Legg Mason Partners Institutional Trust NPORT-P Western Asset SMASh Series M Fund (Nov 2023 report)

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - 38.8%
MIC Trust, 2023-MIC A		8.437	%		11/5/28	$	5,470,000	$	5,592,841	(b)(c)
Alternative Loan Trust, 2005-24 1A1 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 1.310%)		6.239	%		7/20/35		189,114		159,091	(c)
Alternative Loan Trust, 2005-57CB 4A3		5.500	%		12/25/35		211,415		121,444
American Home Mortgage Investment Trust, 2005-1 1A3 (1 mo. Term SOFR + 0.734%)		6.059	%		6/25/45		110,448		110,054	(c)
AREIT Trust, 2021-CRE5 A (1 mo. Term SOFR + 1.194%)		6.524	%		11/17/38		5,826,851		5,700,674	(b)(c)
BDS, 2021-FL8 A (1 mo. Term SOFR + 1.034%)		6.366	%		1/18/36		688,929		679,886	(b)(c)
Benchmark Mortgage Trust, 2020-B21 B		2.458	%		12/17/53		13,020,000		8,474,563
BHMS, 2018-ATLS A (1 mo. Term SOFR + 1.547%)		6.870	%		7/15/35		11,150,000		11,028,619	(b)(c)
BX, 2021-MFM1 A (1 mo. Term SOFR + 0.814%)		6.137	%		1/15/34		2,298,786		2,264,439	(b)(c)
BX Commercial Mortgage Trust, 2021-VOLT A (1 mo. Term SOFR + 0.814%)		6.137	%		9/15/36		22,570,000		21,917,655	(b)(c)
BX Commercial Mortgage Trust, 2021-XL2 A
(1 mo. Term SOFR + 0.803%)		6.126	%		10/15/38		34,702,061		33,890,938	(b)(c)
BX Mortgage Trust, 2021-PAC A (1 mo. Term SOFR + 0.804%)		6.127	%		10/15/36		35,380,000		34,585,616	(b)(c)
BX Trust, 2019-OC11 B		3.605	%		12/9/41		3,200,000		2,758,598	(b)
BX Trust, 2021-ARIA A (1 mo. Term SOFR + 1.014%)		6.337	%		10/15/36		19,205,000		18,678,328	(b)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2003-4A A1 (1 mo. Term SOFR + 0.794%)		6.137	%		10/25/34		1,017,349		946,559	(b)(c)
Commercial Mortgage Trust, 2013-CR12 AM		4.300	%		10/10/46		180,000		148,365
Commercial Mortgage Trust, 2013-CR12 B		4.762	%		10/10/46		160,000		96,800	(c)
Commercial Mortgage Trust, 2013-CR12 C		5.069	%		10/10/46		80,000		22,680	(c)
Commercial Mortgage Trust, 2014-CR20 B		4.239	%		11/10/47		1,680,000		1,566,004	(c)
CSMC Trust, 2014-USA A2		3.953	%		9/15/37		3,290,000		2,834,878	(b)
CSMC Trust, 2017-RPL1 A1		2.750	%		7/25/57		3,968,044		3,769,693	(b)(c)
CSMC Trust, 2017-RPL1 M1		2.963	%		7/25/57		20,370,000		15,913,125	(b)(c)
CSMC Trust, 2017-RPL3 A1		4.000	%		8/1/57		11,554,467		10,531,340	(b)(c)
CSMC Trust, 2017-RPL3 B2		4.521	%		8/1/57		15,941,063		14,601,761	(b)(c)
CSMC Trust, 2019-UVIL A		3.160	%		12/15/41		10,000,000		8,503,246	(b)
CSMC Trust, 2021-AFC1 A1		0.830	%		3/25/56		4,671,799		3,564,636	(b)(c)
CSMC Trust, 2021-RPL1 A1		1.668	%		9/27/60		11,852,966		11,246,686	(b)(c)
CSMC Trust, 2021-RPL3 A1		2.000	%		1/25/60		8,131,102		6,852,189	(b)(c)

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      1

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - (continued)
CSMC Trust, 2021-RPL4 A1		1.796	%		12/27/60	$	6,226,453	$	5,910,060	(b)(c)
CSMC Trust, 2022-7R 1A1 (30 Day Average SOFR + 3.500%)		8.817	%		10/25/66		18,655,377		18,553,259	(b)(c)
Extended Stay America Trust, 2021-ESH A (1 mo. Term SOFR + 1.194%)		6.517	%		7/15/38		8,154,139		8,067,500	(b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multiclass Certificates, 2020-RR07 AX, IO		2.468	%		9/27/28		6,000,000		571,702	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K064 X1, IO		0.734	%		3/25/27		47,448,873		780,188	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K091 X1, IO		0.706	%		3/25/29		6,456,409		163,991	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K093 X1, IO		1.083	%		5/25/29		5,766,396		237,467	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K118 X1, IO		1.050	%		9/25/30		23,986,899		1,207,270	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K121 X1, IO		1.118	%		10/25/30		54,114,872		2,870,199	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K122 X1, IO		0.970	%		11/25/30		9,924,119		462,044	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K740 X1, IO		0.830	%		9/25/27		35,352,025		840,487	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K1515 X1, IO		1.636	%		2/25/35		45,173,201		4,997,574	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K1516 X1, IO		1.628	%		5/25/35		29,733,817		3,489,100	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K1517 X1, IO		1.436	%		7/25/35		40,201,373		4,100,649	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Reference REMIC, R007 ZA		6.000	%		5/15/36		11,741		12,051

See Notes to Schedule of Investments.

