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

WESTERN ASSET TOTAL RETURN UNCONSTRAINED 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 - 33.1%
COMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 0.3%
AT&T Inc., Senior Notes		1.700	%		3/25/26		320,000		$	291,779
AT&T Inc., Senior Notes		2.250	%		2/1/32		540,000			421,513
AT&T Inc., Senior Notes		2.550	%		12/1/33		120,000			91,609
NTT Finance Corp., Senior Notes		4.372	%		7/27/27		270,000			263,259	(a)
Total Diversified Telecommunication Services										1,068,160
Entertainment - 0.7%
Netflix Inc., Senior Notes		3.875	%		11/15/29		840,000	EUR		900,025	(b)
Walt Disney Co., Senior Notes		8.450	%		8/1/34		350,000			424,484
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		350,000			328,388
Warnermedia Holdings Inc., Senior Notes		5.050	%		3/15/42		250,000			205,743
Warnermedia Holdings Inc., Senior Notes		5.141	%		3/15/52		230,000			183,474
Total Entertainment										2,042,114
Media - 1.3%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		2,110,000			1,617,784	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		100,000			98,285
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		160,000			135,617
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.500	%		3/1/42		40,000			26,176
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		180,000			133,489
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.500	%		4/1/63		545,000			428,618
Comcast Corp., Senior Notes		2.800	%		1/15/51		90,000			57,151
Comcast Corp., Senior Notes		2.887	%		11/1/51		190,000			121,939
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		380,000			321,032	(a)
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		320,000			249,006	(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) August 31, 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	$	9,508
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		500,000		506,876
Total Media									3,705,481
Wireless Telecommunication Services - 0.9%
CSC Holdings LLC, Senior Notes		4.500	%		11/15/31		680,000		484,137	(a)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		1,240,000		663,857	(a)
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		120,000		111,071
T-Mobile USA Inc., Senior Notes		5.375	%		4/15/27		570,000		569,519
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		80,000		69,348
T-Mobile USA Inc., Senior Notes		3.375	%		4/15/29		120,000		107,681
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		600,000		524,405
Total Wireless Telecommunication Services									2,530,018
TOTAL COMMUNICATION SERVICES									9,345,773
CONSUMER DISCRETIONARY - 2.4%
Automobiles - 1.1%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		1,290,000		1,008,146
Ford Motor Co., Senior Notes		6.100	%		8/19/32		210,000		200,850
Ford Motor Credit Co. LLC, Senior Notes		2.300	%		2/10/25		660,000		620,699
Ford Motor Credit Co. LLC, Senior Notes		3.625	%		6/17/31		340,000		275,788
General Motors Co., Senior Notes		5.600	%		10/15/32		70,000		67,404
General Motors Co., Senior Notes		6.600	%		4/1/36		30,000		30,179
General Motors Financial Co. Inc., Senior Notes		3.800	%		4/7/25		120,000		115,990
Nissan Motor Co. Ltd., Senior Notes		3.522	%		9/17/25		790,000		748,302	(a)
Total Automobiles									3,067,358
Broadline Retail - 0.3%
Prosus NV, Senior Notes		3.061	%		7/13/31		1,110,000		843,757	(a)
Hotels, Restaurants & Leisure - 1.0%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		640,000		620,027
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		110,000		103,949
Sands China Ltd., Senior Notes		5.375	%		8/8/25		740,000		716,020
Sands China Ltd., Senior Notes		2.800	%		3/8/27		500,000		435,798
Sands China Ltd., Senior Notes		5.650	%		8/8/28		590,000		557,371
Sands China Ltd., Senior Notes		3.350	%		3/8/29		330,000		275,278

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
Sands China Ltd., Senior Notes		3.500	%		8/8/31		200,000	$	161,060
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.125	%		2/15/31		120,000		118,033	(a)
Total Hotels, Restaurants & Leisure									2,987,536
TOTAL CONSUMER DISCRETIONARY									6,898,651
CONSUMER STAPLES - 0.5%
Beverages - 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		715,000		691,100
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.600	%		4/15/48		44,000		39,657
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		100,000		102,504
Total Beverages									833,261
Tobacco - 0.2%
Altria Group Inc., Senior Notes		4.400	%		2/14/26		65,000		63,596
Altria Group Inc., Senior Notes		3.875	%		9/16/46		120,000		82,706
Altria Group Inc., Senior Notes		5.950	%		2/14/49		50,000		46,601
Altria Group Inc., Senior Notes		6.200	%		2/14/59		188,000		189,685
BAT Capital Corp., Senior Notes		2.789	%		9/6/24		200,000		194,109
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		180,000		131,003
Total Tobacco									707,700
TOTAL CONSUMER STAPLES									1,540,961
ENERGY - 6.2%
Oil, Gas & Consumable Fuels - 6.2%
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		170,000		140,888	(a)
Cheniere Energy Partners LP, Senior Notes		4.000	%		3/1/31		350,000		309,374
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		360,000		297,868
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		320,000		285,820	(a)
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		630,000		602,528	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		325,000		309,197
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		230,000		216,544
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		26,000		25,804
Devon Energy Corp., Senior Notes		5.875	%		6/15/28		26,000		26,046
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		84,000		78,652
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		145,000		134,816

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Devon Energy Corp., Senior Notes		4.750	%		5/15/42		160,000	$	133,565
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		200,000		181,070
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		220,000		213,291
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		1,180,000		832,833
Energy Transfer LP, Junior Subordinated Notes (3 mo. USD LIBOR + 4.028%)		9.654	%		9/18/23		1,930,000		1,778,013	(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		73,164	(c)(d)
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		275,088	(c)(d)
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		90,000		87,216
Energy Transfer LP, Senior Notes		5.250	%		4/15/29		130,000		127,084
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		120,000		107,265
Energy Transfer LP, Senior Notes		5.300	%		4/1/44		60,000		51,187
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		10,000		8,622
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		505,000		484,061
Energy Transfer LP, Senior Notes		5.000	%		5/15/50		230,000		189,539
Enterprise Products Operating LLC, Senior Notes		6.875	%		3/1/33		320,000		355,630
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		240,000		175,925
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. Term SOFR + 2.832%)		5.375	%		2/15/78		130,000		108,211	(d)
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		160,000		151,520
EQT Corp., Senior Notes		6.125	%		2/1/25		144,000		143,814
EQT Corp., Senior Notes		3.900	%		10/1/27		1,190,000		1,112,284
EQT Corp., Senior Notes		5.000	%		1/15/29		250,000		237,397
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		750,000		706,875	(a)
KazMunayGas National Co. JSC, Senior Notes		6.375	%		10/24/48		530,000		444,806	(a)
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		310,000		346,679
NGPL PipeCo LLC, Senior Notes		4.875	%		8/15/27		1,390,000		1,332,430	(a)
Occidental Petroleum Corp., Senior Notes		7.950	%		6/15/39		530,000		596,240

