Western Asset Funds NPORT-P Western Asset Macro Opportunities Fund (Jan 2023 report)

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 32.0%
COMMUNICATION SERVICES - 1.8%
Diversified Telecommunication Services - 0.4%
Altice France SA, Senior Secured Notes		5.500	%		1/15/28		2,250,000	$	1,872,608	(a)
Altice France SA, Senior Secured Notes		5.500	%		10/15/29		200,000		158,391	(a)
Total Diversified Telecommunication Services									2,030,999
Media - 0.6%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		70,000		59,894	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.750	%		2/1/32		110,000		93,654	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		1,480,000		1,226,580
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		1,130,000		882,558	(a)
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		420,000		267,750
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		240,000		207,300	(a)
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		30,000		24,602	(a)
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		190,000		204,041
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		550,000		510,947	(a)
Total Media									3,477,326
Wireless Telecommunication Services - 0.8%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		960,000		831,686	(a)
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		2,210,000		1,395,118	(a)
CSC Holdings LLC, Senior Notes		4.125	%		12/1/30		1,120,000		829,842	(a)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		250,000		309,088
Sprint LLC, Senior Notes		7.625	%		2/15/25		300,000		311,790
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		410,000		349,150	(a)
Total Wireless Telecommunication Services									4,026,674
TOTAL COMMUNICATION SERVICES									9,534,999
CONSUMER DISCRETIONARY - 4.8%
Automobiles - 1.0%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		130,000		103,344
Ford Motor Co., Senior Notes		6.100	%		8/19/32		1,790,000		1,758,600
Ford Motor Credit Co. LLC, Senior Notes		3.375	%		11/13/25		300,000		279,849
Ford Motor Credit Co. LLC, Senior Notes		4.389	%		1/8/26		220,000		211,454
Ford Motor Credit Co. LLC, Senior Notes		2.700	%		8/10/26		200,000		178,784
Ford Motor Credit Co. LLC, Senior Notes		4.271	%		1/9/27		1,120,000		1,048,132

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         1

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Automobiles - (continued)
Ford Motor Credit Co. LLC, Senior Notes		2.900	%		2/10/29		200,000	$	167,092
Ford Motor Credit Co. LLC, Senior Notes		5.113	%		5/3/29		420,000		398,621
Ford Motor Credit Co. LLC, Senior Notes		3.625	%		6/17/31		1,180,000		983,036
Total Automobiles									5,128,912
Diversified Consumer Services - 0.1%
Wesleyan University, Senior Notes		4.781	%		7/1/2116		690,000		578,183
Hotels, Restaurants & Leisure - 2.8%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.875	%		1/15/28		280,000		256,333	(a)
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.500	%		2/15/29		280,000		245,360	(a)
Carnival Corp., Senior Notes		5.750	%		3/1/27		2,940,000		2,444,345	(a)
Carnival Corp., Senior Notes		10.500	%		6/1/30		2,630,000		2,534,741	(a)
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		920,000		885,715
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		130,000		121,779
Las Vegas Sands Corp., Senior Notes		3.500	%		8/18/26		240,000		223,743
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		8/31/26		650,000		582,564	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.375	%		7/15/27		2,000,000		1,742,264	(a)
Sands China Ltd., Senior Notes		5.625	%		8/8/25		2,240,000		2,229,270
Sands China Ltd., Senior Notes		2.800	%		3/8/27		960,000		839,932
Sands China Ltd., Senior Notes		3.350	%		3/8/29		630,000		539,675
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		670,000		590,153	(a)
Wynn Macau Ltd., Senior Notes		4.875	%		10/1/24		840,000		808,509	(a)
Wynn Macau Ltd., Senior Notes		5.500	%		1/15/26		1,320,000		1,232,175	(a)
Total Hotels, Restaurants & Leisure									15,276,558
Internet & Direct Marketing Retail - 0.9%
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		4,500,000		4,090,170	(b)
Prosus NV, Senior Notes		4.027	%		8/3/50		1,290,000		873,709	(a)
Total Internet & Direct Marketing Retail									4,963,879
TOTAL CONSUMER DISCRETIONARY									25,947,532
ENERGY - 10.7%
Oil, Gas & Consumable Fuels - 10.7%
Apache Corp., Senior Notes		7.750	%		12/15/29		190,000		202,289
Apache Corp., Senior Notes		6.000	%		1/15/37		410,000		388,844
Apache Corp., Senior Notes		5.250	%		2/1/42		1,210,000		1,017,719
Apache Corp., Senior Notes		7.375	%		8/15/47		100,000		100,254
Apache Corp., Senior Notes		5.350	%		7/1/49		940,000		779,673

See Notes to Schedule of Investments.

    2     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Berry Petroleum Co. LLC, Senior Notes		7.000	%		2/15/26		780,000	$	747,879	(a)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		7.625	%		12/15/25		580,000		589,840	(a)
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		430,000		359,549
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		240,000		193,035
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		660,000		697,250	(a)
DCP Midstream Operating LP, Senior Notes		6.750	%		9/15/37		620,000		679,861	(a)
Devon Energy Corp., Senior Notes		7.875	%		9/30/31		220,000		258,131
Devon Energy Corp., Senior Notes		7.950	%		4/15/32		340,000		402,549
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		2,090,000		2,022,211
Ecopetrol SA, Senior Notes		8.875	%		1/13/33		870,000		893,634
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		2,894,308	(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		2,722,912	(c)(d)
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		4,186,120	(c)(d)
Energy Transfer LP, Senior Notes		6.850	%		2/15/40		400,000		406,340
EQT Corp., Senior Notes		7.000	%		2/1/30		200,000		212,995
Kinder Morgan Energy Partners LP, Senior Notes		6.950	%		1/15/38		70,000		79,294
Northern Oil and Gas Inc., Senior Notes		8.125	%		3/1/28		650,000		648,320	(a)
Occidental Petroleum Corp., Senior Notes		3.200	%		8/15/26		860,000		797,671
Occidental Petroleum Corp., Senior Notes		6.625	%		9/1/30		2,270,000		2,412,573
Occidental Petroleum Corp., Senior Notes		0.000	%		10/10/36		11,680,000		5,929,215
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		980,000		991,407
Occidental Petroleum Corp., Senior Notes		4.500	%		7/15/44		180,000		147,487

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         3

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		1,420,000	$	1,513,983
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		510,000		418,445
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		2,800,000		2,216,190
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		150,000		150,164
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		1,490,000		1,293,211
Petroleos Mexicanos, Senior Notes		6.375	%		1/23/45		1,300,000		876,745
Plains All American Pipeline LP, Junior Subordinated Notes (3 mo. USD LIBOR + 4.110%)		8.716	%		3/3/23		800,000		732,000	(c)(d)
Plains All American Pipeline LP/PAA Finance Corp., Senior Notes		6.700	%		5/15/36		560,000		577,152
Range Resources Corp., Senior Notes		8.250	%		1/15/29		590,000		607,322
Rockies Express Pipeline LLC, Senior Notes		6.875	%		4/15/40		1,180,000		1,001,639	(a)
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		5,800,000		5,120,008
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		730,000		690,668
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		2,130,000		1,877,222
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		720,000		630,774
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		890,000		774,171
Western Midstream Operating LP, Senior Notes		5.500	%		2/1/50		6,090,000		5,289,987
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		1,090,000		1,341,003
YPF SA, Senior Notes		8.500	%		7/28/25		1,610,000		1,480,242	(a)
TOTAL ENERGY									57,352,286
FINANCIALS - 8.0%
Banks - 4.5%
BAC Capital Trust XIV, Junior
Subordinated Notes (3 mo. USD LIBOR + 0.400%)		5.169	%		2/16/23		260,000		208,342	(c)(d)

See Notes to Schedule of Investments.