    2  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3947 SG, IO (-1.000 x 30 Day Average SOFR + 5.836%)		0.511	%		10/15/41	$	120,910	$	9,977	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4298 PI, IO, PAC		4.000	%		4/15/43		61,574		1,686
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4813 CJ		3.000	%		8/15/48		428,783		367,358
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		1,227,156		161,952
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5040 IB, IO		2.500	%		11/25/50		420,547		72,922
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5274 IO, IO		2.500	%		1/25/51		21,916,098		3,502,710
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA3 M2 (30 Day Average SOFR + 2.100%)		7.428	%		10/25/33		25,300,000		25,394,602	(b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO		0.000	%		2/15/38		773,052		43,806	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2015-DNA3 M3F (30 Day Average SOFR + 3.814%)		9.143	%		4/25/28		2,177,305		2,252,728	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%)		7.628	%		8/25/33		15,110,211		15,236,598	(b)(c)
Federal National Mortgage Association (FNMA) - CAS, 2014-C01 M2 (30 Day Average SOFR + 4.514%)		9.843	%		1/25/24		9,143,366		9,183,597	(c)
Federal National Mortgage Association (FNMA) - CAS, 2021-R01 1M2 (30 Day Average SOFR + 1.550%)		6.878	%		10/25/41		11,940,000		11,939,544	(b)(c)
Federal National Mortgage Association (FNMA) ACES, 2018-M15 1A2		3.700	%		1/25/36		3,000,000		2,681,023
Federal National Mortgage Association (FNMA) ACES, 2019-M19 A2		2.560	%		9/25/29		530,422		471,230
Federal National Mortgage Association (FNMA) ACES, 2019-M19 X2, IO		0.741	%		9/25/29		34,037,866		958,275	(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M22 A2		2.522	%		8/25/29		11,562,103		10,225,367

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      3

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - (continued)
Federal National Mortgage Association (FNMA) ACES, 2019-M28 AV		2.232	%		2/25/27	$	702,015	$	658,184
Federal National Mortgage Association (FNMA) ACES, 2019-M28 XA2, IO		0.512	%		2/25/30		6,713,961		119,795	(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M28 XA3, IO		0.898	%		2/25/30		12,071,926		402,110	(c)
Federal National Mortgage Association (FNMA) ACES, 2020-M4 1X2, IO		0.843	%		2/25/28		5,529,585		140,669	(c)
Federal National Mortgage Association (FNMA) ACES, 2020-M4 1X3, IO		1.123	%		2/25/28		30,028,903		1,027,139	(c)
Federal National Mortgage Association (FNMA) ACES, 2020-M26 X3, IO		1.837	%		1/25/28		8,184,088		344,840	(c)
Federal National Mortgage Association (FNMA) ACES, 2020-M36 X1, IO		1.546	%		9/25/34		2,717,513		169,861	(c)
Federal National Mortgage Association (FNMA) ACES, 2020-M51 X3, IO		0.116	%		12/25/30		74,520,000		358,471	(c)
Federal National Mortgage Association (FNMA) ACES, 2020-M54 X, IO		1.602	%		12/25/33		36,801,777		2,645,146	(c)
Federal National Mortgage Association (FNMA) REMIC, 2011-59 NZ		5.500	%		7/25/41		180,558		182,537
Federal National Mortgage Association (FNMA) REMIC, 2012-28 B		6.500	%		6/25/39		750		756
Federal National Mortgage Association (FNMA) REMIC, 2012-75 AO, PO		0.000	%		3/25/42		8,580		7,604
Federal National Mortgage Association (FNMA) REMIC, 2012-75 NS, IO (-1.000 x 30 Day Average SOFR + 6.486%)		1.157	%		7/25/42		30,819		3,265	(c)
Federal National Mortgage Association (FNMA) REMIC, 2012-93 UI, IO		3.000	%		9/25/27		143,053		5,048
Federal National Mortgage Association (FNMA) REMIC, 2012-134 SK, IO (-1.000 x 30 Day Average SOFR + 6.036%)		0.707	%		12/25/42		258,219		27,055	(c)
Federal National Mortgage Association (FNMA) REMIC, 2013-9 CB		5.500	%		4/25/42		53,422		53,829
Federal National Mortgage Association (FNMA) REMIC, 2013-14 IG, IO		4.000	%		3/25/43		125,928		20,992
Federal National Mortgage Association (FNMA) REMIC, 2013-29 QI, IO		4.000	%		4/25/43		403,958		69,519
Federal National Mortgage Association (FNMA) REMIC, 2013-73 IB, IO		3.500	%		7/25/28		360,518		15,021

See Notes to Schedule of Investments.

