Legg Mason Partners Institutional Trust NPORT-P Western Asset SMASh Series EC Fund (Nov 2019 report)

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
SOVEREIGN BONDS - 25.1%
Argentina - 0.6%
Argentina POM Politica Monetaria, Bonds (Argentina Central Bank 7 Day Repo Reference Rate)		70.941	%		6/21/20		200,980,000	ARS	$	872,838	(a)(b)
Argentine Bonos del Tesoro, Bonds		18.200	%		10/3/21		183,730,000	ARS		667,623	(a)
Argentine Republic Government International Bond, Senior Notes		6.875	%		4/22/21		1,190,000			537,773
Argentine Republic Government International Bond, Senior Notes		5.625	%		1/26/22		14,490,000			6,322,161
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		2,210,000			964,880
Argentine Republic Government International Bond, Senior Notes		5.875	%		1/11/28		790,000			315,484
Argentine Republic Government International Bond, Senior Notes		7.625	%		4/22/46		1,130,000			481,872
Provincia de Buenos Aires, Senior Notes		6.500	%		2/15/23		2,650,000			940,750	(c)
Provincia de Buenos Aires, Senior Notes		9.125	%		3/16/24		1,850,000			712,250	(c)
Provincia de Buenos Aires, Senior Notes		7.875	%		6/15/27		2,280,000			832,200	(c)
Total Argentina										12,647,831
Brazil - 4.2%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		67,555,000	BRL		16,802,797
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		209,178,000	BRL		54,794,517
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		12,258,000	BRL		3,390,495
Brazilian Government International Bond, Senior Notes		4.625	%		1/13/28		7,060,000			7,524,195
Brazilian Government International Bond, Senior Notes		5.625	%		1/7/41		3,180,000			3,504,948
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		9,080,000			9,224,690
Total Brazil										95,241,642

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        1

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
China - 0.9%
China Government Bond, Senior Notes		3.390	%		5/21/25		140,000,000	CNH	$	20,407,760	(d)
Colombia - 0.0%
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		500,000			613,717
Ecuador - 0.2%
Ecuador Government International Bond, Senior Notes		7.875	%		1/23/28		4,670,000			3,655,898	(c)
Egypt - 0.0%
Egypt Government International Bond, Senior Notes		5.577	%		2/21/23		1,190,000			1,234,435	(c)
Indonesia - 2.2%
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		1,000,000			1,032,933	(d)
Indonesia Treasury Bond, Senior Notes		7.000	%		5/15/27		594,513,000,000	IDR		42,329,916
Indonesia Treasury Bond, Senior Notes		7.500	%		6/15/35		100,987,000,000	IDR		7,216,074
Total Indonesia										50,578,923
Kenya - 0.3%
Kenya Government International Bond, Senior Notes		6.875	%		6/24/24		4,260,000			4,552,726	(d)
Kenya Government International Bond, Senior Notes		7.250	%		2/28/28		2,910,000			3,051,758	(c)
Total Kenya										7,604,484
Mexico - 11.0%
Mexican Bonos, Bonds		10.000	%		12/5/24		352,420,000	MXN		20,336,893
Mexican Bonos, Bonds		8.000	%		11/7/47		3,400,030,000	MXN		187,319,849
Mexican Bonos, Senior Notes		8.500	%		5/31/29		329,390,000	MXN		18,493,982
Mexican Bonos, Senior Notes		7.750	%		11/13/42		327,861,500	MXN		17,501,931
Mexico Government International Bond, Senior Notes		3.600	%		1/30/25		3,310,000			3,462,194
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		3,380,000			3,695,810
Total Mexico										250,810,659

See Notes to Schedule of Investments.

  2     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Nigeria - 0.2%
Nigeria Government International Bond, Senior Notes		7.143	%		2/23/30		4,970,000		$	4,949,499	(c)
Peru - 0.2%
Peruvian Government International Bond, Senior Notes		6.550	%		3/14/37		510,000			745,842
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		2,520,000			3,685,336
Total Peru										4,431,178
Russia - 5.3%
Russian Federal Bond - OFZ		7.000	%		1/25/23		746,890,000	RUB		11,969,626
Russian Federal Bond - OFZ		7.000	%		8/16/23		992,840,000	RUB		15,954,649
Russian Federal Bond - OFZ		7.750	%		9/16/26		659,350,000	RUB		11,123,175
Russian Federal Bond - OFZ		8.150	%		2/3/27		613,510,000	RUB		10,583,953
Russian Federal Bond - OFZ		7.050	%		1/19/28		1,249,561,000	RUB		20,405,871
Russian Federal Bond - OFZ		6.900	%		5/23/29		997,790,000	RUB		16,171,208
Russian Federal Bond - OFZ		7.650	%		4/10/30		1,897,220,000	RUB		32,391,921
Russian Federal Bond - OFZ		7.250	%		5/10/34		93,150,000	RUB		1,539,132
Total Russia										120,139,535
TOTAL SOVEREIGN BONDS (Cost - $611,564,068)										572,315,561
COLLATERALIZED MORTGAGE OBLIGATIONS(e)- 18.3%
Alternative Loan Trust, 2007-OA8 1A1 (1 mo. USD LIBOR + 0.180%)		1.888	%		6/25/47		5,259,121			4,653,840	(b)
BAMLLRe-REMIC Trust, 2016-GG10 AJA		6.011	%		8/10/45		18,555,279			11,977,266	(b)(c)
Banc of America Funding Corp.,2015-R3 1A2		2.301	%		3/27/36		30,038,969			24,730,843	(b)(c)
Banc of America Funding Trust,2014-R2 2A2 (1 mo. USD LIBOR + 0.210%)		1.913	%		5/26/37		10,533,103			9,358,781	(b)(c)
Banc of America Funding Trust,2015-R2 9A2		2.395	%		3/27/36		17,034,649			15,627,357	(b)(c)
Barclays Commercial Mortgage Trust,2019-C5 A4		3.063	%		11/15/52		25,110,000			26,149,117

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        3

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(e)- (continued)
BCAP LLC Trust,2013-RR3 4A2 (1 mo. USD LIBOR + 0.160%)		1.687	%		11/26/36		12,265,001	$	12,053,334	(b)(c)
BCAP LLC Trust,2014-RR5 1A2 (1 mo. USD LIBOR + 0.225%)		2.273	%		1/26/36		26,650,000		24,712,500	(b)(c)
Commercial Mortgage Pass-Through Trust,2013-CR7 XA, IO		1.358	%		3/10/46		8,539,981		266,562	(b)
Commercial Mortgage Pass-Through Trust, 2014-CR20 B		4.239	%		11/10/47		720,000		763,535	(b)
Credit Suisse Commercial Mortgage Trust,2006-C3 AJ		6.704	%		6/15/38		23,040		12,632	(b)
Credit Suisse Commercial Mortgage Trust,2006-C5 AJ		5.373	%		12/15/39		1,787,474		1,191,012
Credit Suisse Commercial Mortgage Trust,2007-C5 AM		5.869	%		9/15/40		1,546,579		989,811	(b)
Credit Suisse Mortgage Trust,2014-11R 15A2		4.050	%		1/27/36		4,236,684		4,127,334	(b)(c)
Credit Suisse Mortgage Trust,2014-USA E		4.373	%		9/15/37		530,000		504,467	(c)
Credit Suisse Mortgage Trust,2014-USA F		4.373	%		9/15/37		1,100,000		1,012,433	(c)
Credit Suisse Mortgage Trust, 2017-CHOP G (1 mo. USD LIBOR + 5.620%)		7.385	%		7/15/32		16,100,000		15,942,510	(b)(c)
Deutsche Mortgage Securities Inc.,2006-PR1 5AS2, IO		7.810	%		4/15/36		3,840,891		1,120,888	(b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-HRP1 B1 (1 mo. USD LIBOR + 4.600%)		6.308	%		12/25/42		2,610,000		2,816,879	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-HRP1 B1 (1 mo. USD LIBOR + 3.750%)		5.458	%		4/25/43		25,400,000		26,588,684	(b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-HRP1 B2 (1 mo. USD LIBOR + 11.750%)		13.458	%		4/25/43		17,806,343		21,611,518	(b)(c)

See Notes to Schedule of Investments.

