Consolidated Schedule of Investments (unaudited)
August 31, 2025
 Western Asset Inflation-Linked Opportunities & Income Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
U.S. Treasury Inflation Protected Securities — 115.3%
U.S. Treasury Bonds, Inflation Indexed
2.000%
1/15/26
26,002,880
 
 $26,029,678
 
U.S. Treasury Bonds, Inflation Indexed
2.375%
1/15/27
7,997,450
 
8,161,126
 (a)
U.S. Treasury Bonds, Inflation Indexed
3.625%
4/15/28
13,960,240
 
14,937,619
 
U.S. Treasury Bonds, Inflation Indexed
2.500%
1/15/29
30,047,600
 
31,589,531
 (a)
U.S. Treasury Bonds, Inflation Indexed
3.875%
4/15/29
113,803,540
 
125,327,119
 (a)
U.S. Treasury Bonds, Inflation Indexed
2.125%
2/15/40
3,880,162
 
3,869,975
 
U.S. Treasury Bonds, Inflation Indexed
0.750%
2/15/42
14,275,100
 
11,125,218
 
U.S. Treasury Bonds, Inflation Indexed
1.375%
2/15/44
18,407,599
 
15,408,677
 (b)
U.S. Treasury Bonds, Inflation Indexed
0.750%
2/15/45
37,943,183
 
27,547,271
 (c)
U.S. Treasury Bonds, Inflation Indexed
0.250%
2/15/50
39,270,232
 
22,380,170
 
U.S. Treasury Bonds, Inflation Indexed
0.125%
2/15/52
19,466,664
 
10,141,588
 
U.S. Treasury Notes, Inflation Indexed
0.125%
10/15/25
14,917,800
 
14,888,781
 
U.S. Treasury Notes, Inflation Indexed
0.625%
1/15/26
48,870,720
 
48,684,678
 (a)
U.S. Treasury Notes, Inflation Indexed
0.125%
4/15/26
40,589,010
 
40,319,634
 (a)
U.S. Treasury Notes, Inflation Indexed
0.125%
10/15/26
45,564,598
 
45,315,646
 (a)
U.S. Treasury Notes, Inflation Indexed
0.125%
4/15/27
33,130,470
 
32,700,021
 (a)
U.S. Treasury Notes, Inflation Indexed
1.625%
10/15/27
17,422,240
 
17,767,386
 
U.S. Treasury Notes, Inflation Indexed
0.500%
1/15/28
7,846,080
 
7,779,047
 
U.S. Treasury Notes, Inflation Indexed
0.875%
1/15/29
22,994,280
 
22,942,043
 
U.S. Treasury Notes, Inflation Indexed
1.625%
10/15/29
12,301,440
 
12,621,625
 
U.S. Treasury Notes, Inflation Indexed
0.125%
1/15/30
1,253,720
 
1,203,070
 
U.S. Treasury Notes, Inflation Indexed
1.625%
4/15/30
15,199,350
 
15,527,897
 
U.S. Treasury Notes, Inflation Indexed
0.125%
7/15/31
7,220,940
 
6,772,344
 
U.S. Treasury Notes, Inflation Indexed
0.125%
1/15/32
22,690,785
 
20,967,938
 
U.S. Treasury Notes, Inflation Indexed
1.125%
1/15/33
38,983,320
 
37,876,782
 (a)(c)
U.S. Treasury Notes, Inflation Indexed
1.750%
1/15/34
35,677,900
 
35,875,267
 
U.S. Treasury Notes, Inflation Indexed
2.125%
1/15/35
32,298,360
 
33,205,944
 
 
Total U.S. Treasury Inflation Protected Securities (Cost — $710,429,825)
690,966,075
Corporate Bonds & Notes — 8.4%
Communication Services — 0.0%††
Wireless Telecommunication Services — 0.0%††
T-Mobile USA Inc., Senior Notes
3.750%
4/15/27
100,000
 
99,399
 
 
Consumer Discretionary — 0.6%
Hotels, Restaurants & Leisure — 0.6%
Sands China Ltd., Senior Notes
5.400%
8/8/28
2,480,000
 
