NPORT-EX 2 LMF2000LM033125.htm EDGAR HTML
Schedule of Investments (unaudited)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes — 34.8%
Communication Services — 4.5%
Diversified Telecommunication Services — 1.1%
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
4,570,000
 
 $3,349,370
 (a)
AT&T Inc., Senior Notes
2.250%
2/1/32
6,530,000
 
5,509,536
 
AT&T Inc., Senior Notes
2.550%
12/1/33
3,450,000
 
2,829,723
 
AT&T Inc., Senior Notes
5.350%
9/1/40
870,000
 
847,420
 
AT&T Inc., Senior Notes
5.550%
8/15/41
2,710,000
 
2,665,626
 
AT&T Inc., Senior Notes
4.350%
6/15/45
3,579,000
 
2,969,771
 
AT&T Inc., Senior Notes
3.500%
9/15/53
3,630,000
 
2,477,173
 
AT&T Inc., Senior Notes
3.550%
9/15/55
3,490,000
 
2,367,052
 
AT&T Inc., Senior Notes
3.800%
12/1/57
670,000
 
470,725
 
AT&T Inc., Senior Notes
3.650%
9/15/59
370,000
 
249,742
 
Telefonica Emisiones SA, Senior Notes
5.213%
3/8/47
4,240,000
 
3,751,070
 
Verizon Communications Inc., Senior Notes
3.150%
3/22/30
5,170,000
 
4,820,790
 
Verizon Communications Inc., Senior Notes
2.550%
3/21/31
5,013,000
 
4,418,725
 
Verizon Communications Inc., Senior Notes
4.500%
8/10/33
2,745,000
 
2,636,577
 
Verizon Communications Inc., Senior Notes
4.400%
11/1/34
1,210,000
 
1,143,343
 
Verizon Communications Inc., Senior Notes
4.780%
2/15/35
2,623,000
 
2,547,237
 (a)
Verizon Communications Inc., Senior Notes
5.250%
3/16/37
4,890,000
 
4,857,837
 
Verizon Communications Inc., Senior Notes
3.400%
3/22/41
2,950,000
 
2,272,569
 
Verizon Communications Inc., Senior Notes
3.850%
11/1/42
2,030,000
 
1,625,345
 
Verizon Communications Inc., Senior Notes
5.500%
3/16/47
1,455,000
 
1,422,922
 
Verizon Communications Inc., Senior Notes
4.000%
3/22/50
2,220,000
 
1,709,994
 
Verizon Communications Inc., Senior Notes
3.550%
3/22/51
3,240,000
 
2,315,004
 
Total Diversified Telecommunication Services
57,257,551
Entertainment — 0.3%
Walt Disney Co., Senior Notes
6.650%
11/15/37
2,260,000
 
2,567,048
 
Warnermedia Holdings Inc., Senior Notes
3.755%
3/15/27
5,460,000
 
5,327,183
 
Warnermedia Holdings Inc., Senior Notes
4.054%
3/15/29
2,390,000
 
2,251,722
 
Warnermedia Holdings Inc., Senior Notes
4.279%
3/15/32
3,950,000
 
3,481,426
 
Warnermedia Holdings Inc., Senior Notes
5.050%
3/15/42
760,000
 
608,177
 
Warnermedia Holdings Inc., Senior Notes
5.141%
3/15/52
280,000
 
204,278
 
Warnermedia Holdings Inc., Senior Notes
5.391%
3/15/62
620,000
 
449,114
 
Total Entertainment
14,888,948
Media — 1.7%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
4.500%
5/1/32
9,733,000
 
8,456,015
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
4.908%
7/23/25
2,778,000
 
2,777,487
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
4.200%
3/15/28
9,749,000
 
9,563,101
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
5.050%
3/30/29
6,160,000
 
6,133,670
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
6.550%
6/1/34
1,620,000
 
1,667,347
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
5.375%
4/1/38
3,325,000
 
2,999,744
 
See Notes to Schedule of Investments.

1
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
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
3,500,000
 
 $3,020,799
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
4.800%
3/1/50
530,000
 
399,840
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
6.834%
10/23/55
1,238,000
 
1,205,552
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
5.500%
4/1/63
2,650,000
 
2,129,526
 
Comcast Corp., Senior Notes
3.400%
4/1/30
5,390,000
 
5,101,759
 
Comcast Corp., Senior Notes
6.500%
11/15/35
451,000
 
499,319
 
Comcast Corp., Senior Notes
3.900%
3/1/38
2,160,000
 
1,854,933
 
Comcast Corp., Senior Notes
3.750%
4/1/40
4,440,000
 
3,644,085
 
Comcast Corp., Senior Notes
3.969%
11/1/47
5,866,000
 
4,533,395
 
Comcast Corp., Senior Notes
2.800%
1/15/51
3,670,000
 
2,214,090
 
Comcast Corp., Senior Notes
2.887%
11/1/51
2,770,000
 
1,690,675
 
Comcast Corp., Senior Notes
5.350%
5/15/53
3,240,000
 
3,024,444
 
Comcast Corp., Senior Notes
2.937%
11/1/56
4,000
 
2,352
 
Comcast Corp., Senior Notes
4.950%
10/15/58
940,000
 
818,216
 
DISH DBS Corp., Senior Notes
7.750%
7/1/26
510,000
 
441,151
 
DISH DBS Corp., Senior Notes
5.125%
6/1/29
8,120,000
 
5,308,301
 
DISH DBS Corp., Senior Secured Notes
5.250%
12/1/26
6,330,000
 
5,822,464
 (a)
DISH DBS Corp., Senior Secured Notes
5.750%
12/1/28
1,120,000
 
946,649
 (a)
Fox Corp., Senior Notes
5.476%
1/25/39
4,350,000
 
4,196,644
 
Time Warner Cable Enterprises LLC, Senior Secured Notes
8.375%
7/15/33
2,060,000
 
2,352,449
 
Time Warner Cable LLC, Senior Secured Notes
6.550%
5/1/37
3,030,000
 
3,007,442
 
Time Warner Cable LLC, Senior Secured Notes
7.300%
7/1/38
1,755,000
 
1,843,666
 
Time Warner Cable LLC, Senior Secured Notes
6.750%
6/15/39
1,875,000
 
1,875,239
 
Time Warner Cable LLC, Senior Secured Notes
5.875%
11/15/40
1,617,000
 
1,483,875
 
Total Media
89,014,229
Wireless Telecommunication Services — 1.4%
CSC Holdings LLC, Senior Notes
5.375%
2/1/28
9,173,000
 
7,834,886
 (a)
CSC Holdings LLC, Senior Notes
4.500%
11/15/31
33,058,000
 
24,013,632
 (a)
Rogers Communications Inc., Senior Notes
5.300%
2/15/34
3,730,000
 
3,662,738
 
Sprint Capital Corp., Senior Notes
8.750%
3/15/32
4,670,000
 
5,618,904
 
T-Mobile USA Inc., Senior Notes
3.500%
4/15/25
1,610,000
 
1,609,177
 
T-Mobile USA Inc., Senior Notes
3.750%
4/15/27
1,950,000
 
1,922,022
 
T-Mobile USA Inc., Senior Notes
3.875%
4/15/30
15,295,000
 
14,667,187
 
T-Mobile USA Inc., Senior Notes
2.550%
2/15/31
6,710,000
 
5,917,238
 
T-Mobile USA Inc., Senior Notes
3.500%
4/15/31
3,730,000
 
3,452,797
 
T-Mobile USA Inc., Senior Notes
5.150%
4/15/34
3,780,000
 
3,786,668
 
T-Mobile USA Inc., Senior Notes
4.375%
4/15/40
2,530,000
 
2,228,181
 
T-Mobile USA Inc., Senior Notes
5.875%
11/15/55
1,230,000
 
1,239,138
 
Total Wireless Telecommunication Services
75,952,568
 
Total Communication Services
237,113,296
See Notes to Schedule of Investments.

2
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Consumer Discretionary — 4.5%
Automobile Components — 0.2%
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
8,960,000
 
 $8,524,584
 (a)
Automobiles — 1.7%
Ford Holdings LLC, Senior Notes
9.300%
3/1/30
4,820,000
 
5,480,754
 
Ford Motor Co., Senior Notes
3.250%
2/12/32
5,360,000
 
4,419,714
 
Ford Motor Co., Senior Notes
6.100%
8/19/32
1,730,000
 
1,696,993
 
Ford Motor Co., Senior Notes
4.750%
1/15/43
870,000
 
660,560
 
Ford Motor Credit Co. LLC, Senior Notes
5.125%
6/16/25
3,120,000
 
3,118,040
 
Ford Motor Credit Co. LLC, Senior Notes
3.375%
11/13/25
4,120,000
 
4,071,208
 
Ford Motor Credit Co. LLC, Senior Notes
4.950%
5/28/27
5,890,000
 
5,805,952
 
Ford Motor Credit Co. LLC, Senior Notes
7.350%
11/4/27
3,260,000
 
3,379,020
 
Ford Motor Credit Co. LLC, Senior Notes
2.900%
2/16/28
1,550,000
 
1,435,236
 
Ford Motor Credit Co. LLC, Senior Notes
7.350%
3/6/30
2,763,000
 
2,892,892
 
Ford Motor Credit Co. LLC, Senior Notes
4.000%
11/13/30
1,155,000
 
1,034,650
 
Ford Motor Credit Co. LLC, Senior Notes
3.625%
6/17/31
3,410,000
 
2,935,038
 
General Motors Co., Senior Notes
5.600%
10/15/32
1,890,000
 
1,875,199
 
General Motors Co., Senior Notes
6.600%
4/1/36
1,170,000
 
1,208,598
 
General Motors Co., Senior Notes
5.150%
4/1/38
2,050,000
 
1,857,235
 
General Motors Co., Senior Notes
6.250%
10/2/43
1,080,000
 
1,039,944
 
General Motors Co., Senior Notes
5.950%
4/1/49
1,040,000
 
953,468
 
General Motors Financial Co. Inc., Senior Notes
4.350%
1/17/27
880,000
 
872,252
 
Nissan Motor Co. Ltd., Senior Notes
3.522%
9/17/25
35,120,000
 
34,754,092
 (a)
Nissan Motor Co. Ltd., Senior Notes
4.345%
9/17/27
2,390,000
 
2,325,123
 (a)
PM General Purchaser LLC, Senior Secured Notes
9.500%
10/1/28
4,471,000
 
4,269,807
 (a)
Total Automobiles
86,085,775
Broadline Retail — 0.3%
Amazon.com Inc., Senior Notes
2.500%
6/3/50
5,800,000
 
3,511,540
 
Amazon.com Inc., Senior Notes
4.250%
8/22/57
2,970,000
 
2,447,724
 
Prosus NV, Senior Notes
3.061%
7/13/31
10,970,000
 
9,466,164
 (a)
Prosus NV, Senior Notes
4.027%
8/3/50
2,720,000
 
1,833,919
 (a)
Total Broadline Retail
17,259,347
Hotels, Restaurants & Leisure — 2.1%
Carnival Corp., Senior Notes
6.125%
2/15/33
9,680,000
 
9,546,316
 (a)
Las Vegas Sands Corp., Senior Notes
3.500%
8/18/26
600,000
 
588,774
 
Las Vegas Sands Corp., Senior Notes
3.900%
8/8/29
3,140,000
 
2,955,963
 
Las Vegas Sands Corp., Senior Notes
6.000%
8/15/29
4,200,000
 
4,295,000
 
McDonald’s Corp., Senior Notes
3.600%
7/1/30
2,940,000
 
2,806,127
 
McDonald’s Corp., Senior Notes
4.200%
4/1/50
6,670,000
 
5,366,878
 
Melco Resorts Finance Ltd., Senior Notes
7.625%
4/17/32
3,830,000
 
3,817,436
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
6.000%
2/1/33
6,930,000
 
6,931,051
 (a)
Sands China Ltd., Senior Notes
5.125%
8/8/25
39,986,000
 
39,976,531
 
Sands China Ltd., Senior Notes
3.800%
1/8/26
350,000
 
346,495
 
Sands China Ltd., Senior Notes
2.300%
3/8/27
6,770,000
 
6,417,852
 
Sands China Ltd., Senior Notes
5.400%
8/8/28
3,950,000
 
3,957,548
 
Sands China Ltd., Senior Notes
2.850%
3/8/29
3,980,000
 
3,602,243
 
Sands China Ltd., Senior Notes
3.250%
8/8/31
1,690,000
 
1,465,348
 
See Notes to Schedule of Investments.

3
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Hotels, Restaurants & Leisure — continued
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
8,660,000
 
 $8,694,701
 (a)
Wynn Macau Ltd., Senior Notes
5.625%
8/26/28
10,180,000
 
9,800,607
 (a)
Total Hotels, Restaurants & Leisure
110,568,870
Specialty Retail — 0.2%
Home Depot Inc., Senior Notes
2.700%
4/15/30
1,480,000
 
1,359,003
 
Home Depot Inc., Senior Notes
3.300%
4/15/40
3,220,000
 
2,553,980
 
Home Depot Inc., Senior Notes
3.350%
4/15/50
5,295,000
 
3,731,708
 
Lowe’s Cos. Inc., Senior Notes
4.500%
4/15/30
3,320,000
 
3,295,128
 
Total Specialty Retail
10,939,819
Textiles, Apparel & Luxury Goods — 0.0%††
NIKE Inc., Senior Notes
3.250%
3/27/40
2,200,000
 
1,738,477
 
 
Total Consumer Discretionary
235,116,872
Consumer Staples — 1.1%
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes
4.900%
2/1/46
6,332,000
 
5,843,904
 
Anheuser-Busch InBev Worldwide Inc., Senior Notes
4.750%
1/23/29
2,420,000
 
2,445,004
 
Anheuser-Busch InBev Worldwide Inc., Senior Notes
5.550%
1/23/49
3,560,000
 
3,567,778
 
Total Beverages
11,856,686
Consumer Staples Distribution & Retail — 0.1%
Kroger Co., Senior Notes
5.000%
9/15/34
3,270,000
 
3,196,838
 
Food Products — 0.2%
Mars Inc., Senior Notes
3.200%
4/1/30
210,000
 
197,324
 (a)
Mars Inc., Senior Notes
5.000%
3/1/32
780,000
 
783,594
 (a)
Mars Inc., Senior Notes
5.200%
3/1/35
1,860,000
 
1,870,017
 (a)
Mars Inc., Senior Notes
5.700%
5/1/55
8,830,000
 
8,828,851
 (a)
Total Food Products
11,679,786
Personal Care Products — 0.0%††
Kenvue Inc., Senior Notes
4.900%
3/22/33
1,627,000
 
1,630,151
 
Tobacco — 0.6%
Altria Group Inc., Senior Notes
2.350%
5/6/25
3,270,000
 
3,261,902
 
Altria Group Inc., Senior Notes
4.800%
2/14/29
975,000
 
977,262
 
Altria Group Inc., Senior Notes
2.450%
2/4/32
3,750,000
 
3,165,413
 
Altria Group Inc., Senior Notes
6.875%
11/1/33
1,610,000
 
1,776,108
 
Altria Group Inc., Senior Notes
5.800%
2/14/39
3,130,000
 
3,146,608
 
Altria Group Inc., Senior Notes
3.875%
9/16/46
3,130,000
 
2,294,993
 
Altria Group Inc., Senior Notes
5.950%
2/14/49
830,000
 
820,192
 
Altria Group Inc., Senior Notes
3.700%
2/4/51
2,620,000
 
1,806,847
 
Altria Group Inc., Senior Notes
6.200%
2/14/59
1,682,000
 
1,691,938
 
BAT Capital Corp., Senior Notes
3.557%
8/15/27
406,000
 
396,262
 
BAT Capital Corp., Senior Notes
4.540%
8/15/47
4,515,000
 
3,609,831
 
Philip Morris International Inc., Senior Notes
4.875%
2/13/29
3,360,000
 
3,396,093
 
Philip Morris International Inc., Senior Notes
5.125%
2/13/31
930,000
 
946,492
 
Philip Morris International Inc., Senior Notes
5.250%
2/13/34
1,050,000
 
1,060,216
 
Philip Morris International Inc., Senior Notes
4.500%
3/20/42
805,000
 
707,194
 
See Notes to Schedule of Investments.

4
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Tobacco — continued
Reynolds American Inc., Senior Notes
5.850%
8/15/45
2,579,000
 
 $2,463,465
 
Total Tobacco
31,520,816
 
Total Consumer Staples
59,884,277
Energy — 5.2%
Energy Equipment & Services — 0.1%
Halliburton Co., Senior Notes
4.850%
11/15/35
1,580,000
 
1,516,242
 
Oil, Gas & Consumable Fuels — 5.1%
APA Corp., Senior Notes
6.000%
1/15/37
1,006,000
 
982,224
 (a)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes
7.250%
7/15/32
3,980,000
 
4,120,219
 (a)
BP Capital Markets America Inc., Senior Notes
3.633%
4/6/30
2,020,000
 
1,928,073
 
BP Capital Markets America Inc., Senior Notes
3.000%
2/24/50
3,900,000
 
2,523,592
 
BP Capital Markets America Inc., Senior Notes
2.772%
11/10/50
1,220,000
 
749,827
 
Cameron LNG LLC, Senior Secured Notes
2.902%
7/15/31
1,030,000
 
913,221
 (a)
Cameron LNG LLC, Senior Secured Notes
3.302%
1/15/35
2,071,000
 
1,753,901
 (a)
Cheniere Energy Partners LP, Senior Notes
4.000%
3/1/31
2,281,000
 
2,140,213
 
Cheniere Energy Partners LP, Senior Notes
3.250%
1/31/32
2,620,000
 
2,307,009
 
Columbia Pipelines Operating Co. LLC, Senior Notes
6.036%
11/15/33
2,315,000
 
2,391,277
 (a)
Continental Resources Inc., Senior Notes
2.268%
11/15/26
3,430,000
 
3,289,565
 (a)
Continental Resources Inc., Senior Notes
4.375%
1/15/28
299,000
 
293,127
 
Continental Resources Inc., Senior Notes
5.750%
1/15/31
1,679,000
 
1,692,679
 (a)
Continental Resources Inc., Senior Notes
4.900%
6/1/44
1,341,000
 
1,088,565
 
Coterra Energy Inc., Senior Notes
3.900%
5/15/27
1,739,000
 
1,712,337
 
Coterra Energy Inc., Senior Notes
4.375%
3/15/29
1,949,000
 
1,922,075
 
Devon Energy Corp., Senior Notes
5.850%
12/15/25
7,036,000
 
7,073,575
 
Devon Energy Corp., Senior Notes
5.250%
10/15/27
638,000
 
639,830
 
Devon Energy Corp., Senior Notes
5.875%
6/15/28
114,000
 
114,347
 
Devon Energy Corp., Senior Notes
4.500%
1/15/30
685,000
 
673,089
 
Devon Energy Corp., Senior Notes
5.600%
7/15/41
2,840,000
 
2,652,565
 
Devon Energy Corp., Senior Notes
4.750%
5/15/42
5,237,000
 
4,399,048
 
Devon Energy Corp., Senior Notes
5.000%
6/15/45
3,000,000
 
2,547,219
 
Diamondback Energy Inc., Senior Notes
3.500%
12/1/29
1,439,000
 
1,361,688
 
Ecopetrol SA, Senior Notes
5.875%
5/28/45
14,840,000
 
10,434,338
 
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year
Treasury Constant Maturity Rate + 5.694%)
6.500%
11/15/26
4,275,000
 
4,280,647
 (b)(c)
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year
Treasury Constant Maturity Rate + 5.134%)
6.750%
5/15/25
12,878,000
 
12,924,803
 (b)(c)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year
Treasury Constant Maturity Rate + 5.306%)
7.125%
5/15/30
15,052,000
 
15,268,322
 (b)(c)
Energy Transfer LP, Senior Notes
2.900%
5/15/25
3,560,000
 
3,551,803
 
Energy Transfer LP, Senior Notes
5.250%
4/15/29
2,230,000
 
2,256,963
 
Energy Transfer LP, Senior Notes
3.750%
5/15/30
2,810,000
 
2,658,061
 
Energy Transfer LP, Senior Notes
5.550%
5/15/34
30,000
 
29,998
 
Energy Transfer LP, Senior Notes
5.300%
4/1/44
1,170,000
 
1,050,260
 
Energy Transfer LP, Senior Notes
5.350%
5/15/45
2,000,000
 
1,797,532
 
Energy Transfer LP, Senior Notes
5.400%
10/1/47
1,413,000
 
1,266,414
 
Energy Transfer LP, Senior Notes
6.250%
4/15/49
1,770,000
 
1,757,492
 
See Notes to Schedule of Investments.

