Western Asset Funds NPORT-P Western Asset Macro Opportunities Fund (Jul 2022 report)

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 39.7%
COMMUNICATION SERVICES - 2.7%
Diversified Telecommunication Services - 0.3%
Altice France SA, Senior Secured Notes		5.500	%		1/15/28		2,250,000	$	1,989,214	(a)
Altice France SA, Senior Secured Notes		5.500	%		10/15/29		200,000		172,250	(a)
Verizon Communications Inc., Senior Notes		3.850	%		11/1/42		80,000		71,523
Total Diversified Telecommunication Services									2,232,987
Entertainment - 0.6%
Magallanes Inc., Senior Notes		5.141	%		3/15/52		2,600,000		2,292,991	(a)
Magallanes Inc., Senior Notes		5.391	%		3/15/62		3,240,000		2,865,278	(a)
Total Entertainment									5,158,269
Media - 0.9%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		70,000		62,345	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.750	%		2/1/32		110,000		97,408	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		1,480,000		1,281,732
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		1,130,000		936,227	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		2,270,000		2,196,071
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		240,000		239,166
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		730,000		670,072
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.500	%		3/1/42		270,000		197,308
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		110,000		91,004
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		420,000		275,100
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		240,000		208,050	(a)
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		30,000		24,394	(a)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         1

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		190,000	$	205,924
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		550,000		523,515	(a)
Total Media									7,008,316
Wireless Telecommunication Services - 0.9%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		960,000		929,381	(a)
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		1,590,000		1,288,862	(a)
CSC Holdings LLC, Senior Notes		4.125	%		12/1/30		1,120,000		955,046	(a)
CSC Holdings LLC, Senior Notes		4.500	%		11/15/31		1,220,000		1,039,995	(a)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		250,000		324,194
Sprint Corp., Senior Notes		7.625	%		2/15/25		300,000		320,602
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		160,000		149,374
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		500,000		448,145
T-Mobile USA Inc., Senior Notes		3.375	%		4/15/29		30,000		28,057
T-Mobile USA Inc., Senior Notes		2.875	%		2/15/31		370,000		328,010
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		630,000		583,484
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		410,000		371,534	(a)
Total Wireless Telecommunication Services									6,766,684
TOTAL COMMUNICATION SERVICES									21,166,256
CONSUMER DISCRETIONARY - 4.7%
Automobiles - 1.1%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		130,000		108,744
Ford Motor Credit Co. LLC, Senior Notes		3.375	%		11/13/25		300,000		286,635
Ford Motor Credit Co. LLC, Senior Notes		4.389	%		1/8/26		220,000		214,465
Ford Motor Credit Co. LLC, Senior Notes		2.700	%		8/10/26		200,000		182,000
Ford Motor Credit Co. LLC, Senior Notes		4.271	%		1/9/27		1,120,000		1,074,847
Ford Motor Credit Co. LLC, Senior Notes		4.950	%		5/28/27		1,510,000		1,486,044
Ford Motor Credit Co. LLC, Senior Notes		2.900	%		2/10/29		200,000		168,393
Ford Motor Credit Co. LLC, Senior Notes		5.113	%		5/3/29		420,000		408,910
Ford Motor Credit Co. LLC, Senior Notes		3.625	%		6/17/31		1,180,000		1,003,566
Nissan Motor Co. Ltd., Senior Notes		4.345	%		9/17/27		1,920,000		1,803,603	(a)
Nissan Motor Co. Ltd., Senior Notes		4.810	%		9/17/30		2,170,000		1,971,582	(a)
Total Automobiles									8,708,789

See Notes to Schedule of Investments.

    2     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Consumer Services - 0.2%
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		450,000	$	458,039	(a)
Wesleyan University, Senior Notes		4.781	%		7/1/2116		690,000		646,502
Total Diversified Consumer Services									1,104,541
Hotels, Restaurants & Leisure - 1.6%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.875	%		1/15/28		280,000		259,367	(a)
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.500	%		2/15/29		280,000		255,462	(a)
Carnival Corp., Senior Notes		5.750	%		3/1/27		2,940,000		2,364,863	(a)
Carnival Corp., Senior Notes		10.500	%		6/1/30		2,630,000		2,346,628	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.375	%		5/1/25		300,000		300,750	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.750	%		5/1/28		190,000		191,335	(a)
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		1,470,000		1,428,537
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		130,000		121,961
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		8/31/26		650,000		515,098	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.375	%		7/15/27		2,000,000		1,555,070	(a)
Sands China Ltd., Senior Notes		5.125	%		8/8/25		1,730,000		1,635,698
Sands China Ltd., Senior Notes		2.550	%		3/8/27		620,000		516,444	(a)
Sands China Ltd., Senior Notes		3.100	%		3/8/29		630,000		501,694	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		670,000		595,613	(a)
Total Hotels, Restaurants & Leisure									12,588,520
Internet & Direct Marketing Retail - 1.8%
Alibaba Group Holding Ltd., Senior Notes		4.200	%		12/6/47		3,440,000		2,821,462
Alibaba Group Holding Ltd., Senior Notes		3.150	%		2/9/51		1,580,000		1,080,247
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		4,500,000		4,458,070	(b)
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		550,000		547,788
Amazon.com Inc., Senior Notes		2.700	%		6/3/60		4,890,000		3,535,429
Amazon.com Inc., Senior Notes		4.100	%		4/13/62		650,000		631,680
Prosus NV, Senior Notes		4.027	%		8/3/50		1,290,000		888,312	(a)
Total Internet & Direct Marketing Retail									13,962,988
TOTAL CONSUMER DISCRETIONARY									36,364,838
CONSUMER STAPLES - 1.0%
Beverages - 0.2%
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		190,000		209,227

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         3

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Beverages - (continued)
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.500	%		6/1/50		560,000	$	538,653
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.800	%		1/23/59		470,000		529,794
Total Beverages									1,277,674
Food Products - 0.3%
Kraft Heinz Foods Co., Senior Notes		4.250	%		3/1/31		140,000		138,272
Kraft Heinz Foods Co., Senior Notes		6.750	%		3/15/32		20,000		23,239
Kraft Heinz Foods Co., Senior Notes		6.875	%		1/26/39		50,000		57,330
Kraft Heinz Foods Co., Senior Notes		7.125	%		8/1/39		10,000		11,551	(a)
Kraft Heinz Foods Co., Senior Notes		4.625	%		10/1/39		10,000		9,152
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		240,000		233,008
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		620,000		618,478
Kraft Heinz Foods Co., Senior Notes		4.375	%		6/1/46		760,000		669,293
Kraft Heinz Foods Co., Senior Notes		4.875	%		10/1/49		360,000		337,476
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		280,000		286,079
Total Food Products									2,383,878
Tobacco - 0.5%
Altria Group Inc., Senior Notes		4.400	%		2/14/26		415,000		419,916
Altria Group Inc., Senior Notes		2.450	%		2/4/32		350,000		276,113
Altria Group Inc., Senior Notes		5.800	%		2/14/39		910,000		862,477
Altria Group Inc., Senior Notes		5.950	%		2/14/49		140,000		128,851
Altria Group Inc., Senior Notes		6.200	%		2/14/59		1,121,000		1,071,856
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		1,640,000		1,226,231
Reynolds American Inc., Senior Notes		6.150	%		9/15/43		200,000		185,339
Total Tobacco									4,170,783
TOTAL CONSUMER STAPLES									7,832,335
ENERGY - 14.2%
Energy Equipment & Services - 0.1%
Halliburton Co., Senior Notes		4.850	%		11/15/35		880,000		885,871
Oil, Gas & Consumable Fuels - 14.1%
Apache Corp., Senior Notes		7.750	%		12/15/29		190,000		208,620
Apache Corp., Senior Notes		6.000	%		1/15/37		410,000		394,602
Apache Corp., Senior Notes		5.100	%		9/1/40		5,940,000		5,296,609
Apache Corp., Senior Notes		5.250	%		2/1/42		1,210,000		1,059,572
Apache Corp., Senior Notes		7.375	%		8/15/47		100,000		105,207
Apache Corp., Senior Notes		5.350	%		7/1/49		940,000		785,896
Berry Petroleum Co. LLC, Senior Notes		7.000	%		2/15/26		780,000		734,982	(a)

See Notes to Schedule of Investments.

    4     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		7.625	%		12/15/25		580,000	$	579,223	(a)
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		200,000		178,186	(a)
Cheniere Corpus Christi Holdings LLC, Senior Secured Notes		5.125	%		6/30/27		380,000		386,726
Cheniere Energy Inc., Senior Secured Notes		4.625	%		10/15/28		240,000		233,988
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		430,000		375,779
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		1,000,000		987,350	(a)
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		1,050,000		849,061
DCP Midstream LP, Junior Subordinated Notes (7.375% to 12/15/22 then 3 mo. USD LIBOR + 5.148%)		7.375	%		12/15/22		860,000		782,673	(c)(d)
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		660,000		661,660	(a)
DCP Midstream Operating LP, Senior Notes		6.750	%		9/15/37		1,300,000		1,288,801	(a)
Devon Energy Corp., Senior Notes		8.250	%		8/1/23		1,030,000		1,066,748
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		450,000		471,222
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		456,000		461,799
Devon Energy Corp., Senior Notes		5.875	%		6/15/28		364,000		372,731
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		650,000		630,970
Devon Energy Corp., Senior Notes		7.875	%		9/30/31		220,000		263,327
Devon Energy Corp., Senior Notes		7.950	%		4/15/32		340,000		410,433
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		1,110,000		1,074,332
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		2,090,000		2,025,638
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate + 5.694%)		6.500	%		11/15/26		3,670,000		3,339,700	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%)		6.625	%		2/15/28		3,450,000		2,635,801	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		2,870,000		2,506,816	(c)(d)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         5

