WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 45.5%
COMMUNICATION SERVICES - 7.4%
Diversified Telecommunication Services - 0.8%
Cogent Communications Group Inc., Senior Secured Notes		5.375	%		3/1/22		800,000	$	830,000	(a)
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		1,355,000		1,355,000	(a)
Windstream Services LLC/Windstream Finance Corp., Secured Notes		10.500	%		6/30/24		1,470,000		1,029,000	*(a)(b)
Total Diversified Telecommunication Services									3,214,000
Entertainment - 0.3%
Netflix Inc., Senior Notes		5.875	%		11/15/28		670,000		708,525
Netflix Inc., Senior Notes		6.375	%		5/15/29		320,000		350,400	(a)
Total Entertainment									1,058,925
Interactive Media & Services - 0.2%
Match Group Inc., Senior Notes		5.000	%		12/15/27		810,000		818,100	(a)
Media - 4.3%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		2,900,000		2,945,313	(a)
Altice Luxembourg SA, Senior Notes		7.750	%		5/15/22		1,130,000		1,154,013	(a)
American Media LLC, Secured Notes		10.500	%		12/31/26		1,709,999		1,774,124	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		2/15/23		30,000		30,563
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.375	%		5/1/25		420,000		435,750	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		530,000		539,275	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		1,220,000		1,221,525	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		200,000		200,330
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		180,000		203,677
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		270,000		277,642

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Media - (continued)
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,980,000		$	1,777,050
Fox Corp., Senior Notes		4.709	%		1/25/29		430,000			463,004	(a)
Fox Corp., Senior Notes		5.476	%		1/25/39		130,000			145,016	(a)
Myriad International Holdings BV, Senior Notes		4.850	%		7/6/27		1,380,000			1,440,757	(a)
Univision Communications Inc., Senior Secured Notes		5.125	%		5/15/23		1,330,000			1,290,100	(a)
UPC Holding BV, Senior Secured Notes		5.500	%		1/15/28		410,000			415,125	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		1/15/25		1,089,000	GBP		1,462,835	(c)
Vue International Bidco PLC, Senior Secured Notes		7.875	%		7/15/20		760,000	GBP		994,427	(c)
Total Media										16,770,526
Wireless Telecommunication Services - 1.8%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		2,370,000			2,549,231	(a)
Millicom International Cellular SA, Senior Notes		6.625	%		10/15/26		530,000			568,425	(a)
Millicom International Cellular SA, Senior Notes		6.250	%		3/25/29		600,000			622,500	(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		140,000			134,400
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		920,000			968,300
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		570,000			658,350
Sprint Corp., Senior Notes		7.250	%		9/15/21		10,000			10,500
Sprint Corp., Senior Notes		7.875	%		9/15/23		305,000			318,481
Sprint Corp., Senior Notes		7.125	%		6/15/24		420,000			421,969
T-Mobile USA Inc., Senior Notes		4.750	%		2/1/28		670,000			678,375
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		330,000			340,114
Total Wireless Telecommunication Services										7,270,645
TOTAL COMMUNICATION SERVICES										29,132,196
CONSUMER DISCRETIONARY - 5.7%
Auto Components - 0.4%
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		930,000			940,286
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		620,000			635,500	(a)
Total Auto Components										1,575,786

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Diversified Consumer Services - 1.0%
Carriage Services Inc., Senior Notes		6.625	%		6/1/26		730,000		$	755,550	(a)
Co-operative Group Holdings 2011 Ltd., Senior Notes		7.500	%		7/8/26		830,000	GBP		1,220,857	(c)
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes		9.250	%		5/15/23		444,000			468,786	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.250	%		4/15/24		160,000			160,800	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		530,000			536,731	(a)
Service Corp. International, Senior Notes		7.500	%		4/1/27		90,000			103,725
Weight Watchers International Inc., Senior Notes		8.625	%		12/1/25		940,000			822,500	(a)
Total Diversified Consumer Services										4,068,949
Hotels, Restaurants & Leisure - 2.8%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		4.250	%		5/15/24		1,060,000			1,046,750	(a)
CPUK Finance Ltd., Senior Secured Notes		7.239	%		2/28/24		1,000,000	GBP		1,581,556	(c)
Hilton Domestic Operating Co. Inc., Senior Notes		5.125	%		5/1/26		190,000			194,988	(a)
Hilton Worldwide Finance LLC/ Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		850,000			864,875
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Secured Notes		10.250	%		11/15/22		940,000			1,018,725	(a)
NCL Corp. Ltd., Senior Notes		4.750	%		12/15/21		525,000			532,114	(a)
Sands China Ltd., Senior Notes		5.125	%		8/8/25		800,000			845,094
Scientific Games International Inc., Senior Notes		10.000	%		12/1/22		934,000			986,537
Silversea Cruise Finance Ltd., Senior Secured Notes		7.250	%		2/1/25		594,000			642,263	(a)
Speedway Motorsports Inc., Senior Notes		5.125	%		2/1/23		840,000			844,200
Viking Cruises Ltd., Senior Notes		5.875	%		9/15/27		1,460,000			1,456,350	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		760,000			758,100	(a)
Total Hotels, Restaurants & Leisure										10,771,552

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Household Durables - 0.2%
Lennar Corp., Senior Notes		4.750	%		11/29/27		670,000		$	686,381
Specialty Retail - 0.8%
L Brands Inc., Senior Notes		5.250	%		2/1/28		1,740,000			1,557,300
L Brands, Inc., Senior Notes		5.625	%		10/15/23		530,000			549,213
Masaria Investments SAU, Senior Secured Notes		5.000	%		9/15/24		150,000	EUR		169,607	(a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes		5.625	%		12/1/25		470,000			470,000
Tendam Brands SAU, Senior Secured Notes (3 mo. Euribor + 5.250%, 5.250% floor)		5.250	%		9/15/24		440,000	EUR		492,473	(a)(d)
Total Specialty Retail										3,238,593
Textiles, Apparel & Luxury Goods - 0.5%
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		1,330,000			1,338,312	(a)
Levi Strauss & Co., Senior Notes		5.000	%		5/1/25		440,000			454,300
Total Textiles, Apparel & Luxury Goods										1,792,612
TOTAL CONSUMER DISCRETIONARY										22,133,873
CONSUMER STAPLES - 1.0%
Beverages - 0.5%
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		1,750,000			1,946,779
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.800	%		1/23/59		130,000			148,105
Total Beverages										2,094,884
Food & Staples Retailing - 0.2%
Prosperous Ray Ltd., Senior Notes		4.625	%		11/12/23		690,000			721,976	(c)
Food Products - 0.2%
Lamb Weston Holdings Inc., Senior Notes		4.875	%		11/1/26		700,000			714,000	(a)
Tobacco - 0.1%
Altria Group Inc., Senior Notes		4.400	%		2/14/26		130,000			134,388
Altria Group Inc., Senior Notes		4.800	%		2/14/29		420,000			436,793
Total Tobacco										571,181
TOTAL CONSUMER STAPLES										4,102,041
ENERGY - 8.4%
Oil, Gas & Consumable Fuels - 8.4%
Berry Petroleum Co. Escrow		—			—		220,000			0	*(e)(f)(g)
Berry Petroleum Co., LLC, Senior Notes		7.000	%		2/15/26		1,170,000			1,153,912	(a)

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.625	%		7/15/26		610,000	$	626,013	(a)
Chesapeake Energy Corp., Senior Notes		6.125	%		2/15/21		820,000		844,600
Chesapeake Energy Corp., Senior Notes		8.000	%		6/15/27		870,000		855,016
Covey Park Energy LLC/Covey Park Finance Corp., Senior Notes		7.500	%		5/15/25		1,130,000		1,056,550	(a)
DCP Midstream Operating LP, Senior Notes		6.750	%		9/15/37		520,000		544,700	(a)
Diamondback Energy Inc., Senior Notes		4.750	%		11/1/24		910,000		932,750
Diamondback Energy Inc., Senior Notes		4.750	%		11/1/24		160,000		164,000	(a)
Diamondback Energy Inc., Senior Notes		5.375	%		5/31/25		620,000		648,526
Eclipse Resources Corp., Senior Notes		8.875	%		7/15/23		1,120,000		1,078,000
Endeavor Energy Resources LP/EER Finance Inc., Senior Notes		5.500	%		1/30/26		160,000		167,600	(a)
Endeavor Energy Resources LP/EER Finance Inc., Senior Notes		5.750	%		1/30/28		260,000		278,200	(a)
Energy Transfer Operating LP, Senior Notes		6.250	%		4/15/49		210,000		236,119
Extraction Oil & Gas Inc., Senior Notes		7.375	%		5/15/24		650,000		588,250	(a)
Extraction Oil & Gas Inc., Senior Notes		5.625	%		2/1/26		530,000		437,250	(a)
Gazprom OAO Via Gaz Capital SA, Senior Notes		4.950	%		3/23/27		1,140,000		1,160,962	(a)
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes		6.000	%		5/15/23		500,000		506,720
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes		5.625	%		6/15/24		300,000		299,438
Indigo Natural Resources LLC, Senior Notes		6.875	%		2/15/26		340,000		317,050	(a)
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		1,360,000		1,410,799	(a)
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		200,000		213,304	(a)
KazTransGas JSC, Senior Notes		4.375	%		9/26/27		1,450,000		1,436,995	(a)