    4  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2014-47 AI, IO		0.000	%		8/25/44	$	585,652	$	23,020	(c)
Federal National Mortgage Association (FNMA) REMIC, 2020-47 GZ		2.000	%		7/25/50		963,595		518,322
Federal National Mortgage Association (FNMA) STRIPS, 390 C3, IO		6.000	%		7/25/38		8,341		1,775
Federal National Mortgage Association (FNMA) STRIPS, 407 22, IO		5.000	%		1/25/39		5,494		1,079
Federal National Mortgage Association (FNMA) STRIPS, 407 23, IO		5.000	%		1/25/39		2,876		566	(c)
Federal National Mortgage Association (FNMA) STRIPS, 407 27, IO		5.500	%		1/25/39		3,018		647	(c)
Federal National Mortgage Association (FNMA) STRIPS, 407 34, IO		5.000	%		1/25/38		4,859		782
Federal National Mortgage Association (FNMA) STRIPS, 407 41, IO		6.000	%		1/25/38		7,098		1,525
Federal National Mortgage Association (FNMA) STRIPS, 407 C10, IO		5.000	%		1/25/38		26,538		4,428
Federal National Mortgage Association (FNMA) STRIPS, 409 C2, IO		3.000	%		4/25/27		42,771		1,451
Federal National Mortgage Association (FNMA) STRIPS, 409 C13, IO		3.500	%		11/25/41		45,967		7,005
FRESB Mortgage Trust, 2015-SB7 A10		2.950	%		9/25/35		1,722,524		1,658,307	(c)
GMACM Mortgage Loan Trust, 2006-AR1 1A1		3.357	%		4/19/36		340,513		259,002	(c)
Government National Mortgage Association (GNMA), 2010-85 HS, IO, PAC (-1.000 x 1 mo. Term SOFR + 6.536%)		1.204	%		1/20/40		1,668		8	(c)
Government National Mortgage Association (GNMA), 2011-140 AI, IO		4.000	%		10/16/26		18,321		2
Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. Term SOFR + 0.564%)		5.889	%		11/20/60		253,041		252,105	(c)
Government National Mortgage Association (GNMA), 2011-H11 FB (1 mo. Term SOFR + 0.614%)		5.939	%		4/20/61		339,655		338,349	(c)
Government National Mortgage Association (GNMA), 2012-43 SN, IO (-1.000 x 1 mo. Term SOFR + 6.486%)		1.156	%		4/16/42		1,328,269		163,202	(c)
Government National Mortgage Association (GNMA), 2013-105 IO, IO		0.172	%		6/16/54		14,046,159		18,049	(c)

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      5

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - (continued)
Government National Mortgage Association (GNMA), 2014-134 IA, IO		0.146	%		1/16/55	$	52,108,628	$	235,125	(c)
Government National Mortgage Association (GNMA), 2014-157 IO, IO		0.190	%		5/16/55		7,684,869		47,776	(c)
Government National Mortgage Association (GNMA), 2014-176 IA, IO		4.000	%		11/20/44		384,747		68,588
Government National Mortgage Association (GNMA), 2015-36 MI, IO		5.500	%		3/20/45		523,181		94,860
Government National Mortgage Association (GNMA), 2015-167 OI, IO		4.000	%		4/16/45		212,497		40,234
Government National Mortgage Association (GNMA), 2017-28 IO, IO		0.680	%		2/16/57		889,414		30,324	(c)
Government National Mortgage Association (GNMA), 2018-H07 FD (1 mo. Term SOFR + 0.414%)		5.739	%		5/20/68		574,003		572,781	(c)
Government National Mortgage Association (GNMA), 2019-90 AB		3.000	%		7/20/49		3,485,188		2,997,071
Government National Mortgage Association (GNMA), 2019-H01 FT (1 mo. Term SOFR + 0.514%)		5.839	%		10/20/68		197,444		196,850	(c)
Government National Mortgage Association (GNMA), 2019-H08 FE (1 mo. Term SOFR + 0.764%)		6.089	%		1/20/69		402,669		392,748	(c)
Government National Mortgage Association (GNMA), 2020-47 MI, IO, PAC		3.500	%		4/20/50		1,405,812		240,055
Government National Mortgage Association (GNMA), 2020-47 NI, IO, PAC		3.500	%		4/20/50		620,236		103,554
Government National Mortgage Association (GNMA), 2020-127 IN, IO		2.500	%		8/20/50		589,303		80,381
Government National Mortgage Association (GNMA), 2020-129 IE, IO		2.500	%		9/20/50		603,954		82,629
Government National Mortgage Association (GNMA), 2020-160 IH, IO		2.500	%		10/20/50		393,643		53,543
Government National Mortgage Association (GNMA), 2020-160 VI, IO		2.500	%		10/20/50		611,679		87,140
Government National Mortgage Association (GNMA), 2020-160 YI, IO		2.500	%		10/20/50		2,073,289		279,725
Government National Mortgage Association (GNMA), 2020-171 IO, IO		0.957	%		10/16/60		87,174,470		5,607,890	(c)

See Notes to Schedule of Investments.

