NPORT-EX 2 LMF7200LM022825.htm EDGAR HTML
Consolidated Schedule of Investments (unaudited)
February 28, 2025
 Western Asset Inflation-Linked Income Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date

Face
Amount†
Value
U.S. Treasury Inflation Protected Securities — 121.2%
U.S. Treasury Bonds, Inflation Indexed
2.000%
1/15/26
11,130,910
 
 $11,237,698
 (a)
U.S. Treasury Bonds, Inflation Indexed
2.375%
1/15/27
3,130,000
 
3,205,573
 
U.S. Treasury Bonds, Inflation Indexed
2.500%
1/15/29
13,229,820
 
13,781,213
 (a)
U.S. Treasury Bonds, Inflation Indexed
3.875%
4/15/29
43,195,950
 
47,414,630
 (a)
U.S. Treasury Bonds, Inflation Indexed
2.125%
2/15/40
6,570,855
 
6,705,948
 (b)
U.S. Treasury Bonds, Inflation Indexed
2.125%
2/15/41
2,161,770
 
2,203,576
 (c)
U.S. Treasury Bonds, Inflation Indexed
0.750%
2/15/42
7,682,015
 
6,251,740
 
U.S. Treasury Bonds, Inflation Indexed
1.375%
2/15/44
6,906,318
 
6,116,456
 
U.S. Treasury Bonds, Inflation Indexed
0.750%
2/15/45
13,536,525
 
10,503,967
 
U.S. Treasury Bonds, Inflation Indexed
0.250%
2/15/50
16,449,572
 
10,323,032
 (a)
U.S. Treasury Bonds, Inflation Indexed
0.125%
2/15/52
6,802,440
 
3,974,877
 
U.S. Treasury Notes, Inflation Indexed
0.125%
4/15/25
13,440,350
 
13,480,713
 
U.S. Treasury Notes, Inflation Indexed
0.125%
10/15/25
13,987,910
 
13,995,869
 
U.S. Treasury Notes, Inflation Indexed
0.625%
1/15/26
39,568,270
 
39,481,491
 (a)
U.S. Treasury Notes, Inflation Indexed
0.125%
4/15/26
15,644,850
 
15,489,823
 (a)
U.S. Treasury Notes, Inflation Indexed
0.125%
10/15/26
9,355,257
 
9,251,349
 (a)
U.S. Treasury Notes, Inflation Indexed
0.125%
4/15/27
8,942,320
 
8,740,159
 (a)
U.S. Treasury Notes, Inflation Indexed
1.625%
10/15/27
1,065,410
 
1,079,936
 
U.S. Treasury Notes, Inflation Indexed
0.500%
1/15/28
3,838,440
 
3,754,057
 
U.S. Treasury Notes, Inflation Indexed
1.625%
10/15/29
4,012,080
 
4,056,040
 
U.S. Treasury Notes, Inflation Indexed
0.125%
1/15/30
1,226,680
 
1,149,304
 
U.S. Treasury Notes, Inflation Indexed
0.125%
1/15/32
7,969,710
 
7,175,094
 (a)
U.S. Treasury Notes, Inflation Indexed
1.125%
1/15/33
10,913,056
 
10,427,092
 (a)
U.S. Treasury Notes, Inflation Indexed
1.750%
1/15/34
10,677,888
 
10,649,081
 
 
Total U.S. Treasury Inflation Protected Securities (Cost — $269,680,025)
260,448,718
Corporate Bonds & Notes — 13.3%
Communication Services — 0.0%††
Wireless Telecommunication Services — 0.0%††
T-Mobile USA Inc., Senior Notes
3.750%
4/15/27
40,000
 
39,381
 
 
Consumer Discretionary — 0.7%
Hotels, Restaurants & Leisure — 0.7%
Sands China Ltd., Senior Notes
5.400%
8/8/28
600,000
 
602,581
 
Sands China Ltd., Senior Notes
2.850%
3/8/29
200,000
 
181,327
 
Sands China Ltd., Senior Notes
4.375%
6/18/30
420,000
 
398,942
 
Sands China Ltd., Senior Notes
3.250%
8/8/31
400,000
 
349,101
 
 
Total Consumer Discretionary
1,531,951
Energy — 5.9%
Energy Equipment & Services — 0.0%††
Halliburton Co., Senior Notes
3.800%
11/15/25
3,000
 