5
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Enterprise Products Operating LLC, Senior Notes
3.125%
7/31/29
850,000
 
 $805,399
 
Enterprise Products Operating LLC, Senior Notes
2.800%
1/31/30
577,000
 
533,264
 
Enterprise Products Operating LLC, Senior Notes
6.650%
10/15/34
3,225,000
 
3,577,963
 
Enterprise Products Operating LLC, Senior Notes
7.550%
4/15/38
1,030,000
 
1,230,068
 
Enterprise Products Operating LLC, Senior Notes
3.700%
1/31/51
2,197,000
 
1,597,586
 
Enterprise Products Operating LLC, Senior Notes
5.550%
2/16/55
1,830,000
 
1,778,734
 
Enterprise Products Operating LLC, Senior Notes
3.950%
1/31/60
870,000
 
636,282
 
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo.
Term SOFR + 2.832%)
5.375%
2/15/78
3,205,000
 
3,143,014
 (c)
EOG Resources Inc., Senior Notes
3.900%
4/1/35
1,400,000
 
1,277,405
 
EQT Corp., Senior Notes
3.125%
5/15/26
600,000
 
589,540
 (a)
EQT Corp., Senior Notes
5.000%
1/15/29
2,358,000
 
2,374,363
 
EQT Corp., Senior Notes
3.625%
5/15/31
3,383,000
 
3,091,889
 (a)
Expand Energy Corp., Senior Notes
5.375%
2/1/29
920,000
 
917,306
 
Expand Energy Corp., Senior Notes
5.375%
3/15/30
2,710,000
 
2,692,136
 
Expand Energy Corp., Senior Notes
4.750%
2/1/32
2,690,000
 
2,546,764
 
Exxon Mobil Corp., Senior Notes
3.452%
4/15/51
1,450,000
 
1,038,101
 
KazMunayGas National Co. JSC, Senior Notes
6.375%
10/24/48
7,160,000
 
6,707,572
 (a)
Kinder Morgan Energy Partners LP, Senior Notes
7.300%
8/15/33
1,497,000
 
1,675,605
 
Kinder Morgan Energy Partners LP, Senior Notes
6.550%
9/15/40
1,450,000
 
1,530,485
 
Kinder Morgan Energy Partners LP, Senior Notes
5.400%
9/1/44
680,000
 
628,748
 
Kinder Morgan Inc., Senior Notes
7.800%
8/1/31
226,000
 
257,765
 
Kinder Morgan Inc., Senior Notes
5.050%
2/15/46
1,140,000
 
1,000,571
 
Kinder Morgan Inc., Senior Notes
5.200%
3/1/48
970,000
 
866,572
 
MPLX LP, Senior Notes
4.800%
2/15/29
2,590,000
 
2,595,218
 
MPLX LP, Senior Notes
4.500%
4/15/38
1,340,000
 
1,177,196
 
MPLX LP, Senior Notes
4.700%
4/15/48
1,470,000
 
1,203,877
 
Occidental Petroleum Corp., Senior Notes
5.550%
3/15/26
650,000
 
653,030
 
Occidental Petroleum Corp., Senior Notes
3.200%
8/15/26
10,917,000
 
10,707,352
 
Occidental Petroleum Corp., Senior Notes
3.000%
2/15/27
4,630,000
 
4,503,154
 
Occidental Petroleum Corp., Senior Notes
3.500%
8/15/29
60,000
 
55,897
 
Occidental Petroleum Corp., Senior Notes
6.625%
9/1/30
900,000
 
946,055
 
Occidental Petroleum Corp., Senior Notes
7.500%
5/1/31
1,130,000
 
1,244,834
 
Occidental Petroleum Corp., Senior Notes
7.875%
9/15/31
3,792,000
 
4,262,921
 
Occidental Petroleum Corp., Senior Notes
6.450%
9/15/36
1,275,000
 
1,313,425
 
Occidental Petroleum Corp., Senior Notes
4.200%
3/15/48
2,820,000
 
2,015,057
 
ONEOK Inc., Senior Notes
5.800%
11/1/30
2,410,000
 
2,508,049
 
ONEOK Inc., Senior Notes
6.050%
9/1/33
580,000
 
604,163
 
ONEOK Inc., Senior Notes
6.625%
9/1/53
1,990,000
 
2,083,785
 
Parsley Energy LLC/Parsley Finance Corp., Senior Notes
4.125%
2/15/28
2,070,000
 
2,032,168
 (a)
Permian Resources Operating LLC, Senior Notes
6.250%
2/1/33
4,630,000
 
4,615,318
 (a)
Pioneer Natural Resources Co., Senior Notes
2.150%
1/15/31
2,610,000
 
2,274,855
 
Range Resources Corp., Senior Notes
4.875%
5/15/25
4,270,000
 
4,267,925
 
Reliance Industries Ltd., Senior Notes
3.625%
1/12/52
15,210,000
 
10,568,066
 (a)
Shell Finance US Inc., Senior Notes
4.375%
5/11/45
2,830,000
 
2,415,099
 
Shell Finance US Inc., Senior Notes
4.000%
5/10/46
710,000
 
569,161
 
See Notes to Schedule of Investments.

6
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Shell Finance US Inc., Senior Notes
3.250%
4/6/50
4,630,000
 
 $3,198,584
 
Southern Natural Gas Co. LLC, Senior Notes
8.000%
3/1/32
2,503,000
 
2,859,773
 
Targa Resources Corp., Senior Notes
4.950%
4/15/52
2,370,000
 
2,003,358
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
6.500%
7/15/27
2,910,000
 
2,922,676
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
6.875%
1/15/29
1,220,000
 
1,247,913
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
4.875%
2/1/31
2,045,000
 
2,002,810
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
4.000%
1/15/32
190,000
 
175,418
 
Tennessee Gas Pipeline Co. LLC, Senior Notes
2.900%
3/1/30
2,350,000
 
2,145,032
 (a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
7.850%
2/1/26
3,057,000
 
3,112,370
 
Venture Global Calcasieu Pass LLC, Senior Secured Notes
3.875%
11/1/33
10,180,000
 
8,769,667
 (a)
Venture Global LNG Inc., Senior Secured Notes
7.000%
1/15/30
9,620,000
 
9,484,387
 (a)
Western Midstream Operating LP, Senior Notes
4.500%
3/1/28
413,000
 
409,082
 
Western Midstream Operating LP, Senior Notes
4.050%
2/1/30
2,935,000
 
2,802,407
 
Western Midstream Operating LP, Senior Notes
5.250%
2/1/50
1,410,000
 
1,202,809
 
Williams Cos. Inc., Senior Notes
3.500%
11/15/30
1,670,000
 
1,561,117
 
Williams Cos. Inc., Senior Notes
7.500%
1/15/31
4,249,000
 
4,737,021
 
Williams Cos. Inc., Senior Notes
7.750%
6/15/31
5,348,000
 
6,056,645
 
Williams Cos. Inc., Senior Notes
8.750%
3/15/32
985,000
 
1,185,177
 
Williams Cos. Inc., Senior Notes
5.150%
3/15/34
2,520,000
 
2,487,448
 
Williams Cos. Inc., Senior Notes
5.100%
9/15/45
1,150,000
 
1,039,252
 
Total Oil, Gas & Consumable Fuels
269,062,581
 
Total Energy
270,578,823
Financials — 9.5%
Banks — 6.0%
BAC Capital Trust XIV, Ltd. GTD (3 mo. Term SOFR + 0.662%)
4.961%
4/16/25
7,226,000
 
6,212,270
 (b)(c)
Bank of America Corp., Senior Notes
5.000%
1/21/44
2,270,000
 
2,128,558
 
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)
2.572%
10/20/32
2,030,000
 
1,752,093
 (c)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)
2.592%
4/29/31
8,720,000
 
7,834,929
 (c)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. Term SOFR
+ 1.302%)
3.419%
12/20/28
11,641,000
 
11,284,141
 (c)
Bank of America Corp., Senior Notes (3.970% to 3/5/28 then 3 mo. Term SOFR +
1.332%)
3.970%
3/5/29
4,810,000
 
4,726,217
 (c)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term SOFR +
1.472%)
3.974%
2/7/30
1,360,000
 
1,323,702
 (c)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. Term SOFR +
3.412%)
4.083%
3/20/51
6,570,000
 
5,167,003
 (c)
Bank of America Corp., Senior Notes (4.330% to 3/15/49 then 3 mo. Term SOFR +
1.782%)
4.330%
3/15/50
2,690,000
 
2,220,313
 (c)
Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%)
4.376%
4/27/28
620,000
 
617,522
 (c)
Bank of America Corp., Senior Notes (4.571% to 4/27/32 then SOFR + 1.830%)
4.571%
4/27/33
6,660,000
 
6,437,729
 (c)
Bank of America Corp., Subordinated Notes
4.450%
3/3/26
3,050,000
 
3,045,680
 
Bank of America Corp., Subordinated Notes
4.250%
10/22/26
2,140,000
 
2,133,793
 
See Notes to Schedule of Investments.

7
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Banks — continued
Bank of America Corp., Subordinated Notes (2.482% to 9/21/31 then 5 year
Treasury Constant Maturity Rate + 1.200%)
2.482%
9/21/36
1,880,000
 
 $1,568,414
 (c)
Bank of Montreal, Senior Notes
1.850%
5/1/25
1,460,000
 
1,456,664
 
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
10,000
 
9,663
 (c)
Bank of Nova Scotia, Senior Notes
1.300%
6/11/25
1,320,000
 
1,311,619
 
Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury
Constant Maturity Rate + 2.050%)
4.588%
5/4/37
4,500,000
 
4,158,619
 (c)
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR +
3.054%)
5.088%
6/20/30
2,290,000
 
2,275,310
 (c)
BNP Paribas SA, Junior Subordinated Notes (8.000% to 8/22/31 then 5 year
Treasury Constant Maturity Rate + 3.727%)
8.000%
8/22/31
3,110,000
 
3,238,981
 (a)(b)(c)
BNP Paribas SA, Junior Subordinated Notes (8.500% to 8/14/28 then 5 year
Treasury Constant Maturity Rate + 4.354%)
8.500%
8/14/28
8,880,000
 
9,309,126
 (a)(b)(c)
BNP Paribas SA, Senior Notes
4.400%
8/14/28
3,970,000
 
3,922,920
 (a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)
2.219%
6/9/26
6,070,000
 
6,040,269
 (a)(c)
BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant
Maturity Rate + 1.450%)
5.125%
1/13/29
3,510,000
 
3,548,321
 (a)(c)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. Term SOFR +
2.829%)
5.198%
1/10/30
2,829,000
 
2,858,179
 (a)(c)
BNP Paribas SA, Senior Notes (5.894% to 12/5/33 then SOFR + 1.866%)
5.894%
12/5/34
8,945,000
 
9,358,681
 (a)(c)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. Term
SOFR + 4.167%)
5.950%
5/15/25
5,670,000
 
5,666,113
 (b)(c)
Citigroup Inc., Senior Notes
8.125%
7/15/39
1,915,000
 
2,377,386
 
Citigroup Inc., Senior Notes
4.650%
7/30/45
2,462,000
 
2,157,356
 
Citigroup Inc., Senior Notes
4.650%
7/23/48
1,230,000
 
1,049,145
 
Citigroup Inc., Senior Notes (2.561% to 5/1/31 then SOFR + 1.167%)
2.561%
5/1/32
5,320,000
 
4,622,951
 (c)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)
3.106%
4/8/26
2,920,000
 
2,919,041
 (c)
Citigroup Inc., Senior Notes (3.520% to 10/27/27 then 3 mo. Term SOFR +
1.413%)
3.520%
10/27/28
6,280,000
 
6,105,077
 (c)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. Term SOFR + 1.600%)
3.980%
3/20/30
7,640,000
 
7,408,700
 (c)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)
4.412%
3/31/31
5,260,000
 
5,127,485
 (c)
Citigroup Inc., Senior Notes (4.910% to 5/24/32 then SOFR + 2.086%)
4.910%
5/24/33
670,000
 
657,206
 (c)
Citigroup Inc., Subordinated Notes
4.400%
6/10/25
7,240,000
 
7,238,796
 
Citigroup Inc., Subordinated Notes
4.450%
9/29/27
6,750,000
 
6,719,726
 
Citigroup Inc., Subordinated Notes
6.125%
8/25/36
133,000
 
136,947
 
Citigroup Inc., Subordinated Notes
6.675%
9/13/43
1,884,000
 
2,040,096
 
Citigroup Inc., Subordinated Notes
4.750%
5/18/46
150,000
 
127,316
 
Cooperatieve Rabobank UA, Senior Notes
4.375%
8/4/25
7,790,000
 
7,770,994
 
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
4,810,000
 
4,771,939
 (a)(c)
Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury
Constant Maturity Rate + 1.220%)
3.649%
4/6/28
2,460,000
 
2,412,322
 (a)(c)
Cooperatieve Rabobank UA, Senior Notes (3.758% to 4/6/32 then 1 year Treasury
Constant Maturity Rate + 1.420%)
3.758%
4/6/33
5,210,000
 
4,779,148
 (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
1,330,000
 
1,284,127
 (a)(c)
See Notes to Schedule of Investments.

8
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Banks — continued
Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury Constant
Maturity Rate + 1.750%)
4.298%
4/1/28
250,000
 
 $248,252
 (a)(c)
Danske Bank A/S, Senior Notes (6.259% to 9/22/25 then 1 year Treasury
Constant Maturity Rate + 1.180%)
6.259%
9/22/26
6,870,000
 
6,918,784
 (a)(c)
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)
2.099%
6/4/26
5,280,000
 
5,255,007
 (c)
HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + 2.387%)
2.848%
6/4/31
1,610,000
 
1,446,732
 (c)
HSBC Holdings PLC, Subordinated Notes (4.762% to 3/29/32 then SOFR +
2.530%)
4.762%
3/29/33
6,190,000
 
5,912,806
 (c)
Intesa Sanpaolo SpA, Subordinated Notes
5.710%
1/15/26
3,150,000
 
3,159,344
 (a)
JPMorgan Chase & Co., Senior Notes (1.953% to 2/4/31 then SOFR + 1.065%)
1.953%
2/4/32
9,560,000
 
8,135,912
 (c)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)
2.083%
4/22/26
6,700,000
 
6,689,145
 (c)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)
2.522%
4/22/31
6,130,000
 
5,502,861
 (c)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/40 then 3 mo. Term SOFR
+ 2.460%)
3.109%
4/22/41
5,150,000
 
3,892,751
 (c)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%)
3.109%
4/22/51
1,420,000
 
946,565
 (c)
JPMorgan Chase & Co., Senior Notes (4.493% to 3/24/30 then 3 mo. Term SOFR
+ 3.790%)
4.493%
3/24/31
7,560,000
 
7,462,673
 (c)
JPMorgan Chase & Co., Subordinated Notes
4.950%
6/1/45
410,000
 
374,017
 
Mitsubishi UFJ Financial Group Inc., Senior Notes (3.837% to 4/17/25 then 1 year
Treasury Constant Maturity Rate + 1.125%)
3.837%
4/17/26
1,590,000
 
1,589,284
 (c)
Mitsubishi UFJ Financial Group Inc., Senior Notes (4.080% to 4/19/27 then 1 year
Treasury Constant Maturity Rate + 1.300%)
4.080%
4/19/28
1,860,000
 
1,843,691
 (c)
PNC Financial Services Group Inc., Senior Notes (5.582% to 6/12/28 then SOFR +
1.841%)
5.582%
6/12/29
4,620,000
 
4,751,480
 (c)
Royal Bank of Canada, Senior Notes
3.875%
5/4/32
1,770,000
 
1,660,913
 
Royal Bank of Canada, Senior Notes
5.150%
2/1/34
1,960,000
 
1,975,689
 
Toronto-Dominion Bank, Senior Notes
4.456%
6/8/32
1,490,000
 
1,439,006
 
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)
6.047%
6/8/27
3,230,000
 
3,284,692
 (c)
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)
5.775%
6/12/29
3,240,000
 
3,342,026
 (c)
US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%)
5.836%
6/12/34
2,350,000
 
2,425,778
 (c)
Wells Fargo & Co., Senior Notes
3.000%
10/23/26
2,330,000
 
2,279,140
 
Wells Fargo & Co., Senior Notes
4.150%
1/24/29
3,180,000
 
3,136,227
 
Wells Fargo & Co., Senior Notes (2.393% to 6/2/27 then SOFR + 2.100%)
2.393%
6/2/28
5,400,000
 
5,154,717
 (c)
Wells Fargo & Co., Senior Notes (2.879% to 10/30/29 then 3 mo. Term SOFR +
1.432%)
2.879%
10/30/30
3,860,000
 
3,559,028
 (c)
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)
3.350%
3/2/33
5,770,000
 
5,178,673
 (c)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then 3 mo. Term SOFR +
4.032%)
4.478%
4/4/31
6,620,000
 
6,509,167
 (c)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR +
4.502%)
5.013%
4/4/51
14,630,000
 
13,178,986
 (c)
Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%)
5.557%
7/25/34
1,180,000
 
1,201,140
 (c)
Wells Fargo & Co., Subordinated Notes
5.375%
11/2/43
4,440,000
 
4,170,198
 
Wells Fargo & Co., Subordinated Notes
4.650%
11/4/44
6,000,000
 
5,096,908
 
Wells Fargo & Co., Subordinated Notes
4.900%
11/17/45
5,844,000
 
5,071,251
 
Wells Fargo & Co., Subordinated Notes
4.750%
12/7/46
2,165,000
 
1,826,988
 
Total Banks
313,932,418
See Notes to Schedule of Investments.