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Oil, Gas & Consumable Fuels - (continued)
MEG Energy Corp., Senior Notes		7.000	%		3/31/24		2,080,000		$	1,980,555	(a)
NGPL PipeCo LLC, Senior Notes		7.768	%		12/15/37		1,250,000			1,540,625	(a)
Northern Oil and Gas Inc., Secured Notes (8.500% Cash & 1.000% PIK)		9.500	%		5/15/23		60,150			63,458	(h)
Petrobras Global Finance BV, Senior Notes		5.299	%		1/27/25		2,530,000			2,604,635
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		580,000			582,900
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		1,560,000			1,531,717
Range Resources Corp., Senior Notes		5.000	%		3/15/23		640,000			625,043
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		790,000			889,703	(a)
Saratoga Resources Inc., Senior Secured Notes		12.500	%		7/1/16		1,200,000			168	*(i)
Shelf Drilling Holdings Ltd., Senior Notes		8.250	%		2/15/25		1,060,000			1,044,100	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		40,000			42,950	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		760,000			822,700	(a)
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		1,680,000			1,528,800	(a)
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		1,300,000			1,818,640
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		670,000			767,988
YPF SA, Senior Notes		8.500	%		3/23/21		2,050,000			2,009,922	(c)
TOTAL ENERGY										32,810,658
FINANCIALS - 8.3%
Banks - 6.0%
Banco Bilbao Vizcaya Argentaria SA, Junior Subordinated Notes (5.875% to 9/24/23 then EUR 5 year Swap Rate + 5.660%)		5.875	%		9/24/23		800,000	EUR		903,305	(c)(d)(j)
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		200,000			208,600	(a)(d)(j)

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
Banco Mercantil del Norte SA, Junior Subordinated Notes (6.875% to 7/6/22 then 5 year Treasury Constant Maturity Rate + 5.035%)		6.875	%		7/6/22		200,000		$	206,550	(a)(d)(j)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		340,000			371,243
Barclays PLC, Junior Subordinated Notes (7.750% to 9/15/23 then USD 5 year ICE Swap Rate + 4.842%)		7.750	%		9/15/23		470,000			486,163	(d)(j)
Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate + 5.672%)		8.000	%		6/15/24		840,000			886,200	(d)(j)
Barclays PLC, Senior Notes (4.972% to 5/16/28 then 3 mo. USD LIBOR + 1.902%)		4.972	%		5/16/29		200,000			209,994	(d)
Citigroup Inc., Senior Notes		4.650	%		7/30/45		553,000			593,364
Cooperatieve Rabobank UA, Junior Subordinated Notes (4.625% to 12/29/25 then EUR 5 year Swap Rate + 4.098%)		4.625	%		12/29/25		1,800,000	EUR		2,127,474	(c)(d)(j)
Credit Agricole SA, Junior Subordinated Notes (6.500% to 6/23/21 then EUR 5 year Swap Rate + 5.120%)		6.500	%		6/23/21		590,000	EUR		716,295	(c)(d)(j)
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		710,000			810,238	(a)(d)(j)
Danske Bank A/S, Junior Subordinated Notes (5.750% to 4/6/20 then EUR 6 year Swap Rate + 4.640%)		5.750	%		4/6/20		650,000	EUR		740,697	(c)(d)(j)
Danske Bank A/S, Senior Notes		5.000	%		1/12/22		230,000			236,615	(a)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		250,000			261,970	(a)
HSBC Holdings PLC, Junior Subordinated Notes (5.250% to 9/16/22 then EUR 5 year Swap Rate + 4.383%)		5.250	%		9/16/22		850,000	EUR		1,027,819	(c)(d)(j)
HSBC Holdings PLC, Junior Subordinated Notes (6.250% to 3/23/23 then USD 5 year ICE Swap Rate + 3.453%)		6.250	%		3/23/23		290,000			296,711	(d)(j)

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
HSBC Holdings PLC, Junior Subordinated Notes (6.375% to 9/17/24 then USD 5 year ICE Swap Rate + 3.705%)		6.375	%		9/17/24		400,000		$	410,756	(d)(j)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		490,000			499,011	(d)(j)
ICICI Bank Ltd., Senior Notes		5.750	%		11/16/20		950,000			984,976	(c)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		2,700,000			2,607,305	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		1,250,000			1,222,050	(a)
Itau CorpBanca, Senior Notes		3.875	%		9/22/19		1,210,000			1,213,712	(c)
Lloyds Banking Group PLC, Junior Subordinated Notes (6.375% to 6/27/20 then EUR 5 year Swap Rate + 5.290%)		6.375	%		6/27/20		1,200,000	EUR		1,408,063	(c)(d)(j)
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 6/27/24 then USD 5 year Swap Rate + 4.760%)		7.500	%		6/27/24		230,000			242,075	(d)(j)
Oversea-Chinese Banking Corp. Ltd., Subordinated Notes		4.250	%		6/19/24		1,240,000			1,282,542	(c)
Royal Bank of Scotland Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%)		8.625	%		8/15/21		270,000			290,925	(d)(j)
Royal Bank of Scotland Group PLC, Subordinated Notes		5.125	%		5/28/24		220,000			228,815
Santander UK Group Holdings PLC, Junior Subordinated Notes (7.375% to 6/24/22 then GBP 5 year Swap Rate + 5.543%)		7.375	%		6/24/22		790,000	GBP		1,097,494	(c)(d)(j)
Santander UK Group Holdings PLC, Subordinated Notes		4.750	%		9/15/25		1,080,000			1,095,228	(a)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34		780,000			795,803	(a)(d)
Total Banks										23,461,993

See Notes to Schedule of Investments.

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WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Capital Markets - 0.6%
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		290,000		$	301,709	(a)(d)(j)
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 12/11/23 then USD 5 year Swap Rate + 4.598%)		7.500	%		12/11/23		270,000			289,874	(a)(d)(j)
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 7/17/23 then USD 5 year ICE Swap Rate + 4.600%)		7.500	%		7/17/23		610,000			643,160	(a)(d)(j)
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		150,000			160,715
UBS Group Funding Switzerland AG, Senior Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		860,000			897,074	(a)(d)(j)
Total Capital Markets										2,292,532
Diversified Financial Services - 1.1%
ASP AMC Merger Sub Inc., Senior Notes		8.000	%		5/15/25		560,000			362,600	(a)
DAE Funding LLC, Senior Notes		4.500	%		8/1/22		10,000			10,125	(a)
DAE Funding LLC, Senior Notes		5.750	%		11/15/23		1,820,000			1,911,000	(a)
Jerrold Finco PLC, Senior Secured Notes		6.125	%		1/15/24		570,000	GBP		757,624	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		552,000			576,012	(a)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		190,000			192,550	(a)
Travelport Corporate Finance PLC, Senior Secured Notes		6.000	%		3/15/26		422,000			454,705	(a)
Total Diversified Financial Services										4,264,616
Insurance - 0.2%
Ambac Assurance Corp., Subordinated Notes		5.100	%		6/7/20		14,128			19,974	(a)
Ambac LSNI LLC, Senior Secured Notes (3 mo. USD LIBOR + 5.000%)		7.592	%		2/12/23		60,757			61,592	(a)(d)
Galaxy Bidco Ltd., Senior Secured Notes		6.375	%		11/15/20		570,000	GBP		741,422	(c)
Total Insurance										822,988

See Notes to Schedule of Investments.

9

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Thrifts & Mortgage Finance - 0.4%
Quicken Loans Inc., Senior Notes		5.750	%		5/1/25		1,590,000		$	1,621,800	(a)
TOTAL FINANCIALS										32,463,929
HEALTH CARE - 3.9%
Health Care Equipment & Supplies - 0.2%
Immucor Inc., Senior Notes		11.125	%		2/15/22		930,000			948,600	(a)
Health Care Providers & Services - 2.6%
BioScrip Inc., First Lien Notes (1 mo. USD LIBOR + 7.000%)		9.500	%		6/30/22		1,979,000			2,068,055	(d)(e)(f)(k)
BioScrip Inc., Senior Notes		8.875	%		2/15/21		1,200,000			1,203,000
CVS Health Corp., Senior Notes		4.780	%		3/25/38		350,000			341,055
HCA Inc., Senior Notes		5.375	%		2/1/25		300,000			316,500
HCA Inc., Senior Notes		5.625	%		9/1/28		1,380,000			1,473,150
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		1,510,000			1,602,216
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		620,000			606,050
Polaris Intermediate Corp., Senior Notes (8.500% PIK)		8.500	%		12/1/22		690,000			689,138	(a)(h)
RegionalCare Hospital Partners Holdings Inc., Senior Secured Notes		8.250	%		5/1/23		580,000			617,156	(a)
Tenet Healthcare Corp., Senior Notes		8.125	%		4/1/22		980,000			1,049,296
Total Health Care Providers & Services										9,965,616
Pharmaceuticals - 1.1%
Bausch Health Americas Inc., Senior Notes		9.250	%		4/1/26		1,230,000			1,371,450	(a)
Bausch Health Americas Inc., Senior Notes		8.500	%		1/31/27		1,000,000			1,091,875	(a)
Nidda BondCo GmbH, Senior Notes		5.000	%		9/30/25		590,000	EUR		653,100	(c)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		1,180,000			1,074,135
Total Pharmaceuticals										4,190,560
TOTAL HEALTH CARE										15,104,776
INDUSTRIALS - 3.7%
Aerospace & Defense - 0.3%
Avolon Holdings Funding Ltd., Senior Notes		5.125	%		10/1/23		290,000			301,327	(a)
Heligear Acquisition Co., Senior Secured Notes		10.250	%		10/15/19		707,000			712,536	(a)
Total Aerospace & Defense										1,013,863
Air Freight & Logistics - 0.5%
XPO CNW Inc., Senior Notes		6.700	%		5/1/34		2,330,000			2,085,350

See Notes to Schedule of Investments.