2,984
 
Oil, Gas & Consumable Fuels — 5.9%
BP Capital Markets America Inc., Senior Notes
3.633%
4/6/30
300,000
 
285,880
 
Columbia Pipelines Holding Co. LLC, Senior Notes
6.042%
8/15/28
440,000
 
456,132
 (d)
Energy Transfer LP, Senior Notes
5.250%
4/15/29
430,000
 
436,532
 
Enterprise Products Operating LLC, Senior Notes
3.125%
7/31/29
1,170,000
 
1,104,582
 
EOG Resources Inc., Senior Notes
4.375%
4/15/30
40,000
 
39,596
 
EOG Resources Inc., Senior Notes
4.950%
4/15/50
120,000
 
109,736
 
See Notes to Consolidated Schedule of Investments.
1
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Inflation-Linked Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
EQT Corp., Senior Notes
5.000%
1/15/29
440,000
 
 $442,076
 
Exxon Mobil Corp., Senior Notes
4.327%
3/19/50
3,500,000
 
2,977,759
 
Exxon Mobil Corp., Senior Notes
3.452%
4/15/51
330,000
 
240,395
 
Occidental Petroleum Corp., Senior Notes
5.550%
3/15/26
110,000
 
110,565
 
Occidental Petroleum Corp., Senior Notes
3.000%
2/15/27
810,000
 
782,602
 
Occidental Petroleum Corp., Senior Notes
6.200%
3/15/40
1,330,000
 
1,349,367
 
ONEOK Inc., Senior Notes
5.800%
11/1/30
410,000
 
427,398
 
Petrobras Global Finance BV, Senior Notes
5.999%
1/27/28
510,000
 
516,388
 
QazaqGaz NC JSC, Senior Notes
4.375%
9/26/27
1,600,000
 
1,544,170
 (d)
Targa Resources Corp., Senior Notes
4.200%
2/1/33
470,000
 
435,869
 
Williams Cos. Inc., Senior Notes
5.750%
6/24/44
1,340,000
 
1,346,101
 
Total Oil, Gas & Consumable Fuels
12,605,148
 
Total Energy
12,608,132
Financials — 1.6%
Banks — 1.2%
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR +
2.440%)
3.109%
4/22/51
430,000
 
293,326
 (e)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR +
4.502%)
5.013%
4/4/51
2,440,000
 
2,255,460
 (e)
Total Banks
2,548,786
Financial Services — 0.4%
ILFC E-Capital Trust II, Ltd. GTD (3 mo. Term SOFR + 2.062%)
6.399%
12/21/65
1,010,000
 
867,409
 (d)(e)
 
Total Financials
3,416,195
Health Care — 1.1%
Pharmaceuticals — 1.1%
Bausch Health Americas Inc., Senior Notes
9.250%
4/1/26
1,520,000
 
1,513,692
 (d)
Bausch Health Americas Inc., Senior Notes
8.500%
1/31/27
970,000
 
941,162
 (d)
 
Total Health Care
2,454,854
Industrials — 1.0%
Aerospace & Defense — 1.0%
General Dynamics Corp., Senior Notes
4.250%
4/1/40
10,000
 
8,997
 
General Dynamics Corp., Senior Notes
4.250%
4/1/50
2,560,000
 
2,172,873
 
 
Total Industrials
2,181,870
Information Technology — 0.2%
Semiconductors & Semiconductor Equipment — 0.2%
Broadcom Inc., Senior Notes
3.137%
11/15/35
370,000
 
308,629
 (d)
 
Materials — 2.8%
Metals & Mining — 2.8%
Anglo American Capital PLC, Senior Notes
4.000%
9/11/27
800,000
 
785,596
 (d)
Antofagasta PLC, Senior Notes
2.375%
10/14/30
550,000
 
473,819
 (d)
Barrick North America Finance LLC, Senior Notes
5.750%
5/1/43
530,000
 
