WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 32.4%
COMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 1.5%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		34,775,000	$	36,212,946	(a)
AT&T Inc., Senior Notes		3.800	%		2/15/27		1,250,000		1,383,766
AT&T Inc., Senior Notes		2.300	%		6/1/27		25,680,000		26,267,172
AT&T Inc., Senior Notes		1.650	%		2/1/28		37,680,000		36,538,409
AT&T Inc., Senior Notes		2.250	%		2/1/32		14,430,000		13,744,489
AT&T Inc., Senior Notes		3.100	%		2/1/43		26,840,000		25,101,689
AT&T Inc., Senior Notes		4.350	%		6/15/45		6,469,000		7,084,966
AT&T Inc., Senior Notes		3.550	%		9/15/55		22,321,000		20,465,111	(a)
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		5,794,000		6,284,172	(a)
Telefonica Emisiones SA, Senior Notes		5.213	%		3/8/47		6,160,000		7,213,636
Telefonica Emisiones SA, Senior Notes		4.895	%		3/6/48		11,960,000		13,601,319
Verizon Communications Inc., Senior Notes		3.500	%		11/1/24		6,660,000		7,232,548
Verizon Communications Inc., Senior Notes		3.376	%		2/15/25		36,618,000		39,740,057
Verizon Communications Inc., Senior Notes		0.850	%		11/20/25		4,420,000		4,328,450
Verizon Communications Inc., Senior Notes		1.450	%		3/20/26		9,180,000		9,185,122
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		5,622,000		5,948,166
Verizon Communications Inc., Senior Notes		4.125	%		3/16/27		5,755,000		6,523,489
Verizon Communications Inc., Senior Notes		3.000	%		3/22/27		4,820,000		5,164,393
Verizon Communications Inc., Senior Notes		2.100	%		3/22/28		13,470,000		13,534,977
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		27,937,000		32,004,871
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		4,900,000		5,458,227
Verizon Communications Inc., Senior Notes		3.150	%		3/22/30		10,510,000		11,093,630
Verizon Communications Inc., Senior Notes		1.750	%		1/20/31		13,790,000		12,853,154

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         1

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Telecommunication Services - (continued)
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		41,290,000	$	41,288,635
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		23,345,000		27,142,014
Verizon Communications Inc., Senior Notes		4.400	%		11/1/34		2,200,000		2,518,631
Verizon Communications Inc., Senior Notes		4.272	%		1/15/36		1,140,000		1,289,966
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		11,010,000		13,895,885
Verizon Communications Inc., Senior Notes		2.650	%		11/20/40		32,010,000		29,296,141
Verizon Communications Inc., Senior Notes		3.850	%		11/1/42		4,840,000		5,201,085
Verizon Communications Inc., Senior Notes		4.125	%		8/15/46		9,310,000		10,226,935
Verizon Communications Inc., Senior Notes		4.862	%		8/21/46		12,748,000		15,328,747
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		1,455,000		1,906,196
Verizon Communications Inc., Senior Notes		4.522	%		9/15/48		5,339,000		6,208,006
Verizon Communications Inc., Senior Notes		4.000	%		3/22/50		24,170,000		26,057,696
Verizon Communications Inc., Senior Notes		2.875	%		11/20/50		47,510,000		42,307,000
Total Diversified Telecommunication Services									569,631,696
Entertainment - 0.0%††
ViacomCBS Inc., Senior Notes		3.875	%		4/1/24		1,720,000		1,853,729
Walt Disney Co., Senior Notes		6.200	%		12/15/34		260,000		360,713
Walt Disney Co., Senior Notes		6.650	%		11/15/37		5,240,000		7,687,096
Total Entertainment									9,901,538
Interactive Media & Services - 0.1%
Alphabet Inc., Senior Notes		0.450	%		8/15/25		3,590,000		3,532,210
Alphabet Inc., Senior Notes		0.800	%		8/15/27		6,770,000		6,488,354
Alphabet Inc., Senior Notes		1.100	%		8/15/30		7,900,000		7,271,406
Alphabet Inc., Senior Notes		2.050	%		8/15/50		12,760,000		10,573,922
Total Interactive Media & Services									27,865,892

See Notes to Schedule of Investments.

    2     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - 1.3%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		7,837,000	$	8,296,640	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		5,450,000		5,769,642	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		1,460,000		1,489,864	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		26,233,000		26,593,704	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		29,327,000		33,265,005
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		55,869,000		61,619,839
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		19,860,000		22,849,742
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		2.800	%		4/1/31		15,060,000		14,875,392
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		15,910,000		18,773,672
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		6,620,000		8,636,936

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         3

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.750	%		4/1/48		450,000	$	548,294
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		6,040,000		6,494,669
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.834	%		10/23/55		2,608,000		3,576,034
Comcast Cable Communications Holdings Inc., Senior Notes		9.455	%		11/15/22		3,150,000		3,613,572
Comcast Corp., Senior Notes		3.100	%		4/1/25		949,000		1,025,856
Comcast Corp., Senior Notes		3.375	%		8/15/25		3,940,000		4,292,862
Comcast Corp., Senior Notes		3.950	%		10/15/25		26,460,000		29,571,488
Comcast Corp., Senior Notes		3.150	%		3/1/26		9,960,000		10,819,149
Comcast Corp., Senior Notes		3.300	%		4/1/27		12,400,000		13,532,965
Comcast Corp., Senior Notes		4.150	%		10/15/28		55,830,000		63,934,341
Comcast Corp., Senior Notes		3.400	%		4/1/30		7,960,000		8,625,041
Comcast Corp., Senior Notes		4.250	%		10/15/30		14,475,000		16,645,168
Comcast Corp., Senior Notes		4.250	%		1/15/33		1,710,000		1,977,196
Comcast Corp., Senior Notes		4.200	%		8/15/34		244,000		279,960
Comcast Corp., Senior Notes		5.650	%		6/15/35		60,000		79,130
Comcast Corp., Senior Notes		6.500	%		11/15/35		2,250,000		3,188,268
Comcast Corp., Senior Notes		3.900	%		3/1/38		8,310,000		9,345,405
Comcast Corp., Senior Notes		3.250	%		11/1/39		1,580,000		1,629,855
Comcast Corp., Senior Notes		3.750	%		4/1/40		2,020,000		2,219,359
Comcast Corp., Senior Notes		3.400	%		7/15/46		1,550,000		1,606,827
Comcast Corp., Senior Notes		3.969	%		11/1/47		221,000		247,199
Comcast Corp., Senior Notes		4.000	%		3/1/48		2,230,000		2,496,472
Comcast Corp., Senior Notes		4.700	%		10/15/48		3,560,000		4,409,794
Comcast Corp., Senior Notes		3.999	%		11/1/49		9,626,000		10,819,077
Comcast Corp., Senior Notes		3.450	%		2/1/50		11,030,000		11,415,432
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		17,424,000		18,247,894
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		5,970,000		6,596,850

See Notes to Schedule of Investments.

    4     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Fox Corp., Senior Notes		5.476	%		1/25/39		13,410,000	$	16,748,111
Fox Corp., Senior Notes		5.576	%		1/25/49		430,000		549,446
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		8,925,000		12,424,091
Time Warner Cable LLC, Senior Secured Notes		6.750	%		6/15/39		3,295,000		4,424,823
Time Warner Cable LLC, Senior Secured Notes		5.875	%		11/15/40		8,447,000		10,522,145
Time Warner Entertainment Co. LP, Senior Secured Notes		8.375	%		7/15/33		2,060,000		2,985,283
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		8/15/26		200,000		207,896	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		2,820,000		2,997,209	(a)
Total Media									490,267,597
Wireless Telecommunication Services - 0.5%
CSC Holdings LLC, Senior Notes		5.375	%		2/1/28		760,000		800,850	(a)
CSC Holdings LLC, Senior Notes		4.125	%		12/1/30		450,000		447,426	(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		635,000		801,907
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		10,530,000		15,581,767
Sprint Corp., Senior Notes		7.875	%		9/15/23		930,000		1,064,153
Sprint Corp., Senior Notes		7.625	%		2/15/25		5,365,000		6,404,469
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes		3.360	%		9/20/21		375,000		378,399	(a)
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes		4.738	%		3/20/25		1,690,000		1,814,764	(a)
T-Mobile USA Inc., Senior Notes		6.000	%		3/1/23		500,000		503,750
T-Mobile USA Inc., Senior Notes		6.000	%		4/15/24		320,000		322,800
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		3,600,000		3,630,384
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		11,630,000		11,307,733

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         5

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - (continued)
T-Mobile USA Inc., Senior Notes		2.875	%		2/15/31		8,370,000	$	8,100,068
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		12,870,000		12,982,612
T-Mobile USA Inc., Senior Secured Notes		3.500	%		4/15/25		57,300,000		61,877,124	(a)
T-Mobile USA Inc., Senior Secured Notes		3.750	%		4/15/27		2,920,000		3,194,947	(a)
T-Mobile USA Inc., Senior Secured Notes		2.050	%		2/15/28		3,310,000		3,249,659	(a)
T-Mobile USA Inc., Senior Secured Notes		3.875	%		4/15/30		37,290,000		40,519,687	(a)
T-Mobile USA Inc., Senior Secured Notes		2.550	%		2/15/31		9,660,000		9,475,880	(a)
T-Mobile USA Inc., Senior Secured Notes		4.375	%		4/15/40		4,880,000		5,426,853	(a)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		16,300,000		18,736,950
Total Wireless Telecommunication Services									206,622,182
TOTAL COMMUNICATION SERVICES									1,304,288,905
CONSUMER DISCRETIONARY - 2.3%
Automobiles - 0.6%
BMW US Capital LLC, Senior Notes		1.850	%		9/15/21		1,590,000		1,599,451	(a)
Ford Motor Co., Senior Notes		4.750	%		1/15/43		2,720,000		2,743,528
Ford Motor Credit Co. LLC, Senior Notes		5.875	%		8/2/21		21,080,000		21,389,876
Ford Motor Credit Co. LLC, Senior Notes		3.664	%		9/8/24		1,190,000		1,233,768
Ford Motor Credit Co. LLC, Senior Notes		5.125	%		6/16/25		290,000		313,562
Ford Motor Credit Co. LLC, Senior Notes		3.375	%		11/13/25		4,120,000		4,195,190
Ford Motor Credit Co. LLC, Senior Notes		4.125	%		8/17/27		8,460,000		8,745,525
Ford Motor Credit Co. LLC, Senior Notes		3.815	%		11/2/27		250,000		253,281
Ford Motor Credit Co. LLC, Senior Notes		2.900	%		2/16/28		5,780,000		5,560,360
Ford Motor Credit Co. LLC, Senior Notes		4.000	%		11/13/30		31,190,000		30,979,156

See Notes to Schedule of Investments.

    6     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Automobiles - (continued)
General Motors Co., Senior Notes		5.400	%		10/2/23		5,770,000	$	6,268,877
General Motors Co., Senior Notes		6.125	%		10/1/25		10,170,000		11,970,752
General Motors Co., Senior Notes		5.150	%		4/1/38		2,050,000		2,351,457
General Motors Co., Senior Notes		6.250	%		10/2/43		3,640,000		4,667,894
General Motors Co., Senior Notes		5.950	%		4/1/49		8,120,000		10,326,879
General Motors Financial Co. Inc., Senior Notes		4.375	%		9/25/21		3,650,000		3,717,931
General Motors Financial Co. Inc., Senior Notes		3.450	%		4/10/22		7,930,000		8,117,635
General Motors Financial Co. Inc., Senior Notes		4.250	%		5/15/23		920,000		983,743
General Motors Financial Co. Inc., Senior Notes		4.350	%		1/17/27		2,340,000		2,601,168
Nissan Motor Co. Ltd., Senior Notes		3.043	%		9/15/23		18,310,000		19,167,453	(a)
Nissan Motor Co. Ltd., Senior Notes		3.522	%		9/17/25		40,950,000		43,405,995	(a)
Nissan Motor Co. Ltd., Senior Notes		4.345	%		9/17/27		35,280,000		38,399,590	(a)
Total Automobiles									228,993,071
Diversified Consumer Services - 0.0%††
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		8,450,000		9,153,885	(a)
Service Corp. International, Senior Notes		7.500	%		4/1/27		3,167,000		3,795,840
Total Diversified Consumer Services									12,949,725
Hotels, Restaurants & Leisure - 0.7%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		4.250	%		5/15/24		3,300,000		3,342,009	(a)
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		5.750	%		4/15/25		1,225,000		1,303,486	(a)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         7

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.500	%		2/15/29		3,010,000	$	2,932,869	(a)
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.250	%		6/1/25		320,000		359,546
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.375	%		4/15/26		1,996,000		2,244,951
Hilton Domestic Operating Co. Inc., Senior Notes		5.375	%		5/1/25		10,770,000		11,362,350	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.750	%		5/1/28		4,400,000		4,743,838	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		3.625	%		2/15/32		3,130,000		3,041,890	(a)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		4,930,000		5,154,931
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		28,850,000		30,098,333
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		23,330,000		23,902,628
McDonald’s Corp., Senior Notes		3.375	%		5/26/25		1,719,000		1,867,082
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		9,140,000		9,904,227
McDonald’s Corp., Senior Notes		1.450	%		9/1/25		2,140,000		2,162,266
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		11,725,000		12,930,473
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		12,680,000		13,919,109
McDonald’s Corp., Senior Notes		3.500	%		7/1/27		8,380,000		9,225,764
McDonald’s Corp., Senior Notes		3.800	%		4/1/28		4,300,000		4,765,418
McDonald’s Corp., Senior Notes		3.600	%		7/1/30		9,300,000		10,155,815
McDonald’s Corp., Senior Notes		3.625	%		9/1/49		1,610,000		1,685,098
McDonald’s Corp., Senior Notes		4.200	%		4/1/50		25,460,000		28,991,496
Sands China Ltd., Senior Notes		4.600	%		8/8/23		16,228,000		17,394,631
Sands China Ltd., Senior Notes		5.125	%		8/8/25		17,040,000		19,091,020
Sands China Ltd., Senior Notes		3.800	%		1/8/26		7,500,000		8,003,775
Sands China Ltd., Senior Notes		5.400	%		8/8/28		6,900,000		7,900,086
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		9,225,000		9,134,457	(a)
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		21,370,000		22,378,130	(a)
Wynn Macau Ltd., Senior Notes		5.125	%		12/15/29		790,000		811,152	(a)
Total Hotels, Restaurants & Leisure									268,806,830

See Notes to Schedule of Investments.

    8     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Household Durables - 0.1%
Lennar Corp., Senior Notes		4.500	%		4/30/24		5,640,000	$	6,145,598
Lennar Corp., Senior Notes		4.750	%		5/30/25		1,350,000		1,506,094
Lennar Corp., Senior Notes		5.000	%		6/15/27		420,000		484,050
Lennar Corp., Senior Notes		4.750	%		11/29/27		8,000,000		9,194,960
MDC Holdings Inc., Senior Notes		6.000	%		1/15/43		4,800,000		6,067,200
Newell Brands Inc., Senior Notes		4.350	%		4/1/23		2,188,000		2,311,075
Newell Brands Inc., Senior Notes		4.700	%		4/1/26		150,000		165,723
Toll Brothers Finance Corp., Senior Notes		4.375	%		4/15/23		4,740,000		4,965,150
Total Household Durables									30,839,850
Internet & Direct Marketing Retail - 0.4%
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		17,270,000		17,218,181
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		21,140,000		20,699,478
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		15,280,000		16,733,024
Amazon.com Inc., Senior Notes		1.500	%		6/3/30		19,890,000		18,976,955
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		6,800,000		7,800,778
Amazon.com Inc., Senior Notes		4.950	%		12/5/44		10,095,000		13,296,288
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		8,290,000		9,718,815
Amazon.com Inc., Senior Notes		2.500	%		6/3/50		16,950,000		15,191,150
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		3,240,000		3,883,938
Prosus NV, Senior Notes		4.850	%		7/6/27		18,070,000		20,283,123	(a)
Prosus NV, Senior Notes		4.027	%		8/3/50		24,470,000		22,293,257	(a)
Prosus NV, Senior Notes		3.832	%		2/8/51		3,740,000		3,293,044	(a)
Total Internet & Direct Marketing Retail									169,388,031
Multiline Retail - 0.0%††
Dollar General Corp., Senior Notes		3.250	%		4/15/23		1,380,000		1,452,465
Specialty Retail - 0.3%
Home Depot Inc., Senior Notes		2.500	%		4/15/27		8,648,000		9,114,972
Home Depot Inc., Senior Notes		3.900	%		12/6/28		1,590,000		1,823,480
Home Depot Inc., Senior Notes		2.700	%		4/15/30		9,310,000		9,712,895
Home Depot Inc., Senior Notes		3.300	%		4/15/40		10,560,000		11,125,928
Home Depot Inc., Senior Notes		3.900	%		6/15/47		1,736,000		1,955,989
Home Depot Inc., Senior Notes		3.350	%		4/15/50		28,325,000		29,430,836
Lowe’s Cos. Inc., Senior Notes		4.500	%		4/15/30		5,940,000		6,856,813
Target Corp., Senior Notes		2.250	%		4/15/25		13,960,000		14,637,156

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         9

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Specialty Retail - (continued)
TJX Cos. Inc., Senior Notes		3.500	%		4/15/25		9,200,000	$	10,038,484
TJX Cos. Inc., Senior Notes		3.750	%		4/15/27		2,780,000		3,099,502
Total Specialty Retail									97,796,055
Textiles, Apparel & Luxury Goods - 0.2%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		1,177,000		1,250,892	(a)
Hanesbrands Inc., Senior Notes		5.375	%		5/15/25		9,300,000		9,852,187	(a)
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		4,810,000		5,164,738	(a)
Levi Strauss & Co., Senior Notes		5.000	%		5/1/25		1,686,000		1,719,897
NIKE Inc., Senior Notes		2.400	%		3/27/25		7,830,000		8,259,520
NIKE Inc., Senior Notes		2.750	%		3/27/27		12,570,000		13,409,012
NIKE Inc., Senior Notes		2.850	%		3/27/30		12,240,000		12,902,416
NIKE Inc., Senior Notes		3.250	%		3/27/40		6,300,000		6,628,531
NIKE Inc., Senior Notes		3.375	%		3/27/50		25,832,000		27,167,004
Total Textiles, Apparel & Luxury Goods									86,354,197
TOTAL CONSUMER DISCRETIONARY									896,580,224
CONSUMER STAPLES - 2.1%
Beverages - 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		37,240,000		40,971,053
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		22,020,000		26,363,435
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		9,240,000		10,303,897
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		27,240,000		31,851,817
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		6/1/30		5,700,000		6,179,975
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.350	%		6/1/40		17,580,000		19,928,103
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		1,500,000		1,940,157
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.500	%		6/1/50		33,120,000		37,641,879
Coca-Cola Co., Senior Notes		2.950	%		3/25/25		6,040,000		6,521,808
Coca-Cola Co., Senior Notes		3.375	%		3/25/27		7,590,000		8,388,594
Coca-Cola Co., Senior Notes		1.450	%		6/1/27		15,310,000		15,241,803
Coca-Cola Co., Senior Notes		2.500	%		6/1/40		3,050,000		2,870,604

See Notes to Schedule of Investments.

    10     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Beverages - (continued)
Coca-Cola Co., Senior Notes		2.600	%		6/1/50		6,290,000	$	5,706,537
Constellation Brands Inc., Senior Notes		4.250	%		5/1/23		1,395,000		1,497,071
Diageo Investment Corp., Senior Notes		2.875	%		5/11/22		15,570,000		16,029,573
Molson Coors Beverage Co., Senior Notes		3.500	%		5/1/22		1,370,000		1,413,811
Molson Coors Beverage Co., Senior Notes		3.000	%		7/15/26		3,245,000		3,457,641
Molson Coors Beverage Co., Senior Notes		4.200	%		7/15/46		3,390,000		3,539,170
PepsiCo Inc., Senior Notes		0.750	%		5/1/23		16,050,000		16,209,454
PepsiCo Inc., Senior Notes		2.250	%		3/19/25		1,580,000		1,664,770
PepsiCo Inc., Senior Notes		2.625	%		3/19/27		1,617,000		1,721,763
PepsiCo Inc., Senior Notes		1.625	%		5/1/30		13,210,000		12,644,278
PepsiCo Inc., Senior Notes		4.000	%		3/5/42		4,980,000		5,621,763
PepsiCo Inc., Senior Notes		2.875	%		10/15/49		4,750,000		4,605,946
PepsiCo Inc., Senior Notes		3.625	%		3/19/50		2,220,000		2,453,172
PepsiCo Inc., Senior Notes		3.875	%		3/19/60		2,900,000		3,278,931
Primo Water Holdings Inc., Senior Notes		5.500	%		4/1/25		6,830,000		7,028,411	(a)
Total Beverages									295,075,416
Food & Staples Retailing - 0.2%
Costco Wholesale Corp., Senior Notes		1.375	%		6/20/27		24,175,000		24,112,424
Costco Wholesale Corp., Senior Notes		1.600	%		4/20/30		13,630,000		13,064,551
CVS Pass-Through Trust, Secured Trust		5.880	%		1/10/28		2,778,541		3,202,549
CVS Pass-Through Trust, Secured Trust		6.943	%		1/10/30		1,889,173		2,277,963
CVS Pass-Through Trust, Senior Secured Trust		5.298	%		1/11/27		217,015		237,783	(a)
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		7,663,744		8,944,674
Walmart Inc., Senior Notes		3.400	%		6/26/23		5,060,000		5,398,773
Walmart Inc., Senior Notes		3.550	%		6/26/25		4,320,000		4,764,777
Walmart Inc., Senior Notes		3.700	%		6/26/28		25,130,000		28,280,975
Total Food & Staples Retailing									90,284,469

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         11

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Food Products - 0.4%
Danone SA, Senior Notes		2.077	%		11/2/21		15,860,000	$	16,001,662	(a)
Danone SA, Senior Notes		2.589	%		11/2/23		20,650,000		21,563,156	(a)
Danone SA, Senior Notes		2.947	%		11/2/26		6,540,000		6,981,721	(a)
Hershey Co., Senior Notes		0.900	%		6/1/25		4,030,000		3,996,925
Kraft Heinz Foods Co., Senior Notes		3.000	%		6/1/26		4,248,000		4,473,425
Kraft Heinz Foods Co., Senior Notes		4.250	%		3/1/31		3,350,000		3,692,560
Kraft Heinz Foods Co., Senior Notes		6.750	%		3/15/32		410,000		535,387
Kraft Heinz Foods Co., Senior Notes		5.000	%		7/15/35		1,661,000		1,914,662
Kraft Heinz Foods Co., Senior Notes		6.875	%		1/26/39		1,150,000		1,587,852
Kraft Heinz Foods Co., Senior Notes		7.125	%		8/1/39		290,000		405,930	(a)
Kraft Heinz Foods Co., Senior Notes		4.625	%		10/1/39		290,000		314,292
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		4,160,000		4,687,998
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		12,350,000		14,314,226
Kraft Heinz Foods Co., Senior Notes		4.375	%		6/1/46		5,420,000		5,678,867
Kraft Heinz Foods Co., Senior Notes		4.875	%		10/1/49		8,180,000		9,196,759
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		6,530,000		8,012,937
Lamb Weston Holdings Inc., Senior Notes		4.625	%		11/1/24		30,000		31,207	(a)
Lamb Weston Holdings Inc., Senior Notes		4.875	%		11/1/26		6,470,000		6,703,729	(a)
Lamb Weston Holdings Inc., Senior Notes		4.875	%		5/15/28		1,870,000		2,022,732	(a)
Mars Inc., Senior Notes		2.700	%		4/1/25		9,380,000		9,930,626	(a)
Mars Inc., Senior Notes		3.200	%		4/1/30		4,880,000		5,216,805	(a)
Mars Inc., Senior Notes		2.375	%		7/16/40		6,740,000		6,195,296	(a)

See Notes to Schedule of Investments.

    12     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Food Products - (continued)
Mondelez International Holdings Netherlands BV, Senior Notes		2.125	%		9/19/22		7,900,000	$	8,096,772	(a)
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		22,350,000		22,615,391
Total Food Products									164,170,917
Household Products - 0.0%††
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		2,490,000		2,685,066
Procter & Gamble Co., Senior Notes		3.000	%		3/25/30		6,070,000		6,538,766
Spectrum Brands Inc., Senior Notes		5.750	%		7/15/25		387,000		399,578
Spectrum Brands Inc., Senior Notes		5.000	%		10/1/29		950,000		1,004,625	(a)
Total Household Products									10,628,035
Tobacco - 0.7%
Altria Group Inc., Senior Notes		4.750	%		5/5/21		11,110,000		11,150,558
Altria Group Inc., Senior Notes		2.350	%		5/6/25		3,770,000		3,911,855
Altria Group Inc., Senior Notes		4.400	%		2/14/26		16,715,000		18,864,796
Altria Group Inc., Senior Notes		4.800	%		2/14/29		6,594,000		7,581,460
Altria Group Inc., Senior Notes		2.450	%		2/4/32		10,470,000		10,012,241
Altria Group Inc., Senior Notes		5.800	%		2/14/39		13,440,000		16,429,052
Altria Group Inc., Senior Notes		3.875	%		9/16/46		6,950,000		6,754,040
Altria Group Inc., Senior Notes		5.950	%		2/14/49		22,010,000		27,465,738
Altria Group Inc., Senior Notes		3.700	%		2/4/51		7,880,000		7,191,571
Altria Group Inc., Senior Notes		6.200	%		2/14/59		1,842,000		2,251,152
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		15,851,000		16,882,992
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		43,950,000		44,319,925
Cargill Inc., Senior Notes		1.375	%		7/23/23		13,510,000		13,792,267	(a)
Philip Morris International Inc., Senior Notes		2.900	%		11/15/21		12,470,000		12,676,661
Philip Morris International Inc., Senior Notes		2.500	%		8/22/22		4,200,000		4,323,409
Philip Morris International Inc., Senior Notes		2.500	%		11/2/22		14,810,000		15,291,941
Philip Morris International Inc., Senior Notes		1.125	%		5/1/23		8,220,000		8,342,630
Philip Morris International Inc., Senior Notes		2.100	%		5/1/30		9,050,000		8,741,793

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         13

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Tobacco - (continued)
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		3,085,000	$	3,537,705
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		7,579,000		8,951,936
Total Tobacco									248,473,722
TOTAL CONSUMER STAPLES									808,632,559
ENERGY - 4.9%
Energy Equipment & Services - 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25		818,000		900,139
Halliburton Co., Senior Notes		4.850	%		11/15/35		5,090,000		5,726,152
Halliburton Co., Senior Notes		5.000	%		11/15/45		8,510,000		9,508,086
Total Energy Equipment & Services									16,134,377
Oil, Gas & Consumable Fuels - 4.9%
Apache Corp., Senior Notes		3.250	%		4/15/22		2,526,000		2,554,417
Apache Corp., Senior Notes		4.375	%		10/15/28		5,930,000		5,921,105
Apache Corp., Senior Notes		4.250	%		1/15/30		800,000		780,740
Apache Corp., Senior Notes		6.000	%		1/15/37		1,006,000		1,102,526
Apache Corp., Senior Notes		5.100	%		9/1/40		12,719,000		12,456,671
Apache Corp., Senior Notes		4.750	%		4/15/43		10,830,000		10,061,070
Apache Corp., Senior Notes		4.250	%		1/15/44		18,548,000		16,739,384
BP Capital Markets America Inc., Senior Notes		2.937	%		4/6/23		1,300,000		1,365,989
BP Capital Markets America Inc., Senior Notes		3.216	%		11/28/23		14,330,000		15,291,043
BP Capital Markets America Inc., Senior Notes		3.790	%		2/6/24		2,930,000		3,180,148
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		17,380,000		18,920,764
BP Capital Markets America Inc., Senior Notes		3.119	%		5/4/26		4,790,000		5,157,331
BP Capital Markets America Inc., Senior Notes		3.588	%		4/14/27		7,160,000		7,854,649
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		9,240,000		10,139,809
BP Capital Markets America Inc., Senior Notes		1.749	%		8/10/30		5,000,000		4,728,927
BP Capital Markets America Inc., Senior Notes		3.000	%		2/24/50		28,090,000		25,795,174
BP Capital Markets America Inc., Senior Notes		2.772	%		11/10/50		1,860,000		1,626,675

See Notes to Schedule of Investments.