9
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Capital Markets — 2.4%
Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%)
6.136%
8/24/34
2,110,000
 
 $2,246,861
 (c)
Credit Suisse AG AT1 Claim
—
—
61,000,000
 
0
 *(d)(e)(f)
Goldman Sachs Group Inc., Senior Notes
3.500%
11/16/26
7,153,000
 
7,044,068
 
Goldman Sachs Group Inc., Senior Notes
2.600%
2/7/30
6,020,000
 
5,457,548
 
Goldman Sachs Group Inc., Senior Notes
6.250%
2/1/41
4,800,000
 
5,066,180
 
Goldman Sachs Group Inc., Senior Notes
4.750%
10/21/45
5,434,000
 
4,804,237
 
Goldman Sachs Group Inc., Senior Notes (2.615% to 4/22/31 then SOFR +
1.281%)
2.615%
4/22/32
7,070,000
 
6,175,085
 (c)
Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR +
1.264%)
2.650%
10/21/32
2,000,000
 
1,729,135
 (c)
Goldman Sachs Group Inc., Senior Notes (2.908% to 7/21/41 then SOFR +
1.472%)
2.908%
7/21/42
1,420,000
 
1,003,942
 (c)
Goldman Sachs Group Inc., Senior Notes (3.210% to 4/22/41 then SOFR +
1.513%)
3.210%
4/22/42
3,096,000
 
2,284,908
 (c)
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR +
1.846%)
3.615%
3/15/28
5,790,000
 
5,684,667
 (c)
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. Term
SOFR + 1.420%)
3.814%
4/23/29
1,765,000
 
1,723,543
 (c)
Goldman Sachs Group Inc., Subordinated Notes
6.750%
10/1/37
304,000
 
328,997
 
Goldman Sachs Group Inc., Subordinated Notes
5.150%
5/22/45
4,861,000
 
4,412,249
 
KKR Group Finance Co. II LLC, Senior Notes
5.500%
2/1/43
908,000
 
861,363
 (a)
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)
2.188%
4/28/26
7,880,000
 
7,864,519
 (c)
Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%)
2.511%
10/20/32
2,020,000
 
1,734,456
 (c)
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%)
2.699%
1/22/31
9,370,000
 
8,492,674
 (c)
Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%)
3.622%
4/1/31
5,560,000
 
5,251,571
 (c)
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. Term SOFR +
1.402%)
3.772%
1/24/29
7,533,000
 
7,369,946
 (c)
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. Term SOFR +
1.890%)
4.431%
1/23/30
1,160,000
 
1,145,618
 (c)
UBS AG, Senior Notes
7.500%
2/15/28
8,010,000
 
8,627,505
 
UBS AG, Senior Notes
4.500%
6/26/48
4,463,000
 
3,816,857
 
UBS Group AG, Junior Subordinated Notes (7.750% to 4/12/31 then USD 5 year
SOFR ICE Swap Rate + 4.160%)
7.750%
4/12/31
2,550,000
 
2,659,523
 (a)(b)(c)
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year
Treasury Constant Maturity Rate + 4.745%)
9.250%
11/13/28
7,010,000
 
7,630,665
 (a)(b)(c)
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/33 then 5 year
Treasury Constant Maturity Rate + 4.758%)
9.250%
11/13/33
2,480,000
 
2,836,381
 (a)(b)(c)
UBS Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)
4.194%
4/1/31
1,180,000
 
1,137,948
 (a)(c)
UBS Group AG, Senior Notes (4.488% to 5/12/25 then 1 year Treasury Constant
Maturity Rate + 1.550%)
4.488%
5/12/26
9,390,000
 
9,386,892
 (a)(c)
UBS Group AG, Senior Notes (4.751% to 5/12/27 then 1 year Treasury Constant
Maturity Rate + 1.750%)
4.751%
5/12/28
4,430,000
 
4,433,048
 (a)(c)
UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%)
9.016%
11/15/33
3,510,000
 
4,290,539
 (a)(c)
Total Capital Markets
125,500,925
Consumer Finance — 0.0%††
American Express Co., Senior Notes
4.050%
5/3/29
1,690,000
 
1,670,931
 
See Notes to Schedule of Investments.

10
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Financial Services — 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
2.450%
10/29/26
12,550,000
 
 $12,130,665
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
3.000%
10/29/28
8,310,000
 
7,811,101
 
Berkshire Hathaway Energy Co., Senior Notes
6.125%
4/1/36
6,000
 
6,392
 
Berkshire Hathaway Finance Corp., Senior Notes
4.250%
1/15/49
4,600,000
 
3,899,135
 
ILFC E-Capital Trust II, Ltd. GTD (3 mo. Term SOFR + 2.062%)
6.367%
12/21/65
2,870,000
 
2,425,945
 (a)(c)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
4,810,000
 
4,944,752
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
6.125%
11/1/32
460,000
 
452,954
 (a)
Mastercard Inc., Senior Notes
3.850%
3/26/50
2,340,000
 
1,854,798
 
PayPal Holdings Inc., Senior Notes
2.300%
6/1/30
2,070,000
 
1,852,492
 
Visa Inc., Senior Notes
4.300%
12/14/45
2,480,000
 
2,163,980
 
Total Financial Services
37,542,214
Insurance — 0.4%
Aon North America Inc., Senior Notes
5.450%
3/1/34
5,620,000
 
5,724,372
 
Brighthouse Financial Inc., Senior Notes
4.700%
6/22/47
374,000
 
291,869
 
Guardian Life Global Funding, Secured Notes
1.100%
6/23/25
2,340,000
 
2,321,333
 (a)
MetLife Capital Trust IV, Junior Subordinated Notes
7.875%
12/15/37
6,080,000
 
6,676,405
 (a)
MetLife Inc., Junior Subordinated Notes
6.400%
12/15/36
1,593,000
 
1,618,547
 
Principal Life Global Funding II, Secured Notes
1.250%
6/23/25
2,360,000
 
2,341,526
 (a)
Teachers Insurance & Annuity Association of America, Subordinated Notes
4.900%
9/15/44
2,385,000
 
2,141,763
 (a)
Total Insurance
21,115,815
 
Total Financials
499,762,303
Health Care — 4.1%
Biotechnology — 0.4%
AbbVie Inc., Senior Notes
3.200%
11/21/29
4,780,000
 
4,516,951
 
AbbVie Inc., Senior Notes
4.950%
3/15/31
2,090,000
 
2,123,917
 
AbbVie Inc., Senior Notes
5.050%
3/15/34
4,370,000
 
4,402,507
 
AbbVie Inc., Senior Notes
4.550%
3/15/35
140,000
 
135,209
 
AbbVie Inc., Senior Notes
4.875%
11/14/48
1,365,000
 
1,252,060
 
AbbVie Inc., Senior Notes
4.250%
11/21/49
4,416,000
 
3,661,384
 
Gilead Sciences Inc., Senior Notes
4.750%
3/1/46
3,525,000
 
3,173,128
 
Total Biotechnology
19,265,156
Health Care Equipment & Supplies — 0.4%
Becton Dickinson & Co., Senior Notes
4.685%
12/15/44
345,000
 
301,915
 
Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes
6.250%
4/1/29
4,440,000
 
4,502,067
 (a)
Roche Holdings Inc., Senior Notes
2.607%
12/13/51
3,190,000
 
1,930,779
 (a)
Solventum Corp., Senior Notes
5.400%
3/1/29
4,170,000
 
4,255,063
 
Solventum Corp., Senior Notes
5.450%
3/13/31
3,300,000
 
3,363,309
 
Solventum Corp., Senior Notes
5.600%
3/23/34
5,160,000
 
5,232,715
 
Solventum Corp., Senior Notes
5.900%
4/30/54
3,490,000
 
3,454,561
 
Total Health Care Equipment & Supplies
23,040,409
Health Care Providers & Services — 1.4%
Centene Corp., Senior Notes
3.375%
2/15/30
1,440,000
 
1,303,505
 
Centene Corp., Senior Notes
3.000%
10/15/30
1,400,000
 
1,225,810
 
Centene Corp., Senior Notes
2.625%
8/1/31
1,430,000
 
1,203,033
 
Cigna Group, Senior Notes
4.375%
10/15/28
2,680,000
 
2,660,371
 
Cigna Group, Senior Notes
4.800%
8/15/38
2,482,000
 
2,320,461
 
See Notes to Schedule of Investments.

11
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Health Care Providers & Services — continued
CommonSpirit Health, Secured Notes
4.350%
11/1/42
410,000
 
 $344,437
 
CVS Health Corp., Senior Notes
3.875%
7/20/25
2,043,000
 
2,037,206
 
CVS Health Corp., Senior Notes
3.625%
4/1/27
3,030,000
 
2,973,132
 
CVS Health Corp., Senior Notes
4.300%
3/25/28
6,240,000
 
6,166,198
 
CVS Health Corp., Senior Notes
3.750%
4/1/30
2,390,000
 
2,256,282
 
CVS Health Corp., Senior Notes
2.125%
9/15/31
3,210,000
 
2,676,710
 
CVS Health Corp., Senior Notes
4.125%
4/1/40
1,673,000
 
1,361,618
 
CVS Health Corp., Senior Notes
5.125%
7/20/45
2,580,000
 
2,250,987
 
CVS Pass-Through Trust, Secured Trust
6.036%
12/10/28
3,415,348
 
3,441,528
 
Elevance Health Inc., Senior Notes
4.100%
5/15/32
3,100,000
 
2,940,149
 
Elevance Health Inc., Senior Notes
4.375%
12/1/47
2,500,000
 
2,052,315
 
HCA Inc., Senior Notes
7.690%
6/15/25
723,000
 
726,657
 
HCA Inc., Senior Notes
5.500%
6/15/47
920,000
 
847,941
 
HCA Inc., Senior Notes
7.500%
11/15/95
14,760,000
 
15,460,391
 
Humana Inc., Senior Notes
3.950%
3/15/27
10,000
 
9,866
 
Humana Inc., Senior Notes
2.150%
2/3/32
3,750,000
 
3,081,174
 
UnitedHealth Group Inc., Senior Notes
2.000%
5/15/30
5,070,000
 
4,480,247
 
UnitedHealth Group Inc., Senior Notes
4.200%
5/15/32
3,560,000
 
3,423,792
 
UnitedHealth Group Inc., Senior Notes
4.250%
6/15/48
2,870,000
 
2,331,116
 
UnitedHealth Group Inc., Senior Notes
2.900%
5/15/50
1,080,000
 
681,439
 
UnitedHealth Group Inc., Senior Notes
3.875%
8/15/59
4,755,000
 
3,410,597
 
UnitedHealth Group Inc., Senior Notes
3.125%
5/15/60
1,570,000
 
952,504
 
Total Health Care Providers & Services
72,619,466
Pharmaceuticals — 1.9%
1261229 BC Ltd., Senior Secured Notes
10.000%
4/15/32
4,650,000
 
4,626,529
 (a)(g)
Bausch Health Americas Inc., Senior Notes
9.250%
4/1/26
5,181,000
 
5,077,380
 (a)
Bausch Health Americas Inc., Senior Notes
8.500%
1/31/27
36,000
 
34,248
 (a)
Bausch Health Cos. Inc., Senior Notes
5.000%
2/15/29
12,974,000
 
8,342,023
 (a)
Bausch Health Cos. Inc., Senior Notes
6.250%
2/15/29
16,901,000
 
11,310,480
 (a)
Bausch Health Cos. Inc., Senior Secured Notes
5.500%
11/1/25
590,000
 
589,779
 (a)
Bristol-Myers Squibb Co., Senior Notes
5.100%
2/22/31
4,020,000
 
4,116,938
 
Bristol-Myers Squibb Co., Senior Notes
5.200%
2/22/34
5,280,000
 
5,373,964
 
Bristol-Myers Squibb Co., Senior Notes
5.550%
2/22/54
900,000
 
887,575
 
Bristol-Myers Squibb Co., Senior Notes
5.650%
2/22/64
1,450,000
 
1,421,786
 
Eli Lilly & Co., Senior Notes
4.700%
2/9/34
4,310,000
 
4,265,002
 
Eli Lilly & Co., Senior Notes
5.000%
2/9/54
1,400,000
 
1,313,596
 
Eli Lilly & Co., Senior Notes
5.100%
2/9/64
1,860,000
 
1,735,643
 
Merck & Co. Inc., Senior Notes
2.750%
12/10/51
3,010,000
 
1,864,877
 
Pfizer Inc., Senior Notes
1.700%
5/28/30
3,680,000
 
3,213,155
 
Pfizer Inc., Senior Notes
7.200%
3/15/39
5,000
 
5,911
 
Teva Pharmaceutical Finance Co. LLC, Senior Notes
6.150%
2/1/36
2,420,000
 
2,414,423
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
5.125%
5/9/29
20,910,000
 
20,448,460
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
8.125%
9/15/31
2,560,000
 
2,856,397
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
21,910,000
 
15,857,756
 
See Notes to Schedule of Investments.

12
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Pharmaceuticals — continued
Wyeth LLC, Senior Notes
5.950%
4/1/37
1,778,000
 
 $1,885,103
 
Total Pharmaceuticals
97,641,025
 
Total Health Care
212,566,056
Industrials — 2.4%
Aerospace & Defense — 1.0%
Boeing Co., Senior Notes
3.100%
5/1/26
3,720,000
 
3,655,762
 
Boeing Co., Senior Notes
2.700%
2/1/27
5,050,000
 
4,872,057
 
Boeing Co., Senior Notes
2.800%
3/1/27
10,000
 
9,637
 
Boeing Co., Senior Notes
3.200%
3/1/29
3,580,000
 
3,362,760
 
Boeing Co., Senior Notes
3.250%
2/1/35
1,094,000
 
901,474
 
Boeing Co., Senior Notes
3.550%
3/1/38
2,720,000
 
2,130,903
 
Boeing Co., Senior Notes
3.750%
2/1/50
1,280,000
 
898,048
 
General Dynamics Corp., Senior Notes
4.250%
4/1/40
1,045,000
 
924,274
 
L3Harris Technologies Inc., Senior Notes
4.854%
4/27/35
2,028,000
 
1,959,102
 
L3Harris Technologies Inc., Senior Notes
5.054%
4/27/45
510,000
 
472,863
 
Lockheed Martin Corp., Senior Notes
3.900%
6/15/32
2,230,000
 
2,108,416
 
Lockheed Martin Corp., Senior Notes
4.150%
6/15/53
5,760,000
 
4,610,478
 
Lockheed Martin Corp., Senior Notes
5.200%
2/15/64
1,570,000
 
1,457,368
 
Northrop Grumman Corp., Senior Notes
3.250%
1/15/28
10,000
 
9,684
 
Northrop Grumman Corp., Senior Notes
5.250%
5/1/50
8,320,000
 
7,874,190
 
RTX Corp., Senior Notes
4.125%
11/16/28
2,820,000
 
2,781,316
 
RTX Corp., Senior Notes
2.250%
7/1/30
4,430,000
 
3,937,173
 
RTX Corp., Senior Notes
6.000%
3/15/31
850,000
 
903,148
 
RTX Corp., Senior Notes
4.500%
6/1/42
3,629,000
 
3,193,900
 
RTX Corp., Senior Notes
3.030%
3/15/52
2,200,000
 
1,396,484
 
TransDigm Inc., Senior Secured Notes
6.625%
3/1/32
4,350,000
 
4,410,875
 (a)
Total Aerospace & Defense
51,869,912
Air Freight & Logistics — 0.2%
DP World Ltd., Senior Notes
5.625%
9/25/48
8,790,000
 
8,428,177
 (a)
Building Products — 0.1%
Quikrete Holdings Inc., Senior Secured Notes
6.375%
3/1/32
3,060,000
 
3,081,925
 (a)
Commercial Services & Supplies — 0.1%
RR Donnelley & Sons Co., Senior Secured Notes
9.500%
8/1/29
4,450,000
 
4,412,246
 (a)
Waste Connections Inc., Senior Notes
5.000%
3/1/34
2,330,000
 
2,323,282
 
Total Commercial Services & Supplies
6,735,528
Ground Transportation — 0.1%
Burlington Northern Santa Fe LLC, Senior Notes
2.875%
6/15/52
2,120,000
 
1,333,525
 
Union Pacific Corp., Senior Notes
2.891%
4/6/36
2,540,000
 
2,078,345
 
Union Pacific Corp., Senior Notes
3.839%
3/20/60
2,130,000
 
1,548,372
 
Union Pacific Corp., Senior Notes
3.750%
2/5/70
4,395,000
 
3,006,573
 
Total Ground Transportation
7,966,815
Industrial Conglomerates — 0.1%
Honeywell International Inc., Senior Notes
5.000%
3/1/35
2,850,000
 
2,840,402
 
Passenger Airlines — 0.6%
American Airlines Inc., Senior Secured Notes
8.500%
5/15/29
4,100,000
 
4,164,867
 (a)
Delta Air Lines Inc., Senior Notes
7.375%
1/15/26
8,910,000
 
9,071,461
 
See Notes to Schedule of Investments.