540,464
 
BHP Billiton Finance USA Ltd., Senior Notes
5.000%
9/30/43
810,000
 
777,447
 
Glencore Finance Canada Ltd., Senior Notes
5.550%
10/25/42
1,170,000
 
1,129,328
 (d)
Glencore Funding LLC, Senior Notes
4.000%
3/27/27
200,000
 
197,672
 (d)
Glencore Funding LLC, Senior Notes
3.875%
10/27/27
800,000
 
782,931
 (d)
Southern Copper Corp., Senior Notes
5.250%
11/8/42
700,000
 
647,576
 
See Notes to Consolidated Schedule of Investments.
2
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Metals & Mining — continued
Yamana Gold Inc., Senior Notes
4.625%
12/15/27
670,000
 
 $664,392
 
 
Total Materials
5,999,225
Total Corporate Bonds & Notes (Cost — $31,322,178)
28,540,237
Collateralized Mortgage Obligations(f) — 7.4%
Alternative Loan Trust, 2007-12T1 A3
6.000%
6/25/37
1,084,301
 
491,874
 
Angel Oak Mortgage Trust, 2023-1 A1
4.750%
9/26/67
207,138
 
205,760
 (d)
BANK, 2021-BN32 XA, IO
0.765%
4/15/54
2,602,901
 
88,055
 (e)
Benchmark Mortgage Trust, 2021-B29 XA, IO
1.021%
9/15/54
4,181,488
 
172,308
 (e)
BHMS, 2018-ATLS D (1 mo. Term SOFR + 2.547%)
6.859%
7/15/35
1,250,000
 
1,245,734
 (d)(e)
BOCA Commercial Mortgage Trust, 2024-BOCA A (1 mo. Term SOFR + 1.921%)
6.233%
8/15/41
390,000
 
392,411
 (d)(e)
BX Commercial Mortgage Trust, 2022-LP2 G (1 mo. Term SOFR + 4.106%)
8.418%
2/15/39
469,000
 
469,348
 (d)(e)
BX Trust, 2021-ARIA D (1 mo. Term SOFR + 2.010%)
6.322%
10/15/36
850,000
 
849,614
 (d)(e)
BX Trust, 2022-CLS A
5.760%
10/13/27
460,000
 
465,319
 (d)
BXMT Ltd., 2020-FL2 A (1 mo. Term SOFR + 1.014%)
5.328%
2/15/38
120,036
 
119,589
 (d)(e)
CD Mortgage Trust, 2017-CD5 A4
3.431%
8/15/50
300,000
 
289,546
 
Chase Mortgage Finance Trust, 2007-A1 2A3
6.586%
2/25/37
1,069
 
998
 (e)
Citigroup Commercial Mortgage Trust, 2016-C3 A3
2.896%
11/15/49
101,598
 
98,795
 
Citigroup Commercial Mortgage Trust, 2023-SMRT A
5.820%
10/12/40
200,000
 
205,614
 (d)(e)
CRSO Trust, 2023-BRND A
7.121%
7/10/40
430,000
 
451,586
 (d)
CSMC Trust, 2019-NQM1 A1
3.656%
10/25/59
71,185
 
70,056
 (d)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K115 X1, IO
1.319%
6/25/30
1,581,398
 
90,933
 (e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4057 UI, IO
3.000%
5/15/27
44,758
 
512
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4085 IO, IO
3.000%
6/15/27
147,256
 
2,279
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA3 M1B (30 Day Average SOFR + 2.900%)
7.252%
4/25/42
600,000
 
623,242
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA4 M1B (30 Day Average SOFR + 3.350%)
7.702%
5/25/42
370,000
 
388,191
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2025-DNA1 M2 (30 Day Average SOFR + 1.350%)
5.702%
1/25/45
340,000
 
340,566
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2024-DNA1 M2 (30 Day Average SOFR + 1.950%)
6.302%
2/25/44
460,000
 
465,987
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2024-DNA2 A1 (30 Day Average SOFR + 1.250%)
5.602%
5/25/44
312,813
 
314,428
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2019-1 M
4.750%
7/25/58
407,668
 
394,926
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2022-1 M
4.500%
11/25/61
460,000
 
386,445
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2017-C07 1B1 (30
Day Average SOFR + 4.114%)
8.466%
5/25/30
440,000
 
475,863
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2019-R03 1B1 (30
Day Average SOFR + 4.214%)
8.566%
9/25/31
188,527
 