  4     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(e)- (continued)
Federal National Mortgage Association (FNMA) - CAS,2015-C03 2M2 (1 mo. USD LIBOR + 5.000%)		6.708	%		7/25/25		515,710	$	545,949	(b)(c)
Federal National Mortgage Association (FNMA) - CAS,2016-C04 1M2 (1 mo. USD LIBOR + 4.250%)		5.958	%		1/25/29		14,280,000		15,137,632	(b)(c)
Federal National Mortgage Association (FNMA) - CAS,2017-C03 1B1 (1 mo. USD LIBOR + 4.850%)		6.558	%		10/25/29		16,410,000		18,580,114	(b)(c)
GE Capital Commercial Mortgage Corp.,2007-C1 AJ		5.677	%		12/10/49		2,207,520		449,795	(b)
GMAC Commercial Mortgage Securities Inc.,2006-C1 AJ		5.349	%		11/10/45		409,660		292,635	(b)
Government National Mortgage Association (GNMA),2014-157 IO, IO		0.644	%		5/16/55		10,912,008		401,687	(b)
GS Mortgage Securities Corp., 2014-2R 3B (1 mo. USD LIBOR + 0.610%)		2.433	%		11/26/37		15,882,574		14,532,110	(b)(c)
IMPAC Secured Assets Corp.,2006-3 A7 (1 mo. USD LIBOR + 0.270%)		1.978	%		11/25/36		20,624,349		16,560,446	(b)
JPMBB Commercial Mortgage Securities Trust,2014-C25 C		4.599	%		11/15/47		3,940,000		4,058,680	(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2006-LDP9 AMS		5.337	%		5/15/47		4,992,456		4,676,115
JPMorgan Chase Commercial Mortgage Securities Trust, 2007-CB19 AJ		6.006	%		2/12/49		2,543,935		1,657,058	(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2007-LD12 AJ		6.650	%		2/15/51		18,839		17,989	(b)
Lone Star Portfolio Trust, 2015-LSMZ M (1 mo. USD LIBOR + 7.218%)		8.983	%		9/15/20		1,992,414		1,987,126	(b)(c)
Lone Star Portfolio Trust, 2015-LSP F (1 mo. USD LIBOR + 7.150%)		8.915	%		9/15/28		5,545,947		5,588,002	(b)(c)

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        5

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(e)- (continued)
ML-CFC Commercial Mortgage Trust,2007-5 AJ		5.450	%		8/12/48		1,660,483	$	1,042,121	(b)
ML-CFC Commercial Mortgage Trust,2007-5 AJFL		5.450	%		8/12/48		725,655		455,421	(b)(c)
ML-CFC Commercial Mortgage Trust,2007-9 AJ		6.193	%		9/12/49		344,690		149,044	(b)
Morgan Stanley Capital I Trust, 2006-IQ12 AJ		5.399	%		12/15/43		142,472		99,731
Morgan Stanley Capital I Trust, 2007-IQ13 AJ		5.438	%		3/15/44		73,388		73,341
Natixis Commercial Mortgage Securities Trust, 2019-TRUE A (1 mo. USD LIBOR + 2.011%)		3.773	%		4/18/24		25,140,000		25,201,945	(b)(c)
PMT Credit Risk Transfer Trust,2019-2R A (1 mo. USD LIBOR + 2.750%)		4.555	%		5/27/23		37,660,162		37,946,176	(b)(c)
PMT Credit Risk Transfer Trust,2019-3R A (1 mo. USD LIBOR + 2.700%)		4.164	%		10/27/22		24,943,074		25,149,503	(b)(c)
Prime Mortgage Trust, 2006-DR1 2A1		5.500	%		5/25/35		1,447,932		1,273,489	(c)
RBSSP Resecuritization Trust,2013-4 1A2 (1 mo. USD LIBOR + 1.500%)		3.323	%		12/26/37		21,190,273		19,417,346	(b)(c)
Residential Accredit Loans Inc.,2007-QS7 1A7 (1 mo. USD LIBOR + 0.550%)		2.258	%		5/25/37		8,360,067		6,587,025	(b)
TBW Mortgage-Backed Pass-Through Certificates,2006-3 4A3, IO(-1.000 x 1 mo. USD LIBOR + 7.100%)		5.392	%		7/25/36		19,163,072		4,258,226	(b)
Wells Fargo Commercial Mortgage Trust, 2014-LC16 A5		3.817	%		8/15/50		980,000		1,042,652
WF-RBS Commercial Mortgage Trust,2014-C24 AS		3.931	%		11/15/47		1,270,000		1,346,228
WF-RBS Commercial Mortgage Trust,2014-C24 C		4.290	%		11/15/47		1,630,000		1,649,440	(b)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $393,943,743)									416,388,329

See Notes to Schedule of Investments.

  6     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 13.2%
COMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 0.2%
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		3,040,000	$	3,276,390	(c)
UPCB Finance IV Ltd., Senior Secured Notes		5.375	%		1/15/25		400,000		412,000	(c)
Total Diversified Telecommunication Services									3,688,390
Entertainment - 0.2%
Netflix Inc., Senior Notes		5.375	%		2/1/21		1,020,000		1,057,179
Netflix Inc., Senior Notes		5.875	%		2/15/25		2,845,000		3,123,099
Total Entertainment									4,180,278
Media - 1.1%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		9,040,000		9,673,026	(c)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.250	%		9/30/22		385,000		391,016
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		3,470,000		3,686,962	(c)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		3,100,000		3,270,577	(c)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.464	%		7/23/22		640,000		671,675
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		100,000		109,755
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		4,660,000		4,665,825
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,110,000		1,152,305
Virgin Media Secured Finance
PLC, Senior Secured Notes		5.500	%		8/15/26		880,000		927,126	(c)
Total Media									24,548,267

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        7

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY		RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - 0.5%
America Movil SAB de CV, Senior Notes			6.125	%		3/30/40		1,500,000	$	2,043,988
CSC Holdings LLC, Secured Notes			5.375	%		7/15/23		400,000		411,496	(c)
CSC Holdings LLC, Senior Notes			6.625	%		10/15/25		200,000		213,278	(c)
Sprint Capital Corp., Senior Notes			8.750	%		3/15/32		290,000		346,557
Sprint Communications Inc., Senior Notes			7.000	%		3/1/20		1,500,000		1,513,358	(c)
Sprint Corp., Senior Notes			7.250	%		9/15/21		5,137,000		5,459,347
Sprint Corp., Senior Notes			7.875	%		9/15/23		560,000		617,050
Sprint Corp., Senior Notes			7.625	%		2/15/25		1,973,000		2,165,959
Total Wireless Telecommunication Services										12,771,033
TOTAL COMMUNICATION SERVICES										45,187,968
CONSUMER DISCRETIONARY - 1.3%
Automobiles - 0.1%
Fiat Chrysler Automobiles NV, Senior Notes			4.500	%		4/15/20		2,800,000		2,822,302
Diversified Consumer Services - 0.2%
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes			5.750	%		4/15/26		2,900,000		3,034,543	(c)
Service Corp. International, Senior Notes			7.500	%		4/1/27		1,370,000		1,675,301
Total Diversified Consumer Services										4,709,844
Hotels, Restaurants & Leisure - 0.5%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes			4.250	%		5/15/24		970,000		994,250	(c)
GLP Capital LP/GLP Financing II Inc., Senior Notes			5.375	%		4/15/26		310,000		342,319
Hilton Domestic Operating Co. Inc., Senior Notes	��		5.125	%		5/1/26		1,100,000		1,160,882
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes			4.625	%		4/1/25		230,000		236,995
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes			4.875	%		4/1/27		2,630,000		2,793,908
NCL Corp. Ltd., Senior Notes			4.750	%		12/15/21		1,469,000		1,490,668	(c)
VOC Escrow Ltd., Senior Secured Notes			5.000	%		2/15/28		3,540,000		3,722,284	(c)
Total Hotels, Restaurants & Leisure										10,741,306

See Notes to Schedule of Investments.