    14     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
BP Capital Markets America Inc., Senior Notes		2.939	%		6/4/51		1,140,000	$	1,018,704
BP Capital Markets PLC, Senior Notes		3.245	%		5/6/22		1,650,000		1,702,950
BP Capital Markets PLC, Senior Notes		3.535	%		11/4/24		2,390,000		2,612,491
BP Capital Markets PLC, Senior Notes		3.506	%		3/17/25		21,110,000		23,030,987
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		7,790,000		7,877,366	(a)
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		13,974,000		14,383,814	(a)
Cheniere Energy Inc., Senior Secured Notes		4.625	%		10/15/28		8,500,000		8,838,215	(a)
Chevron Corp., Senior Notes		1.554	%		5/11/25		15,860,000		16,193,053
Chevron Corp., Senior Notes		2.954	%		5/16/26		4,000		4,291
Chevron Corp., Senior Notes		1.995	%		5/11/27		5,740,000		5,873,439
Chevron Corp., Senior Notes		2.236	%		5/11/30		70,000		69,705
Chevron Corp., Senior Notes		2.978	%		5/11/40		1,870,000		1,855,662
Chevron Corp., Senior Notes		3.078	%		5/11/50		7,800,000		7,477,521
Chevron USA Inc., Senior Notes		3.850	%		1/15/28		19,795,000		22,076,484
Chevron USA Inc., Senior Notes		5.250	%		11/15/43		6,205,000		8,045,000
Chevron USA Inc., Senior Notes		5.050	%		11/15/44		1,741,000		2,213,319
Chevron USA Inc., Senior Notes		4.950	%		8/15/47		2,370,000		2,986,825
Cimarex Energy Co., Senior Notes		3.900	%		5/15/27		29,539,000		32,182,564
Cimarex Energy Co., Senior Notes		4.375	%		3/15/29		24,949,000		27,640,058
Conoco Funding Co., Senior Notes		7.250	%		10/15/31		810,000		1,148,326
ConocoPhillips, Senior Notes		3.750	%		10/1/27		14,799,000		16,366,005	(a)
ConocoPhillips, Senior Notes		4.300	%		8/15/28		16,008,000		18,163,044	(a)
ConocoPhillips, Senior Notes		5.900	%		10/15/32		10,000		13,025
ConocoPhillips, Senior Notes		6.500	%		2/1/39		40,000		57,159
ConocoPhillips Co., Senior Notes		6.950	%		4/15/29		693,000		922,597
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		6,430,000		6,671,317
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		2,504,000		2,571,295

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         15

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		18,789,000	$	19,780,120
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		2,570,000		2,574,870
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		12,076,000		14,089,330
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		9,920,000		11,465,952
Devon Energy Corp., Senior Notes		4.750	%		5/15/42		8,677,000		9,230,064
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		39,600,000		43,366,042
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		430,000		453,759
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		7,622,000		7,916,235
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		39,380,000		42,096,432
Energy Transfer Operating LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		10,138,000		9,719,807	(b)(c)
Energy Transfer Operating LP, Senior Notes		7.600	%		2/1/24		3,892,000		4,473,299
Energy Transfer Operating LP, Senior Notes		2.900	%		5/15/25		11,430,000		11,905,571
Energy Transfer Operating LP, Senior Notes		4.950	%		6/15/28		4,888,000		5,473,212
Energy Transfer Operating LP, Senior Notes		5.250	%		4/15/29		4,100,000		4,670,000
Energy Transfer Operating LP, Senior Notes		3.750	%		5/15/30		39,330,000		40,593,725
Energy Transfer Operating LP, Senior Notes		6.250	%		4/15/49		16,020,000		18,844,362
Energy Transfer Operating LP, Senior Notes		5.000	%		5/15/50		4,660,000		4,830,705
Energy Transfer Partners LP/ Regency Energy Finance Corp., Senior Notes		5.875	%		3/1/22		1,891,000		1,955,253

See Notes to Schedule of Investments.

    16     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer Partners LP/ Regency Energy Finance Corp., Senior Notes		4.500	%		11/1/23		510,000	$	549,277
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		26,093,000		29,436,654
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		8,650,000		9,138,253
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		32,967,000		34,076,293
Enterprise Products Operating LLC, Senior Notes		7.550	%		4/15/38		1,030,000		1,512,685
Enterprise Products Operating LLC, Senior Notes		4.850	%		3/15/44		970,000		1,119,997
Enterprise Products Operating LLC, Senior Notes		4.800	%		2/1/49		1,680,000		1,932,249
Enterprise Products Operating LLC, Senior Notes		4.200	%		1/31/50		3,370,000		3,600,053
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		18,477,000		18,223,159
Enterprise Products Operating LLC, Senior Notes		3.950	%		1/31/60		6,940,000		6,973,425
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		6,442,000		7,239,640
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		3,690,000		4,242,455
EOG Resources Inc., Senior Notes		3.900	%		4/1/35		12,960,000		14,028,336
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		19,990,000		24,445,595
EQT Corp., Senior Notes		3.000	%		10/1/22		13,239,000		13,482,598
EQT Corp., Senior Notes		7.625	%		2/1/25		1,230,000		1,417,304
EQT Corp., Senior Notes		3.900	%		10/1/27		3,320,000		3,392,625
EQT Corp., Senior Notes		5.000	%		1/15/29		460,000		493,350
Exxon Mobil Corp., Senior Notes		1.571	%		4/15/23		2,460,000		2,521,302
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		37,170,000		39,860,024
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		11,540,000		12,460,333
Exxon Mobil Corp., Senior Notes		3.482	%		3/19/30		13,120,000		14,261,460

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         17

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Exxon Mobil Corp., Senior Notes		4.227	%		3/19/40		3,000,000	$	3,379,438
Exxon Mobil Corp., Senior Notes		4.114	%		3/1/46		22,720,000		25,005,852
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		4,800,000		5,518,868
Exxon Mobil Corp., Senior Notes		3.452	%		4/15/51		6,000,000		6,070,326
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		9,050,000		10,740,006	(a)
KazMunayGas National Co. JSC, Senior Notes		6.375	%		10/24/48		12,310,000		15,771,141	(a)
Kinder Morgan Energy Partners LP, Senior Notes		7.300	%		8/15/33		1,497,000		2,041,213
Kinder Morgan Energy Partners LP, Senior Notes		6.550	%		9/15/40		1,450,000		1,888,846
Kinder Morgan Energy Partners LP, Senior Notes		6.375	%		3/1/41		1,720,000		2,186,138
Kinder Morgan Energy Partners LP, Senior Notes		5.500	%		3/1/44		1,260,000		1,478,180
Kinder Morgan Energy Partners LP, Senior Notes		5.400	%		9/1/44		680,000		799,141
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		2,820,000		3,151,429
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		2,850,000		3,190,242
Kinder Morgan Inc., Senior Notes		7.800	%		8/1/31		3,276,000		4,543,657
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		7,860,000		9,418,930
Kinder Morgan Inc., Senior Notes		5.050	%		2/15/46		4,650,000		5,267,928
Kinder Morgan Inc., Senior Notes		5.200	%		3/1/48		8,770,000		10,030,335
MEG Energy Corp., Senior Notes		5.875	%		2/1/29		2,690,000		2,703,450	(a)
MPLX LP, Senior Notes		4.875	%		12/1/24		9,800,000		11,003,081
MPLX LP, Senior Notes		4.875	%		6/1/25		7,870,000		8,872,320
MPLX LP, Senior Notes		4.800	%		2/15/29		8,850,000		10,154,734
MPLX LP, Senior Notes		4.500	%		4/15/38		11,800,000		12,913,786
MPLX LP, Senior Notes		4.700	%		4/15/48		11,880,000		12,893,021

See Notes to Schedule of Investments.

    18     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
MPLX LP, Senior Notes		5.500	%		2/15/49		9,296,000	$	10,937,672
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		3,107,000		3,417,047
Occidental Petroleum Corp., Senior Notes		2.900	%		8/15/24		21,930,000		21,717,060
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		1,180,000		1,249,644
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		9,455,000		9,192,624
Occidental Petroleum Corp., Senior Notes		3.200	%		8/15/26		19,417,000		18,667,213
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		6,400,000		6,034,080
Occidental Petroleum Corp., Senior Notes		3.500	%		8/15/29		60,000		56,373
Occidental Petroleum Corp., Senior Notes		6.625	%		9/1/30		17,260,000		19,422,678
Occidental Petroleum Corp., Senior Notes		7.500	%		5/1/31		14,340,000		16,779,234
Occidental Petroleum Corp., Senior Notes		7.875	%		9/15/31		4,792,000		5,648,666
Occidental Petroleum Corp., Senior Notes		6.450	%		9/15/36		23,185,000		25,625,453
Occidental Petroleum Corp., Senior Notes		4.500	%		7/15/44		6,250,000		5,343,000
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		16,480,000		14,462,848
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		27,550,000		29,395,161
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		9,750,000		8,366,914
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		29,575,000		23,753,013
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		20,750,000		16,887,387
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		2,070,000		2,195,494	(a)
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		14,259,000		15,825,921
Petrobras Global Finance BV, Senior Notes		5.299	%		1/27/25		92,550,000		102,405,649

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report          19

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		7,710,000	$	9,165,455
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		21,560,000		23,564,218
Petrobras Global Finance BV, Senior Notes		7.250	%		3/17/44		27,165,000		31,152,822
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		4,350,000		4,664,157
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/35		14,490,000		13,806,724
Petroleos Mexicanos, Senior Notes		5.500	%		6/27/44		3,860,000		3,072,985
Petroleos Mexicanos, Senior Notes		6.375	%		1/23/45		14,210,000		11,835,012
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		3,620,000		3,557,304
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		15,860,000		15,007,377
Range Resources Corp., Senior Notes		5.875	%		7/1/22		542,000		547,081
Range Resources Corp., Senior Notes		5.000	%		3/15/23		7,197,000		7,327,446
Range Resources Corp., Senior Notes		4.875	%		5/15/25		5,160,000		5,116,140
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		2,870,000		3,240,089
Schlumberger Holdings Corp., Senior Notes		3.900	%		5/17/28		5,110,000		5,565,593	(a)
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		5,450,000		5,821,934
Shell International Finance BV, Senior Notes		2.750	%		4/6/30		14,090,000		14,568,356
Shell International Finance BV, Senior Notes		6.375	%		12/15/38		4,655,000		6,682,384
Shell International Finance BV, Senior Notes		4.550	%		8/12/43		6,360,000		7,575,186
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		13,770,000		16,144,169
Shell International Finance BV, Senior Notes		4.000	%		5/10/46		8,940,000		9,987,019

See Notes to Schedule of Investments.

    20     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Shell International Finance BV, Senior Notes		3.750	%		9/12/46		690,000	$	738,570
Shell International Finance BV, Senior Notes		3.250	%		4/6/50		27,710,000		27,198,665
Sinopec Group Overseas Development 2014 Ltd., Senior Notes		4.375	%		4/10/24		17,660,000		19,419,875	(a)
Sinopec Group Overseas Development 2015 Ltd., Senior Notes		3.250	%		4/28/25		6,000,000		6,368,172	(a)
Southern Natural Gas Co. LLC, Senior Notes		8.000	%		3/1/32		9,413,000		12,886,948
Sunoco Logistics Partners Operations LP, Senior Notes		5.300	%		4/1/44		1,170,000		1,235,042
Sunoco Logistics Partners Operations LP, Senior Notes		5.400	%		10/1/47		1,290,000		1,394,934
Targa Resources Partners LP/ Targa Resources Partners Finance Corp., Senior Notes		4.250	%		11/15/23		3,510,000		3,533,184
Targa Resources Partners LP/ Targa Resources Partners Finance Corp., Senior Notes		5.875	%		4/15/26		1,845,000		1,934,944
Targa Resources Partners LP/ Targa Resources Partners Finance Corp., Senior Notes		5.375	%		2/1/27		1,300,000		1,351,194
Targa Resources Partners LP/ Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		4,230,000		4,607,231
Targa Resources Partners LP/ Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		2,120,000		2,339,579
Targa Resources Partners LP/ Targa Resources Partners Finance Corp., Senior Notes		4.875	%		2/1/31		10,210,000		10,360,597	(a)
Targa Resources Partners LP/ Targa Resources Partners Finance Corp., Senior Notes		4.000	%		1/15/32		1,520,000		1,431,490	(a)
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		18,290,000		18,232,817	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		34,600,000		43,833,793

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         21

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Western Midstream Operating LP, Senior Notes		4.350	%		2/1/25		9,840,000	$	10,200,046
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		2,363,000		2,464,893
Western Midstream Operating LP, Senior Notes		5.300	%		2/1/30		42,085,000		45,755,443
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		1,170,000		1,157,270
Western Midstream Operating LP, Senior Notes		6.500	%		2/1/50		6,340,000		6,866,474
Western Midstream Operating LP, Senior Notes (3 mo. USD LIBOR + 1.850%)		2.325	%		1/13/23		3,870,000		3,794,404	(c)
Williams Cos. Inc., Senior Notes		7.875	%		9/1/21		7,903,000		8,134,304
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		3,960,000		4,143,072
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		1,790,000		1,973,774
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		5,450,000		5,945,691
Williams Cos. Inc., Senior Notes		3.500	%		11/15/30		5,920,000		6,283,179
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		4,249,000		5,633,483
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		6,418,000		8,473,569
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		3,035,000		4,456,029
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		900,000		1,105,328
Williams Cos. Inc., Senior Notes		4.850	%		3/1/48		8,529,000		9,483,685
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		1,440,000		1,656,000
WPX Energy Inc., Senior Notes		5.250	%		10/15/27		1,920,000		2,049,043
WPX Energy Inc., Senior Notes		5.875	%		6/15/28		1,124,000		1,240,413
WPX Energy Inc., Senior Notes		4.500	%		1/15/30		1,595,000		1,719,873
Total Oil, Gas & Consumable Fuels									1,887,727,095
TOTAL ENERGY									1,903,861,472

See Notes to Schedule of Investments.

    22     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FINANCIALS - 9.8%
Banks - 7.3%
ABN AMRO Bank NV, Subordinated Notes		4.750	%		7/28/25		8,210,000	$	9,204,206	(a)
BAC Capital Trust XIV, Junior Subordinated Notes (the greater of 3 mo. USD LIBOR + 0.400% or 4.000%)		4.000	%		4/16/21		14,210,000		13,991,231	(b)(c)
Banco Santander SA, Senior Notes		3.848	%		4/12/23		8,600,000		9,150,448
Banco Santander SA, Senior Notes		2.746	%		5/28/25		43,500,000		45,494,662
Banco Santander SA, Senior Notes (3 mo. USD LIBOR + 1.120%)		1.344	%		4/12/23		6,200,000		6,289,134	(c)
Bank of America Corp., Senior Notes		3.300	%		1/11/23		28,960,000		30,432,341
Bank of America Corp., Senior Notes		4.125	%		1/22/24		230,000		251,523
Bank of America Corp., Senior Notes		4.000	%		4/1/24		13,890,000		15,185,771
Bank of America Corp., Senior Notes		3.500	%		4/19/26		16,160,000		17,727,740
Bank of America Corp., Senior Notes		5.000	%		1/21/44		33,160,000		40,864,095
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)		1.319	%		6/19/26		33,540,000		33,458,147	(c)
Bank of America Corp., Senior Notes (1.898% to 7/23/30 then SOFR + 1.530%)		1.898	%		7/23/31		7,000,000		6,580,920	(c)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		24,180,000		24,158,610	(c)
Bank of America Corp., Senior Notes (3.004% to 12/20/22 then 3 mo. USD LIBOR + 0.790%)		3.004	%		12/20/23		39,972,000		41,586,597	(c)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. USD LIBOR + 1.040%)		3.419	%		12/20/28		27,181,000		29,206,695	(c)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         23

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Bank of America Corp., Senior Notes (3.550% to 3/5/23 then 3 mo. USD LIBOR + 0.780%)		3.550	%		3/5/24		20,980,000	$	22,141,653	(c)
Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. USD LIBOR + 1.370%)		3.593	%		7/21/28		7,230,000		7,851,159	(c)
Bank of America Corp., Senior Notes (3.970% to 3/5/28 then 3 mo. USD LIBOR + 1.070%)		3.970	%		3/5/29		85,750,000		94,600,139	(c)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. USD LIBOR + 1.210%)		3.974	%		2/7/30		8,130,000		9,032,570	(c)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then SOFR + 3.412%)		4.083	%		3/20/51		52,790,000		58,716,200	(c)
Bank of America Corp., Senior Notes (4.330% to 3/15/49 then 3 mo. USD LIBOR + 1.520%)		4.330	%		3/15/50		7,370,000		8,512,741	(c)
Bank of America Corp., Subordinated Notes		4.200	%		8/26/24		14,080,000		15,537,049
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		4,300,000		4,712,317
Bank of America Corp., Subordinated Notes		4.450	%		3/3/26		3,050,000		3,430,544
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		14,500,000		16,272,274
Bank of Montreal, Senior Notes		1.850	%		5/1/25		26,710,000		27,394,499
Bank of Montreal, Subordinated Notes (3.803% to 12/15/27 then USD 5 year ICE Swap Rate + 1.432%)		3.803	%		12/15/32		3,780,000		4,157,131	(c)
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		14,860,000		14,910,927
Barclays Bank PLC, Senior Notes		1.700	%		5/12/22		11,260,000		11,417,342
Barclays PLC, Senior Notes (4.972% to 5/16/28 then 3 mo. USD LIBOR + 1.902%)		4.972	%		5/16/29		10,900,000		12,544,703	(c)
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%)		5.088	%		6/20/30		65,350,000		74,065,211	(c)

See Notes to Schedule of Investments.

    24     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
BNP Paribas SA, Senior Notes		3.375	%		1/9/25		6,895,000	$	7,409,382	(a)
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		46,530,000		53,075,834	(a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		17,970,000		18,437,769	(a)(c)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. USD LIBOR + 2.235%)		4.705	%		1/10/25		51,040,000		56,159,021	(a)(c)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		9,009,000		10,665,186	(a)(c)
BNP Paribas SA, Subordinated Notes		4.625	%		3/13/27		9,790,000		10,982,277	(a)
BNP Paribas SA, Subordinated Notes (4.375% to 3/1/28 then USD 5 year ICE Swap Rate + 1.483%)		4.375	%		3/1/33		6,530,000		7,121,487	(a)(c)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		3,300,000		3,696,494	(a)
Canadian Imperial Bank of Commerce, Senior Notes		0.950	%		6/23/23		15,070,000		15,208,407
CIT Group Inc., Senior Notes		4.750	%		2/16/24		7,040,000		7,667,018
CIT Group Inc., Senior Notes		5.250	%		3/7/25		5,730,000		6,464,156
Citigroup Inc., Junior Subordinated Notes (5.950% to 1/30/23 then 3 mo. USD LIBOR + 4.068%)		5.950	%		1/30/23		6,050,000		6,349,434	(b)(c)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%)		5.950	%		5/15/25		26,100,000		28,188,000	(b)(c)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		3,700,000		3,939,797	(b)(c)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		2,195,000		3,608,044
Citigroup Inc., Senior Notes		4.650	%		7/30/45		24,812,000		29,727,222
Citigroup Inc., Senior Notes		4.650	%		7/23/48		3,000,000		3,687,321
Citigroup Inc., Senior Notes (1.678% to 5/15/24 then SOFR + 1.667%)		1.678	%		5/15/24		15,430,000		15,752,484	(c)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         25

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%)		2.572	%		6/3/31		35,480,000	$	35,481,041	(c)
Citigroup Inc., Senior Notes (2.666% to 1/29/30 then SOFR + 1.146%)		2.666	%		1/29/31		20,000,000		20,118,102	(c)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		10,730,000		11,462,546	(c)
Citigroup Inc., Senior Notes (3.520% to 10/27/27 then 3 mo. USD LIBOR + 1.151%)		3.520	%		10/27/28		65,050,000		70,405,339	(c)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. USD LIBOR + 1.338%)		3.980	%		3/20/30		7,640,000		8,466,647	(c)
Citigroup Inc., Senior Notes (4.075% to 4/23/28 then 3 mo. USD LIBOR + 1.192%)		4.075	%		4/23/29		16,280,000		18,122,702	(c)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		18,680,000		21,341,930	(c)
Citigroup Inc., Subordinated Notes		4.050	%		7/30/22		704,000		735,925
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		19,090,000		21,225,500
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		25,260,000		29,307,457
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		11,500,000		12,844,116
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		36,920,000		41,703,009
Citigroup Inc., Subordinated Notes		6.625	%		6/15/32		1,660,000		2,201,127
Citigroup Inc., Subordinated Notes		6.125	%		8/25/36		133,000		176,990
Citigroup Inc., Subordinated Notes		6.675	%		9/13/43		2,824,000		4,132,808
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		1,789,000		2,267,441
Citigroup Inc., Subordinated Notes		4.750	%		5/18/46		2,080,000		2,482,587

See Notes to Schedule of Investments.

    26     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Cooperatieve Rabobank UA, Senior Notes		4.625	%		12/1/23		24,060,000	$	26,381,017
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		32,450,000		35,958,343
Cooperatieve Rabobank UA, Senior Notes (1.339% to 6/24/25 then 1 year Treasury Constant Maturity Rate + 1.000%)		1.339	%		6/24/26		33,050,000		32,799,770	(a)(c)
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		11,750,000		11,920,120	(a)(c)
Credit Agricole SA, Subordinated Notes (4.000% to 1/10/28 then USD 5 year ICE Swap Rate + 1.644%)		4.000	%		1/10/33		8,590,000		9,216,581	(a)(c)
Danske Bank A/S, Senior Notes		5.000	%		1/12/22		31,300,000		32,357,216	(a)
Danske Bank A/S, Senior Notes		3.875	%		9/12/23		3,510,000		3,759,947	(a)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		18,650,000		20,809,989	(a)
Danske Bank A/S, Senior Notes		1.226	%		6/22/24		18,620,000		18,804,598	(a)
Danske Bank A/S, Senior Notes (3.001% to 9/20/21 then 3 mo. USD LIBOR + 1.249%)		3.001	%		9/20/22		11,830,000		11,951,135	(a)(c)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		5,370,000		5,723,726	(a)(c)
HSBC Holdings PLC, Senior Notes		4.300	%		3/8/26		1,750,000		1,960,289
HSBC Holdings PLC, Senior Notes		3.900	%		5/25/26		13,485,000		14,879,566
HSBC Holdings PLC, Senior Notes		4.950	%		3/31/30		4,570,000		5,339,793
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26		30,080,000		30,618,004	(c)
HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + 2.387%)		2.848	%		6/4/31		19,080,000		19,104,773	(c)
HSBC Holdings PLC, Subordinated Notes		4.250	%		3/14/24		4,910,000		5,346,802

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         27

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
HSBC Holdings PLC, Subordinated Notes		4.250	%		8/18/25		15,970,000	$	17,577,547
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		13,100,000		13,471,649	(a)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		17,880,000		18,642,726	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		39,180,000		42,815,964	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		10,920,000		12,246,779	(a)
JPMorgan Chase & Co., Senior Notes		3.625	%		5/13/24		20,000		21,811
JPMorgan Chase & Co., Senior Notes (1.514% to 6/1/23 then SOFR + 1.455%)		1.514	%		6/1/24		41,130,000		41,996,928	(c)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		24,800,000		25,486,022	(c)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31		13,760,000		13,742,073	(c)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%)		3.109	%		4/22/51		16,560,000		16,248,946	(c)
JPMorgan Chase & Co., Senior Notes (3.509% to 1/23/28 then 3 mo. USD LIBOR + 0.945%)		3.509	%		1/23/29		29,830,000		32,285,203	(c)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. USD LIBOR + 1.000%)		4.023	%		12/5/24		35,640,000		38,681,415	(c)
JPMorgan Chase & Co., Senior Notes (4.203% to 7/23/28 then 3 mo. USD LIBOR + 1.260%)		4.203	%		7/23/29		18,900,000		21,401,656	(c)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. USD LIBOR + 1.330%)		4.452	%		12/5/29		7,130,000		8,172,527	(c)
JPMorgan Chase & Co., Senior Notes (4.493% to 3/24/30 then SOFR + 3.790%)		4.493	%		3/24/31		15,000,000		17,302,069	(c)

See Notes to Schedule of Investments.

    28     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
JPMorgan Chase & Co., Senior Notes 3.109% to 4/22/40 then SOFR + 2.460%)		3.109	%		4/22/41		10,000,000	$	9,964,770	(c)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		3,195,000		3,504,391
JPMorgan Chase & Co., Subordinated Notes		4.125	%		12/15/26		14,330,000		16,151,533
JPMorgan Chase & Co., Subordinated Notes		4.250	%		10/1/27		4,050,000		4,592,703
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		20,670,000		25,847,799
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 9/27/25 then USD 5 year ICE Swap Rate + 4.496%)		7.500	%		9/27/25		1,000,000		1,145,000	(b)(c)
Lloyds Banking Group PLC, Senior Notes		3.900	%		3/12/24		10,560,000		11,474,000
Lloyds Banking Group PLC, Senior Notes		4.375	%		3/22/28		14,100,000		15,840,051
Lloyds Banking Group PLC, Senior Notes		4.550	%		8/16/28		200,000		227,953
Lloyds Banking Group PLC, Senior Notes (3.574% to 11/7/27 then 3 mo. USD LIBOR + 1.205%)		3.574	%		11/7/28		2,261,000		2,442,928	(c)
Lloyds Banking Group PLC, Subordinated Notes		4.500	%		11/4/24		15,350,000		17,073,695
Mitsubishi UFJ Financial Group Inc., Senior Notes		2.998	%		2/22/22		7,240,000		7,409,105
Natwest Group PLC, Senior Notes (4.269% to 3/22/24 then 3 mo. USD LIBOR + 1.762%)		4.269	%		3/22/25		10,710,000		11,688,137	(c)
Natwest Group PLC, Senior Notes (4.519% to 6/25/23 then 3 mo. USD LIBOR + 1.550%)		4.519	%		6/25/24		10,000,000		10,801,527	(c)
Natwest Group PLC, Senior Notes (4.892% to 5/18/28 then 3 mo. USD LIBOR + 1.754%)		4.892	%		5/18/29		5,450,000		6,216,438	(c)
Natwest Group PLC, Senior Notes (5.076% to 1/27/29 then 3 mo. USD LIBOR + 1.905%)		5.076	%		1/27/30		3,000,000		3,474,581	(c)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         29

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Nordea Bank Abp, Subordinated Notes		4.875	%		5/13/21		14,640,000	$	14,711,172	(a)
Royal Bank of Canada, Senior Notes		3.200	%		4/30/21		11,940,000		11,965,543
Royal Bank of Canada, Senior Notes		1.600	%		4/17/23		20,990,000		21,504,718
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		14,190,000		14,188,458
Santander UK Group Holdings PLC, Subordinated Notes		5.625	%		9/15/45		2,379,000		2,945,611	(a)
Standard Chartered PLC, Subordinated Notes		5.700	%		3/26/44		715,000		896,736	(a)
Sumitomo Mitsui Financial Group Inc., Senior Notes		2.058	%		7/14/21		10,680,000		10,734,628
Svenska Handelsbanken AB, Senior Notes		3.350	%		5/24/21		13,040,000		13,096,059
Swedbank AB, Senior Notes		1.300	%		6/2/23		17,500,000		17,789,100	(a)
Toronto-Dominion Bank, Senior Notes		3.250	%		6/11/21		14,710,000		14,793,107
Toronto-Dominion Bank, Senior Notes		0.750	%		6/12/23		27,800,000		28,010,980
Toronto-Dominion Bank, Senior Notes		1.150	%		6/12/25		14,120,000		14,138,219
UniCredit SpA, Senior Notes		6.572	%		1/14/22		30,090,000		31,371,176	(a)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34		1,450,000		1,710,000	(a)(c)
US Bancorp, Senior Notes		1.450	%		5/12/25		30,910,000		31,351,185
Wells Fargo & Co., Senior Notes		4.600	%		4/1/21		13,950,000		13,950,000
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		11,840,000		12,808,366
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		29,510,000		31,512,488
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		23,420,000		26,414,364
Wells Fargo & Co., Senior Notes (1.654% to 6/2/23 then SOFR + 1.600%)		1.654	%		6/2/24		18,940,000		19,354,206	(c)

See Notes to Schedule of Investments.