    4     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
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		$	1,614,336	(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			4,697,875	(c)(d)
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			1,771,047	(c)(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			198,125	(a)(c)(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			7,289,034	(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		880,000			869,000	(c)(d)
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		2,067,263	(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			3,360,971	(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			850,002	(c)(d)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		200,000			195,186	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		210,000			206,467	(a)
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			845,052	(c)(d)
Total Banks										24,172,700

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         5

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - 2.1%
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	$	3,070,200	(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		162,500	(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		246,045	(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		529,107	(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		4,150,000		4,035,875	(a)(c)(d)
Credit Suisse Group AG, Senior Notes		4.875	%		5/15/45		530,000		439,533
Credit Suisse Group AG, Senior Notes (3.091% to 5/14/31 then SOFR + 1.730%)		3.091	%		5/14/32		790,000		597,974	(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		534,318	(a)(d)
Credit Suisse Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%)		9.016	%		11/15/33		470,000		528,442	(a)(d)
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 12/11/23 then USD 5 year ICE Swap Rate + 4.598%)		7.500	%		12/11/23		1,310,000		1,247,771	(a)(c)(d)
Goldman Sachs Capital II, Junior Subordinated Notes (3 mo. USD LIBOR + 0.768%)		5.528	%		3/3/23		109,000		87,609	(c)(d)
Total Capital Markets									11,479,374
Diversified Financial Services - 0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		170,000		142,825

See Notes to Schedule of Investments.

    6     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Financial Services - (continued)
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%)		6.288	%		12/21/65		740,000	$	479,150	(a)(d)
Toll Road Investors Partnership II LP		0.000	%		2/15/24		520,000		483,927	(a)
Toll Road Investors Partnership II LP		0.000	%		2/15/38		200,000		68,366	(a)
Vanguard Group Inc.		3.050	%		8/22/50		2,610,000		1,802,941	(e)(f)
Total Diversified Financial Services									2,977,209
Insurance - 0.9%
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		4,950,000		4,598,525	(a)(g)
TOTAL FINANCIALS									43,227,808
HEALTH CARE - 4.3%
Health Care Providers & Services - 0.4%
Dignity Health, Secured Notes		5.267	%		11/1/64		760,000		730,506
HCA Inc., Senior Notes		7.500	%		11/15/95		1,250,000		1,402,135
Total Health Care Providers & Services									2,132,641
Pharmaceuticals - 3.9%
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		6,030,000		2,779,193	(a)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		1,140,000		511,388	(a)
Bausch Health Cos. Inc., Senior Notes		5.250	%		1/30/30		5,490,000		2,414,500	(a)
Teva Pharmaceutical Finance Co. LLC, Senior Notes		6.150	%		2/1/36		4,146,000		3,839,813
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		7.125	%		1/31/25		4,200,000		4,262,160
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		2,374,000		2,132,897
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		6.750	%		3/1/28		520,000		523,640
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.100	%		10/1/46		6,917,000		4,750,947
Total Pharmaceuticals									21,214,538
TOTAL HEALTH CARE									23,347,179
INDUSTRIALS - 1.7%
Air Freight & Logistics - 0.3%
XPO CNW Inc., Senior Notes		6.700	%		5/1/34		1,510,000		1,364,070

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         7

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - 1.0%
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		50,000	$	47,813	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		612,000		619,047	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		522,000		533,484	(a)
United Airlines Inc., Senior Secured Notes		4.375	%		4/15/26		3,420,000		3,250,795	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		1,220,000		1,114,684	(a)
Total Airlines									5,565,823
Building Products - 0.0%††
Builders FirstSource Inc., Senior Notes		4.250	%		2/1/32		50,000		43,091	(a)
Commercial Services & Supplies - 0.1%
California Institute of Technology, Senior Notes		3.650	%		9/1/2119		990,000		705,688
Road & Rail - 0.0%††
XPO Inc., Senior Notes		6.250	%		5/1/25		36,000		36,368	(a)
Trading Companies & Distributors - 0.3%
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		110,000		96,956	(a)
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		320,000		310,014
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		1,310,000		1,154,677
Total Trading Companies & Distributors									1,561,647
TOTAL INDUSTRIALS									9,276,687
MATERIALS - 0.3%
Containers & Packaging - 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		5.250	%		8/15/27		890,000		730,138	(a)
Metals & Mining - 0.2%
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		150,000		149,519	(a)
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		780,000		746,107
Total Metals & Mining									895,626
TOTAL MATERIALS									1,625,764

See Notes to Schedule of Investments.

    8     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
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		$	215,174	(a)
UTILITIES - 0.3%
Electric Utilities - 0.3%
Enel Finance International NV, Senior Notes		6.000	%		10/7/39		1,680,000			1,673,078	(a)
Pacific Gas and Electric Co., First Mortgage Bonds		3.300	%		8/1/40		200,000			143,784
TOTAL UTILITIES										1,816,862
TOTAL CORPORATE BONDS & NOTES (Cost - $190,002,835)										172,344,291
SOVEREIGN BONDS - 25.1%
Angola - 0.2%
Angolan Government International Bond, Senior Notes		8.250	%		5/9/28		700,000			664,818	(h)
Angolan Government International Bond, Senior Notes		8.750	%		4/14/32		400,000			371,234	(a)
Total Angola										1,036,052
Argentina - 1.7%
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23, 0.750% to 7/9/27 then 1.750%)		0.500	%		7/9/30		4,457,393			1,600,341
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			1,062,985
Provincia de Buenos Aires, Senior Notes, Step bond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%)		5.250	%		9/1/37		6,272,122			2,502,341	(a)
Provincia de Cordoba, Senior Notes		6.875	%		12/10/25		700,000			606,565	(h)
Provincia de Cordoba, Senior Notes		6.875	%		12/10/25		824,492			714,441	(a)
Provincia de Cordoba, Senior Notes		6.990	%		6/1/27		2,600,000			2,014,236	(a)
Provincia de Cordoba, Senior Notes (6.875% PIK)		6.875	%		2/1/29		1,034,131			728,888	(a)(g)
Total Argentina										9,229,797
Australia - 0.7%
Australia Government Bond, Senior Notes		3.000	%		3/21/47		6,690,000	AUD		4,018,117	(h)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         9