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		4,570,000	$	4,124,425	(c)(d)
Energy Transfer LP, Senior Notes		6.850	%		2/15/40		400,000		401,659
Energy Transfer LP, Senior Notes		6.500	%		2/1/42		590,000		611,939
Energy Transfer LP, Senior Notes		6.100	%		2/15/42		720,000		708,965
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		400,000		368,389
Energy Transfer LP, Senior Notes		6.000	%		6/15/48		90,000		88,007
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		180,000		180,361
Enterprise Products Operating LLC, Senior Notes		6.125	%		10/15/39		600,000		661,592
Enterprise Products Operating LLC, Senior Notes		5.950	%		2/1/41		370,000		403,688
Enterprise Products Operating LLC, Senior Notes		5.100	%		2/15/45		570,000		567,826
Enterprise Products Operating LLC, Senior Notes		4.250	%		2/15/48		700,000		632,475
EQT Corp., Senior Notes		6.125	%		2/1/25		50,000		52,126
EQT Corp., Senior Notes		3.125	%		5/15/26		6,410,000		6,163,362	(a)
EQT Corp., Senior Notes		5.000	%		1/15/29		90,000		89,100
EQT Corp., Senior Notes		7.000	%		2/1/30		200,000		219,226
EQT Corp., Senior Notes		3.625	%		5/15/31		560,000		513,360	(a)
Kinder Morgan Energy Partners LP, Senior Notes		4.250	%		9/1/24		540,000		544,179
Kinder Morgan Energy Partners LP, Senior Notes		6.950	%		1/15/38		70,000		77,872
MEG Energy Corp., Senior Notes		5.875	%		2/1/29		120,000		114,190	(a)
MPLX LP, Senior Notes		4.875	%		12/1/24		1,060,000		1,078,477
MPLX LP, Senior Notes		4.875	%		6/1/25		500,000		510,614
MPLX LP, Senior Notes		4.800	%		2/15/29		510,000		514,452
MPLX LP, Senior Notes		4.700	%		4/15/48		1,210,000		1,062,901
MPLX LP, Senior Notes		5.500	%		2/15/49		150,000		145,320
Northern Oil and Gas Inc., Senior Notes		8.125	%		3/1/28		650,000		629,928	(a)
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		1,040,000		1,092,671
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		830,000		853,892
Occidental Petroleum Corp., Senior Notes		3.200	%		8/15/26		860,000		811,481
Occidental Petroleum Corp., Senior Notes		6.625	%		9/1/30		2,270,000		2,521,107
Occidental Petroleum Corp., Senior Notes		6.125	%		1/1/31		2,280,000		2,446,554
Occidental Petroleum Corp., Senior Notes		0.000	%		10/10/36		11,680,000		5,977,240

See Notes to Schedule of Investments.

    6     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		980,000	$	1,005,017
Occidental Petroleum Corp., Senior Notes		4.500	%		7/15/44		2,780,000		2,337,520
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		3,620,000		3,092,094
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		1,420,000		1,570,854
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		510,000		434,111
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		1,110,000		900,690
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		2,800,000		2,288,477
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		740,000		808,946
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		1,140,000		1,170,911
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		1,320,000		1,176,800
Petroleos Mexicanos, Senior Notes		6.375	%		1/23/45		1,300,000		874,321
Plains All American Pipeline LP, Junior Subordinated Notes (6.125% to 11/15/22 then 3 mo. USD LIBOR + 4.110%)		6.125	%		11/15/22		800,000		615,061	(c)(d)
Plains All American Pipeline LP/PAA Finance Corp., Senior Notes		6.700	%		5/15/36		560,000		579,074
Range Resources Corp., Senior Notes		5.000	%		3/15/23		897,000		901,974
Range Resources Corp., Senior Notes		8.250	%		1/15/29		590,000		632,462
Rockies Express Pipeline LLC, Senior Notes		6.875	%		4/15/40		1,180,000		1,001,761	(a)
Schlumberger Holdings Corp., Senior Notes		4.000	%		12/21/25		2,240,000		2,247,975	(a)
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		5,800,000		5,415,576
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.500	%		3/1/30		270,000		267,206
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.875	%		2/1/31		430,000		404,773
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.000	%		1/15/32		70,000		62,562
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,950,000		2,176,087
Western Midstream Operating LP, Senior Notes		3.350	%		2/1/25		320,000		313,984

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         7

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Western Midstream Operating LP, Senior Notes		3.950	%		6/1/25		1,000,000	$	990,820
Western Midstream Operating LP, Senior Notes		4.650	%		7/1/26		160,000		159,011
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		730,000		705,545
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		2,130,000		1,909,151
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		720,000		632,341
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		890,000		777,261
Western Midstream Operating LP, Senior Notes		5.500	%		2/1/50		6,090,000		5,461,208
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		860,000		842,370
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		1,570,000		1,852,691
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		1,090,000		1,399,212
Williams Cos. Inc., Senior Notes		6.300	%		4/15/40		840,000		921,669
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		250,000		258,085
Williams Cos. Inc., Senior Notes		5.100	%		9/15/45		150,000		145,508
Total Oil, Gas & Consumable Fuels									110,668,938
TOTAL ENERGY									111,554,809
FINANCIALS - 8.5%
Banks - 4.8%
BAC Capital Trust XIV, Junior Subordinated Notes (3 mo. USD LIBOR + 0.400%, 4.000% floor)		4.000	%		8/15/22		260,000		196,046	(c)(d)
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.625% to 1/10/28 then 10 year Treasury Constant Maturity Rate + 5.353%)		7.625	%		1/10/28		1,630,000		1,534,629	(a)(c)(d)
Bank of America Corp., Junior Subordinated Notes (5.875% to 3/15/28 then 3 mo. USD LIBOR + 2.931%)		5.875	%		3/15/28		4,900,000		4,642,750	(c)(d)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		710,000		621,360	(d)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. USD LIBOR + 3.150%)		4.083	%		3/20/51		120,000		109,094	(d)

See Notes to Schedule of Investments.

    8     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
Barclays PLC, Junior Subordinated Notes (7.750% to 9/15/23 then USD 5 year ICE Swap Rate + 4.842%)		7.750	%		9/15/23		1,780,000		$	1,797,609	(c)(d)
Barclays PLC, Senior Notes (4.972% to 5/16/28 then 3 mo. USD LIBOR + 1.902%)		4.972	%		5/16/29		1,930,000			1,915,282	(d)��
BNP Paribas SA, Junior Subordinated Notes (7.000% to 8/16/28 then USD 5 year ICE Swap Rate + 3.980%)		7.000	%		8/16/28		200,000			201,225	(a)(c)(d)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. USD LIBOR + 2.235%)		4.705	%		1/10/25		600,000			602,128	(a)(d)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		230,000			232,465	(a)(d)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%)		5.950	%		5/15/25		7,470,000			7,359,892	(c)(d)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		1,250,000			1,212,411	(c)(d)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		1,301,000			1,769,480
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		370,000			371,096
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		1,870,000			1,862,660
Citigroup Inc., Subordinated Notes		4.750	%		5/18/46		200,000			188,133
Credit Agricole SA, Junior Subordinated
Notes (7.500% to 6/23/26 then GBP 5 year Swap Rate + 4.812%)		7.500	%		6/23/26		1,680,000	GBP		2,077,575	(a)(c)(d)
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%)		8.125	%		12/23/25		3,250,000			3,468,010	(a)(c)(d)
HSBC Holdings PLC, Junior Subordinated Notes (6.375% to 3/30/25 then USD 5 year ICE Swap Rate + 4.368%)		6.375	%		3/30/25		860,000			869,199	(c)(d)
HSBC Holdings PLC, Senior Notes (4.583% to 6/19/28 then 3 mo. USD LIBOR + 1.535%)		4.583	%		6/19/29		2,750,000			2,688,449	(d)
HSBC Holdings PLC, Subordinated Notes		4.250	%		8/18/25		590,000			586,794
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		200,000			193,789	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		210,000			203,365	(a)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31		110,000			96,610	(d)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         9

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
JPMorgan Chase & Co., Senior Notes (3.897% to 1/23/48 then 3 mo. USD LIBOR + 1.220%)		3.897	%		1/23/49		350,000	$	308,730	(d)
JPMorgan Chase & Co., Senior Notes (3.964% to 11/15/47 then 3 mo. USD LIBOR + 1.380%)		3.964	%		11/15/48		10,000		8,976	(d)
Wells Fargo & Co., Junior Subordinated Notes (5.875% to 6/15/25 then 3 mo. USD LIBOR + 3.990%)		5.875	%		6/15/25		847,000		856,502	(c)(d)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		560,000		582,458	(d)
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		860,000		872,590
Total Banks									37,429,307
Capital Markets - 2.2%
Credit Suisse Group AG, Junior Subordinated Notes (5.250% to 8/11/27 then 5 year Treasury Constant Maturity Rate + 4.889%)		5.250	%		2/11/27		4,080,000		3,376,200	(a)(c)(d)
Credit Suisse Group AG, Junior Subordinated Notes (6.375% to 8/21/26 then 5 year Treasury Constant Maturity Rate + 4.822%)		6.375	%		8/21/26		200,000		169,500	(a)(c)(d)
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		300,000		265,845	(a)(c)(d)
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 7/17/23 then USD 5 year ICE Swap Rate + 4.600%)		7.500	%		7/17/23		570,000		531,126	(a)(c)(d)
Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate + 6.383%)		9.750	%		6/23/27		3,380,000		3,598,010	(a)(c)(d)
Credit Suisse Group AG, Senior Notes		4.875	%		5/15/45		530,000		471,921
Credit Suisse Group AG, Senior Notes (3.091% to 5/14/31 then SOFR + 1.730%)		3.091	%		5/14/32		790,000		635,753	(a)(d)
Credit Suisse Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)		4.194	%		4/1/31		630,000		560,886	(a)(d)

See Notes to Schedule of Investments.