    30     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		25,380,000	$	26,209,489	(c)
Wells Fargo & Co., Senior Notes (2.393% to 6/2/27 then SOFR + 2.100%)		2.393	%		6/2/28		27,690,000		28,395,530	(c)
Wells Fargo & Co., Senior Notes (2.879% to 10/30/29 then 3 mo. USD LIBOR + 1.432%)		2.879	%		10/30/30		5,770,000		5,948,250	(c)
Wells Fargo & Co., Senior Notes (3.584% to 5/22/27 then 3 mo. USD LIBOR + 1.310%)		3.584	%		5/22/28		23,440,000		25,577,045	(c)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then SOFR + 4.032%)		4.478	%		4/4/31		15,920,000		18,346,781	(c)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		159,160,000		204,458,212	(c)
Wells Fargo & Co., Subordinated Notes		3.450	%		2/13/23		6,860,000		7,228,929
Wells Fargo & Co., Subordinated Notes		4.480	%		1/16/24		1,802,000		1,984,102
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		23,620,000		26,712,543
Wells Fargo & Co., Subordinated Notes		5.375	%		11/2/43		8,140,000		10,210,930
Wells Fargo & Co., Subordinated Notes		5.606	%		1/15/44		1,840,000		2,371,893
Wells Fargo & Co., Subordinated Notes		4.650	%		11/4/44		20,450,000		23,622,503
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		16,404,000		19,748,166
Wells Fargo & Co., Subordinated Notes		4.400	%		6/14/46		3,070,000		3,428,219
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		22,515,000		26,636,891
Total Banks									2,818,498,373
Capital Markets - 2.0%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		8,130,000		8,290,157

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         31

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
CME Group Inc., Senior Notes		5.300	%		9/15/43		4,500,000	$	6,092,500
Credit Suisse AG, Senior Notes		2.950	%		4/9/25		13,780,000		14,615,696
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 7/17/23 then USD 5 year ICE Swap Rate + 4.600%)		7.500	%		7/17/23		2,000,000		2,119,720	(a)(b)(c)
Credit Suisse Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26		42,045,000		42,771,088	(a)(c)
Credit Suisse Group AG, Senior Notes (2.593% to 9/11/24 then SOFR + 1.560%)		2.593	%		9/11/25		6,450,000		6,691,799	(a)(c)
Credit Suisse Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)		4.194	%		4/1/31		33,870,000		36,886,265	(a)(c)
Credit Suisse Group Funding Guernsey Ltd., Senior Notes		4.550	%		4/17/26		3,720,000		4,164,626
Goldman Sachs Capital II, Junior Subordinated Notes (3 mo. USD LIBOR + 0.768%, 4.000% floor)		4.000	%		5/3/21		413,000		393,114	(b)(c)
Goldman Sachs Group Inc., Senior Notes		5.250	%		7/27/21		5,320,000		5,402,393
Goldman Sachs Group Inc., Senior Notes		3.200	%		2/23/23		12,610,000		13,199,075
Goldman Sachs Group Inc., Senior Notes		4.000	%		3/3/24		5,100,000		5,559,034
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		5,410,000		5,882,394
Goldman Sachs Group Inc., Senior Notes		3.500	%		1/23/25		10,000,000		10,798,751
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		16,970,000		18,392,262
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		10,633,000		11,532,006
Goldman Sachs Group Inc., Senior Notes		2.600	%		2/7/30		10,000,000		10,129,383
Goldman Sachs Group Inc., Senior Notes		6.250	%		2/1/41		29,580,000		41,925,236
Goldman Sachs Group Inc., Senior Notes		4.750	%		10/21/45		20,030,000		24,727,147

See Notes to Schedule of Investments.

    32     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
Goldman Sachs Group Inc., Senior Notes (2.876% to 10/31/21 then 3 mo. USD LIBOR + 0.821%)		2.876	%		10/31/22		34,600,000	$	35,063,128	(c)
Goldman Sachs Group Inc., Senior Notes (3.691% to 6/5/27 then 3 mo. USD LIBOR + 1.510%)		3.691	%		6/5/28		5,760,000		6,305,875	(c)
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. USD LIBOR + 1.158%)		3.814	%		4/23/29		76,385,000		83,741,283	(c)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. USD LIBOR + 1.301%)		4.223	%		5/1/29		21,650,000		24,302,324	(c)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		24,160,000		26,984,292
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		8,640,000		12,233,983
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		21,841,000		27,382,253
KKR Group Finance Co. II LLC, Senior Notes		5.500	%		2/1/43		1,398,000		1,791,540	(a)
Lehman Brothers Holdings Capital Trust VII, Junior Subordinated Notes		5.857	%		5/3/21		5,550,000		0	*(b)(d)(e)(f)(g)
Lehman Brothers Holdings E-Capital Trust I, Junior Subordinated Notes		0.982	%		8/19/65		190,000		0	*(d)(e)(f)(g)
Lehman Brothers Holdings Inc., Junior Subordinated Notes		6.500	%		7/19/17		5,280,000		0	*(e)(f)(g)(h)
Lehman Brothers Holdings Inc., Subordinated Notes		6.750	%		12/28/17		1,070,000		0	*(e)(f)(g)(h)
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		39,580,000		40,919,188	(c)
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%)		2.699	%		1/22/31		26,340,000		26,833,092	(c)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         33

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%)		3.622	%		4/1/31		42,910,000	$	46,643,242	(c)
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. USD LIBOR + 1.140%)		3.772	%		1/24/29		35,353,000		38,690,341	(c)
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		1,160,000		1,329,101	(c)
UBS AG, Senior Notes		1.750	%		4/21/22		20,050,000		20,330,288	(a)
UBS AG, Senior Notes		4.500	%		6/26/48		3,490,000		4,271,286	(a)
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		40,850,000		44,897,622	(a)(b)(c)
UBS Group AG, Senior Notes		3.491	%		5/23/23		32,680,000		33,734,502	(a)
UBS Group AG, Senior Notes		4.125	%		9/24/25		4,880,000		5,421,036	(a)
UBS Group AG, Senior Notes		4.253	%		3/23/28		15,530,000		17,538,261	(a)
UBS Group AG, Senior Notes (2.859% to 8/15/22 then 3 mo. USD LIBOR + 0.954%)		2.859	%		8/15/23		2,300,000		2,371,629	(a)(c)
Total Capital Markets									770,356,912
Diversified Financial Services - 0.3%
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust, Senior Notes		3.150	%		2/15/24		18,350,000		19,129,863
Ahold Lease USA Inc. Pass- Through-Trust, Senior Secured Notes, Step bond (8.620% to 7/2/21 then 0.000%)		8.620	%		1/2/25		2,572,152		2,850,635
GE Capital International Funding Co. Unlimited Co., Senior Notes		4.418	%		11/15/35		20,571,000		23,574,834
ILFC E-Capital Trust II, Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10 year Treasury Constant Maturity Rate or 30 year Treasury Constant Maturity Rate) + 1.800%)		4.220	%		12/21/65		2,870,000		2,385,687	(a)(c)
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		3,540,000		3,786,474

See Notes to Schedule of Investments.

    34     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Financial Services - (continued)
National Securities Clearing Corp., Senior Notes		1.200	%		4/23/23		10,000,000	$	10,157,407	(a)
National Securities Clearing Corp., Senior Notes		1.500	%		4/23/25		9,000,000		9,094,026	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		623,000		654,241	(a)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		1,170,000		1,222,471	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		2,790,000		3,034,793	(a)
Syngenta Finance NV, Senior Notes		3.933	%		4/23/21		22,950,000		22,992,636	(a)
USAA Capital Corp., Senior Notes		1.500	%		5/1/23		600,000		613,144	(a)
USAA Capital Corp., Senior Notes		2.125	%		5/1/30		1,100,000		1,080,906	(a)
Vanguard Group Inc.		3.050	%		8/22/50		21,230,000		18,678,154	(e)(f)
Total Diversified Financial Services									119,255,271
Insurance - 0.2%
Ambac Assurance Corp., Subordinated Notes		5.100	%		6/7/21		298,643		410,635	(a)(b)
Ambac LSNI LLC, Senior Secured Notes (3 mo. USD LIBOR + 5.000%, 6.000% floor)		6.000	%		2/12/23		1,083,280		1,087,342	(a)(c)
American International Group Inc., Junior Subordinated Notes		6.250	%		3/15/37		446,000		483,439
American International Group Inc., Senior Notes		2.500	%		6/30/25		7,979,000		8,376,689
American International Group Inc., Senior Notes		3.750	%		7/10/25		12,460,000		13,617,894
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		19,600,000		22,748,221
Brighthouse Financial Inc., Senior Notes		4.700	%		6/22/47		482,000		492,556
Chubb INA Holdings Inc., Senior Notes		3.350	%		5/3/26		5,420,000		5,910,359
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		5,940,000		5,900,525	(a)
MetLife Capital Trust IV, Junior Subordinated Notes		7.875	%		12/15/37		8,900,000		12,391,025	(a)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         35

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Insurance - (continued)
MetLife Inc., Junior Subordinated Notes (6.400% to 12/15/36 then 3 mo. USD LIBOR + 2.205%)		6.400	%		12/15/36		5,493,000	$	6,908,551	(c)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		10,670,000		10,583,019	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		5,400,000		5,393,894	(a)
Prudential Financial Inc., Senior Notes		4.500	%		11/16/21		300,000		307,729
Teachers Insurance & Annuity Association of America, Subordinated Notes		4.900	%		9/15/44		7,755,000		9,511,580	(a)
Total Insurance									104,123,458
TOTAL FINANCIALS									3,812,234,014
HEALTH CARE - 3.5%
Biotechnology - 0.6%
AbbVie Inc., Senior Notes		3.450	%		3/15/22		7,230,000		7,397,758
AbbVie Inc., Senior Notes		2.300	%		11/21/22		52,120,000		53,644,187
AbbVie Inc., Senior Notes		3.750	%		11/14/23		3,210,000		3,459,071
AbbVie Inc., Senior Notes		2.600	%		11/21/24		47,110,000		49,764,008
AbbVie Inc., Senior Notes		3.800	%		3/15/25		10,140,000		11,086,045
AbbVie Inc., Senior Notes		3.600	%		5/14/25		9,430,000		10,278,877
AbbVie Inc., Senior Notes		2.950	%		11/21/26		10,890,000		11,603,169
AbbVie Inc., Senior Notes		3.200	%		11/21/29		61,260,000		65,214,689
AbbVie Inc., Senior Notes		4.550	%		3/15/35		140,000		162,999
AbbVie Inc., Senior Notes		4.750	%		3/15/45		472,000		565,313
AbbVie Inc., Senior Notes		4.250	%		11/21/49		13,038,000		14,778,215
Amgen Inc., Senior Notes		3.625	%		5/22/24		1,480,000		1,598,573
Amgen Inc., Senior Notes		4.663	%		6/15/51		1,933,000		2,350,291
Gilead Sciences Inc., Senior Notes		3.700	%		4/1/24		399,000		429,918
Gilead Sciences Inc., Senior Notes		3.500	%		2/1/25		5,000,000		5,434,804
Gilead Sciences Inc., Senior Notes		3.650	%		3/1/26		1,560,000		1,714,535
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		6,165,000		7,468,907
Total Biotechnology									246,951,359

See Notes to Schedule of Investments.

    36     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		17,140,000	$	19,253,238
Abbott Laboratories, Senior Notes		4.750	%		11/30/36		6,660,000		8,255,235
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		10,150,000		13,250,558
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		19,160,000		20,590,988
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		3,922,000		4,286,193
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		2,251,000		2,688,147
Medtronic Inc., Senior Notes		3.500	%		3/15/25		6,594,000		7,236,416
Total Health Care Equipment & Supplies									75,560,775
Health Care Providers & Services - 1.3%
Aetna Inc., Senior Notes		2.800	%		6/15/23		2,610,000		2,723,590
Anthem Inc., Senior Notes		3.700	%		8/15/21		2,130,000		2,137,872
Anthem Inc., Senior Notes		3.125	%		5/15/22		5,280,000		5,440,097
Anthem Inc., Senior Notes		2.950	%		12/1/22		9,320,000		9,684,067
Anthem Inc., Senior Notes		3.350	%		12/1/24		4,140,000		4,480,200
Anthem Inc., Senior Notes		3.650	%		12/1/27		5,815,000		6,422,568
Anthem Inc., Senior Notes		4.375	%		12/1/47		4,000,000		4,614,959
Centene Corp., Senior Notes		5.375	%		6/1/26		2,940,000		3,078,033	(a)
Centene Corp., Senior Notes		4.625	%		12/15/29		3,120,000		3,380,832
Centene Corp., Senior Notes		3.375	%		2/15/30		3,060,000		3,093,461
Cigna Corp., Senior Notes		3.750	%		7/15/23		12,207,000		13,058,915
Cigna Corp., Senior Notes		4.125	%		11/15/25		8,050,000		8,981,302
Cigna Corp., Senior Notes		4.375	%		10/15/28		22,000,000		25,193,346
Cigna Corp., Senior Notes		4.800	%		8/15/38		26,282,000		31,468,977
Cigna Corp., Senior Notes		4.900	%		12/15/48		6,510,000		7,993,232
CommonSpirit Health, Secured Notes		4.350	%		11/1/42		1,410,000		1,560,468
CVS Health Corp., Senior Notes		2.750	%		12/1/22		16,440,000		16,983,578
CVS Health Corp., Senior Notes		3.700	%		3/9/23		3,895,000		4,134,752
CVS Health Corp., Senior Notes		3.875	%		7/20/25		4,447,000		4,918,304
CVS Health Corp., Senior Notes		3.625	%		4/1/27		5,590,000		6,143,524
CVS Health Corp., Senior Notes		4.300	%		3/25/28		53,460,000		60,744,075
CVS Health Corp., Senior Notes		3.750	%		4/1/30		21,210,000		23,163,269
CVS Health Corp., Senior Notes		4.125	%		4/1/40		4,720,000		5,226,096
CVS Health Corp., Senior Notes		5.125	%		7/20/45		12,410,000		15,215,355

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         37

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
CVS Health Corp., Senior Notes		5.050	%		3/25/48		29,693,000	$	36,509,800
CVS Health Corp., Senior Notes		4.250	%		4/1/50		11,275,000		12,677,983
Fresenius Medical Care U.S. Finance II Inc., Senior Notes		5.875	%		1/31/22		5,140,000		5,349,517	(a)
Fresenius Medical Care U.S. Finance II Inc., Senior Notes		4.750	%		10/15/24		780,000		867,445	(a)
HCA Inc., Senior Notes		5.375	%		2/1/25		3,542,000		3,956,414
HCA Inc., Senior Notes		7.690	%		6/15/25		723,000		874,248
HCA Inc., Senior Notes		5.375	%		9/1/26		738,000		833,479
HCA Inc., Senior Notes		5.625	%		9/1/28		700,000		806,242
HCA Inc., Senior Notes		5.875	%		2/1/29		4,060,000		4,736,822
HCA Inc., Senior Notes		3.500	%		9/1/30		5,720,000		5,775,032
HCA Inc., Senior Notes		7.500	%		11/15/95		15,410,000		21,122,564
HCA Inc., Senior Secured Notes		4.750	%		5/1/23		4,150,000		4,474,383
HCA Inc., Senior Secured Notes		5.000	%		3/15/24		330,000		367,328
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		2,960,000		3,404,255
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		1,780,000		1,997,936
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		5,920,000		7,379,830
Humana Inc., Senior Notes		3.150	%		12/1/22		2,470,000		2,560,811
Humana Inc., Senior Notes		4.500	%		4/1/25		2,460,000		2,765,123
Humana Inc., Senior Notes		3.950	%		3/15/27		8,340,000		9,309,830
Humana Inc., Senior Notes		4.625	%		12/1/42		3,460,000		4,030,126
Humana Inc., Senior Notes		4.950	%		10/1/44		2,476,000		2,979,316
Humana Inc., Senior Notes		4.800	%		3/15/47		600,000		719,778
UnitedHealth Group Inc., Senior Notes		2.875	%		12/15/21		6,088,000		6,200,794
UnitedHealth Group Inc., Senior Notes		2.375	%		10/15/22		1,990,000		2,053,130
UnitedHealth Group Inc., Senior Notes		3.500	%		6/15/23		4,480,000		4,782,958
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		6,210,000		6,881,681
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		4,790,000		4,790,847
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		2,622,000		2,959,239
UnitedHealth Group Inc., Senior Notes		2.000	%		5/15/30		11,310,000		11,138,604
UnitedHealth Group Inc., Senior Notes		5.700	%		10/15/40		10,000,000		13,875,285

See Notes to Schedule of Investments.

    38     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
UnitedHealth Group Inc., Senior Notes		4.250	%		6/15/48		3,420,000	$	4,084,030
UnitedHealth Group Inc., Senior Notes		4.450	%		12/15/48		10,480,000		12,883,058
UnitedHealth Group Inc., Senior Notes		3.700	%		8/15/49		6,465,000		7,037,420
UnitedHealth Group Inc., Senior Notes		3.875	%		8/15/59		10,385,000		11,621,290
UnitedHealth Group Inc., Senior Notes		3.125	%		5/15/60		1,570,000		1,546,422
Total Health Care Providers & Services									493,193,892
Pharmaceuticals - 1.4%
Bausch Health Americas Inc., Senior Notes		9.250	%		4/1/26		4,681,000		5,192,633	(a)
Bausch Health Americas Inc., Senior Notes		8.500	%		1/31/27		36,000		39,988	(a)
Bausch Health Cos. Inc., Senior Notes		9.000	%		12/15/25		5,050,000		5,496,142	(a)
Bausch Health Cos. Inc., Senior Notes		5.000	%		1/30/28		20,974,000		21,262,393	(a)
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		22,551,000		24,003,300	(a)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		6,789,000		7,589,661	(a)
Bausch Health Cos. Inc., Senior Notes		5.250	%		1/30/30		65,770,000		66,185,666	(a)
Bausch Health Cos. Inc., Senior Notes		5.250	%		2/15/31		8,940,000		8,914,029	(a)
Bausch Health Cos. Inc., Senior Secured Notes		5.500	%		11/1/25		590,000		606,744	(a)
Bristol-Myers Squibb Co., Senior Notes		2.250	%		8/15/21		10,330,000		10,405,806
Bristol-Myers Squibb Co., Senior Notes		2.600	%		5/16/22		14,560,000		14,936,377
Bristol-Myers Squibb Co., Senior Notes		3.550	%		8/15/22		4,650,000		4,849,518
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		25,023,000		26,752,577
Bristol-Myers Squibb Co., Senior Notes		3.875	%		8/15/25		6,008,000		6,684,707

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         39

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - (continued)
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		18,350,000	$	19,974,167
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		8,710,000		9,528,547
Bristol-Myers Squibb Co., Senior Notes		5.000	%		8/15/45		11,772,000		15,159,321
Bristol-Myers Squibb Co., Senior Notes		4.550	%		2/20/48		4,433,000		5,413,816
GlaxoSmithKline Capital PLC, Senior Notes		2.850	%		5/8/22		1,000,000		1,028,131
Johnson & Johnson, Senior Notes		0.550	%		9/1/25		9,820,000		9,745,143
Johnson & Johnson, Senior Notes		0.950	%		9/1/27		19,580,000		19,047,338
Johnson & Johnson, Senior Notes		3.625	%		3/3/37		29,750,000		33,663,850
Johnson & Johnson, Senior Notes		2.100	%		9/1/40		3,700,000		3,350,840
Merck & Co. Inc., Senior Notes		0.750	%		2/24/26		17,050,000		16,843,377
Merck & Co. Inc., Senior Notes		1.450	%		6/24/30		9,130,000		8,709,304
Pfizer Inc., Senior Notes		0.800	%		5/28/25		20,340,000		20,207,133
Pfizer Inc., Senior Notes		2.625	%		4/1/30		14,195,000		14,746,451
Pfizer Inc., Senior Notes		1.700	%		5/28/30		13,010,000		12,588,145
Pfizer Inc., Senior Notes		7.200	%		3/15/39		5,000		7,846
Teva Pharmaceutical Finance Co. BV, Senior Notes		3.650	%		11/10/21		1,360,000		1,374,028
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		7,388,000		7,420,323
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		11,098,000		11,104,936
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		25,567,000		25,485,186
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		6.000	%		4/15/24		2,985,000		3,185,965
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		7.125	%		1/31/25		11,970,000		13,246,960
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		52,610,000		50,374,075

See Notes to Schedule of Investments.

    40     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - (continued)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.100	%		10/1/46		24,330,000	$	21,423,781
Wyeth LLC, Senior Notes		5.950	%		4/1/37		5,098,000		7,100,882
Total Pharmaceuticals									533,649,086
TOTAL HEALTH CARE									1,349,355,112
INDUSTRIALS - 2.9%
Aerospace & Defense - 1.2%
Boeing Co., Senior Notes		1.433	%		2/4/24		11,330,000		11,474,801
Boeing Co., Senior Notes		4.875	%		5/1/25		45,320,000		50,498,395
Boeing Co., Senior Notes		2.196	%		2/4/26		21,860,000		21,807,118
Boeing Co., Senior Notes		3.100	%		5/1/26		3,720,000		3,943,147
Boeing Co., Senior Notes		2.700	%		2/1/27		5,050,000		5,132,881
Boeing Co., Senior Notes		2.800	%		3/1/27		4,740,000		4,860,101
Boeing Co., Senior Notes		3.200	%		3/1/29		16,620,000		16,848,322
Boeing Co., Senior Notes		5.150	%		5/1/30		23,970,000		27,637,242
Boeing Co., Senior Notes		3.250	%		2/1/35		32,524,000		31,554,280
Boeing Co., Senior Notes		3.550	%		3/1/38		3,780,000		3,664,706
Boeing Co., Senior Notes		5.705	%		5/1/40		18,190,000		22,300,229
Boeing Co., Senior Notes		3.750	%		2/1/50		9,510,000		9,124,865
Boeing Co., Senior Notes		5.805	%		5/1/50		42,300,000		53,377,320
Boeing Co., Senior Notes		5.930	%		5/1/60		9,740,000		12,530,543
General Dynamics Corp., Senior Notes		3.250	%		4/1/25		1,740,000		1,885,111
General Dynamics Corp., Senior Notes		3.500	%		5/15/25		1,990,000		2,176,890
General Dynamics Corp., Senior Notes		4.250	%		4/1/40		1,535,000		1,810,523
General Dynamics Corp., Senior Notes		4.250	%		4/1/50		9,321,000		11,166,892
Lockheed Martin Corp., Senior Notes		3.100	%		1/15/23		2,269,000		2,371,742
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		13,115,000		14,469,633
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		2,420,000		2,926,760
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		16,925,000		18,020,482
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		29,720,000		31,911,027

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         41

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Aerospace & Defense - (continued)
Northrop Grumman Corp., Senior Notes		5.250	%		5/1/50		20,320,000	$	26,419,734
Raytheon Technologies Corp., Senior Notes		3.150	%		12/15/24		6,150,000		6,615,051
Raytheon Technologies Corp., Senior Notes		3.950	%		8/16/25		14,150,000		15,724,678
Raytheon Technologies Corp., Senior Notes		4.125	%		11/16/28		7,780,000		8,766,943
Raytheon Technologies Corp., Senior Notes		7.500	%		9/15/29		10,000,000		13,783,239
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		13,000,000		12,809,864
Raytheon Technologies Corp., Senior Notes		4.500	%		6/1/42		4,109,000		4,910,494
Total Aerospace & Defense									450,523,013
Airlines - 0.6%
Continental Airlines Pass- Through Trust		5.983	%		4/19/22		6,074,869		6,202,544
Continental Airlines Pass- Through Trust, Senior Secured Trust		6.703	%		6/15/21		14,454		14,416
Delta Air Lines Inc., Senior Notes		3.400	%		4/19/21		24,310,000		24,309,999
Delta Air Lines Inc., Senior Notes		3.625	%		3/15/22		10,830,000		10,952,656
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		4,300,000		4,394,783
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		9,750,000		9,755,687
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		17,870,000		20,916,420
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		67,950,000		78,331,843	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		16,970,000		18,124,474	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		15,300,000		16,650,574	(a)

See Notes to Schedule of Investments.