    6  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - (continued)
Government National Mortgage Association (GNMA), 2020-H09 FL (1 mo. Term SOFR + 1.264%)		6.589	%		5/20/70	$	1,600,058	$	1,589,370	(c)
Government National Mortgage Association (GNMA), 2020-H09 NF (1 mo. Term SOFR + 1.364%)		6.689	%		4/20/70		2,126,559		2,146,089	(c)
Government National Mortgage Association (GNMA), 2020-H12 F (1 mo. Term SOFR + 0.614%)		5.939	%		7/20/70		441,630		429,022	(c)
Government National Mortgage Association (GNMA), 2020-H13 FC (1 mo. Term SOFR + 0.564%)		5.889	%		7/20/70		236,557		228,981	(c)
Government National Mortgage Association (GNMA), 2020-H13 FM (1 mo. Term SOFR + 0.514%)		5.839	%		8/20/70		2,079,309		2,049,411	(c)
GS Mortgage Securities Corp. Trust, 2021- ROSS C (1 mo. Term SOFR + 2.114%)		7.437	%		5/15/26		2,894,000		2,014,284	(b)(c)
GS Mortgage Securities Corp. Trust, 2021- ROSS D (1 mo. Term SOFR + 2.614%)		7.937	%		5/15/26		8,660,000		5,326,860	(b)(c)
GS Mortgage Securities Trust, 2018-GS9 B		4.321	%		3/10/51		1,725,000		1,517,158	(c)
GS Mortgage-Backed Securities Corp. Trust, 2021-RPL1 A2		2.000	%		12/25/60		16,090,000		12,824,401	(b)(c)
GS Mortgage-Backed Securities Trust, 2018- RPL1 A1A		3.750	%		10/25/57		10,243,086		9,755,001	(b)
HomeBanc Mortgage Trust, 2004-2 A1 (1 mo. Term SOFR + 0.854%)		6.197	%		12/25/34		1,083,318		1,008,365	(c)
IMPAC CMB Trust, 2004-7 1A1 (1 mo. Term SOFR + 0.854%)		6.197	%		11/25/34		1,967,281		1,915,451	(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2014-C20, C		4.672	%		7/15/47		700,000		532,570	(c)
JPMorgan Mortgage Trust, 2018-4 A1		3.500	%		10/25/48		1,872,348		1,602,268	(b)(c)
JPMorgan Resecuritization Trust, 2014-6 1A2		0.061	%		7/27/36		4,154,110		3,612,641	(b)(c)
Legacy Mortgage Asset Trust, 2020-GS5 A1, Step bond (6.250% to 8/25/24 then 7.250%)		6.250	%		6/25/60		5,420,990		5,480,669	(b)
MASTR Adjustable Rate Mortgages Trust, 2005-7 3A1		3.816	%		9/25/35		55,701		33,689	(c)
Merrill Lynch Mortgage Investors Trust, 2006-A1 1A1		4.356	%		3/25/36		298,721		179,139	(c)
New Residential Mortgage Loan Trust, 2016-3A A1B		3.250	%		9/25/56		2,361,346		2,134,407	(b)(c)

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      7

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(a) - (continued)
New Residential Mortgage Loan Trust, 2016-4A A1		3.750	%		11/25/56	$	3,126,471	$	2,888,634	(b)(c)
New Residential Mortgage Loan Trust, 2017-4A A1		4.000	%		5/25/57		9,552,277		8,820,586	(b)(c)
New Residential Mortgage Loan Trust, 2019-2A A1		4.250	%		12/25/57		12,235,576		11,597,133	(b)(c)
New Residential Mortgage Loan Trust, 2021- NQM3 A1		1.156	%		11/27/56		4,933,335		4,014,094	(b)(c)
OPG Trust, 2021-PORT D (1 mo. Term SOFR + 1.245%)		6.568	%		10/15/36		2,481,991		2,398,721	(b)(c)
PFP Ltd., 2021-8 A (1 mo. Term SOFR + 1.114%)		6.444	%		8/9/37		1,496,830		1,476,376	(b)(c)
PRKCM Trust, 2021-AFC1 A1		1.510	%		8/25/56		15,958,969		12,363,381	(b)(c)
RALI Trust, 2006-QO7 3A2 (1 mo. Term SOFR + 0.524%)		5.867	%		9/25/46		261,741		242,820	(c)
RAMP Trust, 2005-SL1 A7		8.000	%		5/25/32		14,669		9,490
Residential Asset Securitization Trust, 2005- A15 1A4		5.750	%		2/25/36		441,636		404,185
SFO Commercial Mortgage Trust, 2021-555 A (1 mo. Term SOFR + 1.264%)		6.587	%		5/15/38		9,120,000		8,326,408	(b)(c)
SREIT Trust, 2021-PALM A (1 mo. Term SOFR + 0.704%)		6.027	%		10/15/34		12,605,000		12,286,405	(b)(c)
Structured Adjustable Rate Mortgage Loan Trust, 2004-2 4A1		5.816	%		3/25/34		62,125		57,925	(c)
Structured Asset Mortgage Investments II Trust, 2005-AR7 4A1 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 2.150%)		7.079	%		3/25/46		91,628		81,203	(c)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2003-9A 2A2		6.600	%		3/25/33		58,401		55,651	(c)
Towd Point Mortgage Trust, 2019-HY2 A1 (1 mo. Term SOFR + 1.114%)		6.457	%		5/25/58		5,758,374		5,813,866	(b)(c)
Towd Point Mortgage Trust, 2020-2 M1B		3.000	%		4/25/60		8,740,000		6,196,129	(b)(c)
WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A1B2 (1 mo. Term SOFR + 1.094%)		6.437	%		11/25/34		3,943,044		3,579,140	(c)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR9 A1A (1 mo. Term SOFR + 0.754%)		6.097	%		7/25/45		32,532		30,266	(c)
WFRBS Commercial Mortgage Trust, 2014- C24 B		4.204	%		11/15/47		1,670,000		1,466,288	(c)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $569,018,862)									518,528,840

See Notes to Schedule of Investments.