  8     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Household Durables - 0.4%
Lennar Corp., Senior Notes		4.500	%		4/30/24		1,510,000	$	1,605,387
Lennar Corp., Senior Notes		4.750	%		5/30/25		160,000		172,246
Lennar Corp., Senior Notes		5.250	%		6/1/26		606,000		663,780
Lennar Corp., Senior Notes		5.000	%		6/15/27		500,000		542,049
Lennar Corp., Senior Notes		4.750	%		11/29/27		3,000,000		3,240,075
Toll Brothers Finance Corp., Senior Notes		4.375	%		4/15/23		1,850,000		1,934,018
William Lyon Homes Inc., Senior Notes		7.000	%		8/15/22		126,000		126,394
Total Household Durables									8,283,949
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		450,000		474,745	(c)
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		1,840,000		1,961,647	(c)
Total Textiles, Apparel & Luxury Goods									2,436,392
TOTAL CONSUMER DISCRETIONARY									28,993,793
CONSUMER STAPLES - 0.5%
Beverages - 0.3%
Constellation Brands Inc., Senior Notes		3.750	%		5/1/21		4,160,000		4,256,701
Constellation Brands Inc., Senior Notes		4.250	%		5/1/23		300,000		319,922
Constellation Brands Inc., Senior Notes		4.750	%		11/15/24		1,560,000		1,729,575
Cott Holdings Inc., Senior Notes		5.500	%		4/1/25		1,980,000		2,078,980	(c)
Total Beverages									8,385,178
Food Products - 0.2%
Kraft Heinz Foods Co., Secured Notes		4.875	%		2/15/25		3,176,000		3,266,054	(c)
Lamb Weston Holdings Inc., Senior Notes		4.625	%		11/1/24		580,000		614,069	(c)
Total Food Products									3,880,123
TOTAL CONSUMER STAPLES									12,265,301

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        9

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ENERGY - 4.6%
Oil, Gas & Consumable Fuels - 4.6%
Antero Resources Corp., Senior Notes		5.375	%		11/1/21		1,820,000	$	1,685,320
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.125	%		11/15/22		2,070,000		1,872,716	(c)
Chesapeake Energy Corp., Senior Notes		6.125	%		2/15/21		820,000		691,178
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		1,650,000		1,707,741
Diamondback Energy Inc., Senior Notes		5.375	%		5/31/25		1,700,000		1,791,919
Energy Transfer Partners LP/Regency Energy Finance Corp., Senior Notes		5.875	%		3/1/22		30,000		31,864
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		500,000		576,350	(c)
KazMunayGas National Co. JSC, Senior Notes		6.375	%		10/24/48		2,850,000		3,615,952	(c)
Kinder Morgan Inc., Senior Notes		5.000	%		2/15/21		10,000		10,309	(c)
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		300,000		409,953
MPLX LP, Senior Notes		4.875	%		12/1/24		1,780,000		1,926,980
MPLX LP, Senior Notes		4.875	%		6/1/25		1,710,000		1,853,783
Oasis Petroleum Inc., Senior Notes		6.875	%		3/15/22		780,000		730,762
Oasis Petroleum Inc., Senior Notes		6.875	%		1/15/23		954,000		877,680
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		57,230,000		62,984,476
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		1,650,000		1,786,698
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/35		1,000,000		1,005,935
Petroleos Mexicanos, Senior Notes		5.500	%		6/27/44		330,000		292,029
QEP Resources Inc., Senior Notes		6.875	%		3/1/21		150,000		152,565
Range Resources Corp., Senior Notes		5.875	%		7/1/22		560,000		540,575
Range Resources Corp., Senior Notes		5.000	%		3/15/23		2,560,000		2,230,374
Range Resources Corp., Senior Notes		4.875	%		5/15/25		1,310,000		1,070,925
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		1,300,000		1,448,407

See Notes to Schedule of Investments.

  10     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.250	%		11/15/23		1,320,000	$	1,334,837
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.875	%		4/15/26		700,000		737,852
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.375	%		2/1/27		840,000		856,651
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		1,630,000		1,742,613	(c)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		830,000		898,328	(c)
Whiting Petroleum Corp., Senior Notes		5.750	%		3/15/21		1,320,000		1,210,770
Whiting Petroleum Corp., Senior Notes		6.250	%		4/1/23		410,000		285,975
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		230,000		246,358
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		152,000		195,140
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		5,800,000		6,656,737
WPX Energy Inc., Senior Notes		6.000	%		1/15/22		60,000		61,969
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		320,000		360,229
TOTAL ENERGY									103,881,950
FINANCIALS - 0.9%
Banks - 0.3%
CIT Group Inc., Senior Notes		5.000	%		8/15/22		2,651,000		2,828,068
CIT Group Inc., Senior Notes		5.000	%		8/1/23		710,000		765,906
CIT Group Inc., Senior Notes		4.750	%		2/16/24		1,950,000		2,086,500
Total Banks									5,680,474
Consumer Finance - 0.0%
Navient Corp., Senior Notes		8.000	%		3/25/20		56,000		56,884

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        11

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Financial Services - 0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		7/1/22		2,780,000	$	2,938,198
DAE Funding LLC, Senior Notes		5.750	%		11/15/23		820,000		865,441	(c)
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		3,270,000		3,482,262	(c)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		1,210,000		1,270,639	(c)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		2,840,000		3,111,646	(c)
Total Diversified Financial Services									11,668,186
Thrifts & Mortgage Finance - 0.1%
Quicken Loans Inc., Senior Notes		5.750	%		5/1/25		2,000,000		2,082,230	(c)
TOTAL FINANCIALS									19,487,774
HEALTH CARE - 2.5%
Health Care Providers & Services - 1.1%
Centene Corp., Senior Notes		4.750	%		5/15/22		2,460,000		2,515,334
Centene Corp., Senior Notes		6.125	%		2/15/24		2,630,000		2,736,844
Centene Corp., Senior Notes		4.750	%		1/15/25		230,000		239,515	(c)(f)
Centene Corp., Senior Notes		5.375	%		6/1/26		850,000		904,209	(c)
DaVita Inc., Senior Notes		5.000	%		5/1/25		50,000		51,709
Fresenius Medical Care U.S.
Finance II Inc., Senior Notes		4.125	%		10/15/20		1,280,000		1,294,310	(c)
Fresenius Medical Care U.S.
Finance II Inc., Senior Notes		4.750	%		10/15/24		5,070,000		5,482,898	(c)
HCA Inc., Senior Notes		5.375	%		2/1/25		330,000		365,472
HCA Inc., Senior Notes		5.875	%		2/15/26		130,000		147,066
HCA Inc., Senior Notes		5.375	%		9/1/26		1,900,000		2,109,047
HCA Inc., Senior Notes		5.625	%		9/1/28		1,310,000		1,483,608
HCA Inc., Senior Notes		7.500	%		11/15/95		10,000		11,522
HCA Inc., Senior Secured Notes		4.750	%		5/1/23		1,750,000		1,871,957
HCA Inc., Senior Secured Notes		5.000	%		3/15/24		890,000		967,585
HCA Inc., Senior Secured Notes		5.250	%		4/15/25		670,000		746,833
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		90,000		100,692
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		90,000		97,258
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		2,740,000		3,174,873
Total Health Care Providers & Services									24,300,732

See Notes to Schedule of Investments.