200,963
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (30
Day Average SOFR + 4.214%)
8.566%
7/25/39
273,548
 
283,625
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (30
Day Average SOFR + 3.364%)
7.716%
1/25/40
350,000
 
362,564
 (d)(e)
See Notes to Consolidated Schedule of Investments.
3
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Inflation-Linked Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(f) — continued
Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B1 (30
Day Average SOFR + 3.100%)
7.452%
10/25/41
330,000
 
 $339,151
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2022-R07 1M1 (30
Day Average SOFR + 2.950%)
7.303%
6/25/42
182,477
 
188,403
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2023-R06 1M2 (30
Day Average SOFR + 2.700%)
7.052%
7/25/43
270,000
 
279,912
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2024-R02 1M2 (30
Day Average SOFR + 1.800%)
6.152%
2/25/44
250,000
 
252,905
 (d)(e)
Government National Mortgage Association (GNMA), 2011-142 IO, IO
0.000%
9/16/46
1,041,720
 
10
 (e)
Government National Mortgage Association (GNMA), 2012-44 IO, IO
0.032%
3/16/49
52,931
 
2
 (e)
Government National Mortgage Association (GNMA), 2012-152 IO, IO
0.681%
1/16/54
1,382,713
 
25,092
 (e)
Government National Mortgage Association (GNMA), 2014-47 IA, IO
0.159%
2/16/48
93,284
 
387
 (e)
Government National Mortgage Association (GNMA), 2014-50 IO, IO
0.589%
9/16/55
489,954
 
9,521
 (e)
Government National Mortgage Association (GNMA), 2014-169 IO, IO
0.596%
10/16/56
5,117,099
 
112,494
 (e)
Government National Mortgage Association (GNMA), 2015-101 IO, IO
0.261%
3/16/52
3,646,627
 
27,469
 (e)
Government National Mortgage Association (GNMA), 2015-183 IO, IO
0.438%
9/16/57
4,922,281
 
108,617
 (e)
GSR Mortgage Loan Trust, 2004-11 1A1
7.335%
9/25/34
18,985
 
19,165
 (e)
Hawaii Hotel Trust, 2019-MAUI F (1 mo. Term SOFR + 3.047%)
7.359%
5/15/38
170,000
 
170,040
 (d)(e)
Home RE Ltd., 2023-1 M2 (30 Day Average SOFR + 6.000%)
10.352%
10/25/33
290,000
 
317,383
 (d)(e)
MHC Commercial Mortgage Trust, 2021-MHC A (1 mo. Term SOFR + 0.915%)
5.227%
4/15/38
137,120
 
137,028
 (d)(e)
MRCD Mortgage Trust, 2019-PARK A
2.718%
12/15/36
850,000
 
765,213
 (d)
New Residential Mortgage Loan Trust, 2014-1A A
3.750%
1/25/54
236,554
 
228,062
 (d)(e)
PRKCM Trust, 2021-AFC1 A1
1.510%
8/25/56
622,243
 
522,001
 (d)(e)
PRKCM Trust, 2023-AFC1 A1
6.598%
2/25/58
480,336
 
483,941
 (d)
RAMP Trust, 2004-SL4 A5
7.500%
7/25/32
28,872
 
9,810
 
SREIT Trust, 2021-PALM B (1 mo. Term SOFR + 0.924%)
5.236%
10/15/34
830,000
 
825,234
 (d)(e)
Towd Point Mortgage Trust, 2020-2 A1A
1.636%
4/25/60
662,660
 
601,173
 (d)(e)
Towd Point Mortgage Trust, 2020-2 M1B
3.000%
4/25/60
250,000
 
200,253
 (d)(e)
Verus Securitization Trust, 2023-8 B1
8.111%
12/25/68
290,000
 
295,767
 (d)(e)
 
Total Collateralized Mortgage Obligations (Cost — $17,195,076)
15,866,164
Non-U.S. Treasury Inflation Protected Securities — 3.8%
Brazil — 1.9%
Brazil Notas do Tesouro Nacional Serie B, Notes
6.000%
5/15/29
11,689,234
 BRL
1,877,953
 