13
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Passenger Airlines — continued
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes
4.500%
10/20/25
4,175,250
 
 $4,161,161
 (a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior
Secured Notes
6.500%
6/20/27
1,674,000
 
1,682,262
 (a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes (11.000%
Cash or 4.000% PIK and 8.000% Cash)
11.000%
3/6/30
7,401,079
 
6,596,212
 (a)(h)
United Airlines Inc., Senior Secured Notes
4.625%
4/15/29
9,000,000
 
8,523,316
 (a)
Total Passenger Airlines
34,199,279
Trading Companies & Distributors — 0.2%
Air Lease Corp., Senior Notes
5.300%
2/1/28
3,360,000
 
3,418,819
 
United Rentals North America Inc., Senior Notes
3.750%
1/15/32
1,620,000
 
1,432,219
 
United Rentals North America Inc., Senior Notes
6.125%
3/15/34
6,840,000
 
6,852,828
 (a)
Total Trading Companies & Distributors
11,703,866
 
Total Industrials
126,825,904
Information Technology — 1.3%
IT Services — 0.1%
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
6.750%
8/15/32
3,740,000
 
3,772,672
 (a)
Semiconductors & Semiconductor Equipment — 0.8%
Broadcom Inc., Senior Notes
4.150%
11/15/30
1,207,000
 
1,168,463
 
Broadcom Inc., Senior Notes
3.137%
11/15/35
10,210,000
 
8,466,322
 (a)
Broadcom Inc., Senior Notes
3.187%
11/15/36
154,000
 
126,470
 (a)
Broadcom Inc., Senior Notes
4.926%
5/15/37
145,000
 
139,477
 (a)
Foundry JV Holdco LLC, Senior Secured Notes
5.900%
1/25/30
5,930,000
 
6,145,964
 (a)
Foundry JV Holdco LLC, Senior Secured Notes
5.875%
1/25/34
5,920,000
 
5,940,005
 (a)
Intel Corp., Senior Notes
4.750%
3/25/50
7,465,000
 
6,019,392
 
Intel Corp., Senior Notes
3.050%
8/12/51
610,000
 
358,990
 
Micron Technology Inc., Senior Notes
5.300%
1/15/31
3,470,000
 
3,509,702
 
Micron Technology Inc., Senior Notes
5.875%
2/9/33
2,791,000
 
2,891,980
 
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes
2.700%
5/1/25
6,780,000
 
6,768,109
 
Total Semiconductors & Semiconductor Equipment
41,534,874
Software — 0.4%
Microsoft Corp., Senior Notes
2.921%
3/17/52
2,767,000
 
1,857,337
 
Oracle Corp., Senior Notes
2.950%
4/1/30
730,000
 
670,801
 
Oracle Corp., Senior Notes
4.650%
5/6/30
4,800,000
 
4,789,908
 
Oracle Corp., Senior Notes
2.875%
3/25/31
6,350,000
 
5,686,915
 
Oracle Corp., Senior Notes
3.600%
4/1/50
810,000
 
563,180
 
Oracle Corp., Senior Notes
5.375%
9/27/54
3,400,000
 
3,102,775
 
Synopsys Inc., Senior Notes
4.850%
4/1/30
1,720,000
 
1,731,690
 
Synopsys Inc., Senior Notes
5.000%
4/1/32
1,360,000
 
1,363,954
 
Synopsys Inc., Senior Notes
5.150%
4/1/35
1,140,000
 
1,146,439
 
Synopsys Inc., Senior Notes
5.700%
4/1/55
2,290,000
 
2,275,391
 
Total Software
23,188,390
 
Total Information Technology
68,495,936
Materials — 1.3%
Chemicals — 0.4%
EQUATE Petrochemical Co. KSC, Senior Notes
4.250%
11/3/26
5,290,000
 
5,237,581
 (a)
OCP SA, Senior Notes
6.750%
5/2/34
9,390,000
 
9,662,601
 (a)
See Notes to Schedule of Investments.

14
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Chemicals — continued
OCP SA, Senior Notes
5.125%
6/23/51
2,310,000
 
 $1,778,878
 (a)
Orbia Advance Corp. SAB de CV, Senior Notes
2.875%
5/11/31
3,859,000
 
3,212,240
 (a)
Total Chemicals
19,891,300
Metals & Mining — 0.7%
Barrick North America Finance LLC, Senior Notes
5.700%
5/30/41
2,334,000
 
2,325,778
 
Barrick North America Finance LLC, Senior Notes
5.750%
5/1/43
1,170,000
 
1,172,764
 
BHP Billiton Finance USA Ltd., Senior Notes
5.000%
9/30/43
1,270,000
 
1,189,112
 
First Quantum Minerals Ltd., Secured Notes
9.375%
3/1/29
3,170,000
 
3,337,680
 (a)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
200,000
 
204,993
 (a)
Freeport-McMoRan Inc., Senior Notes
5.450%
3/15/43
3,232,000
 
3,033,279
 
Glencore Finance Canada Ltd., Senior Notes
6.000%
11/15/41
870,000
 
880,752
 (a)
Glencore Funding LLC, Senior Notes
4.000%
3/27/27
30,000
 
29,603
 (a)
Glencore Funding LLC, Senior Notes
5.673%
4/1/35
5,060,000
 
5,081,171
 (a)(g)
Glencore Funding LLC, Senior Notes
6.141%
4/1/55
2,170,000
 
2,185,440
 (a)(g)
Southern Copper Corp., Senior Notes
5.250%
11/8/42
9,210,000
 
8,522,752
 
Teck Resources Ltd., Senior Notes
6.000%
8/15/40
641,000
 
642,475
 
Yamana Gold Inc., Senior Notes
4.625%
12/15/27
9,020,000
 
8,955,439
 
Total Metals & Mining
37,561,238
Paper & Forest Products — 0.2%
Suzano Austria GmbH, Senior Notes
3.750%
1/15/31
10,050,000
 
9,078,000
 
 
Total Materials
66,530,538
Real Estate — 0.1%
Hotel & Resort REITs — 0.1%
Service Properties Trust, Senior Notes
8.375%
6/15/29
4,110,000
 
4,112,091
 
Retail REITs — 0.0%††
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes
4.750%
9/17/44
600,000
 
495,666
 (a)
 
Total Real Estate
4,607,757
Utilities — 0.8%
Electric Utilities — 0.7%
American Transmission Systems Inc., Senior Notes
2.650%
1/15/32
3,100,000
 
2,663,736
 (a)
Duke Energy Carolinas LLC, First Mortgage Bonds
5.300%
2/15/40
220,000
 
218,796
 
Exelon Corp., Senior Notes
5.625%
6/15/35
2,726,000
 
2,770,055
 
FirstEnergy Corp., Senior Notes
3.900%
7/15/27
6,522,000
 
6,414,775
 
FirstEnergy Corp., Senior Notes
4.850%
7/15/47
5,044,000
 
4,318,008
 
Florida Power & Light Co., First Mortgage Bonds
5.700%
3/15/55
2,780,000
 
2,840,615
 
Georgia Power Co., Senior Notes
5.200%
3/15/35
2,410,000
 
2,427,191
 
Oncor Electric Delivery Co. LLC, Secured Notes
5.800%
4/1/55
1,630,000
 
1,637,555
 (a)
Oncor Electric Delivery Co. LLC, Senior Secured Notes
5.350%
4/1/35
1,320,000
 
1,335,268
 (a)
Pacific Gas and Electric Co., First Mortgage Bonds
2.100%
8/1/27
4,340,000
 
4,072,091
 
Pacific Gas and Electric Co., First Mortgage Bonds
2.500%
2/1/31
3,850,000
 
3,310,611
 
Pacific Gas and Electric Co., First Mortgage Bonds
3.300%
8/1/40
1,070,000
 
787,641
 
Pacific Gas and Electric Co., First Mortgage Bonds
3.500%
8/1/50
4,040,000
 
2,688,398
 
Progress Energy Inc., Senior Notes
6.000%
12/1/39
4,800,000
 
4,934,558
 
Total Electric Utilities
40,419,298
Multi-Utilities — 0.1%
Consolidated Edison Co. of New York Inc., Senior Notes
3.350%
4/1/30
880,000
 
832,590
 
See Notes to Schedule of Investments.

15
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Multi-Utilities — continued
Consolidated Edison Co. of New York Inc., Senior Notes
3.950%
4/1/50
380,000
 
 $294,284
 
Dominion Energy Inc., Senior Notes
7.000%
6/15/38
2,350,000
 
2,640,161
 
Total Multi-Utilities
3,767,035
 
Total Utilities
44,186,333
Total Corporate Bonds & Notes (Cost — $1,953,055,889)
1,825,668,095
Mortgage-Backed Securities — 30.2%
FHLMC — 7.3%
Federal Home Loan Mortgage Corp. (FHLMC)
5.000%
2/1/26-
9/1/52
1,227,383
1,224,451
 
Federal Home Loan Mortgage Corp. (FHLMC)
3.500%
8/1/33-
2/1/52
17,034,095
15,950,208
 
Federal Home Loan Mortgage Corp. (FHLMC)
1.500%
11/1/40
35,237,566
 
29,281,703
 
Federal Home Loan Mortgage Corp. (FHLMC)
2.000%
1/1/41-
4/1/51
132,928,937
112,064,335
 
Federal Home Loan Mortgage Corp. (FHLMC)
4.500%
7/1/47
273,478
 
266,566
 
Federal Home Loan Mortgage Corp. (FHLMC)
3.000%
1/1/50
928,212
 
821,880
 
Federal Home Loan Mortgage Corp. (FHLMC)
2.500%
7/1/50-
2/1/52
96,026,353
81,251,094
 
Federal Home Loan Mortgage Corp. (FHLMC)
2.000%
2/1/51-
3/1/52
8,883,992
7,147,882
 (g)
Federal Home Loan Mortgage Corp. (FHLMC)
5.500%
1/1/53-
4/1/54
40,290,593
40,582,981
 
Federal Home Loan Mortgage Corp. (FHLMC)
6.500%
5/1/53
16,298,269
17,048,079
 
Federal Home Loan Mortgage Corp. (FHLMC)
6.000%
7/1/53-
9/1/53
20,025,612
20,617,885
 
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.627%)
3.008%
11/1/48
23,245,173
 
22,719,292
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Gold
5.000%
9/1/25-
1/1/40
278,843
281,458
 
Federal Home Loan Mortgage Corp. (FHLMC) Gold
3.500%
8/1/33-
3/1/45
9,354,115
8,794,686
 
Federal Home Loan Mortgage Corp. (FHLMC) Gold
3.000%
2/1/43-
5/1/47
28,820,241
25,668,001
 
Federal Home Loan Mortgage Corp. (FHLMC) Gold
4.000%
8/1/47
161,597
 
152,849
 
Total FHLMC
383,873,350
FNMA — 16.0%
Federal National Mortgage Association (FNMA)
6.500%
2/1/29-
1/1/53
12,992,475
13,563,180
 
Federal National Mortgage Association (FNMA)
6.000%
5/1/29-
7/1/53
22,127,063
22,755,192
 
Federal National Mortgage Association (FNMA)
7.000%
8/1/29-
12/1/37
105,775
110,468
 
Federal National Mortgage Association (FNMA)
7.500%
11/1/29
516
 
533
 
Federal National Mortgage Association (FNMA)
3.500%
9/1/33-
4/1/52
36,786,847
34,195,048
 
Federal National Mortgage Association (FNMA)
5.000%
10/1/33-
7/1/53
38,106,270
38,083,344
 
See Notes to Schedule of Investments.

16
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
FNMA — continued
Federal National Mortgage Association (FNMA)
3.000%
7/1/35-
3/1/52
150,182,851
 $134,510,452
 
Federal National Mortgage Association (FNMA)
5.500%
5/1/37-
9/1/56
47,808,546
48,557,838
 
Federal National Mortgage Association (FNMA)
2.500%
3/1/38-
2/1/52
105,875,490
91,302,222
 
Federal National Mortgage Association (FNMA)
2.000%
8/1/40-
3/1/52
105,025,962
86,314,746
 
Federal National Mortgage Association (FNMA)
4.500%
10/1/41-
8/1/58
16,273,513
15,638,351
 
Federal National Mortgage Association (FNMA)
1.500%
1/1/42
4,345,145
 
3,572,821
 
Federal National Mortgage Association (FNMA)
4.000%
4/1/42-
1/1/57
26,498,574
24,864,597
 
Federal National Mortgage Association (FNMA)
2.000%
3/1/52
2,080,878
 
1,680,327
 (g)
Federal National Mortgage Association (FNMA)
2.000%
4/1/55
1,300,000
 
1,033,357
 (i)
Federal National Mortgage Association (FNMA)
2.500%
4/1/55
52,800,000
 
43,912,186
 (i)
Federal National Mortgage Association (FNMA)
3.000%
4/1/55
74,000,000
 
64,143,016
 (i)
Federal National Mortgage Association (FNMA)
3.500%
4/1/55
7,400,000
 
6,674,488
 (i)
Federal National Mortgage Association (FNMA)
4.000%
4/1/55
39,200,000
 
36,529,246
 (i)
Federal National Mortgage Association (FNMA)
4.500%
4/1/55
30,200,000
 
28,890,035
 (i)
Federal National Mortgage Association (FNMA)
5.000%
4/1/55
29,000,000
 
28,425,995
 (i)
Federal National Mortgage Association (FNMA)
5.500%
4/1/55
36,500,000
 
36,457,184
 (i)
Federal National Mortgage Association (FNMA)
6.000%
4/1/55
56,800,000
 
57,697,339
 (i)
Federal National Mortgage Association (FNMA)
6.500%
4/1/55
20,200,000
 
20,831,770
 (i)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average
+ 1.829%)
6.504%
11/1/35
5,777
 
5,911
 (c)
Total FNMA
839,749,646
GNMA — 6.9%
Government National Mortgage Association (GNMA)
6.500%
4/15/28-
1/15/39
693,643
717,399
 
Government National Mortgage Association (GNMA)
7.000%
8/15/28-
7/15/31
11,255
11,751
 
Government National Mortgage Association (GNMA)
6.000%
1/15/29-
2/15/37
2,152,768
2,212,438
 
Government National Mortgage Association (GNMA)
7.500%
12/15/30-
9/15/31
3,711
3,723
 
Government National Mortgage Association (GNMA)
8.000%
12/15/30
5,481
 
5,497
 
Government National Mortgage Association (GNMA)
5.500%
7/15/33-
6/15/36
1,818,807
1,873,924
 
Government National Mortgage Association (GNMA)
3.000%
9/15/42-
11/15/42
20,243,715
18,354,807
 
Government National Mortgage Association (GNMA)
4.000%
4/15/47-
3/15/50
16,997,984
16,487,146
 
Government National Mortgage Association (GNMA)
3.500%
6/15/48-
5/15/50
6,724,561
6,219,123
 
Government National Mortgage Association (GNMA) II
5.000%
7/20/40-
5/20/53
19,641,236
19,480,020
 
See Notes to Schedule of Investments.

17
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
GNMA — continued
Government National Mortgage Association (GNMA) II
4.500%
7/20/41-
9/20/52
33,900,268
 $32,688,138
 
Government National Mortgage Association (GNMA) II
3.500%
10/20/45-
6/20/52
26,128,827
23,797,874
 
Government National Mortgage Association (GNMA) II
4.000%
10/20/49-
4/20/50
10,665,989
10,030,052
 
Government National Mortgage Association (GNMA) II
3.000%
1/20/50-
3/20/52
30,420,163
26,675,090
 
Government National Mortgage Association (GNMA) II
2.500%
12/20/50-
8/20/51
30,760,731
26,063,799
 
Government National Mortgage Association (GNMA) II
2.000%
2/20/51
27,183,790
 
21,696,698
 
Government National Mortgage Association (GNMA) II
5.500%
7/20/53-
8/20/53
18,979,668
19,113,342
 
Government National Mortgage Association (GNMA) II
6.000%
7/20/53-
9/20/53
33,009,249
33,911,933
 
Government National Mortgage Association (GNMA) II
2.500%
4/20/55
3,900,000
 
3,326,998
 (i)
Government National Mortgage Association (GNMA) II
3.000%
4/20/55
9,400,000
 
8,327,084
 (i)
Government National Mortgage Association (GNMA) II
4.000%
4/20/55
1,400,000
 
1,310,683
 (i)
Government National Mortgage Association (GNMA) II
4.500%
4/20/55
2,300,000
 
2,206,922
 (i)
Government National Mortgage Association (GNMA) II
5.000%
4/20/55
38,200,000
 
37,577,274
 (i)
Government National Mortgage Association (GNMA) II
5.500%
4/20/55
38,600,000
 
38,685,361
 (i)
Government National Mortgage Association (GNMA) II
6.500%
4/20/55
11,900,000
 
12,183,269
 (i)
Total GNMA
362,960,345
 
Total Mortgage-Backed Securities (Cost — $1,683,834,677)
1,586,583,341
Collateralized Mortgage Obligations(j) — 17.6%
245 Park Avenue Trust, 2017-245P A
3.508%
6/5/37
9,410,000
 
9,087,048
 (a)
280 Park Avenue Mortgage Trust, 2017-280P E (1 mo. Term SOFR + 2.419%)
6.741%
9/15/34
880,000
 
848,723
 (a)(c)
280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. Term SOFR + 3.127%)
7.449%
9/15/34
1,780,000
 
1,709,109
 (a)(c)
Alternative Loan Trust, 2006-6CB 1A4
5.500%
5/25/36
2,375,203
 
1,945,679
 
Alternative Loan Trust, 2006-18CB A6 PAC (-4.000 x 1 mo. Term SOFR + 28.142%)
10.862%
7/25/36
4,370,549
 
3,796,618
 (c)
Alternative Loan Trust, 2006-23CB 2A6, PAC (-4.000 x 1 mo. Term SOFR +
27.942%)
10.662%
8/25/36
2,362,689
 
1,165,142
 (c)
Alternative Loan Trust, 2006-OA9 2A1B (1 mo. Term SOFR + 0.514%)
4.834%
7/20/46
188,686
 
160,252
 (c)
Angel Oak Mortgage Trust I LLC, 2019-2 B1
5.016%
3/25/49
9,120,032
 
9,113,723
 (a)(c)
Banc of America Funding Trust, 2015-R2 3A2 (1 mo. Term SOFR + 0.374%)
4.695%
4/29/37
3,176,193
 
3,163,785
 (a)(c)
BANK, 2023-5YR1 A2
5.779%
4/15/56
5,300,000
 
5,418,922
 
BBCMS Trust, 2018-CBM D (1 mo. Term SOFR + 2.688%)
7.008%
7/15/37
8,390,000
 
7,406,059
 (a)(c)
BCAP LLC Trust, 2010-RR9 6A2
0.000%
10/26/35
6,173,263
 
4,859,716
 (a)(c)
Bear Stearns Asset Backed Securities Trust, 2004-AC6 A1
5.750%
11/25/34
1,326,641
 
1,167,723
 
Bear Stearns Asset Backed Securities Trust, 2006-AC4 A2 (-4.333 x 1 mo. Term
SOFR + 35.754%)
17.035%
7/25/36
1,161,498
 
1,367,411
 (c)
Bear Stearns Mortgage Funding Trust, 2007-AR2 A1 (1 mo. Term SOFR + 0.454%)
4.775%
3/25/37
6,933,708
 
6,583,486
 (c)
Benchmark Mortgage Trust, 2019-B12 WMA
4.246%
8/15/52
4,000,000
 
3,649,407
 (a)(c)
Benchmark Mortgage Trust, 2020-IG1 AS
2.909%
9/15/43
13,500,000
 
10,909,381
 (c)
Benchmark Mortgage Trust, 2023-V2 A3
5.812%
5/15/55
7,000,000
 
7,180,364
 (c)
BHMS Mortgage Trust, 2018-MZB (1 mo. Term SOFR + 6.934%)
11.253%
7/15/25
15,420,000
 
15,150,699
 (a)(c)
BIG Commercial Mortgage Trust, 2022-BIG F (1 mo. Term SOFR + 5.436%)
9.755%
2/15/39
8,160,000
 
8,152,779
 (a)(c)
See Notes to Schedule of Investments.