  12     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - 1.4%
Bausch Health Americas Inc., Senior Notes		9.250	%		4/1/26		1,100,000	$	1,261,958	(c)
Bausch Health Americas Inc., Senior Notes		8.500	%		1/31/27		830,000		942,071	(c)
Bausch Health Cos. Inc., Senior Notes		9.000	%		12/15/25		1,590,000		1,796,700	(c)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		420,000		471,525	(c)
Bausch Health Cos. Inc., Senior Secured Notes		5.500	%		11/1/25		130,000		136,175	(c)
Teva Pharmaceutical Finance Co. BV, Senior Notes		3.650	%		11/10/21		17,337,000		17,043,138
Teva Pharmaceutical Finance IV BV, Senior Notes		3.650	%		11/10/21		220,000		215,998
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		4,470,000		4,331,430
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		7.125	%		1/31/25		5,360,000		5,467,200	(c)
Total Pharmaceuticals									31,666,195
TOTAL HEALTH CARE									55,966,927
INDUSTRIALS - 0.3%
Air Freight & Logistics - 0.0%
XPO Logistics Inc., Senior Notes		6.500	%		6/15/22		1,610,000		1,651,623	(c)
Airlines - 0.0%
Delta Air Lines Pass-Through Certificates Trust		8.021	%		8/10/22		36,964		40,675
Commercial Services & Supplies - 0.3%
United Rentals North America Inc., Senior Notes		5.500	%		7/15/25		1,805,000		1,883,951
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		4,060,000		4,246,374
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		100,000		106,502
Total Commercial Services & Supplies									6,236,827
TOTAL INDUSTRIALS									7,929,125
INFORMATION TECHNOLOGY - 0.1%
Technology Hardware, Storage & Peripherals - 0.1%
Dell International LLC/EMC Corp., Senior Notes		7.125	%		6/15/24		3,000,000		3,176,250	(c)

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        13

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.9%
Chemicals - 0.1%
OCP SA, Senior Notes		4.500	%		10/22/25		1,180,000	$	1,253,147	(c)
Containers & Packaging - 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		6.000	%		2/15/25		910,000		957,775	(c)
Ball Corp., Senior Notes		4.000	%		11/15/23		310,000		324,722
Graphic Packaging International LLC, Senior Notes		4.875	%		11/15/22		960,000		1,008,300
Pactiv LLC, Senior Notes		8.375	%		4/15/27		1,000,000		1,097,847
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, Senior Secured Notes		5.125	%		7/15/23		1,290,000		1,322,237	(c)
Total Containers & Packaging									4,710,881
Metals & Mining - 0.5%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		1,588,000		1,675,324	(c)
Alcoa Nederland Holding BV, Senior Notes		7.000	%		9/30/26		1,990,000		2,168,747	(c)
Alcoa Nederland Holding BV, Senior Notes		6.125	%		5/15/28		350,000		377,938	(c)
Freeport-McMoRan Inc., Senior Notes		3.550	%		3/1/22		268,000		270,010
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		5,430,000		5,226,918
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		500,000		564,724
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		240,000		264,721
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		1,368,000		1,719,829
Total Metals & Mining									12,268,211
Paper & Forest Products - 0.1%
Resolute Forest Products Inc., Senior Notes		5.875	%		5/15/23		3,400,000		3,435,411
TOTAL MATERIALS									21,667,650

See Notes to Schedule of Investments.

  14     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		250,000	$	202,506
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer Inc., Senior Notes		4.500	%		1/15/28		1,225,000		1,283,613
TOTAL REAL ESTATE									1,486,119
TOTAL CORPORATE BONDS & NOTES (Cost - $278,799,671)									300,042,857
SENIOR LOANS - 12.9%
COMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 0.7%
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		3.549	%		3/1/27		7,494,750		7,502,949	(b)(g)(h)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		4.265	%		1/31/28		8,844,101		8,854,546	(b)(g)(h)
Total Diversified Telecommunication Services									16,357,495
Entertainment - 0.1%
CEOC LLC, Term Loan B (1 mo. USD LIBOR + 2.000%)		3.702	%		10/7/24		2,645,039		2,651,789	(b)(g)(h)
Media - 1.1%
CBS Radio Inc., Term Loan B1 (1 mo. USD LIBOR + 2.750%)		4.452	%		11/18/24		3,532,620		3,551,724	(b)(g)(h)
Charter Communications Operating LLC, Term Loan B1 (3 mo. USD LIBOR + 1.750%)		3.550	%		4/30/25		2,082,632		2,093,417	(b)(g)(h)
Diamond Sports Group LLC, Term Loan (1 mo. USD LIBOR + 3.250%)		4.960	%		8/24/26		1,830,000		1,840,272	(b)(g)(h)
iHeartCommunications Inc., Term Loan (1 mo. USD LIBOR + 4.000%)		5.781	%		5/1/26		4,485,143		4,521,024	(b)(g)(h)(i)
Nexstar Broadcasting Inc., Term Loan B4 (3 mo. USD LIBOR + 2.750%)		4.452	%		9/18/26		1,000,000		1,005,089	(b)(g)(h)
Numericable U.S. LLC, USD Term Loan B12 (1 mo. USD LIBOR + 3.688%)		5.453	%		1/31/26		3,301,073		3,270,469	(b)(g)(h)

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        15

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Univision Communications Inc., 2017 Replacement Term Loan (1 mo. USD LIBOR + 2.750%)		4.452	%		3/15/24		7,202,565	$	7,063,765	(b)(g)(h)
Ziggo Secured Finance Partnership, Term Loan E (1 mo. USD LIBOR + 2.500%)		4.265	%		4/15/25		2,248,000		2,247,188	(b)(g)(h)
Total Media									25,592,948
Wireless Telecommunication Services - 0.1%
Sprint Communications Inc., Initial Term Loan (1 mo. USD LIBOR + 2.500%)		4.250	%		2/2/24		2,137,894		2,116,515	(b)(g)(h)
TOTAL COMMUNICATION SERVICES									46,718,747
CONSUMER DISCRETIONARY - 3.1%
Auto Components - 0.3%
Panther BF Aggregator 2 LP, First Lien Initial Dollar Term Loan (1 mo. USD LIBOR + 3.500%)		5.202	%		4/30/26		7,870,000		7,862,618	(b)(g)(h)
Commercial Services & Supplies - 0.1%
Atlantic Aviation FBO Inc., Term Loan (1 mo. USD LIBOR + 3.750%)		5.460	%		12/6/25		1,419,275		1,433,468	(b)(g)(h)(j)
Diversified Consumer Services - 0.3%
Prime Security Services Borrower LLC, 2019 Refinancing Term Loan B1 (1 mo. USD LIBOR + 3.250%)		5.035	%		9/23/26		7,684,676		7,608,790	(b)(g)(h)
Hotels, Restaurants & Leisure - 2.1%
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		3.452	%		11/19/26		2,249,650		2,251,337	(b)(g)(h)
Alterra Mountain Co., Initial Term Loan (1 mo. USD LIBOR + 2.750%)		4.452	%		7/31/24		5,289,621		5,279,168	(b)(g)(h)(j)
Aramark Services Inc., Term Loan B3 (1 mo. USD LIBOR + 1.750%)		3.452	%		3/11/25		4,970,738		4,984,383	(b)(g)(h)
Boyd Gaming Corp., Refinancing Term Loan B (1 week USD LIBOR + 2.250%)		3.848	%		9/15/23		658,504		661,559	(b)(g)(h)

See Notes to Schedule of Investments.