    8  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MORTGAGE-BACKED SECURITIES - 36.4%
FHLMC - 3.2%
Federal Home Loan Mortgage Corp. (FHLMC)		6.000	%		10/1/36	$	12,495	$	12,850
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		12/1/38-5/1/53		950,612		940,961
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		10/1/42-3/1/43		259,973		237,409
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		10/1/48		153,438		150,199
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		2/1/51-4/1/51		3,471,544		2,752,190
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		5/1/53		18,368,551		18,134,031	(d)
Federal Home Loan Mortgage Corp. (FHLMC)		6.500	%		10/1/53		10,028,591		10,264,272	(d)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Refinitiv USD IBOR Consumer Cash Fallbacks + 1.619%)		2.872	%		11/1/47		1,154,169		1,098,946	(c)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Refinitiv USD IBOR Consumer Cash Fallbacks + 1.621%)		3.098	%		2/1/50		2,163,546		2,055,198	(c)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Refinitiv USD IBOR Consumer Cash Fallbacks + 1.628%)		3.006	%		11/1/48		5,787,547		5,415,804	(c)
Federal Home Loan Mortgage Corp. (FHLMC) (5 year Treasury Constant Maturity Rate + 1.285%)		2.106	%		3/1/47		1,017,622		936,339	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Gold		5.500	%		11/1/35		9,711		9,803
Federal Home Loan Mortgage Corp. (FHLMC) Gold		7.000	%		3/1/39		10,305		10,952
Federal Home Loan Mortgage Corp. (FHLMC) Gold		6.500	%		9/1/39		36,303		37,541
Federal Home Loan Mortgage Corp. (FHLMC) Gold		6.000	%		11/1/39		74,339		76,900
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.000	%		4/1/43-7/1/43		565,637		534,624
Total FHLMC									42,668,019
FNMA - 10.2%
Federal National Mortgage Association (FNMA)		2.560	%		11/1/31		4,512,022		3,853,899
Federal National Mortgage Association (FNMA)		5.500	%		11/1/36-9/1/53		9,247,029		9,124,511
Federal National Mortgage Association (FNMA)		6.000	%		11/1/37		14,992		15,488

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      9

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		6.500	%		11/1/37-5/1/40	$	201,778	$	210,937
Federal National Mortgage Association (FNMA)		5.000	%		6/1/38-12/1/47		1,094,015		1,096,425
Federal National Mortgage Association (FNMA)		7.000	%		2/1/39		14,818		15,722
Federal National Mortgage Association (FNMA)		4.500	%		6/1/42-8/1/58		6,088,232		5,741,401
Federal National Mortgage Association (FNMA)		4.000	%		10/1/42-6/1/57		4,313,720		4,030,964
Federal National Mortgage Association (FNMA)		3.000	%		6/1/43-11/1/48		7,408,116		6,525,055
Federal National Mortgage Association (FNMA)		2.000	%		8/1/50-3/1/52		16,973,589		13,390,978
Federal National Mortgage Association (FNMA)		2.500	%		10/1/51-9/1/61		11,003,120		8,923,875
Federal National Mortgage Association (FNMA)		6.000	%		11/1/53		50,000,000		50,355,762	(d)
Federal National Mortgage Association (FNMA)		2.500	%		12/1/53		35,700,000		28,908,633	(e)
Federal National Mortgage Association (FNMA)		5.500	%		1/1/54		3,800,000		3,745,041	(e)
Total FNMA									135,938,691
GNMA - 23.0%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		30,004,018		26,177,097
Government National Mortgage Association (GNMA)		3.500	%		6/15/48-5/15/50		3,815,406		3,480,484
Government National Mortgage Association (GNMA)		4.000	%		3/15/50		63,613		58,668
Government National Mortgage Association (GNMA) II		6.000	%		8/20/37-12/20/41		519,302		542,029
Government National Mortgage Association (GNMA) II		4.500	%		1/20/40-9/20/52		47,259,280		45,163,234
Government National Mortgage Association (GNMA) II		5.000	%		7/20/40-9/20/52		5,990,007		5,911,344
Government National Mortgage Association (GNMA) II		3.500	%		6/20/44-12/20/52		31,933,217		28,907,491
Government National Mortgage Association (GNMA) II		4.000	%		9/20/45-6/20/52		63,597,406		59,172,920

See Notes to Schedule of Investments.