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		70,000	$	65,755	(a)
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		560,000		491,822
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		120,000		112,466
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		320,000		283,823
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		520,000		515,066
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		210,000		211,271
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		30,000		30,441
Western Midstream Operating LP, Senior Notes		3.100	%		2/1/25		280,000		268,408
Western Midstream Operating LP, Senior Notes		4.050	%		2/1/30		1,390,000		1,241,340
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		230,000		193,435
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		410,000		341,455
Western Midstream Operating LP, Senior Notes		5.250	%		2/1/50		200,000		162,066
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		340,000		320,224
Williams Cos. Inc., Senior Notes		3.500	%		11/15/30		320,000		283,661
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		130,000		123,245
YPF SA, Senior Secured Notes		9.000	%		2/12/26		748,038		738,325	(a)
TOTAL ENERGY									18,064,149
FINANCIALS - 12.8%
Banks - 7.2%
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		750,864	(d)
Bank of America Corp., Senior Notes (2.551% to 2/4/27 then SOFR + 1.050%)		2.551	%		2/4/28		820,000		742,028	(d)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		700,000		575,791	(d)
Bank of America Corp., Senior Notes (3.841% to 4/25/24 then SOFR + 1.110%)		3.841	%		4/25/25		710,000		699,968	(d)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
Bank of America Corp., Senior Notes (4.827% to 7/22/25 then SOFR + 1.750%)		4.827	%		7/22/26		240,000		$	235,615	(d)
Bank of Nova Scotia, Senior Notes		3.450	%		4/11/25		825,000			797,403
BNP Paribas SA, Senior Notes (2.871% to 4/19/31 then SOFR + 1.387%)		2.871	%		4/19/32		1,130,000			918,886	(a)(d)
Citigroup Inc., Senior Notes		4.650	%		7/30/45		98,000			84,493
Citigroup Inc., Senior Notes (3.070% to 2/24/27 then SOFR + 1.280%)		3.070	%		2/24/28		330,000			303,069	(d)
Citigroup Inc., Senior Notes (3.290% to 3/17/25 then SOFR + 1.528%)		3.290	%		3/17/26		660,000			634,291	(d)
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)		3.785	%		3/17/33		390,000			339,221	(d)
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		510,000			507,363
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		2,184,493	(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			418,152	(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			1,019,433	(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			1,269,891	(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		520,000			489,619	(a)(d)
ING Groep NV, Senior Notes (4.017% to 3/28/27 then SOFR + 1.830%)		4.017	%		3/28/28		400,000			376,703	(d)
JPMorgan Chase & Co., Senior Notes (2.947% to 2/24/27 then SOFR + 1.170%)		2.947	%		2/24/28		650,000			597,011	(d)
JPMorgan Chase & Co., Senior Notes (4.080% to 4/26/25 then SOFR + 1.320%)		4.080	%		4/26/26		350,000			341,575	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
JPMorgan Chase & Co., Senior Notes (4.851% to 7/25/27 then SOFR + 1.990%)		4.851	%		7/25/28		830,000		$	813,783	(d)
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		1,329,406	(b)(c)(d)
Lloyds Banking Group PLC, Subordinated Notes		4.500	%		11/4/24		470,000			459,900
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			445,501	(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			247,246	(d)
Royal Bank of Canada, Senior Notes		3.375	%		4/14/25		785,000			759,827
Toronto-Dominion Bank, Senior Notes		4.693	%		9/15/27		790,000			770,989
Toronto-Dominion Bank, Senior Notes		4.456	%		6/8/32		845,000			787,627
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		140,000			117,951	(d)
Wells Fargo & Co., Senior Notes (3.908% to 4/25/25 then SOFR + 1.320%)		3.908	%		4/25/26		880,000			851,158	(d)
Wells Fargo & Co., Senior Notes (4.808% to 7/25/27 then SOFR + 1.980%)		4.808	%		7/25/28		380,000			368,795	(d)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + 4.502%)		5.013	%		4/4/51		660,000			596,529	(d)
Total Banks										20,834,581
Capital Markets - 3.4%
Credit Suisse AG, Senior Notes		3.700	%		2/21/25		360,000			347,258
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)		3.615	%		3/15/28		480,000			449,059	(d)
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		590,000			542,687
Intercontinental Exchange Inc., Senior Notes		4.000	%		9/15/27		760,000			728,643

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Capital Markets - (continued)
Intercontinental Exchange Inc., Senior Notes		4.600	%		3/15/33		740,000		$	708,841
Morgan Stanley, Senior Notes (2.475% to 1/21/27 then SOFR + 1.000%)		2.475	%		1/21/28		760,000			685,981	(d)
Morgan Stanley, Senior Notes (3.620% to 4/17/24 then SOFR + 1.160%)		3.620	%		4/17/25		720,000			709,180	(d)
Morgan Stanley, Senior Notes (4.679% to 7/17/25 then SOFR + 1.669%)		4.679	%		7/17/26		760,000			744,484	(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		3,910,000			3,886,540	(a)(c)(d)
UBS Group AG, Senior Notes (3.091% to 5/14/31 then SOFR + 1.730%)		3.091	%		5/14/32		1,440,000			1,187,220	(a)(d)
Total Capital Markets										9,989,893
Consumer Finance - 0.6%
American Express Co., Senior Notes		3.950	%		8/1/25		1,825,000			1,771,824
Financial Services - 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		10/15/27		1,040,000			988,432
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		640,000			520,342
Indian Railway Finance Corp. Ltd., Senior Secured Notes		7.270	%		6/15/27		100,000,000	INR		1,195,955
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		770,000			765,039	(a)
Vanguard Group Inc.		3.050	%		8/22/50		1,000,000			600,635	(e)
Total Financial Services										4,070,403
Insurance - 0.2%
MetLife Inc., Junior Subordinated Notes		6.400	%		12/15/36		510,000			505,198
TOTAL FINANCIALS										37,171,899
HEALTH CARE - 2.6%
Biotechnology - 0.0%††
AbbVie Inc., Senior Notes		3.200	%		11/21/29		90,000			81,176
AbbVie Inc., Senior Notes		4.875	%		11/14/48		60,000			55,436
Total Biotechnology										136,612
Health Care Providers & Services - 1.8%
Cigna Group, Senior Notes		3.400	%		3/1/27		545,000			512,646
Cigna Group, Senior Notes		4.375	%		10/15/28		10,000			9,636
Cigna Group, Senior Notes		4.900	%		12/15/48		60,000			53,553
CommonSpirit Health, Secured Notes		4.350	%		11/1/42		490,000			409,455

