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WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
SOVEREIGN BONDS - 37.2%
Angola - 0.3%
Angolan Government International Bond, Senior Notes		8.250	%		5/9/28		700,000		$	634,060	^(a)
Angolan Government International Bond, Senior Notes		8.750	%		4/14/32		400,000			344,639	^(b)

Total Angola										978,699

Argentina - 2.4%
Argentine Republic Government International Bond, Senior Notes, Step bond (0.750% to 7/9/27 then 1.750%)		0.750	%		7/9/30		3,797,393			1,541,987
Argentine Republic Government International Bond, Senior Notes, Step bond (4.250% to 7/9/24 then 5.000%)		4.250	%		1/9/38		2,874,178			1,112,118
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		4,772,122			1,873,861	^(b)
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		560,000			219,894	^(a)
Provincia de Cordoba, Senior Notes		6.990	%		6/1/27		2,600,000			2,132,000	^(b)
Provincia de Cordoba, Senior Notes (6.875% PIK)		6.875	%		2/1/29		1,034,131			791,110	^(b)(c)

Total Argentina										7,670,970

Australia - 0.8%
Australia Government Bond, Senior Notes		3.000	%		3/21/47		4,800,000	^AUD		2,514,700	^(a)

Brazil - 1.3%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		13,552,000	^BRL		2,744,523
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/31		8,024,000	^BRL		1,583,487

Total Brazil										4,328,010

Dominican Republic - 0.7%
Dominican Republic International Bond, Senior Notes		11.250	%		9/15/35		57,000,000	^DOP		1,045,673	^(b)
Dominican Republic International Bond, Senior Notes		5.875	%		1/30/60		1,270,000			1,081,815	^(b)

Total Dominican Republic										2,127,488

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Egypt - 0.3%
Egypt Government Bond		18.400	%		5/30/24		3,500,000	^EGP$		110,570
Egypt Government International Bond, Senior Notes		5.250	%		10/6/25		960,000			846,536	^(a)

Total Egypt										957,106

Indonesia - 6.9%
Indonesia Treasury Bond		8.250	%		5/15/29		124,441,000,000	^IDR		8,502,285
Indonesia Treasury Bond		6.500	%		2/15/31		143,819,000,000	^IDR		9,041,093
Indonesia Treasury Bond		7.000	%		2/15/33		56,584,000,000	^IDR		3,689,040
Indonesia Treasury Bond		8.375	%		3/15/34		14,191,000,000	^IDR		1,012,993

Total Indonesia										22,245,411

Ivory Coast - 1.3%
Ivory Coast Government International Bond, Senior Notes		4.875	%		1/30/32		2,150,000	^EUR		1,954,184	^(b)
Ivory Coast Government International Bond, Senior Notes		5.750	%		12/31/32		327,537			316,865	^(a)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		1,420,000			1,281,877	^(a)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		650,000			586,774	^(b)

Total Ivory Coast										4,139,700

Jamaica - 0.1%
Jamaica Government International Bond, Senior Notes		9.625	%		11/3/30		35,500,000	^JMD		240,760

Kenya - 0.4%
Republic of Kenya Government International Bond, Senior Notes		7.250	%		2/28/28		1,600,000			1,438,296	^(a)

Mexico - 7.5%
Mexican Bonos, Bonds		8.000	%		11/7/47		127,340,000	^MXN		6,488,151
Mexican Bonos, Senior Notes		7.750	%		11/13/42		357,935,400	^MXN		17,884,188

Total Mexico										24,372,339

Nigeria - 0.3%
Nigeria Government International Bond, Senior Notes		6.125	%		9/28/28		1,080,000			941,407	^(a)

Poland - 4.2%
Republic of Poland Government Bond		1.750	%		4/25/32		70,260,000	^PLN		13,662,988

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
South Africa - 3.4%
Republic of South Africa Government Bond, Senior Notes		6.250	%		3/31/36		263,170,000	^ZAR	$	9,256,106
Republic of South Africa Government Bond, Senior Notes		6.500	%		2/28/41		59,640,000	^ZAR		1,922,910

Total South Africa										11,179,016

Supranational - 7.2%
European Bank for Reconstruction & Development, Senior Notes		5.000	%		10/6/26		38,012,000,000	^IDR		2,349,252
European Bank for Reconstruction & Development, Senior Notes		7.050	%		8/10/33		497,000,000	^INR		6,124,034
Inter-American Development Bank, Senior Notes		7.000	%		4/17/33		1,209,000,000	^INR		14,775,096

Total Supranational										23,248,382

Zambia - 0.1%
Zambia Government International Bond, Senior Notes		8.500	%		4/14/24		550,000			350,501	*^(b)(d)

TOTAL SOVEREIGN BONDS (Cost - $119,938,916)										120,395,773

CORPORATE BONDS & NOTES - 29.7%
COMMUNICATION SERVICES - 1.5%
Diversified Telecommunication Services - 0.2%
Altice Financing SA, Senior Secured Notes		5.750	%		8/15/29		220,000			191,961	^(b)
Altice France SA, Senior Secured Notes		5.500	%		1/15/28		580,000			453,301	^(b)

Total Diversified Telecommunication Services										645,262

Media - 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		1,130,000			899,184	^(b)
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		420,000			161,296
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		240,000			189,451	^(b)
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		30,000			20,238	^(b)
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		190,000			199,371

Total Media										1,469,540

Wireless Telecommunication Services - 0.8%
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		2,210,000			1,172,096	^(b)
CSC Holdings LLC, Senior Notes		4.125	%		12/1/30		320,000			231,451	^(b)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - (continued)
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.250	%		1/31/31		470,000	$	411,403	^(b)
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		1,020,000		914,803	^(b)