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Brazil - 1.6%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		13,552,000	BRL	$	2,453,669
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/31		38,024,000	BRL		6,428,132
Total Brazil										8,881,801
Dominican Republic - 0.3%
Dominican Republic International Bond, Senior Notes		5.875	%		1/30/60		2,110,000			1,631,288	(a)
Egypt - 0.3%
Egypt Government Bond		18.400	%		5/30/24		3,500,000	EGP		111,673
Egypt Government International Bond, Senior Notes		5.250	%		10/6/25		1,490,000			1,343,327	(h)
Total Egypt										1,455,000
Gabon - 0.6%
Gabon Government International Bond, Senior Notes		7.000	%		11/24/31		3,690,000			3,122,286	(a)
Indonesia - 8.9%
Indonesia Treasury Bond		8.375	%		9/15/26		3,507,000,000	IDR		250,076
Indonesia Treasury Bond		8.250	%		5/15/29		258,401,000,000	IDR		18,717,610
Indonesia Treasury Bond		6.500	%		2/15/31		143,819,000,000	IDR		9,496,180
Indonesia Treasury Bond		7.000	%		2/15/33		86,483,000,000	IDR		5,880,065
Indonesia Treasury Bond		8.375	%		3/15/34		132,689,000,000	IDR		9,894,581
Indonesia Treasury Bond		8.250	%		5/15/36		45,190,000,000	IDR		3,364,861
Indonesia Treasury Bond		8.375	%		4/15/39		6,456,000,000	IDR		488,459
Indonesia Treasury Bond		7.375	%		5/15/48		576,000,000	IDR		39,367
Total Indonesia										48,131,199
Ivory Coast - 1.0%
Ivory Coast Government International Bond, Senior Notes		4.875	%		1/30/32		2,150,000	EUR		1,840,915	(a)
Ivory Coast Government International Bond, Senior Notes		5.750	%		12/31/32		364,136			336,203	(h)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		1,420,000			1,264,953	(h)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		2,150,000			1,915,246	(a)
Total Ivory Coast										5,357,317
Kenya - 0.3%
Republic of Kenya Government International Bond, Senior Notes		7.250	%		2/28/28		1,600,000			1,418,784	(h)

See Notes to Schedule of Investments.

    10     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Kuwait - 0.2%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		1,370,000		$	1,349,450	(a)
Mexico - 4.6%
Mexican Bonos, Bonds		8.000	%		11/7/47		163,030,000	MXN		7,984,795
Mexican Bonos, Senior Notes		7.750	%		11/13/42		348,475,400	MXN		16,722,303
Total Mexico										24,707,098
Nigeria - 0.2%
Nigeria Government International Bond, Senior Notes		6.125	%		9/28/28		1,080,000			842,281	(h)
Poland - 3.0%
Republic of Poland Government Bond		1.750	%		4/25/32		99,000,000	PLN		16,174,320
Russia - 0.9%
Russian Federal Bond - OFZ		8.150	%		2/3/27		548,657,000	RUB		1,172,156	*(i)
Russian Federal Bond - OFZ		7.650	%		4/10/30		321,260,000	RUB		686,343	*(i)
Russian Federal Bond - OFZ		7.700	%		3/23/33		437,180,000	RUB		933,996	*(i)
Russian Federal Bond - OFZ		7.250	%		5/10/34		935,800,000	RUB		1,999,252	*(i)
Russian Federal Bond - OFZ		7.700	%		3/16/39		6,482,000	RUB		13,848	*(i)
Total Russia										4,805,595
Supranational - 0.5%
European Bank for Reconstruction & Development, Senior Notes		5.000	%		10/6/26		38,012,000,000	IDR		2,447,220
Zambia - 0.1%
Zambia Government International Bond, Senior Notes		8.500	%		4/14/24		550,000			277,984	(a)
TOTAL SOVEREIGN BONDS (Cost - $166,095,865)										134,885,589
COLLATERALIZED MORTGAGE OBLIGATIONS (j) - 8.3%
AREIT Trust, 2021-CRE5 B (1 mo. USD LIBOR + 1.820%)		6.285	%		11/17/38		807,000			780,239	(a)(d)
Benchmark Mortgage Trust, 2020-IG3 C		3.290	%		9/15/48		1,190,000			808,346	(a)(d)
BX Trust, 2018-GWMZ MC (1 mo. USD LIBOR + 5.488%)		9.947	%		5/15/37		4,400,000			4,259,275	(a)(d)
BX Trust, 2021-ARIA G (1 mo. USD LIBOR + 3.142%)		7.601	%		10/15/36		2,570,000			2,365,214	(a)(d)
CSMC Trust, 2015-2R 7A2		3.598	%		8/27/36		6,750,384			5,150,615	(a)(d)
CSMC Trust, 2019-RIO B (1 mo. USD LIBOR + 7.000%)		11.459	%		2/15/23		6,207,741			6,194,364	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA3 B1 (1 mo. USD LIBOR + 5.100%)		9.606	%		6/25/50		629,901			659,425	(a)(d)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         11

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (j) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA6 B1 (30 Day Average SOFR + 3.000%)		7.310	%		12/25/50		2,180,000	$	2,103,646	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2015-HQ2 B (1 mo. USD LIBOR + 7.950%)		12.456	%		5/25/25		1,531,127		1,563,621	(d)
Federal National Mortgage Association (FNMA) - CAS, 2017-C05 1B1 (1 mo. USD LIBOR + 3.600%)		8.106	%		1/25/30		3,880,000		3,978,083	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2018-C01 1B1 (1 mo. USD LIBOR + 3.550%)		8.056	%		7/25/30		5,280,000		5,424,143	(a)(d)
GS Mortgage Securities Corp. II, 2018- SRP5 C (1 mo. USD LIBOR + 4.250%)		8.709	%		9/15/31		7,585,008		3,221,603	(a)(d)
GS Mortgage Securities Corp. Trust, 2018-LUAU G (1 mo. USD LIBOR + 4.450%)		8.909	%		11/15/32		1,032,000		970,868	(a)(d)
IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. USD LIBOR + 0.540%)		5.046	%		11/25/36		1,479,995		1,108,065	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2018-PHMZ M (1 mo. USD LIBOR + 8.508%)		12.967	%		6/15/35		10,570,000		106	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-NYAH F (1 mo. USD LIBOR + 2.190%)		6.649	%		6/15/38		344,000		324,328	(a)(d)
MHC Trust, 2021-MHC2 E (1 mo. USD LIBOR + 1.950%)		6.409	%		5/15/38		850,000		818,420	(a)(d)
ML-CFC Commercial Mortgage Trust, 2007-5 AJ		5.450	%		8/12/48		96,506		24,725	(d)
ML-CFC Commercial Mortgage Trust, 2007-9 AJ		6.193	%		9/12/49		2,920		2,864	(d)
Morgan Stanley Capital I Trust, 2021-L7 XA, IO		1.100	%		10/15/54		7,252,762		433,758	(d)
Residential Asset Securitization Trust, 2005-A15 1A4		5.750	%		2/25/36		70,044		65,139
Residential Asset Securitization Trust, 2005-A15 2A11, IO (-1.000 x 1 mo. USD LIBOR + 5.550%)		1.044	%		2/25/36		1,666,309		215,227	(d)

See Notes to Schedule of Investments.