    10     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
Goldman Sachs Capital II, Junior Subordinated Notes (3 mo. USD LIBOR + 0.768%, 4.000% floor)		4.000	%		8/29/22		109,000	$	81,032	(c)(d)
Goldman Sachs Group Inc., Senior Notes (2.383% to 7/21/31 then SOFR + 1.248%)		2.383	%		7/21/32		4,150,000		3,503,860	(d)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. USD LIBOR + 1.301%)		4.223	%		5/1/29		430,000		425,503	(d)
Goldman Sachs Group Inc., Senior Notes (3.210% to 4/22/41 then SOFR + 1.513%)		3.210	%		4/22/42		90,000		72,643	(d)
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		1,040,000		1,217,600
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		2,550,000		2,558,574
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		60,000		60,173	(d)
Total Capital Markets									17,528,626
Diversified Financial Services - 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		170,000		142,900
GE Capital International Funding Co. Unlimited Co., Senior Notes		4.418	%		11/15/35		654,000		646,585
ILFC E-Capital Trust I Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10 year Treasury Constant Maturity Rate and 30 year Treasury Constant Maturity Rate) + 1.550%)		4.850	%		12/21/65		740,000		557,525	(a)(d)
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		640,000		640,497
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		160,000		158,588	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		400,000		395,656	(a)
Toll Road Investors Partnership II LP		0.000	%		2/15/24		520,000		478,137	(a)
Toll Road Investors Partnership II LP		0.000	%		2/15/38		200,000		65,321	(a)
Vanguard Group Inc.		3.050	%		8/22/50		2,610,000		1,946,870	(e)(f)
Total Diversified Financial Services									5,032,079

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         11

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Insurance - 0.8%
Highlands Holdings Bond Issuer Ltd./ Highlands Holdings Bond Co-Issuer Inc., Senior Secured Notes (7.625% Cash or 8.375% PIK)		7.625	%		10/15/25		5,150,000	$	4,953,578	(a)(g)
Teachers Insurance & Annuity Association of America, Subordinated Notes		4.900	%		9/15/44		1,640,000		1,637,733	(a)
Total Insurance									6,591,311
TOTAL FINANCIALS									66,581,323
HEALTH CARE - 4.7%
Health Care Providers & Services - 1.0%
Centene Corp., Senior Notes		4.250	%		12/15/27		450,000		442,941
Centene Corp., Senior Notes		4.625	%		12/15/29		160,000		158,066
CommonSpirit Health, Secured Notes		4.350	%		11/1/42		1,720,000		1,592,358
CommonSpirit Health, Senior Secured Notes		3.817	%		10/1/49		630,000		529,940
Dignity Health, Secured Notes		5.267	%		11/1/64		760,000		744,214
Hackensack Meridian Health Inc., Senior Secured Notes		4.211	%		7/1/48		1,060,000		1,019,449
HCA Inc., Senior Notes		5.375	%		2/1/25		150,000		153,258
HCA Inc., Senior Notes		7.690	%		6/15/25		420,000		451,595
HCA Inc., Senior Notes		5.625	%		9/1/28		60,000		62,303
HCA Inc., Senior Notes		3.500	%		9/1/30		480,000		438,794
HCA Inc., Senior Notes		7.500	%		11/15/95		1,250,000		1,368,750
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		240,000		238,743
UnitedHealth Group Inc., Senior Notes		3.125	%		5/15/60		190,000		149,376
Willis-Knighton Medical Center, Secured Notes		4.813	%		9/1/48		790,000		785,705
Total Health Care Providers & Services									8,135,492
Pharmaceuticals - 3.7%
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		6,030,000		3,236,995	(a)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		1,140,000		622,383	(a)
Bausch Health Cos. Inc., Senior Notes		5.250	%		1/30/30		7,800,000		4,031,976	(a)
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		2,097,000		2,081,482
Teva Pharmaceutical Finance Co. LLC, Senior Notes		6.150	%		2/1/36		4,146,000		3,803,540
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		1,300,000		1,276,132

See Notes to Schedule of Investments.

    12     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - (continued)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		7.125	%		1/31/25		4,944,000	$	5,085,374
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		2,314,000		2,093,325
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		6.750	%		3/1/28		520,000		522,307
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		1,430,000		1,315,543
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.100	%		10/1/46		6,917,000		4,888,929
Total Pharmaceuticals									28,957,986
TOTAL HEALTH CARE									37,093,478
INDUSTRIALS - 2.9%
Aerospace & Defense - 0.8%
Boeing Co., Senior Notes		2.700	%		2/1/27		360,000		332,900
Boeing Co., Senior Notes		5.150	%		5/1/30		1,950,000		1,970,519
Boeing Co., Senior Notes		3.250	%		2/1/35		940,000		768,943
Boeing Co., Senior Notes		3.550	%		3/1/38		170,000		131,568
Boeing Co., Senior Notes		5.705	%		5/1/40		970,000		967,184
Boeing Co., Senior Notes		5.805	%		5/1/50		1,620,000		1,613,086
Boeing Co., Senior Notes		5.930	%		5/1/60		300,000		297,699
General Dynamics Corp., Senior Notes		4.250	%		4/1/40		40,000		40,254
Total Aerospace & Defense									6,122,153
Air Freight & Logistics - 0.2%
XPO CNW Inc., Senior Notes		6.700	%		5/1/34		1,510,000		1,433,882
Airlines - 1.4%
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		190,000		189,768
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		870,000		828,618
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		850,000		893,647
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		1,850,000		1,934,349	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		1,210,000		1,195,785	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		570,000		557,163	(a)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		50,000		48,676	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		680,000		687,851	(a)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         13

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - (continued)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		522,000	$	546,150	(a)
United Airlines Inc., Senior Secured Notes		4.375	%		4/15/26		3,420,000		3,288,193	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		1,220,000		1,125,566	(a)
Total Airlines									11,295,766
Building Products - 0.0%††
Builders FirstSource Inc., Senior Notes		4.250	%		2/1/32		50,000		42,912	(a)
Commercial Services & Supplies - 0.1%
California Institute of Technology, Senior Notes		3.650	%		9/1/2119		990,000		765,812
GFL Environmental Inc., Senior Secured Notes		4.250	%		6/1/25		330,000		323,756	(a)
Total Commercial Services & Supplies									1,089,568
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		3.700	%		4/15/50		470,000		423,412
Road & Rail - 0.0%††
XPO Logistics Inc., Senior Notes		6.250	%		5/1/25		36,000		36,585	(a)
Trading Companies & Distributors - 0.3%
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		110,000		95,669	(a)
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		370,000		354,613
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		320,000		323,952
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		1,310,000		1,197,026
Total Trading Companies & Distributors									1,971,260
TOTAL INDUSTRIALS									22,415,538
INFORMATION TECHNOLOGY - 0.1%
Communications Equipment - 0.1%
CommScope Inc., Senior Secured Notes		4.750	%		9/1/29		120,000		104,626	(a)
CommScope Technologies LLC, Senior Notes		5.000	%		3/15/27		320,000		263,936	(a)
Total Communications Equipment									368,562
Semiconductors & Semiconductor Equipment - 0.0%††
Broadcom Inc., Senior Notes		3.187	%		11/15/36		24,000		19,248	(a)
TOTAL INFORMATION TECHNOLOGY									387,810

See Notes to Schedule of Investments.

    14     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.6%
Containers & Packaging - 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		5.250	%		8/15/27		890,000	$	679,678	(a)
Metals & Mining - 0.5%
ArcelorMittal SA, Senior Notes		7.000	%		10/15/39		310,000		319,912
First Quantum Minerals Ltd., Senior Notes		6.875	%		10/15/27		220,000		210,046	(a)
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		240,000		230,560
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		150,000		149,628	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		2,470,000		2,462,406	(a)
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		780,000		760,905
Total Metals & Mining									4,133,457
TOTAL MATERIALS									4,813,135
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
CTR Partnership LP/CareTrust Capital Corp., Senior Notes		3.875	%		6/30/28		240,000		212,401	(a)
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		220,000		212,069
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		3.500	%		3/15/31		590,000		509,229
TOTAL REAL ESTATE									933,699
UTILITIES - 0.2%
Electric Utilities - 0.2%
Enel Finance International NV, Senior Notes		6.000	%		10/7/39		1,680,000		1,687,522	(a)
Pacific Gas and Electric Co., First Mortgage Bonds		3.300	%		8/1/40		200,000		146,328
TOTAL UTILITIES									1,833,850
TOTAL CORPORATE BONDS & NOTES (Cost - $334,035,569)									310,977,071
SOVEREIGN BONDS - 31.5%
Argentina - 0.9%
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23 then 0.750%)		0.500	%		7/9/30		6,867,393		1,633,127
Argentine Republic Government International Bond, Senior Notes, Step bond (3.875% to 7/9/23 then 4.250%)		3.875	%		1/9/38		2,874,178		813,567