10

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Building Products - 0.2%
Standard Industries Inc., Senior Notes		6.000	%		10/15/25		910,000		$	954,554	(a)
Commercial Services & Supplies - 0.7%
GFL Environmental Inc., Senior Notes		5.625	%		5/1/22		60,000			59,850	(a)
GFL Environmental Inc., Senior Notes		5.375	%		3/1/23		490,000			478,975	(a)
GFL Environmental Inc., Senior Notes		8.500	%		5/1/27		410,000			428,147	(a)
United Rentals North America Inc., Secured Notes		4.625	%		7/15/23		90,000			91,800
United Rentals North America Inc., Senior Notes		4.625	%		10/15/25		510,000			507,450
United Rentals North America Inc., Senior Notes		6.500	%		12/15/26		250,000			268,125
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		890,000			885,550
Total Commercial Services & Supplies										2,719,897
Construction & Engineering - 0.1%
CalAtlantic Group Inc., Senior Notes		5.250	%		6/1/26		250,000			259,063
Industrial Conglomerates - 0.4%
General Electric Co., Senior Notes		6.875	%		1/10/39		1,270,000			1,505,125
Machinery - 0.3%
Cleaver-Brooks Inc., Senior Secured Notes		7.875	%		3/1/23		500,000			490,000	(a)
MAI Holdings Inc., Senior Secured Notes		9.500	%		6/1/23		330,000			316,800
Park-Ohio Industries Inc., Senior Notes		6.625	%		4/15/27		360,000			361,800
Total Machinery										1,168,600
Marine - 0.3%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes		8.125	%		11/15/21		1,440,000			1,202,400	(a)
Road & Rail - 0.1%
Europcar Mobility Group, Secured Notes		5.750	%		6/15/22		330,000	EUR		378,180	(c)

See Notes to Schedule of Investments.

11

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Transportation Infrastructure - 0.8%
DP World PLC, Senior Notes		5.625	%		9/25/48		1,390,000		$	1,471,523	(a)
Neovia Logistics Services LLC/SPL Logistics Finance Corp., Senior Secured Notes		8.875	%		8/1/20		1,530,000			1,542,393	(a)
Total Transportation Infrastructure										3,013,916
TOTAL INDUSTRIALS										14,300,948
INFORMATION TECHNOLOGY - 0.3%
Communications Equipment - 0.1%
CommScope Technologies LLC, Senior Notes		5.000	%		3/15/27		450,000			421,875	(a)
Software - 0.1%
j2 Cloud Services LLC/j2 Global Co-Obligor Inc., Senior Notes		6.000	%		7/15/25		430,000			449,888	(a)
Technology Hardware, Storage & Peripherals - 0.1%
Seagate HDD Cayman, Senior Notes		4.750	%		6/1/23		420,000			424,511
TOTAL INFORMATION TECHNOLOGY										1,296,274
MATERIALS - 4.4%
Chemicals - 0.5%
Braskem Netherlands Finance BV, Senior Notes		4.500	%		1/10/28		1,450,000			1,426,437	(a)
Monitchem HoldCo 2 SA, Secured Notes		6.875	%		6/15/22		367,000	EUR		395,673	(c)
Total Chemicals										1,822,110
Containers & Packaging - 0.8%
ARD Securities Finance SARL, Senior Secured Notes (8.750% PIK)		8.750	%		1/31/23		280,000			277,550	(a)(h)
Pactiv LLC, Senior Notes		8.375	%		4/15/27		960,000			991,200
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		560,000			597,800	(c)
Suzano Austria GmbH, Senior Notes		6.000	%		1/15/29		1,370,000			1,469,325	(a)
Total Containers & Packaging										3,335,875
Metals & Mining - 2.9%
Alcoa Nederland Holding BV, Senior Notes		6.125	%		5/15/28		1,590,000			1,657,575	(a)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		200,000			196,730	(a)
First Quantum Minerals Ltd., Senior Notes		7.250	%		4/1/23		1,550,000			1,541,087	(a)
First Quantum Minerals Ltd., Senior Notes		7.500	%		4/1/25		330,000			320,100	(a)

See Notes to Schedule of Investments.

12

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Metals & Mining - (continued)
First Quantum Minerals Ltd., Senior Notes		6.875	%		3/1/26		350,000	$	329,000	(a)
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		1,770,000		1,606,275
Glencore Funding LLC, Senior Notes		4.000	%		4/16/25		1,000,000		1,003,489	(a)
Hudbay Minerals Inc., Senior Notes		7.250	%		1/15/23		560,000		583,100	(a)
Hudbay Minerals Inc., Senior Notes		7.625	%		1/15/25		370,000		386,650	(a)
Midwest Vanadium Pty Ltd., Senior Secured Notes		13.250	%		2/15/18		372,916		1,398	*(a)(i)
Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes		7.125	%		11/1/22		480,000		404,400	(a)
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		230,000		244,079
Teck Resources Ltd., Senior Notes		5.400	%		2/1/43		570,000		569,870
Vale Overseas Ltd., Senior Notes		6.250	%		8/10/26		410,000		449,770
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		830,000		967,987
Yamana Gold Inc., Senior Notes		4.950	%		7/15/24		870,000		896,977
Total Metals & Mining									11,158,487
Paper & Forest Products - 0.2%
Resolute Forest Products Inc., Senior Notes		5.875	%		5/15/23		880,000		893,420
TOTAL MATERIALS									17,209,892
REAL ESTATE - 1.6%
Equity Real Estate Investment Trusts (REITs) - 0.8%
CoreCivic Inc., Senior Notes		4.625	%		5/1/23		1,200,000		1,170,360
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., Senior Notes		4.500	%		9/1/26		260,000		258,050
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		880,000		884,400
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		4.750	%		9/17/44		740,000		778,826	(a)
Total Equity Real Estate Investment Trusts (REITs)									3,091,636
Real Estate Management & Development - 0.8%
Country Garden Holdings Co., Ltd., Senior Secured Notes		7.250	%		4/4/21		610,000		619,449	(c)
Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes		7.875	%		11/15/25		660,000		660,000	(a)

See Notes to Schedule of Investments.

13

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Real Estate Management & Development - (continued)
Forestar Group Inc., Senior Notes		8.000	%		4/15/24		600,000		$	618,000	(a)
Swire Pacific MTN Financing Ltd., Senior Notes		4.500	%		10/9/23		1,230,000			1,299,143	(c)
Total Real Estate Management & Development										3,196,592
TOTAL REAL ESTATE										6,288,228
UTILITIES - 0.8%
Electric Utilities - 0.5%
Perusahaan Listrik Negara PT, Senior Notes		4.125	%		5/15/27		1,440,000			1,421,222	(a)
Talen Energy Supply LLC, Senior Notes		10.500	%		1/15/26		650,000			679,250	(a)
Total Electric Utilities										2,100,472
Water Utilities - 0.3%
Anglian Water Osprey Financing PLC, Senior Secured Notes		5.000	%		4/30/23		810,000	GBP		1,066,655	(c)
TOTAL UTILITIES										3,167,127
TOTAL CORPORATE BONDS & NOTES (Cost - $176,868,419)										178,009,942
SOVEREIGN BONDS - 15.0%
Argentina - 2.2%
Argentina POM Politica Monetaria, Bonds (Argentina Central Bank 7 Day Repo Reference Rate)		70.354	%		6/21/20		57,950,000	ARS		1,299,545	(d)
Argentine Republic Government International Bond, Senior Notes		6.875	%		4/22/21		230,000			193,662
Argentine Republic Government International Bond, Senior Notes		5.625	%		1/26/22		610,000			476,111
Argentine Republic Government International Bond, Senior Notes		4.625	%		1/11/23		1,290,000			954,600
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		510,000			384,094
Argentine Republic Government International Bond, Senior Notes		7.125	%		7/6/36		1,590,000			1,095,884
Provincia de Buenos Aires, Senior Notes		9.950	%		6/9/21		800,000			683,000	(c)
Provincia de Buenos Aires, Senior Notes		6.500	%		2/15/23		2,860,000			2,109,250	(a)
Provincia de Buenos Aires, Senior Notes		9.125	%		3/16/24		970,000			735,988	(a)

See Notes to Schedule of Investments.

14

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Argentina - (continued)
Provincia de Buenos Aires, Senior Notes		7.875	%		6/15/27		500,000		$	335,000	(a)
Provincia de Cordoba, Senior Notes		7.450	%		9/1/24		630,000			453,600	(a)
Total Argentina										8,720,734
Australia - 0.5%
Australia Government Bond, Senior Notes		5.750	%		7/15/22		2,500,000	AUD		2,008,938
Brazil - 1.5%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		8,831,000	BRL		2,345,544
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/25		8,670,000	BRL		2,341,792
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		5,105,000	BRL		1,378,639
Total Brazil										6,065,975
Canada - 0.4%
Canadian Government Bond		1.750	%		5/1/20		2,000,000	CAD		1,493,633
Ecuador - 0.6%
Ecuador Government International Bond, Senior Notes		8.750	%		6/2/23		420,000			446,775	(a)
Ecuador Government International Bond, Senior Notes		9.625	%		6/2/27		1,150,000			1,223,312	(a)
Ecuador Government International Bond, Senior Notes		10.750	%		1/31/29		490,000			548,188	(a)
Total Ecuador										2,218,275
Egypt - 0.1%
Egypt Government International Bond, Senior Notes		7.600	%		3/1/29		600,000			606,060	(a)
Ghana - 0.7%
Ghana Government International Bond, Senior Notes		8.125	%		1/18/26		920,000			953,452	(c)
Ghana Government International Bond, Senior Notes		7.625	%		5/16/29		1,300,000			1,281,280	(a)
Ghana Government International Bond, Senior Notes		8.125	%		3/26/32		490,000			486,815	(a)
Total Ghana										2,721,547

See Notes to Schedule of Investments.

15

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Indonesia - 4.0%
Indonesia Government International Bond, Senior Notes		5.250	%		1/17/42		4,670,000		$	5,081,502	(c)
Indonesia Treasury Bond, Senior Notes		7.000	%		5/15/22		4,850,000,000	IDR		340,521
Indonesia Treasury Bond, Senior Notes		8.375	%		9/15/26		50,137,000,000	IDR		3,696,022
Indonesia Treasury Bond, Senior Notes		7.000	%		5/15/27		93,050,000,000	IDR		6,245,020
Indonesia Treasury Bond, Senior Notes		8.375	%		3/15/34		1,597,000,000	IDR		113,611
Total Indonesia										15,476,676
Kazakhstan - 0.3%
Kazakhstan Government International Bond, Senior Notes		5.125	%		7/21/25		1,190,000			1,314,812	(c)
Kuwait - 0.4%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		1,400,000			1,430,362	(a)
Mexico - 0.5%
Mexico Government International Bond, Senior Notes		3.600	%		1/30/25		1,250,000			1,251,250
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		730,000			719,962
Total Mexico										1,971,212
Qatar - 0.5%
Qatar Government International Bond, Senior Notes		5.103	%		4/23/48		1,290,000			1,442,696	(a)
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		470,000			505,838	(a)
Total Qatar										1,948,534
Russia - 2.3%
Russian Federal Bond - OFZ		7.050	%		1/19/28		609,161,000	RUB		8,917,858
Senegal - 0.6%
Senegal Government International Bond		6.250	%		5/23/33		1,280,000			1,236,450	(a)
Senegal Government International Bond, Senior Notes		6.750	%		3/13/48		1,090,000			1,006,953	(a)
Total Senegal										2,243,403
United Arab Emirates - 0.4%
Abu Dhabi Government International Bond, Senior Notes		4.125	%		10/11/47		1,430,000			1,459,389	(a)
TOTAL SOVEREIGN BONDS (Cost - $64,537,287)										58,597,408

See Notes to Schedule of Investments.