Brazil Notas do Tesouro Nacional Serie B, Notes
6.000%
8/15/50
16,125,376
 BRL
2,284,260
 
Total Brazil
4,162,213
Mexico — 0.4%
 
Mexican Udibonos, Bonds
4.000%
11/30/28
20,993,880
 MXN
978,205
 
United Kingdom — 0.5%
 
United Kingdom Inflation-Linked Gilt, Bonds
0.125%
3/22/68
1,570,280
 GBP
1,032,708
 (g)
Uruguay — 1.0%
Uruguay Government International Bond, Senior Notes
3.875%
7/2/40
83,677,962
 UYU
2,112,929
 
 
Total Non-U.S. Treasury Inflation Protected Securities (Cost — $11,144,587)
8,286,055
Sovereign Bonds — 2.4%
Brazil — 0.2%
Brazil Letras do Tesouro Nacional
0.000%
1/1/26
1,914,000
 BRL
289,493
 
See Notes to Consolidated Schedule of Investments.
4
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Brazil — continued
Brazil Notas do Tesouro Nacional Serie F, Notes
10.000%
1/1/27
965,000
 BRL
 $151,845
 
Total Brazil
441,338
Chile — 0.9%
 
Bonos de la Tesoreria de la Republica en pesos, Bonds
5.000%
3/1/35
2,060,000,000
 CLP
2,007,884
 
Mexico — 0.7%
 
Mexico Government International Bond, Senior Notes
4.500%
4/22/29
1,480,000
 
1,435,214
 
Nigeria — 0.1%
 
Nigeria Government International Bond, Senior Notes
6.500%
11/28/27
200,000
 
195,819
 (d)
Supranational — 0.5%
Inter-American Development Bank, Senior Notes
7.350%
10/6/30
90,000,000
 INR
1,053,829
 
 
Total Sovereign Bonds (Cost — $6,597,484)
5,134,084
Mortgage-Backed Securities — 0.1%
FHLMC — 0.0%††
 
Federal Home Loan Mortgage Corp. (FHLMC)
6.000%
12/1/52
63,228
 
64,859
 
FNMA — 0.1%
Federal National Mortgage Association (FNMA)
6.500%
11/1/52
73,465
 
76,721
 
 
Total Mortgage-Backed Securities (Cost — $140,249)
141,580
Asset-Backed Securities — 0.0%††
Countrywide Home Equity Loan Trust, 2005-C 2A (1 mo. Term SOFR + 0.294%)
(Cost — $116,994)
4.606%
7/15/35
122,741
 
113,994
 (e)
Total Investments before Short-Term Investments (Cost — $336,196,593)
318,530,832
 
 
 
 
Shares
 
Short-Term Investments — 2.5%
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $5,321,148)  
4.320%
5,321,148
 
5,321,148
 (h)(i)
Total Investments — 150.7% (Cost — $341,517,741)
323,851,980
Liabilities in Excess of Other Assets — (50.7)%
(108,959,081
)
Total Net Assets — 100.0%
$214,892,899
 
See Notes to Consolidated Schedule of Investments.
5
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Inflation-Linked Income Fund
†
Face amount denominated in U.S. dollars, unless otherwise noted.
††
Represents less than 0.1%.
(a)
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.
(b)
All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts.
(c)
All or a portion of this security is held at the broker as collateral for open futures contracts. 
(d)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(e)
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.
(f)
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.
(g)
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.
(h)
Rate shown is one-day yield as of the end of the reporting period.
(i)
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding
voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2025, the total market value of
investments in Affiliated Companies was $5,321,148 and the cost was $5,321,148 (Note 2).
 
Abbreviation(s) used in this schedule:
BRL
—
Brazilian Real
CAS
—
Connecticut Avenue Securities
CLP
—
Chilean Peso
GBP
—
British Pound
GTD
—
Guaranteed
INR
—
Indian Rupee
IO
—
Interest Only
JSC
—
Joint Stock Company
MXN
—
Mexican Peso
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
UYU
—
Uruguayan Peso
At February 28, 2025, the Fund had the following open reverse repurchase agreements: 
Counterparty
Rate
Effective
Date
Maturity
Date
Face Amount
of Reverse
Repurchase
Agreements
Asset Class
of Collateral*
Collateral
Value**
Morgan Stanley
& Co. Inc.
4.640%
12/5/2024
6/5/2025
 $110,585,904
U.S. Treasury Inflation Protected Securities
Cash
 $113,015,455
310,000
 
