# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0001133228-26-000809
**Filing Date:** 2026-1
**Character Count:** 244911
**Document Hash:** 99c09113f5d2c31afd273bba45989a0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000809.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001133228-26-000809

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET FUNDS INC
- **CENTRAL INDEX KEY:** 0000863520

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06110
- **FILM NUMBER:** 26569167

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-454-2760

**MAIL ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **STREET 2:** 7TH FLOOR
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LM INSTITUTIONAL FUND ADVISORS I INC
- **DATE OF NAME CHANGE:** 19980818

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN ASSET TRUST INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Western Asset Intermediate Bond Fund (Series ID: S000000711)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002076 | Class I      | WATIX           |
| C000066986 | Class IS     | WABSX           |
| C000113698 | CLASS A      | WATAX           |
| C000113699 | CLASS C      | WATCX           |
| C000113700 | CLASS R      | WATRX           |

?xml version='1.0' encoding='ASCII'? 2025-12-16LMF3600_WesternAssetIntermediateBondFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-06110**

**Western Asset Funds, Inc.**

(Exact name of registrant as specified in charter)

**One Madison Avenue, 17th Floor, New York, NY 10010**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant's telephone number, including area code: **877-6LM-FUND/656-3863**

Date of fiscal year end: **May 31**

Date of reporting period: **November 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Intermediate Bond Fund**  | **Western Asset Intermediate Bond Fund**  |
| Class A [WATAX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Intermediate Bond Fund for the period June 1, 2025, to November 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $38 | 0.74% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $176096086 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 436 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5905img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Intermediate Bond Fund PAGE 1 7818-STSR-0126

37.810.99.18.83.62.92.42.12.02.01.81.31.31.00.90.60.10.111.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Intermediate Bond Fund**  | **Western Asset Intermediate Bond Fund**  |
| Class C [WATCX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Intermediate Bond Fund for the period June 1, 2025, to November 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $77 | 1.51% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $176096086 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 436 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5908img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Intermediate Bond Fund PAGE 1 7817-STSR-0126

37.810.99.18.83.62.92.42.12.02.01.81.31.31.00.90.60.10.111.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Intermediate Bond Fund**  | **Western Asset Intermediate Bond Fund**  |
| Class R [WATRX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Intermediate Bond Fund for the period June 1, 2025, to November 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $58 | 1.14% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $176096086 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 436 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5921img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Intermediate Bond Fund PAGE 1 7816-STSR-0126

37.810.99.18.83.62.92.42.12.02.01.81.31.31.00.90.60.10.111.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Intermediate Bond Fund**  | **Western Asset Intermediate Bond Fund**  |
| Class I [WATIX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Intermediate Bond Fund for the period June 1, 2025, to November 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class I | $27 | 0.53% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $176096086 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 436 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5914img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Intermediate Bond Fund PAGE 1 7224-STSR-0126

37.810.99.18.83.62.92.42.12.02.01.81.31.31.00.90.60.10.111.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Intermediate Bond Fund**  | **Western Asset Intermediate Bond Fund**  |
| Class IS [WABSX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Intermediate Bond Fund for the period June 1, 2025, to November 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class IS | $22 | 0.44% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $176096086 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 436 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5910img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Intermediate Bond Fund PAGE 1 7277-STSR-0126

37.810.99.18.83.62.92.42.12.02.01.81.31.31.00.90.60.10.111.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](img963d50341.gif)

**Western Asset**

**Intermediate Bond Fund**

**Financial Statements and Other Important Information**

**Semi-Annual** \| November 30, 2025

![](imgba61861c2.gif)

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_SOI-Header-SOI-3198_1) | **1** |
| [Statement of Assets and Liabilities](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_SAL-Header-SAL-3198_1) | **27** |
| [Statement of Operations](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_SOP-Header-SOP-3198_1) | **29** |
| [Statements of Changes in Net Assets](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_SOC-Header-SOC-3198_1) | **30** |
| [Financial Highlights](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_FH-Header-Financialhighlights-3198_1) | **31** |
| [Notes to Financial Statements](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_NTF-Header-Notestofinancialstatements-3198_1) | **36** |
| [Changes in and Disagreements with Accountants](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_TSR-TOCTSRDisclosures-3198_1) | **55** |
| [Results of Meeting(s) of Shareholders](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_TSR-TOCTSRDisclosures-3198_1) | **55** |
| [Remuneration Paid to Directors, Officers and Others](#xx_d2de38ca-d1f3-4e73-94d9-1e0073c663f0_TSR-TOCTSRDisclosures-3198_1) | **55** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 37.3%** | **U.S. Government & Agency Obligations — 37.3%** | **U.S. Government & Agency Obligations — 37.3%** | **U.S. Government & Agency Obligations — 37.3%** | **U.S. Government & Agency Obligations — 37.3%** |
| U.S. Government Obligations — 37.3% | U.S. Government Obligations — 37.3% | U.S. Government Obligations — 37.3% | U.S. Government Obligations — 37.3% | U.S. Government Obligations — 37.3% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; $10000 | &nbsp;&nbsp; $10486<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 15271<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/31/27 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90339<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120562<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 230386<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131244<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250884<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp; 1676208<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 293421<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 234838<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10307<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50849<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1295575<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 242906<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 539213<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp; 1241183<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/32 | &nbsp;&nbsp; 13460000 | &nbsp;&nbsp; 13756015<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 13510000 | &nbsp;&nbsp; 13806323<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 13670000 | &nbsp;&nbsp; 13873448<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 14650000 | &nbsp;&nbsp; 14858877<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30414<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 1344200<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 637512<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102268<br>|
| U.S. Treasury Strip Principal (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp; 882691<br>|
| **Total U.S. Government & Agency Obligations (Cost — $64,955,048)** | **Total U.S. Government & Agency Obligations (Cost — $64,955,048)** | **Total U.S. Government & Agency Obligations (Cost — $64,955,048)** | **Total U.S. Government & Agency Obligations (Cost — $64,955,048)** | &nbsp;&nbsp; **65725420** |
| **Corporate Bonds & Notes — 25.9%** | **Corporate Bonds & Notes — 25.9%** | **Corporate Bonds & Notes — 25.9%** | **Corporate Bonds & Notes — 25.9%** | **Corporate Bonds & Notes — 25.9%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 136472<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 183563<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 132330<br>|
| NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 7/16/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 286132<br> <sup>(a)</sup><br>|
| Verizon Communications Inc., Senior <br> Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/8/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 129445<br>|
| Verizon Communications Inc., Senior <br> Notes | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 334000<br>| &nbsp;&nbsp; 296129<br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Diversified Telecommunication Services — continued | Diversified Telecommunication Services — continued | Diversified Telecommunication Services — continued | Diversified Telecommunication Services — continued | Diversified Telecommunication Services — continued |
| Verizon Communications Inc., Senior <br> Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; $590000<br>| &nbsp;&nbsp; $585649<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1749720 |
| Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† |
| Warnermedia Holdings Inc., Senior <br> Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37627<br>|
| Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100620<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101246<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50352<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152480<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120861<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 192896<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122137<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 131460<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 972052 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 113174<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9978<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99139<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60328<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58192<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 4.709% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10151<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 188428<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 539390 |
| Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% |
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49781<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 571453<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 109967<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 115567<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102950<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 949718 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **4248507** |
| **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** |
| Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% |
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 3/20/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 368122<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 94451<br>|

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued |
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; $280000<br>| &nbsp;&nbsp; $283942<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 746515 |
| Broadline Retail — 0.4% | Broadline Retail — 0.4% | Broadline Retail — 0.4% | Broadline Retail — 0.4% | Broadline Retail — 0.4% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/12/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 126772<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 3/20/33 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 533858<br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 660630 |
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 158895<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40922<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 146630<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10496<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68736<br>|
| Royal Caribbean Cruises Ltd., Senior <br> Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 194249<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior <br> Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 113292<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 733220 |
| Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% |
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 140925<br>|
| Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† |
| NIKE Inc., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/27/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9561<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2290851** |
| **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |
| Anheuser-Busch InBev Worldwide Inc., <br> Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 225375<br>|
| Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† |
| Kroger Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71148<br>|
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Mars Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 96810<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 217140<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 313950 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92086<br>|
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 317352<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 59000<br>| &nbsp;&nbsp; 60018<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44331<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 3000<br>| &nbsp;&nbsp; 2972<br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp; $62616<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 161512<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20979<br>|
| Philip Morris International Inc., Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/13/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 81889<br>|
| Philip Morris International Inc., Senior <br> Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9172<br>|
| Philip Morris International Inc., Senior <br> Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 103980<br>|
| Philip Morris International Inc., Senior <br> Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 103874<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 968695 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1671254** |
| **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** |
| Oil, Gas & Consumable Fuels — 3.6% | Oil, Gas & Consumable Fuels — 3.6% | Oil, Gas & Consumable Fuels — 3.6% | Oil, Gas & Consumable Fuels — 3.6% | Oil, Gas & Consumable Fuels — 3.6% |
| BP Capital Markets America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 127955<br>|
| Cameron LNG LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27728<br> <sup>(a)</sup><br>|
| Cheniere Energy Partners LP, Senior <br> Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/30/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 154391<br> <sup>(a)</sup><br>|
| Columbia Pipelines Operating Co. LLC, <br> Senior Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 53714<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior <br> Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39871<br>|
| Continental Resources Inc., Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30952<br> <sup>(a)</sup><br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 508215<br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 160373<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100469<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 391146<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 175673<br>|
| Enterprise Products Operating LLC, <br> Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201259<br>|
| Enterprise Products Operating LLC, <br> Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 213513<br>|
| Enterprise Products Operating LLC, <br> Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11395<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 195894<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19786<br>|