  16     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		4.452	%		12/23/24		4,788,833	$	4,761,896	(b)(g)(h)
Four Seasons Hotels Ltd., Restated Term Loan (1 mo. USD LIBOR + 2.000%)		3.702	%		11/30/23		4,476,087		4,503,261	(b)(g)(h)(i)
Golden Nugget Inc., Term Loan B		4.452-4.716	%		10/4/23		3,701,145		3,707,507	(b)(g)(h)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		3.458	%		6/22/26		4,687,300		4,715,719	(b)(g)(h)
PCI Gaming Authority, Term Loan Facility B (1 mo. USD LIBOR + 3.000%)		4.702	%		5/15/26		4,399,235		4,429,022	(b)(g)(h)
Scientific Games International Inc., Initial Term Loan B5 (1 mo. USD LIBOR + 2.750%)		4.452	%		8/14/24		9,535,655		9,511,816	(b)(g)(h)
Station Casinos LLC, Term Loan Facility B (1 mo. USD LIBOR + 2.500%)		4.210	%		6/8/23		2,648,751		2,658,679	(b)(g)(h)
Total Hotels, Restaurants & Leisure									47,464,347
Specialty Retail - 0.3%
Academy Ltd., Initial Term Loan		5.781-5.785	%		7/1/22		2,144,042		1,620,895	(b)(g)(h)
Michaels Stores Inc., 2018 New Replacement Term Loan B		4.202-4.208	%		1/30/23		1,957,208		1,859,837	(b)(g)(h)
Party City Holdings Inc., 2018 Replacement Term Loan (1 mo. USD LIBOR + 2.500%)		4.210	%		8/19/22		2,644,369		2,370,016	(b)(g)(h)
Total Specialty Retail									5,850,748
TOTAL CONSUMER DISCRETIONARY									70,219,971
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Albertson’s LLC, 2019 Term Loan B7 (1 mo. USD LIBOR + 2.750%)		4.452	%		11/17/25		732,953		738,905	(b)(g)(h)
Albertson’s LLC, 2019 Term Loan B8 (1 mo. USD LIBOR + 2.750%)		4.452	%		8/17/26		3,124,760		3,149,311	(b)(g)(h)
Total Food & Staples Retailing									3,888,216

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        17

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Food Products - 0.0%
Post Holdings Inc., Replacement Incremental Term Loan A		6.000	%		5/24/24		34,694	$	34,824	(b)(g)(h)
TOTAL CONSUMER STAPLES									3,923,040
FINANCIALS - 2.4%
Capital Markets - 0.6%
Blackstone CQP Holdco LP, Initial Term Loan (3 mo. USD LIBOR + 3.500%)		5.656	%		9/30/24		1,845,375		1,846,529	(b)(g)(h)
Edelman Financial Center LLC, First Lien Initial Term Loan (1 mo. USD LIBOR + 3.250%)		4.972	%		7/21/25		3,702,025		3,691,382	(b)(g)(h)
First Eagle Holdings Inc., Initial Term Loan (3 mo. USD LIBOR + 2.750%)		4.854	%		12/2/24		2,761,837		2,763,850	(b)(g)(h)
Focus Financial Partners LLC, Term Loan B2 (1 mo. USD LIBOR + 2.500%)		4.202	%		7/3/24		1,794,001		1,804,092	(b)(g)(h)
RPI Finance Trust, Initial Term Loan B6 (1 mo. USD LIBOR + 2.000%)		3.702	%		3/27/23		3,153,349		3,174,041	(b)(g)(h)
Total Capital Markets									13,279,894
Diversified Financial Services - 1.3%
Citadel Securities LP, Term Loan (1 mo. USD LIBOR + 3.500%)		5.202	%		2/27/26		2,493,734		2,496,852	(b)(g)(h)(j)
Intelsat Jackson Holdings SA, Term Loan B3 (6 mo. USD LIBOR + 3.750%)		5.682	%		11/27/23		2,310,000		2,279,681	(b)(g)(h)
Jane Street Group LLC, New Term Loan (1 mo. USD LIBOR + 3.000%)		4.702	%		8/25/22		5,283,317		5,256,900	(b)(g)(h)
LPL Holdings Inc., Term Loan B1 (1 mo. USD LIBOR + 1.750%)		3.450	%		11/11/26		729,586		732,930	(b)(g)(h)
Stars Group Holdings BV, USD Term Loan (3 mo. USD LIBOR + 3.500%)		5.604	%		7/10/25		366,259		368,448	(b)(g)(h)
TKC Holdings Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 3.750%)		5.460	%		2/1/23		2,656,219		2,538,349	(b)(g)(h)
Trans Union LLC, Term Loan B5 (1 mo. USD LIBOR + 1.750%)		3.452	%		11/16/26		3,523,195		3,531,563	(b)(g)(h)
UFC Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.250%)		4.960	%		4/29/26		12,187,179		12,261,448	(b)(g)(h)
VFH Parent LLC, Initial Term Loan (3 mo. USD LIBOR + 3.500%)		6.044	%		3/1/26		731,013		730,861	(b)(g)(h)(i)
Total Diversified Financial Services									30,197,032

See Notes to Schedule of Investments.

  18     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Insurance - 0.5%
Asurion LLC, Fourteenth Amendment Replacement Term Loan B4 (1 mo. USD LIBOR + 3.000%)		4.702	%		8/4/22		6,338,900	$	6,357,391	(b)(g)(h)
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		4.702	%		11/3/24		4,710,096		4,719,907	(b)(g)(h)
Total Insurance									11,077,298
TOTAL FINANCIALS									54,554,224
HEALTH CARE - 2.5%
Health Care Providers & Services - 1.5%
Air Medical Group Holdings Inc., 2018 Term Loan (1 mo. USD LIBOR + 3.250%)		4.972	%		4/28/22		1,798,220		1,703,253	(b)(g)(h)
HCA Inc., Term Loan B12 (1 mo. USD LIBOR + 1.750%)		3.452	%		3/13/25		1,236,695		1,243,761	(b)(g)(h)
Jaguar Holding Co. II, 2018 Term Loan (1 mo. USD LIBOR + 2.500%)		4.202	%		8/18/22		2,813,466		2,820,207	(b)(g)(h)
LifePoint Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 4.500%)		6.202	%		11/16/25		10,621,529		10,686,809	(b)(g)(h)
MPH Acquisition Holdings LLC, Initial Term Loan (3 mo. USD LIBOR + 2.750%)		4.854	%		6/7/23		9,907,116		9,489,155	(b)(g)(h)
Option Care Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 4.500%)		6.202	%		8/6/26		4,925,701		4,850,279	(b)(g)(h)
Phoenix Guarantor Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 4.500%)		6.270	%		3/5/26		3,162,075		3,182,824	(b)(g)(h)
Total Health Care Providers & Services									33,976,288