$110,585,904
$113,325,455
 
*
Refer to the Consolidated Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements.
**
Including accrued interest.
At February 28, 2025, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
(Depreciation)
Contracts to Buy:
Copper
70
5/25
 $7,545,037
 $7,959,000
 $413,963
Copper
14
9/25
1,631,100
1,620,500
(10,600)
See Notes to Consolidated Schedule of Investments.
6
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Income Fund
 
Number of
Contracts
Expiration
Date
Notional
Amount
Market
Value
Unrealized
Appreciation
(Depreciation)
Contracts to Buy
continued
U.S. Treasury 5-Year Notes
50
6/25
 $5,353,284
 $5,396,875
 $43,591
 
446,954
Contracts to Sell:
U.S. Treasury Long-Term Bonds
22
6/25
2,554,196
2,598,062
(43,866)
U.S. Treasury Ultra Long-Term Bonds
117
6/25
14,090,391
14,522,625
(432,234)
 
(476,100)
Net unrealized depreciation on open futures contracts
$(29,146)
At February 28, 2025, the Fund had the following open forward foreign currency contracts: 
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
11,285,245
USD
1,929,498
Citibank N.A.
3/6/25
 $(15,143)
BRL
11,285,245
USD
1,962,651
Citibank N.A.
3/6/25
(48,296)
USD
1,902,708
BRL
11,285,245
Citibank N.A.
3/6/25
(11,647)
USD
1,929,498
BRL
11,285,245
Citibank N.A.
3/6/25
15,143
USD
1,951,688
BRL
11,285,246
Citibank N.A.
4/2/25
49,410
USD
985,035
MXN
20,428,536
Bank of America N.A.
4/16/25
(2,154)
USD
1,311,046
GBP
1,063,426
BNP Paribas SA
4/16/25
(26,476)
INR
170,167,778
USD
1,961,023
Citibank N.A.
4/16/25
(23,101)
USD
923,364
INR
80,600,441
Citibank N.A.
4/16/25
5,462
USD
923,412
UYU
40,565,471
Citibank N.A.
4/16/25
(20,887)
USD
507,030
MXN
10,479,020
Goldman Sachs Group Inc.
4/16/25
642
EUR
97,427
USD
100,790
Morgan Stanley & Co. Inc.
4/16/25
525
MXN
50,681,389
USD
2,454,126
Morgan Stanley & Co. Inc.
4/16/25
(5,000)
USD
2,033,515
CLP
2,055,477,440
Morgan Stanley & Co. Inc.
4/16/25
(106,158)
Net unrealized depreciation on open forward foreign currency contracts
$(187,680)
 
Abbreviation(s) used in this table:
BRL
—
Brazilian Real
CLP
—
Chilean Peso
EUR
—
Euro
GBP
—
British Pound
INR
—
Indian Rupee
MXN
—
Mexican Peso
USD
—
United States Dollar
UYU
—
Uruguayan Peso
At February 28, 2025, the Fund had the following open swap contracts:  
 
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.43 Index
 $6,516,000
12/20/29
5.000% quarterly
 $498,666
 $432,552
 $66,114
Markit CDX.NA.IG.43 Index
21,541,000
12/20/29
1.000% quarterly
473,350
444,583
28,767
Total
$28,057,000
$972,016
$877,135
$94,881
 
See Notes to Consolidated Schedule of Investments.
7
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Inflation-Linked Income Fund
 
OTC TOTAL RETURN SWAPS
Swap
Counterparty
Notional
Amount
Termination
Date
Periodic
Payments
Made by
the Fund†
Periodic
Payments
Received by
the Fund‡
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
JPMorgan Chase & Co.
 $2,253,000
3/6/25
Daily SOFR
Compound +
1.100%**
JPEIFNTR^**
 $147,165
—
$147,165
 
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.
‡
Periodic payments made/received by the Fund are based on the total return of the referenced entity.
^
Custom emerging markets debt basket is comprised of 40 bonds in the Sovereign Frontier sector.
**
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
4.390%
 