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Florida Gas Transmission Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; $170000<br>| &nbsp;&nbsp; $178099<br> <sup>(a)</sup><br>|
| Gulfstream Natural Gas System LLC, <br> Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 278387<br> <sup>(a)</sup><br>|
| KazMunayGas National Co. JSC, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/19/47 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 429096<br> <sup>(a)</sup><br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 183017<br>|
| Occidental Petroleum Corp., Senior <br> Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 98843<br>|
| Occidental Petroleum Corp., Senior <br> Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 117534<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 242792<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 93508<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 42253<br>|
| Petrobras Global Finance BV, Senior <br> Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 6/5/2115 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 183211<br>|
| Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 268661<br> <sup>(a)</sup><br>|
| Pioneer Natural Resources Co., Senior <br> Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 117688<br>|
| Pioneer Natural Resources Co., Senior <br> Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 127306<br>|
| Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/12/52 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 199762<br> <sup>(a)</sup><br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/30/36 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70650<br>|
| Tennessee Gas Pipeline Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18885<br> <sup>(a)</sup><br>|
| Transcontinental Gas Pipe Line Co. LLC, <br> Senior Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 390145<br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70925<br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30764<br>|
| Western Midstream Operating LP, <br> Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10100<br>|
| Western Midstream Operating LP, <br> Senior Notes | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 506671<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 129149<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 109771<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6309551** |
| **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** |
| Banks — 6.2% | Banks — 6.2% | Banks — 6.2% | Banks — 6.2% | Banks — 6.2% |
| Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 402110<br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Banco Santander SA, Senior Notes <br> (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp; $199883<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes <br> (2.572% to 10/20/31 then SOFR + <br> 1.210%) | &nbsp;&nbsp; 2.572% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 290436<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes <br> (2.972% to 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 147116<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes <br> (3.419% to 12/20/27 then 3 mo. Term <br> SOFR + 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 382000<br>| &nbsp;&nbsp; 377336<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes <br> (3.593% to 7/21/27 then 3 mo. Term <br> SOFR + 1.632%) | &nbsp;&nbsp; 3.593% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 367206<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes <br> (3.970% to 3/5/28 then 3 mo. Term <br> SOFR + 1.332%) | &nbsp;&nbsp; 3.970% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 379462<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes <br> (3.974% to 2/7/29 then 3 mo. Term <br> SOFR + 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 657264<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes <br> (4.376% to 4/27/27 then SOFR + <br> 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170640<br> <sup>(b)</sup><br>|
| Bank of America Corp., Subordinated <br> Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 160360<br>|
| BNP Paribas SA, Senior Notes (5.125% <br> to 1/13/28 then 1 year Treasury <br> Constant Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203823<br> <sup>(a)(b)</sup><br>|
| BNP Paribas SA, Senior Notes (5.198% <br> to 1/10/29 then 3 mo. Term SOFR + <br> 2.829%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 1/10/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 379240<br> <sup>(a)(b)</sup><br>|
| BNP Paribas SA, Senior Notes (5.894% <br> to 12/5/33 then SOFR + 1.866%) | &nbsp;&nbsp; 5.894% | &nbsp;&nbsp; 12/5/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 525316<br> <sup>(a)(b)</sup><br>|
| CaixaBank SA, Senior Notes (4.885% to <br> 7/3/30 then SOFR + 1.360%) | &nbsp;&nbsp; 4.885% | &nbsp;&nbsp; 7/3/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203631<br> <sup>(a)(b)</sup><br>|
| Citigroup Inc., Senior Notes (3.785% to <br> 3/17/32 then SOFR + 1.939%) | &nbsp;&nbsp; 3.785% | &nbsp;&nbsp; 3/17/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 210802<br> <sup>(b)</sup><br>|
| Citigroup Inc., Senior Notes (3.980% to <br> 3/20/29 then 3 mo. Term SOFR + <br> 1.600%) | &nbsp;&nbsp; 3.980% | &nbsp;&nbsp; 3/20/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 546022<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Citigroup Inc., Senior Notes (4.075% to <br> 4/23/28 then 3 mo. Term SOFR + <br> 1.454%) | &nbsp;&nbsp; 4.075% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; $470000<br>| &nbsp;&nbsp; $469813<br> <sup>(b)</sup><br>|
| Citigroup Inc., Senior Notes (4.412% to <br> 3/31/30 then SOFR + 3.914%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220786<br> <sup>(b)</sup><br>|
| Citigroup Inc., Senior Notes (4.658% to <br> 5/24/27 then SOFR + 1.887%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 5/24/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 232047<br> <sup>(b)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 351793<br>|
| Cooperatieve Rabobank UA, Senior <br> Notes (3.649% to 4/6/27 then 1 year <br> Treasury Constant Maturity Rate + <br> 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 507053<br> <sup>(a)(b)</sup><br>|
| Credit Agricole SA, Senior Notes <br> (4.818% to 9/25/32 then SOFR + <br> 1.360%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250639<br> <sup>(a)(b)</sup><br>|
| Danske Bank A/S, Senior Notes (4.298% <br> to 4/1/27 then 1 year Treasury Constant <br> Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220259<br> <sup>(a)(b)</sup><br>|
| HSBC Holdings PLC, Senior Notes <br> (2.848% to 6/4/30 then SOFR + 2.387%) | &nbsp;&nbsp; 2.848% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 290486<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes <br> (4.005% to 4/23/28 then 3 mo. Term <br> SOFR + 1.382%) | &nbsp;&nbsp; 4.005% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 339735<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes <br> (4.452% to 12/5/28 then 3 mo. Term <br> SOFR + 1.592%) | &nbsp;&nbsp; 4.452% | &nbsp;&nbsp; 12/5/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 384306<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes <br> (5.294% to 7/22/34 then SOFR + <br> 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 385901<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Subordinated <br> Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 261690<br> <sup>(b)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/4/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68338<br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170631<br>|
| Truist Financial Corp., Senior Notes <br> (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 131189<br> <sup>(b)</sup><br>|
| US Bancorp, Senior Notes (2.215% to <br> 1/27/27 then SOFR + 0.730%) | &nbsp;&nbsp; 2.215% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 97881<br> <sup>(b)</sup><br>|
| US Bancorp, Senior Notes (5.775% to <br> 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 197754<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 307114<br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Wells Fargo & Co., Senior Notes <br> (3.350% to 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; $140000<br>| &nbsp;&nbsp; $131578<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes <br> (4.478% to 4/4/30 then 3 mo. Term <br> SOFR + 4.032%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 4/4/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 80898<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes <br> (5.557% to 7/25/33 then SOFR + <br> 1.990%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 137737<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes <br> (5.574% to 7/25/28 then SOFR + <br> 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 238425<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 210938<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 10907638 |
| Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% |
| Bank of New York Mellon Corp., Senior <br> Notes (4.289% to 6/13/32 then SOFR + <br> 1.418%) | &nbsp;&nbsp; 4.289% | &nbsp;&nbsp; 6/13/33 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 287702<br> <sup>(b)</sup><br>|
| Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 151806<br>|
| Charles Schwab Corp., Senior Notes <br> (6.136% to 8/24/33 then SOFR + <br> 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 186141<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239011<br>|
| Goldman Sachs Group Inc., Senior Notes <br> (3.814% to 4/23/28 then 3 mo. Term <br> SOFR + 1.420%) | &nbsp;&nbsp; 3.814% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 188738<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (4.387% to 6/15/26 then SOFR + <br> 1.510%) | &nbsp;&nbsp; 4.387% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230161<br> <sup>(b)</sup><br>|
| Intercontinental Exchange Inc., Senior <br> Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 151874<br>|
| Morgan Stanley, Senior Notes (2.699% <br> to 1/22/30 then SOFR + 1.143%) | &nbsp;&nbsp; 2.699% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 187955<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (3.772% <br> to 1/24/28 then 3 mo. Term SOFR + <br> 1.402%) | &nbsp;&nbsp; 3.772% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 208644<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.320% <br> to 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 207780<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.466% <br> to 1/18/34 then SOFR + 1.730%) | &nbsp;&nbsp; 5.466% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 660222<br> <sup>(b)</sup><br>|
| Nuveen LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 180349<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 2880383 |

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp; $100692<br>|
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198910<br>|
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 354625<br>|
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 387335<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 940870 |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 226643<br>|
| Chubb INA Holdings LLC, Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 5/3/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9973<br>|
| MetLife Capital Trust IV, Junior <br> Subordinated Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 211823<br> <sup>(a)</sup><br>|
| Teachers Insurance & Annuity <br> Association of America, Subordinated <br> Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 12/16/39 | &nbsp;&nbsp; 32000<br>| &nbsp;&nbsp; 37095<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 485534 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **15315117** |
| **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** |
| Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 11/21/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 128809<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 338770<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 456017<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 923596 |
| Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% |
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 51000<br>| &nbsp;&nbsp; 52755<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 114892<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 292719<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 460366 |
| Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% |
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 131316<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 268236<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 131000<br>| &nbsp;&nbsp; 131381<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 126994<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 87976<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 131964<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 156297<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10412<br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Humana Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/23/29 | &nbsp;&nbsp; $260000<br>| &nbsp;&nbsp; $255237<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 86844<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230372<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 63345<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1680374 |
| Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% |
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 115071<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10498<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 295718<br>|
| Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.450% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 89402<br>|
| Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 136090<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 646779 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3711115** |
| **Industrials — 1.8%** | **Industrials — 1.8%** | **Industrials — 1.8%** | **Industrials — 1.8%** | **Industrials — 1.8%** |
| Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 123721<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 133496<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 141353<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 396475<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 275653<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9223<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 173045<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 1252966 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 94224<br>|
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 55641<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 149865 |
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 287322<br>|
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 161744<br>|
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Honeywell International Inc., Senior <br> Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 229387<br>|
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |
| American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 445641<br>| &nbsp;&nbsp; 439390<br>|
| United Airlines Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 398248<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 837638 |

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; $160000<br>| &nbsp;&nbsp; $162878<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3081800** |
| **Information Technology — 2.8%** | **Information Technology — 2.8%** | **Information Technology — 2.8%** | **Information Technology — 2.8%** | **Information Technology — 2.8%** |
| Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 81554<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 324195<br> <sup>(a)</sup><br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120329<br>|
| Foundry JV Holdco LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 746988<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 129425<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 121775<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82355<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 105296<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 117211<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51606<br>|
| Texas Instruments Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 5/4/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9108<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp; 1137876<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 861949<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 3889667 |
| Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 119690<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 81627<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 245850<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 162218<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 235027<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 844412 |
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Hewlett Packard Enterprise Co., Senior <br> Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 229500<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **4963579** |
| **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| MEGlobal BV, Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 383320<br> <sup>(a)</sup><br>|
| Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† |
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62320<br> <sup>(a)</sup><br>|
| Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% |
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10389<br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.371% | &nbsp;&nbsp; 4/4/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 372252<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.186% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; $230000<br>| &nbsp;&nbsp; $237164<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 619805 |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 141576<br> <sup>(a)</sup><br>|
| Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 179119<br>|
| Suzano Netherlands BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99437<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 420132 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1485577** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| WEA Finance LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; **198724**<br> <sup>(a)</sup><br>|
| **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** |
| Electric Utilities — 1.2% | Electric Utilities — 1.2% | Electric Utilities — 1.2% | Electric Utilities — 1.2% | Electric Utilities — 1.2% |
| American Transmission Systems Inc., <br> Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 126824<br> <sup>(a)</sup><br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 189218<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 218901<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41321<br>|
| MidAmerican Energy Co., First <br> Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9900<br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110210<br> <sup>(a)</sup><br>|
| Oncor Electric Delivery Co. LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72908<br> <sup>(a)</sup><br>|
| Pacific Gas and Electric Co., First <br> Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 299082<br>|
| Pacific Gas and Electric Co., First <br> Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 362041<br>|
| Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/21/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 390294<br> <sup>(a)</sup><br>|
| RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 288606<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2109305 |
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Northern States Power Co., First <br> Mortgage Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133793<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2243098** |
| **Total Corporate Bonds & Notes (Cost — $45,554,369)** | **Total Corporate Bonds & Notes (Cost — $45,554,369)** | **Total Corporate Bonds & Notes (Cost — $45,554,369)** | **Total Corporate Bonds & Notes (Cost — $45,554,369)** | &nbsp;&nbsp; **45519173** |

