Western Asset Funds NPORT-P Western Asset Total Return Unconstrained Fund (Feb 2024 report)

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MORTGAGE-BACKED SECURITIES - 33.1%
FHLMC - 7.2%
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		9/1/40-11/1/50		3,649,622	$	3,049,366
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		12/1/41		98,184		82,006	(a)
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		4/1/42- 4/1/52		7,501,610		6,274,053
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		3/1/47-12/1/52		1,145,963		1,092,237
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		7/1/49-2/1/53		553,711		517,384
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		11/1/51-3/1/52		3,781,517		3,285,940
Federal Home Loan Mortgage Corp. (FHLMC)		1.500	%		3/1/52		367,770		274,872
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		6/1/52		2,948,860		2,636,072
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		6/1/52		180,776		166,496	(a)
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		9/1/52- 8/1/53		1,011,043		1,004,369
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		1/1/53- 5/1/53		1,137,441		1,108,519
Federal Home Loan Mortgage Corp. (FHLMC)		6.500	%		2/1/53		180,359		184,471
Federal Home Loan Mortgage Corp. (FHLMC)		6.000	%		3/1/53		183,726		185,024
Total FHLMC									19,860,809
FNMA - 12.6%
Federal National Mortgage Association (FNMA)		2.000	%		10/1/40-3/1/52		5,176,938		4,281,970
Federal National Mortgage Association (FNMA)		2.500	%		11/1/41-2/1/52		2,398,955		2,065,947
Federal National Mortgage Association (FNMA)		1.500	%		3/1/42		297,074		238,365	(a)
Federal National Mortgage Association (FNMA)		2.500	%		3/1/42-5/1/42		516,216		445,947	(a)
Federal National Mortgage Association (FNMA)		3.000	%		4/1/42		85,880		76,051	(a)
Federal National Mortgage Association (FNMA)		3.000	%		5/1/42-1/1/52		3,476,105		3,051,177
Federal National Mortgage Association (FNMA)		2.000	%		8/1/42		300,000		251,004	(a)
Federal National Mortgage Association (FNMA)		4.000	%		4/1/44-4/1/52		642,429		601,591

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      1

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		3.500	%		12/1/47-6/1/52		822,012	$	741,050
Federal National Mortgage Association (FNMA)		4.500	%		7/1/49-8/1/58		1,057,735		1,007,504
Federal National Mortgage Association (FNMA)		5.000	%		6/1/52-2/1/53		882,899		862,825
Federal National Mortgage Association (FNMA)		6.000	%		4/1/53		92,716		93,353
Federal National Mortgage Association (FNMA)		5.500	%		5/1/53		98,356		98,301
Federal National Mortgage Association (FNMA)		4.000	%		3/1/54		2,900,000		2,668,381	(b)
Federal National Mortgage Association (FNMA)		4.500	%		3/1/54		5,400,000		5,112,093	(b)
Federal National Mortgage Association (FNMA)		5.000	%		3/1/54		8,400,000		8,146,692	(b)
Federal National Mortgage Association (FNMA)		5.500	%		3/1/54		2,600,000		2,572,256	(b)
Federal National Mortgage Association (FNMA)		6.000	%		4/1/54		2,400,000		2,409,822	(b)
Total FNMA									34,724,329
GNMA - 13.3%
Government National Mortgage Association (GNMA)		3.000	%		10/15/42-11/15/42		224,567		199,929
Government National Mortgage Association (GNMA)		4.000	%		3/15/50		31,647		29,662
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		39,855		36,755
Government National Mortgage Association (GNMA) II		4.500	%		4/20/41-9/20/52		1,205,379		1,159,776
Government National Mortgage Association (GNMA) II		4.000	%		3/20/48-5/20/52		818,484		771,154
Government National Mortgage Association (GNMA) II		5.000	%		5/20/48-6/20/53		2,072,049		2,031,236
Government National Mortgage Association (GNMA) II		3.500	%		10/20/49-2/20/50		88,769		80,371
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50		235,228		206,786
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50-12/20/51		1,787,255		1,502,525

See Notes to Schedule of Investments.

    2  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		2.000	%		2/20/51		203,800		$	166,087
Government National Mortgage Association (GNMA) II		5.500	%		1/20/53		747,209			743,133
Government National Mortgage Association (GNMA) II		6.000	%		1/20/54		794,847			805,522
Government National Mortgage Association (GNMA) II		4.000	%		3/20/54		600,000			558,454	(b)
Government National Mortgage Association (GNMA) II		4.500	%		3/20/54		7,300,000			6,971,817	(b)
Government National Mortgage Association (GNMA) II		5.000	%		3/20/54		14,100,000			13,773,726	(b)
Government National Mortgage Association (GNMA) II		5.500	%		3/20/54		7,400,000			7,351,727	(b)
Total GNMA										36,388,660
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $92,408,723)										90,973,798
CORPORATE BONDS & NOTES - 17.9%
COMMUNICATION SERVICES - 1.9%
Entertainment - 0.3%
Netflix Inc., Senior Notes		3.875	%		11/15/29		840,000	EUR		921,952	(c)
Media - 1.2%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		2,110,000			1,579,637	(d)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		160,000			137,969
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		130,000			94,153
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		5.500	%		4/1/63		375,000			290,405
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		380,000			304,237	(d)
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		320,000			222,200	(d)
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		10,000			9,425
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		500,000			498,828
Total Media										3,136,854