    12     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (j) - (continued)
Sequoia Mortgage Trust, 2004-3 M1 (1 mo. USD LIBOR + 0.750%)		5.236	%		5/20/34		192,978	$	186,413	(d)
SFO Commercial Mortgage Trust, 2021-555 D (1 mo. USD LIBOR + 2.400%)		6.859	%		5/15/38		1,000,000		865,259	(a)(d)
Starwood Retail Property Trust, 2014-STAR E (1 mo. USD LIBOR + 4.400%)		8.860	%		11/15/27		5,070,000		10,165	(a)(d)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR2 B1 (1 mo. USD LIBOR + 0.795%)		5.301	%		1/25/45		3,151,996		2,546,007	(d)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR17 A1C3 (1 mo. USD LIBOR + 0.960%)		5.466	%		12/25/45		1,316,893		845,080	(d)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $66,903,764)									44,924,998
ASSET-BACKED SECURITIES - 7.0%
Aegis Asset Backed Securities Trust, 2003-3 M2 (1 mo. USD LIBOR + 2.475%)		6.981	%		1/25/34		184,108		172,572	(d)
Bain Capital Credit CLO Ltd., 2021-4A E (3 mo. USD LIBOR + 6.500%)		11.308	%		10/20/34		1,900,000		1,684,402	(a)(d)
Bayview Financial Mortgage Pass- Through Trust, 2006-C 2A3 (1 mo. USD LIBOR + 0.435%)		4.982	%		11/28/36		1,649,427		1,424,119	(d)
BlueMountain CLO Ltd., 2020-29A ER (3 mo. USD LIBOR + 6.860%)		11.678	%		7/25/34		4,390,000		4,016,798	(a)(d)
Conseco Finance Corp., 1996-4 M1		7.750	%		6/15/27		1,083,949		1,082,684	(d)
Dryden CLO Ltd., 2021-95A SUB		0.000	%		8/20/34		3,900,000		2,956,200	(a)(d)
Elmwood CLO Ltd., 2019-2A SUB		0.000	%		4/20/34		6,600,000		4,800,303	(a)(d)
Hayfin US Ltd., 2021-14A E (3 mo. USD LIBOR + 7.180%)		11.988	%		7/20/34		5,110,000		5,028,638	(a)(d)
KeyCorp Student Loan Trust, 2005-A 2C (3 mo. USD LIBOR + 1.300%)		6.024	%		12/27/38		3,229,873		2,965,242	(d)
Madison Park Funding Ltd., 2017-26A DR (3 mo. USD LIBOR + 3.000%)		7.802	%		7/29/30		5,025,000		4,704,685	(a)(d)
Navient Private Education Loan Trust, 2020-A B		3.160	%		11/15/68		1,890,000		1,630,602	(a)
Popular ABS Mortgage Pass-Through Trust, 2005-2 M2		6.217	%		4/25/35		4,283,540		3,202,578
RAMP Trust, 2006-RZ3 M1 (1 mo. USD LIBOR + 0.350%)		4.856	%		8/25/36		1,064,438		1,031,242	(d)
SMB Private Education Loan Trust, 2021-A D2		3.860	%		1/15/53		3,340,000		3,010,617	(a)
TOTAL ASSET-BACKED SECURITIES (Cost - $41,485,562)									37,710,682

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         13

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 4.4%
U.S. Government Obligations - 4.4%
U.S. Treasury Bonds		1.125	%		8/15/40		60,000	$	39,838	(k)
U.S. Treasury Bonds		3.000	%		5/15/45		972,000		856,347	(k)
U.S. Treasury Bonds		2.875	%		8/15/45		10,000		8,616
U.S. Treasury Bonds		4.000	%		11/15/52		20,674,000		22,111,489	(k)
U.S. Treasury Notes		4.000	%		10/31/29		620,800		636,368	(k)
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $23,886,666)									23,652,658
SENIOR LOANS - 1.9%
COMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.1%
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		6.320	%		3/1/27		503,536		495,867	(d)(l)(m)
Media - 0.6%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		6.320	%		4/30/25		1,349,996		1,349,497	(d)(l)(m)
Univision Communications Inc., 2021 Replacement Term Loan (1 mo. USD LIBOR + 3.250%)		7.820	%		3/15/26		1,351,809		1,340,075	(d)(l)(m)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		6.959	%		1/31/28		360,000		358,652	(d)(l)(m)
Total Media									3,048,224
TOTAL COMMUNICATION SERVICES									3,544,091
CONSUMER DISCRETIONARY - 0.5%
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, 2021 Refinancing Term Loan B1 (3 mo. USD LIBOR + 2.750%)		7.517	%		9/23/26		843,180		843,707	(d)(l)(m)
Hotels, Restaurants & Leisure - 0.4%
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		6.320	%		11/19/26		743,626		736,922	(d)(l)(m)
Alterra Mountain Co., 2028 Term Loan B (1 mo. USD LIBOR + 3.500%)		8.070	%		8/17/28		279,850		279,675	(d)(l)(m)

See Notes to Schedule of Investments.

    14     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		7.320	%		12/23/24		886,633	$	886,992	(d)(l)(m)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		6.380	%		6/22/26		159,506		159,498	(d)(l)(m)
Total Hotels, Restaurants & Leisure									2,063,087
TOTAL CONSUMER DISCRETIONARY									2,906,794
FINANCIALS - 0.2%
Capital Markets - 0.0%††
Edelman Financial Engines Center LLC, 2021 Refinancing Term Loan (1 mo. USD LIBOR + 3.500%)		8.070	%		4/7/28		308,391		302,745	(d)(l)(m)
Diversified Financial Services - 0.1%
Jane Street Group LLC, Dollar Term Loan (1 mo. USD LIBOR + 2.750%)		7.320	%		1/26/28		327,382		326,794	(d)(l)(m)
Insurance - 0.1%
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		7.570	%		11/3/24		548,463		543,620	(d)(l)(m)
TOTAL FINANCIALS									1,173,159
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.2%
LifePoint Health Inc., First Lien Term Loan B (3 mo. USD LIBOR + 3.750%)		8.575	%		11/16/25		671,578		653,855	(d)(l)(m)
Phoenix Guarantor Inc., Term Loan B1 (1 mo. USD LIBOR + 3.250%)		7.820	%		3/5/26		270,242		266,779	(d)(l)(m)
TOTAL HEALTH CARE									920,634
INDUSTRIALS - 0.3%
Building Products - 0.3%
Hunter Douglas Holding BV, Term Loan B1 (3 mo. Term SOFR + 3.500%)		7.859	%		2/26/29		1,890,500		1,743,400	(d)(l)(m)
TOTAL SENIOR LOANS (Cost - $10,493,647)									10,288,078
CONVERTIBLE BONDS & NOTES - 0.6%
COMMUNICATION SERVICES - 0.6%
Media - 0.6%
DISH Network Corp., Senior Notes (Cost - $3,350,939)		2.375	%		3/15/24		3,650,000		3,395,413