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         15

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Argentina - (continued)
Provincia de Buenos Aires, Senior Notes, Step bond (3.900% to 9/1/22 then 5.250%)		3.900	%		9/1/37		4,186,322		$	1,312,354	(a)
Provincia de Cordoba, Senior Notes		6.875	%		12/10/25		700,000			493,500	(h)
Provincia de Cordoba, Senior Notes		6.875	%		12/10/25		824,492			581,267	(a)
Provincia de Cordoba, Senior Notes		6.990	%		6/1/27		2,600,000			1,491,750	(a)
Provincia de Cordoba, Senior Notes, Step bond (5.000% to 8/1/22 then 6.875% PIK)		5.000	%		2/1/29		1,034,131			589,455	(a)(g)
Total Argentina										6,915,020
Australia - 0.6%
Australia Government Bond, Senior Notes		3.000	%		3/21/47		4,000,000	AUD		2,592,052	(h)
Australia Government Bond, Senior Notes		1.750	%		6/21/51		4,420,000	AUD		2,144,150	(h)
Total Australia										4,736,202
Brazil - 2.1%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		13,552,000	BRL		2,389,048
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/31		38,024,000	BRL		6,286,492
Brazilian Government International Bond, Senior Notes		4.250	%		1/7/25		1,430,000			1,438,062
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		8,000,000			6,381,231
Total Brazil										16,494,833
China - 5.0%
China Government Bond		3.290	%		5/23/29		160,000,000	CNY		24,649,015
China Government Bond		3.390	%		3/16/50		32,230,000	CNY		4,843,130
China Government Bond, Senior Notes		4.000	%		5/22/24		2,000,000	CNH		304,328	(h)
China Government Bond, Senior Notes		3.380	%		11/21/24		11,000,000	CNH		1,663,368	(h)
China Government Bond, Senior Notes		3.390	%		5/21/25		9,000,000	CNH		1,367,103	(h)
China Government Bond, Senior Notes		3.310	%		11/30/25		10,500,000	CNH		1,593,881	(h)
China Government Bond, Senior Notes		3.480	%		6/29/27		23,500,000	CNH		3,596,582	(h)
China Government Bond, Senior Notes		3.600	%		6/27/28		2,000,000	CNH		307,407	(h)
China Government Bond, Senior Notes		4.290	%		5/22/29		5,000,000	CNH		803,726	(h)
Total China										39,128,540
Dominican Republic - 0.2%
Dominican Republic International Bond, Senior Notes		5.875	%		1/30/60		2,110,000			1,608,724	(a)
Egypt - 0.0%††
Egypt Government Bond		18.400	%		5/30/24		3,500,000	EGP		191,078

See Notes to Schedule of Investments.

    16     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Gabon - 0.3%
Gabon Government International Bond, Senior Notes		7.000	%		11/24/31		3,690,000		$	2,638,165	(a)
Ghana - 0.1%
Ghana Government International Bond, Senior Notes		7.875	%		3/26/27		320,000			171,559	(a)
Ghana Government International Bond, Senior Notes		10.750	%		10/14/30		670,000			543,812	(a)
Ghana Government International Bond, Senior Notes		8.950	%		3/26/51		910,000			402,365	(a)
Total Ghana										1,117,736
Indonesia - 8.3%
Indonesia Treasury Bond		8.375	%		9/15/26		3,507,000,000	IDR		253,286
Indonesia Treasury Bond		7.000	%		5/15/27		200,138,000,000	IDR		13,668,619
Indonesia Treasury Bond		8.250	%		5/15/29		258,401,000,000	IDR		18,666,892
Indonesia Treasury Bond		6.500	%		2/15/31		143,819,000,000	IDR		9,381,081
Indonesia Treasury Bond		8.375	%		3/15/34		260,156,000,000	IDR		18,890,141
Indonesia Treasury Bond		8.250	%		5/15/36		45,190,000,000	IDR		3,264,526
Indonesia Treasury Bond		8.375	%		4/15/39		6,456,000,000	IDR		471,169
Indonesia Treasury Bond		7.375	%		5/15/48		576,000,000	IDR		38,331
Total Indonesia										64,634,045
Ivory Coast - 0.6%
Ivory Coast Government International Bond, Senior Notes		4.875	%		1/30/32		2,150,000	EUR		1,645,375	(a)
Ivory Coast Government International Bond, Senior Notes		5.750	%		12/31/32		382,436			338,796	(h)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		1,420,000			1,156,874	(h)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		2,150,000			1,751,605	(a)
Total Ivory Coast										4,892,650
Kenya - 0.2%
Republic of Kenya Government International Bond, Senior Notes		7.250	%		2/28/28		1,600,000			1,162,544	(h)
Kuwait - 0.2%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		1,370,000			1,386,374	(a)
Mexico - 4.9%
Mexican Bonos, Bonds		8.000	%		11/7/47		182,960,000	MXN		8,269,938
Mexican Bonos, Senior Notes		7.750	%		11/13/42		690,125,400	MXN		30,491,047
Total Mexico										38,760,985

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         17

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Nigeria - 0.1%
Nigeria Government International Bond, Senior Notes		6.125	%		9/28/28		500,000		$	359,373	(h)
Poland - 3.1%
Republic of Poland Government Bond		1.750	%		4/25/32		158,030,000	PLN		24,576,196
Russia - 4.6%
Russian Federal Bond - OFZ		7.750	%		9/16/26		218,960,000	RUB		824,939	*(i)
Russian Federal Bond - OFZ		7.950	%		10/7/26		218,960,000	RUB		824,939	*(i)
Russian Federal Bond - OFZ		8.150	%		2/3/27		1,619,457,000	RUB		6,101,361	*(i)
Russian Federal Bond - OFZ		6.000	%		10/6/27		226,900,000	RUB		854,854	*(i)
Russian Federal Bond - OFZ		7.050	%		1/19/28		2,715,624,000	RUB		10,231,209	*(i)
Russian Federal Bond - OFZ		6.900	%		5/23/29		1,267,125,000	RUB		4,773,938	*(i)
Russian Federal Bond - OFZ		7.650	%		4/10/30		321,260,000	RUB		1,210,358	*(i)
Russian Federal Bond - OFZ		7.700	%		3/23/33		437,180,000	RUB		1,647,091	*(i)
Russian Federal Bond - OFZ		7.250	%		5/10/34		974,600,000	RUB		3,671,840	*(i)
Russian Federal Bond - OFZ		7.700	%		3/16/39		1,611,280,000	RUB		6,070,554	*(i)
Total Russia										36,211,083
Supranational - 0.3%
European Bank for Reconstruction & Development, Senior Notes		5.000	%		10/6/26		38,012,000,000	IDR		2,455,582
TOTAL SOVEREIGN BONDS (Cost - $375,647,751)										247,269,130
COLLATERALIZED MORTGAGE OBLIGATIONS(j) - 6.1%
AREIT Trust, 2021-CRE5 B (1 mo. USD LIBOR + 1.820%)		3.976	%		11/17/38		807,000			785,674	(a)(d)
Benchmark Mortgage Trust, 2020-IG3 C		3.290	%		9/15/48		1,190,000			979,189	(a)(d)
BX Trust, 2018-GWMZ MC (1 mo. USD LIBOR + 5.488%)		7.487	%		5/15/37		6,500,000			6,117,873	(a)(d)
BX Trust, 2021-ARIA G (1 mo. USD LIBOR + 3.142%)		5.141	%		10/15/36		2,570,000			2,375,625	(a)(d)
CSMC Trust, 2015-2R 7A2		2.412	%		8/27/36		6,750,544			5,347,979	(a)(d)
CSMC Trust, 2019-RIO B (1 mo. USD LIBOR + 7.000%)		8.999	%		12/15/22		6,245,711			6,135,785	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA3 B1 (1 mo. USD LIBOR + 5.100%)		7.359	%		6/25/50		693,255			721,598	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA6 B1 (30 Day Average SOFR + 3.000%)		4.514	%		12/25/50		2,180,000			2,013,009	(a)(d)

See Notes to Schedule of Investments.

    18     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(j) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2015-HQ2 B (1 mo. USD LIBOR + 7.950%)		10.209	%		5/25/25		1,533,390	$	1,564,958	(d)
Federal National Mortgage Association (FNMA) - CAS, 2017-C05 1B1 (1 mo. USD LIBOR + 3.600%)		5.859	%		1/25/30		3,880,000		3,889,861	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2018-C01 1B1 (1 mo. USD LIBOR + 3.550%)		5.809	%		7/25/30		5,280,000		5,375,987	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2019-R07 1B1 (1 mo. USD LIBOR + 3.400%)		5.659	%		10/25/39		890,000		856,607	(a)(d)
GS Mortgage Securities Corp. II, 2018- SRP5 C (1 mo. USD LIBOR + 4.250%)		6.249	%		9/15/31		7,722,810		2,979,850	(a)(d)
GS Mortgage Securities Corp. Trust, 2018-LUAU G (1 mo. USD LIBOR + 4.450%)		6.449	%		11/15/32		1,032,000		966,782	(a)(d)
IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. USD LIBOR + 0.540%)		2.799	%		11/25/36		1,485,317		1,129,952	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2018-PHMZ M (1 mo. USD LIBOR + 8.508%)		10.507	%		6/15/35		10,570,000		7,938	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-NYAH F (1 mo. USD LIBOR + 2.190%)		4.189	%		6/15/38		344,000		316,707	(a)(d)
MHC Trust, 2021-MHC2 E (1 mo. USD LIBOR + 1.950%)		3.949	%		5/15/23		850,000		801,268	(a)(d)
ML-CFC Commercial Mortgage Trust, 2007-5 AJ		5.450	%		8/12/48		96,682		47,857	(d)
ML-CFC Commercial Mortgage Trust, 2007-9 AJ		6.193	%		9/12/49		3,547		3,496	(d)
Morgan Stanley Capital I Trust, 2021-L7 XA, IO		1.104	%		10/15/54		7,268,528		485,683	(d)
Residential Asset Securitization Trust, 2005-A15 1A4		5.750	%		2/25/36		73,769		71,811
Residential Asset Securitization Trust, 2005-A15 2A11, IO (-1.000 x 1 mo. USD LIBOR + 5.550%)		3.291	%		2/25/36		1,665,244		279,900	(d)
Sequoia Mortgage Trust, 2004-3 M1 (1 mo. USD LIBOR + 0.750%)		2.876	%		5/20/34		196,998		192,117	(d)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         19