18
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
BX Commercial Mortgage Trust, 2021-XL2 J (1 mo. Term SOFR + 4.004%)
8.323%
10/15/38
7,000,000
 
 $6,831,146
 (a)(c)
BX Commercial Mortgage Trust, 2022-LP2 G (1 mo. Term SOFR + 4.106%)
8.425%
2/15/39
12,754,000
 
12,743,551
 (a)(c)
BX Commercial Mortgage Trust, 2024-BIO2 D
7.713%
8/13/41
6,000,000
 
5,956,606
 (a)(c)
BX Trust, 2022-PSB A (1 mo. Term SOFR + 2.451%)
6.770%
8/15/39
8,544,259
 
8,533,589
 (a)(c)
CD Mortgage Trust, 2017-CD3 A4
3.631%
2/10/50
4,000,000
 
3,819,330
 
Chevy Chase Funding LLC Mortgage-Backed Certificates Series, 2005-4A A1 (1
mo. Term SOFR + 0.314%)
4.635%
10/25/36
179,974
 
172,461
 (a)(c)
Citigroup Commercial Mortgage Trust, 2017-P7 B
4.137%
4/14/50
9,194,000
 
8,480,797
 (c)
Citigroup Mortgage Loan Trust Inc., 2005-5 1A5
3.110%
8/25/35
22,417
 
18,408
 (c)
COLT Mortgage Loan Trust, 2022-6 A1
4.650%
6/27/67
11,092,587
 
11,024,667
 (a)
Commercial Mortgage Trust, 2015-DC1 B
4.035%
2/10/48
7,160,000
 
6,914,786
 (c)
Commercial Mortgage Trust, 2020-CX A
2.173%
11/10/46
10,440,000
 
8,817,529
 (a)
Commercial Mortgage Trust, 2020-CX B
2.446%
11/10/46
5,000,000
 
4,138,730
 (a)
CSMC Trust, 2014-USA A2
3.953%
9/15/37
6,435,000
 
5,883,872
 (a)
CSMC Trust, 2014-USA E
4.373%
9/15/37
8,470,000
 
4,804,078
 (a)
CSMC Trust, 2017-CHOP G (PRIME + 2.294%)
9.794%
7/15/32
13,456,000
 
13,092,019
 (a)(c)
CSMC Trust, 2020-FACT F (1 mo. Term SOFR + 6.771%)
11.091%
10/15/37
5,740,000
 
4,829,107
 (a)(c)
CSMC Trust, 2020-RPL6 A1
3.475%
3/25/59
22,630,081
 
22,635,779
 (a)(c)
CSMC Trust, 2021-RPL1 A1
4.077%
9/27/60
9,882,750
 
9,853,103
 (a)(c)
CSMC Trust, 2022-CNTR A (1 mo. Term SOFR + 3.944%)
8.264%
1/9/28
33,000,000
 
21,737,308
 (a)(c)
DTP Commercial Mortgage Trust, 2023-STE2 A
5.454%
1/15/41
3,110,000
 
3,178,777
 (a)(c)
Extended Stay America Trust, 2021-ESH A (1 mo. Term SOFR + 1.194%)
5.513%
7/15/38
3,940,984
 
3,939,902
 (a)(c)
Extended Stay America Trust, 2021-ESH E (1 mo. Term SOFR + 2.964%)
7.283%
7/15/38
6,409,513
 
6,407,455
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multiclass Certificates, 2020-RR02
BX, IO
1.666%
8/27/28
15,503,008
 
721,781
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multiclass Certificates, 2020-RR07
AX, IO
2.468%
9/27/28
34,072,000
 
2,350,189
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily ML Certificates, 2020-
ML07 XUS, IO
1.971%
10/25/36
32,459,453
 
4,229,142
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily PC REMIC Trust, 2019-
RR01 X, IO
1.534%
6/25/28
23,500,000
 
926,988
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K095 XAM, IO
1.242%
6/25/29
6,300,000
 
300,410
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K101 X1, IO
0.831%
10/25/29
27,261,618
 
869,572
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K104 XAM, IO
1.379%
1/25/30
16,296,000
 
953,860
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K106 X1, IO
1.317%
1/25/30
35,010,924
 
1,871,439
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K123 X1, IO
0.767%
12/25/30
35,624,049
 
1,254,636
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K133 X1, IO
0.345%
9/25/31
97,782,376
 
1,880,169
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K137 X1, IO
0.196%
11/25/31
28,886,587
 
302,942
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K146 X1, IO
0.230%
6/25/32
106,881,152
 
1,746,951
 (c)
See Notes to Schedule of Investments.

19
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K147 X1, IO
0.359%
6/25/32
28,582,098
 
 $692,438
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K159 X1, IO
0.121%
11/25/33
20,964,154
 
189,761
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K737 X1, IO
0.614%
10/25/26
37,942,522
 
308,533
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K742 X1, IO
0.769%
3/25/28
20,210,370
 
274,556
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K743 X1, IO
0.913%
5/25/28
74,847,548
 
1,846,691
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K-1518 X1, IO
0.861%
10/25/35
40,182,476
 
2,455,700
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K1520 X1, IO
0.471%
2/25/36
12,893,345
 
454,915
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KC05 X1, IO
1.206%
6/25/27
11,296,301
 
189,457
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2957 ZA, PAC
5.000%
3/15/35
3,776,839
 
3,852,969
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3422 AI, IO, Step bond
(4.650% to 6/1/26 then 5.650%)
0.250%
1/15/38
231,014
 
2,281
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3639 EY
5.000%
2/15/30
990,969
 
1,003,081
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3973 SA, IO (-1.000 x 30 Day
Average SOFR + 6.376%)
2.027%
12/15/41
1,691,343
 
202,523
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4054 SA, IO (-1.000 x 30 Day
Average SOFR + 5.936%)
1.587%
8/15/39
1,164,448
 
116,451
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4146 DI, IO
3.000%
12/15/31
602,662
 
19,423
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4391 MZ
3.000%
9/15/44
10,546,850
 
9,382,300
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4992 PI, IO, PAC
2.500%
7/25/50
9,262,314
 
1,213,061
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5063 AI, IO
2.000%
1/25/51
18,826,753
 
2,598,715
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5129 KI, IO
4.000%
11/25/49
7,643,826
 
1,243,251
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5168 CI, IO
4.000%
11/25/51
8,798,319
 
1,821,932
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5179 GI, IO
2.500%
1/25/52
18,804,293
 
3,171,541
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5180 IN, IO
3.000%
7/25/51
17,615,178
 
3,628,204
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5206 IJ, IO
4.000%
4/15/48
3,844,640
 
754,071
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5261 IB, IO
3.000%
1/25/50
8,272,562
 
1,358,695
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5282 GI, IO
4.000%
2/25/50
16,405,853
 
3,412,353
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5397 IC, IO
3.500%
4/25/52
24,293,368
 
4,077,516
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5482 FC (30 Day Average
SOFR + 1.300%)
5.640%
12/25/54
5,157,481
 
5,150,640
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5483 FD (30 Day Average
SOFR + 1.300%)
5.640%
12/25/54
4,755,923
 
4,772,042
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2021-DNA2 B1 (30 Day Average SOFR + 3.400%)
7.740%
8/25/33
10,010,000
 
11,093,417
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2021-DNA5 B1 (30 Day Average SOFR + 3.050%)
7.390%
1/25/34
13,330,000
 
14,109,738
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%)
8.840%
6/25/42
16,500,000
 
17,540,341
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA5 M2 (30 Day Average SOFR + 6.750%)
11.090%
6/25/42
7,600,000
 
8,412,776
 (a)(c)
See Notes to Schedule of Investments.

20
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA6 M1B (30 Day Average SOFR + 3.700%)
8.040%
9/25/42
5,000,000
 
 $5,261,752
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2023-DNA2 B1 (30 Day Average SOFR + 7.600%)
11.936%
4/25/43
5,000,000
 
5,642,183
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust,
2017-2 M1
4.000%
8/25/56
4,418,538
 
4,394,334
 (a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust,
2024-1 MT
3.000%
11/25/63
8,834,215
 
7,525,611
 
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 283 IO, IO
3.500%
10/15/27
74,924
 
2,014
 
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 334 S7, IO (-1.000 x 30 Day
Average SOFR + 5.986%)
1.637%
8/15/44
3,220,364
 
332,391
 (c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 390 C14, IO
4.000%
11/15/52
3,599,357
 
854,017
 
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 390 C17, IO
4.500%
11/15/52
652,118
 
167,844
 
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 400 C1, IO
1.500%
2/25/52
6,053,563
 
608,260
 
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 400 C9, IO
2.000%
3/25/52
3,880,568
 
533,906
 
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt
Notes, 2015-DNA1 B (30 Day Average SOFR + 9.314%)
13.654%
10/25/27
9,617,556
 
9,668,815
 (c)
Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (30 Day
Average SOFR + 4.214%)
8.554%
7/25/39
3,393,389
 
3,500,634
 (a)(c)
Federal National Mortgage Association (FNMA) — CAS, 2020-R02 2B1 (30 Day
Average SOFR + 3.114%)
7.454%
1/25/40
2,450,000
 
2,509,148
 (a)(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2
3.610%
2/25/31
4,629,311
 
4,440,297
 
Federal National Mortgage Association (FNMA) ACES, 2020-M6 A
2.500%
10/25/37
3,026,098
 
2,692,303
 
Federal National Mortgage Association (FNMA) REMIC, 2010-27 AS, IO (-1.000 x
30 Day Average SOFR + 6.366%)
2.026%
4/25/40
773,714
 
90,514
 (c)
Federal National Mortgage Association (FNMA) REMIC, 2011-59 NZ
5.500%
7/25/41
376,987
 
386,676
 
Federal National Mortgage Association (FNMA) REMIC, 2012-46 BA
6.000%
5/25/42
1,396,197
 
1,461,001
 
Federal National Mortgage Association (FNMA) REMIC, 2012-51 B
7.000%
5/25/42
2,035,818
 
2,185,772
 
Federal National Mortgage Association (FNMA) REMIC, 2012-74 OA, PO
0.000%
3/25/42
103,780
 
92,959
 
Federal National Mortgage Association (FNMA) REMIC, 2012-75 AO, PO
0.000%
3/25/42
62,098
 
56,112
 
Federal National Mortgage Association (FNMA) REMIC, 2012-101 BI, IO
4.000%
9/25/27
7,340
 
51
 
Federal National Mortgage Association (FNMA) REMIC, 2012-118 VZ
3.000%
11/25/42
8,597,065
 
7,789,073
 
Federal National Mortgage Association (FNMA) REMIC, 2012-134 MS, IO (-1.000
x 30 Day Average SOFR + 6.036%)
1.696%
12/25/42
927,464
 
109,577
 (c)
Federal National Mortgage Association (FNMA) REMIC, 2012-134 SK, IO (-1.000 x
30 Day Average SOFR + 6.036%)
1.696%
12/25/42
3,128,332
 
353,569
 (c)
Federal National Mortgage Association (FNMA) REMIC, 2013-29 QI, IO
4.000%
4/25/43
1,916,273
 
337,793
 
Federal National Mortgage Association (FNMA) REMIC, 2013-54 BS, IO (-1.000 x
30 Day Average SOFR + 6.036%)
1.696%
6/25/43
2,184,497
 
250,704
 (c)
Federal National Mortgage Association (FNMA) REMIC, 2013-124 SB, IO (-1.000 x
30 Day Average SOFR + 5.836%)
1.496%
12/25/43
4,797,196
 
535,511
 (c)
Federal National Mortgage Association (FNMA) REMIC, 2014-6 Z
2.500%
2/25/44
9,053,450
 
7,908,093
 
Federal National Mortgage Association (FNMA) REMIC, 2015-65 CZ
3.500%
9/25/45
8,564,850
 
7,351,294
 
Federal National Mortgage Association (FNMA) REMIC, 2016-23 ST, IO (-1.000 x
30 Day Average SOFR + 5.886%)
1.546%
11/25/45
7,456,477
 
805,352
 (c)
Federal National Mortgage Association (FNMA) REMIC, 2016-61 BS, IO (-1.000 x
30 Day Average SOFR + 5.986%)
1.646%
9/25/46
2,883,835
 
214,598
 (c)
Federal National Mortgage Association (FNMA) REMIC, 2020-45 AI, IO
4.000%
7/25/50
8,227,141
 
1,667,989
 
See Notes to Schedule of Investments.

21
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
Federal National Mortgage Association (FNMA) REMIC, 2021-3 NI, IO
2.500%
2/25/51
11,927,775
 
 $1,821,529
 
Federal National Mortgage Association (FNMA) REMIC, 2021-3 QI, IO
2.500%
2/25/51
35,325,453
 
5,656,181
 
Federal National Mortgage Association (FNMA) REMIC, 2021-8 DI, IO, PAC
3.500%
3/25/51
4,039,522
 
896,994
 
Federal National Mortgage Association (FNMA) REMIC, 2021-28 LB
2.000%
4/25/51
7,294,885
 
6,007,579
 
Federal National Mortgage Association (FNMA) REMIC, 2024-18 IO, IO
4.000%
11/25/49
7,432,705
 
1,352,004
 
Federal National Mortgage Association (FNMA) STRIPS, 384 14, IO
5.500%
1/25/40
206,324
 
35,284
 
Federal National Mortgage Association (FNMA) STRIPS, 427 C73, IO
3.000%
12/25/48
45,136,487
 
7,369,080
 
Federal National Mortgage Association (FNMA) STRIPS, 440 C6, IO
2.000%
10/25/52
2,936,163
 
372,634
 
First Horizon Alternative Mortgage Securities Trust, 2007-FA3 A1 (1 mo. Term
SOFR + 0.444%)
4.765%
6/25/37
6,398,283
 
1,401,458
 (c)
FREMF Mortgage Trust, 2019-K103 X2A, IO
0.100%
12/25/51
677,412,834
 
2,471,304
 (a)
Government National Mortgage Association (GNMA), 2006-16 GS, IO (-1.000 x 1
mo. Term SOFR + 6.876%)
2.556%
4/20/36
247,212
 
14,563
 (c)
Government National Mortgage Association (GNMA), 2007-51 SG, IO (-1.000 x 1
mo. Term SOFR + 6.466%)
2.146%
8/20/37
1,002,215
 
26,015
 (c)
Government National Mortgage Association (GNMA), 2010-116 MH
5.000%
7/20/40
17,590,503
 
17,965,154
 
Government National Mortgage Association (GNMA), 2012-152 IO, IO
0.681%
1/16/54
16,854,412
 
307,200
 (c)
Government National Mortgage Association (GNMA), 2013-50 IO, IO
0.064%
10/16/48
19,222,541
 
30,483
 (c)
Government National Mortgage Association (GNMA), 2013-72 IO, IO
0.569%
11/16/47
6,866,645
 
132,098
 (c)
Government National Mortgage Association (GNMA), 2013-150 IA, IO
0.327%
11/20/42
726,660
 
33,878
 (c)
Government National Mortgage Association (GNMA), 2014-17 AM
3.535%
6/16/48
230,402
 
220,833
 (c)
Government National Mortgage Association (GNMA), 2014-160 EI, IO
4.000%
7/16/26
73,581
 
8
 
Government National Mortgage Association (GNMA), 2014-176 IA, IO
4.000%
11/20/44
256,671
 
51,397
 
Government National Mortgage Association (GNMA), 2016-21 ST, IO (-1.000 x 1
mo. Term SOFR + 6.036%)
1.716%
2/20/46
9,903,398
 
1,200,439
 (c)
Government National Mortgage Association (GNMA), 2016-84 IG, IO, PAC
4.500%
11/16/45
1,869,249
 
429,761
 
Government National Mortgage Association (GNMA), 2016-113 IO, IO
1.163%
2/16/58
10,295,227
 
495,293
 (c)
Government National Mortgage Association (GNMA), 2016-135 SB, IO (-1.000 x 1
mo. Term SOFR + 5.986%)
1.666%
10/16/46
4,296,314
 
541,515
 (c)
Government National Mortgage Association (GNMA), 2016-152 IO, IO
0.766%
8/15/58
14,391,665
 
532,004
 (c)
Government National Mortgage Association (GNMA), 2017-7 IO, IO
0.559%
12/16/58
26,424,855
 
801,188
 (c)
Government National Mortgage Association (GNMA), 2017-8 IO, IO
0.445%
8/16/58
11,790,536
 
234,830
 (c)
Government National Mortgage Association (GNMA), 2017-28 IO, IO
0.701%
2/16/57
13,729,371
 
526,361
 (c)
Government National Mortgage Association (GNMA), 2017-53 IO, IO
0.525%
11/16/56
25,379,171
 
749,812
 (c)
Government National Mortgage Association (GNMA), 2017-111 IO, IO
0.526%
2/16/59
4,701,481
 
144,165
 (c)
Government National Mortgage Association (GNMA), 2017-132 IA, IO
4.500%
9/20/47
1,649,722
 
295,580
 
Government National Mortgage Association (GNMA), 2017-145 IO, IO
0.503%
4/16/57
27,793,432
 
725,573
 (c)
Government National Mortgage Association (GNMA), 2017-157 IO, IO
0.520%
12/16/59
14,280,199
 
478,384
 (c)
Government National Mortgage Association (GNMA), 2017-171 IO, IO
0.653%
9/16/59
10,519,290
 
401,039
 (c)
Government National Mortgage Association (GNMA), 2017-H11 IO, IO
1.763%
5/20/67
16,191,649
 
545,523
 (c)
Government National Mortgage Association (GNMA), 2017-H15 KI, IO
2.344%
7/20/67
17,274,891
 
1,004,886
 (c)
Government National Mortgage Association (GNMA), 2017-H18 BI, IO
1.948%
9/20/67
12,496,746
 
400,388
 (c)
Government National Mortgage Association (GNMA), 2017-H20 IB, IO
2.494%
10/20/67
6,136,160
 
205,996
 (c)
Government National Mortgage Association (GNMA), 2017-H22 IC, IO
3.023%
11/20/67
1,482,871
 
54,246
 (c)
Government National Mortgage Association (GNMA), 2018-37 QA
2.750%
3/20/48
2,567,822
 
2,278,716
 
Government National Mortgage Association (GNMA), 2018-H17 DI, IO
2.083%
9/20/68
29,673,471
 
1,298,737
 (c)
See Notes to Schedule of Investments.