16

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
SENIOR LOANS - 13.0%
COMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 0.8%
Level 3 Financing Inc., 2024 Term Loan B (1 mo. USD LIBOR + 2.250%)		4.733	%		2/22/24		940,000	$	941,958	(d)(l)(m)
Securus Technologies Holdings Inc., First Lien Initial Term Loan		—			11/1/24		480,000		473,280	(n)
UnityMedia Hessen GmbH & Co. KG, Term Loan Senior Facility B (1 mo. USD LIBOR + 2.250%)		4.723	%		9/30/25		520,000		519,856	(d)(l)(m)
Virgin Media Bristol LLC, Term Loan Facility K (1 mo. USD LIBOR + 2.500%)		4.973	%		1/15/26		1,088,574		1,092,401	(d)(l)(m)
Total Diversified Telecommunication Services									3,027,495
Media - 1.3%
Applovin Corp., Initial Term Loan		—			8/15/25		610,000		612,288	(f)(n)
CBS Radio Inc., Term Loan B1 (1 mo. USD LIBOR + 2.750%)		5.229	%		11/18/24		621,436		622,014	(d)(l)(m)
iHeartCommunications Inc., Term Loan		—			5/1/26		140,000		140,758	(n)
Lions Gate Capital Holdings LLC, Term Loan B (1 mo. USD LIBOR + 2.250%)		4.733	%		3/24/25		779,680		779,671	(d)(l)(m)
Meredith Corp., Term Loan B1		—			1/31/25		980,000		984,200	(n)
Univision Communications Inc., 2017 Replacement Term Loan (1 mo. USD LIBOR + 2.750%)		5.233	%		3/15/24		997,043		961,368	(d)(l)(m)
UPC Financing Partnership, Term Loan Facility AR (1 mo. USD LIBOR + 2.500%)		4.973	%		1/15/26		849,570		850,868	(d)(l)(m)
Ziggo Secured Finance Partnership, Term Loan E (1 mo. USD LIBOR + 2.500%)		4.973	%		4/15/25		180,000		178,682	(d)(l)(m)
Total Media									5,129,849
TOTAL COMMUNICATION SERVICES									8,157,344
CONSUMER DISCRETIONARY - 3.9%
Auto Components - 0.5%
American Axle & Manufacturing Inc., Term Loan B		4.730-4.840	%		4/6/24		1,024,203		1,013,634	(d)(l)(m)
Panther BF Aggregator 2 LP, USD Term Loan		—			3/18/26		980,000		984,263	(f)(n)
Total Auto Components									1,997,897

See Notes to Schedule of Investments.

17

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Consumer Services - 0.2%
Prime Security Services Borrower LLC, Term Loan B1 (1 mo. USD LIBOR + 2.750%)		5.233	%		5/2/22		934,468	$	937,093	(d)(l)(m)(n)
Hotels, Restaurants & Leisure - 1.5%
Alterra Mountain Co., Initial Term Loan (1 mo. USD LIBOR + 3.000%)		5.483	%		7/31/24		1,027,000		1,030,524	(d)(l)(m)
ASHCO LLC, Initial Term Loan (1 mo. USD LIBOR + 5.000%)		7.483	%		9/25/24		325,050		325,131	(d)(l)(m)
Boyd Gaming Corp., Term Loan B (1 week USD LIBOR + 2.250%)		4.668	%		9/15/23		90,195		90,357	(d)(l)(m)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		5.233	%		12/23/24		2,135,772		2,145,282	(d)(l)(m)
CEC Entertainment Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.250%)		5.733	%		2/15/21		1,106,739		1,103,281	(d)(l)(m)
Golden Nugget Inc., Term Loan B (1 mo. USD LIBOR + 2.750%)		5.223-5.233	%		10/4/23		272,883		273,882	(d)(l)(m)
Scientific Games International Inc., Initial Term Loan B5 (1 mo. USD LIBOR + 2.750%)		5.233	%		8/14/24		970,450		970,045	(d)(l)(m)(n)
Total Hotels, Restaurants & Leisure									5,938,502
Specialty Retail - 1.7%
Academy Ltd., Initial Term Loan		6.479-6.502	%		7/1/22		877,403		658,601	(d)(l)(m)
CWGS Group LLC, Term Loan (1 mo. USD LIBOR + 2.750%)		5.229-5.249	%		11/8/23		1,100,625		1,022,481	(d)(l)(m)
Michaels Stores Inc., 2018 New Replacement Term Loan B (1 mo. USD LIBOR + 2.500%)		4.983-4.987	%		1/30/23		1,022,368		1,018,853	(d)(l)(m)
Party City Holdings Inc., 2018 Replacement Term Loan (1 mo. USD LIBOR + 2.500%)		4.99	%		8/19/22		735,183		736,890	(d)(l)(m)
Petco Animal Supplies Inc., Term Loan (3 mo. USD LIBOR + 3.250%)		5.833	%		1/26/23		739,044		603,614	(d)(l)(m)
PetSmart Inc., Term Loan B2		5.480-6.730	%		3/11/22		2,571,774		2,486,262	(d)(l)(m)
Total Specialty Retail									6,526,701
TOTAL CONSUMER DISCRETIONARY									15,400,193

See Notes to Schedule of Investments.

18

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.2%
Albertson’s LLC, 2017 Replacement Term Loan B6 (1 mo. USD LIBOR + 3.000%)		5.483	%		6/22/23		696,971	$	698,714	(d)(l)(m)(n)
Food Products - 0.1%
Post Holdings Inc., Replacement Incremental Term Loan A (1 mo. USD LIBOR + 2.000%)		4.481	%		5/24/24		422,679		423,001	(d)(l)(m)
TOTAL CONSUMER STAPLES									1,121,715
FINANCIALS - 1.4%
Capital Markets - 0.1%
First Eagle Holdings Inc., Initial Term Loan (3 mo. USD LIBOR + 2.750%)		5.351	%		12/2/24		70,000		70,277	(d)(l)(m)(n)
RPI Finance Trust, Initial Term Loan B6 (1 mo. USD LIBOR + 2.000%)		4.483	%		3/27/23		321,251		322,054	(d)(l)(m)
Total Capital Markets									392,331
Diversified Financial Services - 1.0%
Intelsat Jackson Holdings SA, Term Loan B3 (1 mo. USD LIBOR + 3.750%)		6.229	%		11/27/23		312,000		311,074	(d)(l)(m)
Jane Street Group LLC, New Term Loan (1 mo. USD LIBOR + 3.000%)		5.483	%		8/25/22		830,000		830,259	(d)(l)(m)
Stars Group Holdings BV, USD Term Loan		—			7/10/25		40,000		40,240	(n)
TKC Holdings Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 3.750%)		6.24	%		2/1/23		970,000		965,150	(d)(l)(m)(n)
Travelport Finance (Luxembourg) SARL, First Lien Term Loan		—			3/18/26		460,000		450,570	(n)
Travelport Finance (Luxembourg) SARL, Initial Term Loan (3 mo. USD LIBOR + 2.500%)		5.184	%		3/17/25		458,173		458,042	(d)(l)(m)
UFC Holdings LLC, Term Loan (1 mo. USD LIBOR + 3.250%)		5.740	%		8/18/23		645,750		649,786	(d)(l)(m)(n)
Total Diversified Financial Services									3,705,121

See Notes to Schedule of Investments.

19

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Insurance - 0.3%
Asurion LLC, Fourteenth Amendment Term Loan B4		—			8/4/22		630,000	$	633,150	(n)
Asurion LLC, New Term Loan B7		—			11/3/24		580,000		582,658	(n)
Total Insurance									1,215,808
TOTAL FINANCIALS									5,313,260
HEALTH CARE - 2.4%
Health Care Equipment & Supplies - 0.1%
Air Methods Corp., Initial Term Loan (3 mo. USD LIBOR + 3.500%)		6.101	%		4/21/24		659,369		571,650	(d)(l)(m)
Health Care Providers & Services - 1.3%
Air Medical Group Holdings Inc., 2018 Term Loan (1 mo. USD LIBOR + 3.250%)		5.723	%		4/28/22		1,106,968		1,082,984	(d)(l)(m)
Jaguar Holding Co. II, 2018 Term Loan (1 mo. USD LIBOR + 2.500%)		4.983	%		8/18/22		628,992		626,353	(d)(l)(m)
LifePoint Health Inc., First Lien Term Loan B		—			11/16/25		120,000		120,937	(n)
MPH Acquisition Holdings LLC, Initial Term Loan (3 mo. USD LIBOR + 2.750%)		5.351	%		6/7/23		972,331		964,280	(d)(l)(m)(n)
Phoenix Guarantor Inc., First Lien Delayed Draw Term Loan		—			3/5/26		35,909		36,123	(n)
Phoenix Guarantor Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 4.500%)		6.977	%		3/5/26		395,000		397,345	(d)(l)(m)(n)
Radnet Management Inc., First Lien Term Loan B1		6.360-8.250	%		6/30/23		1,105,455		1,108,909	(d)(l)(m)
Wink Holdco Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 3.000%)		5.483	%		12/2/24		663,792		655,494	(d)(l)(m)
Total Health Care Providers & Services									4,992,425
Health Care Technology - 0.5%
AthenaHealth Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.500%)		7.197	%		2/11/26		970,000		977,578	(d)(l)(m)
Change Healthcare Holdings LLC, Closing Date Term Loan (1 mo. USD LIBOR + 2.750%)		5.233	%		3/1/24		799,496		800,281	(d)(l)(m)(n)
Total Health Care Technology									1,777,859

See Notes to Schedule of Investments.