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         15

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MUNICIPAL BONDS - 0.5%
California - 0.1%
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A		7.000	%		10/1/39		360,000	$	397,608	(a)
Regents of the University of California, CA, Medical Center Pooled Revenue, Taxable Bonds, Series N		3.706	%		5/15/2120		205,000		143,457
Total California									541,065
Illinois - 0.3%
State of Illinois, GO		5.100	%		6/1/33		1,425,000		1,416,591
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		619,249
TOTAL MUNICIPAL BONDS (Cost - $2,639,713)									2,576,905
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.4%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.4%
90-Day Eurodollar Futures, Call @ $97.13		12/18/23			4,430		11,075,000		415,310
Australian Dollar Futures, Call @ $68.00		2/3/23			27		27,000		72,090
Canadian Dollar Futures, Call @ $75.00		3/3/23			182		182,000		134,680
Canadian Dollar Futures, Call @ $75.50		3/3/23			52		52,000		25,480
Euro Futures, Put @ $1.09		3/3/23			52		6,500,000		58,500
Japanese Yen Futures, Call @ $77.50		2/3/23			26		32,500		12,025
U.S. Treasury 5-Year Notes Futures, Call @ $109.25		2/24/23			331		331,000		175,844
U.S. Treasury 5-Year Notes Futures, Call @ $109.50		2/24/23			624		624,000		258,375
U.S. Treasury 5-Year Notes Futures, Call @ $109.75		2/24/23			572		572,000		178,750
U.S. Treasury 10-Year Notes Futures, Call @ $114.50		2/24/23			130		130,000		101,563
U.S. Treasury 10-Year Notes Futures, Call @ $114.75		2/24/23			130		130,000		85,313
U.S. Treasury 10-Year Notes Futures, Call @ $115.00		2/24/23			101		101,000		56,813

See Notes to Schedule of Investments.

    16     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY			EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT†		VALUE
EXCHANGE-TRADED PURCHASED OPTIONS - (continued)
U.S. Treasury 10-Year Notes Futures, Put @ $115.00				2/24/23		76		76,000	$	79,563
U.S. Treasury Long-Term Bonds Futures, Call @ $130.00				2/24/23		234		234,000		340,031
U.S. Treasury Long-Term Bonds Futures, Call @ $130.50				2/24/23		52		52,000		64,188
U.S. Treasury Long-Term Bonds Futures, Call @ $131.00				2/24/23		51		51,000		52,594
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $8,758,724)										2,111,119
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.0%††
U.S. Dollar/Indian Rupee, Put @ 82.75INR (Cost - $33,856)		JPMorgan Chase & Co.		4/3/23		4,600,000		4,600,000		60,220
TOTAL PURCHASED OPTIONS (Cost - $8,792,580)										2,171,339
							SHARES
COMMON STOCKS - 0.2%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Berry Corp.								40,182		369,674
FINANCIALS - 0.1%
Capital Markets - 0.1%
EG Acquisition Corp., Class A Shares								55,833		561,680	*
TOTAL COMMON STOCKS (Cost - $972,723)										931,354
					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		12,649	*
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $514,691,579)										432,893,956

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         17

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	Rate			Shares		Value
SHORT-TERM INVESTMENTS - 4.1%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $22,364,948)		4.283	%		22,364,948	$	22,364,948	(n)(o)
TOTAL INVESTMENTS - 84.5% (Cost - $537,056,527)							455,258,904
Other Assets in Excess of Liabilities - 15.5%							83,203,917
TOTAL NET ASSETS - 100.0%						$	538,462,821

† 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 January 31, 2023.

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

(m) 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.

(n) Rate shown is one-day yield as of the end of the reporting period.

(o) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At January 31, 2023, the total market value of investments in Affiliated Companies was $22,364,948 and the cost was $22,364,948 (Note 2).

See Notes to Schedule of Investments.

    18     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

Abbreviation(s) used in this schedule:

AUD	— Australian Dollar
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CLO	— Collateralized Loan Obligation
EGP	— Egyptian Pound
EUR	— Euro
GBP	— British Pound
GO	— General Obligation
GTD	— Guaranteed
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
INR	— Indian Rupee
IO	— Interest Only
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 January 31, 2023, 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		12/18/23	$	97.00		1,301		3,252,500	$	(138,231	)
90-Day Eurodollar Futures, Call		12/18/23		97.88		2,195		5,487,500		(109,750	)
90-Day Eurodollar Futures, Call		12/18/23		98.00		6,665		16,662,500		(291,594	)
Australian Dollar Futures, Call		2/3/23		67.00		54		54,000		(197,100	)
Australian Dollar Futures, Call		2/3/23		67.50		54		54,000		(170,640	)
Australian Dollar Futures, Call		2/3/23		68.50		78		78,000		(170,040	)
Australian Dollar Futures, Call		2/3/23		69.00		52		52,000		(89,440	)
Australian Dollar Futures, Call		2/3/23		71.00		52		52,000		(17,160	)
Australian Dollar Futures, Put		2/3/23		68.50		52		52,000		(2,080	)
Australian Dollar Futures, Put		3/3/23		68.00		51		51,000		(14,790	)
Australian Dollar Futures, Put		3/3/23		70.50		26		26,000		(26,260	)
Canadian Dollar Futures, Call		2/3/23		74.00		26		26,000		(31,460	)
Canadian Dollar Futures, Call		2/3/23		74.50		111		111,000		(84,360	)
Canadian Dollar Futures, Call		2/3/23		75.00		26		26,000		(10,400	)
Canadian Dollar Futures, Put		2/3/23		74.00		26		26,000		(910	)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         19

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

EXCHANGE-TRADED WRITTEN OPTIONS - (continued)