    10  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50-3/20/52	$	9,661,870	$	8,392,048
Government National Mortgage Association (GNMA) II		2.000	%		12/20/50-3/20/51		13,544,170		10,817,889
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50-12/20/51		50,283,014		41,562,150
Government National Mortgage Association (GNMA) II		5.500	%		3/20/53- 8/20/53		4,113,848		4,089,817
Government National Mortgage Association (GNMA) II		5.000	%		12/20/53- 1/20/54		15,600,000		15,153,860	(e)
Government National Mortgage Association (GNMA) II		5.500	%		1/20/54		39,000,000		38,712,973	(e)
Government National Mortgage Association (GNMA) II		6.000	%		1/20/54		20,000,000		20,143,296	(e)
Total GNMA									308,285,300
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $512,208,971)									486,892,010
ASSET-BACKED SECURITIES - 14.7%
Arbor Realty Commercial Real Estate Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.184%)		6.507	%		8/15/34		3,000,000		2,953,713	(b)(c)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A A		1.380	%		8/20/27		6,654,000		5,953,959	(b)
Bayview Financial Asset Trust, 2007-SR1A M2 (1 mo. Term SOFR + 1.014%)		6.357	%		3/25/37		300,310		292,578	(b)(c)
Blackbird Capital Aircraft Lease Securitization Ltd., 2016-1A A, Step bond (4.213% to 12/16/24 then 6.500%)		4.213	%		12/16/41		11,889,692		10,958,775	(b)
BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%)		6.596	%		8/19/38		5,042,847		4,907,195	(b)(c)
Countrywide Asset-Backed Certificates Trust, 2004-5 2A (1 mo. Term SOFR + 0.614%)		5.957	%		10/25/34		1,728,903		1,642,536	(c)
Countrywide Asset-Backed Certificates Trust, 2006-SD3 A1 (1 mo. Term SOFR + 0.774%)		6.117	%		7/25/36		9,749		9,535	(b)(c)
Dividend Solar Loans LLC, 2019-1 A		3.670	%		8/22/39		219,118		189,959	(b)
Foundation Finance Trust, 2021-1A A		1.270	%		5/15/41		2,902,377		2,566,024	(b)
Goodgreen Trust, 2021-1A A		2.660	%		10/15/56		7,747,218		5,992,631	(b)
Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%)		6.457	%		7/15/39		3,880,000		3,831,789	(b)(c)
Hardee’s Funding LLC, 2021-1A A2		2.865	%		6/20/51		8,484,700		6,876,616	(b)
Hertz Vehicle Financing LLC, 2021-1A A		1.210	%		12/26/25		3,690,000		3,543,203	(b)
Hertz Vehicle Financing LLC, 2021-1A B		1.560	%		12/26/25		8,690,000		8,312,780	(b)

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      11

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Hertz Vehicle Financing LP, 2021-2A A		1.680	%		12/27/27	$	16,380,000	$	14,549,795	(b)
Hertz Vehicle Financing LP, 2021-2A B		2.120	%		12/27/27		8,690,000		7,710,268	(b)
KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.184%)		6.514	%		2/15/39		4,360,000		4,259,764	(b)(c)
MASTR Asset-Backed Securities Trust, 2007- NCW A1 (1 mo. Term SOFR + 0.414%)		5.757	%		5/25/37		3,979,217		3,301,877	(b)(c)
MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%)		6.526	%		10/16/36		3,558,575		3,521,613	(b)(c)
Morgan Stanley Mortgage Loan Trust, 2007-2AX 2A1 (1 mo. Term SOFR + 0.294%)		5.637	%		12/25/36		18,415		6,485	(c)
Navient Private Education Refi Loan Trust, 2019-FA A2		2.600	%		8/15/68		8,951,054		8,254,075	(b)
Navient Student Loan Trust, 2017-2A A (30 Day Average SOFR + 1.164%)		6.493	%		12/27/66		21,898,828		21,780,561	(b)(c)
Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%)		6.043	%		12/26/69		2,109,107		2,075,574	(b)(c)
Nelnet Student Loan Trust, 2021-A B1		2.850	%		4/20/62		17,500,000		13,750,933	(b)
Origen Manufactured Housing Contract Trust, 2007-A A2		7.979	%		4/15/37		189,703		176,657	(c)
RAAC Trust, 2006-SP1 M1 (1 mo. Term SOFR + 0.714%)		6.057	%		9/25/45		521,167		502,911	(c)
Renaissance Home Equity Loan Trust, 2003-2 A		3.678	%		8/25/33		590,570		526,509	(c)
Renaissance Home Equity Loan Trust, 2007-3 AV2 (1 mo. Term SOFR + 1.114%)		6.457	%		9/25/37		163,401		137,364	(c)
Renaissance Home Equity Loan Trust, 2007-3 AV3 (1 mo. Term SOFR + 1.914%)		7.257	%		9/25/37		715,407		601,363	(c)
Residential Funding Securities Corp., 2002- RP2 A1 (1 mo. Term SOFR + 1.614%)		6.957	%		10/25/32		1,873		1,826	(b)(c)
SBA Small Business Investment Cos., 2017-10A 1		2.845	%		3/10/27		507,900		471,469
SLM Student Loan Trust, 2003-10A A4 (90 Day Average SOFR + 0.931%)		6.152	%		12/17/68		6,827,313		6,677,172	(b)(c)
SMB Private Education Loan Trust, 2020-A A2A		2.230	%		9/15/37		10,949,637		10,124,171	(b)
SMB Private Education Loan Trust, 2021-A A2B		1.590	%		1/15/53		13,903,109		12,029,526	(b)
SMB Private Education Loan Trust, 2021-A B		2.310	%		1/15/53		8,500,000		7,767,310	(b)
SMB Private Education Loan Trust, 2021-C D		3.930	%		1/15/53		5,885,116		5,403,260	(b)
SMB Private Education Loan Trust, 2023-B A1B (30 Day Average SOFR + 1.800%)		7.124	%		10/16/56		5,918,763		5,974,544	(b)(c)

See Notes to Schedule of Investments.