22
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
Government National Mortgage Association (GNMA), 2019-H16 ID, IO
1.419%
10/20/69
17,295,192
 
 $981,554
 (c)
Government National Mortgage Association (GNMA), 2020-118 IO, IO
0.883%
6/16/62
20,722,840
 
1,311,963
 (c)
Government National Mortgage Association (GNMA), 2020-155 IO, IO
1.271%
9/16/60
19,129,707
 
1,748,620
 (c)
Government National Mortgage Association (GNMA), 2021-21 AH
1.400%
6/16/63
24,274,986
 
17,943,951
 
Government National Mortgage Association (GNMA), 2021-63 IO, IO
0.815%
4/16/61
22,699,992
 
1,363,194
 (c)
Government National Mortgage Association (GNMA), 2021-110 IO, IO
0.875%
11/16/63
11,031,590
 
756,253
 (c)
Government National Mortgage Association (GNMA), 2021-134 HI, IO
1.432%
6/16/61
26,201,461
 
2,626,678
 (c)
Government National Mortgage Association (GNMA), 2021-159 JI, IO, PAC
2.500%
6/20/51
4,698,139
 
465,983
 
Government National Mortgage Association (GNMA), 2021-191 NI, IO
3.000%
10/20/51
1,474,789
 
289,402
 
Government National Mortgage Association (GNMA), 2021-218 IO, IO
0.965%
10/16/61
2,761,150
 
205,274
 (c)
Government National Mortgage Association (GNMA), 2022-4 Z
1.900%
3/16/64
2,564,371
 
1,095,671
 
Government National Mortgage Association (GNMA), 2023-80 IA, IO
4.500%
10/20/47
9,463,573
 
1,797,615
 
Government National Mortgage Association (GNMA), 2023-92 AH
2.000%
6/16/64
35,415,144
 
26,963,880
 
GreenPoint Mortgage Funding Trust, 2005-AR4 1A2A (1 mo. Term SOFR + 0.754%)
5.075%
10/25/45
614,904
 
598,403
 (c)
GS Mortgage Securities Corp. II, 2024-70P E
8.367%
3/10/41
13,125,000
 
13,585,609
 (a)(c)
GS Mortgage Securities Corp. Trust, 2018-LUAU G (1 mo. Term SOFR + 4.747%)
9.066%
11/15/32
10,448,000
 
10,490,465
 (a)(c)
GS Mortgage Securities Corp. Trust, 2018-SRP5 A (1 mo. Term SOFR + 1.847%)
6.167%
9/15/31
15,264,055
 
12,124,621
 (a)(c)
GS Mortgage Securities Trust, 2015-GC30 B
4.046%
5/10/50
11,340,000
 
10,880,915
 (c)
GS Mortgage Securities Trust, 2017-GS8 A4
3.469%
11/10/50
5,490,000
 
5,306,537
 
GS Mortgage-Backed Securities Trust, 2022-NQM1 A4
4.000%
5/25/62
10,487,898
 
9,628,627
 (a)(c)
GSR Mortgage Loan Trust, 2005-AR7 1A1
6.947%
11/25/35
501,870
 
263,367
 (c)
HarborView Mortgage Loan Trust, 2005-3 2A1A (1 mo. Term SOFR + 0.594%)
4.911%
6/19/35
997,742
 
973,091
 (c)
HarborView Mortgage Loan Trust, 2005-7 1A1 (Enterprise 11th District COFI
Replacement Index + 1.850%)
4.794%
6/19/45
1,770,992
 
819,075
 (c)
HarborView Mortgage Loan Trust, 2006-13 A (1 mo. Term SOFR + 0.294%)
4.611%
11/19/46
78,701
 
58,613
 (c)
HOMES Trust, 2023-NQM1 A1
6.182%
1/25/68
13,799,863
 
13,820,174
 (a)
IndyMac INDX Mortgage Loan Trust, 2005-AR13 1A1
4.184%
8/25/35
98,369
 
46,087
 (c)
IndyMac INDX Mortgage Loan Trust, 2005-AR18 1A1 (1 mo. Term SOFR + 0.734%)
5.055%
10/25/36
35,333,953
 
14,938,605
 (c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (PRIME +
0.693%)
8.193%
5/15/28
10,175,200
 
8,005,278
 (a)(c)
JPMorgan Mortgage Trust, 2022-LTV1 A3
3.514%
7/25/52
10,950,660
 
9,526,693
 (a)(c)
JPMorgan Resecuritization Trust, 2015-1 4A2
5.381%
9/27/36
8,531,561
 
7,925,904
 (a)(c)
Legacy Mortgage Asset Trust, 2021-GS1 A1
5.892%
10/25/66
18,076,196
 
18,081,977
 (a)
MASTR Adjustable Rate Mortgages Trust, 2004-6 5A1
6.908%
7/25/34
28,082
 
27,534
 (c)
MASTR Adjustable Rate Mortgages Trust, 2006-OA1 1A1 (1 mo. Term SOFR +
0.324%)
4.645%
4/25/46
59,788
 
53,918
 (c)
MASTR Reperforming Loan Trust, 2005-2 1A1F (1 mo. Term SOFR + 0.464%)
4.785%
5/25/35
1,562,263
 
772,572
 (a)(c)
MF1 LLC Trust, 2022-FL10 A (1 mo. Term SOFR + 2.635%)
6.952%
9/17/37
13,166,762
 
13,175,288
 (a)(c)
MHC Commercial Mortgage Trust, 2021-MHC E (1 mo. Term SOFR + 2.215%)
6.534%
4/15/38
127,200
 
126,959
 (a)(c)
Morgan Stanley Mortgage Loan Trust, 2005-3AR 2A2
3.647%
7/25/35
447,014
 
397,774
 (c)
Morgan Stanley Residential Mortgage Loan Trust, 2024-INV3 A1
6.500%
6/25/54
10,216,175
 
10,401,153
 (a)(c)
Mortgage Loan Resecuritization Trust, 2009-RS1 A85 (1 mo. USD LIBOR +
0.340%)
5.300%
4/16/36
17,817,344
 
17,410,517
 (a)(c)
Multifamily Trust, 2016-1 B
14.060%
4/25/46
1,137,648
 
1,135,730
 (a)(c)
Nomura Asset Acceptance Corp. Alternative Loan Trust, 2005-AP2 A5
5.476%
5/25/35
41,814
 
19,514
 
NRTH Mortgage Trust, 2024-PARK A (1 mo. Term SOFR + 1.641%)
5.960%
3/15/39
3,540,000
 
3,542,781
 (a)(c)
See Notes to Schedule of Investments.

23
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
NYMT Loan Trust, 2022-SP1 A1, Step bond (5.250% to 7/1/25, 8.250% to 7/1/26
then 9.250%)
5.250%
7/25/62
17,488,863
 
 $17,860,361
 (a)
PFP Ltd., 2024-11 A (1 mo. Term SOFR + 1.832%)
6.154%
9/17/39
6,692,755
 
6,708,743
 (a)(c)
Prime Mortgage Trust, 2006-DR1 2A2
6.000%
5/25/35
15,144,417
 
12,897,449
 (a)
PRKCM Trust, 2021-AFC1 A1
1.510%
8/25/56
21,891,021
 
18,285,423
 (a)(c)
RAMP Trust, 2004-SL4 A5
7.500%
7/25/32
303,442
 
102,346
 
RBSSP Resecuritization Trust, 2009-12 9A2
4.777%
3/25/36
3,573,580
 
2,443,763
 (a)(c)
Reperforming Loan REMIC Trust, 2006-R2 AS, IO
1.515%
7/25/36
4,558,120
 
172,725
 (a)(c)
SCOTT Trust, 2023-SFS A
5.910%
3/10/40
9,300,000
 
9,511,395
 (a)
SHOW Trust, 2022 BIZ A (1 mo. Term SOFR + 2.984%)
7.306%
1/15/27
15,000,000
 
13,561,341
 (a)(c)
Soho Trust, 2021-SOHO B
2.697%
8/10/38
16,410,000
 
12,381,178
 (a)(c)
Structured Adjustable Rate Mortgage Loan Trust, 2004-8 1A1
6.048%
7/25/34
302
 
296
 (c)
Structured Asset Mortgage Investments II Trust, 2006-AR6 1A1 (1 mo. Term SOFR
+ 0.474%)
4.795%
7/25/46
61,576
 
53,561
 (c)
Structured Asset Mortgage Investments Trust, 2003-AR1 A1 (1 mo. Term SOFR +
0.854%)
5.171%
10/19/33
32,713
 
31,560
 (c)
SunTrust Alternative Loan Trust, 2006-1F 3A (1 mo. Term SOFR + 0.464%)
4.785%
4/25/36
15,463,787
 
3,688,905
 (c)
UBS Commercial Mortgage Trust, 2017-C1 A4
3.460%
6/15/50
5,440,000
 
5,281,219
 
UBS Commercial Mortgage Trust, 2017-C3 A4
3.426%
8/15/50
6,000,000
 
5,773,507
 
UBS Commercial Mortgage Trust, 2018-C11 A3
4.312%
6/15/51
3,806,736
 
3,761,172
 
VLS Commercial Mortgage Trust, 2020-LAB A
2.130%
10/10/42
17,345,000
 
14,177,491
 (a)
Wells Fargo Commercial Mortgage Trust, 2017-C41 XA, IO
1.152%
11/15/50
28,973,547
 
687,261
 (c)
Wells Fargo Commercial Mortgage Trust, 2018-C44 A5
4.212%
5/15/51
7,530,000
 
7,383,934
 
Wells Fargo Commercial Mortgage Trust, 2022-JS2 G
3.454%
12/15/39
10,000,000
 
7,192,645
 (a)(c)
Wells Fargo Commercial Mortgage Trust, 2024-C63 A5
5.309%
8/15/57
2,500,000
 
2,549,206
 
 
Total Collateralized Mortgage Obligations (Cost — $1,001,421,138)
924,840,036
U.S. Government & Agency Obligations — 10.4%
U.S. Government Obligations — 10.4%
U.S. Treasury Bonds
4.750%
11/15/43
30,000,000
30,657,422
 (k)
U.S. Treasury Bonds
3.625%
2/15/44
163,096,000
142,759,967
 (k)(l)
U.S. Treasury Bonds
4.625%
5/15/44
1,570,000
1,575,550
 
U.S. Treasury Bonds
4.125%
8/15/44
19,580,000
18,350,131
 
U.S. Treasury Bonds
4.625%
11/15/44
2,380,000
2,383,719
 
U.S. Treasury Bonds
4.750%
2/15/45
20,930,000
21,315,897
 
U.S. Treasury Bonds
2.875%
8/15/45
70,070,000
53,687,032
 
U.S. Treasury Bonds
3.000%
2/15/49
26,870,000
20,326,210
 
U.S. Treasury Bonds
2.000%
2/15/50
2,000,000
1,210,781
 
U.S. Treasury Bonds
4.750%
11/15/53
33,156,000
33,899,420
 
U.S. Treasury Bonds
4.250%
2/15/54
16,490,000
15,541,825
 
U.S. Treasury Bonds
4.625%
5/15/54
24,070,000
24,155,091
 
U.S. Treasury Bonds
4.250%
8/15/54
37,420,000
35,332,666
 
U.S. Treasury Bonds
4.500%
11/15/54
30,060,000
29,627,888
 
U.S. Treasury Notes
4.000%
2/28/30
3,570,000
3,578,646
 
U.S. Treasury Notes
3.625%
9/30/31
19,610,000
19,125,878
 
U.S. Treasury Notes
3.875%
8/15/34
29,240,000
28,506,716
 
U.S. Treasury Notes
4.250%
11/15/34
15,270,000
15,317,719
 
See Notes to Schedule of Investments.

24
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
U.S. Government Obligations — continued
U.S. Treasury Strip Principal (STRIPS)
0.000%
5/15/49
152,060,000
 $48,850,434
 (m)
 
Total U.S. Government & Agency Obligations (Cost — $656,162,453)
546,202,992
 
 
 

 
Face
Amount†/
Units
 
Asset-Backed Securities — 7.5%
AIMCO CLO Ltd., 2024-22A A (3 mo. Term SOFR + 1.500%)
5.793%
4/19/37
7,270,000
 
7,281,758
 (a)(c)
AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%)
5.488%
4/17/38
11,560,000
 
11,563,526
 (a)(c)
Bear Stearns Asset-Backed Securities Trust, 2005-CL1 A1 (1 mo. Term SOFR +
0.614%)
2.802%
9/25/34
293,065
 
289,302
 (c)
BlueMountain CLO Ltd., 2021-31A A1 (3 mo. Term SOFR + 1.412%)
5.705%
4/19/34
970,000
 
970,648
 (a)(c)
CIFC Funding Ltd., 2015-4A A1A2 (3 mo. Term SOFR + 1.332%)
5.625%
4/20/34
4,700,000
 
4,699,644
 (a)(c)
CLI Funding LLC, 2024-1A A
5.630%
7/20/49
7,812,827
 
7,882,015
 (a)
College Ave Student Loans LLC, 2019-A A1 (1 mo. Term SOFR + 1.514%)
5.835%
12/28/48
9,718,943
 
9,819,214
 (a)(c)
College Ave Student Loans LLC, 2024-B A1A
5.690%
8/25/54
5,855,942
 
5,992,384
 (a)
Conseco Finance Corp., 1999-3 A9
6.530%
2/1/31
4,434,095
 
4,001,332
 (c)
Countrywide Home Equity Loan Trust, 2006-HW 2A1B (1 mo. Term SOFR +
0.264%)
4.584%
11/15/36
200,874
 
184,157
 (c)
DB Master Finance LLC, 2021-1A A23
2.791%
11/20/51
12,490,425
 
10,801,583
 (a)
Elmwood CLO Ltd., 2019-1A A1RR (3 mo. Term SOFR + 1.520%)
5.813%
4/20/37
10,000,000
 
10,029,842
 (a)(c)
GMAC Mortgage Corp. Loan Trust, 2004-HE3 A2VN (1 mo. Term SOFR + 0.614%)
4.935%
10/25/34
584,287
 
557,415
 (a)(c)
GSRPM Mortgage Loan Trust, 2007-1 A (1 mo. Term SOFR + 0.514%)
4.835%
10/25/46
3,619,627
 
3,350,857
 (a)(c)
HalseyPoint CLO Ltd., 2020-3A A1R (3 mo. Term SOFR + 1.480%)
5.767%
7/30/37
10,000,000
 
10,023,837
 (a)(c)
Sagard-Halseypoint CLO Ltd., 2024-8A A1 (3 mo. Term SOFR + 1.390%)
5.704%
1/30/38
3,410,000
 
3,406,310
 (a)(c)
Hildene Community Funding CDO Ltd., 2015-1A ARR
2.600%
11/1/35
6,179,791
 
5,446,333
 (a)
Jimmy Johns Funding LLC, 2017-1A A2II
4.846%
7/30/47
6,072,885
 
6,005,944
 (a)
Kings Park CLO Ltd., 2021-1A A (3 mo. Term SOFR + 1.392%)
5.685%
1/21/35
9,910,000
 
9,913,233
 (a)(c)
Loanpal Solar Loan Ltd., 2020-3GS A
2.470%
12/20/47
17,017,210
 
13,657,676
 (a)
Loanpal Solar Loan Ltd., 2021-1GS A
2.290%
1/20/48
5,179,152
 
4,207,137
 (a)
Long Beach Mortgage Loan Trust, 2006-9 2A3 (1 mo. Term SOFR + 0.434%)
4.755%
10/25/36
2,959,504
 
948,562
 (c)
Lunar Structured Aircraft Portfolio Notes, 2021-1 A
2.636%
10/15/46
7,719,402
 
7,133,352
 (a)
M&T Equipment Notes, 2024-1A A4
4.940%
8/18/31
9,460,000
 
9,517,456
 (a)
Magnetite Ltd., 2021-29A BR (3 mo. Term SOFR + 1.750%)
6.052%
7/15/37
4,840,000
 
4,866,855
 (a)(c)
Morgan Stanley Resecuritization Trust, 2015-R7 1BXA
7.060%
2/26/29
9,297,630
 
8,445,149
 (a)(c)
National Collegiate Student Loan Trust, 2005-2 A51 (1 mo. Term SOFR + 0.484%)
4.805%
6/25/33
3,897,958
 
3,834,942
 (c)
National Collegiate Student Loan Trust, 2006-4 A4 (1 mo. Term SOFR + 0.424%)
4.745%
5/25/32
818,174
 
814,241
 (c)
Oak Street Investment Grade Net Lease Fund, 2020-1A A1
1.850%
11/20/50
5,503,970
 
5,337,012
 (a)
Octagon Ltd., 2022-1A A1R (3 mo. Term SOFR + 1.750%)
6.073%
11/16/36
35,500,000
 
35,593,756
 (a)(c)
Option One Mortgage Loan Trust, 2007-FXD2 1A1
5.820%
3/25/37
12,984,500
 
11,706,174
 
Origen Manufactured Housing Contract Trust, 2007-A A2
6.289%
4/15/37
2,736,558
 
2,558,441
 (c)
Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%)
5.472%
4/20/38
10,120,000
 
10,031,148
 (a)(c)
Rad CLO Ltd., 2023-22A A1 (3 mo. Term SOFR + 1.830%)
6.123%
1/20/37
33,000,000
 
33,097,301
 (a)(c)
Renaissance Home Equity Loan Trust, 2003-4 A3 (1 mo. Term SOFR + 1.354%)
5.675%
3/25/34
3,277,434
 
2,971,946
 (c)
Renaissance Home Equity Loan Trust, 2006-1 AF5
6.166%
5/25/36
13,327,373
 
6,509,890
 
SEB Funding LLC, 2024-1A A2
7.386%
4/30/54
19,060,000
 
19,577,769
 (a)
Silver Point CLO Ltd., 2025-8A A1 (3 mo. Term SOFR + 1.210%)
5.498%
4/15/38
9,830,000
 
9,815,668
 (a)(c)(g)
See Notes to Schedule of Investments.