    42     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - (continued)
Mileage Plus Holdings LLC/ Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		15,750,000	$	17,285,625	(a)
Spirit Loyalty Cayman Ltd./ Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		19,560,000		22,150,037	(a)
Total Airlines									229,089,058
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		3.377	%		4/5/40		6,240,000		6,240,744
Carrier Global Corp., Senior Notes		3.577	%		4/5/50		2,470,000		2,429,864
Total Building Products									8,670,608
Commercial Services & Supplies - 0.1%
Cintas Corp. No 2, Senior Notes		2.900	%		4/1/22		7,980,000		8,166,420
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		7,500,000		8,334,819
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		540,000		482,625
GFL Environmental Inc., Senior Secured Notes		4.250	%		6/1/25		7,650,000		7,893,844	(a)
Republic Services Inc., Senior Notes		2.500	%		8/15/24		9,100,000		9,579,212
Waste Management Inc., Senior Notes		3.500	%		5/15/24		4,440,000		4,797,358
Waste Management Inc., Senior Notes		4.150	%		7/15/49		7,460,000		8,551,933
Total Commercial Services & Supplies									47,806,211
Electrical Equipment - 0.1%
Eaton Corp., Senior Notes		2.750	%		11/2/22		25,195,000		26,148,346
Eaton Corp., Senior Notes		4.150	%		11/2/42		4,160,000		4,705,425
Total Electrical Equipment									30,853,771
Industrial Conglomerates - 0.4%
3M Co., Senior Notes		2.375	%		8/26/29		10,110,000		10,316,847
3M Co., Senior Notes		3.050	%		4/15/30		3,400,000		3,613,283
3M Co., Senior Notes		3.700	%		4/15/50		20,000,000		21,782,550
General Electric Co., Senior Notes		3.450	%		5/1/27		2,950,000		3,206,146
General Electric Co., Senior Notes		3.625	%		5/1/30		6,030,000		6,499,675

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Industrial Conglomerates - (continued)
General Electric Co., Senior Notes		6.750	%		3/15/32		10,280,000	$	13,785,725
General Electric Co., Senior Notes		6.150	%		8/7/37		5,260,000		6,926,342
General Electric Co., Senior Notes		5.875	%		1/14/38		16,543,000		21,444,598
General Electric Co., Senior Notes		6.875	%		1/10/39		35,494,000		50,003,484
General Electric Co., Senior Notes		4.250	%		5/1/40		6,280,000		6,902,030
General Electric Co., Senior Notes		4.350	%		5/1/50		8,260,000		9,191,484
Honeywell International Inc., Senior Notes		1.350	%		6/1/25		9,750,000		9,896,621
Total Industrial Conglomerates									163,568,785
Machinery - 0.1%
Deere & Co., Senior Notes		3.100	%		4/15/30		4,080,000		4,367,204
Deere & Co., Senior Notes		3.750	%		4/15/50		24,850,000		28,014,828
Otis Worldwide Corp., Senior Notes		2.056	%		4/5/25		6,550,000		6,750,533
Total Machinery									39,132,565
Road & Rail - 0.2%
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		8,730,000		9,598,504
Union Pacific Corp., Senior Notes		2.150	%		2/5/27		4,380,000		4,510,760
Union Pacific Corp., Senior Notes		3.950	%		9/10/28		28,460,000		31,927,110
Union Pacific Corp., Senior Notes		3.839	%		3/20/60		23,430,000		25,004,116
Union Pacific Corp., Senior Notes		3.750	%		2/5/70		12,515,000		12,856,180
Total Road & Rail									83,896,670
Trading Companies & Distributors - 0.1%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		9,600,000		10,150,167
Ashtead Capital Inc., Senior Notes		4.125	%		8/15/25		3,066,000		3,152,860	(a)
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		2,380,000		2,469,250
United Rentals North America Inc., Senior Notes		5.875	%		9/15/26		3,060,000		3,204,937

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Trading Companies & Distributors - (continued)
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		190,000	$	202,991
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		5,413,000		5,708,658
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		1,560,000		1,695,993
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		24,500,000		24,668,437
Total Trading Companies & Distributors									51,253,293
Transportation Infrastructure - 0.1%
DP World PLC, Senior Notes		5.625	%		9/25/48		27,030,000		31,793,145	(a)
TOTAL INDUSTRIALS									1,136,587,119
INFORMATION TECHNOLOGY - 1.9%
Communications Equipment - 0.0%††
CommScope Technologies LLC, Senior Notes		5.000	%		3/15/27		2,740,000		2,719,464	(a)
L3Harris Technologies Inc., Senior Notes		4.854	%		4/27/35		2,988,000		3,629,926
L3Harris Technologies Inc., Senior Notes		5.054	%		4/27/45		6,087,000		7,578,407
Total Communications Equipment									13,927,797
IT Services - 0.4%
International Business Machines Corp., Senior Notes		3.000	%		5/15/24		40,290,000		43,226,668
Mastercard Inc., Senior Notes		3.850	%		3/26/50		4,530,000		5,142,405
PayPal Holdings Inc., Senior Notes		1.350	%		6/1/23		11,850,000		12,065,937
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		12,430,000		12,671,209
PayPal Holdings Inc., Senior Notes		2.300	%		6/1/30		6,750,000		6,694,846
Visa Inc., Senior Notes		3.150	%		12/14/25		26,130,000		28,517,842
Visa Inc., Senior Notes		2.050	%		4/15/30		9,790,000		9,784,882
Visa Inc., Senior Notes		4.300	%		12/14/45		16,470,000		19,911,853
Total IT Services									138,015,642
Semiconductors & Semiconductor Equipment - 0.6%
Broadcom Inc., Senior Notes		4.700	%		4/15/25		32,370,000		36,505,119
Broadcom Inc., Senior Notes		3.150	%		11/15/25		25,730,000		27,441,290
Broadcom Inc., Senior Notes		4.150	%		11/15/30		3,000,000		3,241,870
Intel Corp., Senior Notes		3.700	%		7/29/25		4,050,000		4,469,669

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Semiconductors & Semiconductor Equipment - (continued)
Intel Corp., Senior Notes		4.600	%		3/25/40		6,320,000	$	7,647,110
Intel Corp., Senior Notes		4.750	%		3/25/50		16,515,000		20,736,637
Micron Technology Inc., Senior Notes		2.497	%		4/24/23		12,900,000		13,400,068
NVIDIA Corp., Senior Notes		2.850	%		4/1/30		7,890,000		8,295,705
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		17,250,000		18,593,772
NVIDIA Corp., Senior Notes		3.500	%		4/1/50		49,120,000		51,975,677
NVIDIA Corp., Senior Notes		3.700	%		4/1/60		16,020,000		17,306,683
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		8,540,000		8,963,234	(a)
Texas Instruments Inc., Senior Notes		1.750	%		5/4/30		8,690,000		8,372,657
Total Semiconductors & Semiconductor Equipment									226,949,491
Software - 0.7%
Microsoft Corp., Senior Notes		1.550	%		8/8/21		18,543,000		18,609,921
Microsoft Corp., Senior Notes		2.400	%		2/6/22		14,850,000		15,098,264
Microsoft Corp., Senior Notes		2.875	%		2/6/24		19,298,000		20,590,623
Microsoft Corp., Senior Notes		2.700	%		2/12/25		4,322,000		4,623,327
Microsoft Corp., Senior Notes		2.400	%		8/8/26		74,200,000		78,504,810
Microsoft Corp., Senior Notes		3.300	%		2/6/27		40,450,000		44,679,401
Microsoft Corp., Senior Notes		3.450	%		8/8/36		367,000		407,214
Microsoft Corp., Senior Notes		2.525	%		6/1/50		1,686,000		1,538,308
Microsoft Corp., Senior Notes		2.921	%		3/17/52		3,247,000		3,208,170
Microsoft Corp., Senior Notes		2.675	%		6/1/60		671,000		617,395
Microsoft Corp., Senior Notes		3.041	%		3/17/62		3,169,000		3,117,701
Oracle Corp., Senior Notes		1.650	%		3/25/26		38,900,000		39,225,525
Oracle Corp., Senior Notes		2.875	%		3/25/31		42,310,000		43,105,170
salesforce.com Inc., Senior Notes		3.250	%		4/11/23		11,370,000		12,015,451
salesforce.com Inc., Senior Notes		3.700	%		4/11/28		3,480,000		3,890,367
Total Software									289,231,647
Technology Hardware, Storage & Peripherals - 0.2%
Apple Inc., Senior Notes		1.550	%		8/4/21		347,000		348,064
Apple Inc., Senior Notes		1.125	%		5/11/25		33,600,000		33,838,869
Apple Inc., Senior Notes		2.450	%		8/4/26		32,030,000		33,767,572
Total Technology Hardware, Storage & Peripherals									67,954,505
TOTAL INFORMATION TECHNOLOGY									736,079,082

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.9%
Chemicals - 0.1%
Equate Petrochemical BV, Senior Notes		4.250	%		11/3/26		14,230,000	$	15,513,831	(a)
LyondellBasell Industries NV, Senior Notes		5.750	%		4/15/24		2,690,000		3,039,936
OCP SA, Senior Notes		4.500	%		10/22/25		14,510,000		15,410,418	(a)
Total Chemicals									33,964,185
Containers & Packaging - 0.0%††
Ardagh Packaging Finance PLC/ Ardagh Holdings USA Inc., Senior Notes		6.000	%		2/15/25		940,000		969,610	(a)
Ardagh Packaging Finance PLC/ Ardagh Holdings USA Inc., Senior Notes		5.250	%		8/15/27		610,000		622,859	(a)
WestRock RKT Co., Senior Notes		4.000	%		3/1/23		2,250,000		2,370,545
Total Containers & Packaging									3,963,014
Metals & Mining - 0.7%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		3,400,000		3,680,943	(a)
Anglo American Capital PLC, Senior Notes		4.750	%		4/10/27		9,785,000		11,234,309	(a)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		13,125,000		14,481,992	(a)
ArcelorMittal SA, Senior Notes		3.600	%		7/16/24		17,003,000		17,920,259
ArcelorMittal SA, Senior Notes		4.550	%		3/11/26		8,835,000		9,829,823
ArcelorMittal SA, Senior Notes		7.250	%		10/15/39		3,490,000		4,783,275
Barrick Gold Corp., Senior Notes		5.250	%		4/1/42		1,590,000		1,971,009
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		8,454,000		10,893,999
Barrick North America Finance LLC, Senior Notes		5.750	%		5/1/43		8,260,000		10,909,759
BHP Billiton Finance USA Ltd., Senior Notes		2.875	%		2/24/22		983,000		1,005,818
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		7,630,000		9,883,254
Freeport-McMoRan Inc., Senior Notes		3.875	%		3/15/23		40,000		41,733
Freeport-McMoRan Inc., Senior Notes		4.550	%		11/14/24		130,000		142,364

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         47

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Metals & Mining - (continued)
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		5,720,000	$	6,234,800
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		20,792,000		25,051,449
Glencore Finance Canada Ltd., Senior Notes		6.000	%		11/15/41		2,120,000		2,662,757	(a)
Glencore Funding LLC, Senior Notes		3.000	%		10/27/22		21,610,000		22,316,331	(a)
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		3,200,000		3,424,117	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		33,008,000		35,772,062	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		15,750,000		17,379,954	(a)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		32,800,000		39,856,563
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		641,000		771,030
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		6,600,000		7,861,821
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		6,581,000		8,760,956
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		10,350,000		11,340,899
Total Metals & Mining									278,211,276
Paper & Forest Products - 0.1%
Suzano Austria GmbH, Senior Notes		3.750	%		1/15/31		42,390,000		43,686,498
TOTAL MATERIALS									359,824,973
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., Senior Notes		4.500	%		1/15/28		340,000		352,648
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		3.750	%		9/17/24		23,980,000		25,393,529	(a)
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		4.750	%		9/17/44		600,000		611,164	(a)
TOTAL REAL ESTATE									26,357,341

See Notes to Schedule of Investments.

    48     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
UTILITIES - 0.6%
Electric Utilities - 0.5%
Berkshire Hathaway Energy Co., Senior Notes		6.125	%		4/1/36		156,000	$	210,654
Duke Energy Carolinas LLC, Secured Bonds		5.300	%		2/15/40		3,000,000		3,864,491
Duke Energy Ohio Inc., Secured Bonds		3.650	%		2/1/29		7,740,000		8,428,068
Duke Energy Progress LLC, Secured Bonds		2.800	%		5/15/22		400,000		408,397
Exelon Corp., Senior Notes		5.625	%		6/15/35		5,126,000		6,457,736
FirstEnergy Corp., Senior Notes		4.750	%		3/15/23		18,500,000		19,501,795
FirstEnergy Corp., Senior Notes		1.600	%		1/15/26		5,780,000		5,627,471
FirstEnergy Corp., Senior Notes		4.400	%		7/15/27		15,802,000		17,005,065
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		56,186,000		75,221,194
FirstEnergy Corp., Senior Notes		5.350	%		7/15/47		10,344,000		11,634,692
Pacific Gas and Electric Co., First Mortgage Bonds		1.750	%		6/16/22		21,610,000		21,643,656
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		6,640,000		6,510,615
Pacific Gas and Electric Co., Secured Bonds		2.500	%		2/1/31		8,320,000		7,856,685
Pacific Gas and Electric Co., Secured Bonds		3.300	%		8/1/40		1,720,000		1,562,214
Pacific Gas and Electric Co., Secured Bonds		3.500	%		8/1/50		4,040,000		3,517,951
Progress Energy Inc., Senior Notes		6.000	%		12/1/39		4,800,000		6,197,051
Total Electric Utilities									195,647,735
Multi-Utilities - 0.1%
Consolidated Edison Co. of New York Inc., Senior Notes		3.350	%		4/1/30		5,400,000		5,784,298
Consolidated Edison Co. of New York Inc., Senior Notes		3.950	%		4/1/50		4,490,000		4,883,446
Dominion Energy Inc., Senior Notes		7.000	%		6/15/38		3,600,000		5,130,446
Total Multi-Utilities									15,798,190
TOTAL UTILITIES									211,445,925
TOTAL CORPORATE BONDS & NOTES (Cost - $11,812,865,759)									12,545,246,726

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         49

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MORTGAGE-BACKED SECURITIES - 21.6%
FHLMC - 3.9%
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		6/1/23-3/1/50		66,539,197	$	73,941,954
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		10/1/25-3/1/50		153,206,403		166,326,330
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		9/1/32-11/1/50		279,331,669		294,931,997
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		4/1/33-3/1/50		176,471,745		188,885,307
Federal Home Loan Mortgage Corp. (FHLMC)		6.000	%		8/1/36		501		594
Federal Home Loan Mortgage Corp. (FHLMC)		5.500	%		12/1/38		2,513,750		2,956,235
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		3/1/47-3/1/50		62,673,159		69,250,781
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		5/1/47		16,749,584		18,403,194	(i)
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		12/1/47		3,317,915		3,520,569	(i)
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		9/1/50-2/1/51		123,105,914		127,170,012
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		11/1/50-4/30/51		86,822,227		86,847,719	(i)
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		2/1/51-3/1/51		87,234,516		87,227,258
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		3/1/51		4,865,141		5,023,846	(i)
Federal Home Loan Mortgage Corp. (FHLMC) (5 year Treasury Constant Maturity Rate + 1.284%)		2.170	%		3/1/47		6,332,218		6,584,726	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.500	%		7/1/23-4/1/48		24,951,420		27,605,154
Federal Home Loan Mortgage Corp. (FHLMC) Gold		5.000	%		9/1/23-6/1/48		2,281,795		2,569,475
Federal Home Loan Mortgage Corp. (FHLMC) Gold		6.500	%		7/1/29-9/1/39		1,882,296		2,154,616
Federal Home Loan Mortgage Corp. (FHLMC) Gold		7.000	%		4/1/32-3/1/39		526,889		616,663
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.500	%		8/1/33-3/1/45		22,441,622		24,435,105

See Notes to Schedule of Investments.

    50     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FHLMC - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) Gold		5.500	%		11/1/35		6,641	$	7,781
Federal Home Loan Mortgage Corp. (FHLMC) Gold		6.000	%		11/1/36		11,211		13,414
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.000	%		2/1/38-9/1/48		127,126,767		134,887,728
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.000	%		10/1/42-8/1/47		170,332,264		184,982,947
Total FHLMC									1,508,343,405
FNMA - 13.7%
Federal National Mortgage Association (FNMA)		4.500	%		7/1/23-1/1/59		538,315,244		598,061,443
Federal National Mortgage Association (FNMA)		6.000	%		4/1/24-7/1/41		25,386,211		30,315,985
Federal National Mortgage Association (FNMA)		2.810	%		4/1/25		3,150,000		3,372,870
Federal National Mortgage Association (FNMA)		2.500	%		6/1/28-4/1/51		374,195,452		385,520,908
Federal National Mortgage Association (FNMA)		6.500	%		2/1/29-5/1/40		8,239,402		9,569,963
Federal National Mortgage Association (FNMA)		3.160	%		5/1/29		5,861,490		6,439,134
Federal National Mortgage Association (FNMA)		3.040	%		6/1/29		5,250,000		5,727,788
Federal National Mortgage Association (FNMA)		7.000	%		8/1/29-2/1/39		2,571,664		3,025,848
Federal National Mortgage Association (FNMA)		7.500	%		11/1/29		1,448		1,702
Federal National Mortgage Association (FNMA)		2.260	%		4/1/30		8,640,239		8,978,203
Federal National Mortgage Association (FNMA)		1.950	%		4/1/32		4,360,000		4,353,588
Federal National Mortgage Association (FNMA)		5.000	%		7/1/33-3/1/50		189,547,471		214,005,258
Federal National Mortgage Association (FNMA)		3.500	%		9/1/33-9/1/50		766,158,526		817,887,141
Federal National Mortgage Association (FNMA)		1.500	%		12/1/35		6,841,406		6,891,381
Federal National Mortgage Association (FNMA)		3.000	%		2/1/36-3/1/40		59,257,266		62,263,393	(i)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		1.500	%		4/1/36		328,700,000	$	330,209,660	(j)
Federal National Mortgage Association (FNMA)		5.500	%		11/1/36-9/1/56		25,063,522		29,692,296
Federal National Mortgage Association (FNMA)		3.000	%		12/1/36-11/1/50		679,367,314		714,627,182
Federal National Mortgage Association (FNMA)		3.500	%		3/1/37-8/1/39		13,665,741		14,691,677	(i)
Federal National Mortgage Association (FNMA)		4.000	%		4/1/42-6/1/57		528,892,626		581,075,014
Federal National Mortgage Association (FNMA)		4.000	%		10/1/48		31,351,005		33,718,770	(i)
Federal National Mortgage Association (FNMA)		4.500	%		10/1/49-3/1/50		34,039,236		37,505,661	(i)
Federal National Mortgage Association (FNMA)		2.000	%		8/1/50-4/1/51		128,609,978		128,639,422	(i)
Federal National Mortgage Association (FNMA)		2.000	%		1/1/51-3/1/51		274,797,242		274,960,013
Federal National Mortgage Association (FNMA)		2.000	%		4/1/51		884,100,000		882,511,396	(j)
Federal National Mortgage Association (FNMA)		2.500	%		4/1/51		91,000,000		93,388,751	(j)
Federal National Mortgage Association (FNMA)		2.500	%		4/1/51		5,283,427		5,455,777	(i)
Federal National Mortgage Association (FNMA)		3.000	%		4/1/51		4,200,000		4,375,055	(j)
Federal National Mortgage Association (FNMA) (Federal Reserve US 12 mo. Cumulative Average 1 Year CMT + 1.903%)		2.353	%		11/1/35		15,717		16,643	(c)
Total FNMA									5,287,281,922
GNMA - 4.0%
Government National Mortgage Association (GNMA)		7.500	%		3/15/23-9/15/31		15,740		17,098
Government National Mortgage Association (GNMA)		7.000	%		9/15/23-7/15/31		36,376		40,869
Government National Mortgage Association (GNMA)		6.500	%		4/15/28-1/15/39		1,786,816		2,053,142
Government National Mortgage Association (GNMA)		6.000	%		1/15/29-2/15/37		5,055,793		5,860,054

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA)		8.000	%		12/15/30-1/15/31		8,940	$	9,153
Government National Mortgage Association (GNMA)		5.500	%		7/15/33-6/15/36		4,003,215		4,661,360
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		28,234,374		29,744,651
Government National Mortgage Association (GNMA)		4.000	%		4/15/47-3/15/50		25,247,129		29,243,348
Government National Mortgage Association (GNMA)		3.500	%		6/15/48-5/15/50		16,868,504		18,054,185
Government National Mortgage Association (GNMA) II		5.000	%		4/20/35-4/20/50		70,528,033		77,654,291
Government National Mortgage Association (GNMA) II		6.500	%		10/20/37		1,179,102		1,400,938
Government National Mortgage Association (GNMA) II		6.000	%		9/20/38-11/20/41		2,745,135		3,160,741
Government National Mortgage Association (GNMA) II		4.500	%		1/20/40-3/20/49		257,587,434		280,488,328
Government National Mortgage Association (GNMA) II		3.500	%		6/20/44-2/20/50		147,016,877		156,634,095
Government National Mortgage Association (GNMA) II		3.000	%		3/20/45-12/20/50		232,723,253		243,443,502
Government National Mortgage Association (GNMA) II		4.000	%		3/20/45-4/20/50		180,123,100		195,155,068
Government National Mortgage Association (GNMA) II		3.500	%		7/20/50-10/20/50		34,964,799		36,915,723	(i)
Government National Mortgage Association (GNMA) II		2.000	%		12/20/50-3/20/51		92,675,140		93,705,264
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50		18,026,943		18,739,666
Government National Mortgage Association (GNMA) II		2.000	%		4/20/51		165,400,000		167,015,237	(j)
Government National Mortgage Association (GNMA) II		2.500	%		4/20/51		153,100,000		157,980,064	(j)
Government National Mortgage Association (GNMA) II		3.000	%		5/20/51		41,400,000		43,153,031	(j)
Total GNMA									1,565,129,808
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $8,272,333,304)									8,360,755,135

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 19.4%
U.S. Government Agencies - 0.2%
Federal National Mortgage Association (FNMA), Notes		6.625	%		11/15/30		45,010,000	$	64,269,446
U.S. Government Obligations - 19.2%
Department of Housing and Urban Development, Notes		2.850	%		8/1/24		4,537,000		4,860,602
Department of Housing and Urban Development, Senior Notes		2.450	%		8/1/22		9,000,000		9,257,260
U.S. Treasury Bonds		5.500	%		8/15/28		10,000		12,860
U.S. Treasury Bonds		1.125	%		8/15/40		207,580,000		168,869,572
U.S. Treasury Bonds		1.375	%		11/15/40		139,030,000		118,305,841
U.S. Treasury Bonds		1.875	%		2/15/41		12,800,000		11,922,000
U.S. Treasury Bonds		3.750	%		11/15/43		210,430,000		263,292,318	(k)(l)
U.S. Treasury Bonds		3.625	%		2/15/44		297,160,000		365,448,762	(k)(l)
U.S. Treasury Bonds		2.500	%		2/15/45		56,680,000		57,886,664
U.S. Treasury Bonds		2.875	%		8/15/45		529,920,000		578,834,101	(k)
U.S. Treasury Bonds		3.125	%		5/15/48		42,580,000		48,847,244
U.S. Treasury Bonds		3.000	%		2/15/49		6,725,000		7,557,875
U.S. Treasury Bonds		2.000	%		2/15/50		139,610,800		127,724,794
U.S. Treasury Bonds		1.250	%		5/15/50		949,980,000		717,197,794
U.S. Treasury Bonds		1.375	%		8/15/50		924,530,000		721,711,231
U.S. Treasury Bonds		1.625	%		11/15/50		423,880,000		353,343,719
U.S. Treasury Bonds		1.875	%		2/15/51		187,210,000		166,178,127
U.S. Treasury Notes		0.125	%		6/30/22		1,410,000		1,410,496
U.S. Treasury Notes		0.125	%		7/15/23		850,000		848,456
U.S. Treasury Notes		2.875	%		9/30/23		560,000		596,805
U.S. Treasury Notes		0.125	%		10/15/23		900,000		897,170
U.S. Treasury Notes		0.250	%		11/15/23		3,155,000		3,153,768
U.S. Treasury Notes		0.375	%		4/30/25		780,000		770,387
U.S. Treasury Notes		0.250	%		5/31/25		929,870,000		912,253,325
U.S. Treasury Notes		0.250	%		6/30/25		586,300,000		574,551,099
U.S. Treasury Notes		0.250	%		8/31/25		2,440,000		2,383,670
U.S. Treasury Notes		0.250	%		9/30/25		5,620,000		5,482,683
U.S. Treasury Notes		0.250	%		10/31/25		12,820,000		12,485,228
U.S. Treasury Notes		0.375	%		11/30/25		43,600,000		42,654,765
U.S. Treasury Notes		0.375	%		1/31/26		2,490,000		2,428,528
U.S. Treasury Notes		0.500	%		6/30/27		493,740,000		471,299,902
U.S. Treasury Notes		0.375	%		9/30/27		266,880,000		251,195,588

See Notes to Schedule of Investments.

    54     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
U.S. Government Obligations - (continued)
U.S. Treasury Notes		0.625	%		11/30/27		263,500,000		$	251,313,125
U.S. Treasury Notes		0.625	%		12/31/27		413,210,000			393,501,821
U.S. Treasury Notes		0.750	%		1/31/28		179,230,000			171,864,767
U.S. Treasury Notes		1.250	%		3/31/28		16,330,000			16,162,873
U.S. Treasury Notes		3.125	%		11/15/28		5,000			5,593
U.S. Treasury Notes		0.625	%		5/15/30		271,420,000			247,055,815
U.S. Treasury Notes		0.625	%		8/15/30		299,930,000			271,858,427
U.S. Treasury Strip Principal (STRIPS)		0.000	%		11/15/24		6,080,000			5,971,462
U.S. Treasury Strip Principal (STRIPS)		0.000	%		5/15/49		152,060,000			76,198,902
Total U.S. Government Obligations										7,437,595,419
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $8,062,605,194)										7,501,864,865
SOVEREIGN BONDS - 8.2%
Argentina - 0.1%
Argentine Bonos del Tesoro, Bonds		16.000	%		10/17/23		70,110,000	ARS		275,650	(e)
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		5,149,404			1,856,360
Argentine Republic Government International Bond, Senior Notes, Step bond (0.125% to 7/9/21 then 0.500%)		0.125	%		7/9/30		59,973,058			20,183,933
Argentine Republic Government International Bond, Senior Notes, Step bond (0.125% to 7/9/21 then 1.125%)		0.125	%		7/9/35		47,667,840			14,324,662
Argentine Republic Government International Bond, Senior Notes, Step bond (0.125% to 7/9/21 then 2.500%)		0.125	%		7/9/41		22,200,000			7,699,182
Provincia de Buenos Aires, Senior Notes		6.500	%		2/15/23		9,210,000			3,384,767	*(a)(d)
Provincia de Buenos Aires, Senior Notes		9.125	%		3/16/24		1,550,000			600,625	*(a)(d)
Provincia de Buenos Aires, Senior Notes		7.875	%		6/15/27		7,890,000			2,939,104	*(a)(d)
Total Argentina										51,264,283

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         55

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Brazil - 0.9%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		339,418,000	BRL	$	63,513,690
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/25		437,887,000	BRL		82,125,711
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		156,106,000	BRL		29,130,778
Brazilian Government International Bond		4.750	%		1/14/50		14,290,000			13,012,045
Brazilian Government International Bond, Senior Notes		2.625	%		1/5/23		4,490,000			4,640,505
Brazilian Government International Bond, Senior Notes		4.625	%		1/13/28		18,440,000			19,524,180
Brazilian Government International Bond, Senior Notes		5.625	%		1/7/41		25,970,000			27,102,292
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		49,640,000			47,374,182
Brazilian Government International Bond, Senior Notes		5.625	%		2/21/47		52,790,000			53,986,486
Total Brazil										340,409,869
China - 1.1%
China Government Bond, Senior Notes		3.380	%		11/21/24		115,500,000	CNH		18,019,340	(m)
China Government Bond, Senior Notes		3.390	%		5/21/25		59,000,000	CNH		9,233,756	(m)
China Government Bond, Senior Notes		3.310	%		11/30/25		273,500,000	CNH		42,751,482	(m)
China Government Bond, Senior Notes		3.290	%		5/23/29		2,187,000,000	CNY		334,735,721
Total China										404,740,299

See Notes to Schedule of Investments.

    56     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Colombia - 0.1%
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		19,220,000	$	21,880,240
Colombia Government International Bond, Senior Notes		5.200	%		5/15/49		10,000,000		11,025,400
Total Colombia									32,905,640
Egypt - 0.0%††
Egypt Government International Bond, Senior Notes		5.577	%		2/21/23		15,630,000		16,305,294	(a)
Indonesia - 0.8%
Indonesia Government International Bond, Senior Notes		4.875	%		5/5/21		510,000		511,440	(m)
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		24,750,000		25,568,854	(m)
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		370,000		382,241	(a)
Indonesia Government International Bond, Senior Notes		5.375	%		10/17/23		7,620,000		8,498,548	(m)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		10,410,000		11,444,605	(a)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		3,010,000		3,232,183
Indonesia Government International Bond, Senior Notes		4.625	%		4/15/43		12,050,000		13,400,376	(m)
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		26,340,000		31,292,052	(a)
Indonesia Government International Bond, Senior Notes		5.125	%		1/15/45		3,610,000		4,288,075	(m)
Indonesia Government International Bond, Senior Notes		5.250	%		1/8/47		23,930,000		29,015,208	(a)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         57

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Indonesia - (continued)
Indonesia Government International Bond, Senior Notes		4.750	%		7/18/47		3,900,000		$	4,409,866	(a)
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		28,860,000			31,439,347
Indonesia Government International Bond, Senior Notes		3.700	%		10/30/49		3,160,000			3,222,243
Indonesia Treasury Bond		7.000	%		5/15/27		1,675,317,000,000	IDR		120,145,315
Indonesia Treasury Bond		7.500	%		6/15/35		279,479,000,000	IDR		19,665,124
Total Indonesia										306,515,477
Israel - 0.1%
Israel Government International Bond, Senior Notes		2.750	%		7/3/30		14,340,000			15,039,720
State of Israel		3.800	%		5/13/60		5,000,000			5,371,875	(m)
State of Israel, Senior Notes		3.375	%		1/15/50		8,320,000			8,424,000
Total Israel										28,835,595
Italy - 1.1%
Italy Buoni Poliennali Del Tesoro, Senior Notes		2.300	%		10/15/21		363,560,000	EUR		432,594,498	(m)
Kenya - 0.0%††
Kenya Government International Bond, Senior Notes		6.875	%		6/24/24		7,780,000			8,570,993	(m)
Kenya Government International Bond, Senior Notes		7.250	%		2/28/28		6,600,000			6,977,553	(a)
Total Kenya										15,548,546
Kuwait - 0.1%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		29,270,000			32,359,156	(a)
Mexico - 1.8%
Mexican Bonos, Bonds		10.000	%		12/5/24		324,780,000	MXN		18,169,216
Mexican Bonos, Bonds		8.000	%		11/7/47		6,679,000,000	MXN		335,529,929
Mexican Bonos, Senior Notes		8.500	%		5/31/29		2,067,380,000	MXN		113,638,649
Mexican Bonos, Senior Notes		7.750	%		11/23/34		381,940,000	MXN		19,657,099
Mexican Bonos, Senior Notes		7.750	%		11/13/42		2,811,886,200	MXN		139,079,643

See Notes to Schedule of Investments.