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.7%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.7%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.7%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.7%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.7%** |
| Arbor Realty Commercial Real Estate <br> Notes LLC, 2025-FL1 A (1 mo. Term <br> SOFR + 1.354%) | &nbsp;&nbsp; 5.314% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; $110000<br>| &nbsp;&nbsp; $109992<br> <sup>(a)(b)</sup><br>|
| AREIT LLC, 2022-CRE7 A (1 mo. Term <br> SOFR + 2.242%) | &nbsp;&nbsp; 6.205% | &nbsp;&nbsp; 6/17/39 | &nbsp;&nbsp; 390476<br>| &nbsp;&nbsp; 390769<br> <sup>(a)(b)</sup><br>|
| BRAVO Residential Funding Trust, 2021-<br> NQM2 A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 41896<br>| &nbsp;&nbsp; 40999<br> <sup>(a)(b)</sup><br>|
| BRAVO Residential Funding Trust, 2022-<br> NQM3 A1 | &nbsp;&nbsp; 5.108% | &nbsp;&nbsp; 7/25/62 | &nbsp;&nbsp; 249001<br>| &nbsp;&nbsp; 248689<br> <sup>(a)(b)</sup><br>|
| BX Commercial Mortgage Trust, 2024-<br> BIO2 D | &nbsp;&nbsp; 7.970% | &nbsp;&nbsp; 8/13/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 107767<br> <sup>(a)(b)</sup><br>|
| BX Commercial Mortgage Trust, 2025-<br> COPT A (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.709% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 491193<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2019-AFC1 A1 | &nbsp;&nbsp; 3.573% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 252524<br>| &nbsp;&nbsp; 244791<br> <sup>(a)</sup><br>|
| CSMC Trust, 2020-AFC1 A1 | &nbsp;&nbsp; 3.240% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 381906<br>| &nbsp;&nbsp; 368149<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-AFC1 A3 | &nbsp;&nbsp; 1.169% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 219605<br>| &nbsp;&nbsp; 191224<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.538% | &nbsp;&nbsp; 2/25/66 | &nbsp;&nbsp; 167473<br>| &nbsp;&nbsp; 151917<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-NQM7 A1 | &nbsp;&nbsp; 1.756% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 243312<br>| &nbsp;&nbsp; 218679<br> <sup>(a)(b)</sup><br>|
| DBJPM Mortgage Trust, 2016-C1 B | &nbsp;&nbsp; 4.195% | &nbsp;&nbsp; 5/10/49 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 340248<br> <sup>(b)</sup><br>|
| Deephaven Residential Mortgage Trust, <br> 2022-1 A1 | &nbsp;&nbsp; 2.205% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 599310<br>| &nbsp;&nbsp; 556034<br> <sup>(a)(b)</sup><br>|
| Ellington Financial Mortgage Trust, <br> 2021-2 A1 | &nbsp;&nbsp; 0.931% | &nbsp;&nbsp; 6/25/66 | &nbsp;&nbsp; 761551<br>| &nbsp;&nbsp; 651318<br> <sup>(a)(b)</sup><br>|
| Ellington Financial Mortgage Trust, <br> 2022-1 A1 | &nbsp;&nbsp; 2.206% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 349982<br>| &nbsp;&nbsp; 313701<br> <sup>(a)(b)</sup><br>|
| Extended Stay America Trust, 2025-ESH <br> A (1 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.259% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 190559<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K091 X1, IO | &nbsp;&nbsp; 0.704% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 2388908<br>| &nbsp;&nbsp; 40524<br> <sup>(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K093 X1, IO | &nbsp;&nbsp; 1.078% | &nbsp;&nbsp; 5/25/29 | &nbsp;&nbsp; 1826046<br>| &nbsp;&nbsp; 49746<br> <sup>(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K104 XAM, IO | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp; 159178<br> <sup>(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) Multifamily Structured Pass-<br> Through Certificates, KG06 X1, IO | &nbsp;&nbsp; 0.626% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 6480596<br>| &nbsp;&nbsp; 165422<br> <sup>(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 4066 PI, IO | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 118539<br>| &nbsp;&nbsp; 971<br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 4203 PS, IO, PAC <br> (-1.000 x 30 Day Average SOFR + <br> 6.136%) | &nbsp;&nbsp; 1.994% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; $167764<br>| &nbsp;&nbsp; $13817<br> <sup>(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 4991 QV | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 177136<br>| &nbsp;&nbsp; 153601<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 5010 IK, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 1152715<br>| &nbsp;&nbsp; 176069<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 5010 JI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 490102<br>| &nbsp;&nbsp; 82850<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 5013 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 140218<br>| &nbsp;&nbsp; 23966<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 5018 MI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 144661<br>| &nbsp;&nbsp; 19473<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 5092 AP, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/41 | &nbsp;&nbsp; 257535<br>| &nbsp;&nbsp; 228921<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 5224 HL, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 94427<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, 5482 FC (30 Day <br> Average SOFR + 1.300%) | &nbsp;&nbsp; 5.372% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 87521<br>| &nbsp;&nbsp; 87711<br> <sup>(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA6 B1 (30 Day <br> Average SOFR + 3.400%) | &nbsp;&nbsp; 7.472% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 346325<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) STRIPS, 334 S7, IO (-1.000 x 30 <br> Day Average SOFR + 5.986%) | &nbsp;&nbsp; 1.844% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 64461<br>| &nbsp;&nbsp; 7149<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) ACES, 2019-M4 A2 | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 2/25/31 | &nbsp;&nbsp; 220386<br>| &nbsp;&nbsp; 216001<br>|
| Federal National Mortgage Association <br> (FNMA) ACES, 2023-M4 A2 | &nbsp;&nbsp; 3.892% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 194812<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2013-54 BS, IO (-1.000 x <br> 30 Day Average SOFR + 6.036%) | &nbsp;&nbsp; 1.964% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 13180<br>| &nbsp;&nbsp; 1553<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2013-73 IA, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 190913<br>| &nbsp;&nbsp; 5983<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2013-124 SB, IO (-1.000 <br> x 30 Day Average SOFR + 5.836%) | &nbsp;&nbsp; 1.764% | &nbsp;&nbsp; 12/25/43 | &nbsp;&nbsp; 15982<br>| &nbsp;&nbsp; 1851<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| Federal National Mortgage Association <br> (FNMA) REMIC, 2015-65 CZ | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; $286158<br>| &nbsp;&nbsp; $254123<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2017-85 SC, IO (-1.000 x <br> 30 Day Average SOFR + 6.086%) | &nbsp;&nbsp; 2.014% | &nbsp;&nbsp; 11/25/47 | &nbsp;&nbsp; 20871<br>| &nbsp;&nbsp; 2179<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2018-74 AB | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 240436<br>| &nbsp;&nbsp; 227538<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-56 AQ | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 699682<br>| &nbsp;&nbsp; 575059<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-56 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 470422<br>| &nbsp;&nbsp; 79189<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-57 TA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/50 | &nbsp;&nbsp; 626531<br>| &nbsp;&nbsp; 560318<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-62 BI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 2829726<br>| &nbsp;&nbsp; 328026<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-89 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 699351<br>| &nbsp;&nbsp; 114191<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2021-43 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/25/51 | &nbsp;&nbsp; 1380110<br>| &nbsp;&nbsp; 216132<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2021-65 JA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/25/46 | &nbsp;&nbsp; 179876<br>| &nbsp;&nbsp; 163504<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2022-57 BC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/25/52 | &nbsp;&nbsp; 135511<br>| &nbsp;&nbsp; 131072<br>|
| Federal National Mortgage Association <br> (FNMA) STRIPS, 409 C18, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 11917<br>| &nbsp;&nbsp; 2131<br>|
| Federal National Mortgage Association <br> (FNMA) STRIPS, 440 C50, IO | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/25/53 | &nbsp;&nbsp; 860737<br>| &nbsp;&nbsp; 189922<br>|
| Government National Mortgage <br> Association (GNMA), 2010-H26 LF (1 <br> mo. Term SOFR + 0.464%) | &nbsp;&nbsp; 4.570% | &nbsp;&nbsp; 8/20/58 | &nbsp;&nbsp; 12219<br>| &nbsp;&nbsp; 12208<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2011-H01 AF (1 <br> mo. Term SOFR + 0.564%) | &nbsp;&nbsp; 4.670% | &nbsp;&nbsp; 11/20/60 | &nbsp;&nbsp; 112732<br>| &nbsp;&nbsp; 112695<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2011-H07 FA (1 <br> mo. Term SOFR + 0.614%) | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 21630<br>| &nbsp;&nbsp; 21639<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2011-H09 AF (1 <br> mo. Term SOFR + 0.614%) | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 3/20/61 | &nbsp;&nbsp; 17781<br>| &nbsp;&nbsp; 17788<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| Government National Mortgage <br> Association (GNMA), 2012-H30 GA (1 <br> mo. Term SOFR + 0.464%) | &nbsp;&nbsp; 4.570% | &nbsp;&nbsp; 12/20/62 | &nbsp;&nbsp; $72138<br>| &nbsp;&nbsp; $72070<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2013-95 IO, IO | &nbsp;&nbsp; 0.308% | &nbsp;&nbsp; 4/16/47 | &nbsp;&nbsp; 2642587<br>| &nbsp;&nbsp; 15799<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2014-105 IO, IO | &nbsp;&nbsp; 0.141% | &nbsp;&nbsp; 6/16/54 | &nbsp;&nbsp; 80534<br>| &nbsp;&nbsp; 32<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2014-130 IB, IO | &nbsp;&nbsp; 0.179% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 1033376<br>| &nbsp;&nbsp; 3569<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2014-157 IO, IO | &nbsp;&nbsp; 0.184% | &nbsp;&nbsp; 5/16/55 | &nbsp;&nbsp; 817157<br>| &nbsp;&nbsp; 4958<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2014-186 IO, IO | &nbsp;&nbsp; 0.366% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 751670<br>| &nbsp;&nbsp; 5786<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2019-18 TP, PAC | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/20/49 | &nbsp;&nbsp; 157690<br>| &nbsp;&nbsp; 145099<br>|
| Government National Mortgage <br> Association (GNMA), 2021-8 AQ | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; 126689<br>| &nbsp;&nbsp; 127548<br>|
| Government National Mortgage <br> Association (GNMA), 2021-134 CI, IO | &nbsp;&nbsp; 1.428% | &nbsp;&nbsp; 6/16/61 | &nbsp;&nbsp; 2771007<br>| &nbsp;&nbsp; 265483<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2021-188 PA, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 564204<br>| &nbsp;&nbsp; 471757<br>|
| Government National Mortgage <br> Association (GNMA), 2021-223 P, PAC-1 | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 71044<br>| &nbsp;&nbsp; 62771<br>|
| Government National Mortgage <br> Association (GNMA), 2022-99 JW | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/20/52 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 172052<br>|
| Government National Mortgage <br> Association (GNMA), 2023-92 AH | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 1479203<br>| &nbsp;&nbsp; 1129729<br>|
| Government National Mortgage <br> Association (GNMA), 2023-92 IA, IO | &nbsp;&nbsp; 0.611% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 1972271<br>| &nbsp;&nbsp; 105161<br> <sup>(b)</sup><br>|
| Government National Mortgage <br> Association (GNMA), 2023-179 IO, IO | &nbsp;&nbsp; 0.611% | &nbsp;&nbsp; 9/16/63 | &nbsp;&nbsp; 7946116<br>| &nbsp;&nbsp; 345535<br> <sup>(b)</sup><br>|
| Greystone CRE Notes LLC, 2025-FL4 A (1 <br> mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.440% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250695<br> <sup>(a)(b)</sup><br>|
| MF1 LLC, 2025-FL19 A (1 mo. Term SOFR <br> + 1.488%) | &nbsp;&nbsp; 5.451% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200245<br> <sup>(a)(b)</sup><br>|
| Mill City Mortgage Loan Trust, 2019-1 <br> A1 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 377924<br>| &nbsp;&nbsp; 370244<br> <sup>(a)(b)</sup><br>|
| Morgan Stanley Capital I Trust, 2021-L6 <br> C | &nbsp;&nbsp; 3.546% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 213426<br> <sup>(b)</sup><br>|
| New Residential Mortgage Loan Trust, <br> 2015-1A A2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/28/52 | &nbsp;&nbsp; 210914<br>| &nbsp;&nbsp; 204206<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| New Residential Mortgage Loan Trust, <br> 2017-4A A1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/25/57 | &nbsp;&nbsp; $386394<br>| &nbsp;&nbsp; $374877<br> <sup>(a)(b)</sup><br>|
| New Residential Mortgage Loan Trust, <br> 2021-NQM3 A3 | &nbsp;&nbsp; 1.516% | &nbsp;&nbsp; 11/27/56 | &nbsp;&nbsp; 209157<br>| &nbsp;&nbsp; 189405<br> <sup>(a)(b)</sup><br>|
| OBX Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 1.101% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 256997<br>| &nbsp;&nbsp; 214811<br> <sup>(a)(b)</sup><br>|
| OBX Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.054% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 374607<br>| &nbsp;&nbsp; 310708<br> <sup>(a)(b)</sup><br>|
| OBX Trust, 2021-NQM4 A1 | &nbsp;&nbsp; 1.957% | &nbsp;&nbsp; 10/25/61 | &nbsp;&nbsp; 330527<br>| &nbsp;&nbsp; 287526<br> <sup>(a)(b)</sup><br>|
| PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 806065<br>| &nbsp;&nbsp; 688465<br> <sup>(a)(b)</sup><br>|
| PRKCM Trust, 2021-AFC2 A1 | &nbsp;&nbsp; 2.071% | &nbsp;&nbsp; 11/25/56 | &nbsp;&nbsp; 353177<br>| &nbsp;&nbsp; 318184<br> <sup>(a)(b)</sup><br>|
| PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 618904<br>| &nbsp;&nbsp; 627895<br> <sup>(a)</sup><br>|
| SACO I Trust, 2007-VA1 A | —  | &nbsp;&nbsp; 6/25/21 | &nbsp;&nbsp; 500<br>| &nbsp;&nbsp; 383<br> \*<sup>(a)(b)(d)</sup><br>|
| SWCH Commercial Mortgage Trust, <br> 2025-DATA A (1 mo. Term SOFR + <br> 1.443%) | &nbsp;&nbsp; 5.402% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 456563<br> <sup>(a)(b)</sup><br>|
| Towd Point Mortgage Trust, 2017-4 B2 | &nbsp;&nbsp; 3.648% | &nbsp;&nbsp; 6/25/57 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 869949<br> <sup>(a)(b)</sup><br>|
| WaMu Mortgage Pass-Through <br> Certificates Trust, 2004-AR9 A7 | &nbsp;&nbsp; 5.245% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 522668<br>| &nbsp;&nbsp; 510003<br> <sup>(b)</sup><br>|
| WaMu Mortgage Pass-Through <br> Certificates Trust, 2004-AR13 A2A (1 <br> mo. Term SOFR + 0.854%) | &nbsp;&nbsp; 4.809% | &nbsp;&nbsp; 11/25/34 | &nbsp;&nbsp; 159743<br>| &nbsp;&nbsp; 157441<br> <sup>(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $19,636,579)** | **Total Collateralized Mortgage Obligations (Cost — $19,636,579)** | **Total Collateralized Mortgage Obligations (Cost — $19,636,579)** | **Total Collateralized Mortgage Obligations (Cost — $19,636,579)** | &nbsp;&nbsp; **18866468** |
| **Asset-Backed Securities — 9.0%** | **Asset-Backed Securities — 9.0%** | **Asset-Backed Securities — 9.0%** | **Asset-Backed Securities — 9.0%** | **Asset-Backed Securities — 9.0%** |
| Abry Liquid Credit CLO Ltd., 2025-2A A1 <br> (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 5.097% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270000<br> <sup>(a)(b)(e)</sup><br>|
| American Heritage Auto Receivables <br> Issuer Trust, 2025-1A A3 | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 361722<br> <sup>(a)</sup><br>|
| Amur Equipment Finance <br> Receivables LLC, 2025-1A A2 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/22/31 | &nbsp;&nbsp; 119948<br>| &nbsp;&nbsp; 121215<br> <sup>(a)</sup><br>|
| Antares CLO Ltd., 2018-1A A1R (3 mo. <br> Term SOFR + 1.370%) | &nbsp;&nbsp; 5.254% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 309911<br> <sup>(a)(b)</sup><br>|
| Apex Credit CLO LLC, 2021-2A A1AR (3 <br> mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 5.064% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 439997<br> <sup>(a)(b)</sup><br>|
| Apidos Loan Fund Ltd., 2024-1A A1R (3 <br> mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 5.377% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 581079<br> <sup>(a)(b)</sup><br>|
| Aqua Finance Trust, 2021-A B | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 7/17/46 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 514394<br> <sup>(a)</sup><br>|
| Ares CLO Ltd., 2017-44A A1RR (3 mo. <br> Term SOFR + 1.130%) | &nbsp;&nbsp; 5.035% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 290297<br> <sup>(a)(b)</sup><br>|
| Avis Budget Rental Car Funding <br> AESOP LLC, 2023-1A CN | &nbsp;&nbsp; 8.700% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 411794<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Balboa Bay Loan Funding Ltd., 2025-2A <br> A1 (3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 5.037% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; $240000<br>| &nbsp;&nbsp; $240060<br> <sup>(a)(b)(e)</sup><br>|
| Barings CLO Ltd., 2024-1A A (3 mo. Term <br> SOFR + 1.630%) | &nbsp;&nbsp; 5.514% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 371081<br> <sup>(a)(b)</sup><br>|
| Basswood Park CLO Ltd., 2021-1A AR (3 <br> mo. Term SOFR + 1.030%) | &nbsp;&nbsp; 4.914% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 400485<br> <sup>(a)(b)</sup><br>|
| BlueMountain CLO Ltd., 2020-30A AR2 <br> (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 5.055% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 340259<br> <sup>(a)(b)</sup><br>|
| CarVal CLO Ltd., 2024-3A A1 (3 mo. <br> Term SOFR + 1.390%) | &nbsp;&nbsp; 5.274% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1001843<br> <sup>(a)(b)</sup><br>|
| CIFC Funding Ltd., 2024-2A A1 (3 mo. <br> Term SOFR + 1.520%) | &nbsp;&nbsp; 5.377% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 751971<br> <sup>(a)(b)</sup><br>|
| College Ave Student Loans LLC, 2021-C <br> C | &nbsp;&nbsp; 3.060% | &nbsp;&nbsp; 7/26/55 | &nbsp;&nbsp; 780058<br>| &nbsp;&nbsp; 737539<br> <sup>(a)</sup><br>|
| Columbia Cent CLO Ltd., 2022-32A A1R2 <br> (3 mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 4.985% | &nbsp;&nbsp; 7/24/34 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 550557<br> <sup>(a)(b)</sup><br>|
| Driven Brands Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.296% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 402412<br> <sup>(a)</sup><br>|
| Elevation CLO Ltd., 2025-18A A1 (3 mo. <br> Term SOFR + 1.240%) | &nbsp;&nbsp; 5.124% | &nbsp;&nbsp; 3/28/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270396<br> <sup>(a)(b)</sup><br>|
| Ford Credit Floorplan Master Owner <br> Trust, 2025-1 A1 | &nbsp;&nbsp; 4.630% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 375666<br>|
| Fortress Credit Bsl Ltd., 2021-1A AR (3 <br> mo. Term SOFR + 1.100%) | &nbsp;&nbsp; 5.014% | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 380454<br> <sup>(a)(b)</sup><br>|
| Galaxy CLO Ltd., 2024-33A A1 (3 mo. <br> Term SOFR + 1.550%) | &nbsp;&nbsp; 5.434% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 782030<br> <sup>(a)(b)</sup><br>|
| Galaxy CLO Ltd., 2025-36A A1 (3 mo. <br> Term SOFR + 1.230%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 330172<br> <sup>(a)(b)(e)</sup><br>|
| GGAM Master Trust International Ltd., <br> 2025-1A A | &nbsp;&nbsp; 5.923% | &nbsp;&nbsp; 9/30/60 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 304444<br> <sup>(a)</sup><br>|
| Hertz Vehicle Financing LLC, 2023-3A A | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 467155<br> <sup>(a)</sup><br>|
| HINNT LLC, 2025-A A | &nbsp;&nbsp; 5.010% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 127016<br>| &nbsp;&nbsp; 129032<br> <sup>(a)</sup><br>|
| Kings Park CLO Ltd., 2021-1A A (3 mo. <br> Term SOFR + 1.392%) | &nbsp;&nbsp; 5.262% | &nbsp;&nbsp; 1/21/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 330399<br> <sup>(a)(b)</sup><br>|
| Kings Park CLO Ltd., 2021-1A A1R (3 mo. <br> Term SOFR + 1.200%) | &nbsp;&nbsp; 4.987% | &nbsp;&nbsp; 1/21/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300075<br> <sup>(a)(b)(e)</sup><br>|
| Mosaic Solar Loan Trust, 2018-2GS A | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 2/22/44 | &nbsp;&nbsp; 799501<br>| &nbsp;&nbsp; 753447<br> <sup>(a)</sup><br>|
| Navient Student Loan Trust, 2020-1A <br> A1B (30 Day Average SOFR + 1.164%) | &nbsp;&nbsp; 5.236% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 141144<br>| &nbsp;&nbsp; 143117<br> <sup>(a)(b)</sup><br>|
| Navigator Aviation Ltd., 2025-1 A | &nbsp;&nbsp; 5.107% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 248754<br>| &nbsp;&nbsp; 247954<br> <sup>(a)</sup><br>|
| Nelnet Student Loan Trust, 2025-1A A1 <br> (30 Day Average SOFR + 0.750%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 430134<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Obra CLO Ltd., 2025-2A A1 (3 mo. Term <br> SOFR + 1.540%) | &nbsp;&nbsp; 5.810% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; $440000<br>| &nbsp;&nbsp; $442032<br> <sup>(a)(b)</sup><br>|
| Park Blue CLO Ltd., 2025-8A A1 (3 mo. <br> Term SOFR + 1.310%) | &nbsp;&nbsp; 5.255% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 360785<br> <sup>(a)(b)</sup><br>|
| Polus US CLO Ltd., 2025-2A A1 (3 mo. <br> Term SOFR + 1.520%) | &nbsp;&nbsp; 5.404% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 482032<br> <sup>(a)(b)</sup><br>|
| SMB Private Education Loan Trust, <br> 2024-A A1A | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 557847<br>| &nbsp;&nbsp; 571122<br> <sup>(a)</sup><br>|
| Sycamore Tree CLO Ltd., 2025-6A A1 (3 <br> mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.084% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 280337<br> <sup>(a)(b)</sup><br>|
| Vantage Data Centers Issuer LLC, <br> 2024-1A A2 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100200<br> <sup>(a)</sup><br>|
| Warwick Capital CLO Ltd., 2025-7A A1 <br> (3 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.252% | &nbsp;&nbsp; 10/21/38 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300124<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $15,936,879)** | **Total Asset-Backed Securities (Cost — $15,936,879)** | **Total Asset-Backed Securities (Cost — $15,936,879)** | **Total Asset-Backed Securities (Cost — $15,936,879)** | &nbsp;&nbsp; **15877723** |
| **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** |
| Chile — 0.2% | Chile — 0.2% | Chile — 0.2% | Chile — 0.2% | Chile — 0.2% |
| Chile Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 334239<br>|
| Israel — 0.2% | Israel — 0.2% | Israel — 0.2% | Israel — 0.2% | Israel — 0.2% |
| Israel Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/12/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 312220<br>|
| Mexico — 0.5% | Mexico — 0.5% | Mexico — 0.5% | Mexico — 0.5% | Mexico — 0.5% |
| Mexico Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 2.659% | &nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp; 290875<br>|
| Mexico Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/12/52 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 503574<br>|
| Total Mexico | Total Mexico | Total Mexico | Total Mexico | &nbsp;&nbsp; 794449 |
| Peru — 0.2% | Peru — 0.2% | Peru — 0.2% | Peru — 0.2% | Peru — 0.2% |
| Peruvian Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/30/36 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 287896<br>|
| Peruvian Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/18/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 109191<br>|
| Total Peru | Total Peru | Total Peru | Total Peru | &nbsp;&nbsp; 397087 |
| Supranational — 0.7% | Supranational — 0.7% | Supranational — 0.7% | Supranational — 0.7% | Supranational — 0.7% |
| Asian Development Bank, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 1/20/27 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp; 1249477<br>|
| Uruguay — 0.2% | Uruguay — 0.2% | Uruguay — 0.2% | Uruguay — 0.2% | Uruguay — 0.2% |
| Uruguay Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/21/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 328199<br>|
| **Total Sovereign Bonds (Cost — $3,716,720)** | **Total Sovereign Bonds (Cost — $3,716,720)** | **Total Sovereign Bonds (Cost — $3,716,720)** | **Total Sovereign Bonds (Cost — $3,716,720)** | &nbsp;&nbsp; **3415671** |