SECURITY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†			VALUE
Euro Futures, Call		3/3/23	$	1.09			52		6,500,000		$	(68,250	)
Euro Futures, Put		2/3/23		1.06			26		3,250,000			(650	)
Euro Futures, Put		3/3/23		1.08			106		13,250,000			(74,200	)
Euro Futures, Put		3/3/23		1.08			52		6,500,000			(46,150	)
Euro-Bund Futures, Call		2/24/23		137.50	EUR		104		10,400,000	EUR		(131,154	)
Euro-Bund Futures, Call		2/24/23		138.00	EUR		52		5,200,000	EUR		(54,270	)
Euro-Bund Futures, Call		2/24/23		139.00	EUR		441		44,100,000	EUR		(302,043	)
Euro-Bund Futures, Call		2/24/23		140.00	EUR		260		26,000,000	EUR		(113,064	)
Euro-Bund Futures, Call		2/24/23		141.00	EUR		52		5,200,000	EUR		(13,568	)
Euro-Bund Futures, Put		2/24/23		136.50	EUR		52		5,200,000	EUR		(74,622	)
Euro-Bund Futures, Put		2/24/23		137.00	EUR		156		15,600,000	EUR		(266,265	)
Euro-Bund Futures, Put		2/24/23		137.50	EUR		156		15,600,000	EUR		(312,055	)
Euro-Bund Futures, Put		2/24/23		138.00	EUR		78		7,800,000	EUR		(181,467	)
Japanese Yen Futures, Call		2/3/23		77.00			154		192,500			(115,500	)
Japanese Yen Futures, Call		2/3/23		79.00			52		65,000			(3,900	)
Japanese Yen Futures, Call		3/3/23		78.00			81		101,250			(85,050	)
Japanese Yen Futures, Call		3/3/23		79.00			26		32,500			(17,550	)
Japanese Yen Futures, Call		3/3/23		80.00			52		65,000			(21,450	)
Japanese Yen Futures, Put		2/3/23		76.00			288		360,000			(32,400	)
Japanese Yen Futures, Put		2/3/23		76.50			78		97,500			(18,525	)
Japanese Yen Futures, Put		2/3/23		77.00			129		161,250			(59,662	)
Japanese Yen Futures, Put		2/3/23		77.50			26		32,500			(20,475	)
Japanese Yen Futures, Put		3/3/23		77.00			154		192,500			(200,200	)
U.S. Treasury 5-Year Notes Futures, Call		2/24/23		108.75			306		306,000			(251,016	)
U.S. Treasury 5-Year Notes Futures, Call		2/24/23		110.00			666		666,000			(156,094	)
U.S. Treasury 5-Year Notes Futures, Call		2/24/23		110.25			577		577,000			(99,172	)
U.S. Treasury 5-Year Notes Futures, Call		2/24/23		110.50			470		470,000			(58,750	)
U.S. Treasury 5-Year Notes Futures, Call		2/24/23		110.75			156		156,000			(14,625	)
U.S. Treasury 5-Year Notes Futures, Call		2/24/23		111.00			130		130,000			(8,125	)
U.S. Treasury 5-Year Notes Futures, Put		2/24/23		108.00			892		892,000			(118,469	)
U.S. Treasury 5-Year Notes Futures, Put		2/24/23		109.25			312		312,000			(168,188	)
U.S. Treasury 10-Year Notes Futures, Call		2/24/23		115.50			370		370,000			(138,750	)
U.S. Treasury 10-Year Notes Futures, Call		2/24/23		116.00			1,108		1,108,000			(277,000	)
U.S. Treasury 10-Year Notes Futures, Call		2/24/23		116.50			818		818,000			(127,812	)
U.S. Treasury 10-Year Notes Futures, Put		2/24/23		114.50			119		119,000			(91,109	)
U.S. Treasury Long-Term Bonds Futures, Call		2/3/23		131.00			47		47,000			(18,359	)
U.S. Treasury Long-Term Bonds Futures, Call		2/24/23		132.00			272		272,000			(191,250	)

See Notes to Schedule of Investments.

    20     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

EXCHANGE-TRADED WRITTEN OPTIONS - (continued)

SECURITY			EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
U.S. Treasury Long-Term Bonds Futures, Call				2/24/23	$	135.00			102		102,000	$	(19,125	)
U.S. Treasury Long-Term Bonds Futures, Put				2/24/23		125.00			102		102,000		(20,719	)
U.S. Treasury Long-Term Bonds Futures, Put				2/24/23		129.00			103		103,000		(115,875	)
U.S. Treasury Long-Term Bonds Futures, Put				2/24/23		130.00			130		130,000		(205,156	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $15,932,568)												$	(5,646,279	)
OTC Written Options
	COUNTERPARTY
U.S. Dollar/Australian Dollar, Put		Morgan Stanley & Co. Inc.		3/29/23	$	0.70			5,210,000		5,210,000	$	(139,743	)
U.S. Dollar/Brazilian Real, Call		Morgan Stanley & Co. Inc.		3/2/23		5.29	BRL		5,733,973		5,733,973		(42,770	)
U.S. Dollar/Brazilian Real, Call		Morgan Stanley & Co. Inc.		4/5/23		5.37	BRL		5,130,000		5,130,000		(72,688	)
U.S. Dollar/Brazilian Real, Put		Morgan Stanley & Co. Inc.		3/2/23		5.29	BRL		5,733,973		5,733,973		(251,891	)
U.S. Dollar/Brazilian Real, Put		Morgan Stanley & Co. Inc.		3/21/23		5.00	BRL		5,340,000		5,340,000		(76,895	)
U.S. Dollar/Brazilian Real, Put		Morgan Stanley & Co. Inc.		4/5/23		5.37	BRL		5,130,000		5,130,000		(299,607	)
U.S. Dollar/Chinese Yuan Renminbi, Call		JPMorgan Chase & Co.		2/6/23		7.27	CNY		11,790,000		11,790,000		(2	)
U.S. Dollar/Japanese Yen, Put		Bank of America N.A.		2/10/23		140.03	JPY		6,100,000		6,100,000		(471,099	)
U.S. Dollar/Mexican Peso, Put		Morgan Stanley & Co. Inc.		3/6/23		19.25	MXN		5,705,938		5,705,938		(128,309	)
TOTAL OTC WRITTEN OPTIONS (Premiums received - $1,296,813)												$	(1,483,004	)
TOTAL WRITTEN OPTIONS (Premiums received - $17,229,381)												$	(7,129,283	)

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

Abbreviation(s) used in this schedule:

BRL	— Brazilian Real
CNY	— Chinese Yuan Renminbi
EUR	— Euro
JPY	— Japanese Yen
MXN	— Mexican Peso