Total Wireless Telecommunication Services									2,729,753

TOTAL COMMUNICATION SERVICES									4,844,555

CONSUMER DISCRETIONARY - 4.8%
Automobiles - 0.3%
Ford Motor Co., Senior Notes		6.100	%		8/19/32		960,000		962,423
Ford Motor Credit Co. LLC, Senior Notes		2.900	%		2/10/29		200,000		175,592

Total Automobiles									1,138,015

Broadline Retail - 1.5%
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		4,500,000		4,019,309	^(e)
Prosus NV, Senior Notes		4.027	%		8/3/50		1,290,000		825,822	^(b)

Total Broadline Retail									4,845,131

Hotels, Restaurants & Leisure - 3.0%
Carnival Corp., Senior Notes		10.500	%		6/1/30		2,030,000		2,230,188	^(b)
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		50,000		48,313
Las Vegas Sands Corp., Senior Notes		3.500	%		8/18/26		30,000		28,691
Royal Caribbean Cruises Ltd., Senior Notes		5.375	%		7/15/27		1,970,000		1,939,862	^(b)
Sands China Ltd., Senior Notes		5.375	%		8/8/25		1,210,000		1,198,136
Sands China Ltd., Senior Notes		2.550	%		3/8/27		960,000		870,305
Sands China Ltd., Senior Notes		3.100	%		3/8/29		630,000		544,721
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		670,000		640,259	^(b)
Wynn Macau Ltd., Senior Notes		4.875	%		10/1/24		840,000		832,609	^(b)
Wynn Macau Ltd., Senior Notes		5.500	%		1/15/26		1,320,000		1,283,198	^(b)

Total Hotels, Restaurants & Leisure									9,616,282

TOTAL CONSUMER DISCRETIONARY									15,599,428

ENERGY - 9.9%
Oil, Gas & Consumable Fuels - 9.9%
Apache Corp., Senior Notes		7.750	%		12/15/29		190,000		206,588
Apache Corp., Senior Notes		6.000	%		1/15/37		410,000		407,638
Apache Corp., Senior Notes		5.250	%		2/1/42		1,210,000		1,013,272
Apache Corp., Senior Notes		7.375	%		8/15/47		100,000		100,813
Apache Corp., Senior Notes		5.350	%		7/1/49		940,000		769,423
Berry Petroleum Co. LLC, Senior Notes		7.000	%		2/15/26		780,000		765,789	^(b)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		7.625	%		12/15/25		580,000		586,044	^(b)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		240,000	$	196,633
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		660,000		696,187	^(b)
DCP Midstream Operating LP, Senior Notes		6.750	%		9/15/37		620,000		676,750	^(b)
Devon Energy Corp., Senior Notes		7.875	%		9/30/31		220,000		253,732
Devon Energy Corp., Senior Notes		7.950	%		4/15/32		340,000		395,564
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		1,590,000		1,571,408
Ecopetrol SA, Senior Notes		8.875	%		1/13/33		10,000		10,566
Ecopetrol SA, Senior Notes		8.375	%		1/19/36		900,000		912,038
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		3,123,796	^(f)(g)
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		1,370,000		1,343,497	^(f)(g)
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		325,000		314,974	^(f)(g)
Energy Transfer LP, Senior Notes		6.850	%		2/15/40		400,000		427,021
Kinder Morgan Energy Partners LP, Senior Notes		6.950	%		1/15/38		70,000		77,499
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		980,000		1,004,128
Occidental Petroleum Corp., Senior Notes		4.500	%		7/15/44		180,000		143,152
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		540,000		583,637
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		1,050,000		861,834
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		4,450,000		3,438,063
Occidental Petroleum Corp., Senior Notes		4.400	%		8/15/49		604,000		450,605
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		150,000		151,407
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		1,290,000		1,198,413

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Petroleos Mexicanos, Senior Notes		6.375	%		1/23/45		1,300,000	$	820,252
Plains All American Pipeline LP, Junior Subordinated Notes (3 mo. Term SOFR + 4.372%)		9.751	%		3/4/24		800,000		795,023	^(f)(g)
Plains All American Pipeline LP/PAA Finance Corp., Senior Notes		6.700	%		5/15/36		560,000		595,737
Rockies Express Pipeline LLC, Senior Notes		6.875	%		4/15/40		1,180,000		1,170,243	^(b)
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		1,800,000		1,668,637
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		2,130,000		1,933,901
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		720,000		631,823
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		890,000		788,717
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		1,090,000		1,324,447
YPF SA, Senior Notes		8.500	%		7/28/25		610,000		588,721	^(b)

TOTAL ENERGY									31,997,972

FINANCIALS - 7.5%
Banks - 5.8%
BAC Capital Trust XIV, Ltd. GTD (3 mo. Term SOFR + 0.662%)		6.046	%		2/16/24		610,000		510,710	^(f)(g)
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		1,592,306	^(b)(f)(g)
Bank of America Corp., Junior Subordinated Notes (5.875% to 3/15/28 then 3 mo. Term SOFR + 3.193%)		5.875	%		3/15/28		2,400,000		2,331,000	^(f)(g)
Bank of Nova Scotia, Junior Subordinated Notes (8.000% to 1/27/29 then 5 year Treasury Constant Maturity Rate + 4.017%)		8.000	%		1/27/84		630,000		641,556	^(g)
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		195,174	^(b)(f)(g)
BNP Paribas SA, Junior Subordinated Notes (9.250% to 11/17/27 then 5 year Treasury Constant Maturity Rate + 4.969%)		9.250	%		11/17/27		200,000		213,517	^(b)(f)(g)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. Term SOFR + 4.167%)		5.950	%		5/15/25		4,970,000		$	4,910,656	^(f)(g)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. Term SOFR + 3.685%)		6.300	%		5/15/24		880,000			877,563	^(f)(g)
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		2,111,548	^(b)(f)(g)
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			3,341,406	^(b)(f)(g)
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			853,474	^(f)(g)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		200,000			198,764	^(b)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		210,000			209,428	^(b)
Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to 10/31/27 then 5 year Treasury Constant Maturity Rate + 4.075%)		8.125	%		10/31/82		210,000			218,637	^(g)
Wells Fargo & Co., Junior Subordinated Notes		5.875	%		6/15/25		497,000			495,134	^(f)(g)