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Mortgage-Backed Securities — 1.9%** | **Mortgage-Backed Securities — 1.9%** | **Mortgage-Backed Securities — 1.9%** | **Mortgage-Backed Securities — 1.9%** | **Mortgage-Backed Securities — 1.9%** |
| FHLMC — 0.6% | FHLMC — 0.6% | FHLMC — 0.6% | FHLMC — 0.6% | FHLMC — 0.6% |
| Federal Home Loan Mortgage Corp. <br> (FHLMC) | &nbsp;&nbsp; 2.000% | 6/1/41- <br>4/1/42<br>| &nbsp;&nbsp; $845956 | &nbsp;&nbsp; $747426<br>|
| Federal Home Loan Mortgage Corp. <br> (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 385496<br>| &nbsp;&nbsp; 361458<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 1108884 |
| FNMA — 1.0% | FNMA — 1.0% | FNMA — 1.0% | FNMA — 1.0% | FNMA — 1.0% |
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 48501<br>| &nbsp;&nbsp; 44383<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.000% | 10/1/41- <br>5/1/42<br>| &nbsp;&nbsp; 435755 | &nbsp;&nbsp; 384008<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 87478<br>| &nbsp;&nbsp; 73811<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 3.000% | 6/1/43- <br>11/1/48<br>| &nbsp;&nbsp; 255863 | &nbsp;&nbsp; 236912<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 82891<br>| &nbsp;&nbsp; 82997<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202381<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 4.000% | 2/1/56- <br>6/1/57<br>| &nbsp;&nbsp; 123786 | &nbsp;&nbsp; 118352<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp; 444131<br>| &nbsp;&nbsp; 408883<br>|
| Federal National Mortgage Association <br> (FNMA) (1 year FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.453%) | &nbsp;&nbsp; 6.384% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 219652<br>| &nbsp;&nbsp; 226893<br> <sup>(b)</sup><br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 1778620 |
| GNMA — 0.3% | GNMA — 0.3% | GNMA — 0.3% | GNMA — 0.3% | GNMA — 0.3% |
| Government National Mortgage <br> Association (GNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 25275<br>| &nbsp;&nbsp; 24203<br>|
| Government National Mortgage <br> Association (GNMA) II | &nbsp;&nbsp; 3.500% | 10/20/49- <br>2/20/50<br>| &nbsp;&nbsp; 81041 | &nbsp;&nbsp; 74375<br>|
| Government National Mortgage <br> Association (GNMA) II | &nbsp;&nbsp; 4.000% | 1/20/50- <br>3/20/50<br>| &nbsp;&nbsp; 110688 | &nbsp;&nbsp; 105462<br>|
| Government National Mortgage <br> Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/20/52 | &nbsp;&nbsp; 73276<br>| &nbsp;&nbsp; 72002<br>|
| Government National Mortgage <br> Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/53 | &nbsp;&nbsp; 232928<br>| &nbsp;&nbsp; 234614<br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 510656 |
| **Total Mortgage-Backed Securities (Cost — $3,458,909)** | **Total Mortgage-Backed Securities (Cost — $3,458,909)** | **Total Mortgage-Backed Securities (Cost — $3,458,909)** | **Total Mortgage-Backed Securities (Cost — $3,458,909)** | &nbsp;&nbsp; **3398160** |