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         21

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

At January 31, 2023, 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		656		12/23	$	173,031,201	$	172,212,822	$	(818,379	)
3-Month SOFR		1,118		12/23		266,244,545		266,251,700		7,155
3-Month SOFR		136		9/23		32,823,886		32,335,700		(488,186	)
90-Day Eurodollar		43		3/23		10,219,099		10,214,113		(4,986	)
Australian Dollar		570		3/23		39,025,022		40,267,650		1,242,628
British Pound		260		3/23		20,147,172		20,041,125		(106,047	)
Canadian Dollar		49		3/23		3,618,234		3,683,575		65,341
Euro		87		3/23		11,852,655		11,845,594		(7,061	)
Japanese Yen		921		3/23		87,321,995		88,916,794		1,594,799
Mexican Peso		1,019		3/23		25,938,273		26,855,745		917,472
U.S. Treasury 5-Year Notes		3,784		3/23		413,923,895		413,372,447		(551,448	)
U.S. Treasury 10-Year Notes		3,399		3/23		388,851,017		389,238,626		387,609
U.S. Treasury Long-Term Bonds		3,152		3/23		406,168,090		409,366,000		3,197,910
U.S. Treasury Ultra Long- Term Bonds		674		3/23		94,151,737		95,539,500		1,387,763
United Kingdom Long Gilt Bonds		123		3/23		15,985,564		15,847,954		(137,610	)
										6,686,960
Contracts to Sell:
30-Day Federal Funds		268		2/23		106,554,765		106,560,858		(6,093	)
3-Month SOFR		218		3/24		52,095,477		52,093,825		1,652
Euro-Bund		432		3/23		64,201,851		64,257,349		(55,498	)
Japanese 10-Year Bonds		130		3/23		147,590,565		146,374,217		1,216,348
U.S. Treasury 2-Year Notes		2,760		3/23		568,500,962		567,589,689		911,273
U.S. Treasury Ultra 10-Year Notes		3,370		3/23		402,931,770		408,454,548		(5,522,778	)
										(3,455,096	)
Net unrealized appreciation on open futures contracts									$	3,231,864

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

See Notes to Schedule of Investments.

    22     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

At January 31, 2023, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CNH	25,260,000		USD	3,534,320	JPMorgan Chase & Co.		2/8/23	$	206,945
USD	3,537,320		CNH	25,260,000	JPMorgan Chase & Co.		2/8/23		(203,946	)
KRW	2,449,822,000		USD	1,925,779	Bank of America N.A.		4/18/23		68,979
KRW	3,910,844,973		USD	3,071,304	Bank of America N.A.		4/18/23		113,086
USD	11,291,022		TWD	343,247,065	Bank of America N.A.		4/18/23		(233,369	)
EUR	3,150,000		USD	3,439,958	BNP Paribas SA		4/18/23		1,051
EUR	10,474,000		USD	11,374,083	BNP Paribas SA		4/18/23		67,544
USD	66,797		EUR	61,711	BNP Paribas SA		4/18/23		(615	)
USD	3,720,358		EUR	3,413,000	BNP Paribas SA		4/18/23		(7,948	)
USD	3,796,707		EUR	3,491,000	BNP Paribas SA		4/18/23		(16,805	)
MXN	177,069,920		USD	9,097,213	Goldman Sachs Group Inc.		4/18/23		174,298
USD	1,057,826		JPY	135,636,000	Goldman Sachs Group Inc.		4/18/23		4,516
USD	1,083,298		JPY	139,388,000	Goldman Sachs Group Inc.		4/18/23		851
USD	6,884,665		JPY	901,065,000	Goldman Sachs Group Inc.		4/18/23		(112,746	)
USD	43,238,789		JPY	5,654,984,974	Goldman Sachs Group Inc.		4/18/23		(676,194	)
USD	27,218,496		MXN	538,762,916	Goldman Sachs Group Inc.		4/18/23		(991,527	)
ZAR	135,848,545		USD	7,931,141	Goldman Sachs Group Inc.		4/18/23		(174,550	)
BRL	2,527,458		USD	478,438	JPMorgan Chase & Co.		4/18/23		12,506
BRL	19,061,217		USD	3,558,986	JPMorgan Chase & Co.		4/18/23		143,544
CAD	27,693,406		USD	20,735,581	JPMorgan Chase & Co.		4/18/23		91,126
CNH	11,102,016		USD	1,643,657	JPMorgan Chase & Co.		4/18/23		7,807
CNH	51,951,580		USD	7,602,006	JPMorgan Chase & Co.		4/18/23		125,974
CNH	63,310,000		USD	9,424,567	JPMorgan Chase & Co.		4/18/23		(6,981	)
IDR	24,187,915,972		USD	1,554,943	JPMorgan Chase & Co.		4/18/23		56,467
INR	254,675,089		USD	3,078,984	JPMorgan Chase & Co.		4/18/23		13,056
INR	857,163,540		USD	10,291,314	JPMorgan Chase & Co.		4/18/23		115,608
SGD	3,585,990		USD	2,704,489	JPMorgan Chase & Co.		4/18/23		29,565
SGD	6,724,000		USD	5,013,346	JPMorgan Chase & Co.		4/18/23		113,209
USD	4,390,455		BRL	22,788,000	JPMorgan Chase & Co.		4/18/23		(35,980	)
USD	31,362,494		CNH	214,671,564	JPMorgan Chase & Co.		4/18/23		(570,657	)
USD	28,879,734		CNY	198,100,534	JPMorgan Chase & Co.		4/18/23		(586,533	)
USD	5,310,886		COP	25,901,192,968	JPMorgan Chase & Co.		4/18/23		(151,944	)
USD	32,735,087		IDR	511,526,656,600	JPMorgan Chase & Co.		4/18/23		(1,343,062	)
USD	5,170,433		KRW	6,360,666,973	JPMorgan Chase & Co.		4/18/23		(8,715	)
AUD	446,539		USD	311,355	Morgan Stanley & Co. Inc.		4/18/23		4,770
AUD	886,225		USD	626,269	Morgan Stanley & Co. Inc.		4/18/23		1,129
AUD	6,464,893		USD	4,590,727	Morgan Stanley & Co. Inc.		4/18/23		(13,943	)
GBP	465,000		USD	565,799	Morgan Stanley & Co. Inc.		4/18/23		8,438

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         23

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	212,350,000		USD	1,650,428	Morgan Stanley & Co. Inc.		4/18/23	$	(1,379	)
MYR	11,297,758		USD	2,601,072	Morgan Stanley & Co. Inc.		4/18/23		59,458
NOK	11,737,746		USD	1,177,874	Morgan Stanley & Co. Inc.		4/18/23		2,364
USD	7,153,101		EUR	6,735,030	Morgan Stanley & Co. Inc.		4/18/23		(204,136	)
USD	26,105,951		GBP	21,372,919	Morgan Stanley & Co. Inc.		4/18/23		(287,857	)
USD	14,772,401		PLN	65,843,544	Morgan Stanley & Co. Inc.		4/18/23		(338,803	)
USD	1,379,035		RUB	99,980,000	Goldman Sachs Group Inc.		9/20/23		84,537
Total								$	(4,460,862	)

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
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
PLN	— Polish Zloty
RUB	— Russian Ruble
SGD	— Singapore Dollar
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Schedule of Investments.