Total Banks										18,700,873

Capital Markets - 0.6%
Credit Suisse AG AT1 Claim		—			—		10,610,000			1,220,150	*^(h)
Goldman Sachs Capital II, Ltd. GTD (3 mo. Term SOFR + 1.029%)		6.406	%		3/4/24		109,000			90,985	^(f)(g)
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year Treasury Constant Maturity Rate + 4.745%)		9.250	%		11/13/28		500,000			536,094	^(b)(f)(g)
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/33 then 5 year Treasury Constant Maturity Rate + 4.758%)		9.250	%		11/13/33		250,000			272,978	^(b)(f)(g)

Total Capital Markets										2,120,207

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Financial Services - 0.4%
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) + 1.812%)		7.186	%		12/21/65		740,000	$	573,300	^(b)(g)
Toll Road Investors Partnership II LP		0.000	%		2/15/24		520,000		518,665	^(b)
Toll Road Investors Partnership II LP		0.000	%		2/15/38		200,000		70,369	^(b)

Total Financial Services									1,162,334

Insurance - 0.7%
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		2,350,000		2,372,882	^(b)(c)

TOTAL FINANCIALS									24,356,296

HEALTH CARE - 3.5%
Health Care Providers & Services - 0.7%
Dignity Health, Secured Notes		5.267	%		11/1/64		760,000		726,584
HCA Inc., Senior Notes		7.500	%		11/15/95		1,250,000		1,400,579

Total Health Care Providers & Services									2,127,163

Pharmaceuticals - 2.8%
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		6,030,000		2,592,676	^(b)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		470,000		198,175	^(b)
Teva Pharmaceutical Finance Co. LLC, Senior Notes		6.150	%		2/1/36		1,746,000		1,675,419
Teva Pharmaceutical Finance
Netherlands III BV, Senior Notes		4.100	%		10/1/46		6,917,000		4,741,459

Total Pharmaceuticals									9,207,729

TOTAL HEALTH CARE									11,334,892

INDUSTRIALS - 1.0%
Ground Transportation - 0.4%
XPO CNW Inc., Senior Notes		6.700	%		5/1/34		1,510,000		1,548,713
Passenger Airlines - 0.4% American Airlines Inc., Senior Secured Notes		8.500	%		5/15/29		140,000		148,490	^(b)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		1,220,000		1,129,546	^(b)

Total Passenger Airlines									1,278,036

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Trading Companies & Distributors - 0.2%
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		320,000	$	314,739
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		310,000		279,939

Total Trading Companies & Distributors									594,678

TOTAL INDUSTRIALS									3,421,427

MATERIALS - 0.9%
Containers & Packaging - 0.2%
Ardagh Packaging Finance PLC/Ardagh
Holdings USA Inc., Senior Notes		5.250	%		8/15/27		890,000		666,625	^(b)

Metals & Mining - 0.7%
First Quantum Minerals Ltd., Senior Notes		6.875	%		3/1/26		1,260,000		1,201,585	^(b)
First Quantum Minerals Ltd., Senior Notes		6.875	%		10/15/27		200,000		181,299	^(b)
First Quantum Minerals Ltd., Senior Notes		8.625	%		6/1/31		230,000		213,612	^(b)
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		530,000		514,148

Total Metals & Mining									2,110,644

TOTAL MATERIALS									2,777,269

UTILITIES - 0.6%
Electric Utilities - 0.6%
Enel Finance International NV, Senior Notes		6.000	%		10/7/39		1,680,000		1,726,277	^(b)
Pacific Gas and Electric Co., First Mortgage Bonds		3.300	%		8/1/40		200,000		148,334

TOTAL UTILITIES									1,874,611

TOTAL CORPORATE BONDS & NOTES (Cost - $102,060,321)									96,206,450

U.S. GOVERNMENT & AGENCY OBLIGATIONS - 10.5%
U.S. Government Obligations - 10.5%
U.S. Treasury Bonds		1.250	%		5/15/50		410,000		213,553
U.S. Treasury Bonds		3.625	%		5/15/53		2,000,000		1,797,656	^(e)
U.S. Treasury Bonds		4.125	%		8/15/53		3,580,000		3,521,266	^(e)
U.S. Treasury Notes		4.000	%		2/29/28		10,900,000		10,933,211	⁽ⁱ⁾
U.S. Treasury Notes		3.625	%		3/31/28		17,850,000		17,657,903	^(e)

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $33,802,423)									34,123,589

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MORTGAGE-BACKED SECURITIES - 6.0%
FNMA - 2.4%
Federal National Mortgage Association (FNMA)		4.500	%		2/1/54		2,300,000	$	2,223,991	^(j)
Federal National Mortgage Association (FNMA)		5.000	%		2/1/54		4,000,000		3,948,228	^(j)
Federal National Mortgage Association (FNMA)		5.500	%		2/1/54		1,600,000		1,604,804	^(j)