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** |
| U.S. Treasury Notes, Inflation Indexed <br> (Cost — $1,121,335) | U.S. Treasury Notes, Inflation Indexed <br> (Cost — $1,121,335) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; $1097216<br>| &nbsp;&nbsp; **$1114654**<br>|
|  |  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| 3-Month SOFR Futures, Call @ $96.250 | 3-Month SOFR Futures, Call @ $96.250 | 12/12/25 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; $140000 | &nbsp;&nbsp; 6300<br>|
| 3-Month SOFR Futures, Call @ $96.375 | 3-Month SOFR Futures, Call @ $96.375 | 12/12/25 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 338<br>|
| 3-Month SOFR Futures, Call @ $96.750 | 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 197500 | &nbsp;&nbsp; 33575<br>|
| SOFR 1-Year Mid-Curve Futures, Put @ <br> $96.750 | SOFR 1-Year Mid-Curve Futures, Put @ <br> $96.750 | 12/12/25 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 1075<br>|
| U.S. Treasury 5-Year Notes Futures, Call <br> @ $109.750 | U.S. Treasury 5-Year Notes Futures, Call <br> @ $109.750 | 12/5/25 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 7422<br>|
| U.S. Treasury 6 to 7-Year Notes Futures, <br> Call @ $113.250 | U.S. Treasury 6 to 7-Year Notes Futures, <br> Call @ $113.250 | 12/5/25 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 7703<br>|
| U.S. Treasury 6 to 7-Year Notes Futures, <br> Call @ $113.750 | U.S. Treasury 6 to 7-Year Notes Futures, <br> Call @ $113.750 | 12/12/25 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 7312<br>|
| U.S. Treasury 6 to 7-Year Notes Futures, <br> Put @ $112.500 | U.S. Treasury 6 to 7-Year Notes Futures, <br> Put @ $112.500 | 12/5/25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; 688<br>|
| U.S. Treasury 6 to 7-Year Notes Futures, <br> Put @ $113.250 | U.S. Treasury 6 to 7-Year Notes Futures, <br> Put @ $113.250 | 12/5/25 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 4984<br>|
| U.S. Treasury 10-Year Notes Futures, <br> Call @ $113.500 | U.S. Treasury 10-Year Notes Futures, <br> Call @ $113.500 | 12/26/25 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 14500<br>|
| **Total Exchange-Traded Purchased Options (Cost — $200,631)** | **Total Exchange-Traded Purchased Options (Cost — $200,631)** | **Total Exchange-Traded Purchased Options (Cost — $200,631)** | **Total Exchange-Traded Purchased Options (Cost — $200,631)** | **Total Exchange-Traded Purchased Options (Cost — $200,631)** | &nbsp;&nbsp; **83897** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** |
| Interest rate swaption, <br> Call, Daily SOFR <br> Compound paid <br> annually, 290.000<sup>bps</sup> <br> payments received <br> annually, maturing on <br> 9/29/28 <br>| Goldman <br> Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 20970000 | &nbsp;&nbsp; 20970000 | &nbsp;&nbsp; 83606<br>|

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | Counterparty | Expiration<br> Date<br>| Contracts | Notional<br> Amount<br>| Value |
| **OTC Purchased Options — continued** | **OTC Purchased Options — continued** | **OTC Purchased Options — continued** | **OTC Purchased Options — continued** | **OTC Purchased Options — continued** | **OTC Purchased Options — continued** |
| Interest rate swaption, <br> Call, Daily SOFR <br> Compound paid <br> annually, 290.000<sup>bps</sup> <br> payments received <br> annually, maturing on <br> 9/29/28 <br>| Goldman <br> Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; $1110000 | &nbsp;&nbsp; $4426<br>|
| **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | &nbsp;&nbsp; **88032** |
| **Total Purchased Options (Cost — $290,747)** | **Total Purchased Options (Cost — $290,747)** | **Total Purchased Options (Cost — $290,747)** | **Total Purchased Options (Cost — $290,747)** | **Total Purchased Options (Cost — $290,747)** | &nbsp;&nbsp; **171929** |
| **Total Investments before Short-Term Investments (Cost — $154,670,586)** | **Total Investments before Short-Term Investments (Cost — $154,670,586)** | **Total Investments before Short-Term Investments (Cost — $154,670,586)** | **Total Investments before Short-Term Investments (Cost — $154,670,586)** | **Total Investments before Short-Term Investments (Cost — $154,670,586)** | &nbsp;&nbsp; **154089198** |
|  |  | Rate |  | Shares |  |
| **Short-Term Investments — 11.2%** | **Short-Term Investments — 11.2%** | **Short-Term Investments — 11.2%** | **Short-Term Investments — 11.2%** | **Short-Term Investments — 11.2%** | **Short-Term Investments — 11.2%** |
| Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $19,707,504)  | Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $19,707,504)  | &nbsp;&nbsp; 3.957% |  | &nbsp;&nbsp; 19707504<br>| &nbsp;&nbsp; **19707504**<br> <sup>(g)(h)</sup><br>|
| **Total Investments — 98.7% (Cost — $174,378,090)** | **Total Investments — 98.7% (Cost — $174,378,090)** | **Total Investments — 98.7% (Cost — $174,378,090)** | **Total Investments — 98.7% (Cost — $174,378,090)** | **Total Investments — 98.7% (Cost — $174,378,090)** | &nbsp;&nbsp; **173796702** |
| Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | &nbsp;&nbsp; 2299384 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$176096086** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Directors.<br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(c)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through <br> certificates that are structured to direct payments on underlying collateral to different series or classes of the <br> obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial <br> indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(d)</sup> | The maturity principal is currently in default as of November 30, 2025. |
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | This security is traded on a to-be-announced ("TBA") basis. At November 30, 2025, the Fund held TBA securities <br> with a total cost of $201,395.<br>|
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At November 30, 2025, the total market value of investments in Affiliated <br> Companies was $19,707,504 and the cost was $19,707,504 (Note 8).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ACES |  | Alternative Credit Enhancement Securities |
| CLO | —  | Collateralized Loan Obligation |
| DAC | —  | Designated Activity Company |
| IBOR | —  | Interbank Offered Rate |
| IO | —  | Interest Only |
| JSC | —  | Joint Stock Company |
| PAC | —  | Planned Amortization Class |
| REMIC | —  | Real Estate Mortgage Investment Conduit |
| SOFR | —  | Secured Overnight Financing Rate |
| STRIPS | —  | Separate Trading of Registered Interest and Principal Securities |
| USD | —  | United States Dollar |

---

At November 30, 2025, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | Expiration <br>Date<br>| Strike <br>Price<br>| Contracts | Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; $96.563 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp; $(375)<br>|
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/12/25 | 96.750 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; (350)<br>|
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 9/11/26 | 97.500 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 72500 | &nbsp;&nbsp; (7250)<br>|
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/11/26 | 97.500 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; (6750)<br>|
| 3-Month SOFR Futures, Put | &nbsp;&nbsp; 12/12/25 | 95.375 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; (350)<br>|
| 3-Month SOFR Futures, Put | &nbsp;&nbsp; 12/11/26 | 96.500 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 107500 | &nbsp;&nbsp; (11287)<br>|
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp; 12/26/25 | 111.000 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; (4359)<br>|
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp; 12/26/25 | 115.000 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; (6344)<br>|
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp; 12/26/25 | 115.500 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; (4531)<br>|
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp; 12/26/25 | 116.000 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; (2063)<br>|
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp; 1/23/26 | 115.500 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; (12687)<br>|
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp; 12/26/25 | 110.500 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; (1813)<br>|
| U.S. Treasury Long-Term Bonds Futures, Call | &nbsp;&nbsp; 12/26/25 | 123.000 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; (2344)<br>|
| **Total Exchange-Traded Written Options (Premiums received — $171,823)** | **Total Exchange-Traded Written Options (Premiums received — $171,823)** | **Total Exchange-Traded Written Options (Premiums received — $171,823)** | **Total Exchange-Traded Written Options (Premiums received — $171,823)** | **Total Exchange-Traded Written Options (Premiums received — $171,823)** | &nbsp;&nbsp; **(60503)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
| Security | Counterparty | Expiration<br> Date<br>| Strike<br> Price<br>| Contracts | Notional<br> Amount<br>| Value |
| Interest rate swaption, Call, <br> 345.000<sup>bps</sup> payments paid <br> annually, Daily SOFR <br> Compound received <br> annually, maturing on <br> 9/29/36 <br>(Premiums received — <br> $82,935)<br>| Goldman Sachs <br> Group Inc.<br>| &nbsp;&nbsp; 9/25/26 | 345.000 <br><sup>bps</sup><br>| &nbsp;&nbsp; 4890000 | &nbsp;&nbsp; 4890000 | &nbsp;&nbsp; **$(77918)**<br>|
| **Total Written Options (Premiums received — $254,758)** | **Total Written Options (Premiums received — $254,758)** | **Total Written Options (Premiums received — $254,758)** | **Total Written Options (Premiums received — $254,758)** | **Total Written Options (Premiums received — $254,758)** | **Total Written Options (Premiums received — $254,758)** | &nbsp;&nbsp; **$(138421)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| SOFR | Secured Overnight Financing Rate |