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
CommonSpirit Health, Senior Secured Notes		3.817	%		10/1/49		390,000	$	292,926
CVS Health Corp., Senior Notes		1.300	%		8/21/27		690,000		594,368
CVS Health Corp., Senior Notes		1.875	%		2/28/31		90,000		70,703
CVS Health Corp., Senior Notes		5.050	%		3/25/48		60,000		52,662
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		34,215		34,369
Dignity Health, Secured Notes		5.267	%		11/1/64		860,000		772,952
Elevance Health Inc., Senior Notes		4.100	%		5/15/32		350,000		322,665
Hackensack Meridian Health Inc., Senior Secured Notes		4.211	%		7/1/48		310,000		263,342
HCA Inc., Senior Notes		5.625	%		9/1/28		20,000		19,980
HCA Inc., Senior Notes		3.500	%		9/1/30		380,000		332,055
Humana Inc., Senior Notes		2.150	%		2/3/32		30,000		23,544
Humana Inc., Senior Notes		8.150	%		6/15/38		480,000		564,318
Humana Inc., Senior Notes		4.625	%		12/1/42		30,000		25,685
UnitedHealth Group Inc., Senior Notes		3.700	%		5/15/27		290,000		278,936
UnitedHealth Group Inc., Senior Notes		2.300	%		5/15/31		70,000		58,560
Willis-Knighton Medical Center, Secured Notes		4.813	%		9/1/48		580,000		495,273
Total Health Care Providers & Services									5,187,628
Pharmaceuticals - 0.8%
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		1,830,000		1,656,373
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		730,000		675,965
Total Pharmaceuticals									2,332,338
TOTAL HEALTH CARE									7,656,578
INDUSTRIALS - 2.2%
Aerospace & Defense - 0.5%
Boeing Co., Senior Notes		2.700	%		2/1/27		400,000		366,035
Boeing Co., Senior Notes		3.250	%		2/1/35		130,000		104,514
Boeing Co., Senior Notes		3.550	%		3/1/38		150,000		115,242
Boeing Co., Senior Notes		5.705	%		5/1/40		265,000		257,984
Boeing Co., Senior Notes		5.805	%		5/1/50		420,000		409,200
Boeing Co., Senior Notes		5.930	%		5/1/60		230,000		222,376
Total Aerospace & Defense									1,475,351
Building Products - 0.0%††
Builders FirstSource Inc., Senior Notes		4.250	%		2/1/32		30,000		25,532	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Commercial Services & Supplies - 0.1%
California Institute of Technology, Senior Notes		3.650	%		9/1/2119		260,000	$	169,033
Passenger Airlines - 0.9%
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		268,000		262,088	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		230,000		220,994	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		390,000		390,811	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		2,010,000		1,789,856	(a)
Total Passenger Airlines									2,663,749
Trading Companies & Distributors - 0.7%
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		2,280,000		1,992,838	(a)
TOTAL INDUSTRIALS									6,326,503
INFORMATION TECHNOLOGY - 0.6%
Semiconductors & Semiconductor Equipment - 0.6%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.875	%		1/15/27		650,000		617,782
TSMC Global Ltd., Senior Notes		4.375	%		7/22/27		1,030,000		1,006,681	(a)
TOTAL INFORMATION TECHNOLOGY									1,624,463
MATERIALS - 2.0%
Chemicals - 0.6%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		810,000		735,264	(b)
OCP SA, Senior Notes		5.625	%		4/25/24		1,100,000		1,096,262	(a)
Total Chemicals									1,831,526
Metals & Mining - 1.4%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		740,000		723,070	(a)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		290,000		273,953	(a)
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		200,000		185,167
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		400,000		359,378
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		840,000		832,444	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		605,000		575,363	(a)
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		910,000		949,518
Total Metals & Mining									3,898,893
TOTAL MATERIALS									5,730,419

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
UTILITIES - 0.6%
Electric Utilities - 0.6%
American Transmission Systems Inc., Senior Notes		2.650	%		1/15/32		130,000	$	106,608	(a)
Pacific Gas and Electric Co., First Mortgage Bonds		4.950	%		6/8/25		800,000		783,156
Pacific Gas and Electric Co., First Mortgage Bonds		3.000	%		6/15/28		460,000		400,699
Trans-Allegheny Interstate Line Co., Senior Notes		3.850	%		6/1/25		550,000		531,537	(a)
TOTAL UTILITIES									1,822,000
TOTAL CORPORATE BONDS & NOTES (Cost - $104,129,179)									96,181,396
MORTGAGE-BACKED SECURITIES - 16.9%
FHLMC - 6.1%
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		10/1/41-5/1/51		2,677,492		2,155,980
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		3/1/47-12/1/52		1,381,836		1,316,953
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		7/1/49-2/1/53		578,131		541,276
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		7/1/50-4/1/52		7,150,670		5,980,008
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		11/1/51-3/1/52		3,929,129		3,424,365
Federal Home Loan Mortgage Corp. (FHLMC)		1.500	%		3/1/52		374,773		283,141
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		6/1/52		3,073,337		2,750,138
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		9/1/52-5/1/53		744,726		737,817
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		1/1/53		96,805		94,087
Federal Home Loan Mortgage Corp. (FHLMC)		6.500	%		2/1/53		186,874		190,413
Federal Home Loan Mortgage Corp. (FHLMC)		6.000	%		3/1/53		193,815		194,490
Total FHLMC									17,668,668
FNMA - 6.1%
Federal National Mortgage Association (FNMA)		2.000	%		3/1/42- 3/1/52		3,353,468		2,685,576

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		4.000	%		4/1/44-4/1/52		2,904,980	$	2,699,109
Federal National Mortgage Association (FNMA)		3.500	%		12/1/47-6/1/52		733,493		661,921
Federal National Mortgage Association (FNMA)		4.500	%		7/1/49-8/1/58		1,359,186		1,294,429
Federal National Mortgage Association (FNMA)		3.000	%		10/1/50- 1/1/52		1,370,427		1,188,518
Federal National Mortgage Association (FNMA)		2.500	%		8/1/51-2/1/52		703,988		586,862
Federal National Mortgage Association (FNMA)		5.000	%		6/1/52-2/1/53		925,647		902,197
Federal National Mortgage Association (FNMA)		6.000	%		4/1/53		95,458		96,004
Federal National Mortgage Association (FNMA)		5.500	%		5/1/53		99,306		98,650
Federal National Mortgage Association (FNMA)		2.000	%		9/1/53		2,400,000		1,911,656	(f)
Federal National Mortgage Association (FNMA)		2.500	%		9/1/53		1,300,000		1,077,172	(f)
Federal National Mortgage Association (FNMA)		3.000	%		9/1/53		900,000		775,582	(f)
Federal National Mortgage Association (FNMA)		3.500	%		9/1/53		600,000		536,367	(f)
Federal National Mortgage Association (FNMA)		5.000	%		9/1/53		600,000		581,824	(f)
Federal National Mortgage Association (FNMA)		5.500	%		9/1/53		1,700,000		1,678,617	(f)
Federal National Mortgage Association (FNMA)		6.000	%		9/1/53		500,000		501,348	(f)
Federal National Mortgage Association (FNMA)		6.500	%		9/1/53		600,000		609,422	(f)
Total FNMA									17,885,254
GNMA - 4.7%
Government National Mortgage Association (GNMA)		3.000	%		10/15/42-11/15/42		234,298		209,227
Government National Mortgage Association (GNMA)		4.000	%		3/15/50		31,965		29,936
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		40,287		37,087