    58     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Mexico - (continued)
Mexico Government International Bond, Senior Notes		4.350	%		1/15/47		28,650,000	$	28,543,565
Mexico Government International Bond, Senior Notes		4.600	%		2/10/48		28,480,000		29,276,158
Mexico Government International Bond, Senior Notes		5.750	%		10/12/2110		9,190,000		10,235,960
Total Mexico									694,130,219
Nigeria - 0.1%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		8,130,000		8,408,046	(a)
Nigeria Government International Bond, Senior Notes		7.143	%		2/23/30		9,270,000		9,480,012	(a)
Total Nigeria									17,888,058
Panama - 0.1%
Panama Government International Bond, Senior Notes		2.252	%		9/29/32		33,170,000		31,611,342
Panama Government International Bond, Senior Notes		4.500	%		4/1/56		8,130,000		8,920,398
Total Panama									40,531,740
Peru - 0.1%
Peruvian Government International Bond, Senior Notes		2.783	%		1/23/31		32,540,000		32,652,589
Peruvian Government International Bond, Senior Notes		6.550	%		3/14/37		2,330,000		3,155,507
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		14,280,000		18,952,345
Total Peru									54,760,441
Poland - 0.1%
Republic of Poland Government International Bond, Senior Notes		4.000	%		1/22/24		39,880,000		43,720,045

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         59

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Qatar - 0.3%
Qatar Government International Bond, Senior Notes		4.000	%		3/14/29		22,950,000		$	26,109,526	(a)
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		58,690,000			72,049,018	(a)
Qatar Government International Bond, Senior Notes		4.400	%		4/16/50		13,490,000			15,689,882	(a)
Total Qatar										113,848,426
Russia - 1.1%
Russian Federal Bond - OFZ		7.000	%		1/25/23		1,326,230,000	RUB		17,957,866
Russian Federal Bond - OFZ		7.000	%		8/16/23		3,299,070,000	RUB		44,767,171
Russian Federal Bond - OFZ		7.750	%		9/16/26		256,110,000	RUB		3,562,371
Russian Federal Bond - OFZ		8.150	%		2/3/27		2,696,040,000	RUB		38,205,961
Russian Federal Bond - OFZ		7.050	%		1/19/28		6,370,818,000	RUB		85,302,902
Russian Federal Bond - OFZ		6.900	%		5/23/29		6,829,060,000	RUB		90,265,343
Russian Federal Bond - OFZ		7.650	%		4/10/30		5,213,630,000	RUB		72,332,997
Russian Federal Bond - OFZ		7.250	%		5/10/34		309,130,000	RUB		4,166,979
Russian Federal Bond - OFZ		7.700	%		3/16/39		5,422,870,000	RUB		76,274,485
Total Russia										432,836,075
United Arab Emirates - 0.3%
Abu Dhabi Government International Bond, Senior Notes		2.500	%		10/11/22		26,930,000			27,793,807	(a)
Abu Dhabi Government International Bond, Senior Notes		3.125	%		9/30/49		82,500,000			78,836,175	(a)
Abu Dhabi Government International Bond, Senior Notes		3.875	%		4/16/50		5,400,000			5,881,626	(a)
Abu Dhabi Government International Bond, Senior Notes		2.700	%		9/2/70		7,700,000			6,532,988	(a)
Total United Arab Emirates										119,044,596
Uruguay - 0.0%††
Uruguay Government International Bond, Senior Notes		7.875	%		1/15/33		1			2
TOTAL SOVEREIGN BONDS (Cost - $3,342,899,351)										3,178,238,259
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - 7.8%
Alternative Loan Trust, 2006-6CB 1A4		5.500	%		5/25/36		3,910,034			3,799,258

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (n) - (continued)
Alternative Loan Trust, 2006-18CB A6 (-4.000 x 1 mo. USD LIBOR + 28.600%)		28.165	%		7/25/36		5,948,632	$	8,601,684	(c)
Alternative Loan Trust, 2006-23CB 2A6, PAC (-4.000 x 1 mo. USD LIBOR + 28.400%)		27.965	%		8/25/36		2,591,506		3,266,594	(c)
Alternative Loan Trust, 2006-43CB 1A10		6.000	%		2/25/37		4,370,447		3,431,048
Alternative Loan Trust, 2006-43CB 3A3, IO (-1.000 x 1 mo. USD LIBOR + 6.630%)		6.521	%		2/25/37		13,833,054		3,181,746	(c)
Alternative Loan Trust, 2006- OA9 2A1B (1 mo. USD LIBOR + 0.200%)		0.311	%		7/20/46		355,407		283,612	(c)
BAMLL Commercial Mortgage Securities Trust, 2020-JGDN A (1 mo. USD LIBOR + 2.750%)		2.856	%		11/15/30		21,200,000		21,723,386	(a)(c)
Banc of America Funding Trust, 2015-R2 3A2 (1 mo. USD LIBOR + 0.260%)		0.369	%		4/29/37		23,853,604		23,327,803	(a)(c)
BANK, 2020-BN29 C		3.027	%		11/15/53		2,500,000		2,460,731	(c)
BBCCRE Trust, 2015-GTP E		4.563	%		8/10/33		33,260,000		31,661,465	(a)(c)
BBCMS Trust, 2018-CBM D (1 mo. USD LIBOR + 2.391%)		2.497	%		7/15/37		16,390,000		16,215,881	(a)(c)
BCAP LLC Trust, 2010-RR9 6A2		6.000	%		10/26/35		12,082,433		11,679,859	(a)(c)
Bear Stearns Asset Backed Securities I Trust, 2004-AC6 A1, Step bond		5.750	%		11/25/34		2,367,340		2,348,115
Bear Stearns Asset Backed Securities I Trust, 2006-AC4 A2 (-4.333 x 1 mo. USD LIBOR + 36.250%)		33.583	%		7/25/36		2,226,453		3,035,401	(c)
Bear Stearns Mortgage Funding Trust, 2007-AR2 A1 (1 mo. USD LIBOR + 0.170%)		0.279	%		3/25/37		11,564,565		10,932,154	(c)
Benchmark Mortgage Trust, 2020-IG1 AS		2.909	%		9/15/43		28,980,000		29,647,244	(c)
BHMS Mortgage Trust, 2018- MZB (1 mo. USD LIBOR + 6.637%)		6.743	%		7/10/21		93,060,000		88,497,454	(a)(c)

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (n) - (continued)
BX Commercial Mortgage Trust, 2019-XL A (1 mo. USD LIBOR + 0.920%)		1.026	%		10/15/36		20,179,609	$	20,216,919	(a)(c)
BX Commercial Mortgage Trust, 2020-FOX B (1 mo. USD LIBOR + 1.350%)		1.456	%		11/15/32		5,130,000		5,149,186	(a)(c)
BX Commercial Mortgage Trust, 2020-VIV3 B		3.544	%		3/9/44		15,530,000		16,343,578	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates Series, 2005-4A A1 (1 mo. USD LIBOR + 0.200%)		0.309	%		10/25/36		315,230		305,408	(a)(c)
CHT Mortgage Trust, 2017- CSMO A (1 mo. USD LIBOR + 0.930%)		1.036	%		11/15/36		17,095,000		17,121,497	(a)(c)
CIM Trust, 2017-5 A3		4.000	%		5/25/57		19,630,000		19,649,538	(a)(c)
Citigroup Commercial Mortgage Trust, 2014-GC25 AS		4.017	%		10/10/47		2,800,000		3,036,880
Citigroup Commercial Mortgage Trust, 2017-P7 B		4.137	%		4/14/50		9,194,000		9,986,214	(c)
Citigroup Mortgage Loan Trust, 2006-AR9 1A4 (1 mo. USD LIBOR + 0.480%)		0.589	%		11/25/36		237,295		239,632	(c)
Citigroup Mortgage Loan Trust Inc., 2005-5 1A5		2.253	%		8/25/35		60,438		54,766	(c)
Cold Storage Trust, 2020-ICE5 A (1 mo. USD LIBOR + 0.900%)		1.006	%		11/15/37		112,444,286		112,774,557	(a)(c)
Commercial Mortgage Pass- Through Certificates, 2014- CR21 A3		3.528	%		12/10/47		539,088		575,729
Commercial Mortgage Pass- Through Certificates, 2015-DC1 C		4.308	%		2/10/48		3,070,000		3,006,645	(c)
Commercial Mortgage Trust, 2013-CR12 AM		4.300	%		10/10/46		1,723,000		1,825,368
Commercial Mortgage Trust, 2013-CR12 B		4.762	%		10/10/46		1,470,000		1,557,323	(c)
Commercial Mortgage Trust, 2013-CR12 C		5.067	%		10/10/46		730,000		735,346	(c)
Commercial Mortgage Trust, 2014-CR19 B		4.703	%		8/10/47		8,410,000		9,224,217	(c)

See Notes to Schedule of Investments.

    62     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (n) - (continued)
Commercial Mortgage Trust, 2014-CR21 C		4.422	%		12/10/47		11,948,000	$	12,202,170	(c)
Commercial Mortgage Trust, 2015-DC1 B		4.035	%		2/10/48		7,160,000		7,496,544	(c)
Commercial Mortgage Trust, 2020-CX A		2.173	%		11/10/46		15,770,000		15,414,508	(a)
Commercial Mortgage Trust, 2020-CX B		2.446	%		11/10/46		5,000,000		4,915,697	(a)
Credit Suisse Commercial Mortgage Trust, 2006-C3 AJ		6.331	%		6/15/38		7,991		7,933	(c)
Credit Suisse Commercial Mortgage Trust, 2006-C5 AJ		5.373	%		12/15/39		4,546,078		883,076
CSMC Trust, 2014-USA A2		3.953	%		9/15/37		12,520,000		13,164,039	(a)
CSMC Trust, 2014-USA E		4.373	%		9/15/37		13,470,000		11,309,642	(a)
CSMC Trust, 2015-2R 7A1		2.892	%		8/27/36		7,694,341		7,839,991	(a)(c)
CSMC Trust, 2015-4R 3A3 (1 mo. USD LIBOR + 0.310%)		0.738	%		10/27/36		45,058,978		23,233,775	(a)(c)
CSMC Trust, 2017-CHOP G (1 mo. USD LIBOR + 5.350%)		5.456	%		7/15/32		23,400,000		16,564,846	(a)(c)
CSMC Trust, 2017-TIME A		3.646	%		11/13/39		21,200,000		21,485,549	(a)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		74,284,531		75,503,481	(a)(c)
CSMC Trust, 2019-RIO A		4.024	%		12/15/21		148,347,500		147,238,068	(a)
CSMC Trust, 2020-522F A (1 mo. USD LIBOR + 3.739%)		4.139	%		9/16/25		47,520,000		47,765,398	(a)(c)
CSMC Trust, 2020-FACT D (1 mo. USD LIBOR + 3.710%)		3.816	%		10/15/37		4,450,000		4,520,881	(a)(c)
CSMC Trust, 2020-FACT F (1 mo. USD LIBOR + 6.157%)		6.263	%		10/15/37		7,990,000		8,193,890	(a)(c)
CSMC Trust, 2020-RPL3 A1		2.691	%		3/25/60		27,949,140		28,312,283	(a)(c)
CSMC Trust, 2020-RPL6 A1		2.688	%		3/25/59		37,187,105		37,715,753	(a)(c)
CSMC Trust, 2021-2R 1A1 (1 mo. USD LIBOR + 1.750%)		1.856	%		7/25/47		46,510,000		46,858,127	(a)(c)
CSMC Trust, 2021-RPL1 A1		1.668	%		9/27/60		19,024,236		18,998,129	(a)(c)
CSMC Trust, 2021-RPL2 A1		2.000	%		1/25/60		19,028,876		19,362,856	(a)(c)
DBCG Mortgage Trust, 2017- BBG A (1 mo. USD LIBOR + 0.700%)		0.806	%		6/15/34		20,260,000		20,269,514	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multiclass Certificates, 2020-RR02 BX, IO		1.666	%		8/27/28		15,503,008		1,686,596	(c)

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (n) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) Multiclass Certificates, 2020-RR07 AX, IO		2.468	%		9/27/28		34,072,000	$	5,430,259	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K016 X1, IO		1.482	%		10/25/21		6,969,201		11,001	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K095 XAM, IO		1.238	%		6/25/29		6,300,000		594,822	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K101 X1, IO		0.836	%		10/25/29		19,953,962		1,252,522	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K736 X1, IO		1.312	%		7/25/26		20,829,570		1,220,061	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K737 X1, IO		0.638	%		10/25/26		35,898,650		1,119,309	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K741 X1, IO		0.658	%		12/25/27		43,181,378		1,497,832	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K1517 X1, IO		1.334	%		7/25/35		35,242,680		5,130,848	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, KC05 X1, IO		1.203	%		6/25/27		11,001,840		593,114	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Reference REMIC, R007 ZA		6.000	%		5/15/36		5,340,425		6,298,959
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2019- RR01 X, IO		1.534	%		6/25/28		22,500,000		2,170,913	(c)

See Notes to Schedule of Investments.

    64     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (n) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2957 ZA, PAC		5.000	%		3/15/35		8,173,138	$	9,271,536
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3242 SC, IO (-1.000 x 1 mo. USD LIBOR + 6.290%)		6.184	%		11/15/36		939,441		181,309	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3281 AI, IO (-1.000 x 1 mo. USD LIBOR + 6.430%)		6.324	%		2/15/37		5,273,024		1,094,297	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3368 AI, IO (-1.000 x 1 mo. USD LIBOR + 6.030%)		5.924	%		9/15/37		1,443,861		276,031	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3422 AI, IO, Step bond		0.250	%		1/15/38		588,990		4,140
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3621 SB, IO (-1.000 x 1 mo. USD LIBOR + 6.230%)		6.124	%		1/15/40		2,001,021		391,988	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3639 EY		5.000	%		2/15/30		3,217,010		3,565,383
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3768 MB, PAC-1		4.000	%		12/15/39		6,033,514		6,251,377
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3947 SG, IO (-1.000 x 1 mo. USD LIBOR + 5.950%)		5.844	%		10/15/41		4,554,755		732,651	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3973 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.490%)		6.384	%		12/15/41		3,779,739		823,613	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4054 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.050%)		5.944	%		8/15/39		2,414,968		460,437	(c)

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4099 ST, IO (-1.000 x 1 mo. USD LIBOR + 6.000%)		5.894	%		8/15/42		1,132,552	$	225,159	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4119 IN, IO		3.500	%		10/15/32		3,014,447		331,697
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4146 DI, IO		3.000	%		12/15/31		2,117,424		148,998
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4174 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.200%)		6.094	%		5/15/39		1,019,229		39,464	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4203 PS, IO,PAC (-1.000 x 1 mo. USD LIBOR + 6.250%)		6.144	%		9/15/42		2,006,960		268,785	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4239 IO, IO		3.500	%		6/15/27		2,068,127		126,063
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4298 PI, IO, PAC		4.000	%		4/15/43		991,581		49,634
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4415 IO, IO		2.282	%		4/15/41		3,879,840		228,094	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4793 CB		3.000	%		5/15/48		19,213,959		20,198,615
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4793 CD		3.000	%		6/15/48		13,916,654		14,625,199
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4813 CJ		3.000	%		8/15/48		10,359,460		10,748,772
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		11,317,876		1,656,942
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		27,323,618		4,391,425
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO		2.500	%		9/25/50		11,113,624		1,850,333

See Notes to Schedule of Investments.

    66     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		20,341,042	$	2,636,445
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5040 IB, IO		2.500	%		11/25/50		7,265,857		1,022,180
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5059 IB, IO		2.500	%		1/25/51		31,931,237		5,433,007
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5069 MI, IO		2.500	%		2/25/51		8,440,479		1,246,885
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA5 B1 (30 Day Average SOFR + 4.800%)		4.817	%		10/25/50		18,832,000		19,720,537	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2017-2 M1		4.000	%		8/25/56		10,000,000		10,244,072	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 283 IO, IO		3.500	%		10/15/27		520,280		37,598
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO		2.283	%		2/15/38		837,115		49,502	(c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 334 S7, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.994	%		8/15/44		7,208,255		1,468,462	(c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 353 S1, IO (-1.000 x 1 mo. USD LIBOR + 6.000%)		5.894	%		12/15/46		17,421,764		3,595,207	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-DNA1 M2 (1 mo. USD LIBOR + 1.800%)		1.909	%		7/25/30		63,842,234		63,609,210	(a)(c)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         67

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2020-DNA4 M2 (1mo. USD LIBOR + 3.750%)		3.859	%		8/25/50		16,590,000	$	16,797,093	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2020-DNA5 M2 (30 Day Average SOFR + 2.800%)		2.817	%		10/25/50		44,750,000		45,214,326	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2020-DNA6 M2 (30 Day Average SOFR + 2.000%)		2.017	%		12/25/50		38,540,000		38,585,562	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA1 M2 (30 Day Average SOFR + 1.800%)		1.817	%		1/25/51		34,330,000		34,020,982	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%)		2.317	%		8/25/33		38,980,000		39,230,002	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2014-C03 1M1 (1 mo. USD LIBOR + 3.000%)		3.109	%		7/25/24		41,859,982		41,426,363	(c)
Federal National Mortgage Association (FNMA) - CAS, 2015-C01 2M2 (1 mo. USD LIBOR + 4.550%)		4.659	%		2/25/25		832,264		835,442	(c)
Federal National Mortgage Association (FNMA) - CAS, 2015-C03 1M2 (1 mo. USD LIBOR + 5.000%)		5.109	%		7/25/25		13,200,203		13,595,974	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2017-C05 1M2 (1 mo. USD LIBOR + 2.200%)		2.309	%		1/25/30		18,019,325		18,267,181	(a)(c)

See Notes to Schedule of Investments.

    68     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal National Mortgage Association (FNMA) - CAS, 2017-C07 1M2 (1 mo. USD LIBOR + 2.400%)		2.509	%		5/25/30		17,336,612	$	17,455,104	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2018-C03 1B1 (1 mo. USD LIBOR + 3.750%)		3.859	%		10/25/30		8,520,000		8,699,317	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2018-C03 1M2 (1 mo. USD LIBOR + 2.150%)		2.259	%		10/25/30		4,464,756		4,464,405	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2018-C05 1B1 (1 mo. USD LIBOR + 4.250%)		4.359	%		1/25/31		19,860,000		20,356,280	(a)(c)
Federal National Mortgage Association (FNMA) ACES, 2013-M6 1AC		3.438	%		2/25/43		1,995,232		2,191,651	(c)
Federal National Mortgage Association (FNMA) ACES, 2015-M4, X2, IO		0.439	%		7/25/22		21,594,978		64,042	(c)
Federal National Mortgage Association (FNMA) ACES, 2017-M8 A2		3.061	%		5/25/27		3,822,000		4,169,040	(c)
Federal National Mortgage Association (FNMA) ACES, 2018-M9 APT2		3.121	%		4/25/28		2,452,124		2,631,379	(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2		3.610	%		2/25/31		5,140,000		5,826,676
Federal National Mortgage Association (FNMA) ACES, 2019-M5 A2		3.273	%		2/25/29		9,980,000		11,032,008
Federal National Mortgage Association (FNMA) ACES, 2019-M6 A2		3.450	%		1/1/29		12,263,939		13,658,094
Federal National Mortgage Association (FNMA) ACES, 2019-M13 X1, IO		0.831	%		6/25/34		17,858,550		1,017,821	(c)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         69

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal National Mortgage Association (FNMA) ACES, 2019-M14 X1, IO		0.591	%		6/25/29		55,254,324	$	2,199,791	(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M19 A2		2.560	%		9/25/29		6,866,950		7,272,297
Federal National Mortgage Association (FNMA) ACES, 2019-M23 3A3		2.720	%		10/25/31		7,496,116		7,577,740	(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M27 A2		2.700	%		11/25/40		2,500,000		2,617,050
Federal National Mortgage Association (FNMA) ACES, 2019-M28 AV		2.232	%		2/25/27		22,029,241		23,115,791
Federal National Mortgage Association (FNMA) ACES, 2020-M6 A		2.500	%		10/25/37		3,711,513		3,718,626
Federal National Mortgage Association (FNMA) ACES, 2020-M36 X1, IO		1.468	%		9/25/34		45,032,425		4,839,356	(c)
Federal National Mortgage Association (FNMA) REMIC, 2005-88 IP, IO		1.901	%		10/25/35		1,742,174		99,996	(c)
Federal National Mortgage Association (FNMA) REMIC, 2006-28 IP, IO		2.090	%		3/25/36		1,130,063		75,973
Federal National Mortgage Association (FNMA) REMIC, 2006-59 IP, IO		2.825	%		7/25/36		2,740,404		231,854	(c)
Federal National Mortgage Association (FNMA) REMIC, 2006-118 IP1, IO		0.166	%		12/25/36		2,981,124		258,193	(c)
Federal National Mortgage Association (FNMA) REMIC, 2006-118 IP2, IO		0.166	%		12/25/36		3,411,535		226,751	(c)
Federal National Mortgage Association (FNMA) REMIC, 2010-27 AS, IO (-1.000 x 1 mo. USD LIBOR + 6.480%)		6.371	%		4/25/40		1,516,082		305,356	(c)

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2010-123 PM, PAC		4.000	%		7/25/40		10,090,322	$	10,802,604
Federal National Mortgage Association (FNMA) REMIC, 2011-59 NZ		5.500	%		7/25/41		778,034		872,247
Federal National Mortgage Association (FNMA) REMIC, 2011-99 KS, IO (-1.000 x 1 mo. USD LIBOR + 6.700%)		6.591	%		10/25/26		605,928		65,551	(c)
Federal National Mortgage Association (FNMA) REMIC, 2012-28 B		6.500	%		6/25/39		623,122		683,693
Federal National Mortgage Association (FNMA) REMIC, 2012-035 SC, IO (-1.000 x 1 mo. USD LIBOR + 6.500%)		6.391	%		4/25/42		1,891,176		381,042	(c)
Federal National Mortgage Association (FNMA) REMIC, 2012-046 BA		6.000	%		5/25/42		2,930,385		3,402,042
Federal National Mortgage Association (FNMA) REMIC, 2012-51 B		7.000	%		5/25/42		4,534,433		5,510,282
Federal National Mortgage Association (FNMA) REMIC, 2012-070 YS, IO (-1.000 x 1 mo. USD LIBOR + 6.650%)		6.541	%		2/25/41		405,622		23,087	(c)
Federal National Mortgage Association (FNMA) REMIC, 2012-074 OA, PO		0.000	%		3/25/42		297,093		281,142
Federal National Mortgage Association (FNMA) REMIC, 2012-074 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.650%)		6.541	%		3/25/42		3,367,862		569,885	(c)
Federal National Mortgage Association (FNMA) REMIC, 2012-75 AO, PO		0.000	%		3/25/42		177,769		168,107
Federal National Mortgage Association (FNMA) REMIC, 2012-75 NS, IO (-1.000 x 1 mo. USD LIBOR + 6.600%)		6.491	%		7/25/42		381,950		70,564	(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2012-93 UI, IO		3.000	%		9/25/27		892,467	$	49,767
Federal National Mortgage Association (FNMA) REMIC, 2012-101 BI, IO		4.000	%		9/25/27		1,030,093		54,096
Federal National Mortgage Association (FNMA) REMIC, 2012-133 CS, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		6.041	%		12/25/42		2,657,010		586,607	(c)
Federal National Mortgage Association (FNMA) REMIC, 2012-134 MS, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		6.041	%		12/25/42		2,052,312		441,777	(c)
Federal National Mortgage Association (FNMA) REMIC, 2012-134 SK, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		6.041	%		12/25/42		6,563,963		1,407,426	(c)
Federal National Mortgage Association (FNMA) REMIC, 2013-9 BC		6.500	%		7/25/42		4,191,935		5,011,746
Federal National Mortgage Association (FNMA) REMIC, 2013-9 CB		5.500	%		4/25/42		11,339,929		13,033,324
Federal National Mortgage Association (FNMA) REMIC, 2013-9 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		6.041	%		3/25/42		3,663,699		634,178	(c)
Federal National Mortgage Association (FNMA) REMIC, 2013-14 IG, IO		4.000	%		3/25/43		3,731,098		404,145
Federal National Mortgage Association (FNMA) REMIC, 2013-026 HI, IO		3.000	%		4/25/32		2,113,299		68,629
Federal National Mortgage Association (FNMA) REMIC, 2013-29 QI, IO		4.000	%		4/25/43		3,575,854		425,648
Federal National Mortgage Association (FNMA) REMIC, 2013-54 BS, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		6.041	%		6/25/43		5,297,695		1,124,341	(c)

See Notes to Schedule of Investments.

    72     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2013-124 SB, IO (-1.000 x 1 mo. USD LIBOR + 5.950%)		5.841	%		12/25/43		11,303,120	$	2,179,426	(c)
Federal National Mortgage Association (FNMA) REMIC, 2014-47 AI, IO		2.179	%		8/25/44		4,185,918		250,916	(c)
Federal National Mortgage Association (FNMA) REMIC, 2015-55 IO, IO		1.802	%		8/25/55		9,069,314		395,528	(c)
Federal National Mortgage Association (FNMA) REMIC, 2015-56 AS, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		6.041	%		8/25/45		2,553,102		606,696	(c)
Federal National Mortgage Association (FNMA) REMIC, 2016-23 ST, IO (-1.000 x 1 mo. USD LIBOR + 6.000%)		5.891	%		11/25/45		14,769,932		3,158,424	(c)
Federal National Mortgage Association (FNMA) REMIC, 2016-61 BS, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.991	%		9/25/46		6,948,194		1,161,823	(c)
Federal National Mortgage Association (FNMA) REMIC, 2017-76 SB, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.991	%		10/25/57		28,077,307		6,076,963	(c)
Federal National Mortgage Association (FNMA) REMIC, 2017-85 SC, IO (-1.000 x 1 mo. USD LIBOR + 6.200%)		6.091	%		11/25/47		9,804,876		1,791,691	(c)
Federal National Mortgage Association (FNMA) REMIC, 2020-47 GZ		2.000	%		7/25/50		13,094,795		11,244,926
Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO		2.500	%		8/25/50		21,436,861		3,557,179
Federal National Mortgage Association (FNMA) REMIC, 2020-57 NI, IO		2.500	%		8/25/50		15,261,789		2,410,920
Federal National Mortgage Association (FNMA) REMIC, 2020-74 EI, IO		2.500	%		10/25/50		9,657,174		1,573,500

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO		2.500	%		12/25/50		63,382,097	$	9,343,459
Federal National Mortgage Association (FNMA) REMIC, 2020-97 AI, IO		2.000	%		1/25/51		22,154,559		2,919,958
Federal National Mortgage Association (FNMA) REMIC, 2021-3 IB, IO		2.500	%		2/25/51		30,599,363		5,467,008
Federal National Mortgage Association (FNMA) REMIC, 2021-3 QI, IO		2.500	%		2/25/51		48,875,430		7,492,481
Federal National Mortgage Association (FNMA) REMIC, 2021-1 IG, IO		2.500	%		2/25/51		7,572,464		1,224,325
Federal National Mortgage Association (FNMA) STRIPS, 390 C3, IO		6.000	%		7/25/38		837,322		169,197
Federal National Mortgage Association (FNMA) STRIPS, 407 22, IO		5.000	%		1/25/39		371,490		72,870
Federal National Mortgage Association (FNMA) STRIPS, 407 23, IO		5.000	%		1/25/39		201,737		31,988	(c)
Federal National Mortgage Association (FNMA) STRIPS, 407 27, IO		5.500	%		1/25/39		168,697		28,055	(c)
Federal National Mortgage Association (FNMA) STRIPS, 407 34, IO		5.000	%		1/25/38		248,263		39,090
Federal National Mortgage Association (FNMA) STRIPS, 407 41, IO		6.000	%		1/25/38		1,055,383		218,757
Federal National Mortgage Association (FNMA) STRIPS, 409 C1, IO		3.000	%		11/25/26		2,446,631		128,232
Federal National Mortgage Association (FNMA) STRIPS, 409 C2, IO		3.000	%		4/25/27		130,814		7,792
Federal National Mortgage Association (FNMA) STRIPS, 409 C13, IO		3.500	%		11/25/41		3,040,565		292,153

See Notes to Schedule of Investments.