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(j) - (continued)
SFO Commercial Mortgage Trust, 2021- 555 D (1 mo. USD LIBOR + 2.400%)		4.399	%		5/15/38		1,000,000	$	941,542	(a)(d)
Starwood Retail Property Trust, 2014- STAR E (1 mo. USD LIBOR + 4.400%)		6.400	%		11/15/27		5,070,000		51	(a)(d)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR2 B1 (1 mo. USD LIBOR + 0.795%)		3.054	%		1/25/45		3,287,437		2,764,871	(d)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR17 A1C3 (1 mo. USD LIBOR + 0.960%)		3.219	%		12/25/45		1,339,789		859,461	(d)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $70,151,019)									48,013,431
ASSET-BACKED SECURITIES - 6.0%
Aegis Asset Backed Securities Trust, 2003-3 M2 (1 mo. USD LIBOR + 2.475%)		4.734	%		1/25/34		206,670		193,362	(d)
AGL CLO Ltd., 2020-6A ER (3 mo. USD LIBOR + 6.500%)		9.210	%		7/20/34		2,680,000		2,401,008	(a)(d)
Bain Capital Credit CLO Ltd., 2021-4A E (3 mo. USD LIBOR + 6.500%)		9.210	%		10/20/34		1,900,000		1,693,029	(a)(d)
Bayview Financial Mortgage Pass- Through Trust, 2006-C 2A3 (1 mo. USD LIBOR + 0.435%)		2.781	%		11/28/36		1,741,725		1,606,413	(d)
BlueMountain CLO Ltd., 2020-29A ER (3 mo. USD LIBOR + 6.860%)		9.643	%		7/25/34		4,390,000		3,906,999	(a)(d)
Conseco Finance Corp., 1996-4 M1		7.750	%		6/15/27		1,276,771		1,268,021	(d)
Dryden CLO Ltd., 2021-95A SUB		0.000	%		8/20/34		3,900,000		2,992,780	(a)(d)
Elmwood CLO Ltd., 2019-2A SUB		0.000	%		4/20/34		6,600,000		4,804,439	(a)(d)
Goldentree Loan Management US CLO Ltd., 2020-8A FR (3 mo. USD LIBOR + 8.050%)		10.760	%		10/20/34		2,300,000		1,859,451	(a)(d)
Hayfin US Ltd., 2021-14A E (3 mo. USD LIBOR + 7.180%)		9.890	%		7/20/34		5,110,000		4,641,786	(a)(d)
KeyCorp Student Loan Trust, 2005-A 2C (3 mo. USD LIBOR + 1.300%)		3.497	%		12/27/38		3,288,326		3,065,741	(d)
Madison Park Funding Ltd., 2017-26A DR (3 mo. USD LIBOR + 3.000%)		5.806	%		7/29/30		5,025,000		4,641,482	(a)(d)
Navient Private Education Loan Trust, 2020-A B		3.160	%		11/15/68		2,890,000		2,549,759	(a)
Popular ABS Mortgage Pass-Through Trust, 2005-2 M2		6.217	%		4/25/35		4,303,462		3,286,291
RAMP Trust, 2006-RZ3 M1 (1 mo. USD LIBOR + 0.350%)		2.609	%		8/25/36		1,237,515		1,196,224	(d)

See Notes to Schedule of Investments.

    20     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
RR 18 Ltd., 2021-18A D (3 mo. USD LIBOR + 6.250%)		8.762	%		10/15/34		3,910,000	$	3,458,235	(a)(d)
SMB Private Education Loan Trust, 2021-A D2		3.860	%		1/15/53		3,340,000		3,120,306	(a)
TOTAL ASSET-BACKED SECURITIES (Cost - $51,696,707)									46,685,326
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 2.7%
U.S. Government Obligations - 2.7%
U.S. Treasury Bonds		1.125	%		8/15/40		160,000		113,656
U.S. Treasury Bonds		3.000	%		5/15/45		9,250,000		8,768,711	(k)
U.S. Treasury Notes		2.625	%		7/31/29		12,480,000		12,420,525	(l)
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $23,133,289)									21,302,892
SENIOR LOANS - 1.7%
COMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.1%
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		4.122	%		3/1/27		843,320		813,407	(d)(m)(n)
Media - 0.5%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		4.130	%		4/30/25		1,357,102		1,336,630	(d)(m)(n)
Numericable U.S. LLC, USD Term Loan B12 (3 mo. USD LIBOR + 3.688%)		6.200	%		1/31/26		805,747		762,688	(d)(m)(n)
Univision Communications Inc., 2021 Replacement Term Loan (1 mo. USD LIBOR + 3.250%)		5.622	%		3/15/26		1,358,670		1,329,235	(d)(m)(n)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		4.499	%		1/31/28		360,000		351,824	(d)(m)(n)
Total Media									3,780,377
TOTAL COMMUNICATION SERVICES									4,593,784
CONSUMER DISCRETIONARY - 0.5%
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, 2021 Refinancing Term Loan B1 (1 mo. USD LIBOR + 2.750%)		4.463	%		9/23/26		847,471		825,636	(d)(m)(n)
Hotels, Restaurants & Leisure - 0.4%
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		4.122	%		11/19/26		1,001,072		972,917	(d)(m)(n)
Alterra Mountain Co., 2028 Term Loan B (1 mo. USD LIBOR + 3.500%)		5.872	%		8/17/28		281,267		272,359	(d)(m)(n)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         21

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		5.122	%		12/23/24		1,165,345	$	1,142,236	(d)(m)(n)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		3.964	%		6/22/26		399,506		394,063	(d)(m)(n)
Total Hotels, Restaurants & Leisure									2,781,575
TOTAL CONSUMER DISCRETIONARY									3,607,211
FINANCIALS - 0.2%
Capital Markets - 0.0%††
Edelman Financial Engines Center LLC, 2021 Refinancing Term Loan (1 mo. USD LIBOR + 3.500%)		5.872	%		4/7/28		309,957		295,278	(d)(m)(n)
Diversified Financial Services - 0.1%
Jane Street Group LLC, Dollar Term Loan (1 mo. USD LIBOR + 2.750%)		5.122	%		1/26/28		329,052		323,226	(d)(m)(n)
Insurance - 0.1%
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		5.372	%		11/3/24		551,335		533,874	(d)(m)(n)
TOTAL FINANCIALS									1,152,378
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.1%
LifePoint Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		6.122	%		11/16/25		671,578		636,081	(d)(m)(n)
Phoenix Guarantor Inc., Term Loan B1 (1 mo. USD LIBOR + 3.250%)		5.622	%		3/5/26		271,635		261,746	(d)(m)(n)
Total Health Care Providers & Services									897,827
Health Care Technology - 0.1%
Change Healthcare Holdings LLC, Closing Date Term Loan (1 mo. USD LIBOR + 2.500%)		4.872	%		3/1/24		934,652		925,306	(d)(m)(n)
TOTAL HEALTH CARE									1,823,133
INDUSTRIALS - 0.2%
Building Products - 0.2%
Hunter Douglas Holding BV, Term Loan B1 (3 mo. Term SOFR + 3.500%)		4.842	%		2/26/29		1,900,000		1,702,400	(d)(m)(n)

See Notes to Schedule of Investments.

    22     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.0%††
Containers & Packaging - 0.0%††
Berry Global Inc., Term Loan Z (3 mo. USD LIBOR + 1.750%)		4.178	%		7/1/26		71,961	$	70,882	(d)(m)(n)
Reynolds Consumer Products LLC, Initial Term Loan (1 mo. USD LIBOR + 1.750%)		4.122	%		2/4/27		130,764		128,076	(d)(m)(n)
TOTAL MATERIALS									198,958
TOTAL SENIOR LOANS (Cost - $13,592,109)									13,077,864
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 1.5%
EXCHANGE-TRADED PURCHASED OPTIONS - 1.5%
90-Day Eurodollar Futures, Call @ $97.13		12/18/23			4,430		11,075,000		7,364,875
Euro-Bund Futures, Put @ 156.00EUR		8/26/22			61		6,100,000		76,061
Euro-Bund Futures, Put @ 157.00EUR		8/26/22			242		24,200,000		395,738
U.S. Treasury 5-Year Notes Futures, Call @ $113.25		8/26/22			151		151,000		140,383
U.S. Treasury 5-Year Notes Futures, Call @ $113.50		8/26/22			540		540,000		421,875
U.S. Treasury 5-Year Notes Futures, Call @ $113.75		8/26/22			28		28,000		18,156
U.S. Treasury 10-Year Notes Futures, Call @ $121.00		8/5/22			239		239,000		153,109
U.S. Treasury 10-Year Notes Futures, Call @ $118.00		8/26/22			142		142,000		465,937
U.S. Treasury 10-Year Notes Futures, Call @ $118.50		8/26/22			186		186,000		528,937
U.S. Treasury 10-Year Notes Futures, Call @ $119.75		8/26/22			180		180,000		331,875
U.S. Treasury 10-Year Notes Futures, Call @ $120.50		8/26/22			35		35,000		47,031
U.S. Treasury 10-Year Notes Futures, Call @ $120.75		8/26/22			239		239,000		287,547
U.S. Treasury 10-Year Notes Futures, Put @ $118.50		8/26/22			28		28,000		5,687
U.S. Treasury 10-Year Notes Futures, Put @ $119.75		8/26/22			120		120,000		54,375
U.S. Treasury Long-Term Bonds Futures, Call @ $140.00		8/26/22			126		126,000		582,750
U.S. Treasury Long-Term Bonds Futures, Call @ $142.00		8/26/22			29		29,000		92,438