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      3

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - 0.4%
CSC Holdings LLC, Senior Notes		4.500	%		11/15/31		680,000	$	505,536	(d)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		1,240,000		677,102	(d)
Total Wireless Telecommunication Services									1,182,638
TOTAL COMMUNICATION SERVICES									5,241,444
CONSUMER DISCRETIONARY - 2.5%
Automobiles - 0.9%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		890,000		730,382
Ford Motor Co., Senior Notes		6.100	%		8/19/32		210,000		209,775
Ford Motor Credit Co. LLC, Senior Notes		2.300	%		2/10/25		660,000		638,570
Ford Motor Credit Co. LLC, Senior Notes		3.625	%		6/17/31		340,000		290,018
General Motors Co., Senior Notes		5.600	%		10/15/32		70,000		69,885
Nissan Motor Co. Ltd., Senior Notes		3.522	%		9/17/25		580,000		558,053	(d)
Total Automobiles									2,496,683
Broadline Retail - 0.4%
Prosus NV, Senior Notes		3.061	%		7/13/31		1,110,000		896,493	(d)
Hotels, Restaurants & Leisure - 1.2%
Caesars Entertainment Inc., Senior Secured Notes		7.000	%		2/15/30		40,000		41,010	(d)
Caesars Entertainment Inc., Senior Secured Notes		6.500	%		2/15/32		30,000		30,243	(d)
Las Vegas Sands Corp., Senior Notes		3.900	%		8/8/29		590,000		533,965
NCL Corp. Ltd., Senior Secured Notes		8.125	%		1/15/29		380,000		400,097	(d)
Sands China Ltd., Senior Notes		5.125	%		8/8/25		740,000		729,851
Sands China Ltd., Senior Notes		2.550	%		3/8/27		500,000		450,694
Sands China Ltd., Senior Notes		5.400	%		8/8/28		590,000		576,082
Sands China Ltd., Senior Notes		3.100	%		3/8/29		330,000		285,049
Sands China Ltd., Senior Notes		3.250	%		8/8/31		200,000		166,882
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.125	%		2/15/31		120,000		123,997	(d)
Total Hotels, Restaurants & Leisure									3,337,870
TOTAL CONSUMER DISCRETIONARY									6,731,046
ENERGY - 4.2%
Oil, Gas & Consumable Fuels - 4.2%
Cheniere Energy Partners LP, Senior Notes		4.000	%		3/1/31		350,000		312,422
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		360,000		301,181
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		320,000		293,813	(d)
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		630,000		617,959	(d)
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		230,000		221,739
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		26,000		25,963

See Notes to Schedule of Investments.

    4  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Devon Energy Corp., Senior Notes		5.875	%		6/15/28		26,000	$	26,164
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		84,000		80,228
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		145,000		136,591
Devon Energy Corp., Senior Notes		4.750	%		5/15/42		160,000		135,537
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		220,000		216,665
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		1,180,000		874,894
Energy Transfer LP, Junior Subordinated Notes (3 mo. USD LIBOR + 4.028%)		9.597	%		3/18/24		1,930,000		1,909,084	(e)(f)
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		77,740	(e)(f)
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		299,575	(e)(f)
Energy Transfer LP, Senior Notes		5.000	%		5/15/50		230,000		198,455
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		120,499	(f)
EQT Corp., Senior Notes		6.125	%		2/1/25		144,000		144,335
EQT Corp., Senior Notes		3.900	%		10/1/27		620,000		587,162
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		750,000		725,757	(d)
KazMunayGas National Co. JSC, Senior Notes		6.375	%		10/24/48		530,000		484,301	(d)
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		70,000		67,412	(d)
Permian Resources Operating LLC, Senior Notes		7.000	%		1/15/32		230,000		236,303	(d)
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		560,000		523,502
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		120,000		114,809
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		320,000		290,901
Western Midstream Operating LP, Senior Notes		4.050	%		2/1/30		1,390,000		1,286,292
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		190,000		170,431
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		410,000		360,670
YPF SA, Senior Secured Notes		9.000	%		2/12/26		598,431		598,687	(d)
TOTAL ENERGY									11,439,071

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      5

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
FINANCIALS - 4.4%
Banks - 3.3%
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		$	766,251	(f)
Bank of America Corp., Senior Notes (2.551% to 2/4/27 then SOFR + 1.050%)		2.551	%		2/4/28		820,000			759,052	(f)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		440,000			369,685	(f)
BNP Paribas SA, Senior Notes (2.871% to 4/19/31 then 3 mo. Term SOFR + 1.387%)		2.871	%		4/19/32		1,130,000			945,486	(d)(f)
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		2,304,073	(c)(e)(f)
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			426,474	(d)(f)
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			1,042,387	(d)(e)(f)
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			500,965	(d)(f)
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		1,380,759	(c)(e)(f)
Lloyds Banking Group PLC, Subordinated Notes		4.500	%		11/4/24		470,000			464,686
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		140,000			120,210	(f)
Total Banks										9,080,028
Capital Markets - 0.5%
Credit Suisse AG AT1 Claim		—			—		1,680,000			205,800	*(g)
UBS Group AG, Senior Notes (3.091% to 5/14/31 then SOFR + 1.730%)		3.091	%		5/14/32		1,440,000			1,210,642	(d)(f)
Total Capital Markets										1,416,442
Financial Services - 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		640,000			541,615
Vanguard Group Inc.		3.050	%		8/22/50		1,000,000			624,414
Total Financial Services										1,166,029

See Notes to Schedule of Investments.

    6  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Insurance - 0.2%
MetLife Inc., Junior Subordinated Notes		6.400	%		12/15/36		510,000	$	518,634
TOTAL FINANCIALS									12,181,133
HEALTH CARE - 1.1%
Health Care Providers & Services - 0.5%
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		31,376		31,573
Dignity Health, Secured Notes		5.267	%		11/1/64		770,000		715,944
Humana Inc., Senior Notes		8.150	%		6/15/38		480,000		574,017
LifePoint Health Inc., Senior Secured Notes		9.875	%		8/15/30		40,000		41,550	(d)
Total Health Care Providers & Services									1,363,084
Pharmaceuticals - 0.6%
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		1,000,000		927,396
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		730,000		690,058
Total Pharmaceuticals									1,617,454
TOTAL HEALTH CARE									2,980,538
INDUSTRIALS - 1.6%
Aerospace & Defense - 0.1%
Boeing Co., Senior Notes		5.930	%		5/1/60		130,000		124,614
TransDigm Inc., Senior Secured Notes		7.125	%		12/1/31		250,000		256,768	(d)
Total Aerospace & Defense									381,382
Building Products - 0.0%††
Builders FirstSource Inc., Senior Notes		4.250	%		2/1/32		30,000		26,389	(d)
Commercial Services & Supplies - 0.1%
GFL Environmental Inc., Senior Secured Notes		6.750	%		1/15/31		160,000		163,858	(d)
Passenger Airlines - 0.9%
American Airlines Inc., Senior Secured Notes		8.500	%		5/15/29		110,000		115,707	(d)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		208,250		205,703	(d)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		390,000		282,411	(d)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		2,010,000		1,856,003	(d)
Total Passenger Airlines									2,459,824
Trading Companies & Distributors - 0.5%
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		1,540,000		1,391,102	(d)
TOTAL INDUSTRIALS									4,422,555