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) August 31, 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	%		4/20/41-9/20/52		1,262,963		$	1,211,148
Government National Mortgage Association (GNMA) II		4.000	%		3/20/48-5/20/52		865,221			816,994
Government National Mortgage Association (GNMA) II		5.000	%		5/20/48-1/20/53		1,033,171			1,012,551
Government National Mortgage Association (GNMA) II		3.500	%		10/20/49-12/20/52		1,311,158			1,191,349
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50-11/20/51		1,293,854			1,143,147
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50-12/20/51		1,900,015			1,606,621
Government National Mortgage Association (GNMA) II		2.000	%		2/20/51		212,036			175,531
Government National Mortgage Association (GNMA) II		5.500	%		1/20/53		783,601			776,788
Government National Mortgage Association (GNMA) II		6.000	%		3/20/53		98,312			98,730
Government National Mortgage Association (GNMA) II		2.000	%		9/20/53		700,000			577,555	(f)
Government National Mortgage Association (GNMA) II		2.500	%		9/20/53		1,400,000			1,191,313	(f)
Government National Mortgage Association (GNMA) II		3.000	%		9/20/53		1,900,000			1,670,887	(f)
Government National Mortgage Association (GNMA) II		3.500	%		9/20/53		700,000			635,715	(f)
Government National Mortgage Association (GNMA) II		4.000	%		9/20/53		400,000			372,750	(f)
Government National Mortgage Association (GNMA) II		4.500	%		9/20/53		600,000			571,828	(f)
Government National Mortgage Association (GNMA) II		5.000	%		9/20/53		200,000			194,629	(f)
Government National Mortgage Association (GNMA) II		5.500	%		9/20/53		100,000			98,992	(f)
Total GNMA										13,622,778
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $50,637,853)										49,176,700
SOVEREIGN BONDS - 14.4%
Argentina - 0.6%
Argentine Bonos del Tesoro, Bonds		16.000	%		10/17/23		44,960,000	ARS		55,401	(e)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Argentina - (continued)
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		143,435		$	46,559
Argentine Republic Government International Bond, Senior Notes, Step bond (0.750% to 7/9/27 then 1.750%)		0.750	%		7/9/30		648,100			217,937
Argentine Republic Government International Bond, Senior Notes, Step bond (3.500% to 7/9/29 then 4.875%)		3.500	%		7/9/41		1,190,000			370,326
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		2,668,882			1,010,136	(a)
Provincia de Buenos Aires, Senior Notes, Step Bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		100,000			37,848	(b)
Total Argentina										1,738,207
Brazil - 6.0%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		26,142,000	BRL		5,212,488
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/31		56,396,000	BRL		10,836,446
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/33		6,665,000	BRL		1,260,715
Total Brazil										17,309,649
Colombia - 0.1%
Colombia Government International Bond, Senior Notes		5.000	%		6/15/45		370,000			260,908
India - 1.7%
India Government Bond		7.590	%		1/11/26		220,000,000	INR		2,686,848
India Government Bond, Senior Notes		5.790	%		5/11/30		200,000,000	INR		2,247,343
Total India										4,934,191
Indonesia - 2.4%
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		490,000			459,152
Indonesia Treasury Bond		7.000	%		5/15/27		2,506,000,000	IDR		168,665
Indonesia Treasury Bond		8.250	%		5/15/29		12,451,000,000	IDR		892,744
Indonesia Treasury Bond		7.125	%		6/15/42		81,405,000,000	IDR		5,548,582
Total Indonesia										7,069,143
Kenya - 0.3%
Republic of Kenya Government International Bond, Senior Notes		7.000	%		5/22/27		1,000,000			890,000	(a)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Mexico - 2.4%
Mexican Bonos, Bonds		8.000	%		11/7/47		87,460,000	MXN	$	4,463,099
Mexican Bonos, Senior Notes		7.750	%		11/13/42		50,771,900	MXN		2,544,833
Total Mexico										7,007,932
Russia - 0.9%
Russian Federal Bond - OFZ		6.000	%		10/6/27		180,300,000	RUB		564,172	*(g)
Russian Federal Bond - OFZ		7.050	%		1/19/28		506,371,000	RUB		1,584,473	*(g)
Russian Federal Bond - OFZ		6.900	%		5/23/29		173,973,000	RUB		544,374	*(g)
Total Russia										2,693,019
TOTAL SOVEREIGN BONDS (Cost - $55,299,242)										41,903,049
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - 13.6%
BANK, 2018-BN15 B		4.814	%		11/15/61		1,050,000			915,050	(d)
BANK, 2022-BNK39 A4		2.928	%		2/15/55		240,000			199,732	(d)
Bear Stearns Mortgage Funding Trust, 2007-AR1 1A1 (1 mo. Term SOFR + 0.274%)		5.589	%		1/25/37		1,047,704			905,312	(d)
Benchmark Mortgage Trust, 2023-V3 A3		6.363	%		7/15/56		230,000			236,153	(d)
BX Commercial Mortgage Trust, 2021-VOLT G (1 mo. Term SOFR + 2.964%)		8.275	%		9/15/36		850,000			785,293	(a)(d)
BX Commercial Mortgage Trust, 2021-XL2 J (1 mo. Term SOFR + 4.004%)		9.314	%		10/15/38		836,665			790,730	(a)(d)
BX Commercial Mortgage Trust, 2023-VLT2 A (1 mo. Term SOFR + 2.281%)		7.591	%		6/15/40		160,000			160,318	(a)(d)
BX Trust, 2018-GWMZ MC (1 mo. Term SOFR + 5.785%)		11.095	%		5/15/37		1,170,000			1,151,835	(a)(d)
BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%)		8.567	%		10/15/36		1,030,000			941,692	(a)(d)
BX Trust, 2021-SDMF F (1 mo. Term SOFR + 2.051%)		7.361	%		9/15/34		860,000			807,262	(a)(d)
CD Mortgage Trust, 2017-CD5 A4		3.431	%		8/15/50		340,000			310,611
CENT Trust, 2023-CITY A (1 mo. Term SOFR + 2.620%)		7.870	%		9/15/28		730,000			733,541	(a)(d)
CFK Trust, 2020-MF2 E		3.573	%		3/15/39		1,440,000			1,132,765	(a)(d)
CHL Mortgage Pass-Through Trust, 2001-HYB1 1A1		4.242	%		6/19/31		3,258			3,167	(d)
CHL Mortgage Pass-Through Trust, 2003-60 1A1		4.198	%		2/25/34		19,314			18,816	(d)
Citigroup Commercial Mortgage Trust, 2017-C4 A4		3.471	%		10/12/50		170,000			155,352
Citigroup Commercial Mortgage Trust, 2023-SMRT A		6.015	%		6/10/28		330,000			328,047	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Citigroup Mortgage Loan Trust, 2005-9 1A1 (1 mo. Term SOFR + 0.374%)		5.689	%		11/25/35		84,640	$	69,690	(d)
Countrywide Alternative Loan Trust, 2005-28CB 2A3		5.750	%		8/25/35		759,982		512,010
Countrywide Alternative Loan Trust, 2005-52CB 1A2, IO (-1.000 x 1 mo. Term SOFR + 4.986%)		0.000	%		11/25/35		3,153,604		148,097	(d)
Countrywide Alternative Loan Trust, 2005-76 3A1 (1 mo. Term SOFR + 0.634%)		5.949	%		1/25/46		64,194		56,807	(d)
Countrywide Alternative Loan Trust, 2006-4CB 1A4,IO (-1.000 x 1 mo. Term SOFR + 5.186%)		0.000	%		4/25/36		5,563,768		340,537	(d)
Countrywide Alternative Loan Trust, 2006-8T1 1A2, IO (-1.000 x 1 mo. Term SOFR + 5.386%)		0.071	%		4/25/36		3,386,964		280,714	(d)
Countrywide Alternative Loan Trust, 2006-21CB A6,IO (-1.000 x 1 mo. Term SOFR + 5.486%)		0.171	%		7/25/36		1,497,581		121,339	(d)
CSMC OA LLC, 2014-USA F		4.373	%		9/15/37		4,400,000		1,730,109	(a)
CSMC Trust, 2015-2R 7A1		4.259	%		8/27/36		28,103		28,101	(a)(d)
CSMC Trust, 2017-CHOP H (PRIME + 4.294%)		12.794	%		7/15/32		1,229,000		1,129,506	(a)(d)
CSMC Trust, 2021-RPL1 A2		3.937	%		9/27/60		870,000		771,182	(a)
CSMC Trust, 2022-7R 1A1 (30 Day Average SOFR + 3.500%)		8.804	%		10/25/66		1,020,713		1,016,843	(a)(d)
DC Commercial Mortgage Trust, 2023-DC A		6.314	%		9/10/40		600,000		608,026	(a)
Deutsche Mortgage Securities Inc. Mortgage Loan Trust, 2004-4 7AR2 (1 mo. Term SOFR + 0.564%)		5.879	%		6/25/34		2,764		2,512	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2017-2 M1		4.000	%		8/25/56		879,977		862,493	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2020-2 M		4.250	%		11/25/59		2,120,000		1,842,960	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 B1 (30 Day Average SOFR + 3.400%)		8.688	%		8/25/33		520,000		534,307	(a)(d)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Federal National Mortgage Association (FNMA) - CAS, 2019-R05 1B1 (30 Day Average SOFR + 4.214%)		9.502	%		7/25/39		1,611,325	$	1,661,046	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2020-R01 1B1 (30 Day Average SOFR + 3.364%)		8.652	%		1/25/40		1,790,000		1,795,912	(a)(d)
Federal National Mortgage Association (FNMA) REMIC, 2012-51 B		7.000	%		5/25/42		24,924		26,708
First Horizon Alternative Mortgage Securities Trust, 2005-AA12 1A1		5.231	%		2/25/36		33,582		25,864	(d)
Government National Mortgage Association (GNMA), 2011-142 IO, IO		0.000	%		9/16/46		2,152,916		21	(d)
Government National Mortgage Association (GNMA), 2012-112 IO, IO		0.116	%		2/16/53		1,070,574		2,533	(d)
Government National Mortgage Association (GNMA), 2014-47 IA, IO		0.148	%		2/16/48		193,514		800	(d)
Government National Mortgage Association (GNMA), 2014-50 IO, IO		0.628	%		9/16/55		922,693		23,101	(d)
Government National Mortgage Association (GNMA), 2014-134 IA, IO		0.147	%		1/16/55		30,944,882		141,166	(d)
Government National Mortgage Association (GNMA), 2017-21 IO, IO		0.633	%		10/16/58		2,871,500		101,480	(d)
Government National Mortgage Association (GNMA), 2017-41 IO, IO		0.592	%		7/16/58		510,529		14,787	(d)
GreenPoint Mortgage Funding Trust, 2006-AR3 3A1 (1 mo. Term SOFR + 0.574%)		5.889	%		4/25/36		1,410		3,170	(d)
GS Mortgage Securities Trust, 2015-GC30 D		3.384	%		5/10/50		1,000,000		802,975
HarborView Mortgage Loan Trust, 2006-13 A (1 mo. Term SOFR + 0.294%)		5.608	%		11/19/46		71,884		50,673	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2007-LD12 AJ		6.561	%		2/15/51		25,244		22,606	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2018-PHMZ M (1 mo. Term SOFR + 8.622%)		13.933	%		6/15/35		10,150,000		101	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST G (1 mo. Term SOFR + 4.614%)		9.924	%		12/15/36		2,079,000		360,156	(a)(d)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST H (1 mo. Term SOFR + 7.114%)		12.424	%		12/15/36		2,173,000	$	230,103	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-HTL5 F (1 mo. Term SOFR + 4.379%)		9.690	%		11/15/38		640,000		604,959	(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		1,088,686	(a)
Med Trust, 2021-MDLN E (1 mo. Term SOFR + 3.264%)		8.574	%		11/15/38		1,522,692		1,453,485	(a)(d)
Merrill Lynch Mortgage Investors Trust, 2004-A3 4A3		4.608	%		5/25/34		31,241		27,902	(d)
ML-CFC Commercial Mortgage Trust, 2007-5 AJ		5.450	%		8/12/48		349,468		88,360	(d)
ML-CFC Commercial Mortgage Trust, 2007-5 AJFL		5.450	%		8/12/48		450,650		113,942	(a)(d)
ML-CFC Commercial Mortgage Trust, 2007-9 AJ		6.193	%		9/12/49		9,656		9,294	(d)
Morgan Stanley Capital Trust, 2019-H7 A4		3.261	%		7/15/52		178,000		156,719
Morgan Stanley Capital Trust, 2021-L7 XA, IO		1.210	%		10/15/54		6,368,388		350,519	(d)
MSWF Commercial Mortgage Trust, 2023-1 A4		5.472	%		5/15/56		160,000		160,050
Natixis Commercial Mortgage Securities Trust, 2019-FAME D		4.544	%		8/15/36		2,862,000		1,835,471	(a)(d)
New Residential Mortgage Loan Trust, 2019-RPL3 A1		2.750	%		7/25/59		166,188		154,937	(a)(d)
Nomura Asset Acceptance Corp. Alternative Loan Trust, 2006-AF2 4A		6.361	%		8/25/36		65,526		40,231	(d)
PRKCM Trust, 2022-AFC1 A1A		4.100	%		4/25/57		616,763		580,288	(a)(d)
Residential Asset Securitization Trust, 2005-A15 2A11, IO (-1.000 x 1 mo. Term SOFR + 5.436%)		0.121	%		2/25/36		8,159,735		722,737	(d)
SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%)		11.310	%		2/15/39		640,130		561,057	(a)(d)
Starwood Retail Property Trust, 2014-STAR E		8.500	%		11/15/27		7,530,000		37,748	(a)(d)
Structured Adjustable Rate Mortgage Loan Trust, 2004-4 3A2		5.924	%		4/25/34		20,978		20,725	(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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Tharaldson Hotel Portfolio Trust, 2018-THL E (1 mo. Term SOFR + 3.594%)		8.911	%		11/11/34		1,603,959	$	1,552,522	(a)(d)
Towd Point Mortgage Trust, 2019-4 B1B		3.500	%		10/25/59		1,840,000		1,304,055	(a)(d)
UBS Commercial Mortgage Trust, 2017-C7 A3		3.418	%		12/15/50		497,296		462,873
Verus Securitization Trust, 2022-6 A3		4.910	%		6/25/67		1,367,631		1,299,372	(a)
WaMu Mortgage Pass-Through Certificates Trust, 2006-AR3 A1B (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 1.000%)		5.430	%		2/25/46		1,228,845		1,075,329	(d)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		12/31/23		62,133		59,339	(a)(d)
Wells Fargo Commercial Mortgage Trust, 2022-ONL F		5.092	%		12/15/39		1,190,000		878,421	(a)(d)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $69,134,307)									39,533,132
ASSET-BACKED SECURITIES - 10.5%
AccessLex Institute, 2004-A B1 (28 day Auction Rate Security)		6.933	%		7/1/39		250,000		232,110	(d)
Amortizing Residential Collateral Trust, 2002-BC5 M1 (1 mo. Term SOFR + 1.149%)		6.464	%		7/25/32		14,661		14,654	(d)
Barings CLO Ltd., 2018-2A B (3 mo. Term SOFR + 2.162%)		7.470	%		4/15/30		2,480,000		2,470,054	(a)(d)
Bristol Park CLO Ltd., 2016-1A DR (3 mo. Term SOFR + 3.212%)		8.520	%		4/15/29		1,420,000		1,381,611	(a)(d)
BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%)		6.578	%		8/19/38		1,600,000		1,556,400	(a)(d)
Cook Park CLO Ltd., 2018-1A D (3 mo. Term SOFR + 2.862%)		8.170	%		4/17/30		840,000		783,577	(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)
Countrywide Home Equity Loan Trust, 2007-A A (1 mo. Term SOFR + 0.234%)		5.545	%		4/15/37		608,424		559,345	(d)
Dividend Solar Loans LLC, 2018-1 C		5.140	%		7/20/38		2,225,774		1,940,840	(a)
Foundation Finance Trust, 2017-1A C		5.400	%		7/15/33		2,600,000		2,513,005	(a)
Fremont Home Loan Trust, 2006-B 2A2 (1 mo. Term SOFR + 0.314%)		5.629	%		8/25/36		314,669		102,718	(d)
GoldenTree Loan Opportunities Ltd., 2014-9A CR2 (3 mo. Term SOFR + 2.362%)		7.731	%		10/29/29		2,270,000		2,264,615	(a)(d)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
GoldenTree Loan Opportunities Ltd., 2014-9A DR2 (3 mo. Term SOFR + 3.262%)		8.631	%		10/29/29		1,550,000	$	1,551,798	(a)(d)
Golub Capital Partners CLO Ltd., 2019-45A C (3 mo. Term SOFR + 4.062%)		9.388	%		10/20/31		950,000		937,081	(a)(d)
GoodLeap Sustainable Home Solutions Trust, 2022-1GS C		3.500	%		1/20/49		1,557,122		1,032,065	(a)
Greywolf CLO Ltd., 2019-1A CR (3 mo. Term SOFR + 3.910%)		9.218	%		4/17/34		1,840,000		1,808,094	(a)(d)
Halsey Point CLO Ltd., 2019-1A F (3 mo. Term SOFR + 8.462%)		13.788	%		1/20/33		860,000		747,214	(a)(d)
HPS Loan Management Ltd., 10A-16 CR (3 mo. Term SOFR + 3.412%)		8.738	%		4/20/34		1,520,000		1,442,684	(a)(d)
Lehman XS Trust, 2006-16N A4B (1 mo. Term SOFR + 0.594%)		5.909	%		11/25/46		8,557		9,446	(d)
Lehman XS Trust, 2006-GP3 2A2 (1 mo. Term SOFR + 0.554%)		5.869	%		6/25/46		10,465		23,524	(d)
Marathon CLO Ltd., 2019-2A BA (3 mo. Term SOFR + 3.562%)		8.888	%		1/20/33		1,410,000		1,385,290	(a)(d)
MASTR Specialized Loan Trust, 2006-3 A (1 mo. Term SOFR + 0.634%)		5.949	%		6/25/46		69,138		65,649	(a)(d)
Mosaic Solar Loan Trust, 2021-1A D		3.710	%		12/20/46		457,402		385,589	(a)
National Collegiate Student Loan Trust, 2007-2 A4 (1 mo. USD LIBOR + 0.290%)		5.719	%		1/25/33		654,373		608,405	(d)
Palmer Square Loan Funding Ltd., 2022-3A C (3 mo. Term SOFR + 5.400%)		10.708	%		4/15/31		580,000		585,800	(a)(d)
Saranac CLO Ltd., 2014-3A DR (3 mo. USD LIBOR + 3.250%)		8.770	%		6/22/30		2,000,000		1,682,125	(a)(d)
Sierra Timeshare Receivables Funding LLC, 2021-2A A		1.350	%		9/20/38		218,896		204,474	(a)
UCFC Manufactured Housing Contract, 1997-3 M		7.115	%		1/15/29		708,271		651,445
Whitehorse Ltd., 2018-12A D (3 mo. Term SOFR + 3.912%)		9.220	%		10/15/31		2,260,000		2,107,140	(a)(d)
Z Capital Credit Partners CLO Ltd., 2021-1A D (3 mo. Term SOFR + 4.462%)		9.770	%		7/15/33		1,450,000		1,377,915	(a)(d)
TOTAL ASSET-BACKED SECURITIES (Cost - $32,733,583)									30,632,831