20

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Life Sciences Tools & Services - 0.4%
Albany Molecular Research Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 3.250%)		5.733	%		8/30/24		788,000	$	787,138	(d)(l)(m)
Parexel International Corp., Initial Term Loan (1 mo. USD LIBOR + 2.750%)		5.233	%		9/27/24		775,033		760,985	(d)(l)(m)
Total Life Sciences Tools & Services									1,548,123
Pharmaceuticals - 0.1%
Catalent Pharma Solutions Inc., Dollar Term Loan (1 mo. USD LIBOR + 2.250%)		4.733	%		5/20/24		493,216		493,678	(d)(l)(m)
TOTAL HEALTH CARE									9,383,735
INDUSTRIALS - 1.0%
Air Freight & Logistics - 0.3%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3 (1 mo. USD LIBOR + 2.000%)		4.487	%		1/15/25		1,157,693		1,159,045	(d)(l)(m)
Airlines - 0.1%
American Airlines Inc., 2017 Term Loan B (1 mo. USD LIBOR + 2.000%)		4.473	%		12/14/23		611,520		607,443	(d)(l)(m)
Building Products - 0.3%
Ply Gem Midco Inc., Initial Term Loan (3 mo. USD LIBOR + 3.750%)		6.547	%		4/12/25		1,101,675		1,089,970	(d)(l)(m)
Commercial Services & Supplies - 0.1%
Garda World Security Corp., Incremental Term Loan B		—			5/24/24		380,000		380,237	(n)
Electrical Equipment - 0.0%
Brookfield WEC Holdings Inc., First Lien Initial Term Loan		—			8/1/25		20,000		20,147	(n)
Professional Services - 0.2%
Advantage Sales & Marketing Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 3.250%)		5.733	%		7/23/21		767,938		675,402	(d)(l)(m)
Trans Union LLC, 2017 Replacement Term Loan B3 (1 mo. USD LIBOR + 2.000%)		4.483	%		4/10/23		114,418		114,653	(d)(l)(m)
Total Professional Services									790,055
TOTAL INDUSTRIALS									4,046,897

See Notes to Schedule of Investments.

21

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
INFORMATION TECHNOLOGY - 1.0%
Communications Equipment - 0.1%
Global Tel Link Corp., First Lien Term Loan		—			11/29/25		370,000	$	371,850	(n)
IT Services - 0.2%
First Data Corp., 2024 New Dollar Term Loan A (1 mo. USD LIBOR + 2.000%)		4.481	%		4/26/24		675,633		676,313	(d)(l)(m)
McAfee LLC, Term Loan B (1 mo. USD LIBOR + 3.750%)		6.229	%		9/30/24		155,759		156,992	(d)(l)(m)(n)
Total IT Services									833,305
Software - 0.7%
Dell International LLC, Refinancing Term Loan B (1 mo. USD LIBOR + 2.000%)		4.900	%		9/7/23		275,800		276,317	(d)(l)(m)
DigiCert Holdings Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.000%)		6.483	%		10/31/24		169,875		170,273	(d)(l)(m)(n)
Finastra USA Inc., First Lien Dollar Term Loan (3 mo. USD LIBOR + 3.500%)		6.101	%		6/13/24		1,032,232		1,025,216	(d)(l)(m)
MA Financeco LLC, Term Loan B3 (3 mo. USD LIBOR + 2.500%)		4.983	%		6/21/24		48,095		47,894	(d)(l)(m)
Seattle Escrow Borrower LLC, Initial Term Loan (1 mo. USD LIBOR + 2.500%)		4.983	%		6/21/24		324,797		323,442	(d)(l)(m)
Ultimate Software Group Inc., First Lien Term Loan		—			4/8/26		905,752		913,677	(n)
Total Software									2,756,819
TOTAL INFORMATION TECHNOLOGY									3,961,974
MATERIALS - 0.5%
Containers & Packaging - 0.5%
Berry Global Inc., Term Loan Q (1 mo. USD LIBOR + 2.000%)		4.481	%		10/3/22		1,004,098		1,003,856	(d)(l)(m)
Reynolds Group Holdings Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.750%)		5.233	%		2/6/23		1,045,860		1,049,952	(d)(l)(m)
TOTAL MATERIALS									2,053,808

See Notes to Schedule of Investments.

22

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
REAL ESTATE - 0.4%
Equity Real Estate Investment Trusts (REITs) - 0.2%
MGM Growth Properties Operating Partnership LP, Term Loan B (1 mo. USD LIBOR + 2.000%)		4.483	%		3/21/25		769,782	$	770,469	(d)(l)(m)
Real Estate Management & Development - 0.2%
CityCenter Holdings LLC, Refinancing Term Loan (1 mo. USD LIBOR + 2.250%)		4.733	%		4/18/24		232,632		232,674	(d)(l)(m)
Realogy Group LLC, Extended 2025 Term Loan (1 mo. USD LIBOR + 2.250%)		4.730	%		2/7/25		537,481		526,261	(d)(l)(m)
Total Real Estate Management & Development									758,935
TOTAL REAL ESTATE									1,529,404
TOTAL SENIOR LOANS (Cost - $51,407,532)									50,968,330
COLLATERALIZED MORTGAGE OBLIGATIONS(o) - 11.6%
Alternative Loan Trust, 2005-IM1 A1 (1 mo. USD LIBOR + 0.600%)		3.077	%		1/25/36		181,877		177,441	(d)
Alternative Loan Trust, 2006-18CB A6 (-4.000 x 1 mo. USD LIBOR + 28.600%)		18.693	%		7/25/36		390,954		554,706	(d)
BAMLL Re-REMIC Trust, 2016-GG10 AJA		6.006	%		8/10/45		1,066,190		757,458	(a)(d)
Banc of America Funding Corp., 2015-R3 1A2		2.978	%		3/27/36		3,109,610		2,445,192	(a)(d)
Banc of America Mortgage Trust, 2005-C 2A1		4.669	%		4/25/35		40,874		39,059	(d)
BCAP LLC Trust, 2011-RR2 1A4		4.530	%		7/26/36		4,356,696		3,227,865	(a)(d)
BX Trust, 2018-GWMZ MC (1 mo. USD LIBOR + 5.488%)		7.960	%		5/15/37		1,700,000		1,703,789	(a)(d)
Credit Suisse Commercial Mortgage Trust, 2006-C3 AJ		6.700	%		6/15/38		48,968		27,779	(d)
Credit Suisse Commercial Mortgage Trust, 2006-C5 AJ		5.373	%		12/15/39		165,822		112,488
Credit Suisse Mortgage Trust, 2006-1 1A2 (-5.500 x 1 mo. USD LIBOR + 30.525%)		16.904	%		2/25/36		443,400		576,566	(d)
Credit Suisse Mortgage Trust, 2014-USA E		4.373	%		9/15/37		400,000		370,119	(a)
Credit Suisse Mortgage Trust, 2017-CHOP H (1 mo. USD LIBOR + 7.620%)		10.093	%		7/15/32		2,900,000		2,900,848	(a)(d)

See Notes to Schedule of Investments.

23

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(o) - (continued)
DBUBS Mortgage Trust, 2011-LC3A G		3.750	%		8/10/44		1,770,000	$	1,201,699	(a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass Through Certificates, K720 X3, IO		1.375	%		8/25/42		19,810,000		770,997	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2015-HQ1 B (1 mo. USD LIBOR + 10.750%)		13.227	%		3/25/25		1,111,955		1,508,461	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-DNA1 M2 (1 mo. USD LIBOR + 3.250%)		5.727	%		7/25/29		950,000		1,017,679	(d)
Federal National Mortgage Association (FNMA) - CAS, 2016-C04 1M2 (1 mo. USD LIBOR + 4.250%)		6.727	%		1/25/29		2,770,000		3,050,845	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2017-C06 1B1 (1 mo. USD LIBOR + 4.150%)		6.627	%		2/25/30		2,050,000		2,194,509	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2018-C01 1B1 (1 mo. USD LIBOR + 3.550%)		6.027	%		7/25/30		1,070,000		1,086,817	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2017-C03 1B1 (1 mo. USD LIBOR + 4.850%)		7.327	%		10/25/29		950,000		1,072,047	(a)(d)
GE Business Loan Trust, 2006-2A D (1 mo. USD LIBOR + 0.750%)		3.223	%		11/15/34		123,347		116,821	(a)(d)
GE Capital Commercial Mortgage Corp., 2007-C1 AJ		5.677	%		12/10/49		100,000		24,143	(d)
GMAC Commercial Mortgage Securities Inc., 2006-C1 AJ		5.349	%		11/10/45		556,340		357,337	(d)
Government National Mortgage Association (GNMA), 2011-127 IO		0.395	%		3/16/47		2,093,192		25,526	(d)
Government National Mortgage Association (GNMA), 2012-55 IO		0.428	%		4/16/52		3,375,329		43,704	(d)
GS Mortgage Securities Corp. II, 2018-SRP5 C (1 mo. USD LIBOR + 3.750%)		6.223	%		9/15/31		1,240,000		1,243,050	(a)(d)
GS Mortgage Securities Trust, 2006- GG8 AJ		5.622	%		11/10/39		182,170		157,106

See Notes to Schedule of Investments.