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      7

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Micron Technology Inc., Senior Notes		5.300	%		1/15/31		280,000	$	277,258
MATERIALS - 1.5%
Chemicals - 0.7%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		810,000		707,195	(c)
OCP SA, Senior Notes		5.625	%		4/25/24		1,100,000		1,099,369	(d)
Total Chemicals									1,806,564
Metals & Mining - 0.8%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		740,000		730,883	(d)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		290,000		276,447	(d)
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		400,000		372,836
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		910,000		972,002
Total Metals & Mining									2,352,168
TOTAL MATERIALS									4,158,732
UTILITIES - 0.6%
Electric Utilities - 0.6%
Pacific Gas and Electric Co., First Mortgage Bonds		4.950	%		6/8/25		800,000		792,594
Pacific Gas and Electric Co., First Mortgage Bonds		3.000	%		6/15/28		460,000		417,992
Trans-Allegheny Interstate Line Co., Senior Notes		3.850	%		6/1/25		550,000		538,442	(d)
Total Utilities									1,749,028
TOTAL CORPORATE BONDS & NOTES (Cost - $52,451,171)									49,180,805
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - 13.8%
280 Park Avenue Mortgage Trust, 2017-280P D (1 mo. Term SOFR + 1.836%)		7.158	%		9/15/34		590,000		548,511	(d)(f)
BANK, 2018-BN15 B		4.661	%		11/15/61		1,050,000		996,272	(f)
BANK, 2022-BNK39 A4		2.928	%		2/15/55		240,000		205,918	(f)
Bear Stearns Mortgage Funding Trust, 2007- AR1 1A1 (1 mo. Term SOFR + 0.274%)		5.595	%		1/25/37		987,331		832,115	(f)
Benchmark Mortgage Trust, 2023-V3 A3		6.363	%		7/15/56		230,000		240,414	(f)
BX Commercial Mortgage Trust, 2021-VOLT G (1 mo. Term SOFR + 2.964%)		8.282	%		9/15/36		850,000		833,410	(d)(f)
BX Commercial Mortgage Trust, 2021-XL2 J (1 mo. Term SOFR + 4.004%)		9.322	%		10/15/38		836,665		823,498	(d)(f)
BX Commercial Mortgage Trust, 2023-VLT2 A (1 mo. Term SOFR + 2.281%)		7.599	%		6/15/40		160,000		160,726	(d)(f)

See Notes to Schedule of Investments.

    8  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h)- (continued)
BX Trust, 2018-GWMZ MC (1 mo. Term SOFR + 5.785%)		11.103	%		5/15/37		1,170,000	$	1,162,638	(d)(f)
BX Trust, 2021-ARIA G (1 mo. Term SOFR +  3.257%)		8.575	%		10/15/36		1,030,000		973,873	(d)(f)
BX Trust, 2021-SDMF F (1 mo. Term SOFR +  2.051%)		7.369	%		9/15/34		824,957		793,615	(d)(f)
CD Mortgage Trust, 2017-CD5 A4		3.431	%		8/15/50		340,000		316,290
CENT Trust, 2023-CITY A (1 mo. Term SOFR  + 2.620%)		7.938	%		9/15/38		730,000		735,335	(d)(f)
CHL Mortgage Pass-Through Trust, 2001- HYB1 1A1		5.260	%		6/19/31		2,989		2,901	(f)
CHL Mortgage Pass-Through Trust, 2003-60 1A1		6.116	%		2/25/34		6,386		6,093	(f)
Citigroup Commercial Mortgage Trust, 2017-C4 A4		3.471	%		10/12/50		170,000		159,031
Citigroup Commercial Mortgage Trust, 2016-C1 A4		3.209	%		5/10/49		150,000		142,749
Citigroup Commercial Mortgage Trust, 2023- SMRT A		5.820	%		10/12/40		330,000		335,489	(d)(f)
Citigroup Mortgage Loan Trust, 2005-9 1A1 (1 mo. Term SOFR + 0.374%)		5.695	%		11/25/35		81,085		66,303	(f)
Countrywide Alternative Loan Trust, 2005- 28CB 2A3		5.750	%		8/25/35		739,744		488,761
Countrywide Alternative Loan Trust, 2005- 52CB 1A2, IO (-1.000 x 1 mo. Term SOFR + 4.986%, 0.000% floor)		0.000	%		11/25/35		3,041,412		140,129	(f)
Countrywide Alternative Loan Trust, 2005-76 3A1 (1 mo. Term SOFR + 0.634%)		5.955	%		1/25/46		63,467		54,750	(f)
Countrywide Alternative Loan Trust, 2006- 4CB 1A4, IO (-1.000 x 1 mo. Term SOFR + 5.186%, 0.000% floor)		0.000	%		4/25/36		5,426,174		327,126	(f)
Countrywide Alternative Loan Trust, 2006- 8T11A2, IO (-1.000 x 1 mo. Term SOFR +  5.386%)		0.065	%		4/25/36		3,386,026		303,410	(f)
Countrywide Alternative Loan Trust, 2006- 21CB A6, IO (-1.000 x 1 mo. Term SOFR + 5.486%)		0.165	%		7/25/36		1,455,710		117,500	(f)
CSMC OA LLC, 2014-USA F		4.373	%		9/15/37		4,400,000		1,932,399	(d)
CSMC Trust, 2017-CHOP H (PRIME +  4.294%)		12.794	%		7/15/32		1,229,000		1,048,726	(d)(f)
CSMC Trust, 2021-RPL1 A2		6.937	%		9/27/60		872,926		842,773	(d)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      9

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
CSMC Trust, 2022-7R 1A1 (30 Day Average SOFR + 4.500%)		9.843	%		10/25/66		1,000,367	$	995,905	(d)(f)
DC Commercial Mortgage Trust, 2023-DC A		6.314	%		9/12/40		600,000		615,866	(d)
Deutsche Mortgage Securities Inc. Mortgage Loan Trust, 2004-4 7AR2 (1 mo. Term SOFR + 0.564%)		5.885	%		6/25/34		2,654		2,400	(f)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K104 XAM, IO		1.386	%		1/25/30		3,000,000		204,969	(f)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K124 X1, IO		0.718	%		12/25/30		13,433,027		518,211	(f)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K514 X1, IO		0.964	%		12/25/28		4,900,000		200,546	(f)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2017-2 M1		4.000	%		8/25/56		712,467		701,360	(d)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2020-2 M		4.250	%		11/25/59		2,120,000		1,967,687	(d)(f)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA2 B1 (30 Day Average SOFR + 3.400%)		8.722	%		8/25/33		520,000		564,951	(d)(f)
Federal National Mortgage Association (FNMA) - CAS, 2019-R05 1B1 (30 Day Average SOFR + 4.214%)		9.536	%		7/25/39		1,510,966		1,573,479	(d)(f)
Federal National Mortgage Association (FNMA) - CAS, 2020-R01 1B1 (30 Day Average SOFR + 3.364%)		8.686	%		1/25/40		1,790,000		1,843,493	(d)(f)
Federal National Mortgage Association (FNMA) REMIC, 2012-51 B		7.000	%		5/25/42		23,084		24,790
First Horizon Alternative Mortgage Securities Trust, 2005-AA12 1A1		5.650	%		2/25/36		33,170		25,008	(f)
Government National Mortgage Association (GNMA), 2011-142 IO, IO		0.000	%		9/16/46		2,099,756		21	(f)
Government National Mortgage Association (GNMA), 2012-112 IO, IO		0.108	%		2/16/53		1,020,353		2,079	(f)
Government National Mortgage Association (GNMA), 2014-47 IA, IO		0.153	%		2/16/48		173,831		588	(f)

See Notes to Schedule of Investments.