2,528,571
 
Sands China Ltd., Senior Notes
2.850%
3/8/29
200,000
 
187,795
 
Sands China Ltd., Senior Notes
4.375%
6/18/30
600,000
 
586,073
 
Sands China Ltd., Senior Notes
3.250%
8/8/31
600,000
 
544,583
 
 
Total Consumer Discretionary
3,847,022
Energy — 4.3%
Energy Equipment & Services — 0.0%††
Halliburton Co., Senior Notes
3.800%
11/15/25
11,000
 
10,980
 
Oil, Gas & Consumable Fuels — 4.3%
BP Capital Markets America Inc., Senior Notes
3.633%
4/6/30
270,000
 
264,205
 
Columbia Pipelines Holding Co. LLC, Senior Notes
6.042%
8/15/28
1,230,000
 
1,287,089
 (d)
Continental Resources Inc., Senior Notes
4.900%
6/1/44
1,820,000
 
1,436,240
 
See Notes to Consolidated Schedule of Investments.
1
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
August 31, 2025
 Western Asset Inflation-Linked Opportunities & Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Energy Transfer LP, Senior Notes
5.250%
4/15/29
1,200,000
 
 $1,234,703
 
Enterprise Products Operating LLC, Senior Notes
3.125%
7/31/29
2,880,000
 
2,776,145
 
EOG Resources Inc., Senior Notes
4.375%
4/15/30
70,000
 
70,438
 
EOG Resources Inc., Senior Notes
4.950%
4/15/50
250,000
 
220,160
 
EQT Corp., Senior Notes
5.000%
1/15/29
1,240,000
 
1,254,906
 
Exxon Mobil Corp., Senior Notes
4.327%
3/19/50
6,590,000
 
5,460,973
 
Exxon Mobil Corp., Senior Notes
3.452%
4/15/51
660,000
 
465,885
 
Occidental Petroleum Corp., Senior Notes
6.200%
3/15/40
1,420,000
 
1,403,350
 
ONEOK Inc., Senior Notes
5.800%
11/1/30
1,180,000
 
1,242,918
 
Petrobras Global Finance BV, Senior Notes
5.999%
1/27/28
1,410,000
 
1,444,301
 
QazaqGaz NC JSC, Senior Notes
4.375%
9/26/27
4,000,000
 
3,975,613
 (d)
Targa Resources Corp., Senior Notes
4.200%
2/1/33
1,300,000
 
1,226,038
 
Williams Cos. Inc., Senior Notes
5.750%
6/24/44
2,350,000
 
2,294,918
 
Total Oil, Gas & Consumable Fuels
26,057,882
 
Total Energy
26,068,862
Financials — 1.0%
Banks — 0.7%
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR +
4.502%)
5.013%
4/4/51
4,480,000
 
4,052,652
 (e)
Financial Services — 0.3%
ILFC E-Capital Trust II, Ltd. GTD
6.680%
12/21/65
2,084,000
 
1,788,283
 (d)(e)
 
Total Financials
5,840,935
Health Care — 0.3%
Pharmaceuticals — 0.3%
Bausch Health Americas Inc., Senior Notes
8.500%
1/31/27
1,970,000
 
1,966,927
 (d)
 
Industrials — 0.5%
Aerospace & Defense — 0.5%
General Dynamics Corp., Senior Notes
4.250%
4/1/40
30,000
 
27,104
 
General Dynamics Corp., Senior Notes
4.250%
4/1/50
3,470,000
 
2,878,315
 
 
Total Industrials
2,905,419
Information Technology — 0.1%
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom Inc., Senior Notes
3.137%
11/15/35
400,000
 
338,595
 (d)
 
Materials — 1.6%
Metals & Mining — 1.6%
Antofagasta PLC, Senior Notes
2.375%
10/14/30
1,110,000
 
995,936
 (d)
Barrick North America Finance LLC, Senior Notes
5.750%
5/1/43
1,170,000
 