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 5.6%
U.S. Government Obligations - 5.6%
U.S. Treasury Bonds		3.625	%		8/15/43		570,000	$	509,549
U.S. Treasury Bonds		3.750	%		11/15/43		5,600,000		5,095,125	(i)
U.S. Treasury Bonds		2.875	%		5/15/49		260,000		201,581
U.S. Treasury Bonds		3.625	%		5/15/53		1,200,000		1,082,531
U.S. Treasury Notes		4.000	%		7/31/30		7,350,000		7,263,867
U.S. Treasury Notes		4.000	%		8/15/33		2,250,000		2,210,098
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $17,391,853)									16,362,751
U.S. TREASURY INFLATION PROTECTED SECURITIES - 1.3%
U.S. Treasury Notes, Inflation Indexed (Cost - $3,854,428)		1.125	%		1/15/33		3,882,021		3,622,571
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		374,845	(a)
Regents of the University of California, CA, Medical Center Pooled Revenue, Taxable Bonds, Series N		3.706	%		5/15/2120		190,000		123,431
TOTAL MUNICIPAL BONDS (Cost - $550,000)									498,276
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.2%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.1%
3-Month SOFR Futures, Call @ $95.500		9/15/23			451		1,127,500		2,818
SOFR 1-Year Mid-Curve Futures, Call @ $96.750		9/15/23			294		735,000		1,838
SOFR 1-Year Mid-Curve Futures, Put @ $95.875		12/15/23			59		147,500		51,994
SOFR 1-Year Mid-Curve Futures, Put @ $96.000		12/15/23			138		345,000		146,625
SOFR 2-Year Mid-Curve Futures, Call @ $97.000		9/15/23			253		632,500		3,163
SOFR 3-Year Mid-Curve Futures, Call @ $97.750		9/15/23			253		632,500		1,581
U.S. Treasury 5-Year Notes Futures, Call @ $107.250		9/1/23			966		966,000		105,656
U.S. Treasury 5-Year Notes Futures, Put @ $105.750		9/1/23			474		474,000		0	(j)
U.S. Treasury 5-Year Notes Futures, Put @ $106.250		9/1/23			492		492,000		11,532