    10  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Government National Mortgage Association (GNMA), 2014-50 IO, IO		0.628	%		9/16/55		911,919	$	22,442	(f)
Government National Mortgage Association (GNMA), 2014-134 IA, IO		0.145	%		1/16/55		30,332,390		133,118	(f)
Government National Mortgage Association (GNMA), 2017-21 IO, IO		0.633	%		10/16/58		2,841,000		94,647	(f)
Government National Mortgage Association (GNMA), 2017-41 IO, IO		0.584	%		7/16/58		490,160		13,643	(f)
GreenPoint Mortgage Funding Trust, 2006- AR3 3A1 (1 mo. Term SOFR + 0.574%)		5.895	%		4/25/36		358		2,193	(f)
GS Mortgage Securities Trust, 2015-GC30 D		3.384	%		5/10/50		1,000,000		777,253
HarborView Mortgage Loan Trust, 2006-13 A (1 mo. Term SOFR + 0.294%)		5.614	%		11/19/46		67,141		45,308	(f)
JPMorgan Chase Commercial Mortgage Securities Trust, 2018-PHMZ M (1 mo. Term SOFR + 8.622%)		13.940	%		6/15/35		10,150,000		127,210	(d)(f)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST G (1 mo. Term SOFR + 4.864%)		10.182	%		12/15/36		2,079,000		157,103	(d)(f)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST H (1 mo. Term SOFR + 7.364%)		12.682	%		12/15/36		2,173,000		118,901	(d)(f)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-HTL5 F (1 mo. Term SOFR + 4.379%)		9.697	%		11/15/38		640,000		611,303	(d)(f)
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		1,147,742	(d)
Lehman XS Trust, 2006-16N A4B (1 mo. Term SOFR + 0.594%)		5.915	%		11/25/46		8,213		9,749	(f)
Med Trust, 2021-MDLN E (1 mo. Term SOFR + 3.264%)		8.582	%		11/15/38		1,522,692		1,510,679	(d)(f)
Merrill Lynch Mortgage Investors Trust, 2004-A3 4A3		4.544	%		5/25/34		24,262		20,998	(f)
Morgan Stanley Capital Trust, 2019-H7 A4		3.261	%		7/15/52		178,000		160,671
Morgan Stanley Capital Trust, 2021-L7 XA, IO		1.092	%		10/15/54		6,352,353		326,472	(f)
MSWF Commercial Mortgage Trust, 2023-1 A4		5.472	%		5/15/56		160,000		163,893
Natixis Commercial Mortgage Securities Trust, 2019-FAME D		4.398	%		8/15/36		2,862,000		1,800,110	(d)(f)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      11

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Nomura Asset Acceptance Corp. Alternative Loan Trust, 2006-AF2 4A		6.708	%		8/25/36		59,458	$	57,498	(f)
PRKCM Trust, 2022-AFC1 A1A		4.100	%		4/25/57		588,867		565,368	(d)(f)
Residential Asset Securitization Trust, 2005- A152A11, IO (-1.000 x 1 mo. Term SOFR+ 5.436%)		0.115	%		2/25/36		8,167,516		620,498	(f)
SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%)		11.318	%		2/15/39		640,130		513,118	(d)(f)
Starwood Retail Property Trust, 2014-STAR E		8.500	%		11/15/27		7,530,000		34,917	(d)(f)
Structured Adjustable Rate Mortgage Loan Trust, 2004-4 3A2		6.717	%		4/25/34		10,354		10,263	(f)
Towd Point Mortgage Trust, 2019-4 B1B		3.500	%		10/25/59		1,840,000		1,453,302	(d)(f)
UBS Commercial Mortgage Trust, 2017-C7 A3		3.418	%		12/15/50		423,589		398,569
Verus Securitization Trust, 2022-6 A3		4.910	%		6/25/67		1,303,804		1,269,657	(d)
WaMu Mortgage Pass-Through Certificates Trust, 2006-AR3 A1B (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 1.000%)		6.081	%		2/25/46		1,183,254		1,018,125	(f)
Wells Fargo Commercial Mortgage Trust, 2022-ONL F		4.928	%		12/15/39		1,190,000		929,597	(d)(f)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $65,832,277)									37,946,455
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 13.1%
U.S. Government Obligations - 13.1%
U.S. Treasury Bonds		3.625	%		8/15/43		570,000		502,669
U.S. Treasury Bonds		3.750	%		11/15/43		5,600,000		5,022,500	(i)
U.S. Treasury Bonds		2.875	%		5/15/49		260,000		196,676
U.S. Treasury Bonds		4.750	%		11/15/53		2,780,000		2,958,528
U.S. Treasury Notes		4.500	%		9/30/28		390,000		395,332
U.S. Treasury Notes		3.750	%		12/31/28		15,810,000		15,453,040
U.S. Treasury Notes		3.875	%		7/31/30		7,350,000		7,235,443
U.S. Treasury Notes		4.000	%		1/31/31		2,180,000		2,144,916
U.S. Treasury Notes		3.875	%		8/15/33		2,120,000		2,057,228
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $37,203,815)									35,966,332
SOVEREIGN BONDS - 11.4%
Argentina - 0.7%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		143,435		66,683

See Notes to Schedule of Investments.

