ground Transportation - 0.1%
Carriage Purchaser Inc., Term Loan B (1 mo. Term SOFR + 4.364%)		9.696	%		9/29/28		247,481		243,228	(d)(g)(h)
Passenger Airlines - 0.3%
United Airlines Inc., Term Loan B (3 mo. USD LIBOR + 3.750%)		9.292	%		4/21/28		788,553		791,807	(d)(g)(h)
Professional Services - 0.4%
RR Donnelley & Sons Co., 2023 Replacement Term Loan (1 mo. Term SOFR + 7.350%)		12.681	%		3/17/28		834,765		837,027	(d)(g)(h)
TOTAL INDUSTRIALS									2,402,484
INFORMATION TECHNOLOGY - 0.8%
Communications Equipment - 0.1%
Global Tel Link Corp., First Lien Term Loan (3 mo. Term SOFR + 4.250%)		9.769	%		11/29/25		135,303		127,878	(d)(g)(h)
Software - 0.7%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)		9.331	%		10/16/26		486,231		485,217	(d)(g)(h)
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + 7.000%)		12.331	%		2/19/29		790,000		741,778	(d)(g)(h)
MRI Software LLC, Second Amendment Term Loan		10.835- 10.970	%		2/10/26		90,813		88,940	(d)(g)(h)
MRI Software LLC, Term Loan B (3 mo. Term SOFR + 5.600%)		10.842	%		2/10/26		157,905		154,648	(d)(g)(h)
Peraton Corp., First Lien Term Loan B (1 mo. Term SOFR + 3.850%)		9.181	%		2/1/28		247,422		245,470	(d)(g)(h)
Total Software									1,716,053
TOTAL INFORMATION TECHNOLOGY									1,843,931
MATERIALS - 0.3%
Construction Materials - 0.1%
Smyrna Ready Mix Concrete LLC, Initial Term Loan (1 mo. Term SOFR + 4.350%)		9.681	%		4/2/29		247,500		248,583	(d)(g)(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Metals & Mining - 0.2%
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan		17.000	%		12/31/27		535,239	$	466,141	(g)(h)(i)(j)
TOTAL MATERIALS									714,724
TOTAL SENIOR LOANS (Cost - $12,632,232)									12,210,747
CONVERTIBLE BONDS & NOTES - 1.3%
COMMUNICATION SERVICES - 0.4%
Media - 0.4%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		240,000		227,700
DISH Network Corp., Senior Notes		3.375	%		8/15/26		950,000		579,500
TOTAL COMMUNICATION SERVICES									807,200
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
DraftKings Holdings Inc., Senior Notes		0.000	%		3/15/28		390,000		298,935
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		179,549
Two Harbors Investment Corp., Senior Notes		6.250	%		1/15/26		660,000		613,800
TOTAL FINANCIALS									793,349
INDUSTRIALS - 0.4%
Passenger Airlines - 0.4%
Spirit Airlines Inc., Senior Notes		1.000	%		5/15/26		1,060,000		900,470
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
NextEra Energy Partners LP, Senior Notes 2.500% 6/15/26							270,000		240,165	(a)
TOTAL CONVERTIBLE BONDS & NOTES (Cost - $3,451,904)									3,040,119
						SHARES
CONVERTIBLE PREFERRED STOCKS - 0.4%
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Equitrans Midstream Corp.		9.750	%				32,604		713,213
MPLX LP		9.538	%				7,923		262,449	(i)(j)
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost - $982,936)									975,662

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
SOVEREIGN BONDS - 0.3%
Argentina - 0.3%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		47,191	$	15,318
Argentine Republic Government International Bond, Senior Notes, Step bond (0.750% to 7/9/27 then 1.750%)		0.750	%		7/9/30		496,653		167,010
Argentine Republic Government International Bond, Senior Notes, Step bond (3.625% to 7/9/24 then 4.125%)		3.625	%		7/9/35		53,946		16,032
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		1,510,142		571,569	(a)
Provincia de Buenos Aires, Senior Notes, Step Bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		50,000		18,924	(c)
TOTAL SOVEREIGN BONDS (Cost - $1,083,264)									788,853
						SHARES/UNITS
COMMON STOCKS - 0.3%
ENERGY - 0.3%
Energy Equipment & Services - 0.0%††
KCAD Holdings I Ltd.							819,262,754		0	*(i)(j)(k)
Oil, Gas & Consumable Fuels - 0.3%
Berry Corp.							35,911		307,757
Chord Energy Corp.							1,925		310,887
Permian Production Partners LLC							21,667		14,084	(j)
Total Oil, Gas & Consumable Fuels									632,728
TOTAL ENERGY									632,728
MATERIALS - 0.0%††
Metals & Mining - 0.0%††
Arctic Canadian Diamond Co. Ltd.							541		95,132	*(i)(j)
TOTAL COMMON STOCKS (Cost - $7,081,682)									727,860
				EXPIRATION DATE		WARRANTS
WARRANTS - 0.0%††
FINANCIALS - 0.0%††
Capital Markets - 0.0%††
EG Acquisition Corp., Class A Shares (Cost - $16,407)					5/28/28		17,136		4,285	*
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $252,438,721)									232,272,878