---

At November 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 1-Month SOFR | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; $35250671 | &nbsp;&nbsp; $35252320 | &nbsp;&nbsp; $1649 |
| 3-Month SOFR | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 22557685 | &nbsp;&nbsp; 22622862 | &nbsp;&nbsp; 65177 |
| 3-Month SOFR | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 17613228 | &nbsp;&nbsp; 17602125 | &nbsp;&nbsp; (11103)<br>|
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 5842998 | &nbsp;&nbsp; 5848062 | &nbsp;&nbsp; 5064 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 26696314 | &nbsp;&nbsp; 26782814 | &nbsp;&nbsp; 86500 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 12551442 | &nbsp;&nbsp; 12581156 | &nbsp;&nbsp; 29714 |
|  |  |  |  |  | &nbsp;&nbsp; 177001 |
| **Contracts to Sell:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; 4078902 | &nbsp;&nbsp; 4075644 | &nbsp;&nbsp; 3258 |
| 30-Day Federal Funds | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; 35290176 | &nbsp;&nbsp; 35296323 | &nbsp;&nbsp; (6147)<br>|
| U.S. Treasury Long-Term <br> Bonds<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 4907037 | &nbsp;&nbsp; 4932375 | &nbsp;&nbsp; (25338)<br>|
| U.S. Treasury Ultra 10-Year <br> Notes<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 115358 | &nbsp;&nbsp; 116203 | &nbsp;&nbsp; (845)<br>|
| U.S. Treasury Ultra Long-Term <br> Bonds<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 5976476 | &nbsp;&nbsp; 6046875 | &nbsp;&nbsp; (70399)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (99471)<br>|
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp; **$77530** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Intermediate Bond Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| SOFR |  | Secured Overnight Financing Rate |

---

At November 30, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | Notional <br>Amount<br>| Termination <br>Date<br>| Payments <br>Made by <br>the Fund<sup>†</sup> <br>| Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Depreciation<br>|
|  | $3810000 | 11/21/30 | 2.452%\* | CPURNSA\* | $(7937) | $— | $(7937) |
|  | 14748000 | 8/31/32 | 3.420% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| (10691) | 35882 | (46573) |
| **Total** | **$18558000** |  |  |  | **$(18628)** | **$35882** | **$(54510)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<sup>3</sup> <br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation<br>|
| Markit CDX.NA.IG.45 Index | $15118000 | 12/20/30 | 1.000% quarterly | **$340058** | **$335564** | **$4494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap <br> agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the <br> swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) <br> pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a <br> buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and <br> credit indices serve as an indicator of the current status of the payment/performance risk and represent the <br> likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement <br> been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy <br> protection), when compared to the notional amount of the swap, represent a deterioration of the referenced <br> entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under <br> the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |
| \* | One time payment made at termination date. |

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Intermediate Bond Fund**

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| BRL-CDI | 14.900% |
| Daily SOFR Compound | 4.120% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| CPURNSA |  | U.S. CPI Urban Consumers NSA Index |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $154,670,586) | &nbsp;&nbsp; $154089198 |
| Investments in affiliated securities, at value (Cost — $19,707,504) | &nbsp;&nbsp; 19707504 |
| Cash | &nbsp;&nbsp; 1002777 |
| Interest receivable | &nbsp;&nbsp; 1330036 |
| Receivable for securities sold  | &nbsp;&nbsp; 710000 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 614226 |
| Deposits with brokers for open futures contracts and exchange-traded options | &nbsp;&nbsp; 249636 |
| Receivable for sales of TBA securities  | &nbsp;&nbsp; 202258 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 65595 |
| Receivable from brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 47837 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 12958 |
| Prepaid expenses | &nbsp;&nbsp; 35082 |
| **Total Assets** | &nbsp;&nbsp; **178067107** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 1139838 |
| Payable for purchases of TBA securities  | &nbsp;&nbsp; 403652 |
| Written options, at value (premiums received — $254,758) | &nbsp;&nbsp; 138421 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 71251 |
| Investment management fee payable | &nbsp;&nbsp; 42543 |
| Distributions payable | &nbsp;&nbsp; 14699 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 12060 |
| Payable to brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 9451 |
| Directors' fees payable | &nbsp;&nbsp; 997 |
| Accrued expenses | &nbsp;&nbsp; 138109 |
| **Total Liabilities** | &nbsp;&nbsp; **1971021** |
| **Total Net Assets** | &nbsp;&nbsp; **$176096086** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $17712 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 286932476 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (110854102)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$176096086** |

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited) (cont'd)

November 30, 2025

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $47281219 |
| Class C | &nbsp;&nbsp; $2104064 |
| Class R | &nbsp;&nbsp; $1688109 |
| Class I | &nbsp;&nbsp; $73100151 |
| Class IS | &nbsp;&nbsp; $51922543 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 4754908 |
| Class C | &nbsp;&nbsp; 211375 |
| Class R | &nbsp;&nbsp; 169741 |
| Class I | &nbsp;&nbsp; 7355676 |
| Class IS | &nbsp;&nbsp; 5219906 |
| **Net Asset Value:** |  |
| Class A (and redemption price) | &nbsp;&nbsp; $9.94 |
| Class C\*  | &nbsp;&nbsp; $9.95 |
| Class R (and redemption price) | &nbsp;&nbsp; $9.95 |
| Class I (and redemption price) | &nbsp;&nbsp; $9.94 |
| Class IS (and redemption price) | &nbsp;&nbsp; $9.95 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 3.75%) | &nbsp;&nbsp; $10.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2). 

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $3666589 |
| Dividends from affiliated investments | &nbsp;&nbsp; 436434 |
| **Total Investment Income** | &nbsp;&nbsp; **4103023** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 383533 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 71010 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 46067 |
| Registration fees | &nbsp;&nbsp; 41508 |
| Fund accounting fees | &nbsp;&nbsp; 36790 |
| Audit and tax fees | &nbsp;&nbsp; 29551 |
| Shareholder reports | &nbsp;&nbsp; 11361 |
| Legal fees | &nbsp;&nbsp; 8294 |
| Directors' fees | &nbsp;&nbsp; 3476 |
| Custody fees | &nbsp;&nbsp; 1163 |
| Commitment fees (Note 9) | &nbsp;&nbsp; 957 |
| Insurance | &nbsp;&nbsp; 903 |
| Fees recaptured by investment manager (Note 2) | &nbsp;&nbsp; 211 |
| Miscellaneous expenses  | &nbsp;&nbsp; 6990 |
| **Total Expenses** | &nbsp;&nbsp; **641814** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (103832)<br>|
| **Net Expenses** | &nbsp;&nbsp; **537982** |
| **Net Investment Income** | &nbsp;&nbsp; **3565041** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (11332562)<br>|
| Futures contracts | &nbsp;&nbsp; 932979 |
| Written options | &nbsp;&nbsp; 517182 |
| Swap contracts | &nbsp;&nbsp; (34079)<br>|
| **Net Realized Loss**  | &nbsp;&nbsp; **(9916480)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 14045322 |
| Futures contracts | &nbsp;&nbsp; (213634)<br>|
| Written options | &nbsp;&nbsp; 52699 |
| Swap contracts | &nbsp;&nbsp; (189119)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **13695268** |
| **Net Gain on Investments, Futures Contracts, Written Options and Swap Contracts**  | &nbsp;&nbsp; **3778788** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$7343829** |

---

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Six Months Ended November 30, 2025 (unaudited) <br>and the Year Ended May 31, 2025<br>| November 30 | May 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $3565041 | $14222930 |
| Net realized loss  | &nbsp;&nbsp; (9916480)<br>| (25515369)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 13695268 | 44062276 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **7343829** | **32769837** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (3522581)<br>| (13799748)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(3522581)**<br>| **(13799748)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 30227261 | 97202582 |
| Reinvestment of distributions | &nbsp;&nbsp; 3423451 | 12829754 |
| Cost of shares repurchased  | &nbsp;&nbsp; (55451450)<br>| (624042356)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(21800738)**<br>| **(514010020)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(17979490)**<br>| **(495039931)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 194075576 | 689115507 |
| **End of period** | &nbsp;&nbsp; **$176096086** | **$194075576** |

---

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class A Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $11.38 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.18 | 0.35 | 0.33 | 0.28 | 0.16 | 0.18 |
| Net realized and unrealized gain (loss) | 0.18 | 0.25 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.11)<br>| 0.10 |
| **Total income (loss) from** <br> **operations**<br>| **0.36** | **0.60** | **0.21** | &nbsp;&nbsp; **(0.15)** | &nbsp;&nbsp; **(0.95)** | **0.28** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Total distributions** | **(0.17)**<br>| &nbsp;&nbsp; **(0.34)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp; **(0.21)**<br>| &nbsp;&nbsp; **(0.49)**<br>|
| **Net asset value, end of period** | $9.94 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $11.17 |
| **Total return**<sup>3</sup> <br>| **3.76%**<br>| **6.43%**<br>| **2.26%**<br>| &nbsp;&nbsp; **(1.46)%**<br>| &nbsp;&nbsp; **(8.64)%**<br>| **2.51%**<br>|
| **Net assets, end of period (000s)** | $47281 | &nbsp;&nbsp; $41603 | &nbsp;&nbsp; $24802 | &nbsp;&nbsp; $9201 | &nbsp;&nbsp; $1813 | &nbsp;&nbsp; $2759 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.85 %<sup>4</sup><br>| 0.79<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.74 <br><sup>4</sup><br>| 0.76 | 0.75 | 0.75 | 0.81 | 0.78 |
| Net investment income | 3.55 <br><sup>4</sup><br>| 3.61 | 3.50 | 2.94 | 1.51 | 1.58 |
| **Portfolio turnover rate**<sup>7</sup> <br>| **22%**<br>| &nbsp;&nbsp; **62%**<br>| &nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp; **58%**<br>| &nbsp;&nbsp; **46%**<br>| &nbsp;&nbsp; **72%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended November 30, 2025 (unaudited).

<sup>3</sup> Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 0.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Directors' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years presented would have been 21%, 47%, 40%, 48%, 46% and 60%. 

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class C Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $9.76 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $11.41 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.14 | 0.28 | 0.26 | 0.19 | 0.09 | 0.09 |
| Net realized and unrealized gain (loss) | 0.19 | 0.25 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.12)<br>| 0.11 |
| **Total income (loss) from operations** | **0.33** | **0.53** | **0.14** | &nbsp;&nbsp; **(0.23)** | &nbsp;&nbsp; **(1.03)** | **0.20** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Total distributions** | **(0.14)**<br>| &nbsp;&nbsp; **(0.27)**<br>| &nbsp;&nbsp; **(0.25)**<br>| &nbsp;&nbsp; **(0.19)**<br>| &nbsp;&nbsp; **(0.13)**<br>| &nbsp;&nbsp; **(0.42)**<br>|
| **Net asset value, end of period** | $9.95 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $11.19 |
| **Total return**<sup>3</sup> <br>| **3.36%**<br>| **5.62%**<br>| **1.46%**<br>| &nbsp;&nbsp; **(2.30)%**<br>| &nbsp;&nbsp; **(9.28)%**<br>| **1.75%**<br>|
| **Net assets, end of period (000s)** | $2104 | &nbsp;&nbsp; $2482 | &nbsp;&nbsp; $2030 | &nbsp;&nbsp; $1526 | &nbsp;&nbsp; $1257 | &nbsp;&nbsp; $1483 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.62 %<sup>4</sup><br>| 1.56<br> %<br>| 1.54<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.53<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 1.51 <br><sup>4</sup><br>| 1.52 | 1.54 | 1.55 | 1.54 | 1.53 |
| Net investment income | 2.77 <br><sup>4</sup><br>| 2.84 | 2.70 | 2.00 | 0.79 | 0.83 |
| **Portfolio turnover rate**<sup>7</sup> <br>| **22%**<br>| &nbsp;&nbsp; **62%**<br>| &nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp; **58%**<br>| &nbsp;&nbsp; **46%**<br>| &nbsp;&nbsp; **72%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended November 30, 2025 (unaudited).

<sup>3</sup> Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.65%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Directors' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years presented would have been 21%, 47%, 40%, 48%, 46% and 60%. 