    12  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Argentina - (continued)
Argentine Republic Government
International Bond, Senior Notes, Step bond (0.750% to 7/9/27 then 1.750%)		0.750	%		7/9/30		648,100		$	298,612
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			429,894
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			1,037,528	(d)
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		100,000			38,875	(c)
Total Argentina										1,871,592
Brazil - 5.0%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		26,142,000	BRL		5,253,208
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/31		37,057,000	BRL		7,230,620
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/33		6,665,000	BRL		1,288,586
Total Brazil										13,772,414
Colombia - 0.1%
Colombia Government International Bond, Senior Notes		5.000	%		6/15/45		370,000			266,239
Dominican Republic - 0.1%
Dominican Republic International Bond, Senior Notes		11.250	%		9/15/35		15,700,000	DOP		294,395	(d)
India - 2.3%
India Government Bond		7.590	%		1/11/26		220,000,000	INR		2,679,035
India Government Bond, Senior Notes		5.790	%		5/11/30		200,000,000	INR		2,257,659
India Government Bond, Senior Notes		7.260	%		8/22/32		120,000,000	INR		1,461,162
Total India										6,397,856
Indonesia - 0.2%
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		490,000			464,948
Jamaica - 0.1%
Jamaica Government International Bond, Senior Notes		9.625	%		11/3/30		30,000,000	JMD		203,711
Kenya - 0.3%
Republic of Kenya Government International Bond, Senior Notes		7.000	%		5/22/27		1,000,000			959,959	(d)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      13

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Mexico - 2.6%
Mexican Bonos, Bonds		8.000	%		11/7/47		87,460,000	MXN$		4,497,012
Mexican Bonos, Senior Notes		7.750	%		11/13/42		50,771,900	MXN		2,576,180
Total Mexico										7,073,192
TOTAL SOVEREIGN BONDS (Cost - $32,967,644)										31,304,306
ASSET-BACKED SECURITIES - 10.3%
AccessLex Institute, 2004-A B1 (28 day Auction Rate Security)		6.940	%		7/1/39		100,000			79,437	(f)
ALM Ltd., 2020-1A D (3 mo. Term SOFR + 6.262%)		11.576	%		10/15/29		560,000			560,307	(d)(f)
AMMC CLO Ltd., 2024-30A D (3 mo. Term SOFR + 4.500%)		9.791	%		1/15/37		140,000			140,000	(d)(f)
Amortizing Residential Collateral Trust, 2002-BC5 M1 (1 mo. Term SOFR + 1.149%)		6.470	%		7/25/32		9,255			9,426	(f)
Barings CLO Ltd., 2015-2A DR (3 mo. Term SOFR + 3.212%)		8.529	%		10/20/30		250,000			251,327	(d)(f)
Barings CLO Ltd., 2018-2A B (3 mo. Term SOFR + 2.162%)		7.476	%		4/15/30		2,480,000			2,484,618	(d)(f)
Bristol Park CLO Ltd., 2016-1A DR (3 mo. Term SOFR + 3.212%)		8.526	%		4/15/29		1,670,000			1,661,694	(d)(f)
BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%)		6.584	%		8/19/38		1,321,832			1,304,450	(d)(f)
Carlyle Global Market Strategies CLO Ltd., 2015-1A DR3 (3 mo. Term SOFR + 3.212%)		8.529	%		7/20/31		250,000			245,758	(d)(f)
Cook Park CLO Ltd., 2018-1A D (3 mo. Term SOFR + 2.862%)		8.178	%		4/17/30		840,000			809,689	(d)(f)
Countrywide Home Equity Loan Trust, 2007-A A (1 mo. Term SOFR + 0.234%)		5.552	%		4/15/37		565,186			525,166	(f)
Dividend Solar Loans LLC, 2018-1 C		5.140	%		7/20/38		2,094,315			1,848,474	(d)
Dryden CLO Ltd., 2021-87A D (3 mo. Term SOFR + 3.212%)		8.531	%		5/20/34		240,000			233,444	(d)(f)
Foundation Finance Trust, 2017-1A C		5.400	%		7/15/33		2,497,776			2,473,848	(d)
Fremont Home Loan Trust, 2006-B 2A2 (1 mo. Term SOFR + 0.314%)		5.635	%		8/25/36		309,557			100,086	(f)
GoldenTree Loan Opportunities Ltd., 2014-9A CR2 (3 mo. Term SOFR + 2.362%)		7.681	%		10/29/29		2,270,000			2,270,000	(d)(f)
GoldenTree Loan Opportunities Ltd., 2014-9A DR2 (3 mo. Term SOFR + 3.262%)		8.581	%		10/29/29		1,550,000			1,550,000	(d)(f)
Golub Capital Partners CLO Ltd., 2019-45A C
(3 mo. Term SOFR + 4.062%)		9.379	%		10/20/31		950,000			956,708	(d)(f)

See Notes to Schedule of Investments.

    14  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
GoodLeap Sustainable Home Solutions Trust, 2022-1GS C		3.500	%		1/20/49		1,557,122	$	1,025,879	(d)
Greywolf CLO Ltd., 2019-1A CR (3 mo. Term SOFR + 3.910%)		9.227	%		4/17/34		1,840,000		1,848,079	(d)(f)
Halsey Point CLO Ltd., 2019-1A F (3 mo. Term SOFR + 8.462%)		13.779	%		1/20/33		860,000		782,707	(d)(f)
HPS Loan Management Ltd., 10A-16 CR (3 mo. Term SOFR + 3.412%)		8.729	%		4/20/34		1,520,000		1,487,698	(d)(f)
Katayma CLO Ltd., 2023-1A D (3 mo. Term SOFR + 5.250%)		10.568	%		10/20/36		230,000		232,825	(d)(f)
Lehman XS Trust, 2006-GP3 2A2 (1 mo. Term SOFR + 0.554%)		5.875	%		6/25/46		10,534		24,233	(f)
Magnetite Ltd., 2019-22A CR (3 mo. Term SOFR + 2.212%)		7.526	%		4/15/31		350,000		349,472	(d)(f)
Magnetite Ltd., 2020-25A D (3 mo. Term SOFR + 3.562%)		8.886	%		1/25/32		250,000		250,246	(d)(f)
Magnetite Ltd., 2023-39A E (3 mo. Term SOFR + 6.600%)		11.985	%		10/25/33		680,000		688,964	(d)(f)
MASTR Specialized Loan Trust, 2006-3 A (1 mo. Term SOFR + 0.634%)		5.955	%		6/25/46		63,135		60,510	(d)(f)
Mosaic Solar Loan Trust, 2021-1A D		3.710	%		12/20/46		418,582		356,729	(d)
National Collegiate Student Loan Trust, 2007-2 A4 (1 mo. Term SOFR + 0.404%)		5.725	%		1/25/33		560,524		534,917	(f)
Neuberger Berman Loan Advisers CLO Ltd., 2018-30A DR (3 mo. Term SOFR + 3.112%)		8.429	%		1/20/31		260,000		258,442	(d)(f)
OCP CLO Ltd., 2016-11A DR2 (3 mo. Term SOFR + 3.700%)		9.034	%		4/26/36		270,000		270,000	(a)(d)(f)
Octagon Investment Partners Ltd., 2017-1A D (3 mo. Term SOFR + 3.662%)		8.976	%		7/15/29		250,000		249,062	(d)(f)
OHA Loan Funding Ltd., 2013-1A DR2 (3 mo. Term SOFR + 3.312%)		8.627	%		7/23/31		280,000		279,308	(d)(f)
Sierra Timeshare Receivables Funding LLC, 2021-2A A		1.350	%		9/20/38		174,514		163,537	(d)
Stratus Static CLO Ltd., 2022-3A CR (3 mo. Term SOFR + 2.400%)		7.718	%		10/20/31		250,000		250,002	(d)(f)
Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%)		9.634	%		4/18/37		530,000		530,000	(a)(f)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      15