    12  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ASSET-BACKED SECURITIES - (continued)
Structured Asset Securities Corp., 2004-SC1 A		8.288	%		12/25/29	$	6,706	$	5,689	(b)(c)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2001-SB1 A2		3.375	%		8/25/31		45,009		44,796
Sunrun Vulcan Issuer LLC, 2021-1A A		2.460	%		1/30/52		3,113,434		2,443,949	(b)
Thrust Engine Leasing, 2021-1A A		4.163	%		7/15/40		7,770,777		6,716,399	(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $217,276,378)									196,847,153
CORPORATE BONDS & NOTES - 3.7%
COMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.3%
AT&T Inc., Senior Notes		2.250	%		2/1/32		1,100,000		872,168
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		2,210,000		1,763,833
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		2,160,000		2,020,491
Total Diversified Telecommunication Services									4,656,492
Media - 0.4%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		5/1/47		900,000		728,494
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		5.125	%		7/1/49		2,890,000		2,244,077
Comcast Corp., Senior Notes		3.969	%		11/1/47		1,460,000		1,149,471
Comcast Corp., Senior Notes		2.887	%		11/1/51		1,170,000		737,690
Total Media									4,859,732
Wireless Telecommunication Services - 0.3%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes		4.738	%		3/20/25		465,000		461,221	(b)
T-Mobile USA Inc., Senior Notes		3.875	%		4/15/30		3,410,000		3,133,000
Total Wireless Telecommunication Services									3,594,221
TOTAL COMMUNICATION SERVICES									13,110,445
ENERGY - 0.5%
Oil, Gas & Consumable Fuels - 0.5%
EOG Resources Inc., Senior Notes		3.900	%		4/1/35		2,210,000		1,940,561
EQT Corp., Senior Notes		7.000	%		2/1/30		5,000,000		5,250,150
TOTAL ENERGY									7,190,711
FINANCIALS - 0.6%
Banks - 0.4%
BAC Capital Trust XIV, Ltd. GTD (3 mo. Term SOFR + 0.662%)		6.071	%		12/18/23		200,000		149,124	(c)(f)

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      13

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
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	$	754,692	(c)
Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury Constant Maturity Rate + 2.050%)		4.588	%		5/4/37		4,420,000		3,760,312	(c)
Cooperatieve Rabobank UA, Senior Notes (3.758% to 4/6/32 then 1 year Treasury Constant Maturity Rate + 1.420%)		3.758	%		4/6/33		880,000		757,835	(b)(c)
Total Banks									5,421,963
Capital Markets - 0.2%
Credit Suisse AG, Senior Notes		3.700	%		2/21/25		2,250,000		2,184,856
TOTAL FINANCIALS									7,606,819
INDUSTRIALS - 1.4%
Air Freight & Logistics - 1.4%
DP World Ltd., Senior Notes		5.625	%		9/25/48		20,510,000		18,233,636	(b)
MATERIALS - 0.2%
Chemicals - 0.1%
OCP SA, Senior Notes		4.500	%		10/22/25		1,980,000		1,916,888	(b)
Metals & Mining - 0.1%
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		1,550,000		1,391,781
TOTAL MATERIALS									3,308,669
TOTAL CORPORATE BONDS & NOTES (Cost - $54,489,845)									49,450,280
SOVEREIGN BONDS - 0.7%
Mexico - 0.6%
Mexico Government International Bond, Senior Notes		4.600	%		2/10/48		6,810,000		5,298,484
Mexico Government International Bond, Senior Notes		5.750	%		10/12/2110		3,430,000		2,873,736
Total Mexico									8,172,220
Qatar - 0.1%
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		1,880,000		1,677,928	(b)
TOTAL SOVEREIGN BONDS (Cost - $12,604,910)									9,850,148
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,365,598,966)									1,261,568,431
SHORT-TERM INVESTMENTS - 16.8%
U.S. TREASURY BILLS - 13.0%
U.S. Treasury Bills		4.703	%		12/7/23		14,540,000		14,527,226	(g)
U.S. Treasury Bills		5.217	%		12/19/23		36,320,000		36,224,233	(g)

See Notes to Schedule of Investments.

    14  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. TREASURY BILLS - (continued)
U.S. Treasury Bills		5.375	%		1/9/24	$	13,700,000	$	13,621,834	(g)
U.S. Treasury Bills		5.414	%		1/23/24		18,820,000		18,674,156	(g)
U.S. Treasury Bills		5.437	%		1/30/24		34,550,000		34,246,501	(g)
U.S. Treasury Bills		5.442	%		2/22/24		35,930,000		35,495,636	(g)
U.S. Treasury Bills		5.418	%		5/16/24		22,060,000		21,532,128	(g)
TOTAL U.S. TREASURY BILLS (Cost - $174,301,128)									174,321,714
REPURCHASE AGREEMENTS - 1.9%
Goldman Sachs & Co. repurchase agreement dated 11/30/23; Proceeds at maturity - $25,003,660; (Fully collateralized by U.S. government obligations, 2.375% due 5/15/51; Market value - $25,000,000) (Cost - $25,000,000)		5.270	%		12/1/23		25,000,000		25,000,000
U.S. GOVERNMENT AGENCIES - 1.1%
Federal Home Loan Bank (FHLB), Discount Notes		5.164	%		1/2/24		4,560,000		4,539,345	(g)
Federal Home Loan Bank (FHLB), Discount Notes		5.238	%		1/29/24		4,560,000		4,521,991	(g)
Federal Home Loan Bank (FHLB), Discount Notes		4.980	%		8/14/24		5,440,000		5,256,783	(g)
TOTAL U.S. GOVERNMENT AGENCIES (Cost - $14,301,187)									14,318,119
						SHARES
OVERNIGHT DEPOSITS - 0.8%
BNY Mellon Cash Reserve Fund (Cost - $11,198,060)		2.250	%				11,198,060		11,198,060	(h)
TOTAL SHORT-TERM INVESTMENTS (Cost - $224,800,375)									224,837,893
TOTAL INVESTMENTS - 111.1% (cost - $1,590,399,341)									1,486,406,324
Liabilities in Excess of Other Assets - (11.1)%									(148,073,537	)
TOTAL NET ASSETS - 100.0%								$	1,338,332,787

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      15

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

(a) 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.