24

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(o) - (continued)
GSMPS Mortgage Loan Trust, 2006- RP1 1A2		7.500	%		1/25/36		894,004	$	933,129	(a)
IMPAC CMB Trust Series, 2005-5 A1 (1 mo. USD LIBOR + 0.640%)		3.117	%		8/25/35		143,870		141,275	(d)
IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. USD LIBOR + 0.270%)		2.747	%		11/25/36		1,295,247		983,087	(d)
IMPAC Secured Assets Trust, 2006-4 A2B (1 mo. USD LIBOR + 0.170%)		2.647	%		1/25/37		380,308		371,859	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2006-LDP9 AJS		5.386	%		5/15/47		403,621		162,619	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2018-PHMZ M (1 mo. USD LIBOR + 8.208%)		10.680	%		6/15/35		2,750,000		2,737,501	(a)(d)
Lone Star Portfolio Trust, 2015-LSMZ M (1 mo. USD LIBOR + 7.218%)		9.690	%		9/15/20		812,882		808,807	(a)(d)
Lone Star Portfolio Trust, 2015-LSP F (1 mo. USD LIBOR + 7.150%)		9.623	%		9/15/28		1,621,123		1,633,014	(a)(d)
LSTAR Securities Investment Trust, 2018-2 A2 (1 mo. USD LIBOR + 2.500%)		5.002	%		4/1/23		1,110,000		1,112,950	(a)(d)
MASTR Reperforming Loan Trust, 2005-1 1A3		7.000	%		8/25/34		26,650		27,064	(a)
ML-CFC Commercial Mortgage Trust, 2007-5 AJ		5.450	%		8/12/48		152,134		106,494	(d)
ML-CFC Commercial Mortgage Trust, 2007-5 AJFL		5.450	%		8/12/48		29,889		20,922	(a)(d)
ML-CFC Commercial Mortgage Trust, 2007-9 AJ		6.193	%		9/12/49		680,170		438,695	(d)
Morgan Stanley Capital I Trust, 2006-IQ12 AJ		5.399	%		12/15/43		418,951		316,947
Morgan Stanley Capital I Trust, 2007-IQ13 AJ		5.438	%		3/15/44		10,045		10,120
Morgan Stanley Mortgage Loan Trust, 2005-2AR B1 (1 mo. USD LIBOR + 0.500%)		2.977	%		4/25/35		1,195,135		976,014	(d)
Multifamily Trust, 2016-1 B		10.895	%		4/25/46		1,386,143		1,406,066	(a)(d)

See Notes to Schedule of Investments.

25

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(o) - (continued)
Nomura Resecuritization Trust, 2015-4R 2A2 (1 mo. USD LIBOR + 0.306%)		2.626	%		10/26/36		2,336,322	$	2,007,361	(a)(d)
Nomura Resecuritization Trust, 2015-8R 4A4		3.396	%		11/25/47		2,144,872		1,387,773	(a)(d)
Starwood Retail Property Trust, 2014-STAR E (1 mo. USD LIBOR + 4.150%)		6.623	%		11/15/27		1,450,000		1,122,293	(a)(d)
Structured Asset Mortgage Investments II Trust, 2006-AR5 2A1 (1 mo. USD LIBOR + 0.210%)		2.687	%		5/25/46		233,361		200,684	(d)
UBS-Barclays Commercial Mortgage Trust, 2012-C2 G		5.000	%		5/10/63		470,000		308,042	(a)(d)
UBS-Barclays Commercial Mortgage Trust, 2012-C2 H		5.000	%		5/10/63		830,000		346,097	(a)(d)
WaMu Mortgage Pass-Through Certificates Trust, 2006-AR3 A1B (Federal Reserve US 12 mo. Cumulative Avg 1 Year CMT + 1.000%)		3.445	%		2/25/46		800,901		742,335	(d)
Washington Mutual Inc., Mortgage Pass-Through Certificates Series Trust, 2005-AR19 A1A1 (1 mo. USD LIBOR + 0.270%)		2.747	%		12/25/45		77,512		77,507	(d)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		147,328		149,361	(a)(d)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $44,115,834)									45,292,067
ASSET-BACKED SECURITIES - 9.7%
American Money Management Corp. CLO 20 Ltd., 2017-20A E (3 mo. USD LIBOR + 5.810%)		8.398	%		4/17/29		800,000		762,516	(a)(d)
Amortizing Residential Collateral Trust, 2002-BC6 M2 (1 mo. USD LIBOR + 1.800%)		4.277	%		8/25/32		159,577		144,735	(d)
Ares XLIV CLO Ltd., 2017-44A D (3 mo. USD LIBOR + 6.550%)		9.147	%		10/15/29		1,100,000		1,082,380	(a)(d)
Asset Backed Securities Corp. Home Equity Loan Trust, 2003-HE2 M2 (1 mo. USD LIBOR + 2.850%)		5.323	%		4/15/33		5,068		5,121	(d)
Avery Point VI CLO Ltd., 2015-6A DR (3 mo. USD LIBOR + 2.950%)		5.683	%		8/5/27		300,000		298,903	(a)(d)

See Notes to Schedule of Investments.

26

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
Avery Point VI CLO Ltd., 2015-6A E1 (3 mo. USD LIBOR + 5.500%)		8.233	%		8/5/27		500,000	$	493,766	(a)(d)
Barings CLO Ltd., 2017-1A F (3 mo. USD LIBOR + 7.450%)		10.051	%		7/18/29		500,000		455,084	(a)(d)
Benefit Street Partners CLO IV Ltd., 2014-IVA CRR (3 mo. USD LIBOR + 3.800%)		6.392	%		1/20/29		440,000		440,000	(a)(d)
BlueMountain CLO Ltd., 2012-2A AR2 (3 mo. USD LIBOR + 1.050%)		3.694	%		11/20/28		400,000		399,273	(a)(d)
BlueMountain CLO Ltd., 2012-2A ER2 (3 mo. USD LIBOR + 5.750%)		8.394	%		11/20/28		550,000		528,452	(a)(d)
Carlyle Global Market Strategies CLO Ltd., 2014-2RA A1 (3 mo. USD LIBOR + 1.050%)		3.734	%		5/15/31		1,200,000		1,186,415	(a)(d)
Carlyle US CLO Ltd., 2017-2A C (3 mo. USD LIBOR + 3.700%)		6.292	%		7/20/31		1,000,000		1,000,637	(a)(d)
Catskill Park CLO Ltd., 2017-1A D (3 mo. USD LIBOR + 6.000%)		8.592	%		4/20/29		1,100,000		1,061,717	(a)(d)
Cent CLO 24 Ltd., 2015-24A CR (3 mo. USD LIBOR + 3.150%)		5.747	%		10/15/26		670,000		668,316	(a)(d)
Cook Park CLO Ltd., 2018-1A E (3 mo. USD LIBOR + 5.400%)		7.988	%		4/17/30		250,000		233,402	(a)(d)
Countrywide Asset-Backed Certificates Inc. Asset-Backed Certificates Trust, 2004-5 M4 (1 mo. USD LIBOR + 1.875%)		4.352	%		6/25/34		393,453		361,741	(d)
Cumberland Park CLO Ltd., 2015-2A ER (3 mo. USD LIBOR + 5.650%)		8.242	%		7/20/28		700,000		694,614	(a)(d)
CVP CLO Ltd., 2017-2A D (3 mo. USD LIBOR + 2.650%)		5.242	%		1/20/31		700,000		666,728	(a)(d)
First Franklin Mortgage Loan Trust, 2003-FF4 M1 (1 mo. USD LIBOR + 1.800%)		4.302	%		10/25/33		878,031		882,049	(d)
Flatiron Clo Ltd., 2017-1A A (3 mo. USD LIBOR + 1.250%)		3.934	%		5/15/30		590,000		589,501	(a)(d)
Greenwood Park CLO Ltd., 2018-1A E (3 mo. USD LIBOR + 4.950%)		7.547	%		4/15/31		1,070,000		969,813	(a)(d)
Greywolf CLO IV Ltd., 2019-1A C (3 mo. USD LIBOR + 3.950%)		6.538	%		4/17/30		570,000		566,295	(a)(d)
HERO Funding Trust, 2016-1A R		0.000	%		9/20/41		7,762,935		1,421,323	(a)

See Notes to Schedule of Investments.

27

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
Hertz Vehicle Financing II LP, 2015-1A C		4.350	%		3/25/21		750,000	$	751,435	(a)
Hertz Vehicle Financing II LP, 2016-2A C		4.990	%		3/25/22		430,000		438,164	(a)
LCM XXII Ltd., 22A DR (3 mo. USD LIBOR + 5.500%)		8.092	%		10/20/28		600,000		570,954	(a)(d)
Madison Park Funding XXI Ltd., 2016-21A A1 (3 mo. USD LIBOR + 1.530%)		4.110	%		7/25/29		1,230,000		1,230,988	(a)(d)
Madison Park Funding XXVI Ltd., 2017-26A AR (3 mo. USD LIBOR + 1.200%)		3.782	%		7/29/30		830,000		828,130	(a)(d)
Mosaic Solar Loan Trust, 2018-2GS A		4.200	%		2/22/44		603,246		611,858	(a)
Oaktree CLO Ltd., 2015-1A DR (3 mo. USD LIBOR + 5.200%)		7.792	%		10/20/27		750,000		735,648	(a)(d)
Ocean Trails CLO VI, 2016-6A E (3 mo. USD LIBOR + 7.750%)		10.347	%		7/15/28		500,000		500,962	(a)(d)
Octagon Investment Partners XXIII Ltd., 2015-1A ER (3 mo. USD LIBOR + 5.750%)		8.347	%		7/15/27		520,000		520,219	(a)(d)
Option One Mortgage Loan Trust, 2007-FXD1 2A1		5.866	%		1/25/37		990,580		936,629
Origen Manufactured Housing Contract Trust, 2006-A A2		4.574	%		10/15/37		760,454		721,828	(d)
Origen Manufactured Housing Contract Trust, 2007-A A2		5.164	%		4/15/37		765,247		739,859	(d)
Popular ABS Mortgage Pass-Through Trust, 2005-2 M2		5.717	%		4/25/35		1,333,230		919,212
Prosper Marketplace Issuance Trust Series, 2017-3A A		2.360	%		11/15/23		35,042		35,032	(a)
RAMP Trust, 2003-RS7 MII1 (1 mo. USD LIBOR + 1.125%)		3.602	%		8/25/33		88,701		87,794	(d)
SACO I Trust, 2006-4 A1 (1 mo. USD LIBOR + 0.340%)		2.817	%		3/25/36		45,383		44,669	(d)
Saranac CLO III Ltd., 2014-3A DR (3 mo. USD LIBOR + 3.250%)		5.857	%		6/22/30		605,000		594,422	(a)(d)
SMB Private Education Loan Trust, 2015-C R		0.000	%		9/18/46		1,092		1,148,070	(a)
Sofi Consumer Loan Program LLC, 2017-1 A		3.280	%		1/26/26		265,916		267,295	(a)

See Notes to Schedule of Investments.