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
UCFC Manufactured Housing Contract, 1997-3 M		7.115	%		1/15/29		569,124	$	536,785
Whitehorse Ltd., 2018-12A D (3 mo. Term SOFR + 3.912%)		9.226	%		10/15/31		500,000		492,474	(d)(f)
TOTAL ASSET-BACKED SECURITIES (Cost - $29,407,905)									28,176,301
U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.8%
U.S. Treasury Notes, Inflation Indexed (Cost-$2,421,702)		1.125	%		1/15/33		2,440,579		2,284,883
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.3%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.3%
3-Month SOFR Futures, Call @ $95.000		3/15/24			792		1,980,000		4,950
3-Month SOFR Futures, Call @ $95.875		6/14/24			118		295,000		5,163
3-Month SOFR Futures, Call @ $96.000		6/14/24			360		900,000		15,750
3-Month SOFR Futures, Put @ $95.000		6/14/24			384		960,000		189,600
3-Month SOFR Futures, Put @ $95.000		9/13/24			783		1,957,500		347,456
U.S. Treasury 5-Year Notes Futures, Call @ $107.250		3/1/24			117		117,000		2,742
U.S. Treasury 5-Year Notes Futures, Put @ $106.250		3/1/24			117		117,000		0	(j)
U.S. Treasury 6 to 7-Year Notes Futures, Call @ $111.000		3/1/24			58		58,000		906
U.S. Treasury 6 to 7-Year Notes Futures, Put @ $109.500		3/1/24			58		58,000		0	(j)
U.S. Treasury Long-Term Bonds Futures, Call @ $118.000		3/22/24			114		114,000		238,688
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $826,586)									805,255

	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.0%††
U.S. Dollar/Australian Dollar, Put @ $0.669	BNP Paribas SA	4/17/24	2,171,675	2,171,675	6,123
U.S. Dollar/Canadian Dollar, Call @ 1.372CAD	BNP Paribas SA	3/21/24	1,970,000	1,970,000	2,900

See Notes to Schedule of Investments.

    16  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	COUNTERPARTY		EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†			VALUE
OTC PURCHASED OPTIONS - (continued)
U.S. Dollar/Japanese Yen, Put @ 143.420JPY		BNP Paribas SA		4/18/24			2,350,000		2,350,000		$	7,105
U.S. Dollar/Japanese Yen, Put @ 147.820JPY		JPMorgan Chase & Co.		5/1/24			2,800,000		2,800,000			38,079
TOTAL OTC PURCHASED OPTIONS (Cost - $94,342)												54,207
TOTAL PURCHASED OPTIONS (Cost - $920,928)												859,462
								Shares
INVESTMENTS IN UNDERLYING FUNDS - 0.1%
VanEck J.P. Morgan EM Local Currency Bond ETF (Cost - $497,296)									16,200			401,598
			RATE			MATURITY DATE		FACE AMOUNT†
MUNICIPAL BONDS - 0.1%
California - 0.1%
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A (Cost - $360,000)				7.000	%		10/1/39		360,000			379,342	(d)
TOTAL MUNICIPAL BONDS (Cost - $360,000)												379,342
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.1%
Uruguay - 0.1%
Uruguay Government International Bond, Senior Notes (Cost - $163,545)				3.875	%		7/2/40		6,361,838	UYU		173,487
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (COST - $314,635,006)												277,646,769
								SHARES
SHORT-TERM INVESTMENTS - 12.5%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $34,317,055)				5.272	%				34,317,055			34,317,055	(k)(l)
TOTAL INVESTMENTS - 113.5% (Cost - $348,952,061)												311,963,824
Liabilities in Excess of Other Assets - (13.5)%												(37,172,842	)
TOTAL NET ASSETS - 100.0%											$	274,790,982

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      17

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

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

†† Represents less than 0.1%.

* Non-income producing security.

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

(b) This security is traded on a to-be-announced (“TBA”) basis. At February 29, 2024, the Fund held TBA securities with a total cost of $49,597,285.

(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) 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.

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

(f) 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.

(g) Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).

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

(l) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 29, 2024, the total market value of investments in Affiliated Companies was $34,317,055 and the cost was $34,317,055 (Note 2).

See Notes to Schedule of Investments.

    18  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

Abbreviation(s) used in this schedule:

BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CAS	—	Connecticut Avenue Securities
CD	—	Certificate of Deposit
CLO	—	Collateralized Loan Obligation
CMT	—	Constant Maturity Treasury
DOP	—	Dominican Peso
ETF	—	Exchange-Traded Fund
EUR	—	Euro
ICE	—	Intercontinental Exchange
INR	—	Indian Rupee
IO	—	Interest Only
JMD	—	Jamaican Dollar
JPY	—	Japanese Yen
JSC	—	Joint Stock Company
LIBOR	—	London Interbank Offered Rate
MXN	—	Mexican Peso
REMIC	—	Real Estate Mortgage Investment Conduit
SOFR	—	Secured Overnight Financing Rate
USD	—	United States Dollar
UYU	—	Uruguayan Peso

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      19

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d)	February 29, 2024
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT			VALUE
SECURITIES SOLD SHORT - (0.8)%
MORTGAGE-BACKED SECURITIES - (0.8)%
Federal National Mortgage Association (FNMA)		2.500	%		4/1/54	$	(1,000,000	)	$	(822,721	)(a)
Federal National Mortgage Association (FNMA)		3.500	%		4/1/54		(1,400,000	)		(1,246,480	)(a)
TOTAL SECURITIES SOLD SHORT (Proceeds - $(2,060,961))									$	(2,069,201	)

(a) This security is traded on a to-be-announced (“TBA”) basis and is part of a mortgage dollar roll agreement.