    74     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Federal National Mortgage Association (FNMA) STRIPS, 409 C18, IO		4.000	%		4/25/42		2,211,834	$	308,310
Federal National Mortgage Association (FNMA) STRIPS, 409 C22, IO		4.500	%		11/25/39		974,734		183,452
Federal National Mortgage Association (FNMA) STRIPS, 20384 14, IO		5.500	%		1/25/40		438,739		86,944
First Horizon Alternative Mortgage Securities Trust, 2007-FA3 A1 (1 mo. USD LIBOR + 0.330%)		0.439	%		6/25/37		8,196,521		3,120,233	(c)
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		11,383,164		11,469,499	(a)(c)
Freddie Mac Multifamily ML Certificates, 2020-ML07 XUS, IO		1.975	%		10/25/36		34,224,680		6,370,582	(a)(c)
FREMF Mortgage Trust, 2012- K20 X2A, IO		0.200	%		5/25/45		170,938,890		289,229	(a)
Government National Mortgage Association (GNMA), 2006-16 GS, IO (-1.000 x 1 mo. USD LIBOR + 6.990%)		6.879	%		4/20/36		500,900		98,001	(c)
Government National Mortgage Association (GNMA), 2007-51 SG, IO (-1.000 x 1 mo. USD LIBOR + 6.580%)		6.469	%		8/20/37		1,961,480		302,941	(c)
Government National Mortgage Association (GNMA), 2010-42 BS, IO (-1.000 x 1 mo. USD LIBOR + 6.480%)		6.369	%		4/20/40		314,099		67,823	(c)
Government National Mortgage Association (GNMA), 2010-42 PC, PAC-1		5.000	%		7/20/39		2,185,798		2,267,270
Government National Mortgage Association (GNMA), 2010-85 HS, IO, PAC (-1.000 x 1 mo. USD LIBOR + 6.650%)		6.539	%		1/20/40		122,281		9,594	(c)
Government National Mortgage Association (GNMA), 2010-86 PB, PAC-1		4.500	%		10/20/39		5,194,505		5,377,884

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Government National Mortgage Association (GNMA), 2010-116 MH		5.000	%		7/20/40		23,725,156	$	27,382,313
Government National Mortgage Association (GNMA), 2010-118 IO, IO		0.000	%		4/16/53		833,511		8	(c)
Government National Mortgage Association (GNMA), 2010-H10 FC (1 mo. USD LIBOR + 1.000%)		1.115	%		5/20/60		412,711		418,969	(c)
Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. USD LIBOR + 0.350%)		0.470	%		8/20/58		1,107,748		1,109,251	(c)
Government National Mortgage Association (GNMA), 2010-H27 FA (1 mo. USD LIBOR + 0.380%)		0.500	%		12/20/60		272,181		272,832	(c)
Government National Mortgage Association (GNMA), 2010-H28 FE (1 mo. USD LIBOR + 0.400%)		0.520	%		12/20/60		4,836,448		4,849,351	(c)
Government National Mortgage Association (GNMA), 2011-140 AI, IO		4.000	%		10/16/26		132,207		7,629
Government National Mortgage Association (GNMA), 2011-H06 FA (1 mo. USD LIBOR + 0.450%)		0.570	%		2/20/61		1,613,496		1,619,782	(c)
Government National Mortgage Association (GNMA), 2011-H8 FG (1 mo. USD LIBOR + 0.480%)		0.600	%		3/20/61		4,447,507		4,467,137	(c)
Government National Mortgage Association (GNMA), 2011-H9 AF (1 mo. USD LIBOR + 0.500%)		0.620	%		3/20/61		4,178,763		4,197,705	(c)
Government National Mortgage Association (GNMA), 2012-34 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.050%)		5.939	%		3/20/42		1,268,602		278,363	(c)
Government National Mortgage Association (GNMA), 2012-66 CI, IO		3.500	%		2/20/38		1,270,330		21,750
Government National Mortgage Association (GNMA), 2012-81 AI, IO		3.500	%		4/20/27		889,960		48,298

See Notes to Schedule of Investments.

    76     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Government National Mortgage Association (GNMA), 2012-98 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.994	%		8/16/42		2,327,703	$	522,800	(c)
Government National Mortgage Association (GNMA), 2012-152 IO, IO		0.727	%		1/16/54		43,084,916		1,120,432	(c)
Government National Mortgage Association (GNMA), 2013-50 IO, IO		0.155	%		10/16/48		70,157,666		648,334	(c)
Government National Mortgage Association (GNMA), 2013-72 IO, IO		0.429	%		11/16/47		25,099,772		462,235	(c)
Government National Mortgage Association (GNMA), 2013-107 AD		2.755	%		11/16/47		5,456,871		5,701,908	(c)
Government National Mortgage Association (GNMA), 2013-150 IA, IO		1.562	%		11/20/42		1,445,577		66,781	(c)
Government National Mortgage Association (GNMA), 2014-17 AM		3.005	%		6/16/48		726,237		773,162	(c)
Government National Mortgage Association (GNMA), 2014-117 SJ, IO, PAC (-1.000 x 1 mo. USD LIBOR + 5.600%)		5.489	%		8/20/44		426,742		78,086	(c)
Government National Mortgage Association (GNMA), 2014-160 EI, IO		4.000	%		7/16/26		2,793,511		155,156
Government National Mortgage Association (GNMA), 2014-176 IA, IO		4.000	%		11/20/44		550,536		77,713
Government National Mortgage Association (GNMA), 2016-21 ST, IO (-1.000 x 1 mo. USD LIBOR + 6.150%)		6.039	%		2/20/46		19,464,105		4,170,714	(c)
Government National Mortgage Association (GNMA), 2016-84 IG, IO, PAC		4.500	%		11/16/45		3,660,226		670,052

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         77

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Government National Mortgage Association (GNMA), 2016-135 SB, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.994	%		10/16/46		5,902,654	$	1,654,783	(c)
Government National Mortgage Association (GNMA), 2017-8 IO, IO		0.579	%		8/16/58		28,190,332		1,261,250	(c)
Government National Mortgage Association (GNMA), 2017-28 IO, IO		0.653	%		2/16/57		27,037,069		1,318,290	(c)
Government National Mortgage Association (GNMA), 2017-41 IO, IO		0.699	%		7/16/58		20,142,524		959,940	(c)
Government National Mortgage Association (GNMA), 2017-111 IO, IO		0.643	%		2/16/59		7,005,998		340,021	(c)
Government National Mortgage Association (GNMA), 2017-145 IO, IO		0.628	%		4/16/57		60,245,853		2,841,381	(c)
Government National Mortgage Association (GNMA), 2017-157 IO		0.581	%		12/16/59		10,491,702		512,643	(c)
Government National Mortgage Association (GNMA), 2017-H15 KI, IO		2.310	%		7/20/67		32,140,741		3,441,984	(c)
Government National Mortgage Association (GNMA), 2017-H18 BI, IO		1.691	%		9/20/67		25,225,919		1,736,143	(c)
Government National Mortgage Association (GNMA), 2017-H20 IB, IO		2.066	%		10/20/67		12,957,052		1,170,946	(c)
Government National Mortgage Association (GNMA), 2017-H22 IC, IO		2.636	%		11/20/67		3,791,436		346,035	(c)
Government National Mortgage Association (GNMA), 2018-37 QA		2.750	%		3/20/48		5,770,657		6,140,342
Government National Mortgage Association (GNMA), 2018-H6 PF (1 mo. USD LIBOR + 0.300%)		0.420	%		2/20/68		14,830,314		14,835,867	(c)

See Notes to Schedule of Investments.

    78     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Government National Mortgage Association (GNMA), 2018-H07 FD (1 mo. USD LIBOR + 0.300%)		0.420	%		5/20/68		25,917,830	$	25,927,983	(c)
Government National Mortgage Association (GNMA), 2018-H8 KF (1 mo. USD LIBOR + 0.300%)		0.420	%		5/20/68		12,478,718		12,484,516	(c)
Government National Mortgage Association (GNMA), 2018-H13 FC (1 mo. USD LIBOR + 0.300%)		0.420	%		7/20/68		8,334,850		8,338,891	(c)
Government National Mortgage Association (GNMA), 2018-H17 FG (12 mo. USD LIBOR + 0.250%)		0.683	%		10/20/68		5,880,659		5,860,585	(c)
Government National Mortgage Association (GNMA), 2019-90 AB		3.000	%		7/20/49		8,807,312		9,147,315
Government National Mortgage Association (GNMA), 2019-123 A		3.000	%		10/20/49		4,597,795		4,726,716
Government National Mortgage Association (GNMA), 2020-47 MI, IO		3.500	%		4/20/50		23,009,076		3,587,028
Government National Mortgage Association (GNMA), 2020-47 NI, IO		3.500	%		4/20/50		7,260,864		1,146,591
Government National Mortgage Association (GNMA), 2020-109 AI, IO		0.875	%		5/16/60		26,137,169		2,032,003	(c)
Government National Mortgage Association (GNMA), 2020-123 IL, IO		2.500	%		8/20/50		8,627,647		1,266,029
Government National Mortgage Association (GNMA), 2020-123 NI, IO		2.500	%		8/20/50		25,627,949		3,778,974
Government National Mortgage Association (GNMA), 2020-127 IN, IO		2.500	%		8/20/50		12,303,305		1,861,927
Government National Mortgage Association (GNMA), 2020-129 IE, IO		2.500	%		9/20/50		11,291,663		1,654,952

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         79

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Government National Mortgage Association (GNMA), 2020-160 IH, IO		2.500	%		10/20/50		7,671,487	$	1,144,637
Government National Mortgage Association (GNMA), 2020-160 VI, IO		2.500	%		10/20/50		10,819,878		1,699,806
Government National Mortgage Association (GNMA), 2020-160 YI, IO		2.500	%		10/20/50		35,269,895		5,459,801
Government National Mortgage Association (GNMA), 2020-181 WI, IO		2.000	%		12/20/50		80,723,055		9,480,874
Government National Mortgage Association (GNMA), 2020-184, IO, IO		0.913	%		11/16/60		7,958,938		668,027	(c)
Government National Mortgage Association (GNMA), 2020-H9 FL (1 mo. USD LIBOR + 1.150%)		1.261	%		5/20/70		27,637,370		29,098,765	(c)
Government National Mortgage Association (GNMA), 2020-H9 NF (1 mo. USD LIBOR + 1.250%)		1.361	%		4/20/70		6,826,340		7,052,528	(c)
Government National Mortgage Association (GNMA), 2020-H12 F (1 mo. USD LIBOR + 0.500%)		0.611	%		7/20/70		3,357,513		3,402,380	(c)
Government National Mortgage Association (GNMA), 2020-H13 FA (1 mo. USD LIBOR + 0.450%)		0.561	%		7/20/70		8,106,214		8,202,424	(c)
Government National Mortgage Association (GNMA), 2020-H13 FC (1 mo. USD LIBOR + 0.450%)		0.561	%		7/20/70		3,851,759		3,893,834	(c)
Government National Mortgage Association (GNMA), 2020-H13 FM (1 mo. USD LIBOR + 0.400%)		0.511	%		8/20/70		91,159		91,515	(c)
Government National Mortgage Association (GNMA), 2021-22 IO, IO		0.997	%		5/16/63		33,520,031		3,021,667	(c)
Government National Mortgage Association (GNMA), 2021-29 TI, IO		2.500	%		2/20/51		499,043		100,330	(i)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Government National Mortgage Association (GNMA), 2021-37, IO, IO		0.805	%		1/16/61		22,765,376	$	1,807,011	(c)
Great Wolf Trust, 2019-WOLF B (1 mo. USD LIBOR + 1.334%)		1.440	%		12/15/36		15,590,000		15,519,719	(a)(c)
GreenPoint Mortgage Funding Trust, 2005-AR4 1A2A (1 mo. USD LIBOR + 0.640%)		0.749	%		10/25/45		2,035,758		2,074,077	(c)
GreenPoint Mortgage Funding Trust, 2005-AR5 2A1 (1 mo. USD LIBOR + 0.560%)		0.669	%		11/25/45		13,368,067		8,763,225	(c)
GreenPoint Mortgage Funding Trust, 2006-AR3 3A1 (1 mo. USD LIBOR + 0.460%)		0.569	%		4/25/36		387,472		461,860	(c)
GS Mortgage Securities Corp. II, 2018-SRP5 A (1 mo. USD LIBOR + 1.300%)		1.406	%		9/15/31		139,880,000		129,216,864	(a)(c)
GS Mortgage Securities Corp. Trust, 2013-GC16 B		5.161	%		11/10/46		4,302,000		4,622,896	(c)
GS Mortgage Securities Trust, 2015-GC30 B		4.030	%		5/10/50		16,340,000		17,386,905	(c)
GS Mortgage Securities Trust, 2017-GS8 A4		3.469	%		11/10/50		5,490,000		5,969,966
GSR Mortgage Loan Trust, 2005-AR7 1A1		2.788	%		11/25/35		609,819		432,233	(c)
HarborView Mortgage Loan Trust, 2005-3 2A1A (1 mo. USD LIBOR + 0.480%)		0.590	%		6/19/35		2,701,916		2,699,434	(c)
HarborView Mortgage Loan Trust, 2005-7 1A1 (11th District Cost of Funds + 1.850%)		2.307	%		6/19/45		2,021,027		1,190,561	(c)
HarborView Mortgage Loan Trust, 2006-2 1A		2.647	%		2/25/36		504,110		229,030	(c)
HarborView Mortgage Loan Trust, 2006-13 A (1 mo. USD LIBOR + 0.180%)		0.290	%		11/19/46		148,790		128,066	(c)
Impac CMB Trust, 2005-7 A1 (1 mo. USD LIBOR + 0.520%)		0.629	%		11/25/35		2,342,280		2,209,359	(c)
Impac CMB Trust, 2007-A A (1 mo. USD LIBOR + 0.500%)		0.609	%		5/25/37		5,703,242		5,761,573	(a)(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
IndyMac INDX Mortgage Loan Trust, 2005-AR13 1A1		3.079	%		8/25/35		135,295	$	101,560	(c)
Jefferies Resecuritization Trust, 2015-R1 A2 (1 mo. USD LIBOR + 0.140%)		0.243	%		12/26/36		18,386,177		12,427,677	(a)(c)
JPMBB Commercial Mortgage Securities Trust, 2013-C17 B		4.889	%		1/15/47		1,602,000		1,715,382	(c)
JPMBB Commercial Mortgage Securities Trust, 2014-C25 AS		4.065	%		11/15/47		5,930,000		6,431,504
JPMBB Commercial Mortgage Securities Trust, 2015-C30 B		4.267	%		7/15/48		19,921,000		21,644,935	(c)
JPMBB Commercial Mortgage Securities Trust, 2015-C31 B		4.620	%		8/15/48		10,543,000		11,575,004	(c)
JPMBB Commercial Mortgage Securities Trust, 2013-C14 B		4.702	%		8/15/46		4,000,000		4,125,186	(c)
JPMDB Commercial Mortgage Securities Trust, 2017-C5 A5		3.694	%		3/15/50		620,000		684,089
JPMorgan Chase Commercial Mortgage Securities Trust, 2006-LDP7 AJ		5.990	%		4/17/45		4,576,420		1,693,275	(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2007-CB19 AJ		5.897	%		2/12/49		3,411,523		1,675,285	(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2007-LD12 AJ		6.336	%		2/15/51		962,339		891,343	(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		3.862	%		5/15/28		11,407,035		10,514,679	(a)(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP3 C		3.457	%		8/15/49		1,510,000		1,508,579	(c)
JPMorgan Mortgage Trust, 2018-3 A1		3.500	%		9/25/48		17,560,584		17,844,133	(a)(c)
JPMorgan Mortgage Trust, 2018-4 A1		3.500	%		10/25/48		14,193,906		14,485,466	(a)(c)
JPMorgan Mortgage Trust, 2018-5 A1		3.500	%		10/25/48		19,360,137		19,753,783	(a)(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
JPMorgan Resecuritization Trust, 2015-1 4A1 (1 mo. USD LIBOR + 0.300%)		0.410	%		9/27/36		3,442,345	$	3,411,408	(a)(c)
JPMorgan Resecuritization Trust, 2015-1 4A2		0.538	%		9/27/36		13,157,789		9,002,704	(a)(c)
KKR Industrial Portfolio Trust, 2020-AIP E (1 mo. USD LIBOR + 2.626%)		2.732	%		3/15/37		14,135,256		14,223,652	(a)(c)
Legacy Mortgage Asset Trust, 2019-GS7 A1, Step bond		3.250	%		11/25/59		68,020,769		68,869,545	(a)
Legacy Mortgage Asset Trust, 2021-GS1 A1, Step bond		1.892	%		10/25/66		27,601,758		27,799,386	(a)
Lehman Mortgage Trust, 2006-7 3A4, IO (-1.000 x 1 mo. USD LIBOR + 7.150%)		7.041	%		11/25/36		6,220,856		1,950,825	(c)
MASTR Adjustable Rate Mortgages Trust, 2004-6 5A1		3.421	%		7/25/34		284,803		274,884	(c)
MASTR Adjustable Rate Mortgages Trust, 2006-OA1 1A1 (1 mo. USD LIBOR + 0.210%)		0.319	%		4/25/46		110,483		101,747	(c)
MASTR Reperforming Loan Trust, 2005-1 1A1		6.000	%		8/25/34		1,478,910		1,130,970	(a)
MASTR Reperforming Loan Trust, 2005-1 1A3		7.000	%		8/25/34		1,983,610		1,690,764	(a)
MASTR Reperforming Loan Trust, 2005-2 1A1F (1 mo. USD LIBOR + 0.350%)		0.459	%		5/25/35		2,081,522		1,154,919	(a)(c)
ML-CFC Commercial Mortgage Trust, 2007-5 AJ		5.450	%		8/12/48		2,012,970		1,122,263	(c)
ML-CFC Commercial Mortgage Trust, 2007-5 AJFL		5.450	%		8/12/48		317,868		177,216	(a)(c)
ML-CFC Commercial Mortgage Trust, 2007-9 AJ		6.193	%		9/12/49		291,801		287,552	(c)
Morgan Stanley Capital I Trust, 2007-IQ13 AJ		5.438	%		3/15/44		68,955		68,922
Morgan Stanley Mortgage Loan Trust, 2004-5AR 2A		2.741	%		7/25/34		10,388		10,729	(c)
Morgan Stanley Mortgage Loan Trust, 2005-3AR 2A2		3.014	%		7/25/35		847,163		826,741	(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Morgan Stanley Resecuritization Trust, 2015-R3 7A1 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		1.148	%		4/26/47		5,196,110	$	5,206,260	(a)(c)
Mortgage Loan Resecuritization Trust, 2009-RS1 A85 (1 mo. USD LIBOR + 0.340%)		0.455	%		4/16/36		43,152,207		39,990,027	(a)(c)
Motel 6 Trust, 2017-MTL6 F (1 mo. USD LIBOR + 4.250%)		4.356	%		8/15/34		24,714,592		24,856,253	(a)(c)
MRA Issuance Trust, 2021-EBO1 A1X (1 mo. USD LIBOR + 1.750%)		1.861	%		10/8/21		52,640,000		52,640,000	(a)(c)(e)
Multifamily Trust, 2016-1 B		19.233	%		4/25/46		2,254,077		2,587,777	(a)(c)
New Residential Mortgage Loan Trust, 2019-3A A1A		3.750	%		11/25/58		41,461,597		44,346,744	(a)(c)
Nomura Asset Acceptance Corp. Alternative Loan Trust Series, 2005-AP2 A5, Step bond		5.476	%		5/25/35		58,892		39,564
Nomura Resecuritization Trust, 2015-5R 3A5 (1 mo. USD LIBOR + 0.260%)		0.638	%		2/26/46		9,265,946		8,166,863	(a)(c)
NYMT Loan Trust, 2020-SP2 A1		2.944	%		10/25/60		35,149,469		35,320,000	(a)(c)
PFP V Sub Loan Trust, 2020-A A		3.108	%		10/15/23		17,963,707		18,089,920	(a)
PMT Credit Risk Transfer Trust, 2019-3R A (1 mo. USD LIBOR + 2.700%)		2.809	%		10/27/22		5,632,624		5,646,629	(a)(c)
PMT Credit Risk Transfer Trust, 2021-1R A (1 mo. USD LIBOR + 2.900%)		3.015	%		2/27/24		38,637,386		38,785,495	(a)(c)
Prime Mortgage Trust, 2006-1 3A2, IO (-1.000 x 1 mo. USD LIBOR + 7.150%)		7.041	%		6/25/36		9,315,316		1,995,434	(c)
Prime Mortgage Trust, 2006-DR1 2A2		6.000	%		5/25/35		25,833,263		23,250,529	(a)
RAMP Trust, 2004-SL4 A5		7.500	%		7/25/32		422,324		262,461
RAMP Trust, 2005-SL1 A7		8.000	%		5/25/32		211,544		166,837
RBSGC Mortgage Loan Trust, 2007-B 1A4 (1 mo. USD LIBOR + 0.450%)		0.559	%		1/25/37		6,674,001		2,683,817	(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
RBSSP Resecuritization Trust, 2009-12 9A2		2.828	%		3/25/36		6,635,299	$	5,979,892	(a)(c)
Redwood Funding Trust, 2019-1 PT, Step bond		4.213	%		9/27/24		36,570,358		36,957,602	(a)
Reperforming Loan REMIC Trust, 2006-R2 AS, IO		5.740	%		7/25/36		10,998,754		1,219,918	(a)(c)
Residential Asset Securitization Trust, 2004-A21A3, PAC (1 mo. USD LIBOR + 0.400%)		0.509	%		5/25/34		8,992		8,711	(c)
Rosslyn Portfolio Trust, 2017-ROSS A (1 mo. USD LIBOR + 0.950%, 1.939% floor)		1.939	%		6/15/33		26,891,722		26,928,612	(a)(c)
Shops at Crystals Trust, 2016-CSTL A		3.126	%		7/5/36		6,160,000		6,244,759	(a)
Structured Adjustable Rate Mortgage Loan Trust, 2004-8 1A1		2.813	%		7/25/34		635		670	(c)
Structured Asset Mortgage Investments II Trust, 2006-AR6 1A1 (1 mo. USD LIBOR + 0.360%)		0.469	%		7/25/46		113,457		100,725	(c)
Structured Asset Mortgage Investments Trust, 2003-AR1 A1 (1 mo. USD LIBOR + 0.740%)		0.850	%		10/19/33		60,171		58,621	(c)
SunTrust Alternative Loan Trust, 2006-1F 3A (1 mo. USD LIBOR + 0.350%)		0.459	%		4/25/36		17,013,242		3,510,504	(c)
UBS Commercial Mortgage Trust, 2017-C1 A4		3.460	%		6/15/50		5,440,000		5,872,201
UBS Commercial Mortgage Trust, 2017-C3 A4		3.426	%		8/15/50		6,000,000		6,550,524
VLS Commercial Mortgage Trust, 2020-LAB A		2.130	%		10/10/42		64,690,000		62,995,264	(a)
Wachovia Bank Commercial Mortgage Trust, 2007-C33 AJ		5.643	%		2/15/51		6,777,283		5,173,151	(c)
WaMu Mortgage Pass-Through Certificates Series Trust, 2003-AR9 1A7		2.767	%		9/25/33		5,820		5,888	(c)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR15 A1C3 (1 mo. USD LIBOR + 0.480%)		1.069	%		11/25/45		20,174,377		12,972,857	(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - (continued)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		6,591,306	$	6,726,841	(a)(c)
Wells Fargo Alternative Loan Trust, 2007-PA1 A12, IO (-1.000 x 1 mo. USD LIBOR + 5.460%)		5.351	%		3/25/37		9,993,108		1,357,220	(c)
Wells Fargo Alternative Loan Trust, 2007-PA2 2A1 (1 mo. USD LIBOR + 0.430%)		0.539	%		6/25/37		3,231,619		2,568,012	(c)
Wells Fargo Commercial Mortgage Trust, 2013-LC12 B		4.274	%		7/15/46		450,000		447,244	(c)
Wells Fargo Commercial Mortgage Trust, 2014-LC18 AS		3.808	%		12/15/47		5,630,000		6,075,557
Wells Fargo Commercial Mortgage Trust, 2017-C41 XA, IO		1.205	%		11/15/50		31,394,668		1,906,513	(c)
Wells Fargo Commercial Mortgage Trust, 2018-C44 A5		4.212	%		5/15/51		7,530,000		8,506,455
WFRBS Commercial Mortgage Trust, 2012-C7 XA, IO		1.302	%		6/15/45		167,837		1,389	(a)(c)
WFRBS Commercial Mortgage Trust, 2014-C19 B		4.723	%		3/15/47		270,000		291,774	(c)
WFRBS Commercial Mortgage Trust, 2014-C19 XA, IO		1.014	%		3/15/47		42,566,384		904,514	(c)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $3,052,625,730)									3,034,967,634
SENIOR LOANS - 6.0%
COMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.4%
Delta TopCo Inc., First Lien Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		12/1/27		28,020,000		28,020,000	(c)(o)(p)
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		1.859	%		3/1/27		48,377,251		47,824,347	(c)(o)(p)
Virgin Media Bristol LLC, Term Loan B		—			1/31/29		4,840,000		4,838,272	(q)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Telecommunication Services - (continued)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		2.606	%		1/31/28		42,810,528	$	42,491,889	(c)(o)(p)(q)
Zayo Group Holdings Inc., Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.109	%		3/9/27		23,100,000		22,944,283	(c)(o)(p)(q)
Total Diversified Telecommunication Services									146,118,791
Entertainment - 0.0%††
Go Daddy Operating Co. LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.859	%		2/15/24		9,066,230		9,008,533	(c)(o)(p)
Interactive Media & Services - 0.1%
Rackspace Technology Global Inc., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 2.750%)		3.500	%		2/15/28		22,920,000		22,768,155	(c)(o)(p)(q)
Media - 0.5%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		1.860	%		4/30/25		44,045,631		44,000,573	(c)(o)(p)
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.860	%		2/1/27		13,920,133		13,865,316	(c)(o)(p)
Entercom Media Corp., Term Loan B2 (1 mo. USD LIBOR + 2.500%)		2.608	%		11/18/24		3,527,911		3,460,107	(c)(o)(p)
iHeartCommunications Inc., New Term Loan (1 mo. USD LIBOR + 3.000%)		3.109	%		5/1/26		31,662,258		31,342,817	(c)(o)(p)
Nexstar Broadcasting Inc., Term Loan B4 (1 mo. USD LIBOR + 2.500%)		2.615	%		9/18/26		48,599,196		48,304,151	(c)(o)(p)(q)
Numericable U.S. LLC, USD Term Loan B12 (1 mo. USD LIBOR + 3.688%)		3.794	%		1/31/26		9,694,697		9,626,834	(c)(o)(p)
Terrier Media Buyer Inc., 2021 Refinancing Term Loan B (1 mo. USD LIBOR + 3.500%)		3.609	%		12/17/26		25,609,246		25,415,179	(c)(o)(p)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Univision Communications Inc., 2020 First Lien New Replacement Term Loan (the greater of 1 mo. USD LIBOR or 1.000% + 3.750%)		4.750	%		3/15/26		23,987,764	$	24,001,269	(c)(o)(p)(q)
Ziggo Financing Partnership, Term Loan I (1 mo. USD LIBOR + 2.500%)		2.606	%		4/30/28		7,475,074		7,409,151	(c)(o)(p)
Total Media									207,425,397
Wireless Telecommunication Services - 0.0%††
CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.500%)		2.606	%		4/15/27		5,672,700		5,617,493	(c)(o)(p)
TOTAL COMMUNICATION SERVICES									390,938,369
CONSUMER DISCRETIONARY - 1.2%
Auto Components - 0.1%
Clarios Global LP, First Lien Term Loan (1 mo. USD LIBOR + 3.250%)		3.359	%		4/30/26		16,494,019		16,370,314	(c)(o)(p)
Commercial Services & Supplies - 0.0%††
Atlantic Aviation FBO Inc., Term Loan (1 mo. USD LIBOR + 3.750%)		3.860	%		12/6/25		3,665,625		3,670,207	(c)(o)(p)
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, 2021 Refinancing Term Loan B1		3.500	%		9/23/26		45,641,055		45,478,070	(c)(o)(p)(q)
ServiceMaster Co. LLC, Term Loan B (1 mo. USD LIBOR + 1.750%)		1.875	%		11/5/26		5,124,484		5,128,328	(c)(o)(p)
Total Diversified Consumer Services									50,606,398
Hotels, Restaurants & Leisure - 0.8%
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		1.859	%		11/19/26		46,607,862		45,854,633	(c)(o)(p)
Alterra Mountain Co., Initial Term Loan (1 mo. USD LIBOR + 2.750%)		2.859	%		7/31/24		14,689,399		14,529,652	(c)(o)(p)
Aramark Services Inc., Term Loan B3 (1 mo. USD LIBOR + 1.750%)		1.859	%		3/11/25		10,448,057		10,354,767	(c)(o)(p)

See Notes to Schedule of Investments.