25
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†/
Units
Value
Asset-Backed Securities — continued
SMB Private Education Loan Trust, 2015-C R
32.613%
9/18/46
24,595
 
 $6,369,989
 (a)(n)
SMB Private Education Loan Trust, 2021-A C
2.990%
1/15/53
9,053,692
 
7,832,873
 (a)
SpringCastle America Funding LLC, 2020-AA A
1.970%
9/25/37
6,212,006
 
5,797,736
 (a)
Store Master Funding, 2023-1A A1
6.190%
6/20/53
6,400,783
 
6,485,774
 (a)
Store Master Funding, 2024-1A A2
5.700%
5/20/54
10,471,783
 
10,700,623
 (a)
Structured Asset Securities Corp. Mortgage Loan Trust, 2006-ARS1 A1 (1 mo.
Term SOFR + 0.334%)
4.655%
2/25/36
1,071,646
 
19,962
 (a)(c)
Structured Asset Securities Corp. Trust, 2005-SC1 1A2
6.464%
5/25/31
2,682,922
 
2,000,564
 (a)(c)
Sunrun Atlas Issuer LLC, 2019-2 A
3.610%
2/1/55
2,178,926
 
2,039,194
 (a)
Sunrun Demeter Issuer LLC, 2021-2A A
2.270%
1/30/57
17,858,250
 
15,536,833
 (a)
Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. Term SOFR + 1.200%)
5.482%
4/20/38
9,280,000
 
9,266,655
 (a)(c)
Thrust Engine Leasing DAC, 2021-1A A
4.163%
7/15/40
16,674,766
 
16,146,306
 (a)
Ziply Fiber Issuer LLC, 2024-1A A2
6.640%
4/20/54
10,000,000
 
10,307,888
 (a)
 
Total Asset-Backed Securities (Cost — $442,286,518)
395,348,206
 
 
 

 
Face
Amount†
 
Sovereign Bonds — 3.4%
Argentina — 0.2%
Argentine Republic Government International Bond, Senior Notes, Step bond
(0.750% to 7/9/27 then 1.750%)
0.750%
7/9/30
4,395,513
 
3,219,713
 
Argentine Republic Government International Bond, Senior Notes, Step bond
(3.500% to 7/9/29 then 4.875%)
3.500%
7/9/41
130,000
 
75,405
 
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
13,222,838
 
8,545,259
 (a)
Total Argentina
11,840,377
Bahamas — 0.0%††
 
Bahamas Government International Bond, Senior Notes
6.000%
11/21/28
1,610,000
 
1,547,613
 (o)
Brazil — 1.5%
Brazil Letras do Tesouro Nacional
0.000%
1/1/26
77,209,000
 BRL
12,175,359
 
Brazil Notas do Tesouro Nacional Serie F, Notes
10.000%
1/1/27
140,000,000
 BRL
22,823,458
 
Brazil Notas do Tesouro Nacional Serie F, Notes
10.000%
1/1/33
245,741,000
 BRL
33,831,379
 
Brazilian Government International Bond, Senior Notes
4.750%
1/14/50
10,545,000
 
7,458,057
 
Total Brazil
76,288,253
Egypt — 0.1%
 
Egypt Government International Bond, Senior Notes
7.053%
1/15/32
8,390,000
 
7,089,919
 (o)
Ghana — 0.1%
Ghana Government International Bond, Senior Notes, Step bond (5.000% to
7/3/28 then 6.000%)
5.000%
7/3/29
1,141,460
 
998,546
 (a)
Ghana Government International Bond, Senior Notes, Step bond (5.000% to
7/3/28 then 6.000%)
5.000%
7/3/35
1,785,240
 
1,272,778
 (a)
Total Ghana
2,271,324
Jamaica — 0.2%
 
Jamaica Government International Bond, Senior Notes
9.625%
11/3/30
1,610,500,000
 JMD
10,631,786
 
Kenya — 0.2%
 
Republic of Kenya Government International Bond, Senior Notes
6.300%
1/23/34
10,460,000
 
8,181,779
 (a)
See Notes to Schedule of Investments.

26
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Nigeria — 0.1%
 
Nigeria Government International Bond, Senior Notes
7.143%
2/23/30
7,670,000
 
 $6,947,870
 (a)
Peru — 0.1%
 
Peruvian Government International Bond, Senior Notes
2.780%
12/1/60
10,700,000
 
5,840,595
 
Supranational — 0.8%
 
Inter-American Development Bank, Senior Notes
7.350%
10/6/30
3,547,000,000
 INR
42,702,191
 
Ukraine — 0.1%
Ukraine Government International Bond, Senior Notes, Step bond (0.000% to
2/1/27 then 3.000%)
0.000%
2/1/34
1,693,812
 
671,755
 (o)
Ukraine Government International Bond, Senior Notes, Step bond (1.750% to
8/1/25 then 4.500%)
1.750%
2/1/34
1,244,688
 
666,337
 (o)
Ukraine Government International Bond, Senior Notes, Step bond (0.000% to
2/1/27 then 3.000%)
0.000%
2/1/35
1,431,391
 
792,346
 (o)
Ukraine Government International Bond, Senior Notes, Step bond (1.750% to
8/1/25 then 4.500%)
1.750%
2/1/35
2,904,271
 
1,527,211
 (o)
Ukraine Government International Bond, Senior Notes, Step bond (0.000% to
2/1/27 then 3.000%)
0.000%
2/1/36
402,826
 
230,474
 (o)
Ukraine Government International Bond, Senior Notes, Step bond (1.750% to
8/1/25 then 4.500%)
1.750%
2/1/36
4,148,959
 
2,167,659
 (o)
Total Ukraine
6,055,782
Uruguay — 0.0%††
Uruguay Government International Bond, Senior Notes
7.875%
1/15/33
1
 
1
 
 
Total Sovereign Bonds (Cost — $186,770,459)
179,397,490
Senior Loans — 2.3%
Communication Services — 0.1%
Media — 0.1%
Nexstar Media Inc., Term Loan B4 (1 mo. Term SOFR + 2.614%)
6.939%
9/18/26
4,729,472
 
4,731,837
 (c)(p)(q)
 
Consumer Discretionary — 0.6%
Automobile Components — 0.1%
Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%)
6.825%
5/6/30
4,280,996
 
4,229,624
 (c)(p)(q)
Hotels, Restaurants & Leisure — 0.5%
Alterra Mountain Co., Term Loan B6 (1 mo. Term SOFR + 2.750%)
7.075%
8/17/28
2,472,677
 
2,472,677
 (c)(e)(p)(q)
Caesars Entertainment Inc., Incremental Term Loan B1 (3 mo. Term SOFR +
2.250%)
6.563%
2/6/31
5,479,151
 
5,451,755
 (c)(p)(q)
Flutter Entertainment Public Ltd. Co., 2024 Term Loan B (3 mo. Term SOFR +
1.750%)
6.049%
11/30/30
5,313,446
 
5,299,206
 (c)(p)(q)
Four Seasons Hotels Ltd., 2024 Term Loan B2 (1 mo. Term SOFR + 1.750%)
6.075%
11/30/29
4,760,682
 
4,764,038
 (c)(p)(q)
PCI Gaming Authority, 2024 Term Loan B (1 mo. Term SOFR + 2.000%)
6.325%
7/18/31
2,042,139
 
2,025,261
 (c)(p)(q)
Scientific Games International Inc., Term Loan B2 (1 mo. Term SOFR + 2.250%)
6.566%
4/14/29
5,032,795
 
5,026,882
 (c)(p)(q)
Total Hotels, Restaurants & Leisure
25,039,819
Specialty Retail — 0.0%††
Harbor Freight Tools USA Inc., Initial Term Loan (1 mo. Term SOFR + 2.500%)
6.825%
6/11/31
4,053,760
 
3,959,794
 (c)(p)(q)
 
Total Consumer Discretionary
33,229,237
Consumer Staples — 0.1%
Beverages — 0.1%
Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term SOFR +
2.250%)
6.549%
3/31/28
5,818,891
 
5,802,103
 (c)(p)(q)
See Notes to Schedule of Investments.

27
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Financials — 0.8%
Capital Markets — 0.1%
First Eagle Holdings Inc., Term Loan B2 (3 mo. Term SOFR + 3.000%)
7.299%
3/5/29
5,393,160
 
 $5,398,472
 (c)(p)(q)
Financial Services — 0.5%
Boost Newco Borrower LLC, Term Loan B2 (3 mo. Term SOFR + 2.000%)
6.299%
1/31/31
3,962,070
 
3,941,032
 (c)(p)(q)
Citadel Securities LP, 2024 Term Loan Facility (1 mo. Term SOFR + 2.000%)
6.325%
10/31/31
5,591,136
 
5,591,862
 (c)(p)(q)
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan (3 mo. Term SOFR
+ 3.750%)
8.049%
4/9/27
5,597,608
 
5,325,312
 (c)(p)(q)
Setanta Aircraft Leasing DAC, Term Loan B (3 mo. Term SOFR + 1.750%)
6.049%
11/6/28
3,145,000
 
3,160,033
 (c)(p)(q)
TransUnion Intermediate Holdings Inc., 2024 Refinancing Term Loan B8 (1 mo.
Term SOFR + 1.750%)
6.075%
6/24/31
5,706,156
 
5,695,457
 (c)(p)(q)
Total Financial Services
23,713,696
Insurance — 0.2%
Asurion LLC, New Term Loan B11 (1 mo. Term SOFR + 4.350%)
8.675%
8/21/28
5,402,778
 
5,361,285
 (c)(p)(q)
Asurion LLC, New Term Loan B12 (1 mo. Term SOFR + 4.250%)
8.575%
9/19/30
5,988,207
 
5,920,391
 (c)(p)(q)
Total Insurance
11,281,676
 
Total Financials
40,393,844
Health Care — 0.4%
Health Care Providers & Services — 0.1%
Phoenix Guarantor Inc., Term Loan B5 (1 mo. Term SOFR + 2.500%)
6.825%
2/21/31
27,669
 
27,592
 (c)(p)(q)
Sotera Health Holdings LLC, 2024 Refinancing Term Loan (3 mo. Term SOFR +
3.250%)
7.549%
5/30/31
5,890,400
 
5,886,718
 (c)(p)(q)
Total Health Care Providers & Services
5,914,310
Health Care Technology — 0.1%
Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)
7.073%
5/1/31
4,241,021
 
4,156,201
 (c)(e)(p)(q)
Pharmaceuticals — 0.2%
Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + 4.100%)
8.399%
10/1/27
7,822,945
 
7,358,575
 (c)(p)(q)
Jazz Financing Lux Sarl, Dollar Term Loan Facility B2 (1 mo. Term SOFR + 2.250%)
6.575%
5/5/28
3,673,041
 
3,675,796
 (c)(p)(q)
Total Pharmaceuticals
11,034,371
 
Total Health Care
21,104,882
Industrials — 0.2%
Commercial Services & Supplies — 0.2%
Ali Group North America Corp., Initial Term Loan B (1 mo. Term SOFR + 2.114%)
6.439%
7/30/29
3,727,424
 
3,735,680
 (c)(p)(q)
Allied Universal Holdco LLC, USD Term Loan (1 mo. Term SOFR + 3.850%)
8.175%
5/12/28
5,149,251
 
5,149,663
 (c)(p)(q)
APi Group DE Inc., 2021 Incremental Term Loan B (1 mo. Term SOFR + 1.750%)
6.075%
1/3/29
1,070,981
 
1,068,710
 (c)(p)(q)
 
Total Industrials
9,954,053
Information Technology — 0.1%
Electronic Equipment, Instruments & Components — 0.1%
Coherent Corp., Term Loan B2 (1 mo. Term SOFR + 2.000%)
6.325%
7/2/29
2,759,091
 
2,758,802
 (c)(p)(q)
Software — 0.0%††
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)
8.325%
10/16/26
1,300,130
 
1,267,789
 (c)(p)(q)
 
Total Information Technology
4,026,591
Total Senior Loans (Cost — $119,466,668)
119,242,547
U.S. Treasury Inflation Protected Securities — 0.6%
U.S. Treasury Notes, Inflation Indexed (Cost — $32,306,020)
1.875%
7/15/34
31,546,072
 
31,849,764
 
See Notes to Schedule of Investments.

28
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Expiration
Date
Contracts
Notional
Amount†
Value
Purchased Options — 0.2%
Exchange-Traded Purchased Options — 0.2%
3-Month SOFR Futures, Call @ $96.000
6/13/25
5,785
14,462,500
 $1,301,624
 
3-Month SOFR Futures, Call @ $96.125
9/12/25
3,407
8,517,500
2,086,788
 
3-Month SOFR Futures, Call @ $96.750
6/12/26
2,779
6,947,500
2,674,788
 
U.S. Treasury 6 to 7-Year Notes Futures, Call @ $111.500
4/11/25
2,847
2,847,000
1,334,531
 
U.S. Treasury 6 to 7-Year Notes Futures, Put @ $110.250
4/11/25
2,847
2,847,000
533,813
 
U.S. Treasury 10-Year Notes Futures, Call @ $113.500
4/25/25
2,104
2,104,000
295,875
 
U.S. Treasury 10-Year Notes Futures, Put @ $109.000
4/25/25
2,104
2,104,000
197,250
 
 
Total Exchange-Traded Purchased Options (Cost — $7,694,110)
8,424,669
 
Counterparty

 
 

 
 
OTC Purchased Options — 0.0%††
Credit default swaption to buy protection on Markit
CDX.NA.HY.44 Index, Call @ 106.000bps, 500.000bps quarterly
payments received by the Fund, maturing on 6/20/30
Goldman Sachs
Group Inc.
6/18/25
27,200,000
27,200,000
121,067
 
U.S. Dollar/Chinese Yuan Renminbi, Call @ 7.288CNY
BNP Paribas SA
4/29/25
36,940,000
36,940,000
28,028
 
U.S. Dollar/Euro, Call @ $1.074
Citibank N.A.
4/23/25
55,200,000
55,200,000
258,521
 
 
Total OTC Purchased Options (Cost — $613,554)
407,616
 
Total Purchased Options (Cost — $8,307,664)
8,832,285
 
 
 
 
Shares
 
Common Stocks — 0.1%
Industrials — 0.1%
Passenger Airlines — 0.1%
Spirit Airlines LLC
290,376
4,065,268
 *(d)(e)
Spirit Aviation Holdings Inc.
1,685
23,590
 *(d)(e)(r)
 
Total Common Stocks (Cost — $4,078,440)
4,088,858
 
 
 
 
Expiration
Date
Warrants
 
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
Spirit Airlines LLC (Cost — $2,511,486)
3/12/30
206,310
 
2,888,340
 *(a)(d)(e)(r)
Total Investments before Short-Term Investments (Cost — $6,090,201,412)
5,624,941,954
 
 
Rate
 
Shares
 
Short-Term Investments — 3.5%
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $184,822,250)  
4.315%
184,822,250
 
184,822,250
 (s)(t)
Total Investments — 110.6% (Cost — $6,275,023,662)
5,809,764,204
Liabilities in Excess of Other Assets — (10.6)%
(557,131,676
)
Total Net Assets — 100.0%
$5,252,632,528
 
See Notes to Schedule of Investments.

29
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
†
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)
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(e)
Security is valued using significant unobservable inputs (Note 1).
(f)
Value is less than $1.
(g)
Securities traded on a when-issued or delayed delivery basis.
(h)
Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.
(i)
This security is traded on a to-be-announced (“TBA”) basis. At March 31, 2025, the Fund held TBA securities with a total cost of $426,240,905.
(j)
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.
(k)
All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts.
(l)
All or a portion of this security is held at the broker as collateral for open futures contracts and exchange-traded options. 
(m)
All or a portion of this security is held at the broker as collateral for OTC derivatives.
(n)
Rate shown is the current yield based on income received over the trailing twelve months.
(o)
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.
(p)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(q)
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.
(r)
Restricted security (Note 3).
(s)
Rate shown is one-day yield as of the end of the reporting period.
(t)
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, 2025, the total market value of
investments in Affiliated Companies was $184,822,250 and the cost was $184,822,250 (Note 2).
 
See Notes to Schedule of Investments.