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         23

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY		EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
EXCHANGE-TRADED PURCHASED OPTIONS - (continued)
U.S. Treasury Long-Term Bonds Futures, Call @ $143.00			8/26/22			157		157,000	$	404,766
U.S. Treasury Long-Term Bonds Futures, Call @ $143.50			8/26/22			60		60,000		137,813
U.S. Treasury Long-Term Bonds Futures, Call @ $144.00			8/26/22			4		4,000		8,125
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $9,638,592)										11,517,478
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.0%††
Credit default swaption to sell protection on Markit CDX.NA.IG.38 Index, Call @ 90.00bps	BNP Paribas SA		8/17/22			20,990,000		20,990,000		92,955
U.S. Dollar/Japanese Yen, Put @ 113.00JPY	Morgan Stanley & Co. Inc.		9/21/22			22,554,790		22,554,790		5,488
U.S. Dollar/Japanese Yen, Put @ 131.55JPY	Goldman Sachs Group Inc.		10/5/22			4,927,253		4,927,253		76,231
U.S. Dollar/Japanese Yen, Put @ 131.39JPY	Citibank N.A.		10/6/22			1,461,316		1,461,316		22,281
U.S. Dollar/Japanese Yen, Put @ 131.50JPY	Goldman Sachs Group Inc.		10/6/22			1,632,900		1,632,900		25,435
TOTAL OTC PURCHASED OPTIONS (Cost - $338,595)										222,390
TOTAL PURCHASED OPTIONS (Cost - $9,977,187)										11,739,868
		RATE			MATURITY DATE		FACE AMOUNT†
MUNICIPAL BONDS - 0.5%
California - 0.0%††
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A			7.000	%		10/1/39		360,000		416,892	(a)
Regents of the University of California, CA, Medical Center Pooled Revenue, Taxable Bonds, Series N			3.706	%		5/15/2120		205,000		157,415
Total California										574,307
Illinois - 0.4%
State of Illinois, GO			5.100	%		6/1/33		2,925,000		2,986,762

See Notes to Schedule of Investments.

    24     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) July 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Michigan - 0.1%
Detroit, MI, GO, Financial Recovery, Series B-1, Step bond (4.000% to 4/1/34 then 6.000%)		4.000	%		4/1/44		820,000		$	669,300
TOTAL MUNICIPAL BONDS (Cost - $4,106,121)										4,230,369
CONVERTIBLE BONDS & NOTES - 0.4%
COMMUNICATION SERVICES - 0.4%
Media - 0.4%
DISH Network Corp., Senior Notes (Cost - $2,681,937)		2.375	%		3/15/24		3,050,000			2,725,937
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.1%
Brazil - 0.1%
Brazil Notas do Tesouro Nacional Serie B, Notes (Cost - $1,045,694)		6.000	%		5/15/23		5,665,996	BRL		1,075,732
						SHARES
COMMON STOCKS - 0.1%
ENERGY - 0.0%††
Oil, Gas & Consumable Fuels - 0.0%††
Berry Corp.							40,182			343,154
FINANCIALS - 0.1%
Capital Markets - 0.1%
EG Acquisition Corp., Class A Shares							55,833			545,489	*
TOTAL COMMON STOCKS (Cost - $972,723)										888,643
				EXPIRATION DATE		WARRANTS
WARRANTS - 0.0%††
FINANCIALS - 0.0%††
Capital Markets - 0.0%††
EG Acquisition Corp., Class A Shares (Cost - $67,285)					5/28/28		70,273			11,243	*
TOTAL INVESTMENTS - 90.3% (Cost - $887,107,391)										707,997,506
Other Assets in Excess of Liabilities - 9.7%										75,865,366
TOTAL NET ASSETS - 100.0%									$	783,862,872

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         25

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

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

†† Represents less than 0.1%.

* Non-income producing security.

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

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

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

(d) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

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

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

(g) Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.

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

(i) The coupon payment on this security is currently in default as of July 31, 2022.

(j) Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

(k) All or a portion of this security is held at the broker as collateral for OTC derivatives.

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

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

(n) Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

See Notes to Schedule of Investments.

    26     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

Abbreviation(s) used in this schedule:

AUD	— Australian Dollar
bps	— basis point spread (100 basis points = 1.00%)
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CLO	— Collateralized Loan Obligation
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
EGP	— Egyptian Pound
EUR	— Euro
GBP	— British Pound
GO	— General Obligation
GTD	— Guaranteed
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
IO	— Interest Only
JPY	— Japanese Yen
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
OFZ	— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
PIK	— Payment-In-Kind
PLN	— Polish Zloty
REMIC	— Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

At July 31, 2022, the Fund had the following written options contracts:

EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
90-Day Eurodollar Futures, Call		12/19/22	$	96.50			3,622		9,055,000	$	(2,060,013	)
90-Day Eurodollar Futures, Call		12/19/22		97.00			1,600		4,000,000		(380,000	)
90-Day Eurodollar Futures, Call		12/19/22		97.50			972		2,430,000		(97,200	)
90-Day Eurodollar Futures, Call		12/19/22		98.50			772		1,930,000		(19,300	)
90-Day Eurodollar Futures, Call		12/19/22		99.00			325		812,500		(6,094	)
90-Day Eurodollar Futures, Call		12/18/23		97.00			1,301		3,252,500		(2,382,456	)
90-Day Eurodollar Futures, Call		12/18/23		97.88			2,195		5,487,500		(1,934,344	)
90-Day Eurodollar Futures, Call		12/18/23		98.00			6,665		16,662,500		(5,207,031	)
Australian Dollar Futures, Call		8/5/22		69.00			39		39,000		(44,850	)
Australian Dollar Futures, Call		8/5/22		70.00			31		31,000		(14,260	)
Euro Futures, Call		8/5/22		1.02			64		8,000,000		(69,600	)
Euro-Bund Futures, Call		8/26/22		152.50	EUR		256		25,600,000		(1,465,211	)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         27

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

EXCHANGE-TRADED WRITTEN OPTIONS - (continued)

SECURITY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
Euro-Bund Futures, Call		8/26/22		154.00	EUR		64		6,400,000	$	(283,885	)
Euro-Bund Futures, Call		8/26/22		156.50	EUR		92		9,200,000		(238,833	)
Euro-Bund Futures, Put		8/26/22		150.00	EUR		125		12,500,000		(30,662	)
Euro-Bund Futures, Put		8/26/22		151.00	EUR		492		49,200,000		(155,883	)
Euro-Bund Futures, Put		8/26/22		152.00	EUR		123		12,300,000		(50,285	)
Euro-Bund Futures, Put		8/26/22		152.50	EUR		412		41,200,000		(193,699	)
Euro-Bund Futures, Put		8/26/22		154.00	EUR		203		20,300,000		(145,233	)
Euro-Bund Futures, Put		8/26/22		155.00	EUR		244		24,400,000		(229,430	)
Japanese Yen Futures, Call		8/5/22	$	73.00			31		38,750		(88,737	)
Japanese Yen Futures, Call		8/5/22		73.50			31		38,750		(70,525	)
Japanese Yen Futures, Call		8/5/22		74.00			62		77,500		(108,500	)
U.S. Treasury 5-Year Notes Futures, Call		8/26/22		112.50			1,593		1,593,000		(2,327,274	)
U.S. Treasury 5-Year Notes Futures, Call		8/26/22		112.75			306		306,000		(389,672	)
U.S. Treasury 5-Year Notes Futures, Call		8/26/22		113.00			1,021		1,021,000		(1,116,719	)
U.S. Treasury 5-Year Notes Futures, Call		8/26/22		114.00			1,515		1,515,000		(804,844	)
U.S. Treasury 5-Year Notes Futures, Call		8/26/22		114.50			304		304,000		(104,500	)
U.S. Treasury 5-Year Notes Futures, Put		8/26/22		111.50			61		61,000		(5,242	)
U.S. Treasury 5-Year Notes Futures, Put		8/26/22		111.75			1,224		1,224,000		(133,875	)
U.S. Treasury 5-Year Notes Futures, Put		8/26/22		112.25			456		456,000		(81,938	)
U.S. Treasury 5-Year Notes Futures, Put		8/26/22		112.50			326		326,000		(76,406	)
U.S. Treasury 5-Year Notes Futures, Put		8/26/22		112.75			364		364,000		(108,062	)
U.S. Treasury 5-Year Notes Futures, Put		8/26/22		113.50			121		121,000		(67,117	)
U.S. Treasury 10-Year Notes Futures, Call		8/26/22		119.00			591		591,000		(1,431,328	)
U.S. Treasury 10-Year Notes Futures, Call		8/26/22		119.50			3,725		3,725,000		(7,566,406	)
U.S. Treasury 10-Year Notes Futures, Call		8/26/22		120.00			2,999		2,999,000		(5,013,953	)
U.S. Treasury 10-Year Notes Futures, Call		8/26/22		121.00			639		639,000		(678,938	)
U.S. Treasury 10-Year Notes Futures, Call		8/26/22		121.50			817		817,000		(676,578	)
U.S. Treasury 10-Year Notes Futures, Call		8/26/22		122.00			1,729		1,729,000		(1,080,625	)
U.S. Treasury 10-Year Notes Futures, Call		8/26/22		123.00			121		121,000		(41,594	)
U.S. Treasury 10-Year Notes Futures, Put		8/26/22		117.00			611		611,000		(38,188	)
U.S. Treasury 10-Year Notes Futures, Put		8/26/22		118.00			764		764,000		(107,437	)
U.S. Treasury 10-Year Notes Futures, Put		8/26/22		119.00			970		970,000		(272,812	)
U.S. Treasury 10-Year Notes Futures, Put		8/26/22		119.50			672		672,000		(262,500	)
U.S. Treasury 10-Year Notes Futures, Put		8/26/22		120.00			350		350,000		(185,937	)
U.S. Treasury Long-Term Bonds Futures, Call		8/26/22		141.00			253		253,000		(980,375	)
U.S. Treasury Long-Term Bonds Futures, Call		8/26/22		145.00			46		46,000		(73,313	)

See Notes to Schedule of Investments.