At February 29, 2024, 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		3/15/24	$	96.000		792	$	1,980,000	$	(4,950	)
3-Month SOFR Futures, Call		6/14/24		98.000		178		445,000		(2,225	)
3-Month SOFR Futures, Call		9/13/24		96.875		359		897,500		(38,144	)
3-Month SOFR Futures, Call		9/13/24		97.000		1,030		2,575,000		(96,562	)
3-Month SOFR Futures, Put		3/14/25		95.000		384		960,000		(184,800	)
3-Month SOFR Futures, Put		6/13/25		94.750		783		1,957,500		(322,987	)
SOFR 1-Year Mid-Curve Futures, Call		3/15/24		97.250		395		987,500		(2,469	)
SOFR 1-Year Mid-Curve Futures, Call		3/15/24		97.375		397		992,500		(2,481	)
U.S. Treasury 5-Year Notes Futures, Call		3/1/24		106.750		39		39,000		(8,227	)
U.S. Treasury 5-Year Notes Futures, Call		3/22/24		109.250		78		78,000		(3,047	)
U.S. Treasury 5-Year Notes Futures, Put		3/1/24		106.750		39		39,000		(2,133	)
U.S. Treasury 6 to 7-Year Notes Futures, Call		3/1/24		110.250		19		19,000		(5,344	)
U.S. Treasury 6 to 7-Year Notes Futures, Put		3/1/24		110.250		19		19,000		(1,781	)
U.S. Treasury Long-Term Bonds Futures, Call		4/26/24		118.000		76		76,000		(214,937	)
U.S. Treasury Long-Term Bonds Futures, Put		5/24/24		113.000		39		39,000		(28,641	)
U.S. Treasury Long-Term Bonds Futures, Put		5/24/24		114.000		39		39,000		(35,953	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $1,524,504)										(954,681	)

OTC WRITTEN OPTIONS
	Counterparty
Interest rate swaption, Put (Premiums received - $80,500)		Citibank N.A.	10/7/24	500.000	bps	3,500,000	3,500,000		(13,120	)
TOTAL WRITTEN OPTIONS (Premiums received - $1,605,004)								$	(967,801	)

See Notes to Schedule of Investments.

    20  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

Abbreviation(s) used in this schedule:
bps	—	basis point spread (100 basis points = 1.00%)
SOFR	—	Secured Overnight Financing Rate

At February 29, 2024, 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		163		3/25	$	39,210,486	$	38,916,250	$	(294,236	)
3-Month SOFR		18		3/24		4,255,688		4,259,138		3,450
3-Month SOFR		456		12/25		110,267,458		109,656,600		(610,858	)
Australian 10-Year Bonds		116		3/24		8,579,751		8,672,219		92,468
U.S. Treasury 2-Year Notes		142		6/24		29,088,304		29,074,500		(13,804	)
U.S. Treasury 5-Year Notes		1,292		6/24		137,991,269		138,122,875		131,606
U.S. Treasury Long-Term Bonds		517		6/24		61,184,346		61,652,250		467,904
U.S. Treasury Ultra Long- Term Bonds		3		6/24		379,715		383,625		3,910
United Kingdom Long Gilt Bonds		43		6/24		5,289,049		5,324,217		35,168
										(184,392	)
Contracts to Sell:
3-Month SOFR		456		12/26		110,388,817		109,833,300		555,517
Euro-Schatz		150		3/24		17,173,177		17,046,918		126,259
Japanese 10-Year Bonds		20		3/24		19,400,907		19,511,739		(110,832	)
U.S. Treasury 10-Year Notes		1,372		6/24		151,212,608		151,520,250		(307,642	)
U.S. Treasury Ultra 10-Year Notes		197		6/24		22,400,732		22,491,860		(91,128	)
										172,174
Net unrealized depreciation on open futures contracts									$	(12,218	)

Abbreviation(s) used in this table:
SOFR	—	Secured Overnight Financing Rate

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      21

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

At February 29, 2024, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
NZD	2,278,631		USD	1,430,055	Bank of America N.A.		4/19/24	$	(42,675	)
EUR	1,724,869		NOK	19,556,768	BNP Paribas SA		4/19/24		24,574
JPY	35,140,000		USD	239,978	BNP Paribas SA		4/19/24		(3,685	)
JPY	42,310,000		USD	290,013	BNP Paribas SA		4/19/24		(5,506	)
NOK	50,511,065		USD	4,945,399	BNP Paribas SA		4/19/24		(183,863	)
AUD	4,401,124		USD	2,950,883	Citibank N.A.		4/19/24		(85,622	)
IDR	35,609,404,898		USD	2,271,298	Citibank N.A.		4/19/24		(8,424	)
USD	3,924,324		EUR	3,610,000	Citibank N.A.		4/19/24		14,479
USD	4,675,165		EUR	4,242,509	Citibank N.A.		4/19/24		80,274
USD	552,487		GBP	433,303	Citibank N.A.		4/19/24		5,362
USD	1,471,227		GBP	1,160,000	Citibank N.A.		4/19/24		6,512
USD	240,340		JPY	35,364,000	Goldman Sachs Group Inc.		4/19/24		2,540
USD	332,799		JPY	48,684,000	Goldman Sachs Group Inc.		4/19/24		5,432
CNH	25,489,063		USD	3,582,793	JPMorgan Chase & Co.		4/19/24		(34,331	)
USD	7,433,475		CNY	52,744,223	JPMorgan Chase & Co.		4/19/24		63,171
USD	2,300,349		IDR	35,609,404,898	JPMorgan Chase & Co.		4/19/24		37,476
USD	152,688		JPY	21,795,000	JPMorgan Chase & Co.		4/19/24		6,131
USD	126,271		MXN	2,170,758	JPMorgan Chase & Co.		4/19/24		(59	)
CAD	4,018,701		USD	3,001,534	Morgan Stanley & Co. Inc.		4/19/24		(38,204	)
JPY	21,639,000		USD	149,605	Morgan Stanley & Co. Inc.		4/19/24		(4,097	)
JPY	25,748,000		USD	176,258	Morgan Stanley & Co. Inc.		4/19/24		(3,120	)
JPY	29,580,000		USD	204,601	Morgan Stanley & Co. Inc.		4/19/24		(5,695	)
JPY	605,145,840		USD	4,242,034	Morgan Stanley & Co. Inc.		4/19/24		(172,832	)
USD	14,663,603		BRL	72,476,322	Morgan Stanley & Co. Inc.		4/19/24		157,226
USD	2,569,029		INR	214,436,892	Morgan Stanley & Co. Inc.		4/19/24		(12,223	)
USD	117,629		JPY	17,596,000	Morgan Stanley & Co. Inc.		4/19/24		(692	)
USD	183,338		MXN	3,148,000	Morgan Stanley & Co. Inc.		4/19/24		137
USD	1,306,657		JPY	193,150,000	JPMorgan Chase & Co.		5/7/24		4,179
Net unrealized depreciation on open forward foreign currency contracts								$	(193,535	)

See Notes to Schedule of Investments.