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        19

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Technology - 0.8%
AthenaHealth Inc., First Lien Term Loan B		6.258-6.401	%		2/11/26		8,805,750	$	8,813,015	(b)(g)(h)
Change Healthcare Holdings LLC, Closing Date Term Loan (1 mo. USD LIBOR + 2.500%)		4.202	%		3/1/24		9,350,686		9,361,542	(b)(g)(h)
Total Health Care Technology									18,174,557
Pharmaceuticals - 0.2%
Bausch Health Cos. Inc., Initial Term Loan (1 mo. USD LIBOR + 3.000%)		4.765	%		6/2/25		4,940,884		4,969,017	(b)(g)(h)
TOTAL HEALTH CARE									57,119,862
INDUSTRIALS - 0.9%
Air Freight & Logistics - 0.3%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3 (1 mo. USD LIBOR + 1.750%)		3.474	%		1/15/25		5,896,500		5,930,127	(b)(g)(h)
Commercial Services & Supplies - 0.4%
Allied Universal Holdco LLC, Delayed Draw Term Loan		—			7/10/26		259,080		258,648	(i)
Allied Universal Holdco LLC, Initial Term Loan (3 mo. USD LIBOR + 4.250%)		6.507	%		7/10/26		2,616,706		2,612,344	(b)(g)(h)
APi Group DE Inc., Initial Term Loan B		—			10/1/26		3,830,000		3,855,734	(i)
Garda World Security Corp., First Lien Term Loan B (3 mo. USD LIBOR + 4.750%)		6.660	%		10/23/26		2,770,000		2,767,668	(b)(g)(h)
Total Commercial Services & Supplies									9,494,394
Road & Rail - 0.1%
Genesee & Wyoming Inc., Term Loan		—			11/6/26		1,390,000		1,401,294	(i)
Trading Companies & Distributors - 0.1%
BrightView Landscapes LLC, Initial Term Loan		4.250-4.313	%		8/15/25		3,160,000		3,177,737	(b)(g)(h)
Transportation Infrastructure - 0.0%
Flying Fortress Holdings LLC, Refinancing Term Loan (3 mo. USD LIBOR + 1.750%)		3.854	%		10/31/22		560,000		562,625	(b)(g)(h)
TOTAL INDUSTRIALS									20,566,177

See Notes to Schedule of Investments.

  20     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
INFORMATION TECHNOLOGY - 0.9%
IT Services - 0.2%
McAfee LLC, Term Loan B (1 mo. USD LIBOR + 3.750%)		5.452	%		9/30/24		5,313,120	$	5,323,082	(b)(g)(h)
Software - 0.5%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 4.000%)		5.702	%		10/16/26		7,450,000		7,404,987	(b)(g)(h)
Dell International LLC, Refinancing Term Loan B1 (1 mo. USD LIBOR + 2.000%)		3.710	%		9/19/25		3,345,287		3,367,657	(b)(g)(h)
Total Software									10,772,644
Technology Hardware, Storage & Peripherals - 0.2%
Western Digital Corp., New Term Loan B4 (3 mo. USD LIBOR + 1.750%)		3.531	%		4/29/23		3,738,419		3,740,756	(b)(g)(h)
TOTAL INFORMATION TECHNOLOGY									19,836,482
MATERIALS - 0.6%
Containers & Packaging - 0.6%
Berry Global Inc., Term Loan W (1 mo. USD LIBOR + 2.000%)		3.758	%		10/1/22		5,101,998		5,124,319	(b)(g)(h)
Reynolds Group Holdings Inc., Incremental U.S. Term Loan (1 mo. USD LIBOR + 2.750%)		4.452	%		2/6/23		8,251,116		8,277,759	(b)(g)(h)
TOTAL MATERIALS									13,402,078
REAL ESTATE - 0.3%
Equity Real Estate Investment Trusts (REITs) - 0.2%
MGM Growth Properties Operating Partnership LP, Term Loan B (1 mo. USD LIBOR + 2.000%)		3.702	%		3/21/25		3,863,560		3,880,464	(b)(g)(h)
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.000%)		3.716	%		12/20/24		950,000		954,651	(b)(g)(h)
Total Equity Real Estate Investment Trusts (REITs)									4,835,115
Real Estate Management & Development - 0.1%
CityCenter Holdings LLC, Refinancing Term Loan (1 mo. USD LIBOR + 2.250%)		3.952	%		4/18/24		3,408,929		3,419,278	(b)(g)(h)
TOTAL REAL ESTATE									8,254,393
TOTAL SENIOR LOANS (Cost - $295,312,245)									294,594,974

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        21

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - 4.3%
Bravo Mortgage Asset Trust,2006-1A M1 (1 mo. USD LIBOR + 0.400%)		2.108	%		7/25/36		29,550,000	$	27,928,586	(b)(c)
CIT Mortgage Loan Trust,2007-1 1M1 (1 mo. USD LIBOR + 1.500%)		3.208	%		10/25/37		8,350,000		8,546,293	(b)(c)
Fremont Home Loan Trust,2006-B 1A (1 mo. USD LIBOR + 0.150%)		1.858	%		8/25/36		17,046,034		8,341,269	(b)
GSAMP Trust, 2005-SEA1 M2 (1 mo. USD LIBOR + 0.900%)		2.608	%		1/25/35		4,725,750		4,578,339	(b)(c)
JPMorgan Mortgage Acquisition Trust,2007-CH4 M2 (1 mo. USD LIBOR + 0.240%)		1.948	%		5/25/37		25,250,000		21,636,101	(b)
KKR Financial CLO Ltd.,2017-A (3 mo. USD LIBOR + 1.340%)		3.341	%		4/15/29		2,000,000		2,000,548	(b)(c)
PFCA Home Equity Investment Trust, 2003-IFC5 A		4.224	%		1/22/35		15,511,709		15,812,225	(b)(c)
Residential Asset Mortgage Products Inc.,2006-RZ3 M1 (1 mo. USD LIBOR + 0.350%)		2.058	%		8/25/36		8,810,000		8,642,691	(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $95,243,787)									97,486,052
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 3.9%
U.S. Government Obligations - 3.9%
U.S. Treasury Bonds		3.750	%		11/15/43		16,700,000		21,564,527
U.S. Treasury Bonds		2.750	%		8/15/47		51,390,000		57,172,379
U.S. Treasury Notes		2.625	%		7/31/20		3,550,000		3,572,395
U.S. Treasury Notes		1.875	%		4/30/22		30,000		30,188
U.S. Treasury Notes		1.750	%		7/31/24		4,520,000		4,544,719
U.S. Treasury Notes		1.500	%		9/30/24		1,380,000		1,371,671
U.S. Treasury Notes		1.500	%		10/31/24		190,000		188,838
U.S. Treasury Notes		2.250	%		11/15/25		760,000		783,750
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $78,685,942)									89,228,467

See Notes to Schedule of Investments.

  22     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT†		VALUE
PURCHASED OPTIONS - 0.1%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.1%
Australian Dollar Futures, Call @ $67.50		12/6/19		94		94,000	$	28,200
Australian Dollar Futures, Call @ $68.00		12/6/19		329		329,000		23,030
Australian Dollar Futures, Call @ $69.00		12/6/19		143		143,000		2,860
Australian Dollar Futures, Call @ $68.00		1/3/20		93		93,000		30,690
Australian Dollar Futures, Call @ $68.50		1/3/20		98		98,000		16,660
Canadian Dollar Futures, Put @ $75.50		1/3/20		94		94,000		40,420
Euro Futures, Call @ $1.10		12/6/19		94		11,750,000		44,650
Euro Futures, Call @ $1.11		12/6/19		95		11,875,000		4,750
Euro Futures, Call @ $1.13		12/6/19		51		6,375,000		638
Euro Futures, Call @ $1.11		1/3/20		139		17,375,000		93,825
Euro Futures, Put @ $1.12		12/6/19		47		5,875,000		73,438
Euro-Bund Futures, Call @ 180.00EUR		1/24/20		8,000		800,000,000		176,272
U.S. Treasury2-Year Notes Futures, Put @ $107.13		1/24/20		1,200		2,400,000		37,500
U.S. Treasury5-Year Notes Futures, Put @ $114.50		2/21/20		4,093		4,093,000		95,932
U.S. Treasury5-Year Notes Futures, Put @ $114.75		2/21/20		4,907		4,907,000		153,344
U.S. Treasury10-Year Notes Futures, Call @ $142.00		2/21/20		3,000		3,000,000		46,875
U.S. Treasury Long-Term Bonds Futures, Put @ $145.00		1/24/20		1,800		1,800,000		84,375
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS								953,459