Total FNMA									7,777,023

GNMA - 3.6%
Government National Mortgage Association (GNMA) II		4.500	%		2/20/54		3,300,000		3,213,308	^(j)
Government National Mortgage Association (GNMA) II		5.000	%		2/20/54		4,500,000		4,470,786	^(j)
Government National Mortgage Association (GNMA) II		5.500	%		2/20/54		4,000,000		4,026,210	^(j)

Total GNMA									11,710,304

TOTAL MORTGAGE-BACKED SECURITIES (Cost - $19,445,277)									19,487,327

ASSET-BACKED SECURITIES - 4.6%
Aegis Asset Backed Securities Trust, 2003-3 M2 (1 mo. Term SOFR + 2.589%)		7.925	%		1/25/34		157,931		145,716	^(g)
Bayview Financial Mortgage Pass- Through Trust, 2006-C 2A3 (1 mo. Term SOFR + 0.549%)		5.886	%		11/28/36		1,443,791		1,229,229	^(g)
BlueMountain CLO Ltd., 2020-29A ER (3 mo. Term SOFR + 7.122%)		12.446	%		7/25/34		4,390,000		4,302,446	^(b)(g)
Conseco Finance Corp., 1996-4 M1		7.750	%		6/15/27		708,620		711,024	^(g)
Dryden CLO Ltd., 2021-95A SUB		0.000	%		8/20/34		3,420,000		2,164,236	^(b)(g)
Elmwood CLO Ltd., 2019-2A SUB		0.000	%		4/20/34		6,250,000		4,777,322	^(b)(g)
SMB Private Education Loan Trust, 2021-A D2		3.860	%		1/15/53		1,662,386		1,464,023	^(b)

TOTAL ASSET-BACKED SECURITIES (Cost — $17,051,199)									14,793,996

COLLATERALIZED MORTGAGE OBLIGATIONS ^(k)- 4.4%
AREIT Trust, 2021-CRE5 B (1 mo. Term SOFR + 1.934%)		7.266	%		11/17/38		807,000		772,839	^(b)(g)
Benchmark Mortgage Trust, 2020-IG3 C		3.391	%		9/15/48		1,190,000		587,874	^(b)(g)
BX Trust, 2018-GWMZ MC (1 mo. Term SOFR + 5.785%)		11.118	%		5/15/37		1,390,000		1,379,886	^(b)(g)
BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%)		8.590	%		10/15/36		2,570,000		2,453,963	^(b)(g)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS ^(k)- (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA3 B1 (30 Day Average SOFR + 5.650%)		10.995	%		4/25/42		780,000	$	836,652	^(b)(g)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2015-HQ2 B (30 Day Average SOFR + 8.064%)		13.409	%		5/25/25		1,527,746		1,607,392	^(g)
GS Mortgage Securities Corp. Trust, 2018-LUAU G (1 mo. Term SOFR + 4.747%)		10.080	%		11/15/32		1,032,000		1,000,919	^(b)(g)
GS Mortgage Securities Corp. Trust, 2018-SRP5 C (1 mo. Term SOFR + 4.364%)		9.698	%		9/15/31		6,607,481		1,488,317	^(b)(g)
IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. Term SOFR + 0.654%)		5.990	%		11/25/36		1,410,800		1,163,951	^(g)
JPMorgan Chase Commercial Mortgage Securities Trust, 2018-PHMZ M (1 mo. Term SOFR + 8.622%)		13.956	%		6/15/35		10,570,000		129,419	^(b)(g)
MHC Trust, 2021-MHC2 E (1 mo. Term SOFR + 2.064%)		7.397	%		5/15/38		680,000		670,751	^(b)(g)
Morgan Stanley Capital Trust, 2021-L7 XA, IO		1.207	%		10/15/54		7,218,152		378,778	^(g)
Residential Asset Securitization Trust, 2005-A15 1A4		5.750	%		2/25/36		61,274		57,157
Residential Asset Securitization Trust, 2005-A15 2A11, IO (-1.000x1mo. Term SOFR + 5.436%)		0.100	%		2/25/36		1,665,814		145,772	^(g)
SFO Commercial Mortgage Trust, 2021-555 D (1 mo. Term SOFR + 2.514%)		7.847	%		5/15/38		1,000,000		874,870	^(b)(g)
Starwood Retail Property Trust, 2014- STAR E		8.500	%		11/15/27		5,070,000		23,525	^(b)(g)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR17 A1C3 (1 mo. Term SOFR + 1.074%)		6.410	%		12/25/45		1,209,746		716,578	^(g)

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $36,003,558)									14,288,643

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
SENIOR LOANS - 1.7%
COMMUNICATION SERVICES - 0.5%
Media - 0.5%
Charter Communications Operating LLC, Term Loan B4 (3 mo. Term SOFR + 2.000%)		7.329	%		12/7/30		1,339,339	$	1,320,421	^(g)(l)(m)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. Term SOFR + 2.614%)		7.948	%		1/31/28		360,000		354,123	^(g)(l)(m)

TOTAL COMMUNICATION SERVICES									1,674,544

CONSUMER DISCRETIONARY - 0.4%
Hotels, Restaurants & Leisure - 0.4%
1011778 BC Unlimited Liability Co., Term Loan B5 (1 mo. Term SOFR + 2.250%)		7.583	%		9/23/30		739,793		737,018	^(g)(l)(m)
Alterra Mountain Co., 2028 Term Loan B (1 mo. Term SOFR + 3.614%)		8.947	%		8/17/28		277,016		277,501	^(g)(l)(m)
Flutter Entertainment Public Ltd. Co., Term Loan B (3 mo. Term SOFR + 3.614%)		8.970	%		11/25/30		390,000		389,025	^(g)(l)(m)