(b) 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.

(c) 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.

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

(e) This security is traded on a to-be-announced (“TBA”) basis. At November 30, 2023, the Fund held TBA securities with a total cost of $104,812,325.

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

(g) Rate shown represents yield-to-maturity.

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

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
CAS	— Connecticut Avenue Securities
CMT	— Constant Maturity Treasury
GTD	— Guaranteed
IBOR	— Interbank Offered Rate
IO	— Interest Only
PAC	— Planned Amortization Class
PO	— Principal Only
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Financing Rate
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar

At November 30, 2023, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Notes		2,068		3/24	$	421,452,617	$	422,825,220	$	1,372,603
U.S. Treasury 5-Year Notes		14,022		3/24		1,490,974,647		1,498,272,574		7,297,927
U.S. Treasury 10-Year Notes		265		3/24		28,913,147		29,096,173		183,026
U.S. Treasury Long- Term Bonds		38		3/24		4,387,018		4,424,625		37,607
										8,891,163

See Notes to Schedule of Investments.

    16  Western Asset SMASh Series M Fund 2023 Quarterly Report

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell:
U.S. Treasury Ultra 10-Year Notes		19		3/24	$	2,141,342	$	2,156,797	$	(15,455	)
U.S. Treasury Ultra Long-Term Bonds		301		3/24		36,321,715		37,023,000		(701,285	)
										(716,740	)
Net unrealized appreciation on open futures contracts									$	8,174,423

At November 30, 2023, the Fund had the following open swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†		PAYMENTS RECEIVED BY THE FUND†		MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
	$	338,333,000		1/31/24		5.410%**		Daily U.S. Federal Funds Intraday Effective Rate**	$	(25,783	)		—		$	(25,783	)
		599,710,000		2/29/28		Daily SOFR Compound annually		4.000% annually		(1,453,052	)	$	(104,243	)		(1,348,809	)
Total	$	938,043,000							$	(1,478,835	)	$	(104,243	)	$	(1,374,592	)

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.IG.41 Index	$	153,924,400		12/20/28	1.000% quarterly	$	2,584,811	$	1,962,565	$	622,246

See Notes to Schedule of Investments.

Western Asset SMASh Series M Fund 2023 Quarterly Report      17

WESTERN ASSET SMASH SERIES M FUND

Schedule of investments (unaudited) (cont’d) November 30, 2023

¹  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

²  The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  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.

** One time payment made at termination date.

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

Reference Index	Reference Rate
Daily SOFR Compound		5.320	%
Daily U.S. Federal Funds		5.330	%

Abbreviation(s) used in this table:

SOFR — Secured Overnight Financing 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.

    18  Western Asset SMASh Series M Fund 2023 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset SMASh Series M Fund (the “Fund”) is a separate 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 an open-end management investment company.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients where the Fund’s subadviser or an affiliate of the subadviser (each a “Managed Account Adviser”) has an agreement with the managed account program sponsor (the “Program Sponsor”) (typically, a registered investment adviser or broker/dealer), or directly with the client, to provide management or advisory services to the managed account. Shareholders of the Fund pay fees to their separately managed account sponsor, some of which are paid to affiliates of Franklin Templeton Fund Adviser, LLC (“FTFA”) (formerly known as Legg Mason Partners Fund Advisor, LLC prior to November 30, 2023). FTFA and the subadvisers do not charge investment management fees to the Fund.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange

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Notes to Schedule of Investments (unaudited) (continued)

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.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of 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.

20

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 – 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)

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†:
Collateralized Mortgage Obligations		—	$	518,528,840		—	$	518,528,840
Mortgage-Backed Securities		—		486,892,010		—		486,892,010
Asset-Backed Securities		—		196,847,153		—		196,847,153
Corporate Bonds & Notes		—		49,450,280		—		49,450,280
Sovereign Bonds		—		9,850,148		—		9,850,148
Total Long-Term Investments		—		1,261,568,431		—		1,261,568,431
Short-Term Investments†:
U.S. Treasury Bills		—		174,321,714		—		174,321,714
Repurchase Agreements		—		25,000,000		—		25,000,000
U.S. Government Agencies		—		14,318,119		—		14,318,119
Overnight Deposits		—		11,198,060		—		11,198,060
Total Short-Term Investments		—		224,837,893		—		224,837,893
Total Investments		—	$	1,486,406,324		—	$	1,486,406,324
Other Financial Instruments:
Futures Contracts††	$	8,891,163		—		—	$	8,891,163
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—	$	622,246		—		622,246
Total Other Financial Instruments	$	8,891,163	$	622,246		—	$	9,513,409
Total	$	8,891,163	$	1,487,028,570		—	$	1,495,919,733

21

Notes to Schedule of Investments (unaudited) (continued)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts††	$	716,740		—		—	$	716,740
Centrally Cleared Interest Rate Swaps††		—	$	1,374,592		—		1,374,592
Total	$	716,740	$	1,374,592		—	$	2,091,332

† See Schedule of Investments for additional detailed categorizations.

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

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