Abbreviation(s) used in this table:
JPEIFNTR
—
Western Asset Management Emerging Markets Frontier Custom Basket
SOFR
—
Secured Overnight Financing Rate
The following table provides information about the underlying components of the JPEIFNTR total return swap, as of period end. 
Security
Face
Amount
Value
Weight
Angolan Government International Bond, 9.125% due
11/26/49
 $12,070,000
 $9,701,263
5.75%
Argentine Republic Government International Bond,
3.500% due 7/9/41
8,080,000
4,751,040
2.82%
Argentine Republic Government International Bond,
5.000% due 1/9/38
14,110,000
9,449,467
5.60%
Bahamas Government International Bond, 8.950% due
10/15/32
5,730,000
5,927,513
3.51%
Benin Government International Bond, 7.960% due 2/13/38
4,860,000
4,568,400
2.71%
Costa Rica Government International Bond, 6.550% due
4/3/34
5,350,000
5,516,439
3.27%
Dominican Republic International Bond, 4.500% due
1/30/30
12,940,000
12,070,594
7.15%
Ecuador Government International Bond, 5.500% due
7/31/35
9,150,000
4,925,903
2.92%
Egypt Government International Bond, 5.800% due 9/30/27
5,270,000
4,970,295
2.95%
See Notes to Consolidated Schedule of Investments.
8
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Income Fund
Security
Face
Amount
Value
Weight
Egypt Government International Bond, 7.903% due 2/21/48
 $4,170,000
 $3,128,000
1.85%
El Salvador Government International Bond, 7.125% due
1/20/50
6,190,000
5,265,400
3.12%
Ethiopia International Bond, 6.625% due 12/11/25(a)
10,970,000
9,266,641
5.49%
Ghana Government International Bond, 5.000% due 7/3/29
2,716,043
2,411,439
1.43%
Ghana Government International Bond, 5.000% due 7/3/35
3,905,715
2,877,457
1.71%
Guatemala Government Bond, 5.375% due 4/24/32
4,940,000
4,742,400
2.81%
Ivory Coast Government International Bond, 7.625% due
1/30/33
11,990,000
11,739,769
6.96%
Jordan Government International Bond, 7.500% due
1/13/29
4,710,000
4,740,898
2.81%
Mozambique International Bond, 9.000% due 9/15/31
5,550,000
4,493,780
2.66%
Nigeria Government International Bond, 7.375% due
9/28/33
11,310,000
9,992,724
5.92%
Paraguay Government International Bond, 6.100% due
8/11/44
5,750,000
5,564,922
3.30%
Petroleos de Venezuela SA, 5.375% due 4/12/27(a)
34,000,000
4,861,999
2.88%
Republic of Kenya Government International Bond, 6.300%
due 1/23/34
12,750,000
10,331,484
6.12%
Republic of Uzbekistan International Bond, 3.900% due
10/19/31
3,810,000
3,220,641
1.91%
Senegal Government International Bond, 6.250% due
5/23/33
3,780,000
2,950,781
1.75%
Senegal Government International Bond, 6.750% due
3/13/48
3,230,000
2,156,025
1.28%
Sri Lanka Government International Bond, 3.100% due
1/15/30
863,000
767,423
0.45%
Sri Lanka Government International Bond, 3.350% due
3/15/33
1,693,000
1,358,438
0.81%
Sri Lanka Government International Bond, 3.600% due
6/15/35
1,143,000
791,419
0.47%
Sri Lanka Government International Bond, 3.600% due
5/15/36
793,000
643,619
0.38%
Sri Lanka Government International Bond, 3.600% due
2/15/38
1,587,000
1,304,117
0.77%
Sri Lanka Government International Bond, 4.000% due
4/15/28
1,135,000
984,129
0.58%
Ukraine Government International Bond, 0.000% due
2/1/30
537,010
299,920
0.18%
Ukraine Government International Bond, 0.000% due
2/1/34
2,006,721
868,910
0.51%
Ukraine Government International Bond, 0.000% due
2/1/35
1,695,820
1,112,458
0.66%
Ukraine Government International Bond, 0.000% due
2/1/36
1,413,184
923,516
0.55%
Ukraine Government International Bond, 1.750% due
2/1/34
4,670,491
2,750,919
1.63%
Ukraine Government International Bond, 1.750% due
2/1/35
3,194,182
1,849,431
1.10%
See Notes to Consolidated Schedule of Investments.
9
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Inflation-Linked Income Fund
Security
Face
Amount
Value
Weight
Ukraine Government International Bond, 1.750% due
2/1/36
 $1,966,168
 $1,118,750
0.66%
Zambia Government International Bond, 0.500% due
12/31/53
3,525,852
2,202,556
1.31%
Zambia Government International Bond, 5.750% due
6/30/33
3,002,324
2,127,672
1.26%
Total
$168,728,551
100.00%
(a)
The coupon payment on this security is currently in default as of February 28, 2025.
This Consolidated 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 Consolidated Schedule of Investments.