    88     Western Asset Core Plus Bond Fund 2021 Quarterly Report

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
Aramark Services Inc., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		1.859	%		1/15/27		10,701,900	$	10,561,438	(c)(o)(p)
Boyd Gaming Corp., Refinancing Term Loan B (1 week USD LIBOR + 2.250%)		2.331	%		9/15/23		1,975,326		1,973,755	(c)(o)(p)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		2.859	%		12/23/24		32,240,997		31,777,532	(c)(o)(p)
Caesars Resort Collection LLC, Term Loan B1 (1 mo. USD LIBOR + 4.500%)		4.609	%		7/21/25		19,233,350		19,294,647	(c)(o)(p)
Four Seasons Hotels Ltd., Restated Term Loan (1 mo. USD LIBOR + 2.000%)		2.109	%		11/30/23		11,615,460		11,598,223	(c)(o)(p)
Golden Nugget Inc., First Initial Term Loan (the greater of 2 mo. USD LIBOR or 0.750% + 2.500%)		3.250	%		10/4/23		11,935,984		11,774,848	(c)(o)(p)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.859	%		6/22/26		32,511,278		32,255,252	(c)(o)(p)
PCI Gaming Authority, Term Loan Facility B (1 mo. USD LIBOR + 2.500%)		2.609	%		5/29/26		12,329,673		12,261,280	(c)(o)(p)
Scientific Games International Inc., Initial Term Loan B5 (1 mo. USD LIBOR + 2.750%)		2.859	%		8/14/24		51,733,960		50,802,748	(c)(o)(p)
Station Casinos LLC, Term Loan Facility B1 (the greater of 1 mo. USD LIBOR or 0.250% + 2.250%)		2.500	%		2/8/27		27,081,690		26,704,469	(c)(o)(p)
Wynn Resorts Finance LLC, Term Loan Facility A (1 mo. USD LIBOR + 1.750%)		1.860	%		9/20/24		35,661,525		34,769,987	(c)(o)(p)
Total Hotels, Restaurants & Leisure									314,513,231
Specialty Retail - 0.2%
Academy Ltd., New Initial Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 5.000%)		5.750	%		11/5/27		6,673,275		6,686,622	(c)(o)(p)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Specialty Retail - (continued)
BJ’s Wholesale Club Inc., Term Loan B (1 mo. USD LIBOR + 2.000%)		2.106	%		2/3/24		1,231,406	$	1,232,316	(c)(o)(p)
Great American Outdoors Group LLC, Term Loan B1 (the greater of 6 mo. USD LIBOR or 0.750% + 4.250%)		5.000	%		3/5/28		11,172,000		11,194,109	(c)(o)(p)
Harbor Freight Tools USA Inc., 2020 Initial Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 3.000%)		3.750	%		10/19/27		20,002,650		20,013,911	(c)(o)(p)
Michaels Stores Inc., 2020 Refinancing Term Loan B (the greater of 1 mo. USD LIBOR or 0.750% + 3.500%)		4.250	%		10/1/27		14,258,789		14,258,789	(c)(o)(p)
Petco Animal Supplies Inc., First Lien Initial Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 3.250%)		4.000	%		3/4/28		22,780,000		22,710,840	(c)(o)(p)(q)
Whatabrands LLC, 2020 Refinancing Term Loan (1 mo. USD LIBOR + 2.750%)		2.856	%		7/31/26		317,469		316,105	(c)(o)(p)
Total Specialty Retail									76,412,692
TOTAL CONSUMER DISCRETIONARY									461,572,842
CONSUMER STAPLES - 0.2%
Beverages - 0.1%
Triton Water Holdings Inc., First Lien Initial Term Loan		—			3/31/28		28,750,000		28,685,830	(q)
Food & Staples Retailing - 0.1%
Froneri U.S. Inc., Term Loan Facility B2 (1 mo. USD LIBOR + 2.250%)		2.359	%		1/29/27		14,192,750		14,014,234	(c)(o)(p)
US Foods Inc., 2019 Incremental Term Loan B (1 mo. USD LIBOR + 2.000%)		2.109	%		9/13/26		6,747,498		6,628,014	(c)(o)(p)
US Foods Inc., Repriced Term Loan (1 mo. USD LIBOR + 1.750%)		1.859	%		6/27/23		18,535,261		18,317,823	(c)(o)(p)
Total Food & Staples Retailing									38,960,071

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Household Products - 0.0%††
Energizer Holdings Inc., Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 2.250%)		2.750	%		12/22/27		7,180,000	$	7,174,392	(c)(o)(p)
TOTAL CONSUMER STAPLES									74,820,293
FINANCIALS - 0.7%
Capital Markets - 0.1%
Edelman Financial Center LLC, First Lien Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.109	%		7/21/25		11,631,755		11,569,968	(c)(o)(p)
Finco I LLC, 2020 Term Loan (1 mo. USD LIBOR + 2.500%)		2.609	%		6/27/25		2,458,514		2,448,680	(c)(o)(p)
First Eagle Holdings Inc., 2018 Refinancing Term Loan B (3 mo. USD LIBOR + 2.500%)		2.703	%		2/1/27		10,881,744		10,758,649	(c)(o)(p)
Focus Financial Partners LLC, Term Loan B3 (1 mo. USD LIBOR + 2.000%)		2.109	%		7/3/24		13,633,476		13,492,274	(c)(o)(p)
Total Capital Markets									38,269,571
Diversified Financial Services - 0.4%
Alpha Topco Ltd. - Delta 2 (Lux) SARL, USD 2018 Incremental New Facility Loan B3 (the greater of 1 mo. USD LIBOR or 1.000% + 2.500%)		3.500	%		2/1/24		970,000		961,714	(c)(o)(p)
Citadel Securities LP, 2021 Term Loan (3 mo. USD LIBOR + 2.500%)		2.609	%		2/2/28		30,406,224		30,125,909	(c)(o)(p)
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan (the greater of 1 mo. USD LIBOR or 1.000% + 3.750%)		4.750	%		4/9/27		28,593,925		28,665,410	(c)(o)(p)
Hudson River Trading LLC, Term Loan (3 mo. USD LIBOR + 3.000%)		3.140	%		3/17/28		15,920,000		15,800,600	(c)(f)(o)(p)
Jane Street Group LLC, Term Loan (1 mo. USD LIBOR + 2.750%)		2.859	%		1/31/28		15,987,679		15,851,784	(c)(o)(p)
TKC Holdings Inc., First Lien Initial Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 3.750%)		4.750	%		2/1/23		4,624,182		4,525,918	(c)(o)(p)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		Value
Diversified Financial Services - (continued)
Trans Union LLC, Term Loan B5 (1 mo. USD LIBOR + 1.750%)		1.863	%		11/16/26		21,200,935	$	21,080,217	(c)(o)(p)(q)
UFC Holdings LLC, Term Loan B3 (the greater of 3 mo. USD LIBOR or 0.750% + 3.000%)		3.750	%		4/29/26		32,428,088		32,357,135	(c)(o)(p)
VFH Parent LLC, Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.110	%		3/1/26		15,556,306		15,523,249	(c)(o)(p)
Total Diversified Financial Services									164,891,936
Insurance - 0.2%
AmWINS Group Inc., Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 2.250%)		3.000	%		2/19/28		14,912,625		14,831,411	(c)(o)(p)
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		3.109	%		11/3/24		18,108,522		18,060,426	(c)(o)(p)
Asurion LLC, New Term Loan B8 (1 mo. USD LIBOR + 3.250%)		3.359	%		12/23/26		29,438,304		29,284,989	(c)(o)(p)
Asurion LLC, New Term Loan B9 (1 mo. USD LIBOR + 3.250%)		3.359	%		7/31/27		13,260,000		13,178,504	(c)(o)(p)
Asurion LLC, Replacement Term Loan B6 (1 mo. USD LIBOR + 3.000%)		3.109	%		11/3/23		7,023,664		7,011,043	(c)(o)(p)
Total Insurance									82,366,373
TOTAL FINANCIALS									285,527,880
HEALTH CARE - 1.3%
Health Care Equipment & Supplies - 0.0%††
Greatbatch Ltd., Term Loan B (the greater of 1 mo. USD LIBOR or 1.000% + 2.500%)		3.500	%		10/27/22		3,186,541		3,195,501	(c)(o)(p)
Health Care Providers & Services - 0.6%
Bioscrip Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		3.859	%		8/6/26		17,429,375		17,396,695	(c)(o)(p)
EyeCare Partners LLC, First Lien Initial Term Loan (1 mo. USD LIBOR + 3.750%)		3.859	%		2/18/27		11,728,666		11,622,897	(c)(o)(p)
Global Medical Response Inc., 2020 Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 4.750%)		5.750	%		10/2/25		15,701,762		15,684,584	(c)(o)(p)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
Grifols Worldwide Operations USA Inc., Term Loan B (1 week USD LIBOR + 2.000%)		2.081	%		11/15/27		48,131,279	$	47,655,453	(c)(o)(p)
HCA Inc., Term Loan B12 (1 mo. USD LIBOR + 1.750%)		1.859	%		3/13/25		6,181,347		6,188,110	(c)(o)(p)
LifePoint Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		3.859	%		11/17/25		36,947,287		36,908,788	(c)(o)(p)
MPH Acquisition Holdings LLC, Initial Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 2.750%)		3.750	%		6/7/23		32,064,756		31,931,751	(c)(o)(p)
Phoenix Guarantor Inc., Term Loan B (the greater of 1 mo. USD LIBOR or 0.500% + 3.750%)		4.250	%		3/5/26		1,835,400		1,826,796	(c)(o)(p)
Phoenix Guarantor Inc., Term Loan B1 (1 mo. USD LIBOR + 3.250%)		3.361	%		3/5/26		23,924,214		23,772,199	(c)(o)(p)
Phoenix Guarantor Inc., Term Loan B3		—			3/5/26		15,490,000		15,417,383	(q)
Sterigenics-Nordion Holdings LLC, Term Loan (the greater of 3 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		12/13/26		43,449,289		43,394,977	(c)(o)(p)
Total Health Care Providers & Services									251,799,633
Health Care Technology - 0.2%
athenahealth Inc., Term Loan B1 (3 mo. USD LIBOR + 4.250%)		4.453	%		2/11/26		48,330,871		48,512,112	(c)(o)(p)
Change Healthcare Holdings LLC, Closing Date Term Loan		3.500	%		3/1/24		44,624,767		44,619,189	(c)(o)(p)
Total Health Care Technology									93,131,301
Life Sciences Tools & Services - 0.2%
Parexel International Corp., Initial Term Loan (1 mo. USD LIBOR + 2.750%)		2.859	%		9/27/24		22,500,000		22,255,673	(c)(o)(p)(q)
PPD Inc., Initial Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 2.250%)		2.750	%		1/13/28		48,250,000		48,102,982	(c)(o)(p)
Total Life Sciences Tools & Services									70,358,655

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - 0.3%
Bausch Health Cos. Inc., First Incremental Term Loan (1 mo. USD LIBOR + 2.750%)		2.859	%		11/27/25		20,591,800	$	20,508,650	(c)(o)(p)
Bausch Health Cos. Inc., Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.109	%		6/2/25		14,352,924		14,321,176	(c)(o)(p)
Endo Luxembourg Finance Co. I Sarl, 2021 Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 5.000%)		5.750	%		3/25/28		4,679,159		4,644,065	(c)(o)(p)
Gainwell Acquisition Corp., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 4.000%)		4.750	%		10/1/27		39,606,350		39,507,334	(c)(o)(p)(q)
Horizon Therapeutics USA Inc., Incremental Term Loan B2 (the greater of 3 mo. USD LIBOR or 0.500% + 2.000%)		2.500	%		2/26/28		24,080,000		24,039,859	(c)(o)(p)
Total Pharmaceuticals									103,021,084
TOTAL HEALTH CARE									521,506,174
INDUSTRIALS - 0.6%
Aerospace & Defense - 0.0%††
Avolon TLB Borrower 1 US LLC, Term Loan B5 (the greater of 1 mo. USD LIBOR or 0.750% + 2.500%)		3.250	%		12/1/27		9,486,225		9,498,737	(c)(o)(p)
Transdigm Inc., Refinancing Term Loan F (1 mo. USD LIBOR + 2.250%)		2.359	%		12/9/25		2,214,394		2,171,114	(c)(o)(p)
Total Aerospace & Defense									11,669,851
Air Freight & Logistics - 0.1%
XPO Logistics Inc., Refinancing Term Loan (1 week USD LIBOR + 1.750%)		1.859	%		2/24/25		19,030,000		18,930,892	(c)(o)(p)
Airlines - 0.0%††
Delta Air Lines Inc., Initial Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 3.750%)		4.750	%		10/20/27		14,290,000		15,029,507	(c)(o)(p)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Commercial Services & Supplies - 0.3%
Allied Universal Holdco LLC, Initial Term Loan (1 mo. USD LIBOR + 4.250%)		4.359	%		7/10/26		44,540,786	$	44,476,736	(c)(o)(p)
APi Group DE Inc., Initial Term Loan (1 mo. USD LIBOR + 2.500%)		2.609	%		10/1/26		31,478,716		31,424,604	(c)(o)(p)(q)
Garda World Security Corp., Term Loan B2 (1 mo. USD LIBOR + 4.250%)		4.370	%		10/30/26		8,209,555		8,223,240	(c)(o)(p)
GFL Environmental Inc., 2020 Term Loan (the greater of 3 mo. USD LIBOR or 0.500% + 3.000%)		3.500	%		5/30/25		5,223,473		5,232,724	(c)(o)(p)
Verscend Holding Corp., New Term Loan B		—			8/27/25		13,280,000		13,280,000	(f)(q)
Verscend Holding Corp., Term Loan B (1 mo. USD LIBOR + 4.500%)		4.609	%		8/27/25		12,316,234		12,364,625	(c)(o)(p)
Total Commercial Services & Supplies									115,001,929
Electrical Equipment - 0.0%††
Brookfield WEC Holdings Inc., Refinancing Term Loan 2 (the greater of 1 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		8/1/25		8,835,228		8,771,332	(c)(o)(p)
Road & Rail - 0.1%
Genesee & Wyoming Inc., Initial Term Loan (3 mo. USD LIBOR + 2.000%)		2.203	%		12/30/26		48,794,545		48,699,688	(c)(o)(p)
Trading Companies & Distributors - 0.1%
BrightView Landscapes LLC, Initial Term Loan (1 mo. USD LIBOR + 2.500%)		2.625	%		8/15/25		12,291,480		12,268,433	(c)(o)(p)
Delos Finance SARL, 2018 Term Loan (3 mo. USD LIBOR + 1.750%)		1.953	%		10/6/23		5,500,000		5,496,134	(c)(o)(p)
Total Trading Companies & Distributors									17,764,567
TOTAL INDUSTRIALS									235,867,766

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
INFORMATION TECHNOLOGY - 0.5%
Communications Equipment - 0.0%††
Commscope Inc., Initial Term Loan (1 mo. USD LIBOR + 3.250%)		3.359	%		4/6/26		1,970,000	$	1,960,971	(c)(o)(p)
IT Services - 0.1%
McAfee LLC, USD Term Loan B (1 mo. USD LIBOR + 3.750%)		3.859	%		9/30/24		35,100,541		35,154,175	(c)(o)(p)
Software - 0.3%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 4.000%)		4.109	%		10/16/26		48,884,521		48,841,746	(c)(o)(p)
MA Financeco LLC, Term Loan B3 (1 mo. USD LIBOR + 2.750%)		2.859	%		6/21/24		341,641		337,798	(c)(o)(p)
Peraton Corp., Delayed Draw Term Loan		—			2/24/28		26,233,699		26,255,552	(q)
Peraton Corp., First Lien Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		2/1/28		14,906,301		14,918,718	(c)(o)(p)
RealPage Inc., Term Loan		—			2/18/28		36,810,000		36,679,619	(q)
Seattle Escrow Borrower LLC, Initial Term Loan (1 mo. USD LIBOR + 2.750%)		2.859	%		6/21/24		2,307,189		2,281,233	(c)(o)(p)
Total Software									129,314,666
Technology Hardware, Storage & Peripherals - 0.1%
Dell International LLC, Refinancing Term Loan B2 (the greater of 1 mo. USD LIBOR or 0.250% + 1.750%)		2.000	%		9/19/25		11,816,019		11,820,238	(c)(o)(p)(q)
Western Digital Corp., New Term Loan B4 (3 mo. USD LIBOR + 1.750%)		1.865	%		4/29/23		2,750,870		2,753,816	(c)(o)(p)
Total Technology Hardware, Storage & Peripherals									14,574,054
TOTAL INFORMATION TECHNOLOGY									181,003,866
MATERIALS - 0.3%
Chemicals - 0.1%
Ineos US Petrochem LLC, 2026 Term Loan B (the greater of 1 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		1/29/26		19,645,000		19,600,799	(c)(o)(p)

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Containers & Packaging - 0.2%
Berry Global Inc., Term Loan Z (3 mo. USD LIBOR + 1.750%)		1.898	%		7/1/26		26,888,227	$	26,676,052	(c)(o)(p)(q)
Reynolds Consumer Products LLC, Initial Term Loan (1 mo. USD LIBOR + 1.750%)		1.859	%		2/4/27		40,720,287		40,577,766	(c)(o)(p)
Reynolds Group Holdings Inc., Incremental U.S. Term Loan (1 mo. USD LIBOR + 2.750%)		2.859	%		2/6/23		9,025,597		9,010,786	(c)(o)(p)(q)
Total Containers & Packaging									76,264,604
Paper & Forest Products - 0.0%††
Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. USD LIBOR + 1.750%)		1.859	%		9/7/27		14,589,493		14,569,958	(c)(o)(p)(q)
TOTAL MATERIALS									110,435,361
REAL ESTATE - 0.2%
Equity Real Estate Investment Trusts (REITs) - 0.1%
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 1.750%)		1.861	%		12/20/24		37,278,182		36,897,646	(c)(o)(p)
Real Estate Management & Development - 0.1%
CityCenter Holdings LLC, Refinancing Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 2.250%)		3.000	%		4/18/24		26,013,074		25,722,222	(c)(o)(p)
Realogy Group LLC, Extended 2025 Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 2.250%)		3.000	%		2/7/25		1,961,638		1,942,022	(c)(o)(p)
Total Real Estate Management & Development									27,664,244
TOTAL REAL ESTATE									64,561,890
TOTAL SENIOR LOANS (Cost - $2,331,883,421)									2,326,234,441
						FACE AMOUNT†/ UNITS
ASSET-BACKED SECURITIES - 3.2%
AccessLex Institute, 2004-A B1 (28 day Auction Rate Security)		1.364	%		7/1/39		17,425,000		17,402,661	(c)
Applebee’s Funding LLC/IHOP Funding LLC, 2019-1A A2I		4.194	%		6/7/49		23,909,850		24,659,821	(a)
Avis Budget Rental Car Funding AESOP LLC, 2019-2A A		3.350	%		9/22/25		34,800,000		37,409,781	(a)

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
Avis Budget Rental Car Funding AESOP LLC, 2019-3A A		2.360	%		3/20/26		26,770,000	$	27,904,165	(a)
Bear Stearns Asset Backed Securities I Trust, 2005-CL1 A1 (1 mo. USD LIBOR + 0.500%)		0.500	%		9/25/34		1,166,948		1,125,364	(c)
Brazos Student Finance Corp., 2009-1 AS (3 mo. USD LIBOR + 2.500%)		2.701	%		12/27/39		3,707,590		3,790,204	(c)
CIT Mortgage Loan Trust, 2007-1 1M1 (1 mo. USD LIBOR + 1.500%)		1.609	%		10/25/37		47,370,000		48,308,883	(a)(c)
CIT Mortgage Loan Trust, 2007-1 1M2 (1 mo. USD LIBOR + 1.750%)		1.859	%		10/25/37		108,930,000		103,596,646	(a)(c)
Conseco Finance Corp., 1993-2 B		3.500	%		12/16/21		4		3	(c)
Conseco Finance Corp., 1999-3 A9		6.530	%		2/1/31		10,512,544		10,037,906	(c)
Countrywide Asset-Backed Certificates, 2006-SD4 A1 (1 mo. USD LIBOR + 0.340%)		0.449	%		12/25/36		47,348		37,548	(a)(c)
Countrywide Home Equity Loan Trust, 2006-E 2A (1 mo. USD LIBOR + 0.140%)		0.246	%		7/15/36		27,297		26,064	(c)
Countrywide Home Equity Loan Trust, 2006-HW 2A1B (1 mo. USD LIBOR + 0.150%)		0.256	%		11/15/36		372,048		329,995	(c)
Countrywide Home Equity Loan Trust, 2006-I 2A (1 mo. USD LIBOR + 0.140%)		0.246	%		1/15/37		3,403,531		3,293,082	(c)
Credit Suisse European Mortgage Capital Ltd., 2019-1OTF A (3 mo. USD LIBOR + 2.900%)		3.105	%		8/9/24		57,344,625		56,675,201	(a)(c)
Credit Suisse European Mortgage Capital Ltd., 2020-1OTF A		3.114	%		8/9/24		62,047,236		60,961,410	(a)(e)(f)
Dividend Solar Loans LLC, 2018-2 B		4.250	%		12/20/38		483,919		510,611	(a)

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
ECMC Group Student Loan Trust, 2020-2A A (1 mo. USD LIBOR + 1.150%)		1.259	%		11/25/69		17,235,007	$	17,437,566	(a)(c)
EFS Volunteer No 2 LLC, 2012-1 A2 (1 mo. USD LIBOR + 1.350%)		1.459	%		3/25/36		9,059,146		9,287,414	(a)(c)
Fannie Mae Grantor Trust, 2017-T1 A		2.898	%		6/25/27		6,778,951		7,268,860
First Franklin Mortgage Loan Trust, 2006-FF14 A5 (1 mo. USD LIBOR + 0.1600%)		0.269	%		10/25/36		15,894,554		15,667,122	(c)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		48,520,000		55,062,708
GMAC Mortgage Corp. Loan Trust, 2004-HE3 A2VN (1 mo. USD LIBOR + 0.500%)		0.609	%		10/25/34		1,805,555		1,742,290	(a)(c)
Green Tree Home Improvement Loan Trust, 1996-A B2		7.400	%		2/15/26		747		82
GSRPM Mortgage Loan Trust, 2007-1 A (1 mo. USD LIBOR + 0.400%)		0.509	%		10/25/46		5,567,300		5,239,978	(a)(c)
Hertz Vehicle Financing II LP, 2016-2A B		3.940	%		3/25/22		14,429,000		14,438,269	(a)
Hertz Vehicle Financing II LP, 2016-2A D		5.970	%		3/25/22		10,226,000		10,074,121	(a)
Hertz Vehicle Financing II LP, 2016-4A B		3.290	%		7/25/22		4,890,000		4,913,801	(a)
Hertz Vehicle Financing II LP, 2017-1A D		6.490	%		10/25/21		24,750,000		24,805,440	(a)
Hertz Vehicle Financing II LP, 2019-3A B		3.030	%		12/26/25		3,000,000		3,006,460	(a)
Hertz Vehicle Financing LLC, 2018-3A B		4.370	%		7/25/24		7,173,000		7,202,588	(a)
Hildene Community Funding CDO Ltd., 2015-1A AR		3.250	%		11/1/35		41,500,000		41,448,125	(a)
HSI Asset Securitization Corp. Trust, 2007-OPT1 1A (1 mo. USD LIBOR + 0.140%)		0.249	%		12/25/36		76,854,481		70,685,449	(c)
Jimmy Johns Funding LLC, 2017-1A A2II		4.846	%		7/30/47		10,017,665		10,637,486	(a)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
Loanpal Solar Loan Ltd., 2020-3GS A		2.470	%		12/20/47		28,123,478	$	28,299,668	(a)
Loanpal Solar Loan Ltd., 2021-1GS A		2.290	%		1/20/48		21,131,750		21,195,914	(a)
Long Beach Mortgage Loan Trust, 2006-9 2A3 (1 mo. USD LIBOR + 0.160%)		0.269	%		10/25/36		3,459,591		1,544,930	(c)
Morgan Stanley ABS Capital I Inc. Trust, 2003-HE3 M1 (1 mo. USD LIBOR + 1.020%)		1.129	%		10/25/33		201,909		201,844	(c)
Morgan Stanley Resecuritization Trust, 2015-R7 1BXA		7.728	%		2/26/29		18,137,842		18,149,759	(a)(c)
National Collegiate Student Loan Trust, 2005-2 A51 (1 mo. USD LIBOR + 0.370%)		0.479	%		6/25/33		21,315,257		20,801,111	(c)
National Collegiate Student Loan Trust, 2006-1 A5 (1 mo. USD LIBOR + 0.350%)		0.459	%		3/25/33		10,930,783		10,645,540	(c)
National Collegiate Student Loan Trust, 2006-4 A4 (1 mo. USD LIBOR + 0.310%)		0.419	%		5/25/32		4,434,070		4,305,071	(c)
Navient Private Education Refi Loan Trust, 2018-DA A2A		4.000	%		12/15/59		24,254,580		25,928,243	(a)
Navient Private Education Refi Loan Trust, 2020-GA A		1.170	%		9/16/69		5,116,123		5,138,306	(a)
Navient Student Loan Trust, 2019-BA B		4.040	%		12/15/59		900,000		937,459	(a)
Nelnet Student Loan Trust, 2015-2A A2 (1 mo. USD LIBOR + 0.600%)		0.709	%		9/25/47		18,396,350		18,352,788	(a)(c)
Oak Street Investment Grade Net Lease Fund Series, 2020-1A A1		1.850	%		11/20/50		21,414,788		21,533,518	(a)
Option One Mortgage Loan Trust, 2007-FXD2 1A1, Step bond		5.820	%		3/25/37		28,804,213		28,814,836
Origen Manufactured Housing Contract Trust, 2006-A A2		2.090	%		10/15/37		7,675,452		7,475,399	(c)
Origen Manufactured Housing Contract Trust, 2007-A A2		2.758	%		4/15/37		10,324,554		9,929,010	(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
Ownit Mortgage Loan Asset- Backed Certificates, 2004-1 M2 (1 mo. USD LIBOR + 1.800%)		1.909	%		7/25/35		2,310,710	$	2,339,749	(c)
RAMP Series Trust, 2006-RZ4 M1 (1 mo. USD LIBOR + 0.350%)		0.459	%		10/25/36		17,250,000		16,353,105	(c)
RAMP Trust, 2003-RS7 MII1 (1 mo. USD LIBOR + 0.750%)		1.234	%		8/25/33		982,953		976,101	(c)
Renaissance Home Equity Loan Trust, 2003-4 A3 (1 mo. USD LIBOR + 1.240%)		1.349	%		3/25/34		4,917,101		4,934,025	(c)
Renaissance Home Equity Loan Trust, 2006-1 AF5, Step bond		6.166	%		5/25/36		13,674,571		10,165,930
Residential Funding Securities Corp., 2002-RP2 A1 (1 mo. USD LIBOR + 1.500%)		1.609	%		10/25/32		1,284,374		1,261,884	(a)(c)
SBA Small Business Investment Cos., 2018-10B 1		3.548	%		9/10/28		6,940,479		7,448,251
SBA Small Business Investment Cos., 2019-10A 1		3.113	%		3/10/29		13,998,556		14,927,568
Securitized Asset Backed Receivables LLC Trust, 2006- WM3 A1 (1 mo. USD LIBOR + 0.050%)		0.159	%		10/25/36		27,331,244		12,572,722	(c)
Securitized Asset Backed Receivables LLC Trust, 2006- WM3 A2 (1 mo. USD LIBOR + 0.160%)		0.269	%		10/25/36		74,497,000		35,028,720	(c)
Securitized Asset Backed Receivables LLC Trust, 2006- WM3 A3 (1 mo. USD LIBOR + 0.220%)		0.329	%		10/25/36		37,763,521		17,947,551	(c)
SMB Private Education Loan Trust, 2015-C R		0.000	%		9/18/46		49,649		23,043,102	(a)
SMB Private Education Loan Trust, 2021-A D1		3.860	%		1/15/53		2,170,000		2,138,279	(a)
SMB Private Education Loan Trust, 2021-A B		2.310	%		1/15/53		10,985,000		11,078,889	(a)
SMB Private Education Loan Trust, 2021-A C		2.990	%		1/15/53		20,000,000		19,991,060	(a)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
SoFi Professional Loan Program LLC, 2015-C R		0.000	%		8/25/36		4,200	$	2,641,572	(a)
Sonic Capital LLC, 2018-1A A2		4.026	%		2/20/48		4,883,333		5,021,663	(a)
SpringCastle America Funding LLC, 2020-AA A		1.970	%		9/25/37		23,375,701		23,597,564	(a)
Structured Asset Securities Corp. Mortgage Loan Trust, 2006-ARS1 A1 (1 mo. USD LIBOR + 0.220%)		0.329	%		2/25/36		1,090,333		41,140	(a)(c)
Structured Asset Securities Corp. Mortgage Loan Trust, 2007-BC2 A4 (1 mo. USD LIBOR + 0.150%)		0.259	%		3/25/37		25,717,927		23,467,928	(c)
Structured Asset Securities Corp. Trust, 2005-SC1 1A2		6.788	%		5/25/31		4,818,239		4,560,209	(a)(c)
Sunrun Atlas Issuer LLC, 2019-2 A		3.610	%		2/1/55		2,527,515		2,675,972	(a)
Towd Point Mortgage Trust, 2019-HY2 A1 (1 mo. USD LIBOR + 1.000%)		1.109	%		5/25/58		31,214,535		31,510,951	(a)(c)
Trinity Rail Leasing 2020 LLC, 2020-2A A2		2.560	%		11/19/50		28,400,000		29,224,424	(a)
United States Small Business Administration, 2019-20D 1		2.980	%		4/1/39		5,039,528		5,292,030
United States Small Business Administration, 2019-25G 1		2.690	%		7/1/44		9,607,897		10,012,492
Wingstop Funding LLC, 2020-1A A2		2.841	%		12/5/50		3,930,000		4,000,223	(a)
TOTAL ASSET-BACKED SECURITIES (Cost - $1,257,718,114)									1,240,493,604
						SHARES
INVESTMENTS IN UNDERLYING FUNDS - 1.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF							3,204,287		416,717,524
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF							1,000,000		30,680,000
TOTAL INVESTMENTS IN UNDERLYING FUNDS (Cost - $459,192,624)									447,397,524