30
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
Abbreviation(s) used in this schedule:
ACES
—
Alternative Credit Enhancement Securities
bps
—
basis points (100 basis points = 1.00%)
BRL
—
Brazilian Real
CAS
—
Connecticut Avenue Securities
CD
—
Certificate of Deposit
CDO
—
Collateralized Debt Obligation
CLO
—
Collateralized Loan Obligation
CNY
—
Chinese Yuan Renminbi
GTD
—
Guaranteed
IBOR
—
Interbank Offered Rate
ICE
—
Intercontinental Exchange
INR
—
Indian Rupee
IO
—
Interest Only
JMD
—
Jamaican Dollar
JSC
—
Joint Stock Company
LIBOR
—
London Interbank Offered Rate
PAC
—
Planned Amortization Class
PIK
—
Payment-In-Kind
PO
—
Principal Only
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
STRIPS
—
Separate Trading of Registered Interest and Principal Securities
USD
—
United States Dollar
At March 31, 2025, the Fund had the following open written options contracts:
  
Exchange-Traded Written Options
Security
 
Expiration
Date
Strike
Price
Contracts
Notional
Amount
Value
3-Month SOFR Futures, Call
6/13/25
 $96.250
4,027
 $10,067,500
 $(503,375)
3-Month SOFR Futures, Call
6/13/25
96.500
2,349
5,872,500
(190,856)
SOFR 1-Year Mid-Curve Futures, Call
9/12/25
96.813
3,407
8,517,500
(2,022,906)
U.S. Treasury 10-Year Notes Futures, Call
5/23/25
111.000
949
949,000
(1,141,766)
U.S. Treasury 10-Year Notes Futures, Call
5/23/25
114.000
2,104
2,104,000
(624,625)
U.S. Treasury 10-Year Notes Futures, Put
4/25/25
108.000
1,351
1,351,000
(42,219)
U.S. Treasury 10-Year Notes Futures, Put
5/23/25
108.500
2,104
2,104,000
(427,375)
U.S. Treasury 10-Year Notes Futures, Put
5/23/25
111.000
949
949,000
(934,172)
U.S. Treasury Long-Term Bonds Futures, Put
4/25/25
110.000
658
658,000
(20,562)
Total Exchange-Traded Written Options (Premiums received — $5,985,486)
(5,907,856)
 
 
OTC Written Options
 
Counterparty

 

 
 

 
 
Credit default swaption to sell
protection on Markit CDX.NA.HY.44
Index, Put, 500.000bps quarterly
payments received by the Fund,
maturing on 6/20/30
Goldman Sachs Group Inc.
6/18/25
100.000
bps
27,200,000
27,200,000
‡
 $(148,346
)
U.S. Dollar/Euro, Call
BNP Paribas SA
4/23/25
 $1.063
27,680,000
27,680,000
(58,083
)
U.S. Dollar/Euro, Call
Goldman Sachs Group Inc.
4/23/25
1.063
28,980,000
28,980,000
(60,810
)
Total OTC Written Options (Premiums received — $328,874)
(267,239
)
Total Written Options (Premiums received — $6,314,360)
$(6,175,095
)
 
‡
In the event an option is exercised and a credit event occurs as defined under the terms of the swap agreement, the notional amount is the maximum
potential amount that could be required to be paid as a seller of credit protection or received as a buyer of credit protection.
 
See Notes to Schedule of Investments.

31
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
Abbreviation(s) used in this schedule:
bps
—
basis points (100 basis points = 1.00%)
SOFR
—
Secured Overnight Financing Rate
At March 31, 2025, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
(Depreciation)
Contracts to Buy:
3-Month SOFR
984
6/25
 $235,355,554
 $235,391,250
 $35,696
3-Month SOFR
4,793
3/26
1,150,189,004
1,154,813,438
4,624,434
3-Month SOFR
2,465
3/27
592,598,409
595,081,813
2,483,404
U.S. Treasury 5-Year Notes
19,261
6/25
2,062,023,638
2,083,197,531
21,173,893
U.S. Treasury Long-Term Bonds
4,689
6/25
538,127,127
549,931,781
11,804,654
United Kingdom Long Gilt Bonds
473
6/25
56,559,846
56,022,384
(537,462)
 
39,584,619
Contracts to Sell:
U.S. Treasury 2-Year Notes
5,170
6/25
1,065,412,726
1,071,078,599
(5,665,873)
U.S. Treasury 10-Year Notes
6,223
6/25
690,732,278
692,114,281
(1,382,003)
U.S. Treasury Ultra 10-Year Notes
690
6/25
77,367,822
78,746,250
(1,378,428)
U.S. Treasury Ultra Long-Term Bonds
3,191
6/25
385,922,349
390,099,750
(4,177,401)
 
(12,603,705)
Net unrealized appreciation on open futures contracts
$26,980,914
 
Abbreviation(s) used in this table:
SOFR
—
Secured Overnight Financing Rate
At March 31, 2025, the Fund had the following open forward foreign currency contracts:  
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
270,349,080
USD
47,081,098
Citibank N.A.
4/2/25
 $273,025
USD
46,754,592
BRL
270,349,080
Citibank N.A.
4/2/25
(599,531)
BRL
270,349,080
USD
47,173,108
Goldman Sachs Group Inc.
4/2/25
181,014
USD
47,081,098
BRL
270,349,080
Goldman Sachs Group Inc.
4/2/25
(273,024)
USD
716,714
BRL
4,280,000
Goldman Sachs Group Inc.
4/15/25
(31,116)
AUD
740,000
USD
467,969
Bank of America N.A.
4/16/25
(5,520)
AUD
1,210,000
USD
763,958
Bank of America N.A.
4/16/25
(7,792)
AUD
20,510,000
USD
12,937,662
Bank of America N.A.
4/16/25
(120,331)
AUD
103,308,712
USD
63,968,135
Bank of America N.A.
4/16/25
592,659
EUR
6,540,000
USD
6,833,888
Bank of America N.A.
4/16/25
243,862
EUR
6,570,000
USD
6,872,877
Bank of America N.A.
4/16/25
237,340
JPY
412,815,500
USD
2,686,539
Bank of America N.A.
4/16/25
70,666
USD
2,399,383
AUD
3,753,763
Bank of America N.A.
4/16/25
53,541
USD
12,005,284
AUD
19,110,000
Bank of America N.A.
4/16/25
62,858
USD
6,655,314
EUR
6,360,000
Bank of America N.A.
4/16/25
(227,636)
EUR
6,890,000
USD
7,204,356
BNP Paribas SA
4/16/25
252,173
USD
10,503,348
CAD
15,059,975
BNP Paribas SA
4/16/25
29,970
USD
44,688,006
GBP
36,247,672
BNP Paribas SA
4/16/25
(2,133,205)
INR
2,566,766,442
USD
29,579,561
Citibank N.A.
4/16/25
407,094
JPY
171,400,000
USD
1,117,483
Citibank N.A.
4/16/25
27,302
JPY
306,115,000
USD
2,074,762
Citibank N.A.
4/16/25
(30,212)
See Notes to Schedule of Investments.

32
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
JPY
413,218,000
USD
2,670,592
Citibank N.A.
4/16/25
 $89,302
JPY
1,035,890,000
USD
6,755,097
Citibank N.A.
4/16/25
163,639
JPY
1,100,220,000
USD
7,159,171
Citibank N.A.
4/16/25
189,227
JPY
1,221,740,000
USD
8,151,019
Citibank N.A.
4/16/25
9,014
JPY
8,273,878,041
USD
52,835,921
Citibank N.A.
4/16/25
2,425,524
MXN
62,530,000
USD
3,017,783
Citibank N.A.
4/16/25
31,087
MXN
123,790,000
USD
5,960,972
Citibank N.A.
4/16/25
74,846
MXN
141,522,231
USD
6,891,220
Citibank N.A.
4/16/25
9,195
MXN
162,781,950
USD
7,926,431
Citibank N.A.
4/16/25
10,576
USD
2,994
CHF
2,703
Citibank N.A.
4/16/25
(67)
USD
1,453,546
INR
126,880,000
Citibank N.A.
4/16/25
(28,750)
USD
3,045,636
INR
265,750,000
Citibank N.A.
4/16/25
(59,031)
USD
3,155,138
INR
275,270,000
Citibank N.A.
4/16/25
(60,748)
USD
9,265,567
INR
811,710,000
Citibank N.A.
4/16/25
(217,364)
USD
9,465,880
INR
826,040,000
Citibank N.A.
4/16/25
(184,463)
USD
15,431,599
INR
1,346,870,000
Citibank N.A.
4/16/25
(303,423)
USD
4,270,854
JPY
634,830,000
Citibank N.A.
4/16/25
30,808
USD
4,303,481
JPY
640,240,000
Citibank N.A.
4/16/25
27,301
USD
8,804,571
JPY
1,362,370,000
Citibank N.A.
4/16/25
(294,733)
USD
9,061,647
JPY
1,361,410,000
Citibank N.A.
4/16/25
(31,246)
USD
10,209,429
JPY
1,536,080,000
Citibank N.A.
4/16/25
(50,089)
USD
17,223,602
JPY
2,663,940,000
Citibank N.A.
4/16/25
(568,922)
USD
18,084,158
JPY
2,679,320,000
Citibank N.A.
4/16/25
188,910
USD
287
NOK
3,272
Citibank N.A.
4/16/25
(24)
EUR
6,580,000
USD
6,881,035
Goldman Sachs Group Inc.
4/16/25
240,004
MXN
118,996,200
USD
5,743,083
Goldman Sachs Group Inc.
4/16/25
58,996
MXN
163,350,286
USD
8,189,617
Goldman Sachs Group Inc.
4/16/25
(224,898)
CNH
48,280,000
USD
6,687,592
JPMorgan Chase & Co.
4/16/25
(34,398)
CNH
50,710,000
USD
7,030,547
JPMorgan Chase & Co.
4/16/25
(42,489)
CNH
83,940,000
USD
11,645,927
JPMorgan Chase & Co.
4/16/25
(78,630)
CNH
144,840,000
USD
20,071,200
JPMorgan Chase & Co.
4/16/25
(111,618)
CNH
155,710,000
USD
21,373,998
JPMorgan Chase & Co.
4/16/25
83,517
CNH
253,490,000
USD
35,038,822
JPMorgan Chase & Co.
4/16/25
(106,798)
USD
175,543,227
CNH
1,288,399,516
JPMorgan Chase & Co.
4/16/25
(2,003,825)
USD
6,713,880
INR
590,620,000
JPMorgan Chase & Co.
4/16/25
(186,132)
USD
10,160,128
INR
885,760,000
JPMorgan Chase & Co.
4/16/25
(187,903)
USD
12,900,787
INR
1,126,200,000
JPMorgan Chase & Co.
4/16/25
(256,223)
EUR
3,830,000
USD
4,123,527
Morgan Stanley & Co. Inc.
4/16/25
21,394
EUR
3,920,000
USD
4,220,817
Morgan Stanley & Co. Inc.
4/16/25
21,504
EUR
4,460,000
USD
4,691,749
Morgan Stanley & Co. Inc.
4/16/25
134,974
EUR
5,160,000
USD
5,548,630
Morgan Stanley & Co. Inc.
4/16/25
35,650
EUR
6,180,000
USD
6,578,834
Morgan Stanley & Co. Inc.
4/16/25
109,315
EUR
6,700,000
USD
7,197,325
Morgan Stanley & Co. Inc.
4/16/25
53,581
EUR
11,610,000
USD
12,200,918
Morgan Stanley & Co. Inc.
4/16/25
363,712
EUR
11,760,000
USD
12,700,396
Morgan Stanley & Co. Inc.
4/16/25
26,568
MXN
122,112,000
USD
5,899,256
Morgan Stanley & Co. Inc.
4/16/25
54,744
MXN
243,446,930
USD
11,760,972
Morgan Stanley & Co. Inc.
4/16/25
109,140
MXN
571,372,766
USD
27,587,223
Morgan Stanley & Co. Inc.
4/16/25
272,069
MXN
1,406,724,415
USD
67,710,085
Morgan Stanley & Co. Inc.
4/16/25
879,720
USD
76,252,945
EUR
73,708,598
Morgan Stanley & Co. Inc.
4/16/25
(3,516,328)
USD
8,528,048
MXN
174,760,000
Morgan Stanley & Co. Inc.
4/16/25
7,009
See Notes to Schedule of Investments.

33
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Core Plus Bond Fund
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
139,235,815
MXN
2,875,428,432
Morgan Stanley & Co. Inc.
4/16/25
 $(965,829)
USD
6,246,267
EUR
5,797,000
Goldman Sachs Group Inc.
4/24/25
(30,122)
USD
46,910,357
BRL
270,349,080
Goldman Sachs Group Inc.
5/5/25
(156,158)
CNH
85,276,934
USD
11,823,000
BNP Paribas SA
5/6/25
(54,634)
Net unrealized depreciation on open forward foreign currency contracts
$(5,030,382)
 
Abbreviation(s) used in this table:
AUD
—
Australian Dollar
BRL
—
Brazilian Real
CAD
—
Canadian Dollar
CHF
—
Swiss Franc
CNH
—
Chinese Offshore Yuan
EUR
—
Euro
GBP
—
British Pound
INR
—
Indian Rupee
JPY
—
Japanese Yen
MXN
—
Mexican Peso
NOK
—
Norwegian Krone
USD
—
United States Dollar
At March 31, 2025, the Fund had the following open swap contracts:  
 
OTC INTEREST RATE SWAPS
Swap Counterparty
Notional
Amount*
Termination
Date
Payments
Made by
the Fund†
Payments
Received by
the Fund†
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
JPMorgan Chase & Co.
 1,010,390,000BRL
1/2/29
BRL-CDI**
10.230%**
 $(19,719,810)
—
 $(19,719,810)
 
 
CENTRALLY CLEARED INTEREST RATE SWAPS
 
Notional
Amount
Termination
Date
Payments
Made by
the Fund†
Payments
Received by
the Fund†
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
 
 $376,046,000
1/17/28
Daily SOFR
Compound
annually
4.100%
annually
 $4,082,343
 $14,750
 $4,067,593
 
646,856,000
11/30/31
4.060%
annually
Daily SOFR
Compound
annually
(13,208,430)
(631,631)
(12,576,799)
 
88,473,000
1/17/36
4.220%
annually
Daily SOFR
Compound
annually
(3,070,549)
—
(3,070,549)
Total
$1,111,375,000
$(12,196,636)
$(616,881)
$(11,579,755)
 
 
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
Depreciation
Markit CDX.NA.IG.44 Index
 $416,994,000
6/20/30
1.000% quarterly
$7,529,739
$8,084,604
$(554,865)
 
See Notes to Schedule of Investments.

34
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 Western Asset Core Plus Bond Fund
 
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION4
Reference Entity
Notional
Amount2
Termination
Date
Periodic
Payments
Made by
the Fund†
Market
Value3
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
Markit CDX.NA.HY.44 Index
 $24,103,700
6/20/30
5.000% quarterly
 $(1,242,805)
 $(1,424,180)
 $181,375
 
 
OTC TOTAL RETURN SWAPS
Swap
Counterparty
Notional
Amount
Termination
Date
Periodic
Payments
Made by
the Fund†
Periodic
Payments
Received by
the Fund‡
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
JPMorgan Chase & Co.
 $33,351,000
7/4/25
Daily SOFR
Compound +
1.100%**
JPEIFNTR^**
 $(331,725)
—
$(331,725)
 
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.
4
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive
from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities
comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the
recovery value of the referenced obligation or the underlying securities comprising the referenced index.
†
Percentage shown is an annual percentage rate.
‡
Periodic payments made/received by the Fund are based on the total return of the referenced entity.
^
Custom emerging markets debt basket is comprised of 40 bonds in the Sovereign Frontier sector.
*
Notional amount denominated in U.S. dollars, unless otherwise noted.
**
One time payment made at termination date.
Reference rate(s) and their value(s) as of period end used in this table: 
Reference Index
Reference
Rate
BRL-CDI
14.150%
Daily SOFR Compound
4.410%
 
Abbreviation(s) used in this table:
BRL
—
Brazilian Real
BRL-CDI
—
Brazilian Cetip InterBank Deposit Rate
JPEIFNTR
—
Western Asset Management Emerging Markets Frontier Custom Basket
SOFR
—
Secured Overnight Financing Rate
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.

35
Western Asset Core Plus Bond Fund 2025 Quarterly Report

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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange 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”).  
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

36
Western Asset Core Plus Bond Fund 2025 Quarterly Report

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Corporate Bonds & Notes
—
 $1,825,668,095
 $0*
 $1,825,668,095
Mortgage-Backed Securities
—
1,586,583,341
—
1,586,583,341
Collateralized Mortgage Obligations
—
924,840,036
—
924,840,036
U.S. Government & Agency Obligations
—
546,202,992
—
546,202,992
Asset-Backed Securities
—
395,348,206
—
395,348,206
Sovereign Bonds
—
179,397,490
—
179,397,490
Senior Loans:
Consumer Discretionary
—
30,756,560
2,472,677
33,229,237
Health Care
—
16,948,681
4,156,201
21,104,882
Other Senior Loans
—
64,908,428
—
64,908,428
U.S. Treasury Inflation Protected Securities
—
31,849,764
—
31,849,764
Purchased Options:
Exchange-Traded Purchased Options
 $8,424,669
—
—
8,424,669
OTC Purchased Options
—
407,616
—
407,616
Common Stocks
—
—
4,088,858
4,088,858
Warrants
—
—
2,888,340
2,888,340
Total Long-Term Investments
8,424,669
5,602,911,209
13,606,076
5,624,941,954
Short-Term Investments†
184,822,250
—
—
184,822,250
Total Investments
$193,246,919
$5,602,911,209
$13,606,076
$5,809,764,204
Other Financial Instruments:
Futures Contracts††
 $40,122,081
—
—
 $40,122,081
Forward Foreign Currency Contracts††
—
 $8,152,830
—
8,152,830
Centrally Cleared Interest Rate Swaps††
—
4,067,593
—
4,067,593
Centrally Cleared Credit Default Swaps on Credit Indices — Buy
Protection††
—
181,375
—
181,375
Total Other Financial Instruments
$40,122,081
$12,401,798
—
$52,523,879
Total
$233,369,000
$5,615,313,007
$13,606,076
$5,862,288,083

37
Western Asset Core Plus Bond Fund 2025 Quarterly Report

Notes to Schedule of Investments (unaudited) (cont’d)
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options
 $5,907,856
—
—
 $5,907,856
OTC Written Options
—
 $267,239
—
267,239
Futures Contracts††
13,141,167
—
—
13,141,167
Forward Foreign Currency Contracts††
—
13,183,212
—
13,183,212
OTC Interest Rate Swaps
—
19,719,810
—
19,719,810
Centrally Cleared Interest Rate Swaps††
—
15,647,348
—
15,647,348
Centrally Cleared Credit Default Swaps on Credit Indices — Sell
Protection††
—
554,865
—
554,865
OTC Total Return Swaps
—
331,725
—
331,725
Total
$19,049,023
$49,704,199
—
$68,753,222
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2025. The following transactions were effected in such company for the period ended March 31, 2025.
 
 
Affiliate
Value at

December 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $57,538,768
 $987,143,592
987,143,592
 $859,860,110
859,860,110

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
March 31,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $1,172,719
—
 $184,822,250
3. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board. 
 
Security
Number of
Shares/
Warrants
Acquisition
Date
Cost
Fair Value
at 3/31/2025
Value Per
Share/Warrant
Percent of
Net Assets
Spirit Aviation
Holdings Inc.,
Common Shares
1,685
3/25
$20,512
$23,590  
 $14.00
0.00 
%(a)
Spirit Airlines LLC,
Warrants
206,310
3/25
2,511,486
2,888,340  
(b)
14.00
0.05  
 
$2,531,998
$2,911,930
0.05
%

38
Western Asset Core Plus Bond Fund 2025 Quarterly Report

 
(a)
Amount represents less than 0.005%.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board.

39
Western Asset Core Plus Bond Fund 2025 Quarterly Report