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class R Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $11.40 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.16 | 0.31 | 0.29 | 0.23 | 0.13 | 0.14 |
| Net realized and unrealized gain (loss) | 0.19 | 0.25 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.12)<br>| 0.10 |
| **Total income (loss) from operations** | **0.35** | **0.56** | **0.17** | &nbsp;&nbsp; **(0.19)** | &nbsp;&nbsp; **(0.99)** | **0.24** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Total distributions** | **(0.15)**<br>| &nbsp;&nbsp; **(0.30)**<br>| &nbsp;&nbsp; **(0.28)**<br>| &nbsp;&nbsp; **(0.23)**<br>| &nbsp;&nbsp; **(0.17)**<br>| &nbsp;&nbsp; **(0.46)**<br>|
| **Net asset value, end of period** | $9.95 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $11.18 |
| **Total return**<sup>3</sup> <br>| **3.55%**<br>| **6.02%**<br>| **1.85%**<br>| &nbsp;&nbsp; **(1.92)%**<br>| &nbsp;&nbsp; **(8.94)%**<br>| **2.14%**<br>|
| **Net assets, end of period (000s)** | $1688 | &nbsp;&nbsp; $1401 | &nbsp;&nbsp; $510 | &nbsp;&nbsp; $458 | &nbsp;&nbsp; $708 | &nbsp;&nbsp; $805 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.24 %<sup>4,5</sup><br>| 1.20<br> %<br>| 1.16<br> %<br>| 1.21<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 1.14 <br><sup>45</sup><br>| 1.14 | 1.15 | 1.15 | 1.15 | 1.15 |
| Net investment income | 3.15 <br><sup>4</sup><br>| 3.24 | 3.08 | 2.34 | 1.19 | 1.22 |
| **Portfolio turnover rate**<sup>8</sup> <br>| **22%**<br>| &nbsp;&nbsp; **62%**<br>| &nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp; **58%**<br>| &nbsp;&nbsp; **46%**<br>| &nbsp;&nbsp; **72%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended November 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.

<sup>6</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.15%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Directors' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years presented would have been 21%, 47%, 40%, 48%, 46% and 60%. 

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class I Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of** <br> **period**<br>| $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $11.40 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.19 | 0.36 | 0.35 | 0.29 | 0.19 | 0.21 |
| Net realized and unrealized gain <br> (loss)<br>| 0.18 | 0.27 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.11)<br>| 0.09 |
| **Total income (loss) from** <br> **operations**<br>| **0.37** | **0.63** | **0.24** | &nbsp;&nbsp; **(0.14)** | &nbsp;&nbsp; **(0.92)** | **0.30** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Total distributions** | **(0.18)**<br>| &nbsp;&nbsp; **(0.37)**<br>| &nbsp;&nbsp; **(0.34)**<br>| &nbsp;&nbsp; **(0.28)**<br>| &nbsp;&nbsp; **(0.24)**<br>| &nbsp;&nbsp; **(0.53)**<br>|
| **Net asset value, end of period** | $9.94 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $11.17 |
| **Total return**<sup>3</sup> <br>| **3.87%**<br>| **6.69%**<br>| **2.56%**<br>| &nbsp;&nbsp; **(1.32)%**<br>| &nbsp;&nbsp; **(8.40)%**<br>| **2.66%**<br>|
| **Net assets, end of period (000s)** | $73100 | &nbsp;&nbsp; $70429 | &nbsp;&nbsp; $284543 | &nbsp;&nbsp; $353872 | &nbsp;&nbsp; $383565 | &nbsp;&nbsp; $594254 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.64 %<sup>4</sup><br>| 0.58<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.53 <br><sup>4</sup><br>| 0.55 | 0.56 | 0.55 | 0.56 | 0.55 |
| Net investment income | 3.76 <br><sup>4</sup><br>| 3.74 | 3.66 | 2.98 | 1.77 | 1.81 |
| **Portfolio turnover rate**<sup>7</sup> <br>| **22%**<br>| &nbsp;&nbsp; **62%**<br>| &nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp; **58%**<br>| &nbsp;&nbsp; **46%**<br>| &nbsp;&nbsp; **72%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended November 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years presented would have been 21%, 47%, 40%, 48%, 46% and 60%. 

See Notes to Financial Statements.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class IS Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of** <br> **period**<br>| $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $11.40 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.19 | 0.38 | 0.36 | 0.29 | 0.21 | 0.22 |
| Net realized and unrealized gain <br> (loss)<br>| 0.20 | 0.25 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.12)<br>| 0.10 |
| **Total income (loss) from** <br> **operations**<br>| **0.39** | **0.63** | **0.24** | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; **(0.91)** | **0.32** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Total distributions** | **(0.19)**<br>| &nbsp;&nbsp; **(0.37)**<br>| &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp; **(0.29)**<br>| &nbsp;&nbsp; **(0.25)**<br>| &nbsp;&nbsp; **(0.54)**<br>|
| **Net asset value, end of period** | $9.95 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $11.18 |
| **Total return**<sup>3</sup> <br>| **3.91%**<br>| **6.75%**<br>| **2.67%**<br>| &nbsp;&nbsp; **(1.22)%**<br>| &nbsp;&nbsp; **(8.28)%**<br>| **2.86%**<br>|
| **Net assets, end of period (000s)** | $51923 | &nbsp;&nbsp; $78160 | &nbsp;&nbsp; $377231 | &nbsp;&nbsp; $349814 | &nbsp;&nbsp; $519062 | &nbsp;&nbsp; $462589 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.55 %<sup>4</sup><br>| 0.48<br> %<br>| 0.45<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.44 <br><sup>4</sup><br>| 0.45 | 0.44 | 0.44 | 0.44 | 0.44 |
| Net investment income | 3.82 <br><sup>4</sup><br>| 3.84 | 3.78 | 3.04 | 1.91 | 1.92 |
| **Portfolio turnover rate**<sup>7</sup> <br>| **22%**<br>| &nbsp;&nbsp; **62%**<br>| &nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp; **58%**<br>| &nbsp;&nbsp; **46%**<br>| &nbsp;&nbsp; **72%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended November 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.45%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board of Directors' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years presented would have been 21%, 47%, 40%, 48%, 46% and 60%. 

See Notes to Financial Statements.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset Intermediate 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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(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

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Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

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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.

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.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $65725420 | &nbsp;&nbsp; — | &nbsp;&nbsp; $65725420 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 45519173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45519173 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 18866468 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18866468 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 15877723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15877723 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3415671 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3415671 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3398160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3398160 |
| U.S. Treasury Inflation <br> Protected Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1114654 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1114654 |
| Purchased Options: |  |  |  |  |
| Exchange-Traded Purchased <br> Options<br>| &nbsp;&nbsp; $83897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 83897 |
| OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 88032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88032 |
| Total Long-Term Investments | &nbsp;&nbsp; 83897 | &nbsp;&nbsp; 154005301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 154089198 |
| Short-Term Investments† | &nbsp;&nbsp; 19707504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19707504 |
| **Total Investments** | &nbsp;&nbsp; **$19791401** | &nbsp;&nbsp; **$154005301** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$173796702** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $191362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $191362 |
| Centrally Cleared Credit <br> Default Swaps on Credit <br> Indices — Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $4494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4494 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$191362** | &nbsp;&nbsp; **$4494** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$195856** |
| **Total** | &nbsp;&nbsp; **$19982763** | &nbsp;&nbsp; **$154009795** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$173992558** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Written Options: |  |  |  |  |
| Exchange-Traded Written <br> Options<br>| &nbsp;&nbsp; $60503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $60503 |
| OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $77918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77918 |
| Futures Contracts†† | &nbsp;&nbsp; 113832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 113832 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 54510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54510 |
| **Total** | &nbsp;&nbsp; **$174335** | &nbsp;&nbsp; **$132428** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$306763** |

---

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Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**(b) Purchased options.** The Fund may purchase option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Fund realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

**(c) Written options.** The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(d) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(e) Swap agreements.** The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of November 30, 2025, the total notional value of all credit default swaps to sell protection was $15,118,000. This amount would be

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offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the six months ended November 30, 2025, see Note 4.

**<u>Credit default swaps</u>**

The Fund enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, 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. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

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Notes to Financial Statements (unaudited) (cont'd)

The Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty). As the protection seller, the Fund's maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**<u>Interest rate swaps</u>**

The Fund enters into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate, receive a fixed rate and pay a floating rate, or pay and receive a floating rate, on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation in the Statement of Operations. When a swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

**(f) Swaptions.** The Fund may purchase or write swaption contracts to manage exposure to fluctuations in interest rates or to enhance yield. The Fund may also purchase and write swaption contracts to manage exposure to an underlying instrument. Swaption contracts written by the Fund represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date. Swaption contracts purchased by the Fund represent an option that gives the Fund the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date.

When the Fund writes a swaption, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the swaption written. If the swaption expires, the Fund realizes a gain equal to the amount of the premium received.

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When the Fund purchases a swaption, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market daily to reflect the current market value of the swaption purchased. If the swaption expires, the Fund realizes a loss equal to the amount of the premium paid.

Swaptions are marked-to-market daily based upon quotations from market makers. Changes in the value of the swaption are reported as unrealized gains or losses in the Statement of Operations.

**(g) Stripped securities.** The Fund may invest in ''Stripped Securities,'' a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities ("PO"), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities ("IO"), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO's is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO's.

**(h) Securities traded on a when-issued and delayed delivery basis.** The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(i) Securities traded on a to-be-announced basis.** The Fund may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

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Notes to Financial Statements (unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(j) Mortgage dollar rolls.** The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month, realizing a gain or loss, and simultaneously entering into contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date.

The Fund executes its mortgage dollar rolls entirely in the TBA market, whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by a sale of the security with a simultaneous agreement to repurchase at a future date. The Fund accounts for mortgage dollar rolls as purchases and sales.

The risk of entering into mortgage dollar rolls is that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the mortgage dollar roll may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

**(k) Inflation-indexed bonds.** Inflation-indexed bonds are fixed income securities whose principal value or interest rate is periodically adjusted according to the rate of inflation. As the index measuring inflation changes, the principal value or interest rate of inflation-indexed bonds will be adjusted accordingly. Inflation adjustments to the principal amount of inflation-indexed bonds are reflected as an increase or decrease to investment income on the Statement of Operations. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**(l) Credit and market risk.** The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund's investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(m) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(n) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund's net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of November 30, 2025, the Fund held OTC purchased options and OTC written options with credit related contingent features which had a liability position of $77,918. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

**(o) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(p) Distributions to shareholders.** Distributions from net investment income of the Fund are declared each business day to shareholders of record and are paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(q) Share class accounting.** Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

**(r) Compensating balance arrangements.** The Fund had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, any cash on

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Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

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deposit with the bank will earn interest and be recognized as interest income on the Statement of Operations.

**(s) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of May 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**(t) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager. Western Asset Management Company, LLC ("Western Asset") and Western Asset Management Company Limited ("Western Asset London") are the Fund's subadvisers. FTFA, Western Asset and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

FTFA provides the Fund with management and administrative services for which the Fund pays a fee calculated daily and paid monthly, at an annual rate of 0.40% of the Fund's average daily net assets. For their services, FTFA pays Western Asset and Western Asset London monthly all of the management fee that it receives from the Fund.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class R and Class IS shares did not exceed 0.90%, 1.65%, 1.15% and 0.45%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver"). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the six months ended November 30, 2025, fees waived and/or expenses reimbursed amounted to $103,832, which included an affiliated money market fund waiver of $12,023.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at November 30, 2025, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class R | Class I | Class IS |
| Expires May 31, 2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Expires May 31, 2027 | &nbsp;&nbsp; $11225 | &nbsp;&nbsp; $732 | &nbsp;&nbsp; $257 | &nbsp;&nbsp; $46932 | &nbsp;&nbsp; $65166 |
| Expires May 31, 2028 | &nbsp;&nbsp; 20918 | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 33779 | &nbsp;&nbsp; 35240 |
| **Total fee waivers/expense reimbursements** <br> **subject to recapture**<br>| &nbsp;&nbsp; **$32143** | &nbsp;&nbsp; **$1895** | &nbsp;&nbsp; **$966** | &nbsp;&nbsp; **$80711** | &nbsp;&nbsp; **$100406** |

---

For the six months ended November 30, 2025, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

---

| | |
|:---|:---|
|  | Class R |
| FTFA recaptured | &nbsp;&nbsp; $211 |

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Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended November 30, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $3,915 was earned by Investor Services.

There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $500,000 in the aggregate. These purchases do not incur an initial sales charge.