1,188,820
 
BHP Billiton Finance USA Ltd., Senior Notes
5.000%
9/30/43
1,620,000
 
1,539,150
 
Glencore Finance Canada Ltd., Senior Notes
5.550%
10/25/42
2,330,000
 
2,229,848
 (d)
Glencore Funding LLC, Senior Notes
4.000%
3/27/27
500,000
 
497,935
 (d)
Glencore Funding LLC, Senior Notes
3.875%
10/27/27
1,630,000
 
1,615,776
 (d)
Yamana Gold Inc., Senior Notes
4.625%
12/15/27
1,360,000
 
1,359,065
 
 
Total Materials
9,426,530
Total Corporate Bonds & Notes (Cost — $55,039,876)
50,493,689
Collateralized Mortgage Obligations(f) — 8.1%
Angel Oak Mortgage Trust, 2023-1 A1
4.750%
9/26/67
1,630,885
 
1,621,445
 (d)
See Notes to Consolidated Schedule of Investments.
2
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Opportunities & Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(f) — continued
Banc of America Funding Trust, 2015-R2 5A2
2.235%
9/29/36
3,627,059
 
 $2,993,960
 (d)(e)
Benchmark Mortgage Trust, 2021-B29 XA, IO
1.125%
9/15/54
8,072,495
 
301,589
 (e)
BOCA Commercial Mortgage Trust, 2024-BOCA A (1 mo. Term SOFR + 1.921%)
6.284%
8/15/41
1,080,000
 
1,086,457
 (d)(e)
BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%)
5.618%
8/19/38
731,795
 
729,996
 (d)(e)
BX Commercial Mortgage Trust, 2021-VOLT A (1 mo. Term SOFR + 0.814%)
5.178%
9/15/36
881,634
 
880,520
 (d)(e)
BX Commercial Mortgage Trust, 2021-XL2 D (1 mo. Term SOFR + 1.511%)
5.874%
10/15/38
1,225,000
 
1,225,179
 (d)(e)
BX Commercial Mortgage Trust, 2022-LP2 G (1 mo. Term SOFR + 4.106%)
8.469%
2/15/39
1,274,000
 
1,274,879
 (d)(e)
BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + 1.750%)
6.100%
8/15/42
1,490,000
 
1,494,659
 (d)(e)
BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR + 3.690%)
8.053%
4/15/40
2,994,994
 
3,003,323
 (d)(e)
BX Trust, 2021-ARIA D (1 mo. Term SOFR + 2.010%)
6.373%
10/15/36
2,230,000
 
2,232,571
 (d)(e)
BX Trust, 2022-CLS A
5.760%
10/13/27
1,300,000
 
1,317,087
 (d)
BXMT Ltd., 2020-FL2 A (1 mo. Term SOFR + 1.264%)
5.628%
2/15/38
209,355
 
208,716
 (d)(e)
Citigroup Commercial Mortgage Trust, 2023-SMRT A
6.015%
10/12/40
570,000
 
589,313
 (d)(e)
CRSO Trust, 2023-BRND A
7.121%
7/10/40
750,000
 
787,126
 (d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2021-DNA1 B1 (30 Day Average SOFR + 2.650%)
6.998%
1/25/51
1,176,000
 
1,236,851
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%)
8.848%
6/25/42
1,820,000
 
1,932,523
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2023-DNA1 M1A (30 Day Average SOFR + 2.100%)
6.450%
3/25/43
452,775
 
460,150
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2023-DNA2 M1A (30 Day Average SOFR + 2.100%)
6.450%
4/25/43
1,056,729
 
1,074,445
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2024-DNA1 M2 (30 Day Average SOFR + 1.950%)
6.298%
2/25/44
1,850,000
 
1,876,929
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2024-DNA2 A1 (30 Day Average SOFR + 1.250%)
5.598%
5/25/44
721,631
 
725,007
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2016-1 M2
3.750%
9/25/55
811,473
 
746,972
 (d)(e)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2017-2 M1
4.000%
8/25/56
372,586
 
371,093
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (30 Day
Average SOFR + 4.214%)
8.563%
7/25/39
369,290
 
378,716
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (30 Day
Average SOFR + 3.364%)
7.713%
1/25/40
1,660,000
 
1,702,059
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2023-R02 1B1 (30 Day
Average SOFR + 5.550%)
9.898%
1/25/43
480,000
 
523,072
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2023-R05 1M2 (30 Day
Average SOFR + 3.100%)
7.450%
6/25/43
510,000
 
533,763
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2023-R06 1M2 (30 Day
Average SOFR + 2.700%)
7.048%
7/25/43
790,000
 