    22  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

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

		At February 29, 2024, 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	$	(1,745,335	)	$	(814,002	)	$	(931,333	)
		76,758,000			3/10/26	Daily SOFR Compound annually	4.100% annually		(621,564	)		324,528			(946,092	)
		312,170,000	MXN		7/18/29	28-Day MXN TIIE - Banxico every 28 days	7.450% every 28 days		(994,968	)		118,587			(1,113,555	)
		17,666,000			10/31/30	3.540% annually	Daily SOFR Compound annually		398,165			176,375			221,790
		18,593,000			2/28/31	3.870% annually	Daily SOFR Compound annually		(18,929	)		(43,751	)		24,822
		26,598,000			5/15/32	3.220% annually	Daily SOFR Compound annually		1,251,327			187,188			1,064,139

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      23

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT*			TERMINATION DATE	PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		17,129,000		3/10/34	3.400% annually	Daily SOFR Compound annually	$	657,720		$	(145,690	)	$	803,410
		7,166,000		2/15/48	2.600% annually	Daily SOFR Compound annually		1,301,989			492,576			809,413
		14,778,000		2/15/48	3.050% annually	Daily SOFR Compound annually		1,648,022			620,937			1,027,085
		3,385,000		5/15/48	3.150% annually	Daily SOFR Compound annually		324,575			317,605			6,970
		1,216,226,000	JPY	10/27/53	1.750% annually	Daily TONA Compound annually		(534,333	)		—			(534,333	)
Total						$ 1,666,669				$	1,234,353		$	432,316
OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1

SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2*			TERMINATION DATE	IMPLIED CREDIT SPREAD AT FEBRUARY 29, 20243	PERIODIC PAYMENTS RECEIVED  BY THE FUND†	MARKET VALUE		UPFRONT PREMIUMS  PAID (RECEIVED)		UNREALIZED APPRECIATION
BNP Paribas SA (Volkswagen International Finance NV, 5.472%, due 11/16/24)4		7,380,000	EUR	12/20/24	0.352%	1.000% quarterly	$	41,426	$	14,893	$	26,533

See Notes to Schedule of Investments.

    24  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION5
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2*			TERMINATION DATE		IMPLIED CREDIT SPREAD AT FEBRUARY 29, 20243		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
BNP Paribas SA (Mercedes-Benz Group AG, 1.000%, due 11/15/27)		7,380,000	EUR		12/20/24		0.166%	1.000% quarterly	$	(53,366	)	$	(29,243	)	$	(24,123	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION5
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY  THE FUND†		MARKET VALUE6			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Markit CDX.NA.HY.41 Index	$	761,904		12/20/28		5.000% quarterly	$	(48,347	)	$	(44,938	)	$	(3,409	)
Markit CDX.NA.IG.41 Index		36,539,000		12/20/28		1.000% quarterly		(753,959	)		(611,432	)		(142,527	)
Total	$	37,300,904					$	(802,306	)	$	(656,370	)	$	(145,936	)

See Notes to Schedule of Investments.

Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      25

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

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 Variable rate security. Interest rate disclosed is as of the most recent information available.

5 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.

6 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.

Reference rate(s) and their value(s) as of period end used in this table:

Reference Index	Reference Rate
28-Day MXN TIIE - Banxico		11.494	%
Daily SOFR Compound		5.320	%
Daily TONA Compound		(0.005	)%

See Notes to Schedule of Investments.

    26  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

WESTERN ASSET TOTAL RETURN UNCONSTRAINED FUND

Schedule of Investments (unaudited) (cont’d) February 29, 2024

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

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 2024 Quarterly Report      27

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

    28  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

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

the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

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

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

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

  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      29

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

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

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Mortgage-Backed Securities		—	$	90,973,798		—	$	90,973,798
Corporate Bonds & Notes		—		49,180,805		—		49,180,805
Collateralized Mortgage Obligations		—		37,946,455		—		37,946,455
U.S. Government & Agency Obligations		—		35,966,332		—		35,966,332
Sovereign Bonds		—		31,304,306		—		31,304,306
Asset-Backed Securities		—		28,176,301		—		28,176,301
U.S. Treasury Inflation Protected Securities		—		2,284,883		—		2,284,883
Purchased Options:
Exchange-Traded Purchased Options	$	805,255		—		—		805,255
OTC Purchased Options		—		54,207		—		54,207
Investments in Underlying Funds		401,598		—		—		401,598
Municipal Bonds		—		379,342		—		379,342
Non-U.S. Treasury Inflation Protected Securities		—		173,487		—		173,487
Total Long-Term Investments		1,206,853		276,439,916		—		277,646,769
Short-Term Investments†		34,317,055		—		—		34,317,055
Total Investments	$	35,523,908	$	276,439,916		—	$	311,963,824
Other Financial Instruments:
Futures Contracts††	$	1,416,282		—		—	$	1,416,282
Forward Foreign Currency Contracts††		—	$	407,493		—		407,493
Centrally Cleared Interest Rate Swaps††		—		3,957,629		—		3,957,629
OTC Credit Default Swaps on Corporate Issues - Sell Protection‡		—		41,426		—		41,426
Total Other Financial Instruments	$	1,416,282	$	4,406,548		—	$	5,822,830
Total	$	36,940,190	$	280,846,464		—	$	317,786,654

    30  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report

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
Securities Sold Short†		—	$	2,069,201		—	$	2,069,201
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	954,681		—		—		954,681
OTC Written Options		—		13,120		—		13,120
Futures Contracts††		1,428,500		—		—		1,428,500
Forward Foreign Currency Contracts††		—		601,028		—		601,028
Centrally Cleared Interest Rate Swaps††		—		3,525,313		—		3,525,313
OTC Credit Default Swaps on Corporate Issues - Buy Protection‡		—		53,366		—		53,366
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—		145,936		—		145,936
Total Other Financial Instruments	$	2,383,181	$	4,338,763		—	$	6,721,944
Total	$	2,383,181	$	6,407,964		—	$	8,791,145

† 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 February 29, 2024. The following transactions were effected in such company for the period ended February 29, 2024.

	Affiliate Value at May 31, 2023		Purchased				Sold
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	13,448,457	$	130,270,787		130,270,787	$	109,402,189		109,402,189

  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report      31

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

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at February 29, 2024
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	791,282		—	$	34,317,055

    32  Western Asset Total Return Unconstrained Fund 2024 Quarterly Report