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        23

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SECURITY	COUNTERPARTY	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
OTC PURCHASED OPTIONS - 0.0%
Credit default swaption with Bank of America N.A. to buy protection on Markit CDX.NA.IG.33 Index, Put @ 100.00bps	Bank of America N.A.		12/18/19			250,000,000		250,000,000	$	161
U.S. Dollar/Australian Dollar, Put @ $0.70	BNP Paribas SA		12/5/19			116,970,000		116,970,000		41
TOTAL OTC PURCHASED OPTIONS										202
TOTAL PURCHASED OPTIONS (Cost - $2,047,105)										953,661
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,755,596,561)										1,771,009,901
		RATE			MATURITY DATE		FACE AMOUNT†
SHORT-TERM INVESTMENTS - 15.8%
U.S. GOVERNMENT AGENCIES - 14.0%
Federal Home Loan Bank (FHLB), Discount Notes			1.481	%		12/26/19		30,000,000		29,968,600	(k)
Federal Home Loan Bank (FHLB), Discount Notes			1.537	%		1/10/20		205,000,000		204,649,108	(k)
Federal Home Loan Bank (FHLB), Discount Notes			1.563	%		1/29/20		30,000,000		29,923,633	(k)
Federal Home Loan Mortgage Corp. (FHLMC), Discount Notes			1.517	%		1/2/20		55,000,000		54,925,169	(k)
TOTAL U.S. GOVERNMENT AGENCIES (Cost - $319,412,697)										319,466,510
							SHARES
OVERNIGHT DEPOSITS - 1.8%
BNY Mellon Cash Reserve Fund (Cost - $40,497,171)			0.250	%				40,497,171		40,497,171
TOTAL SHORT-TERM INVESTMENTS (Cost - $359,909,868)										359,963,681
TOTAL INVESTMENTS - 93.6% (Cost - $2,115,506,429)										2,130,973,582
Other Assets in Excess of Liabilities - 6.4%										145,843,581
TOTAL NET ASSETS - 100.0%									$	2,276,817,163

See Notes to Schedule of Investments.

  24     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

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

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

(b) 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.

(c) 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 Trustees.

(d) 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 Trustees.

(e) 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.

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

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

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

(i) All or a portion of this loan is unfunded as of November 30, 2019. The interest rate for fully unfunded term loans is to be determined.

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

(k) Rate shown representsyield-to-maturity.

Abbreviations used in this schedule:

ARS	— Argentine Peso
bps	— basis point spread (100 basis points = 1.00%)
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CLO	— Collateralized Loan Obligation
CNH	— Chinese Offshore Yuan
EUR	— Euro
IDR	— Indonesian Rupiah
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
Re-REMIC	— Resecuritization of Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
USD	— United States Dollar

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        25

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

SCHEDULE OF WRITTEN OPTIONS
EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
Euro Futures, Call		12/6/19	$	1.12			141		17,625,000	$	(3,525	)
Euro Futures, Call		12/6/19		1.12			47		5,969,000		(588	)
Euro Futures, Call		1/3/20		1.12			47		5,875,000		(11,750	)
Euro-Bund Futures, Call		12/20/19		174.00	EUR		264		26,400,000		(81,438	)
Euro-Bund Futures, Call		12/20/19		175.00	EUR		307		30,700,000		(33,822	)
Euro-Bund Futures, Put		12/20/19		171.50	EUR		44		4,400,000		(8,725	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $583,980)										$	(139,848	)

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

Abbreviation used in this schedule:

EUR — Euro

At November 30, 2019, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
90-Day Eurodollar		2,717		6/20	$	664,074,468	$	668,246,150	$	4,171,682
90-Day Eurodollar		4,017		12/20		989,246,146		988,884,975		(361,171	)
90-Day Eurodollar		1,553		3/21		380,016,561		382,581,550		2,564,989
Australian Dollar		1,320		12/19		90,594,160		89,324,399		(1,269,761	)
British Pound		600		12/19		46,769,454		48,513,750		1,744,296
Canadian Dollar		362		12/19		27,509,982		27,254,980		(255,002	)
Canadian Dollar		39		3/20		2,953,568		2,937,870		(15,698	)
Euro		545		12/19		75,470,047		75,121,437		(348,610	)
Euro-Bobl		249		12/19		37,401,568		36,847,106		(554,462	)
Euro-BTP		1,490		12/19		237,168,939		231,932,198		(5,236,741	)
Euro-BTP		325		3/20		51,329,040		51,305,342		(23,698	)
Japanese Yen		154		12/19		18,074,763		17,607,013		(467,750	)
Mexican Peso		2,001		12/19		50,497,365		51,045,510		548,145
Russian Ruble		799		12/19		29,959,348		31,001,200		1,041,852
U.S. Treasury2-Year Notes		1,146		3/20		247,151,926		247,061,485		(90,441	)
U.S. Treasury5-Year Notes		8,911		3/20		1,060,562,617		1,060,130,531		(432,086	)
U.S. Treasury Long-Term Bonds		1,617		3/20		257,661,641		257,052,469		(609,172	)
U.S. Treasury Ultra Long-Term Bonds		2,525		3/20		473,586,455		473,989,844		403,389
										809,761

See Notes to Schedule of Investments.

  26     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell:
10 Year U.K. Gilt		1,631		3/20	$	280,174,310	$	280,051,094	$	123,216
90-Day Euro Dollar		723		12/19		177,296,489		177,302,193		(5,704	)
Australian Dollar		73		3/20		4,954,927		4,951,590		3,337
Euro		61		3/20		8,446,385		8,461,081		(14,696	)
Euro-Bund		7,007		3/20		1,335,637,987		1,336,033,231		(395,244	)
Euro-Buxl		354		12/19		86,128,191		81,229,575		4,898,616
Euro-OAT		267		12/19		50,619,512		49,300,194		1,319,318
Japanese10-Year Bonds		93		12/19		131,722,768		130,134,576		1,588,192
U.S. Treasury10-Year Notes		2,640		3/20		342,081,696		341,508,763		572,933
										8,089,968
Net unrealized appreciation on open futures contracts									$	8,899,729

At November 30, 2019, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
IDR	1,292,892,733,489		USD	89,771,749	Barclays Bank PLC		1/17/20	$	1,441,558
INR	6,464,659,626		USD	90,241,279	Barclays Bank PLC		1/17/20		(527,995	)
MXN	1,607,548,677		USD	80,155,803	Barclays Bank PLC		1/17/20		1,487,698
USD	37,913,190		CNY	270,340,000	Barclays Bank PLC		1/17/20		(498,273	)
USD	1,094,619		COP	3,841,181,900	Barclays Bank PLC		1/17/20		5,517
USD	50,091,008		EUR	45,220,000	Barclays Bank PLC		1/17/20		87,783
USD	23,462,258		JPY	2,493,967,667	Barclays Bank PLC		1/17/20		589,996
USD	24,206,223		EUR	21,902,417	BNP Paribas SA		1/17/20		(12,961	)
USD	201,136,673		EUR	179,573,488	BNP Paribas SA		1/17/20		2,568,484
BRL	479,160,000		USD	114,598,680	Citibank N.A.		1/17/20		(1,818,256	)
BRL	541,343,308		USD	129,249,099	Citibank N.A.		1/17/20		(1,832,521	)
CAD	130,349,947		USD	98,753,701	Citibank N.A.		1/17/20		(580,329	)
CAD	341,490,000		USD	258,832,001	Citibank N.A.		1/17/20		(1,637,999	)
EUR	2,000,000		USD	2,211,820	Citibank N.A.		1/17/20		(267	)
EUR	7,000,000		USD	7,740,558	Citibank N.A.		1/17/20		(121	)
EUR	10,000,000		USD	11,192,220	Citibank N.A.		1/17/20		(134,452	)