817,167
 (d)(e)
Federal National Mortgage Association (FNMA) — CAS, 2024-R02 1M2 (30 Day
Average SOFR + 1.800%)
6.148%
2/25/44
500,000
 
504,791
 (d)(e)
Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%)
5.498%
7/15/39
78,970
 
79,061
 (d)(e)
GS Mortgage Securities Trust, 2020-GC45 A5
2.911%
2/13/53
380,000
 
356,381
 
MF1 LLC, 2022-FL9 A (1 mo. Term SOFR + 2.150%)
6.503%
6/19/37
1,965,738
 
1,966,373
 (d)(e)
MHC Commercial Mortgage Trust, 2021-MHC A (1 mo. Term SOFR + 0.915%)
5.278%
4/15/38
150,540
 
150,594
 (d)(e)
MRCD Mortgage Trust, 2019-PARK A
2.718%
12/15/36
1,520,000
 
1,353,940
 (d)
MSWF Commercial Mortgage Trust, 2023-1 A4
5.472%
5/15/56
330,000
 
343,993
 
See Notes to Consolidated Schedule of Investments.
3
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
August 31, 2025
 Western Asset Inflation-Linked Opportunities & Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(f) — continued
New Residential Mortgage Loan Trust, 2016-3A B2
4.250%
9/25/56
337,125
 
 $330,578
 (d)(e)
OBX Trust, 2023-NQM3 A1
5.949%
2/25/63
1,321,152
 
1,324,074
 (d)
OBX Trust, 2024-NQM17 A3
6.015%
11/25/64
1,406,643
 
1,418,179
 (d)
OBX Trust, 2025-NQM4 A3
5.755%
2/25/55
1,540,711
 
1,550,972
 (d)
PRKCM Trust, 2023-AFC1 A1
6.598%
2/25/58
1,154,947
 
1,160,444
 (d)
PRKCM Trust, 2024-HOME1 A1
6.431%
5/25/59
1,103,063
 
1,119,600
 (d)
PRPM Trust, 2024-NQM4 A1
5.674%
12/26/69
611,255
 
615,900
 (d)
SMRT, 2022-MINI A (1 mo. Term SOFR + 1.000%)
5.364%
1/15/39
390,000
 
389,416
 (d)(e)
SREIT Trust, 2021-MFP A (1 mo. Term SOFR + 0.845%)
5.208%
11/15/38
545,247
 
545,220
 (d)(e)
SREIT Trust, 2021-PALM B (1 mo. Term SOFR + 0.924%)
5.287%
10/15/34
1,930,000
 
1,924,601
 (d)(e)
SWCH Commercial Mortgage Trust, 2025-DATA A (1 mo. Term SOFR + 1.443%)
5.806%
2/15/42
300,000
 
298,235
 (d)(e)
UBS Commercial Mortgage Trust, 2017-C7 A3
3.418%
12/15/50
274,274
 
268,336
 
Verus Securitization Trust, 2022-1 B1
4.007%
1/25/67
920,000
 
708,167
 (d)(e)
Wells Fargo Commercial Mortgage Trust, 2021-C59 XA, IO
1.622%
4/15/54
3,862,124
 
231,635
 (e)
 
Total Collateralized Mortgage Obligations (Cost — $48,266,081)
48,766,057
Non-U.S. Treasury Inflation Protected Securities — 3.9%
Argentina — 0.5%
 
Argentina Treasury Bond BONCER, Bonds
0.000%
12/15/26
4,570,769,447
 ARS
2,709,159
 
Brazil — 2.4%
Brazil Notas do Tesouro Nacional Serie B, Notes
6.000%
5/15/29
33,925,348
 BRL
5,921,665
 
Brazil Notas do Tesouro Nacional Serie B, Notes
6.000%
8/15/30
37,437,683
 BRL
6,432,923
 
Brazil Notas do Tesouro Nacional Serie B, Notes
6.000%
8/15/50
13,613,703
 BRL
2,187,060
 
Total Brazil
14,541,648
Mexico — 0.6%
 
Mexican Udibonos, Bonds
4.000%
11/30/28
64,039,328
 MXN
3,363,882
 
United Kingdom — 0.4%
United Kingdom Inflation-Linked Gilt, Bonds
0.125%
3/22/68
4,535,832
 GBP
2,568,121
 (g)
 