    28     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

EXCHANGE-TRADED WRITTEN OPTIONS - (continued)

SECURITY			EXPIRATION DATE			STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†			VALUE
U.S. Treasury Long-Term Bonds Futures, Put				8/26/22		$	138.00			192		192,000		$	(60,000	)
U.S. Treasury Long-Term Bonds Futures, Put				8/26/22			140.00			122		122,000			(76,250	)
U.S. Treasury Long-Term Bonds Futures, Put				8/26/22			140.50			184		184,000			(138,000	)
U.S. Treasury Long-Term Bonds Futures, Put				8/26/22			141.00			122		122,000			(106,750	)
U.S. Treasury Long-Term Bonds Futures, Put				8/26/22			142.00			182		182,000			(216,125	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $31,587,423)														$	(39,498,789	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Credit default swaption to sell protection on Markit CDX.NA.IG.38 Index, Put		BNP Paribas SA		8/17/22	��		115.00	bps		20,990,000		20,990,000	‡	$	(2,749	)
U.S. Dollar/Australian Dollar, Call		Goldman Sachs Group Inc.		8/10/22		$	0.68			11,520,000		11,520,000			(19,526	)
U.S. Dollar/Australian Dollar, Put		Citibank N.A.		11/1/22			0.73			8,685,329		8,685,329			(68,571	)
U.S. Dollar/Euro, Call		Morgan Stanley & Co. Inc.		10/13/22			1.01			8,378,187		8,378,187			(103,664	)
U.S. Dollar/Japanese Yen, Call		Morgan Stanley & Co. Inc.		8/4/22			131.00	JPY		10,420,000		10,420,000			(199,279	)
U.S. Dollar/Mexican Peso, Put		Goldman Sachs Group Inc.		8/1/22			20.23	MXN		5,740,000		5,740,000			(8,610	)
U.S. Dollar/Mexican Peso, Put		Morgan Stanley & Co. Inc.		8/4/22			19.82	MXN		4,830,000		4,830,000			(779	)
TOTAL OTC WRITTEN OPTIONS (Premiums received - $970,496)														$	(403,178	)
TOTAL WRITTEN OPTIONS (Premiums received - $32,557,919)														$	(39,901,967	)

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

‡ In the event an option is exercised and a credit event occurs as defined under the terms of the swap agreement, the notional amount is the maximum potential amount that could be required to be paid as a seller of credit protection or received as a buyer of credit protection.

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         29

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

Abbreviation(s) used in this schedule:
bps	— basis point spread (100 basis points = 1.00%)
EUR	— Euro
JPY	— Japanese Yen
MXN	— Mexican Peso

At July 31, 2022, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month EURIBOR		1,590		12/22	$	403,442,544	$	401,795,921	$	(1,646,623	)
3-Month SOFR		187		6/23		45,131,530		45,363,862		232,332
90-Day Eurodollar		3,843		12/22		924,720,908		925,730,663		1,009,755
90-Day Eurodollar		502		6/23		121,542,328		121,408,700		(133,628	)
90-Day Eurodollar		1,403		9/23		347,441,371		340,052,125		(7,389,246	)
90-Day Eurodollar		4,492		12/23		1,097,780,264		1,090,433,000		(7,347,264	)
Australian 10-Year Bonds		254		9/22		20,915,734		22,177,986		1,262,252
Australian Dollar		797		9/22		55,768,287		55,790,000		21,713
British Pound		357		9/22		27,386,671		27,194,475		(192,196	)
Canadian Dollar		135		9/22		10,432,001		10,535,400		103,399
Japanese Yen		630		9/22		59,267,849		59,271,188		3,339
Mexican Peso		1,902		9/22		46,729,465		46,285,170		(444,295	)
U.S. Treasury 5-Year Notes		3,566		9/22		402,922,960		405,548,913		2,625,953
U.S. Treasury Long- Term Bonds		7,859		9/22		1,092,636,897		1,131,696,000		39,059,103
U.S. Treasury Ultra Long-Term Bonds		848		9/22		130,283,636		134,249,000		3,965,364
										31,129,958
Contracts to Sell:
Euro		505		9/22		67,457,319		64,731,532		2,725,787
Euro-Bobl		186		9/22		23,181,910		24,308,253		(1,126,343	)
Euro-Bund		1,855		9/22		288,710,356		298,870,109		(10,159,753	)
Japanese 10-Year Bonds		53		9/22		59,326,266		59,820,247		(493,981	)
U.S. Treasury 2-Year Notes		6		9/22		1,256,615		1,262,766		(6,151	)
U.S. Treasury 10-Year Notes		8,829		9/22		1,050,637,527		1,069,550,622		(18,913,095	)
U.S. Treasury Ultra 10-Year Notes		1,836		9/22		235,784,021		240,975,000		(5,190,979	)
										(33,164,515	)
Net unrealized depreciation on open futures contracts									$	(2,034,557	)

See Notes to Schedule of Investments.

    30     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

Abbreviation(s) used in this table:
EURIBOR	— Euro Interbank Offered Rate
SOFR	— Secured Overnight Financing Rate

At July 31, 2022, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	2,996,000		USD	586,301	Morgan Stanley & Co. Inc.		8/2/22	$	(7,950	)
USD	577,442		BRL	2,996,000	Morgan Stanley & Co. Inc.		8/2/22		(909	)
USD	4,760,000		JPY	620,823,000	Morgan Stanley & Co. Inc.		8/8/22		101,088
USD	3,472,142		PLN	15,000,000	Citibank N.A.		8/18/22		248,874
USD	2,616,352		JPY	313,630,000	Morgan Stanley & Co. Inc.		9/26/22		253,619
USD	1,511,024		JPY	203,867,392	Goldman Sachs Group Inc.		10/7/22		(26,302	)
USD	428,653		JPY	57,800,386	Citibank N.A.		10/11/22		(7,367	)
USD	489,870		JPY	66,058,970	Goldman Sachs Group Inc.		10/11/22		(8,448	)
EUR	15,733,859		USD	15,949,871	BNP Paribas SA		10/18/22		223,684
JPY	1,467,525,000		USD	10,821,035	BNP Paribas SA		10/18/22		256,266
USD	5,272,904		EUR	5,200,000	BNP Paribas SA		10/18/22		(72,414	)
USD	879,218		JPY	120,000,000	BNP Paribas SA		10/18/22		(26,577	)
USD	52,890,325		JPY	7,155,412,075	BNP Paribas SA		10/18/22		(1,120,784	)
AUD	600,000		USD	409,176	Citibank N.A.		10/18/22		10,533
AUD	2,800,000		USD	1,901,144	Citibank N.A.		10/18/22		57,500
AUD	6,460,529		USD	4,426,037	Citibank N.A.		10/18/22		93,204
CAD	2,210,000		USD	1,702,259	Citibank N.A.		10/18/22		23,084
CAD	5,000,000		USD	3,889,879	Citibank N.A.		10/18/22		13,612
CAD	7,210,000		USD	5,553,523	Citibank N.A.		10/18/22		75,312
CAD	17,806,875		USD	13,758,132	Citibank N.A.		10/18/22		143,665
CNH	6,157,984		USD	915,972	Citibank N.A.		10/18/22		(2,444	)
USD	20,289,552		CNH	135,800,000	Citibank N.A.		10/18/22		143,809
USD	577,019		CNY	3,890,668	Citibank N.A.		10/18/22		(1,831	)
USD	4,173,991		CNY	28,020,000	Citibank N.A.		10/18/22		5,201
USD	16,171,521		CNY	108,388,001	Citibank N.A.		10/18/22		45,653

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         31

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	20,872,933		CNY	140,120,000	Citibank N.A.		10/18/22	$	26,008
USD	3,764,588		EUR	3,680,000	Citibank N.A.		10/18/22		(18,252	)
USD	5,338,807		EUR	5,220,000	Citibank N.A.		10/18/22		(27,070	)
USD	8,108,165		EUR	7,900,000	Citibank N.A.		10/18/22		(12,607	)
USD	33,990,156		IDR	513,557,260,000	Citibank N.A.		10/18/22		(556,960	)
BRL	76,818,329		USD	13,700,922	Goldman Sachs Group Inc.		10/18/22		820,941
MXN	26,162,855		USD	1,238,953	Goldman Sachs Group Inc.		10/18/22		25,128
USD	935,884		BRL	5,192,287	Goldman Sachs Group Inc.		10/18/22		(45,674	)
USD	183,119		COP	851,504,015	Goldman Sachs Group Inc.		10/18/22		(12,634	)
USD	7,864,582		COP	34,752,803,462	Goldman Sachs Group Inc.		10/18/22		(124,765	)
USD	6,242,046		GBP	5,178,059	Goldman Sachs Group Inc.		10/18/22		(75,885	)
CNH	93,282,314		USD	13,854,495	JPMorgan Chase & Co.		10/18/22		(16,192	)
USD	10,350,654		CNH	69,220,000	JPMorgan Chase & Co.		10/18/22		81,963
USD	16,295,225		CNH	109,253,925	JPMorgan Chase & Co.		10/18/22		87,556
USD	4		INR	355	JPMorgan Chase & Co.		10/18/22		0	1
USD	9,379,356		TWD	278,069,775	JPMorgan Chase & Co.		10/18/22		58,780
COP	2,509,760,000		USD	559,584	Morgan Stanley & Co. Inc.		10/18/22		17,387
COP	19,539,837,875		USD	4,414,785	Morgan Stanley & Co. Inc.		10/18/22		77,243
MXN	45,000,000		USD	2,157,342	Morgan Stanley & Co. Inc.		10/18/22		16,872
MXN	261,046,000		USD	12,644,515	Morgan Stanley & Co. Inc.		10/18/22		(31,850	)
NOK	11,922,771		USD	1,182,510	Morgan Stanley & Co. Inc.		10/18/22		53,014
PLN	2,455,942		USD	520,823	Morgan Stanley & Co. Inc.		10/18/22		1,630
TWD	5,736,724		USD	193,481	Morgan Stanley & Co. Inc.		10/18/22		(1,193	)
USD	50,144		IDR	758,423,630	Morgan Stanley & Co. Inc.		10/18/22		(876	)
USD	27,383,149		IDR	411,349,670,563	Morgan Stanley & Co. Inc.		10/18/22		(288,438	)
USD	16,922,236		MXN	354,030,090	Morgan Stanley & Co. Inc.		10/18/22		(183,036	)
USD	26,385,772		MXN	552,650,000	Morgan Stanley & Co. Inc.		10/18/22		(315,993	)
USD	18,058		NOK	185,025	Morgan Stanley & Co. Inc.		10/18/22		(1,116	)
USD	549,438		PLN	2,686,539	Morgan Stanley & Co. Inc.		10/18/22		(22,071	)
ZAR	132,305,252		USD	7,950,037	Morgan Stanley & Co. Inc.		10/18/22		(58,654	)
Total								$	(106,666	)