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
U.S. TREASURY INFLATION PROTECTED SECURITIES - 1.0%
U.S. Treasury Bonds, Inflation Indexed		2.125	%		2/15/40		75,846,368		$	108,917,291
U.S. Treasury Bonds, Inflation Indexed		2.125	%		2/15/41		50,180,525			72,684,368
U.S. Treasury Bonds, Inflation Indexed		0.750	%		2/15/42		77,272,470			89,463,379
U.S. Treasury Bonds, Inflation Indexed		1.375	%		2/15/44		69,431,045			90,861,473	(l)
U.S. Treasury Bonds, Inflation Indexed		0.750	%		2/15/45		12,419,191			14,395,994
TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES (Cost - $339,553,420)										376,322,505
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.2%
Japan - 0.2%
Japanese Government CPI Linked Bond (Cost - $92,894,929)		0.100	%		3/10/26		9,416,083,525	JPY		86,018,230
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.0%††
EXCHANGE-TRADED PURCHASED OPTIONS - 0.0%††
Australian Dollar Futures, Call @ $77.00		4/9/21			141		141,000			15,510
Euro Futures, Call @ $1.18		5/7/21			559		69,875,000			419,250
Euro Futures, Put @ $1.21		4/9/21			709		88,625,000			3,172,775
U.S. Treasury 10-Year Notes Futures, Call @ $131.25		4/23/21			201		201,000			109,922
U.S. Treasury 10-Year Notes Futures, Put @ $131.00		4/23/21			201		201,000			147,609
U.S. Treasury 10-Year Notes Futures, Put @ $132.50		4/23/21			202		202,000			350,344
U.S. Treasury Long-Term Bonds Futures, Call @ $154.00		4/23/21			40		40,000			78,125
U.S. Treasury Long-Term Bonds Futures, Call @ $155.00		4/23/21			1,007		1,007,000			1,400,359
U.S. Treasury Long-Term Bonds Futures, Call @ $156.00		4/23/21			802		802,000			764,406
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $4,314,655)										6,458,300

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SECURITY	COUNTERPARTY	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
OTC PURCHASED OPTIONS - 0.0%††
U.S. Dollar/Colombian Peso, Put @ 3,500.00COP (Cost - $2,256,649)	Goldman Sachs Group Inc.		6/11/21			135,820,000		135,820,000	$	1,031,554
TOTAL PURCHASED OPTIONS (Cost - $6,571,304)										7,489,854
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $39,031,143,150)										39,105,028,777
		RATE					SHARES
SHORT-TERM INVESTMENTS - 2.5%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $981,068,393)			0.010	%				981,068,393		981,068,393	(r)
TOTAL INVESTMENTS - 103.5% (Cost - $40,012,211,543)										40,086,097,170
Liabilities in Excess of Other Assets - (3.5)%										(1,365,800,120	)
TOTAL NET ASSETS - 100.0%									$	38,720,297,050

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

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

†† Represents less than 0.1%.

* Non-income producing security.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

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

(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) The coupon payment on this security is currently in default as of March 31, 2021.

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

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

(g) Value is less than $1.

(h) The maturity principal is currently in default as of March 31, 2021.

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

(j) This security is traded on a to-be-announced (“TBA”) basis. At March 31, 2021, the Fund held TBA securities with a total cost of $1,693,056,985.

(k) All or a portion of this security is held at the broker as collateral for open futures contracts.

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

(m) Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

(n) 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.

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

(p) 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.

(q) All or a portion of this loan is unfunded as of March 31, 2021. The interest rate for fully unfunded term loans is to be determined.

(r) 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 March 31, 2021, the total market value of investments in Affiliated Companies was $981,068,393 and the cost was $981,068,393 (Note 2).

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
ARS	— Argentine Peso
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CMT	— Constant Maturity Treasury
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
CPI	— Consumer Price Index
ETF	— Exchange-Traded Fund
EUR	— Euro
GTD	— Guaranteed
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
IO	— Interest Only
JPY	— Japanese Yen
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
OFZ	— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
PAC	— Planned Amortization Class
PO	— Principal Only
REMIC	— Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
SOFR	— Secured Overnight Financing Rate
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar

SCHEDULE OF WRITTEN OPTIONS
EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
Australian Dollar Futures, Call		5/7/21	$	77.50			279		279,000	$	(100,440	)
Canadian Dollar Futures, Call		4/9/21		79.50			142		142,000		(51,120	)
Canadian Dollar Futures, Call		4/9/21		80.00			142		142,000		(19,880	)
Euro Futures, Put		5/7/21		1.17			279		34,875,000		(233,662	)
Euro-Bund Futures, Call		4/23/21		172.00	EUR		274		27,400,000		(144,594	)
Eurodollar 2-Year Midcurve Futures, Call		12/10/21		99.13			1,517		3,792,500		(407,694	)
Eurodollar 2-Year Midcurve Futures, Put		12/10/21		98.75			1,010		2,525,000		(612,312	)
U.S. Treasury 5-Year Notes Futures, Call		4/2/21		123.75			410		410,000		(16,016	)
U.S. Treasury 5-Year Notes Futures, Call		4/23/21		124.00			5,114		5,114,000		(599,299	)
U.S. Treasury 5-Year Notes Futures, Call		4/23/21		124.50			1,646		1,646,000		(51,438	)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SCHEDULE OF WRITTEN OPTIONS (cont’d)

SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT†		VALUE
U.S. Treasury 5-Year Notes Futures, Call		5/21/21	$	124.00		655		655,000	$	(163,750	)
U.S. Treasury 5-Year Notes Futures, Put		4/23/21		123.50		3,061		3,061,000		(1,267,447	)
U.S. Treasury 5-Year Notes Futures, Put		4/23/21		123.75		1,022		1,022,000		(558,906	)
U.S. Treasury 10-Year Notes Futures, Call		4/2/21		131.25		245		245,000		(42,109	)
U.S. Treasury 10-Year Notes Futures, Call		4/2/21		131.75		1,194		1,194,000		(74,625	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		132.00		659		659,000		(175,047	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		132.25		452		452,000		(98,875	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		132.50		1,457		1,457,000		(250,422	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		133.00		3,779		3,779,000		(413,328	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		134.00		5,828		5,828,000		(273,187	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		135.00		233		233,000		(7,281	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		135.50		457		457,000		(7,141	)
U.S. Treasury 10-Year Notes Futures, Call		4/23/21		136.50		1,016		1,016,000		(15,875	)
U.S. Treasury 10-Year Notes Futures, Call		5/21/21		131.50		603		603,000		(461,672	)
U.S. Treasury 10-Year Notes Futures, Call		5/21/21		132.00		2,501		2,501,000		(1,367,734	)
U.S. Treasury 10-Year Notes Futures, Call		5/21/21		134.00		5,940		5,940,000		(835,312	)
U.S. Treasury 10-Year Notes Futures, Put		4/23/21		131.50		601		601,000		(601,000	)
U.S. Treasury Long-Term Bonds Futures, Call		4/2/21		155.50		201		201,000		(62,813	)
U.S. Treasury Long-Term Bonds Futures, Call		4/2/21		156.00		100		100,000		(18,750	)
U.S. Treasury Long-Term Bonds Futures, Call		4/2/21		157.00		83		83,000		(5,188	)
U.S. Treasury Long-Term Bonds Futures, Call		4/2/21		157.50		240		240,000		(11,250	)
U.S. Treasury Long-Term Bonds Futures, Call		4/23/21		157.00		3,983		3,983,000		(2,489,375	)
U.S. Treasury Long-Term Bonds Futures, Call		4/23/21		158.00		200		200,000		(78,125	)
U.S. Treasury Long-Term Bonds Futures, Call		4/23/21		159.00		3,024		3,024,000		(756,000	)
U.S. Treasury Long-Term Bonds Futures, Call		4/23/21		160.00		600		600,000		(93,750	)
U.S. Treasury Long-Term Bonds Futures, Call		4/23/21		161.00		420		420,000		(45,938	)
U.S. Treasury Long-Term Bonds Futures, Call		4/23/21		162.00		607		607,000		(47,422	)
U.S. Treasury Long-Term Bonds Futures, Call		4/23/21		163.00		101		101,000		(6,313	)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2021

SCHEDULE OF WRITTEN OPTIONS (cont’d)

SECURITY		EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
U.S. Treasury Long-Term Bonds Futures, Call			4/23/21	$	164.00			2,565		2,565,000	$	(120,234	)
U.S. Treasury Long-Term Bonds Futures, Call			4/23/21		165.00			918		918,000		(28,688	)
U.S. Treasury Long-Term Bonds Futures, Call			4/23/21		166.00			305		305,000		(9,531	)
U.S. Treasury Long-Term Bonds Futures, Call			5/21/21		157.00			2,210		2,210,000		(2,658,906	)
U.S. Treasury Long-Term Bonds Futures, Call			5/21/21		158.00			2,013		2,013,000		(1,792,828	)
U.S. Treasury Long-Term Bonds Futures, Call			5/21/21		159.00			2,817		2,817,000		(1,848,656	)
U.S. Treasury Long-Term Bonds Futures, Call			5/21/21		160.00			1,104		1,104,000		(517,500	)
U.S. Treasury Long-Term Bonds Futures, Call			5/21/21		163.00			405		405,000		(69,609	)
U.S. Treasury Long-Term Bonds Futures, Call			5/21/21		165.00			585		585,000		(63,984	)
U.S. Treasury Long-Term Bonds Futures, Call			5/21/21		166.00			405		405,000		(37,969	)
U.S. Treasury Long-Term Bonds Futures, Put			4/23/21		154.00			300		300,000		(407,812	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $39,125,229)											$	(20,020,807	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Interest rate swaption, Call	Citibank N.A.		6/1/21		175.00	bps		12,614,000		12,614,000	$	(45,982	)
Interest rate swaption, Call	Goldman Sachs Group Inc.		6/1/21		175.00	bps		50,866,000		50,866,000		(185,422	)
Interest rate swaption, Call	Goldman Sachs Group Inc.		6/1/21		175.00	bps		24,203,000		24,203,000		(88,228	)
Interest rate swaption, Call	Morgan Stanley & Co. Inc.		6/3/21		180.00	bps		26,213,000		26,213,000		(129,085	)
Interest rate swaption, Call	Morgan Stanley & Co. Inc.		6/3/21		180.00	bps		26,213,000		26,213,000		(129,085	)
Interest rate swaption, Put	Citibank N.A.		6/1/21		225.00	bps		12,614,000		12,614,000		(333,647	)
Interest rate swaption, Put	Goldman Sachs Group Inc.		6/1/21		225.00	bps		50,866,000		50,866,000		(1,345,432	)
Interest rate swaption, Put	Goldman Sachs Group Inc.		6/1/21		225.00	bps		24,203,000		24,203,000		(640,182	)

See Notes to Schedule of Investments.

    108     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

SCHEDULE OF WRITTEN OPTIONS (cont’d)

SECURITY	COUNTERPARTY		EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
Interest rate swaption, Put		Morgan Stanley & Co. Inc.		6/3/21		230.00	bps		26,213,000		26,213,000	$	(583,163	)
Interest rate swaption, Put		Morgan Stanley & Co. Inc.		6/3/21		230.00	bps		26,213,000		26,213,000		(583,163	)
U.S. Dollar/Brazilian Real, Put		Morgan Stanley & Co. Inc.		6/14/21		5.40	BRL		135,820,000		135,820,000		(1,906,766	)
TOTAL OTC WRITTEN OPTIONS (Premiums received - $6,547,750)												$	(5,970,155	)
TOTAL WRITTEN OPTIONS (Premiums received - $45,672,979)												$	(25,990,962	)

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

Abbreviation(s) used in this schedule:
bps	— basis point spread (100 basis points = 1.00%)
BRL	— Brazilian Real
EUR	— Euro

At March 31, 2021, 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		1,007		9/23	$	249,442,315	$	249,156,975	$	(285,340	)
90-Day Eurodollar		59,997		12/23		14,847,419,622		14,818,509,038		(28,910,584	)
Australian 10-Year Bonds		4,474		6/21		472,182,196		469,343,906		(2,838,290	)
Australian Dollar		7,537		6/21		581,937,063		572,925,055		(9,012,008	)
British Pound		5,553		6/21		483,749,595		478,286,831		(5,462,764	)
Canadian Dollar		1,849		6/21		146,401,217		147,124,930		723,713
Euro		4,114		6/21		612,829,072		603,832,350		(8,996,722	)
Euro-Bobl		236		6/21		37,340,414		37,384,363		43,949
Euro-OAT		1,554		6/21		295,044,993		295,133,761		88,768
Japanese Yen		4,548		6/21		524,234,936		513,668,175		(10,566,761	)
Mexican Peso		9,217		6/21		216,317,845		223,696,590		7,378,745
Russian Ruble		1,626		6/21		54,556,365		53,231,175		(1,325,190	)
Swiss Franc		344		6/21		46,391,410		45,558,500		(832,910	)
U.S. Treasury 5-Year Notes		78,050		6/21		9,726,320,537		9,631,248,242		(95,072,295	)
U.S. Treasury 10-Year Notes		803		6/21		105,450,206		105,142,813		(307,393	)
U.S. Treasury Long- Term Bonds		13,525		6/21		2,166,129,895		2,090,880,469		(75,249,426	)

See Notes to Schedule of Investments.

109     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy (continued)
U.S. Treasury Ultra
Long-Term Bonds		8,628		6/21	$	1,636,715,014	$	1,563,555,375	$	(73,159,639	)
United Kingdom
Long Gilt Bonds		140		6/21		24,885,264		24,625,380		(259,884	)
										(304,044,031	)
Contracts to Sell:
90-Day Eurodollar		18,491		6/21		4,583,176,057		4,614,660,188		(31,484,131	)
90-Day Eurodollar		45,627		12/21		11,361,900,349		11,376,522,113		(14,621,764	)
Euro-Bund		11,886		6/21		2,381,107,340		2,387,422,626		(6,315,286	)
Euro-Buxl		782		6/21		191,582,007		188,949,270		2,632,737
Japanese 10-Year Bonds		316		6/21		430,575,184		431,398,149		(822,965	)
U.S. Treasury 2-Year Notes		10,448		6/21		2,308,581,805		2,306,151,120		2,430,685
U.S. Treasury Ultra 10-Year Notes		8,014		6/21		1,199,437,301		1,151,511,625		47,925,676
										(255,048	)
Net unrealized depreciation on open futures contracts									$	(304,299,079	)

Abbreviation(s) used in this table:

OAT — Obligations Assimilables du Trésor (French Treasury Bonds)

At March 31, 2021, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	188,800,000		USD	146,044,201	BNP Paribas SA		4/19/21	$	(2,624,744)
MXN	2,135,500,000		USD	101,796,471	BNP Paribas SA		4/19/21		2,466,561
USD	455,164,815		EUR	373,260,000	BNP Paribas SA		4/19/21		17,270,327
USD	477,150,425		EUR	390,100,000	BNP Paribas SA		4/19/21		19,499,887
BRL	143,485,139		USD	26,334,796	Citibank N.A.		4/19/21		(871,998	)
BRL	296,780,000		USD	56,099,958	Citibank N.A.		4/19/21		(3,433,533	)
CAD	479,493,000		USD	383,945,480	Citibank N.A.		4/19/21		(2,379,155	)
CAD	1,045,842,939		USD	825,542,733	Citibank N.A.		4/19/21		6,708,096
EUR	32,000,000		USD	38,969,280	Citibank N.A.		4/19/21		(1,428,093	)
EUR	45,000,000		USD	54,201,060	Citibank N.A.		4/19/21		(1,408,765	)
JPY	8,949,983,258		USD	86,834,028	Citibank N.A.		4/19/21		(5,986,609	)
RUB	6,313,570,000		USD	83,801,035	Citibank N.A.		4/19/21		(504,704	)
RUB	6,880,760,000		USD	92,175,117	Citibank N.A.		4/19/21		(1,395,722	)

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report    110

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
RUB	9,572,970,000		USD	127,046,715	Citibank N.A.		4/19/21	$	(748,396	)
USD	13,791,402		AUD	18,000,000	Citibank N.A.		4/19/21		117,937
USD	137,662,846		AUD	176,375,280	Citibank N.A.		4/19/21		3,681,666
USD	49,083,900		CHF	43,000,000	Citibank N.A.		4/19/21		3,564,982
USD	354,421,973		CNY	2,298,958,125	Citibank N.A.		4/19/21		4,249,195
USD	60,307,968		GBP	44,426,610	Citibank N.A.		4/19/21		(942,439	)
USD	3,566,349		MXN	71,960,000	Citibank N.A.		4/19/21		52,995
USD	13,164,657		MXN	265,360,000	Citibank N.A.		4/19/21		208,798
USD	13,797,051		MXN	278,390,000	Citibank N.A.		4/19/21		205,019
ZAR	728,620,000		USD	48,903,297	Citibank N.A.		4/19/21		330,788
BRL	147,150,000		USD	27,162,476	Goldman Sachs Group Inc.		4/19/21		(1,049,314	)
EUR	35,000,000		USD	42,502,600	Goldman Sachs Group Inc.		4/19/21		(1,441,926	)
RUB	3,055,880,830		USD	40,592,989	Goldman Sachs Group Inc.		4/19/21		(276,075	)
RUB	7,360,294,557		USD	98,584,953	Goldman Sachs Group Inc.		4/19/21		(1,478,953	)
USD	12,150,125		EUR	10,000,000	Goldman Sachs Group Inc.		4/19/21		418,504
USD	180,443,157		EUR	149,286,720	Goldman Sachs Group Inc.		4/19/21		5,305,634
USD	222,393,614		EUR	182,419,934	Goldman Sachs Group Inc.		4/19/21		8,385,460
USD	276,856,995		EUR	225,130,000	Goldman Sachs Group Inc.		4/19/21		12,743,009
USD	355,007,838		EUR	288,680,000	Goldman Sachs Group Inc.		4/19/21		16,339,401
USD	3,000,768		MXN	60,021,663	Goldman Sachs Group Inc.		4/19/21		70,288
USD	33,581,033		MXN	700,000,000	Goldman Sachs Group Inc.		4/19/21		(595,563	)
IDR	3,684,421,854,900		USD	262,806,937	JPMorgan Chase & Co.		4/19/21		(9,499,940	)
INR	4,359,319,201		USD	58,850,074	JPMorgan Chase & Co.		4/19/21		613,536
JPY	1,000,000,000		USD	9,435,654	JPMorgan Chase & Co.		4/19/21		(402,406	)
USD	82,885,404		CNH	536,285,141	JPMorgan Chase & Co.		4/19/21		1,315,218
Total								$	67,078,966

See Notes to Schedule of Investments.

    Western Asset Core Plus Bond Fund 2021 Quarterly Report     111

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

Abbreviation(s) used in this table:

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

At March 31, 2021, the Fund had the following open swap contracts:

OTC INTEREST RATE SWAPS
SWAP COUNTERPARTY	NOTIONAL AMOUNT2			TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)	UNREALIZED DEPRECIATION
Citibank N.A.		292,400,000	BRL		1/4/27	BRL-CDI**		7.024%**	—	$(661,192)
Citibank N.A.		346,800,000	BRL		1/4/27	BRL-CDI**		7.024%**	$150,255	(934,460)
Citibank N.A.		370,331,000	BRL		1/4/27	BRL-CDI**		7.024%**	187,097	(1,024,511)
JPMorgan Chase & Co.		240,800,000	BRL		1/4/27	BRL-CDI**		7.044%**	—	(505,729)
Total									$337,352	$(3,125,892)

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT*		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZE APPRECIATIOND (DEPRECIATION)
		1,182,383,000		6/15/22	3-Month LIBOR quarterly	0.190% semi-annually	$	(3,459	)	$	(305,901	)
		2,106,041,000		12/18/25	3-Month LIBOR quarterly	1.100% semi-annually		—			(18,306,011	)
		898,865,000		5/15/27	0.450% semi-annually	3-Month LIBOR quarterly		(2,124,325	)		47,821,865
		899,415,000		5/15/27	0.260% annually	Daily U.S. Federal Funds Intraday Effective Rate annually		(3,019,085	)		48,534,437

See Notes to Schedule of Investments.

    112     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†		PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		497,073,000			11/15/27		0.780% semi-annually		3-Month LIBOR quarterly	$	1,247,274		$	17,959,079
		59,586,000			2/15/28		1.250% semi-annually		3-Month LIBOR quarterly		96,323			737,015
		528,419,000			2/15/28		1.350% semi-annually		3-Month LIBOR quarterly		921,998			3,065,719
		3,851,130,000	MXN		7/18/29		28-Day MXN TIIE - Banxico every 28 days		7.450% every 28 days		1,358,133			8,906,970
		3,847,470,000	MXN		7/20/29		28-Day MXN TIIE - Banxico every 28 days		7.440% every 28 days		1,651,470			8,473,727
		374,360,000			7/20/45		0.560% annually		Daily SOFR annually		3,192,610			97,523,883
		163,600,000			8/19/45		0.740% annually		Daily SOFR annually		—			38,247,465
		20,815,000			11/15/45		0.800% semi-annually		3-Month LIBOR quarterly		953,168			4,924,911
		12,221,800,000	JPY		5/9/46		0.641% semi-annually		6-Month JPY LIBOR semi-annually		1			(3,415,130	)
		367,188,000			2/15/47		1.000% semi-annually		3-Month LIBOR quarterly		4,450,076			88,418,556
		94,774,000			2/15/47		1.600% semi-annually		3-Month LIBOR quarterly		558,026			11,017,985
		82,887,000			2/15/47		1.200% semi-annually		3-Month LIBOR quarterly		456,561			17,079,578
		40,551,000			2/15/47		1.225% semi-annually		3-Month LIBOR quarterly		36,336			8,333,304
		235,915,000			2/15/47		2.000% semi-annually		3-Month LIBOR quarterly		(30,981	)		11,961,685
		116,571,000			3/17/50		0.900% semi-annually		3-Month LIBOR quarterly		1,977,560			32,842,120
		169,971,000			10/7/50		1.200% semi-annually		3-Month LIBOR quarterly		836,314			39,044,455
		17,474,000			6/3/51		2.000% semi-annually		3-Month LIBOR quarterly		181,730			673,530
		52,426,000			6/7/51		2.050% semi-annually		3-Month LIBOR quarterly		(6,553	)		2,375,334
Total										$	12,733,177		$	465,914,576

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         113

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

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.35 Index	$	3,500		12/20/25	5.000% quarterly	$	319	$	125		$	194
Markit CDX.NA.HY.36 Index		819,680,000		6/20/26	5.000% quarterly		73,146,939		69,497,923			3,649,016
Markit CDX.NA.IG.34 Index		718,191,000		6/20/25	1.000% quarterly		12,930,784		(8,095,348	)		21,026,132
Markit CDX.NA.IG.36 Index		5,512,850,000		6/20/26	1.000% quarterly		129,180,770		119,845,581			9,335,189
Total	$	7,050,724,500				$	215,258,812	$	181,248,281		$	34,010,531

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.

Abbreviation(s) used in this table:

BRL	— Brazilian Real
BRL-CDI	— Brazil Cetip InterBank Deposit Rate
JPY	— Japanese Yen
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
SOFR	— Secured Overnight Financing Rate
TIIE	— Equilibrium Interbanking Interest Rate (Tasa de Intere’s Interbancaria de Equilibrio)

See Notes to Schedule of Investments.

    114     Western Asset Core Plus Bond Fund 2021 Quarterly Report

WESTERN ASSET CORE PLUS BOND FUND

Schedule of investments (unaudited) (cont’d) March 31, 2021

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

Western Asset Core Plus Bond Fund 2021 Quarterly Report         115

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Core Plus Bond Fund (the “Fund”) is a separate diversified investment series of Western Asset Funds, Inc. (the “Corporation”). The Corporation, a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The 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 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 or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the

116

Notes to Schedule of Investments (unaudited) (continued)

Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

• Level 1 – 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)

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Notes to Schedule of Investments (unaudited) (continued)

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

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Financials		—	$	3,793,555,860	$	18,678,154	$	3,812,234,014
Other Corporate Bonds & Notes		—		8,733,012,712		—		8,733,012,712
Mortgage-Backed Securities		—		8,360,755,135		—		8,360,755,135
U.S. Government & Agency Obligations		—		7,501,864,865		—		7,501,864,865
Sovereign Bonds		—		3,178,238,259		—		3,178,238,259
Collateralized Mortgage Obligations		—		3,034,967,634		—		3,034,967,634
Senior Loans:
Financials		—		269,727,280		15,800,600		285,527,880
Industrials		—		222,587,766		13,280,000		235,867,766
Other Senior Loans		—		1,804,838,795		—		1,804,838,795
Asset-Backed Securities		—		1,179,532,194		60,961,410		1,240,493,604
Investments in Underlying Funds	$	447,397,524		—		—		447,397,524
U.S. Treasury Inflation Protected Securities		—		376,322,505		—		376,322,505
Non-U.S. Treasury Inflation Protected Securities		—		86,018,230		—		86,018,230
Purchased Options:
Exchange-Traded Purchased Options		6,458,300		—		—		6,458,300
OTC Purchased Options		—		1,031,554		—		1,031,554
Total Long-Term Investments		453,855,824		38,542,452,789		108,720,164		39,105,028,777
Short-Term Investments†		981,068,393		—		—		981,068,393
Total Investments	$	1,434,924,217	$	38,542,452,789	$	108,720,164	$	40,086,097,170

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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	$	61,224,273		—		—	$	61,224,273
Forward Foreign Currency Contracts		—	$	103,547,301		—		103,547,301
Centrally Cleared Interest Rate Swaps		—		487,941,618		—		487,941,618
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		34,010,531		—		34,010,531
Total Other Financial Instruments	$	61,224,273	$	625,499,450		—	$	686,723,723
Total	$	1,496,148,490	$	39,167,952,239	$	108,720,164	$	40,772,820,893

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	20,020,807		—		—	$	20,020,807
OTC Written Options		—	$	5,970,155		—		5,970,155
Futures Contracts		365,523,352		—		—		365,523,352
Forward Foreign Currency Contracts		—		36,468,335		—		36,468,335
OTC Interest Rate Swaps‡		—		2,788,540		—		2,788,540
Centrally Cleared Interest Rate Swaps		—		22,027,042		—		22,027,042
Total	$	385,544,159	$	67,254,072		—	$	452,798,231

† See Schedule of Investments for additional detailed categorizations.

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

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

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Notes to Schedule of Investments (unaudited) (continued)

all or some portion of the period ended March 31, 2021. The following transactions were effected in such company for the period ended March 31, 2021.

	Affiliate Value at December 31, 2020		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2021
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	978,183,528	$	2,897,534,886		2,897,534,886	$	2,894,650,021		2,894,650,021		—	$	58,786		—	$	981,068,393

120