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY			EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
EXCHANGE-TRADED PURCHASED OPTIONS - (continued)
U.S. Treasury 6 to 7-Year Notes Futures, Call @ $111.500				9/1/23			249		249,000	$	27,234
U.S. Treasury 6 to 7-Year Notes Futures, Put @ $110.000				9/1/23			249		249,000		3,891
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $898,177)											356,332
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.1%
Credit default swaption to sell protection on Markit CDX.NA.HY.40 Index, Call @ 102.000bps		BNP Paribas SA		9/20/23			13,080,000		13,080,000		112,545
U.S. Dollar/Euro, Put @ $1.160		Goldman Sachs Group Inc.		9/1/23			7,870,000		7,870,000		0	(j)
U.S. Dollar/Mexican Peso, Call @ 18.995MXN		JPMorgan Chase & Co.		10/10/23			2,700,000		2,700,000		2,554
TOTAL OTC PURCHASED OPTIONS (Cost - $123,031)											115,099
TOTAL PURCHASED OPTIONS (Cost - $1,021,208)											471,431
								SHARES
INVESTMENTS IN UNDERLYING FUNDS - 0.1%
VanEck ETF Trust - VanEck J.P. Morgan EM Local Currency Bond ETF (Cost - $497,296)									16,200		407,106
			RATE			MATURITY DATE		FACE AMOUNT†
SENIOR LOANS - 0.0%††
INFORMATION TECHNOLOGY - 0.0%††
Software - 0.0%††
Magenta Buyer LLC, First Lien Initial Term Loan (3 mo. Term SOFR + 5.262%) (Cost - $27,136)				10.631	%		7/27/28		27,388		20,597	(d)(k)(l)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $335,276,085)											278,809,840
SHORT-TERM INVESTMENTS - 1.9%
U.S. TREASURY BILLS - 0.7%
U.S. Treasury Bills (Cost - $2,009,479)				5.522	%		12/12/23		2,040,000		2,009,373	(m)

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) August 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE				SHARES		VALUE
MONEY MARKET FUNDS - 1.2%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $3,520,411)		5.261	%			3,520,411	$	3,520,411	(n)(o)
TOTAL SHORT-TERM INVESTMENTS (Cost - $5,529,890)								5,529,784
TOTAL INVESTMENTS - 97.8% (Cost - $340,805,975)								284,339,624
Other Assets in Excess of Liabilities - 2.2%								6,312,631
TOTAL NET ASSETS - 100.0%							$	290,652,255

† 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) This security is traded on a to-be-announced (“TBA”) basis. At August 31, 2023, the Fund held TBA securities with a total cost of $12,921,637.