Total Non-U.S. Treasury Inflation Protected Securities (Cost — $29,748,346)
23,182,810
Sovereign Bonds — 2.4%
Colombia — 0.3%
 
Colombia Government International Bond, Senior Notes
4.125%
2/22/42
2,290,000
 
1,597,870
 
Mexico — 1.3%
Mexican Bonos, Senior Notes
7.750%
11/13/42
88,280,000
 MXN
4,023,199
 
Mexico Government International Bond, Senior Notes
5.850%
7/2/32
3,720,000
 
3,797,934
 
Total Mexico
7,821,133
Nigeria — 0.0%††
 
Nigeria Government International Bond, Senior Notes
6.500%
11/28/27
280,000
 
282,467
 (d)
Peru — 0.3%
Peruvian Government International Bond, Senior Notes
5.500%
3/30/36
1,380,000
 
1,392,834
 
Peruvian Government International Bond, Senior Notes
3.300%
3/11/41
150,000
 
114,053
 
Total Peru
1,506,887
Supranational — 0.5%
Inter-American Development Bank, Senior Notes
7.350%
10/6/30
251,000,000
 INR
2,920,611
 
 
Total Sovereign Bonds (Cost — $15,069,084)
14,128,968
See Notes to Consolidated Schedule of Investments.
4
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Opportunities & Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Asset-Backed Securities — 0.1%
Bear Stearns Asset Backed Securities Trust, 2007-SD2 2A1 (1 mo. Term SOFR +
0.914%)
5.237%
9/25/46
19,859
 
 $19,011
 (e)
Origen Manufactured Housing Contract Trust, 2007-B A1 (1 mo. Term SOFR +
1.314%)
5.678%
10/15/37
304,077
 
302,690
 (d)(e)
RASC Trust, 2006-KS1 M3 (1 mo. Term SOFR + 0.534%)
5.067%
2/25/36
460,000
 
445,978
 (e)
 
Total Asset-Backed Securities (Cost — $745,602)
767,679
U.S. Government & Agency Obligations — 0.1%
U.S. Government Obligations — 0.1%
U.S. Treasury Notes (Cost — $279,372)
3.875%
6/30/30
280,000
282,330
 
Total Investments before Short-Term Investments (Cost — $859,578,186)
828,587,608
 
 
 
 
Shares
 
Short-Term Investments — 1.0%
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $5,786,050)  
4.246%
5,786,050
 
5,786,050
 (h)(i)
Total Investments — 139.3% (Cost — $865,364,236)
834,373,658
Liabilities in Excess of Other Assets — (39.3)%
(235,330,453
)
Total Net Assets — 100.0%
$599,043,205
 
†
Face amount denominated in U.S. dollars, unless otherwise noted.
††
Represents less than 0.1%.
(a)
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.
(b)
All or a portion of this security is held at the broker as collateral for open futures contracts. 
(c)
All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts.
(d)
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 Trustees.
(e)
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.
(f)
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.
(g)
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 Trustees.
(h)
Rate shown is one-day yield as of the end of the reporting period.
(i)
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 August 31, 2025, the total market value of
investments in Affiliated Companies was $5,786,050 and the cost was $5,786,050 (Note 2).
 
See Notes to Consolidated Schedule of Investments.
5
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
August 31, 2025
 Western Asset Inflation-Linked Opportunities & Income Fund
Abbreviation(s) used in this schedule:
ARS
—
Argentine Peso
BRL
—
Brazilian Real
CAS
—
Connecticut Avenue Securities
GBP
—
British Pound
GTD
—
Guaranteed
INR
—
Indian Rupee
IO
—
Interest Only
JSC
—
Joint Stock Company
MXN
—
Mexican Peso
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
At August 31, 2025, the Fund had the following open reverse repurchase agreements: 
Counterparty
Rate
Effective
Date
Maturity
Date
Face Amount
of Reverse
Repurchase
Agreements
Asset Class
of Collateral*
Collateral
Value**
Morgan Stanley
& Co. Inc.
4.480%
6/5/2025
12/5/2025
 $239,392,827
U.S. Treasury Inflation Protected Securities
 $245,850,719
 