TOTAL CONSUMER DISCRETIONARY									1,403,544

FINANCIALS - 0.5%
Financial Services - 0.3%
GTCR W Merger Sub LLC, Initial USD
Term Loan		—			9/20/30		600,000		600,813	⁽ⁿ⁾
Jane Street Group LLC, 2021 Term Loan
(1 mo. Term SOFR + 2.614%)		7.951	%		1/26/28		324,041		323,164	^(g)(l)(m)

Total Financial Services									923,977

Insurance - 0.2%
Asurion LLC, New Term Loan B11 (1 mo. Term SOFR + 4.350%)		9.683	%		8/21/28		544,350		539,059	^(g)(l)(m)

TOTAL FINANCIALS									1,463,036

HEALTH CARE - 0.3%
Health Care Providers & Services - 0.3%
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 5.762%)		11.087	%		11/16/28		629,793		629,302	^(g)(l)(m)
Phoenix Guarantor Inc., Term Loan B1 (1 mo. Term SOFR + 3.364%)		8.697	%		3/5/26		267,456		266,980	^(g)(l)(m)

TOTAL HEALTH CARE									896,282

TOTAL SENIOR LOANS (Cost - $5,420,286)									5,437,406

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONVERTIBLE BONDS & NOTES - 1.1%
COMMUNICATION SERVICES - 1.1%
Media - 1.1%
DISH Network Corp., Senior Notes (Cost - $3,617,298)		2.375	%		3/15/24		3,650,000	$	3,579,373


	Expiration Date			Contracts		Notional Amount†
PURCHASED OPTIONS - 1.0%
Exchange-Traded Purchased Options - 1.0%
Australian Dollar Futures, Call @ $66.500		2/9/24			49		49,000		10,780
Australian Dollar Futures, Call @ $67.000		2/9/24			27		27,000		2,430
Australian Dollar Futures, Call @ $68.000		2/9/24			27		27,000		405
British Pound Futures, Put @ $125.500		3/8/24			41		25,625		12,812
British Pound Futures, Put @ $125.500		4/5/24			41		25,625		21,525
Euro Futures, Put @ $1.090		2/9/24			55		6,875,000		48,812
Euro Futures, Put @ $1.095		2/9/24			27		3,375,000		35,437
Euro Futures, Put @ $1.100		2/9/24			55		6,875,000		100,375
SOFR 1-Year Mid-Curve Futures, Call @ $95.750		3/15/24			301		752,500		539,919
U.S. Treasury 5-Year Notes Futures, Call @ $107.750		2/23/24			158		158,000		141,953
U.S. Treasury 5-Year Notes Futures, Call @ $108.000		2/23/24			371		371,000		275,352
U.S. Treasury 10-Year Notes Futures, Call @ $111.500		2/23/24			520		520,000		625,625
U.S. Treasury 10-Year Notes Futures, Call @ $112.000		2/23/24			54		54,000		48,094
U.S. Treasury 10-Year Notes Futures, Call @ $112.500		2/23/24			270		270,000		172,969
U.S. Treasury Long-Term Bonds Futures, Call @ $121.500		2/23/24			107		107,000		202,297
U.S. Treasury Long-Term Bonds Futures, Call @ $120.000		3/22/24			244		244,000		865,438

TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $2,111,199)									3,104,223

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)

SECURITY

COUNTERPARTY

EXPIRATION
DATE

CONTRACTS

NOTIONAL
AMOUNT†

VALUE

OTC PURCHASED OPTIONS - 0.0%††

U.S. Dollar/Euro, Call @ $1.055

JPMorgan Chase & Co.

2/2/24

3,766,667

^(o)

U.S. Dollar/Euro, Call @ $1.080

Citibank N.A.

2/27/24

5,000,000

26,685

U.S. Dollar/Euro, Call @ $1.085

Goldman Sachs Group Inc.

3/25/24

7,300,000

70,634

U.S. Dollar/South African Rand, Put @ 18.210^ZAR

Goldman Sachs Group Inc.

4/8/24

3,777,000

40,946

U.S. Dollar/Swiss Franc, Call @ 0.873^CHF

Goldman Sachs Group Inc.

3/15/24

2,850,000

10,134

TOTAL OTC PURCHASED OPTIONS
(Cost - $204,738)

148,399

TOTAL PURCHASED OPTIONS
(Cost - $2,315,937)

3,252,622

RATE

MATURITY
DATE

FACE
AMOUNT†

MUNICIPAL BONDS - 0.3%

California - 0.1%

Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A

7.000

10/1/39

360,000

384,993

^(b)

Michigan - 0.2%

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

620,572

TOTAL MUNICIPAL BONDS
(Cost - $1,075,232)

1,005,565

U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.2%

U.S. Treasury Bonds, Inflation Indexed (Cost - $708,486)

1.500

2/15/53

805,709

723,291

Shares

COMMON STOCKS - 0.1%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Berry Corp. (Cost - $432,213)

40,182

269,621

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

(Percentages shown based on Fund net assets)

SECURITY

RATE

MATURITY
DATE

FACE
AMOUNT†

VALUE

NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.1%

Uruguay - 0.1%

Uruguay Government International Bond, Senior Notes (Cost - $195,513)

3.875

7/2/40

7,604,819

^UYU

208,437

EXPIRATION
DATE

WARRANTS

WARRANTS - 0.0%††

INDUSTRIALS - 0.0%††

Passenger Airlines - 0.0%††

flyExclusive Inc. (Cost - $58,936)

5/28/28

61,553

17,666

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost — $342,125,595)

313,789,759

RATE

SHARES

SHORT-TERM INVESTMENTS - 0.7%

Western Asset Premier Institutional

Government Reserves, Premium Shares

(Cost - $2,186,106)

5.275

2,186,106

^(p)(q)

TOTAL INVESTMENTS - 97.6%
(Cost - $344,311,701)

315,975,865

Other Assets in Excess of Liabilities - 2.4%

7,693,402

TOTAL NET ASSETS - 100.0%

323,669,267

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

†	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 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.