28

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
Sound Point CLO XXIII, 2019-2A A1 (3 mo. USD LIBOR + 1.400%)		0.000	%		4/15/32		830,000	$	830,000	(a)(d)(p)
Structured Asset Securities Corp. Mortgage Loan Trust, 2006-ARS1 A1 (1 mo. USD LIBOR + 0.220%)		2.697	%		2/25/36		3,179,887		154,498	(a)(d)
TCI-Symphony CLO Ltd., 2016-1A DR (3 mo. USD LIBOR + 3.000%)		5.597	%		10/13/29		430,000		428,773	(a)(d)
TCI-Symphony CLO Ltd., 2016-1A ER (3 mo. USD LIBOR + 5.500%)		8.097	%		10/13/29		400,000		384,466	(a)(d)
Thayer Park CLO Ltd., 2017-1A D (3 mo. USD LIBOR + 6.100%)		8.692	%		4/20/29		900,000		882,633	(a)(d)
Treman Park CLO Ltd., 2015-1A DRR (3 mo. USD LIBOR + 2.650%)		5.242	%		10/20/28		500,000		492,370	(a)(d)
Treman Park CLO Ltd., 2015-1A ERR (3 mo. USD LIBOR + 5.500%)		8.092	%		10/20/28		250,000		247,529	(a)(d)
Venture 31 CLO Ltd., 2018-31A A1 (3 mo. USD LIBOR + 1.030%)		3.622	%		4/20/31		790,000		777,654	(a)(d)
Venture XVII CLO Ltd., 2014-17A ERR (3 mo. USD LIBOR + 5.740%)		8.337	%		4/15/27		900,000		879,896	(a)(d)
VOYA CLO, 2017-2A D (3 mo. USD LIBOR + 6.020%)		8.617	%		6/7/30		475,000		463,412	(a)(d)
WaMu Asset-Backed Certificates WaMu Series Trust, 2007-HE4 1A (1 mo. USD LIBOR + 0.170%)		2.647	%		7/25/47		6,376,065		5,077,301	(d)
Whitehorse XII Ltd., 2018-12A D (3 mo. USD LIBOR + 3.650%)		6.247	%		10/15/31		790,000		778,791	(a)(d)
TOTAL ASSET-BACKED SECURITIES (Cost - $40,887,869)									37,993,272
CONVERTIBLE BONDS & NOTES - 1.1%
COMMUNICATION SERVICES - 0.8%
Interactive Media & Services - 0.2%
Twitter Inc., Senior Notes		1.000	%		9/15/21		680,000		657,992
Media - 0.6%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		330,000		288,076
DISH Network Corp., Senior Notes		3.375	%		8/15/26		940,000		864,624
Liberty Media Corp., Senior Notes		2.125	%		3/31/48		1,090,000		1,061,328	(a)
Total Media									2,214,028
TOTAL COMMUNICATION SERVICES									2,872,020
CONSUMER DISCRETIONARY - 0.1%
Diversified Consumer Services - 0.1%
Chegg Inc., Senior Notes		0.125	%		3/15/25		410,000		394,112	(a)

See Notes to Schedule of Investments.

29

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Cheniere Energy Inc., Senior Notes		4.250	%		3/15/45		540,000		$	429,300
Chesapeake Energy Corp., Senior Notes		5.500	%		9/15/26		480,000			436,480
TOTAL ENERGY										865,780
TOTAL CONVERTIBLE BONDS & NOTES (Cost - $4,215,603)										4,131,912
MORTGAGE-BACKED SECURITIES - 1.0%
FHLMC - 0.0%
Federal Home Loan Mortgage Corp. (FHLMC) Gold		7.000	%		8/1/30		2,539			2,581
Federal Home Loan Mortgage Corp. (FHLMC) Gold		6.500	%		11/1/31		287			318
Total FHLMC										2,899
FNMA - 1.0%
Federal National Mortgage Association (FNMA)		7.000	%		8/1/29-4/1/31		6,652			7,463
Federal National Mortgage Association (FNMA)		3.500	%		2/1/47		3,834,574			3,885,240
Total FNMA										3,892,703
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $3,884,121)										3,895,602
						SHARES
COMMON STOCKS - 0.2%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Berry Petroleum Corp.							44,396			504,338
Montage Resources Corp.							33,681			374,533	*
MWO Holdings LLC							488			37,293	*(e)(f)
TOTAL COMMON STOCKS (Cost - $1,555,766)										916,164
	RATE			MATURITY DATE		FACE AMOUNT†
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.1%
Argentina - 0.1%
Bonos de la Nacion Argentina con Ajuste por CER, Bonds (Cost - $641,525)		4.000	%		3/6/20		15,336,926	ARS		302,499

See Notes to Schedule of Investments.

30

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY		EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
PURCHASED OPTIONS - 0.1%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.0%
E-mini S&P 500 Index Futures, Put @ $2,500.00			5/17/19			19		2,798,539	$	665
E-mini S&P 500 Index Futures, Put @ $2,550.00			5/17/19			37		5,449,786		1,758
E-mini S&P 500 Index Futures, Put @ $2,600.00			5/17/19			20		2,945,830		1,200
E-mini S&P 500 Index Futures, Put @ $2,600.00			6/21/19			84		12,372,486		24,780
E-mini S&P 500 Index Futures, Put @ $2,700.00			6/21/19			35		5,155,203		16,975
E-mini S&P 500 Index Futures, Put @ $2,750.00			7/19/19			33		4,860,620		36,135
U.S. Treasury 10-Year Notes Futures, Put @ $122.50			5/24/19			16		1,600,000		1,500
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS										83,013
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.1%
U.S. Dollar/ Australian Dollar, Call @ $0.70	JPMorgan Chase & Co.		5/13/19			3,790,000		3,790,000		12,219
U.S. Dollar/Brazilian Real, Put @ 3.82BRL	Citibank N.A.		6/24/19			1,900,000		1,900,000		15,726
U.S. Dollar/Euro, Call @ $1.14	JPMorgan Chase & Co.		6/20/19			3,800,000		3,800,000		54,927
U.S. Dollar/Euro, Call @ $1.14	Barclays Bank PLC		7/15/19			3,710,000		3,710,000		54,934
TOTAL OTC PURCHASED OPTIONS										137,806
TOTAL PURCHASED OPTIONS (Cost - $386,289)										220,819
		RATE					SHARES
PREFERRED STOCKS - 0.0%
FINANCIALS - 0.0%
Capital Markets - 0.0%
B. Riley Financial Inc. (Cost - $203,750)			6.875	%				8,150		208,640
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $388,703,995)										380,536,655

See Notes to Schedule of Investments.

31

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
SHORT-TERM INVESTMENTS - 0.8%
SOVEREIGN BONDS - 0.6%
Egypt Treasury Bills		10.121	%		6/4/19		26,475,000	EGP	$	1,527,745	(q)
Egypt Treasury Bills		16.042	%		1/21/20		19,000,000	EGP		992,872	(q)
TOTAL SOVEREIGN BONDS (Cost - $2,435,627)										2,520,617
						SHARES
MONEY MARKET FUNDS - 0.2%
Western Asset Government Cash Management Portfolio LLC (Cost - $606,098)		2.470	%				606,098			606,098	(r)
TOTAL SHORT-TERM INVESTMENTS (Cost - $3,041,725)										3,126,715
TOTAL INVESTMENTS - 98.1% (Cost - $391,745,720)										383,663,370
Other Assets in Excess of Liabilities - 1.9%										7,267,952
TOTAL NET ASSETS - 100.0%									$	390,931,322

See Notes to Schedule of Investments.

32

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

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

* Non-income producing security.

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

(b) The coupon payment on these securities is currently in default as of April 30, 2019.

(c) 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.

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

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

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

(g) Value is less than $1.

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

(i) The maturity principal is currently in default as of April 30, 2019.

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

(k) Restricted security (Note 3).

(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 is unfunded as of April 30, 2019. The interest rate for fully unfunded term loans is to be determined.

(o) 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.

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

(q) Rate shown represents yield-to-maturity.

(r) 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. At April 30, 2019, the total market value of investments in Affiliated Companies was $606,098 and the cost was $606,098 (Note 2).

See Notes to Schedule of Investments.

33

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

Abbreviations used in this schedule:

ARS	— Argentine Peso
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CAS	— Connecticut Avenue Securities
CER	— Coeficente de Establilzacion de Referencia
CLO	— Collateral Loan Obligation
CMT	— Constant Maturity Treasury
EGP	— Egyptian Pound
EUR	— Euro
GBP	— British Pound
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
PIK	— Payment-In-Kind
Re-REMIC	— Resecuritization of Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
USD	— United States Dollar

SCHEDULE OF WRITTEN OPTIONS

EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY			EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
E-mini S&P 500 Index, Put				5/17/19	$	2,350.00			37		5,449,786	$	(555	)
E-mini S&P 500 Index, Put				5/17/19		2,450.00			20		2,945,830		(500	)
E-mini S&P 500 Index, Put				6/21/19		2,400.00			84		12,372,486		(10,710	)
E-mini S&P 500 Index, Put				7/19/19		2,600.00			33		4,860,620		(18,480	)
U.S. Treasury 5-Year Notes Futures, Call				5/24/19		115.50			33		3,300,000		(11,859	)
U.S. Treasury 10-Year Notes Futures, Call				5/24/19		124.50			16		1,600,000		(2,500	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $101,780)												$	(44,604	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
U.S. Dollar/Brazilian Real, Call		Citibank N.A.		6/24/19		4.02	BRL		1,900,000		1,900,000	$	(25,264	)
U.S. Dollar/Canadian Dollar, Call		JPMorgan Chase & Co.		6/10/19		1.37	CAD		3,800,000		3,800,000		(4,208	)
U.S. Dollar/Euro, Call		JPMorgan Chase & Co.		6/7/19	$	1.10			1,900,000		1,900,000		(2,381	)

See Notes to Schedule of Investments.