$239,392,827
$245,850,719
 
*
Refer to the Consolidated Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements.
**
Including accrued interest.
At August 31, 2025, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
(Depreciation)
Contracts to Buy:
Australian Dollar
140
9/25
 $9,075,350
 $9,166,500
 $91,150
Australian Dollar
15
12/25
977,287
983,550
6,263
Copper
140
12/25
16,186,346
16,066,750
(119,596)
Natural Gas
80
11/25
3,302,319
3,131,200
(171,119)
Natural Gas
20
2/26
742,250
723,800
(18,450)
U.S. Treasury 5-Year Notes
859
12/25
93,696,298
94,033,656
337,358
U.S. Treasury 10-Year Notes
133
12/25
14,895,316
14,962,500
67,184
 
192,790
Contracts to Sell:
U.S. Treasury Long-Term Bonds
119
12/25
13,619,716
13,595,750
23,966
U.S. Treasury Ultra Long-Term Bonds
221
12/25
25,834,609
25,760,312
74,297
 
98,263
Net unrealized appreciation on open futures contracts
$291,053
At August 31, 2025, the Fund had the following open forward foreign currency contracts: 
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
33,990,000
USD
6,263,821
Citibank N.A.
9/3/25
 $(3,033)
USD
6,044,923
BRL
33,990,000
Citibank N.A.
9/3/25
(215,865)
BRL
33,990,000
USD
6,256,212
JPMorgan Chase & Co.
9/3/25
4,576
USD
6,263,821
BRL
33,990,000
JPMorgan Chase & Co.
9/3/25
3,033
USD
6,211,169
BRL
33,990,000
JPMorgan Chase & Co.
10/2/25
(4,850)
See Notes to Consolidated Schedule of Investments.
6
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Opportunities & Income Fund
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
4,066,110
GBP
2,977,592
Goldman Sachs Group Inc.
10/16/25
 $40,082
USD
2,999,659
MXN
56,243,305
Morgan Stanley & Co. Inc.
10/16/25
1,270
USD
3,957,612
MXN
74,749,599
Morgan Stanley & Co. Inc.
10/16/25
(27,366)
Net unrealized depreciation on open forward foreign currency contracts
$(202,153)
 
Abbreviation(s) used in this table:
BRL
—
Brazilian Real
GBP
—
British Pound
MXN
—
Mexican Peso
USD
—
United States Dollar
At August 31, 2025, the Fund had the following open swap contracts:  
 
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION1
Reference Entity
Notional
Amount2
Termination
Date
Periodic
Payments
Received by
the Fund†
Market
Value3
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
Markit CDX.NA.HY.44 Index
 $35,993,000
6/20/30
5.000% quarterly
 $2,592,742
 $1,975,926
 $616,816
Markit CDX.NA.IG.44 Index
8,935,000
6/20/30
1.000% quarterly
192,940
160,804
32,136
Total
$44,928,000
$2,785,682
$2,136,730
$648,952
 
 
OTC TOTAL RETURN SWAPS
Swap
Counterparty
Notional
Amount
Termination
Date
Periodic
Payments
Made by
the Fund†
Periodic
Payments
Received by
the Fund‡
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
JPMorgan Chase & Co.
 $7,110,000
10/3/25
Daily SOFR
Compound +
1.100%**
JPEIFNTR^**
 $203,581
—
$203,581
 
1
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to
the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities
comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the
recovery value of the referenced obligation or underlying securities comprising the referenced index.
2
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event
occurs as defined under the terms of that particular swap agreement.
3
The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the
current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount
of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when
compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of
default or other credit event occurring as defined under the terms of the agreement.
†
Percentage shown is an annual percentage rate.
‡
Periodic payments made/received by the Fund are based on the total return of the referenced entity.
^
Custom emerging markets debt basket is comprised of 41 bonds in the Sovereign Frontier sector.
**
One time payment made at termination date.
Reference rate(s) and their value(s) as of period end used in this table: 
Reference Index
Reference
Rate
Daily SOFR Compound
4.340%
 