(b)

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

(c)	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.

(d)	The coupon payment on this security is currently in default as of January 31, 2024.

(e)	All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts. (f) Security has no maturity date. The date shown represents the next call date.

(g)

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.

(h)	Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).

(i)	All or a portion of this security is held at the broker as collateral for open futures contracts and exchange-traded options.

(j)	This security is traded on a to-be-announced (“TBA”) basis. At January 31, 2024, the Fund held TBA securities with a total cost of $19,445,277.

(k)

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.

(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)	All or a portion of this loan has not settled as of January 31, 2024. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the settled portion of the loan.

(o)	Value is less than $1.

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

(q)

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, 2024, the total market value of investments in Affiliated Companies was $2,186,106 and the cost was $2,186,106 (Note 2).

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

Abbreviation(s) used in this schedule:


AUD		— Australian Dollar
BRL		— Brazilian Real
CHF		— Swiss Franc
CLO		— Collateralized Loan Obligation
DOP		— Dominican Peso
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
JMD		— Jamaican Dollar
LIBOR		— London Interbank Offered Rate
MXN		— Mexican Peso
PIK		— Payment-In-Kind
PLN		— Polish Zloty
REMIC		— Real Estate Mortgage Investment Conduit
SOFR		— Secured Overnight Financing Rate
USD		— United States Dollar
UYU		— Uruguayan Peso
ZAR		— South African Rand

At January 31, 2024, the Fund had the following written options contracts:


EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†			VALUE
3-Month SOFR Futures, Call		3/15/24	$	95.000			364		910,000		$	(36,400	)
3-Month SOFR Futures, Call		12/13/24		96.250			322		805,000			(340,112	)
3-Month SOFR Futures, Put		3/15/24		95.000			208		520,000			(65,000	)
Australian Dollar Futures, Call		2/9/24		66.000			26		26,000			(11,180	)
Euro-Bund Futures, Put		2/23/24		134.000	^EUR		26		2,600,000	^EUR		(9,834	)
Japanese Yen Futures, Call		2/9/24		71.000			22		27,500			(688	)
U.S. Treasury 5-Year Notes Futures, Call		2/23/24		108.750			319		319,000			(122,117	)
U.S. Treasury 5-Year Notes Futures, Call		2/23/24		109.000			477		477,000			(145,336	)
U.S. Treasury 5-Year Notes Futures, Put		2/23/24		107.500			403		403,000			(75,563	)
U.S. Treasury 10-Year Notes Futures, Call		2/23/24		112.750			553		553,000			(293,781	)
U.S. Treasury 10-Year Notes Futures, Call		2/23/24		113.000			160		160,000			(72,500	)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024


SECURITY	EXPIRATION DATE			STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
U.S. Treasury Long-Term Bonds Futures, Call		2/23/24		$	123.000			52		52,000	$	(59,313	)
U.S. Treasury Long-Term Bonds Futures, Call		2/23/24			125.000			19		19,000		(9,797	)
U.S. Treasury Long-Term Bonds Futures, Call		3/22/24			123.000			488		488,000		(915,000	)
U.S. Treasury Long-Term Bonds Futures, Call		3/22/24			125.000			162		162,000		(184,781	)
U.S. Treasury Long-Term Bonds Futures, Put		2/23/24			121.000			135		135,000		(116,016	)

TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $2,295,495)												(2,457,418	)


OTC WRITTEN OPTIONS
	COUNTERPARTY
U.S. Dollar/Australian Dollar, Put		JPMorgan Chase & Co.	2/23/24		0.680			3,320,000		3,320,000		(4,152	)
U.S. Dollar/Brazilian Real, Call		Goldman Sachs Group Inc.	2/7/24		4.896	^BRL		3,525,000		3,525,000		(40,885	)
U.S. Dollar/Brazilian Real, Put		Goldman Sachs Group Inc.	2/7/24		4.896	^BRL		3,525,000		3,525,000		(9,112	)
U.S. Dollar/Euro, Put		Goldman Sachs Group Inc.	3/25/24		1.120			7,300,000		7,300,000		(10,754	)
U.S. Dollar/Mexican Peso, Put		Goldman Sachs Group Inc.	2/16/24		16.868	^MXN		3,319,506		3,319,506		(5,237	)
U.S. Dollar/Mexican Peso, Put		Morgan Stanley & Co. Inc.	2/27/24		16.920	^MXN		3,280,000		3,280,000		(11,754	)
U.S. Dollar/Swiss Franc, Call		Goldman Sachs Group Inc.	3/15/24		0.889	^CHF		2,850,000		2,850,000		(2,782	)

TOTAL OTC WRITTEN OPTIONS (Premiums received - $268,877)												(84,676	)

TOTAL WRITTEN OPTIONS (Premiums received - $2,564,372)											$	(2,542,094	)

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


Abbreviation(s) used in this schedule:
BRL		— Brazilian Real
CHF		— Swiss Franc
EUR		— Euro
MXN		— Mexican Peso
SOFR		— Secured Overnight Financing Rate

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

At January 31, 2024, the Fund had the following open futures contracts:


	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month SOFR		1,118		3/26	$	269,243,595	$	270,556,000	$	1,312,405
Euro-Bund		454		3/24		65,560,856		66,653,145		1,092,289
Euro-Buxl		62		3/24		8,874,011		9,216,988		342,977
Japanese Yen		307		3/24		26,678,664		26,415,431		(263,233	)
Mexican Peso		1,003		3/24		28,566,208		29,011,775		445,567
U.S. Treasury 2-Year Notes		2,913		3/24		593,937,725		599,076,656		5,138,931
U.S. Treasury 5-Year Notes		1,795		3/24		193,499,145		194,561,181		1,062,036
U.S. Treasury Long-Term Bonds		2,171		3/24		254,427,044		265,608,281		11,181,237
U.S. Treasury Ultra Long- Term Bonds		937		3/24		114,191,659		121,077,969		6,886,310
United Kingdom Long Gilt Bonds		120		3/24		14,528,030		15,203,038		675,008

										27,873,527

Contracts to Sell:
3-Month EURIBOR		2,421		3/24		630,142,061		629,597,867		544,194
3-Month EURIBOR		108		12/24		28,476,278		28,466,935		9,343
3-Month SOFR		1,556		3/24		367,647,551		368,169,050		(521,499	)
3-Month SOFR		662		3/25		159,325,943		159,169,625		156,318
Australian Dollar		68		3/24		4,527,461		4,491,400		36,061
British Pound		18		3/24		1,433,880		1,430,437		3,443
Euro		36		3/24		4,930,966		4,887,225		43,741
Japanese 10-Year Bonds		144		3/24		142,219,492		143,090,094		(870,602	)
U.S. Treasury 10-Year Notes		1,840		3/24		206,205,415		206,683,759		(478,344	)
U.S. Treasury Ultra 10-Year Notes		2,287		3/24		258,653,747		267,293,125		(8,639,378	)

										(9,716,723	)

Net unrealized appreciation on open futures contracts									$	18,156,804


Abbreviation(s) used in this table:

Buxl		—Ultra Long German Bond
EURIBOR		—Euro Interbank Offered Rate
SOFR		—Secured Overnight Financing Rate

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

At January 31, 2024, the Fund had the following open forward foreign currency contracts:


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	19,117,035		USD	1,106,502	Goldman Sachs Group Inc.		2/21/24	$	104
USD	1,403,000		ZAR	26,265,282	Goldman Sachs Group Inc.		4/10/24		8,394
CNH	23,463,651		USD	3,274,302	Bank of America N.A.		4/19/24		6,818
USD	3,225,302		IDR	50,775,936,482	Bank of America N.A.		4/19/24		12,212
USD	3,218,961		INR	268,686,637	Bank of America N.A.		4/19/24		(5,676	)
NOK	85,318,249		USD	8,353,274	BNP Paribas SA		4/19/24		(226,477	)
USD	332,435		GBP	261,500	BNP Paribas SA		4/19/24		846
USD	1,715,299		NOK	17,632,000	BNP Paribas SA		4/19/24		35,803
AUD	29,178,705		USD	19,563,855	Citibank N.A.		4/19/24		(372,683	)
EUR	1,129,000		USD	1,239,800	Citibank N.A.		4/19/24		(15,577	)
GBP	390,000		USD	496,357	Citibank N.A.		4/19/24		(1,828	)
USD	3,674,642		EUR	3,334,578	Citibank N.A.		4/19/24		58,815
USD	8,575,220		GBP	6,725,346	Citibank N.A.		4/19/24		47,316
USD	7,100,959		TWD	216,096,396	Citibank N.A.		4/19/24		131,869
USD	3,268,529		GBP	2,567,620	Goldman Sachs Group Inc.		4/19/24		12,724
USD	8,283,639		JPY	1,180,327,414	Goldman Sachs Group Inc.		4/19/24		164,142
USD	17,807,671		PLN	70,552,213	Goldman Sachs Group Inc.		4/19/24		205,957
USD	4,286,201		ZAR	80,419,628	Goldman Sachs Group Inc.		4/19/24		19,491
KRW	9,006,342,333		USD	6,906,069	JPMorgan Chase & Co.		4/19/24		(128,140	)
MXN	3,890,000		USD	222,061	JPMorgan Chase & Co.		4/19/24		1,014
USD	4,098,602		CNH	29,238,032	JPMorgan Chase & Co.		4/19/24		10,000
USD	21,201,709		IDR	328,202,461,450	JPMorgan Chase & Co.		4/19/24		433,126
USD	1,335,925		MXN	23,051,662	JPMorgan Chase & Co.		4/19/24		14,005
USD	22,026,362		MXN	378,661,792	JPMorgan Chase & Co.		4/19/24		311,642
BRL	40,718,602		USD	8,238,296	Morgan Stanley & Co. Inc.		4/19/24		(85,678	)
USD	1,503		CAD	2,013	Morgan Stanley & Co. Inc.		4/19/24		5
USD	11,892,616		INR	992,676,645	Morgan Stanley & Co. Inc.		4/19/24		(20,969	)
USD	72,369		JPY	10,411,017	Morgan Stanley & Co. Inc.		4/19/24		752

Net unrealized appreciation on open forward foreign currency contracts								$	618,007

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024


Abbreviation(s) used in this table:

AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CNH		— Chinese Offshore Yuan
EUR		— Euro
GBP		— British Pound
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
NOK		— Norwegian Krone
PLN		— Polish Zloty
TWD		— Taiwan Dollar
USD		— United States Dollar
ZAR		— South African Rand

At January 31, 2024, 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

Bank of America N.A.

122,898,368^BRL

1/4/27

BRL-CDI**

11.993%**

799,716

—

799,716

BNP Paribas SA

142,015,300^BRL

1/2/29

BRL-CDI**

12.610%**

1,924,215

—

1,924,215

JPMorgan Chase & Co.