10
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
Notes to Consolidated Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Inflation-Linked Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, closed-end management investment company. The Fund commenced operations on September 26, 2003.
The Fund’s primary investment objective is to provide current income for its shareholders. Capital appreciation, when consistent with current income, is a secondary investment objective. Under normal market conditions and at the time of purchase, the Fund will invest at least 80% of its total managed assets in inflation-linked securities and at least 60% of its total managed assets in U.S. Treasury Inflation Protected Securities (“TIPS”). The Fund may also invest up to 40% of its total managed assets in non-U.S. dollar investments. The Fund can invest no more than 10% of its total managed assets in securities rated below investment grade at the time of purchase (or, if unrated, assets of comparable quality as determined by management). If a security is rated by multiple nationally recognized statistical rating organizations (“NRSROs”) and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.
The Fund may gain exposure to the commodities markets by investing a portion of its assets in a wholly-owned subsidiary, Western Asset Inflation-Linked Income Fund CFC (the “Subsidiary”), organized under the laws of the Cayman Islands. Among other investments, the Subsidiary may invest in commodity-linked instruments. The Fund may invest up to 25% of its total assets in the Subsidiary; although 10% of total managed assets may be utilized for commodity-related strategies. This schedule of investments is the Consolidated Schedule of Investments of the Fund and the Subsidiary.
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 adviser to be unreliable, the market price may be determined by the adviser 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 (the “Board”).
Pursuant to policies adopted by the Board, the Fund’s adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser 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 adviser and the Board. 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
11
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
Notes to Consolidated Schedule of Investments (unaudited) (cont’d)
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, 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 quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
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†:
U.S. Treasury Inflation Protected Securities
—
 $260,448,718
—
 $260,448,718
Corporate Bonds & Notes
—
28,540,237
—
28,540,237
Collateralized Mortgage Obligations
—
15,866,164
—
15,866,164
Non-U.S. Treasury Inflation Protected Securities
—
8,286,055
—
8,286,055
Sovereign Bonds
—
5,134,084
—
5,134,084
Mortgage-Backed Securities
—
141,580
—
141,580
Asset-Backed Securities
—
113,994
—
113,994
Total Long-Term Investments
—
318,530,832
—
318,530,832
Short-Term Investments†
 $5,321,148
—
—
5,321,148
Total Investments
$5,321,148
$318,530,832
—
$323,851,980
Other Financial Instruments:
Futures Contracts††
 $457,554
—
—
 $457,554
Forward Foreign Currency Contracts††
—
 $71,182
—
71,182
Centrally Cleared Credit Default Swaps on Credit Indices — Sell
Protection††
—
94,881
—
94,881
OTC Total Return Swaps
—
147,165
—
147,165
Total Other Financial Instruments
$457,554
$313,228
—
$770,782
Total
$5,778,702
$318,844,060
—
$324,622,762
12
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $486,700
—
—
 $486,700
Forward Foreign Currency Contracts††
—
 $258,862
—
258,862
Total
$486,700
$258,862
—
$745,562
 
†
See Consolidated Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2025. The following transactions were effected in such company for the period ended February 28, 2025.
 
 
Affiliate
Value at

November 30,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $6,162,056
 $15,678,336
15,678,336
 $16,519,244
16,519,244

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
February 28,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $72,719
—
 $5,321,148
13
Western Asset Inflation-Linked Income Fund 2025 Quarterly Report