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        27

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	20,000,000		USD	22,424,300	Citibank N.A.		1/17/20	$	(308,765	)
GBP	19,529,000		USD	25,194,812	Citibank N.A.		1/17/20		112,550
GBP	61,719,586		USD	75,707,404	Citibank N.A.		1/17/20		4,274,157
RUB	1,022,671,009		USD	15,753,516	Citibank N.A.		1/17/20		34,464
USD	55,717,049		AUD	82,900,185	Citibank N.A.		1/17/20		(432,603	)
USD	31,824,286		CNY	227,480,000	Citibank N.A.		1/17/20		(497,381	)
USD	2,578,997		EUR	2,300,000	Citibank N.A.		1/17/20		35,711
USD	3,348,480		EUR	3,000,000	Citibank N.A.		1/17/20		31,150
USD	4,468,600		EUR	4,000,000	Citibank N.A.		1/17/20		45,493
USD	6,654,270		EUR	6,000,000	Citibank N.A.		1/17/20		19,609
USD	7,780,080		EUR	7,000,000	Citibank N.A.		1/17/20		39,643
USD	52,648,462		EUR	47,710,000	Citibank N.A.		1/17/20		(108,147	)
USD	77,605,269		EUR	69,147,801	Citibank N.A.		1/17/20		1,143,238
USD	2,580,786		GBP	2,000,000	Citibank N.A.		1/17/20		(10,986	)
ZAR	284,980,000		USD	18,542,521	Citibank N.A.		1/17/20		763,406
EUR	3,000,000		USD	3,350,802	JPMorgan Chase & Co.		1/17/20		(33,472	)
EUR	6,000,000		USD	6,681,360	JPMorgan Chase & Co.		1/17/20		(46,699	)
TWD	20,237,600		USD	657,834	JPMorgan Chase & Co.		1/17/20		6,981
USD	29,201,071		CNH	208,300,000	JPMorgan Chase & Co.		1/17/20		(384,069	)
USD	69,368,673		PHP	3,638,595,000	JPMorgan Chase & Co.		1/17/20		(2,125,103	)
Total								$	1,697,039

Abbreviations used in this table:

AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
PHP	— Philippine Peso
RUB	— Russian Ruble
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Schedule of Investments.

  28     Western Asset SMASh Series EC Fund 2019 Quarterly Report

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

At November 30, 2019, 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†		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		1,482,510,000	MXN		7/18/29		28-Day MXN TIIE - Banxico every 28 days		7.450% every 28 days	$	603,397		$	2,408,581
		1,560,270,000	MXN		7/20/29		28-Day MXN TIIE - Banxico every 28 days		7.440% every 28 days		768,925			2,342,521
		27,390,000			11/15/43		2.950% semi-annually		3-Month LIBOR quarterly		(335,824	)		(5,479,542)
		9,153,500	EUR		8/23/47		1.498% annually		6-Month EURIBOR semi-annually		(10,388	)		(2,789,144)
Total										$	1,026,110		$	(3,517,584	)

OTC INTEREST RATE SWAPS
SWAP COUNTERPARTY	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION
Citibank N.A.		75,176,000	BRL		1/2/20	BRL-CDI**	8.410%**	$	5,894	$	555,947
Citibank N.A.		144,200,000	BRL		1/2/20	BRL-CDI**	8.410%**		2,347		1,076,489
Citibank N.A.		160,100,000	BRL		1/2/20	BRL-CDI**	8.410%**		5,831		1,190,704
Citibank N.A.		245,300,000	BRL		1/2/20	BRL-CDI**	8.410%**		14,517		1,903,466
Citibank N.A.		707,924,000	BRL		1/2/20	BRL-CDI**	8.410%**		—		5,290,792
JPMorgan Chase & Co.		448,516,000	BRL		1/4/27	BRL-CDI**	7.044%**		—		2,509,182
Total								$	28,589	$	12,526,580
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2			TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE3	UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION
Markit CDX.NA.HY.33 Index	$	11,275,000			12/20/24	5.000% quarterly	$ 866,078	$	817,956	$	48,122
Markit CDX.NA.IG.33 Index		261,277,000			12/20/24	1.000% quarterly	6,293,902		5,765,153		528,749
Total	$	272,552,000					$7,159,980	$	6,583,109	$	576,871

See Notes to Schedule of Investments.

Western Asset SMASh Series EC Fund 2019 Quarterly Report        29

WESTERN ASSET SMASh SERIES EC FUND

Schedule of investments (unaudited) (cont’d) November 30, 2019

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  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.

** One time payment made at termination date.

Abbreviations used in this table:

BRL	— Brazilian Real
BRL-CDI	— Brazil Cetip InterBank Deposit Rate
EUR	— Euro
EURIBOR	— Euro Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
TIIE	— Equilibrium Interbanking Interest Rate (Tasa de Intere’s Interbancaria de Equilibrio)

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.

  30     Western Asset SMASh Series EC Fund 2019 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset SMASh Series EC Fund (the “Fund”) is a separatenon-diversified investment series of Legg Mason Partners Institutional Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients where an affiliate of Legg Mason Partners Fund Advisor, LLC (“LMPFA”) has an agreement to serve as investment adviser or subadviser (each affiliate, a “Managed Account Adviser”) to the account with the managed account program sponsor (the “Program Sponsor”) (typically, a registered investment adviser or broker/dealer) or directly with the client. Shareholders of the Fund pay fees to their separately managed account sponsor, some of which are paid to affiliates of LMPFA. LMPFA and the subadviser do not charge investment management fees to the Fund.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 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 inopen-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

31

Notes to Schedule of Investments (unaudited) (continued)

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. 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 Trustees, 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 Trustees 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.

32

Notes to Schedule of Investments (unaudited) (continued)

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 – 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)

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†:
Sovereign Bonds		—	$	572,315,561		—	$	572,315,561
Collateralized Mortgage Obligations		—		416,388,329		—		416,388,329
Corporate Bonds & Notes		—		300,042,857		—		300,042,857
Senior Loans:
Consumer Discretionary		—		63,507,335	$	6,712,636		70,219,971
Financials		—		52,057,372		2,496,852		54,554,224
Other Senior Loans		—		169,820,779		—		169,820,779
Asset-Backed Securities		—		97,486,052		—		97,486,052
U.S. Government & Agency Obligations		—		89,228,467		—		89,228,467
Purchased Options:
Exchange-Traded Purchased Options	$	953,459		—		—		953,459
OTC Purchased Options		—		202		—		202
Total Long-Term Investments		953,459		1,760,846,954		9,209,488		1,771,009,901
Short-Term Investments†:
U.S. Government Agencies		—		319,466,510		—		319,466,510
Overnight Deposits		—		40,497,171		—		40,497,171
Total Short-Term Investments		—		359,963,681		—		359,963,681
Total Investments	$	953,459	$	2,120,810,635	$	9,209,488	$	2,130,973,582

33

Notes to Schedule of Investments (unaudited) (continued)

ASSETS (cont’d)
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	18,979,965		—		—	$	18,979,965
Forward Foreign Currency Contracts		—	$	12,687,438		—		12,687,438
Centrally Cleared Interest Rate Swaps		—		4,751,102		—		4,751,102
OTC Interest Rate Swaps‡		—		12,555,169		—		12,555,169
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		576,871		—		576,871
Total Other Financial Instruments	$	18,979,965	$	30,570,580		—	$	49,550,545
Total	$	19,933,424	$	2,151,381,215	$	9,209,488	$	2,180,524,127
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options	$	139,848		—		—	$	139,848
Futures Contracts		10,080,236		—		—		10,080,236
Forward Foreign Currency Contracts		—	$	10,990,399		—		10,990,399
Centrally Cleared Interest Rate Swaps		—		8,268,686		—		8,268,686
Total	$	10,220,084	$	19,259,085		—	$	29,479,169

† See Schedule of Investments for additional detailed categorizations.

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

34