4,588,200^BRL

1/2/29

BRL-CDI**

12.893%**

70,113

—

70,113

Total

2,794,044

—

2,794,044


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%**	$	(388,970	) $		1,143	$	(390,113)
170,428,000		10/13/25	Daily SOFR Compound**	1.396%**		(3,676,180	)		—		(3,676,180)

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024


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)
	21,316,000			10/31/30	3.530% annually	Daily SOFR Compound annually	$	41,282		$	92,433		$	(51,151	)
	6,990,000			10/31/30	3.540% annually	Daily SOFR Compound annually		9,433			78,894			(69,461	)
	54,546,000			5/15/32	3.220% annually	Daily SOFR Compound annually		1,442,212			1,327,229			114,983
	228,101,667	^MXN		10/25/32	28-Day MXN TIIE - Banxico every 28 days	9.260% every 28 days		527,040			—			527,040
	165,225,000	^MXN		3/1/33	28-Day MXN TIIE - Banxico every 28 days	8.450% every 28 days		(105,175	)		—			(105,175	)
	86,740,000			2/15/48	2.600% annually	Daily SOFR Compound annually		13,830,946			5,816,196			8,014,750
	6,113,000			2/15/48	3.050% annually	Daily SOFR Compound annually		535,001			111,623			423,378
	20,162,000			5/15/48	3.150% annually	Daily SOFR Compound annually		1,442,555			(1,745,169	)		3,187,724

	Total						$	13,658,144		$	5,682,349		$	7,975,795


CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION¹
Reference Entity	Notional Amount²		Termination Date		Implied Credit Spread at January 31, 2024³			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		1.019	%		1.000% quarterly	$	(1,402	)	$	(153,692	)	$	152,290

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024


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.41 Index	$	104,075,400		12/20/28	1.000% quarterly	$	1,995,102		$	1,231,730		$	763,372

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.41 Index	$	25,337,664		12/20/28	5.000% quarterly	$	(1,406,413	)	$	(170,066	)	$	(1,236,347	)

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.

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.

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.

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 2024 Quarterly Report

WESTERN ASSET MACRO OPPORTUNITIES FUND


Schedule of investments (unaudited) (cont’d)		January 31, 2024

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


	Reference
Reference Index	Rate
28-Day MXN TIIE - Banxico		11.501	%
BRL-CDI		11.650	%
Daily SOFR Compound		5.320	%


Abbreviation(s) used in this table:

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

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

See Notes to Schedule of Investments.

Western Asset Macro Opportunities Fund 2024 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

Western Asset Macro Opportunities Fund 2024 Quarterly Report

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

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

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board 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)

Western Asset Macro Opportunities Fund 2024 Quarterly Report

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†:
Sovereign Bonds		—	$	120,395,773		—	$	120,395,773
Corporate Bonds & Notes		—		96,206,450		—		96,206,450
U.S. Government & Agency Obligations		—		34,123,589		—		34,123,589
Mortgage-Backed Securities		—		19,487,327		—		19,487,327
Asset-Backed Securities		—		14,793,996		—		14,793,996
Collateralized Mortgage Obligations		—		14,288,643		—		14,288,643
Senior Loans		—		5,437,406		—		5,437,406
Convertible Bonds & Notes		—		3,579,373		—		3,579,373
Purchased Options:
Exchange-Traded Purchased Options	$	3,104,223		—		—		3,104,223
OTC Purchased Options		—		148,399		—		148,399
Municipal Bonds		—		1,005,565		—		1,005,565
U.S. Treasury Inflation Protected Securities		—		723,291		—		723,291
Common Stocks		269,621		—		—		269,621
Non-U.S. Treasury Inflation Protected Securities		—		208,437		—		208,437
Warrants		—		17,666		—		17,666

Total Long-Term Investments		3,373,844		310,415,915		—		313,789,759

Short-Term Investments†		2,186,106		—		—		2,186,106

Total Investments	$	5,559,950	$	310,415,915		—	$	315,975,865

Western Asset Macro Opportunities Fund 2024 Quarterly Report

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††	$	28,929,860		—		—	$	28,929,860
Forward Foreign Currency Contracts††		—	$	1,475,035		—		1,475,035
OTC Interest Rate Swaps		—		2,794,044		—		2,794,044
Centrally Cleared Interest Rate Swaps††		—		12,267,875		—		12,267,875
Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection††		—		152,290		—		152,290
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		763,372		—		763,372

Total Other Financial Instruments	$	28,929,860	$	17,452,616		—	$	46,382,476

Total	$	34,489,810	$	327,868,531		—	$	362,358,341


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	$	2,457,418		—		—	$	2,457,418
OTC Written Options		—	$	84,676		—		84,676
Futures Contracts††		10,773,056		—		—		10,773,056
Forward Foreign Currency Contracts††		—		857,028		—		857,028
Centrally Cleared Interest Rate Swaps††		—		4,292,080		—		4,292,080
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—		1,236,347		—		1,236,347

Total	$	13,230,474	$	6,470,131		—	$	19,700,605

†	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

Western Asset Macro Opportunities Fund 2024 Quarterly Report

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

or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended January 31, 2024. The following transactions were effected in such company for the period ended January 31, 2024.


	Affiliate Value at October 31, 2023		Purchased				Sold				Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at January 31, 2024


			Cost		Shares		Proceeds		Shares
Western Asset
Premier
Institutional
Government
Reserves, Premium
Shares	$	4,478,088	$	56,523,722		56,523,722	$	58,815,704		58,815,704		—	$	68,428		—	$	2,186,106

Western Asset Macro Opportunities Fund 2024 Quarterly Report