¹  Value is less than $1.

See Notes to Schedule of Investments.

    32     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

Abbreviation(s) used in this table:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
NOK	— Norwegian Krone
PLN	— Polish Zloty
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand

At July 31, 2022, the Fund had the following open swap contracts:

OTC INTEREST RATE SWAPS
SWAP COUNTERPARTY	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†		PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED DEPRECIATION
Bank of America N.A.		212,279,000	BRL		1/4/27		BRL-CDI**		11.993%**		—	$	(551,157	)
JPMorgan Chase & Co.		1,637,458,000	RUB		10/27/24		RUB-MOSPRIME quarterly		8.985% annually		—		(935,979	)
Total											—	$	(1,487,136	)

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT*		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		34,480,000		11/18/23	3.970%**	CPURNSA**	$	(157,317	)	$	1,300,511
		301,793,000		6/4/24	3-Month LIBOR quarterly	0.820% semi- annually		—			(6,448,185	)
		958,061,000		3/1/25	3-Month LIBOR quarterly	1.410% semi- annually		(371,580	)		(10,558,074	)
		339,656,000		6/21/25	3-Month LIBOR quarterly	1.515% semi- annually		30,125			(3,172,112	)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         33

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		170,428,000			10/13/25	Daily SOFR Compound annually	1.396% annually		—		$	(1,256,208	)
		30,650,000			5/12/26	CPURNSA**	2.790%**	$	(160,933	)		(2,414,678	)
		18,030,000	GBP		10/15/26	UKRPI**	4.500%**		(693,694	)		(1,069,966	)
		9,220,000			10/20/26	2.950%**	CPURNSA**		268,929			203,031
		34,480,000			11/18/26	CPURNSA**	3.370%**		377,875			(1,378,762	)
		47,420,000			11/20/26	1.520% annually	Daily SOFR Compound annually		(81,815	)		1,025,105
		27,266,000			3/4/27	Daily SOFR Compound annually	1.550% annually		(38,839	)		(1,046,715	)
		718,009,000	MXN		4/21/27	28-Day MXN TIIE - Banxico every 28 days	8.930% every 28 days		(1,641	)		1,044,195
		282,223,000			5/15/27	0.710% annually	Daily SOFR Compound annually		2,167,968			19,957,987
		10,416,000			2/15/28	1.350% semi-annually	3-Month LIBOR quarterly		(47,499	)		769,425
		66,299,000			8/15/28	1.130% annually	Daily SOFR Compound annually		(9,151	)		4,774,327
		64,307,000			8/15/28	1.220% annually	Daily SOFR Compound annually		(153,784	)		4,450,996
		18,636,000			2/15/29	2.850% annually	Daily SOFR Compound annually		74,125			(585,439	)
		78,592,000			6/24/30	0.689% semi-annually	3-Month LIBOR quarterly		—			11,178,401
		148,530,000			7/8/30	0.680% semi-annually	3-Month LIBOR quarterly		—			21,335,391
		9,220,000			10/20/31	CPURNSA**	2.770%**		(260,924	)		(235,702	)
		31,150,000			10/20/31	1.733% annually	Daily SOFR Compound annually		123,087			717,162
		12,579,000			3/18/32	2.000% annually	Daily SOFR Compound annually		101,962			363,746

See Notes to Schedule of Investments.

    34     Western Asset Macro Opportunities Fund 2022 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT*		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		41,100,000		7/20/45	0.560% annually		Daily SOFR annually	$	253,132		$	13,859,624
		12,970,000		8/19/45	0.740% annually		Daily SOFR annually		—			4,031,445
		7,341,000		8/15/47	1.650% annually		Daily SOFR Compound annually		738,023			420,972
		23,407,000		2/15/48	2.620% annually		Daily SOFR Compound annually		(479,630	)		(73,516	)
		4,990,000		10/7/51	CPURNSA**		2.500%**		(1	)		(305,208	)
		10,840,000		4/21/52	2.500% annually		Daily SOFR Compound annually		22,058			(168,641	)
Total								$	1,700,476		$	56,719,112

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT JULY 31, 20223		PERIODIC PAYMENTS RECEIVED BY THE FUND†		MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
Teva
Pharmaceutical
Finance Co. BV, 2.950%, due 12/18/22	$	3,270,000		6/20/26		3.153%		1.000% quarterly	$	(238,183	)	$	(250,676	)	$	12,493

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE FUND†		MARKET VALUE4		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
Markit CDX.NA.HY.38 Index	$	20,845,440		6/20/27		5.000% quarterly	$	240,181	$	(450,254	)	$	690,435
Markit CDX.NA.IG.38 Index		263,226,000		6/20/27		1.000% quarterly		2,324,549		2,055,163			269,386
Total	$	284,071,440					$	2,564,730	$	1,604,909		$	959,821

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2022 Quarterly Report         35

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) July 31, 2022

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

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

³  Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads 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. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

⁴  The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

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

** One time payment made at termination date.

Abbreviation(s) used in this table:
BRL	— Brazilian Real
BRL-CDI	— Brazil Cetip InterBank Deposit Rate
CPURNSA	— U.S. CPI Urban Consumers NSA Index
GBP	— British Pound
LIBOR	— London Interbank Offered Rate
MOSPRIME	— Moscow Prime Offered Rate
MXN	— Mexican Peso
RUB	— Russian Ruble
SOFR	— Secured Overnight Financing Rate
TIIE	— Equilibrium Interbanking Interest Rate (Tasa de Intere’s Interbancaria de Equilibrio)
UKRPI	— United Kingdom Retail Price Index

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

See Notes to Schedule of Investments.

    36     Western Asset Macro Opportunities Fund 2022 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

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

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

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

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

37

Notes to Schedule of Investments (unaudited) (cont’d)

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

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

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

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

• Level 1 – 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.

38

Notes to Schedule of Investments (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
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Financials		—	$	64,634,453	$	1,946,870	$	66,581,323
Other Corporate Bonds & Notes		—		244,395,748		—		244,395,748
Sovereign Bonds		—		247,269,130		—		247,269,130
Collateralized Mortgage Obligations		—		48,013,431		—		48,013,431
Asset-Backed Securities		—		46,685,326		—		46,685,326
U.S. Government & Agency Obligations		—		21,302,892		—		21,302,892
Senior Loans		—		13,077,864		—		13,077,864
Purchased Options:
Exchange-Traded Purchased Options	$	11,517,478		—		—		11,517,478
OTC Purchased Options		—		222,390		—		222,390
Municipal Bonds		—		4,230,369		—		4,230,369
Convertible Bonds & Notes		—		2,725,937		—		2,725,937
Non-U.S. Treasury Inflation Protected Securities		—		1,075,732		—		1,075,732
Common Stocks		888,643		—		—		888,643
Warrants		11,243		—		—		11,243
Total Investments	$	12,417,364	$	693,633,272	$	1,946,870	$	707,997,506
Other Financial Instruments:
Futures Contracts††	$	51,008,997		—		—	$	51,008,997
Forward Foreign Currency Contracts††		—	$	2,961,626		—		2,961,626
Centrally Cleared Interest Rate Swaps††		—		85,432,318		—		85,432,318
Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection††		—		12,493		—		12,493
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		959,821		—		959,821
Total Other Financial Instruments	$	51,008,997	$	89,366,258		—	$	140,375,255
Total	$	63,426,361	$	782,999,530	$	1,946,870	$	848,372,761

39

Notes to Schedule of Investments (unaudited) (cont’d)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	39,498,789		—		—	$	39,498,789
OTC Written Options		—	$	403,178		—		403,178
Futures Contracts††		53,043,554		—		—		53,043,554
Forward Foreign Currency Contracts††		—		3,068,292		—		3,068,292
OTC Interest Rate Swaps		—		1,487,136		—		1,487,136
Centrally Cleared Interest Rate Swaps††		—		28,713,206		—		28,713,206
Total	$	92,542,343	$	33,671,812		—	$	126,214,155

† See Schedule of Investments for additional detailed categorizations.

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

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended July 31, 2022. The following transactions were effected in such company for the period ended July 31, 2022.

	Affiliate Value at October 31, 2021		Purchased				Sold
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	7,773,557	$	555,928,638		555,928,638	$	563,702,195		563,702,195

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at July 31, 2022
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	21,280		—		—

40