See Notes to Consolidated Schedule of Investments.
7
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
August 31, 2025
 Western Asset Inflation-Linked Opportunities & Income Fund
Abbreviation(s) used in this table:
JPEIFNTR
—
Western Asset Management Emerging Markets Frontier Custom Basket
SOFR
—
Secured Overnight Financing Rate
See Notes to Consolidated Schedule of Investments.
8
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
 Western Asset Inflation-Linked Opportunities & Income Fund
The following table provides information about the underlying components of the JPEIFNTR total return swap, as of period end. 
Security
Face
Amount
Value
Weight
Angolan Government International Bond, 9.125% due
11/26/49
 $12,070,000
 $9,772,958
5.57%
Argentine Republic Government International Bond,
3.500% due 7/9/41
8,080,000
4,718,720
2.69%
Argentine Republic Government International Bond,
5.000% due 1/9/38
8,650,000
5,830,100
3.33%
Bahamas Government International Bond, 8.250% due
6/24/36
6,200,000
6,401,500
3.65%
Benin Government International Bond, 7.960% due 2/13/38
4,860,000
4,769,555
2.72%
Costa Rica Government International Bond, 6.550% due
4/3/34
5,810,000
6,154,243
3.51%
Dominican Republic International Bond, 4.500% due
1/30/30
9,540,000
9,229,152
5.26%
Ecuador Government International Bond, 6.900% due
7/31/35
9,150,000
6,908,250
3.94%
Egypt Government International Bond, 5.800% due 9/30/27
5,270,000
5,186,049
2.96%
Egypt Government International Bond, 7.903% due 2/21/48
4,170,000
3,276,077
1.87%
El Salvador Government International Bond, 7.125% due
1/20/50
7,580,000
6,344,005
3.62%
Ethiopia International Bond, 6.625% due 12/11/26(a)
10,970,000
9,926,860
5.66%
Ghana Government International Bond, 5.000% due 7/3/29
2,716,043
2,597,216
1.48%
Ghana Government International Bond, 5.000% due 7/3/35
3,905,715
3,188,040
1.82%
Guatemala Government Bond, 5.375% due 4/24/32
4,940,000
4,927,650
2.81%
Ivory Coast Government International Bond, 7.625% due
1/30/33
10,570,000
10,619,573
6.06%
Jordan Government International Bond, 7.500% due
1/13/29
4,710,000
4,907,385
2.80%
Mozambique International Bond, 9.000% due 9/15/31
5,550,000
4,913,415
2.80%
Nigeria Government International Bond, 7.375% due
9/28/33
13,830,000
12,980,423
7.40%
Paraguay Government International Bond, 6.100% due
8/11/44
5,750,000
5,669,500
3.23%
Petroleos de Venezuela SA, 0.000% due 4/12/27(a)
34,000,000
5,114,279
2.92%
Provincia de Buenos Aires/Government Bonds, 6.625% due
9/1/37
5,319,673
3,345,195
1.91%
Republic of Kenya Government International Bond, 6.300%
due 1/23/34
12,750,000
10,741,875
6.13%
Republic of Uzbekistan International Bond, 3.900% due
10/19/31
3,810,000
3,456,394
1.97%
Senegal Government International Bond, 6.250% due
5/23/33
3,780,000
2,804,306
1.60%
Senegal Government International Bond, 6.750% due
3/13/48
3,230,000
2,052,051
1.17%
Sri Lanka Government International Bond, 3.100% due
1/15/30
2,330,000
2,143,600
1.22%
Sri Lanka Government International Bond, 3.350% due
3/15/33
1,693,000
1,407,306
0.80%
Sri Lanka Government International Bond, 3.600% due
6/15/35
3,080,000
2,202,200
1.26%
See Notes to Consolidated Schedule of Investments.
9
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
Consolidated Schedule of Investments (unaudited) (cont’d)
August 31, 2025
 Western Asset Inflation-Linked Opportunities & Income Fund
Security
Face
Amount
Value
Weight
Sri Lanka Government International Bond, 3.600% due
5/15/36
 $793,000
 $664,138
0.38%
Sri Lanka Government International Bond, 3.600% due
2/15/38
1,587,000
1,331,096
0.76%
Sri Lanka Government International Bond, 4.000% due
4/15/28
890,914
614,973
0.35%
Ukraine Government International Bond, 0.000% due
2/1/30
537,010
271,190
0.15%
Ukraine Government International Bond, 0.000% due
2/1/34
2,006,721
797,672
0.45%
Ukraine Government International Bond, 0.000% due
2/1/35
1,695,820
877,587
0.50%
Ukraine Government International Bond, 0.000% due
2/1/36
1,413,184
727,790
0.42%
Ukraine Government International Bond, 4.500% due
2/1/34
3,870,000
2,080,125
1.19%
Ukraine Government International Bond, 4.500% due
2/1/35
2,380,000
1,267,350
0.72%
Ukraine Government International Bond, 4.500% due
2/1/36
1,966,168
1,037,154
0.59%
Zambia Government International Bond, 0.500% due
12/31/53
3,525,852