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE				SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.8%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $1,807,922)		5.261	%			1,807,922	$	1,807,922	(l)(m)
TOTAL INVESTMENTS - 97.9% (Cost - $254,246,643)								234,080,800
Other Assets in Excess of Liabilities - 2.1%								5,126,078
TOTAL NET ASSETS - 100.0%							$	239,206,878

† 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 August 31, 2023.

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

(h) 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.

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

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

(k) Value is less than $1.

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

(m) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2023, the total market value of investments in Affiliated Companies was $1,807,922 and the cost was $1,807,922 (Note 2).

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) August 31, 2023

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

At August 31, 2023, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
U.S. Treasury 5-Year Notes		76		12/23	$	8,075,686	$	8,126,063	$	50,377

At August 31, 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	2,244,608	Morgan Stanley & Co. Inc.		10/20/23	$	(34,868	)
GBP	1,477,000	USD	1,897,195	Morgan Stanley & Co. Inc.		10/20/23		(25,839	)
Net unrealized depreciation on open forward foreign currency contracts							$	(60,707	)

Abbreviation(s) used in this table:
EUR	— Euro
GBP	— British Pound
USD	— United States Dollar

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) August 31, 2023

At August 31, 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		2.104%	5.000% quarterly	$	68,580	$	78,541		$	(9,961	)
Occidental Petroleum Corp., 5.550%, due 3/15/26		800,000		6/20/26		0.569%	1.000% quarterly		9,015		(20,617	)		29,632
Total	$	1,600,000						$	77,595	$	57,924		$	19,671

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION4
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT AUGUST 31, 20233		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Goodyear Tire & Rubber Co., 5.000%, due 5/31/26	$	460,000		6/20/27		2.836%	5.000% quarterly	$	(32,917	)	$	(6,332	)	$	(26,585	)
NOVA Chemicals Corp., 4.875%, due 6/1/24		362,000		6/20/27		3.848%	5.000% quarterly		(13,400	)		(6,895	)		(6,505	)
Xerox Corp., 3.800%, due 5/15/24		183,000		6/20/27		2.740%	1.000% quarterly		10,497			19,719			(9,222	)
Total	$	1,005,000						$	(35,820	)	$	6,492		$	(42,312	)

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) August 31, 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      25

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.

26

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)

27

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		—	$	197,468,861		—		$	197,468,861
Asset-Backed Securities		—		17,056,491		—			17,056,491
Senior Loans:
Consumer Discretionary		—		2,995,420	$	559,343			3,554,763
Materials		—		—		714,724			714,724
Other Senior Loans		—		7,941,260		—			7,941,260
Convertible Bonds & Notes		—		3,040,119		—			3,040,119
Convertible Preferred Stocks:
Energy		—		713,213		262,449			975,662
Sovereign Bonds		—		788,853		—			788,853
Common Stocks:
Energy	$	618,644		14,084		0	*		632,728
Materials		—		—		95,132			95,132
Warrants		—		4,285		—			4,285
Total Long-Term Investments		618,644		230,022,586		1,631,648			232,272,878
Short-Term Investments†		1,807,922		—		—			1,807,922
Total Investments	$	2,426,566	$	230,022,586	$	1,631,648		$	234,080,800
Other Financial Instruments:
Futures Contracts††	$	50,377		—		—		$	50,377
Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection††		—	$	29,632		—			29,632
Total Other Financial Instruments	$	50,377	$	29,632		—		$	80,009
Total	$	2,476,943	$	230,052,218	$	1,631,648		$	234,160,809

28

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:
Forward Foreign Currency Contracts††		—	$	60,707		—	$	60,707
Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection††		—		9,961		—		9,961
Centrally Cleared Credit Default Swaps on Corporate Issues - Buy Protection††		—		42,312		—		42,312
Total		—	$	112,980		—	$	112,980

† 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 company

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 following company was considered an affiliated company for all or some portion of the period ended August 31, 2023. The following transactions were effected in such company for the period ended August 31, 2023.

	Affiliate Value at May 31, 2023		Purchased				Sold				Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at August 31, 2023
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	7,815,066		7,815,066	$	6,007,144		6,007,144		—	$	10,071		—	$	1,807,922

29