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Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

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For the six months ended November 30, 2025, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

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| | | |
|:---|:---|:---|
|  | Class A | Class C |
| Sales charges | &nbsp;&nbsp; $929 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; $6 |

---

All officers and one Director of the Corporation are employees of Franklin Resources or its affiliates and do not receive compensation from the Corporation.

**3. Investments**

During the six months ended November 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

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| | | |
|:---|:---|:---|
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $14891240 | &nbsp;&nbsp; $22959501 |
| Sales | &nbsp;&nbsp; 32753109 | &nbsp;&nbsp; 29094539 |

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At November 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $174605733 | &nbsp;&nbsp; $2710080 | &nbsp;&nbsp; $(3519111) | &nbsp;&nbsp; $(809031) |
| Written options | &nbsp;&nbsp; (254758) | &nbsp;&nbsp; 116600 | (263) | &nbsp;&nbsp; 116337 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 191362 | &nbsp;&nbsp; (113832) | &nbsp;&nbsp; 77530 |
| Swap contracts | &nbsp;&nbsp; 371446 | &nbsp;&nbsp; 4494 | &nbsp;&nbsp; (54510) | &nbsp;&nbsp; (50016) |

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**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at November 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>2</sup> <br>| &nbsp;&nbsp; $171929 | &nbsp;&nbsp; — | &nbsp;&nbsp; $171929 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 191362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191362 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $4494 | &nbsp;&nbsp; 4494 |
| **Total** | &nbsp;&nbsp; **$363291** | &nbsp;&nbsp; **$4494** | &nbsp;&nbsp; **$367785** |

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Notes to Financial Statements (unaudited) (cont'd)

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| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Written options | &nbsp;&nbsp; $138421 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 113832 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 54510 |
| **Total** | &nbsp;&nbsp; **$306763** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Market value of purchased options is reported in Investments in unaffiliated securities at value in the Statement of Assets and Liabilities. 

<sup>3</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

<sup>4</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended November 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(999651)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(999651)<br>|
| Futures contracts | &nbsp;&nbsp; 932979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 932979 |
| Written options | &nbsp;&nbsp; 517182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 517182 |
| Swap contracts | &nbsp;&nbsp; (178139)<br>| &nbsp;&nbsp; $144060 | &nbsp;&nbsp; (34079)<br>|
| **Total** | &nbsp;&nbsp; **$272371** | &nbsp;&nbsp; **$144060** | &nbsp;&nbsp; **$416431** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net realized gain (loss) from purchased options is reported in Net Realized Gain (Loss) From Investment transactions in unaffiliated securities in the Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(57028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(57028)<br>|
| Futures contracts | &nbsp;&nbsp; (213634)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (213634)<br>|
| Written options | &nbsp;&nbsp; 52699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52699 |
| Swap contracts | &nbsp;&nbsp; (171083)<br>| &nbsp;&nbsp; $(18036)<br>| &nbsp;&nbsp; (189119)<br>|
| **Total** | &nbsp;&nbsp; **$(389046)**<br>| &nbsp;&nbsp; **$(18036)**<br>| &nbsp;&nbsp; **$(407082)**<br>|

---

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> The change in net unrealized appreciation (depreciation) from purchased options is reported in the Change in Net Unrealized Appreciation (Depreciation) From Investments in unaffiliated securities in the Statement of Operations.

During the six months ended November 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Purchased options | &nbsp;&nbsp; $207943 |
| Written options | &nbsp;&nbsp; 151353 |
| Futures contracts (to buy) | &nbsp;&nbsp; 101561227 |
| Futures contracts (to sell) | &nbsp;&nbsp; 34830440 |
|  | Average Notional <br>Balance\*\*<br>|
| Interest rate swap contracts | &nbsp;&nbsp; $34842714 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 16910857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of November 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2</sup> <br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; $88032 | &nbsp;&nbsp; $(77918) | &nbsp;&nbsp; $10114 | &nbsp;&nbsp; — | &nbsp;&nbsp; $10114 |
| **Total** | &nbsp;&nbsp; **$88032** | &nbsp;&nbsp; **$(77918)** | &nbsp;&nbsp; **$10114** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$10114** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**5. Class specific expenses, waivers and/or expense reimbursements**

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C and Class R shares calculated at the annual rate of 0.25%, 1.00% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

For the six months ended November 30, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class A | &nbsp;&nbsp; $54999 | &nbsp;&nbsp; $10719 |
| Class C | &nbsp;&nbsp; 12254 | &nbsp;&nbsp; 886 |
| Class R | &nbsp;&nbsp; 3757 | &nbsp;&nbsp; 1255 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 31996 |
| Class IS | &nbsp;&nbsp; — | &nbsp;&nbsp; 1211 |
| **Total** | &nbsp;&nbsp; **$71010** | &nbsp;&nbsp; **$46067** |

---

For the six months ended November 30, 2025, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class A | &nbsp;&nbsp; $23711 |
| Class C | &nbsp;&nbsp; 1317 |
| Class R | &nbsp;&nbsp; 804 |
| Class I | &nbsp;&nbsp; 38313 |
| Class IS | &nbsp;&nbsp; 39687 |
| **Total** | &nbsp;&nbsp; **$103832** |

---

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>November 30, 2025<br>| Year Ended <br>May 31, 2025<br>|
| **Net Investment Income:** |  |  |
| Class A | &nbsp;&nbsp; $770932 | &nbsp;&nbsp; $1238369 |
| Class C | &nbsp;&nbsp; 33386 | &nbsp;&nbsp; 63051 |
| Class R | &nbsp;&nbsp; 23325 | &nbsp;&nbsp; 25455 |
| Class I | &nbsp;&nbsp; 1333381 | &nbsp;&nbsp; 5249141 |
| Class IS | &nbsp;&nbsp; 1361557 | &nbsp;&nbsp; 7223732 |
| **Total** | &nbsp;&nbsp; **$3522581** | &nbsp;&nbsp; **$13799748** |

---

**7. Capital shares**

At November 30, 2025, the Corporation had 42.7 billion shares of capital stock authorized with a par value of $0.001 per share. Transactions in shares of each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>November 30, 2025 | Six Months Ended <br>November 30, 2025 | Year Ended <br>May 31, 2025 | Year Ended <br>May 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 768249 | &nbsp;&nbsp;&nbsp; $7587683 | &nbsp;&nbsp;&nbsp; 2342812 | &nbsp;&nbsp;&nbsp; $22695587 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 77906 | &nbsp;&nbsp;&nbsp; 769097 | &nbsp;&nbsp;&nbsp; 126564 | &nbsp;&nbsp;&nbsp; 1228528 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (357705)<br>| &nbsp;&nbsp;&nbsp; (3532200)<br>| &nbsp;&nbsp;&nbsp; (815749)<br>| &nbsp;&nbsp;&nbsp; (7894627)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **488450** | &nbsp;&nbsp;&nbsp; **$4824580** | &nbsp;&nbsp;&nbsp; **1653627** | &nbsp;&nbsp;&nbsp; **$16029488** |

---

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> November 30, 2025 | Six Months Ended<br> November 30, 2025 | Year Ended<br> May 31, 2025 | Year Ended<br> May 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 24934 | &nbsp;&nbsp;&nbsp; $245930 | &nbsp;&nbsp;&nbsp; 117385 | &nbsp;&nbsp;&nbsp; $1139820 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp;&nbsp; 32847 | &nbsp;&nbsp;&nbsp; 6387 | &nbsp;&nbsp;&nbsp; 62079 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (71176)<br>| &nbsp;&nbsp;&nbsp; (705388)<br>| &nbsp;&nbsp;&nbsp; (83073)<br>| &nbsp;&nbsp;&nbsp; (807284)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **(42917)**<br>| &nbsp;&nbsp;&nbsp; **$(426611)**<br>| &nbsp;&nbsp;&nbsp; **40699** | &nbsp;&nbsp;&nbsp; **$394615** |
| **Class R** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 29967 | &nbsp;&nbsp;&nbsp; $296347 | &nbsp;&nbsp;&nbsp; 103142 | &nbsp;&nbsp;&nbsp; $995367 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp; 23324 | &nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp; 24980 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (6230)<br>| &nbsp;&nbsp;&nbsp; (61238)<br>| &nbsp;&nbsp;&nbsp; (15774)<br>| &nbsp;&nbsp;&nbsp; (153029)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **26100** | &nbsp;&nbsp;&nbsp; **$258433** | &nbsp;&nbsp;&nbsp; **89938** | &nbsp;&nbsp;&nbsp; **$867318** |
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1054987 | &nbsp;&nbsp;&nbsp; $10379798 | &nbsp;&nbsp;&nbsp; 5084508 | &nbsp;&nbsp;&nbsp; $49147541 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 134718 | &nbsp;&nbsp;&nbsp; 1329363 | &nbsp;&nbsp;&nbsp; 538479 | &nbsp;&nbsp;&nbsp; 5219958 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1060374)<br>| &nbsp;&nbsp;&nbsp; (10422188)<br>| &nbsp;&nbsp;&nbsp; (28386378)<br>| &nbsp;&nbsp;&nbsp; (276665044)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **129331** | &nbsp;&nbsp;&nbsp; **$1286973** | &nbsp;&nbsp;&nbsp; **(22763391)**<br>| &nbsp;&nbsp;&nbsp; **$(222297545)**<br>|
| **Class IS** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1189414 | &nbsp;&nbsp;&nbsp; $11717503 | &nbsp;&nbsp;&nbsp; 2396905 | &nbsp;&nbsp;&nbsp; $23224267 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 128558 | &nbsp;&nbsp;&nbsp; 1268820 | &nbsp;&nbsp;&nbsp; 648464 | &nbsp;&nbsp;&nbsp; 6294209 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (4110562)<br>| &nbsp;&nbsp;&nbsp; (40730436)<br>| &nbsp;&nbsp;&nbsp; (34763888)<br>| &nbsp;&nbsp;&nbsp; (338522372)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(2792590)**<br>| &nbsp;&nbsp;&nbsp; **$(27744113)**<br>| &nbsp;&nbsp;&nbsp; **(31718519)**<br>| &nbsp;&nbsp;&nbsp; **$(309003896)**<br>|

---

**8. 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 six months ended November 30, 2025. The following transactions were effected in such company for the six months ended November 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset <br> Premier <br> Institutional <br> Government <br> Reserves, Premium <br> Shares<br>| $17152718 | $63626126 | 63626126 | $61071340 | 61071340 |

---

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>November 30, <br>2025<br>|
| Western Asset Premier <br> Institutional <br> Government Reserves, <br> Premium Shares<br>|  | $436434 |  | $19707504 |

---

**9. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended November 30, 2025.

**10. Deferred capital losses**

As of May 31, 2025, the Fund had deferred capital losses of $106,612,162, which have no expiration date, that will be available to offset future taxable capital gains.

**11. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Western Asset Intermediate Bond Fund 2025 Semi-Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Refer to the financial statements included herein. | Refer to the financial statements included herein. |

---

Western Asset Intermediate Bond Fund

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Western Asset

Intermediate Bond Fund

**Directors**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadvisers**

Western Asset Management Company, LLC

Western Asset Management Company Limited

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

Franklin Templeton Investor

Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

**Independent registered** 

**public accounting firm**

PricewaterhouseCoopers LLP

Baltimore, MD

**Western Asset Intermediate Bond Fund**

The Fund is a separate investment series of Western Asset Funds, Inc.

Western Asset Intermediate Bond Fund

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Intermediate Bond Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img54ff251e3.jpg)

**90089-SFSOI 1/26**© 2026 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](waibf-efp21847_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](waibf-efp21847_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Western Asset Funds, Inc.** | **Western Asset Funds, Inc.** |
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | January 27, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | January 27, 2026 |
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | January 27, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Western Asset Funds, Inc.**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 27, 2026 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Western Asset Funds, Inc.**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | January 27, 2026 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Chief Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Western Asset Funds, Inc.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **November 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| **Chief Executive Officer** | **Principal Financial Officer** |
| Western Asset Funds, Inc. | Western Asset Funds, Inc. |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: January 27, 2026 | Date: January 27, 2026 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.