2,349,734
1.34%
Zambia Government International Bond, 5.750% due
6/30/33
2,655,488
1,741,072
0.99%
Total
$175,347,758
100.00%
(a)
The coupon payment on this security is currently in default as of August 31, 2025.
This Consolidated 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 Consolidated Schedule of Investments.
10
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
Notes to Consolidated Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Inflation-Linked Opportunities & Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, closed-end management investment company. The Fund commenced operations on February 25, 2004.
The Fund’s primary investment objective is to provide current income for its shareholders. Capital appreciation, when consistent with current income, is a secondary investment objective. Under normal market conditions and at the time of purchase, the Fund will invest at least 80% of its total managed assets in inflation-linked securities. The Fund may invest up to 100% of its total managed assets in non-U.S. dollar investments. The Fund may also invest up to 40% of its total managed assets in below investment grade securities. If a security is rated by multiple nationally recognized statistical rating organizations (“NRSROs”) and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.
The Fund may gain exposure to the commodities markets by investing a portion of its assets in a wholly-owned subsidiary, Western Asset Inflation-Linked Opportunities & Income Fund CFC (the “Subsidiary”), organized under the laws of the Cayman Islands. Among other investments, the Subsidiary may invest in commodity-linked instruments. The Fund may invest up to 25% of its total assets in the Subsidiary; although 10% of total managed assets may be utilized for commodity-related strategies. This schedule of investments is the Consolidated Schedule of Investments of the Fund and the Subsidiary.
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 adviser to be unreliable, the market price may be determined by the adviser 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 Trustees (the “Board”).  
Pursuant to policies adopted by the Board, the Fund’s adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser 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 adviser and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from
11
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
Notes to Consolidated Schedule of Investments (unaudited) (cont’d)
market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
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†:
U.S. Treasury Inflation Protected Securities
—
 $690,966,075
—
 $690,966,075
Corporate Bonds & Notes
—
50,493,689
—
50,493,689
Collateralized Mortgage Obligations
—
48,766,057
—
48,766,057
Non-U.S. Treasury Inflation Protected Securities
—
23,182,810
—
23,182,810
Sovereign Bonds
—
14,128,968
—
14,128,968
Asset-Backed Securities
—
767,679
—
767,679
U.S. Government & Agency Obligations
—
282,330
—
282,330
Total Long-Term Investments
—
828,587,608
—
828,587,608
Short-Term Investments†
 $5,786,050
—
—
5,786,050
Total Investments
$5,786,050
$828,587,608
—
$834,373,658
Other Financial Instruments:
Futures Contracts††
 $600,218
—
—
 $600,218
Forward Foreign Currency Contracts††
—
 $48,961
—
48,961
Centrally Cleared Credit Default Swaps on Credit Indices — Sell
Protection††
—
648,952
—
648,952
OTC Total Return Swaps
—
203,581
—
203,581
Total Other Financial Instruments
$600,218
$901,494
—
$1,501,712
Total
$6,386,268
$829,489,102
—
$835,875,370
12
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $309,165
—
—
 $309,165
Forward Foreign Currency Contracts††
—
 $251,114
—
251,114
Total
$309,165
$251,114
—
$560,279
 
†
See Consolidated Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2025. The following transactions were effected in such company for the period ended August 31, 2025.
 
 
Affiliate
Value at

November 30,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $7,471,838
 $181,754,439
181,754,439
 $183,440,227
183,440,227

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
August 31,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $347,792
—
 $5,786,050
13
Western Asset Inflation-Linked Opportunities & Income Fund 2025 Quarterly Report