(g) The coupon payment on this security is currently in default as of August 31, 2023.

(h) 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.

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

(j) Value is less than $1.

(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 represents yield-to-maturity.

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

(o) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2023, the total market value of investments in Affiliated Companies was $3,520,411 and the cost was $3,520,411 (Note 2).

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) August 31, 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
CD	— Certificate of Deposit
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 August 31, 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, Call		9/15/23	$	98.250		836	$	2,090,000	$	(5,225	)
3-Month SOFR Futures, Call		6/14/24		97.500		1,078		2,695,000		(181,912	)
3-Month SOFR Futures, Call		6/14/24		98.000		178		445,000		(20,025	)
3-Month SOFR Futures, Call		9/13/24		97.000		552		1,380,000		(241,500	)
3-Month SOFR Futures, Put		6/14/24		94.500		442		1,105,000		(168,512	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.250		118		295,000		(30,238	)
SOFR 1-Year Mid-Curve Futures, Put		12/15/23		95.375		276		690,000		(93,150	)
SOFR 3-Year Mid-Curve Futures, Call		9/15/23		97.000		253		632,500		(3,163	)
U.S. Treasury 5-Year Notes Futures, Call		9/1/23		106.500		158		158,000		(77,766	)
U.S. Treasury 5-Year Notes Futures, Call		9/1/23		106.750		164		164,000		(52,531	)
U.S. Treasury 5-Year Notes Futures, Put		9/1/23		106.500		158		158,000		(11,109	)
U.S. Treasury 5-Year Notes Futures, Put		9/1/23		106.750		164		164,000		(24,344	)
U.S. Treasury 6 to 7-Year Notes Futures, Call		9/1/23		110.750		83		83,000		(36,313	)
U.S. Treasury 6 to 7-Year Notes Futures, Put		9/1/23		110.750		83		83,000		(12,969	)

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) August 31, 2023

EXCHANGE-TRADED WRITTEN OPTIONS (cont’d)
SECURITY		EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT			VALUE
U.S. Treasury Long-Term Bonds Futures, Call			9/22/23	$	128.000			19	$	19,000		$	(1,781	)
U.S. Treasury Long-Term Bonds Futures, Put			10/27/23		112.000			30		30,000			(6,094	)
U.S. Treasury Long-Term Bonds Futures, Put			10/27/23		113.000			30		30,000			(7,969	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $2,363,910)												$	(974,601	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Credit default swaption to buy protection on Markit CDX.NA.IG.40 Index, Call (Premiums received - $84,693)	BNP Paribas SA		9/20/23		70.000	bps		65,400,000		65,400,000	‡		(174,294	)
TOTAL WRITTEN OPTIONS (Premiums received - $2,448,603)												$	(1,148,895	)

‡ 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 August 31, 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		133		12/23	$	32,010,054	$	31,450,344	$	(559,710	)
3-Month SOFR		18		3/24		4,262,888		4,257,000		(5,888	)
3-Month SOFR		456		12/25		110,267,458		109,856,100		(411,358	)
3-Month SOFR		233		9/23		55,265,060		55,199,156		(65,904	)
3-Month SOFR		63		3/25		15,288,451		15,093,225		(195,226	)
Australian 10-Year Bonds		116		9/23		8,840,095		8,731,766		(108,329	)
Euro-Bobl		30		12/23		3,796,826		3,821,358		24,532
U.S. Treasury 2-Year Notes		169		12/23		34,359,835		34,442,992		83,157
U.S. Treasury 5-Year Notes		1,700		12/23		180,671,537		181,767,196		1,095,659
U.S. Treasury Long-Term Bonds		450		12/23		53,793,935		54,759,375		965,440
U.S. Treasury Ultra Long- Term Bonds		190		12/23		24,081,837		24,599,063		517,226
United Kingdom Long Gilt Bonds		39		12/23		4,636,708		4,721,655		84,947
										1,424,546

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) August 31, 2023

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell:
3-Month SOFR		456		12/26	$	110,388,818	$	109,964,400	$	424,418
Euro-Schatz		150		12/23		17,111,661		17,156,586		(44,925	)
Japanese 10-Year Bonds		20		9/23		20,220,791		20,182,137		38,654
U.S. Treasury 10-Year Notes		1,970		12/23		216,925,728		218,731,563		(1,805,835	)
U.S. Treasury Ultra 10-Year Notes		273		12/23		31,231,726		31,697,861		(466,135	)
										(1,853,823	)
Net unrealized depreciation on open futures contracts									$	(429,277	)

Abbreviation(s) used in this table:

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

At August 31, 2023, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	4,922,124		USD	3,284,759	BNP Paribas SA		10/20/23	$	(89,600	)
CAD	4,018,701		USD	3,032,296	BNP Paribas SA		10/20/23		(56,014	)
EUR	1,686,229		NOK	19,556,768	BNP Paribas SA		10/20/23		(9,301	)
NOK	50,511,065		USD	4,753,311	BNP Paribas SA		10/20/23		4,741
USD	171,680		AUD	267,000	BNP Paribas SA		10/20/23		(1,641	)
JPY	46,608,000		USD	324,019	Goldman Sachs Group Inc.		10/20/23		(1,082	)
USD	175,811		MXN	3,004,000	Goldman Sachs Group Inc.		10/20/23		1,216
USD	186,563		MXN	3,228,000	Goldman Sachs Group Inc.		10/20/23		(1,052	)
USD	189,324		MXN	3,286,000	Goldman Sachs Group Inc.		10/20/23		(1,662	)
USD	3,711,363		MXN	64,500,524	Goldman Sachs Group Inc.		10/20/23		(37,479	)
NZD	2,278,631		USD	1,413,161	JPMorgan Chase & Co.		10/20/23		(54,292	)
USD	7,373,720		CNY	52,744,223	JPMorgan Chase & Co.		10/20/23		101,978
USD	2,358,864		IDR	35,609,404,898	JPMorgan Chase & Co.		10/20/23		21,462
CNH	25,489,063		USD	3,540,000	Morgan Stanley & Co. Inc.		10/20/23		(28,140	)