    24     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

At January 31, 2023, the Fund had the following open swap contracts:

OTC INTEREST RATE SWAPS
SWAP COUNTERPARTY	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION (DEPRECIATION)
Bank of America N.A.		122,898,368	BRL		1/4/27	BRL-CDI**	11.993%**		$(521,700)		—	$	(521,700	)
BNP Paribas SA		142,015,300	BRL		1/2/29	BRL-CDI**	12.610%**		(149,098)		—		(149,098	)
JPMorgan Chase & Co.		4,588,200	BRL		1/2/29	BRL-CDI**	12.893%**		2,196		—		2,196
Total									$(668,602)		—	$	(668,602	)

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		144,900,000			6/4/24	Daily SOFR Compound**	4.600%**	$(38,757)	$	4,508		$	(43,265	)
		538,736,000			3/1/25	Daily SOFR Compound annually	3.550% annually	225,996		(31,766	)		257,762
		200,460,000			6/21/25	Daily SOFR Compound annually	3.400% annually	450,556		(12,510	)		463,066
		170,428,000			10/13/25	Daily SOFR Compound**	1.396%**	(2,459,933)		—			(2,459,933	)
		10,560,000	GBP		10/15/26	UKRPI**	4.500%**	(1,104,388)		(363,067	)		(741,321	)
		111,986,000			4/30/29	3.270% annually	Daily SOFR Compound annually	337,249		(55,430	)		392,679
		65,315,000			6/30/29	3.850% annually	Daily SOFR Compound annually	(1,997,892)		(17,521	)		(1,980,371	)
		12,579,000			3/18/32	2.000% annually	Daily SOFR Compound annually	1,220,992		101,962			1,119,030
		95,948,000			5/15/32	3.220% annually	Daily SOFR Compound annually	50,079		2,390,186			(2,340,107	)
		228,101,667	MXN		10/25/32	28-Day MXN TIIE - Banxico every 28 days	9.260% every 28 days	683,795		—			683,795
		7,341,000			8/15/47	1.650% annually	Daily SOFR Compound annually	1,812,954		738,023			1,074,931

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         25

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT*		TERMINATION DATE		PAYMENTS MADE BY THE FUND†	PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		63,279,000		2/15/48	2.600% annually	Daily SOFR Compound annually	$5,392,874	$	3,152,470		$	2,240,404
		23,407,000		2/15/48	2.620% annually	Daily SOFR Compound annually	1,914,647		(479,630	)		2,394,277
		9,268,000		5/15/48	3.150% annually	Daily SOFR Compound annually	(121,942)		(2,767,324	)		2,645,382
		10,840,000		4/21/52	2.500% annually	Daily SOFR Compound annually	1,054,144		22,058			1,032,086
Total							$7,420,374	$	2,681,959		$	4,738,415

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT JANUARY 31, 20233	PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
Teva Pharmaceutical Finance Netherlands III BV, 3.150%, due 10/1/26	$	3,270,000		6/20/26	2.398%	1.000% quarterly	$	(137,477	)	$	(218,171	)	$	80,694

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.IG.39 Index	$	158,670,000		12/20/27	1.000% quarterly	$	1,990,306	$	539,340	$	1,450,966

See Notes to Schedule of Investments.

    26     Western Asset Macro Opportunities Fund 2023 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION5
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE4			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Markit CDX.NA.HY.39 Index	$	17,802,600		12/20/27	5.000% quarterly	$	(491,246	)	$	(184,106	)	$	(307,140	)

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.

⁵  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the underlying securities comprising the referenced index.

† Percentage shown is an annual percentage rate.

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

** One time payment made at termination date.

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2023 Quarterly Report         27

WESTERN ASSET MACRO OPPORTUNITIES FUND

Schedule of investments (unaudited) (cont’d) January 31, 2023

Abbreviation(s) used in this table:

BRL	— Brazilian Real
BRL-CDI	— Brazil Cetip InterBank Deposit Rate
GBP	— British Pound
MXN	— Mexican Peso
SOFR	— Secured Overnight Financing Rate
TIIE	— Tasa de Intere’s Interbancaria de Equilibrio (Equilibrium Interbanking Interest Rate)
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.

    28     Western Asset Macro Opportunities Fund 2023 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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

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

Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board 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.

29

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)

30

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

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

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Financials		—	$	41,424,867	$	1,802,941	$	43,227,808
Other Corporate Bonds & Notes		—		129,116,483		—		129,116,483
Sovereign Bonds		—		134,885,589		—		134,885,589
Collateralized Mortgage Obligations		—		44,924,998		—		44,924,998
Asset-Backed Securities		—		37,710,682		—		37,710,682
U.S. Government & Agency Obligations		—		23,652,658		—		23,652,658
Senior Loans		—		10,288,078		—		10,288,078
Convertible Bonds & Notes		—		3,395,413		—		3,395,413
Municipal Bonds		—		2,576,905		—		2,576,905
Purchased Options:
Exchange-Traded Purchased Options	$	2,111,119		—		—		2,111,119
OTC Purchased Options		—		60,220		—		60,220
Common Stocks		931,354		—		—		931,354
Warrants		12,649		—		—		12,649
Total Long-Term Investments		3,055,122		428,035,893		1,802,941		432,893,956
Short-Term Investments†		22,364,948		—		—		22,364,948
Total Investments	$	25,420,070	$	428,035,893	$	1,802,941	$	455,258,904

31

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

ASSETS (CONT’D)
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts††	$	10,929,950		—		—	$	10,929,950
Forward Foreign Currency Contracts††		—	$	1,506,828		—		1,506,828
OTC Interest Rate Swaps		—		2,196		—		2,196
Centrally Cleared Interest Rate Swaps††		—		12,303,412		—		12,303,412
Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection††		—		80,694		—		80,694
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		1,450,966		—		1,450,966
Total Other Financial Instruments	$	10,929,950	$	15,344,096		—	$	26,274,046
Total	$	36,350,020	$	443,379,989	$	1,802,941	$	481,532,950

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	5,646,279		—		—	$	5,646,279
OTC Written Options		—	$	1,483,004		—		1,483,004
Futures Contracts††		7,698,086		—		—		7,698,086
Forward Foreign Currency Contracts††		—		5,967,690		—		5,967,690
OTC Interest Rate Swaps		—		670,798		—		670,798
Centrally Cleared Interest Rate Swaps††		—		7,564,997		—		7,564,997
Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection††		—		307,140		—		307,140
Total	$	13,344,365	$	15,993,629		—	$	29,337,994

† See Schedule of Investments for additional detailed categorizations.

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

32

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

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 January 31, 2023. The following transactions were effected in such company for the period ended January 31, 2023.

	Affiliate Value at October 31, 2022		Purchased				Sold
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	12,836,917	$	149,914,175		149,914,175	$	140,386,144		140,386,144

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at January 31, 2023
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	134,393		—	$	22,364,948

33