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) August 31, 2023

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	26,290,000		USD	192,317	Morgan Stanley & Co. Inc.		10/20/23	$	(10,159	)
JPY	29,361,000		USD	214,099	Morgan Stanley & Co. Inc.		10/20/23		(10,662	)
JPY	31,784,000		USD	229,628	Morgan Stanley & Co. Inc.		10/20/23		(9,403	)
JPY	37,519,000		USD	259,174	Morgan Stanley & Co. Inc.		10/20/23		788
JPY	37,574,000		USD	267,741	Morgan Stanley & Co. Inc.		10/20/23		(7,399	)
JPY	37,962,400		USD	267,904	Morgan Stanley & Co. Inc.		10/20/23		(4,871	)
JPY	61,222,000		USD	432,553	Morgan Stanley & Co. Inc.		10/20/23		(8,359	)
JPY	474,936,840		USD	3,408,313	Morgan Stanley & Co. Inc.		10/20/23		(117,576	)
USD	14,645,232		BRL	72,476,322	Morgan Stanley & Co. Inc.		10/20/23		118,026
USD	4,684,324		EUR	4,242,510	Morgan Stanley & Co. Inc.		10/20/23		72,767
USD	556,574		GBP	433,303	Morgan Stanley & Co. Inc.		10/20/23		7,580
USD	2,594,832		INR	214,436,892	Morgan Stanley & Co. Inc.		10/20/23		9,332
USD	118,510		JPY	16,490,000	Morgan Stanley & Co. Inc.		10/20/23		4,254
USD	134,645		JPY	19,220,000	Morgan Stanley & Co. Inc.		10/20/23		1,474
USD	149,673		JPY	20,780,000	Morgan Stanley & Co. Inc.		10/20/23		5,693
USD	158,563		JPY	22,740,000	Morgan Stanley & Co. Inc.		10/20/23		1,002
USD	230,198		JPY	33,302,000	Morgan Stanley & Co. Inc.		10/20/23		(545	)
Net unrealized depreciation on open forward foreign currency contracts								$	(98,924	)

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

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) August 31, 2023

At August 31, 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	$	(4,076,111	)	$	(1,936,339	)	$	(2,139,772	)
		76,758,000			3/10/26	Daily SOFR Compound annually	4.100% annually		(235,897	)		404,453			(640,350	)
		54,400,000			2/29/28	Daily SOFR Compound annually	4.000% annually		31,250			(4,554	)		35,804
		57,420,000			2/29/28	Daily SOFR Compound annually	4.180% annually		431,616			44,056			387,560
		5,549,000			2/15/29	2.850% annually	Daily SOFR Compound annually		305,824			21,602			284,222
		13,949,000			4/30/29	3.270% annually	Daily SOFR Compound annually		490,303			(245,462	)		735,765
		312,170,000	MXN		7/18/29	28-Day MXN TIIE - Banxico every 28 days	7.450% every 28 days		(1,127,764	)		131,020			(1,258,784	)
		5,162,000			9/30/29	3.250% annually	Daily SOFR Compound annually		189,661			3,201			186,460
		16,566,000			5/15/32	3.220% annually	Daily SOFR Compound annually		742,936			(64,755	)		807,691
		10,838,000			7/11/32	1.800% annually	Daily SOFR Compound annually		1,632,005			—			1,632,005
		17,129,000			3/10/34	3.400% annually	Daily SOFR Compound annually		408,264			(145,690	)		553,954
		2,608,760,000	JPY		4/19/47	0.785% semi-annually	Daily JPY TONA Compound semi-annually		2,518,418			2,141			2,516,277

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) August 31, 2023

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)
		7,166,000		2/15/48		2.600% annually		Daily SOFR Compound annually	$	1,204,039	$	492,576		$	711,463
		14,778,000		2/15/48		3.050% annually		Daily SOFR Compound annually		1,424,379		620,937			803,442
		3,368,000		4/21/52		2.500% annually		Daily SOFR Compound annually		630,338		453,691			176,647
Total									$	4,569,261	$	(223,123	)	$	4,792,384

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1
SWAP COUNTERPARTY (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
BNP Paribas SA (Volkswagen International Finance NV, 5.349%, due 11/16/24)		7,380,000	EUR		12/20/24		0.598	%	1.000% quarterly	$	41,196	$	23,913	$	17,283

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION4
SWAP COUNTERPARTY (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
BNP Paribas SA (Mercedes-Benz Group AG, 1.400%, due 1/12/24)		7,380,000	EUR		12/20/24		0.284	%	1.000% quarterly	$	(73,532	)	$	(46,955	)	$	(26,577	)

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) August 31, 2023

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.40 Index	$	11,019,600		6/20/28	5.000% quarterly	$	(311,333	)	$	20,235		$	(331,568	)
Markit CDX.NA.IG.40 Index		19,701,000		6/20/28	1.000% quarterly		(305,193	)		(131,005	)		(174,188	)
Markit CDX.NA.IG.40 Index		29,228,000		6/20/33	1.000% quarterly		121,252			457,012			(335,760	)
Total	$	59,948,600				$	(495,274	)	$	346,242		$	(841,516	)

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
MXN	— Mexican Peso
SOFR	— Secured Overnight Financing Rate
TIIE	— Tasa de Intere’s Interbancaria de Equilibrio (Equilibrium Interbanking Interest Rate)
TONA	— Tokyo Overnight Average Rate

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) August 31, 2023

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 Total Return Unconstrained Fund 2023 Quarterly Report      31

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

32

Notes to Schedule of Investments (unaudited) (continued)

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)

33

Notes to Schedule of Investments (unaudited) (continued)

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		—	$	96,181,396		—	$	96,181,396
Mortgage-Backed Securities		—		49,176,700		—		49,176,700
Sovereign Bonds		—		41,903,049		—		41,903,049
Collateralized Mortgage Obligations		—		39,533,132		—		39,533,132
Asset-Backed Securities		—		30,632,831		—		30,632,831
U.S. Government & Agency Obligations		—		16,362,751		—		16,362,751
U.S. Treasury Inflation Protected Securities		—		3,622,571		—		3,622,571
Municipal Bonds		—		498,276		—		498,276
Purchased Options:
Exchange-Traded Purchased Options	$	356,332		—		—		356,332
OTC Purchased Options		—		115,099		—		115,099
Investments in Underlying Funds		407,106		—		—		407,106
Senior Loans		—		20,597		—		20,597
Total Long-Term Investments		763,438		278,046,402		—		278,809,840
Short-Term Investments†:
U.S. Treasury Bills		—		2,009,373		—		2,009,373
Money Market Funds		3,520,411		—		—		3,520,411
Total Short-Term Investments		3,520,411		2,009,373		—		5,529,784
Total Investments	$	4,283,849	$	280,055,775		—	$	284,339,624
Other Financial Instruments:
Futures Contracts††	$	3,234,033		—		—	$	3,234,033
Forward Foreign Currency Contracts††		—	$	350,313		—		350,313
Centrally Cleared Interest Rate Swaps††		—		8,831,290		—		8,831,290
OTC Credit Default Swaps on Corporate Issues - Sell Protection‡		—		41,196		—		41,196
Total Other Financial Instruments	$	3,234,033	$	9,222,799		—	$	12,456,832
Total	$	7,517,882	$	289,278,574		—	$	296,796,456

34

Notes to Schedule of Investments (unaudited) (continued)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	974,601		—		—	$	974,601
OTC Written Options		—	$	174,294		—		174,294
Futures Contracts††		3,663,310		—		—		3,663,310
Forward Foreign Currency Contracts††		—		449,237		—		449,237
Centrally Cleared Interest Rate Swaps††		—		4,038,906		—		4,038,906
OTC Credit Default Swaps on Corporate Issues - Buy Protection‡		—		73,532		—		73,532
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—		841,516		—		841,516
Total	$	4,637,911	$	5,577,485		—	$	10,215,396

† 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.

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
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	13,448,457	$	29,280,672		29,280,672	$	39,208,718		39,208,718

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Notes to Schedule of Investments (unaudited) (continued)

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at August 31, 2023
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	61,943		—	$	3,520,411

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