34

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	COUNTERPARTY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
U.S. Dollar/Euro, Call	Citibank N.A.		6/24/19	$	1.11			1,900,000		1,900,000	$	(7,807	)
U.S. Dollar/Indonesian Rupiah, Put	Barclays Bank PLC		7/9/19		13,990.00	IDR		2,643,000		2,643,000		(8,616	)
TOTAL OTC WRITTEN OPTIONS (Premiums received - $86,604)											$	(48,276	)
TOTAL WRITTEN OPTIONS (Premiums received - $188,384)											$	(92,880	)

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

Abbreviations used in this schedule:

BRL	— Brazilian Real
CAD	— Canadian Dollar
IDR	— Indonesian Rupiah

At April 30, 2019, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
90-Day Eurodollar		157		12/19	$	38,162,683	$	38,292,300	$	129,617
90-Day Eurodollar		364		6/20		88,602,805		88,961,600		358,795
Australian 10-Year Bonds		25		6/19		2,411,906		2,437,011		25,105
U.S. Treasury 2-Year Notes		5		6/19		1,061,549		1,065,039		3,490
U.S. Treasury 10-Year Notes		151		6/19		18,663,574		18,674,454		10,880
U.S. Treasury Ultra 10-Year Notes		10		6/19		1,302,516		1,317,813		15,297
U.S. Treasury Ultra Long-Term Bonds		216		6/19		35,044,930		35,484,750		439,820
										983,004
Contracts to Sell:
Euro-Bund		61		6/19		11,140,210		11,310,114		(169,904	)
Euro-Buxl		3		6/19		613,489		635,072		(21,583	)
U.S. Treasury 5-Year Notes		797		6/19		91,733,377		92,165,582		(432,205	)
U.S. Treasury Long-Term Bonds		31		6/19		4,509,981		4,571,531		(61,550	)
United Kingdom Long Gilt Bonds		14		6/19		2,325,972		2,324,354		1,618
										(683,624	)
Net unrealized appreciation on open futures contracts									$	299,380

See Notes to Schedule of Investments.

35

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

At April 30, 2019, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
PHP	58,860,000		USD	1,136,074	Barclays Bank PLC		5/15/19	$	(7,930	)
USD	958,177		ARS	39,429,000	Barclays Bank PLC		5/15/19		87,554
USD	1,294,021		ARS	53,029,000	Citibank N.A.		5/15/19		123,100
USD	772,259		PHP	41,200,000	Deutsche Bank AG		5/15/19		(17,404	)
USD	778,902		PHP	41,200,000	Deutsche Bank AG		5/15/19		(10,761	)
USD	779,739		PHP	41,209,200	Deutsche Bank AG		5/15/19		(10,100	)
USD	781,069		PHP	41,209,200	Deutsche Bank AG		5/15/19		(8,770	)
USD	782,911		PHP	41,204,600	Deutsche Bank AG		5/15/19		(6,840	)
IDR	10,278,230,550		USD	716,253	Barclays Bank PLC		7/11/19		(1,883	)
USD	716,253		IDR	10,278,230,550	Barclays Bank PLC		7/11/19		1,883
CAD	405,000		USD	300,537	Barclays Bank PLC		7/17/19		2,359
EUR	290,000		USD	325,477	Barclays Bank PLC		7/17/19		2,009
EUR	300,000		USD	336,213	Barclays Bank PLC		7/17/19		2,566
EUR	310,000		USD	349,927	Barclays Bank PLC		7/17/19		145
EUR	310,000		USD	349,137	Barclays Bank PLC		7/17/19		934
EUR	1,601,483		USD	1,824,490	Barclays Bank PLC		7/17/19		(15,993	)
INR	220,259,653		USD	3,123,719	Barclays Bank PLC		7/17/19		12,361
PLN	1,311		USD	343	Barclays Bank PLC		7/17/19		1
USD	2,936,152		CAD	3,899,621	Barclays Bank PLC		7/17/19		19,658
USD	18,069,088		EUR	15,927,514	Barclays Bank PLC		7/17/19		82,730
USD	7,456,404		GBP	5,671,865	Barclays Bank PLC		7/17/19		30,177
USD	5,468,310		RUB	363,448,500	Barclays Bank PLC		7/17/19		(91,129	)
USD	1,591,802		SEK	14,661,288	Barclays Bank PLC		7/17/19		38,297
ARS	24,269,000		USD	544,636	Citibank N.A.		7/17/19		(58,876	)
EUR	610,000		USD	685,205	Citibank N.A.		7/17/19		3,646
EUR	620,000		USD	704,173	Citibank N.A.		7/17/19		(4,030	)
EUR	630,000		USD	712,851	Citibank N.A.		7/17/19		(1,415	)
EUR	650,000		USD	734,188	Citibank N.A.		7/17/19		(167	)
EUR	980,000		USD	1,100,644	Citibank N.A.		7/17/19		6,034
IDR	35,361,614,678		USD	2,446,832	Citibank N.A.		7/17/19		8,883
JPY	163,497,987		USD	1,477,214	Citibank N.A.		7/17/19		(196	)
MXN	69,760,716		USD	3,577,564	Citibank N.A.		7/17/19		55,652
USD	3,231,415		AUD	4,534,329	Citibank N.A.		7/17/19		28,922
USD	1,790,590		BRL	6,985,450	Citibank N.A.		7/17/19		20,191
USD	57,423		COP	181,601,500	Citibank N.A.		7/17/19		1,472
USD	93,131		TRY	563,910	Citibank N.A.		7/17/19		3,078
USD	1,680		ZAR	24,072	Goldman Sachs Group Inc.		7/17/19		13

See Notes to Schedule of Investments.

36

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
PHP	206,027,000		USD	3,864,697	JPMorgan Chase & Co.		7/17/19	$	63,664
TWD	944,800		USD	30,723	JPMorgan Chase & Co.		7/17/19		10
USD	1,127,370		PHP	58,860,000	Barclays Bank PLC		8/15/19		7,602
Total								$	367,447

Abbreviations used in this table:

ARS	— Argentine Peso
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
PHP	— Philippine Peso
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand

At April 30, 2019, the Fund had the following open swap contracts:

OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION1
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT APRIL 30, 20193			PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Deutsche Bank AG (Commonwealth of Australia) 4.750%, due 4/21/27	$	4,220,000		6/20/23		0.131	%	1.000% quarterly	$	(145,901	)	$	(133,304	)	$	(12,597	)

See Notes to Schedule of Investments.

37

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

CENTRALLY CLEARED INTEREST RATE SWAPS
		NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE FUND†		PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
			524,680,000	MXN		4/5/21		28-Day TIIE - Banxico every 28 days		7.351% every 28 days	$	(4,677	)	$	(375,309	)
			4,174,000	GBP		10/26/21		1.271% semi-annually		6-Month GBP LIBOR semi-annually		2,026			(18,826	)
			19,942,000	GBP		10/30/21		1.385% annually		3-Month GBP LIBOR annually		(7,093	)		(64,096	)
			605,800,000	MXN		4/6/22		28-Day TIIE - Banxico every 28 days		7.330% every 28 days		(10,985	)		(513,548	)
			44,533,000			4/26/22		3-Month LIBOR quarterly		2.250% semi-annually		10,242			12,980
			45,368,000			4/26/23		2.300% semi-annually		3-Month LIBOR quarterly		3,062			(14,927	)
			19,711,000			6/19/24		3-Month LIBOR quarterly		Daily Federal Funds Effective Rate + 0.254% quarterly		—			15,283
			9,920,000			12/31/25		2.250% semi-annually		3-Month LIBOR quarterly		50,334			26,025
			22,071,000			1/31/26		2.500% semi-annually		3-Month LIBOR quarterly		(297,878	)		133,098
			5,032,000			5/15/44		2.875% semi-annually		3-Month LIBOR quarterly		23,462			(167,129	)
			5,049,000			8/15/44		2.750% semi-annually		3-Month LIBOR quarterly		(16,196	)		(8,371	)
			521,500	EUR		8/23/47		1.498% annually		6-Month EURIBOR semi-annually		(619	)		(57,492	)
	Total										$	(248,322	)	$	(1,032,312	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE4			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Markit CDX.NA.HY.32 Index	$	10,900,000		6/20/24	5.000% quarterly	$	(832,041	)	$	(760,647	)	$	(71,393	)

See Notes to Schedule of Investments.

38

WESTERN ASSET INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

1 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.

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

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

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

† Percentage shown is an annual percentage rate.

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

Abbreviations used in this table:

EUR	— Euro
EURIBOR	— Euro Interbank Offered Rate
GBP	— British Pound
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
TIIE	— Equilibrium Interbanking Interest Rate (Tasa de Intere’s Interbancaria de Equilibrio)

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.

39

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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 Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. 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.

40

Notes to Schedule of Investments (unaudited) (continued)

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 Trustees, 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 Trustees 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 – 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.

41

Notes to Schedule of Investments (unaudited) (continued)

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Energy		—	$	32,810,658	$	0	*	$	32,810,658
Health Care		—		13,036,721		2,068,055			15,104,776
Other Corporate Bonds & Notes		—		130,094,508		—			130,094,508
Sovereign Bonds		—		58,597,408		—			58,597,408
Senior Loans:
Communication Services		—		7,545,056		612,288			8,157,344
Consumer Discretionary		—		14,415,930		984,263			15,400,193
Other Senior Loans		—		27,410,793		—			27,410,793
Collateralized Mortgage Obligations		—		45,292,067		—			45,292,067
Asset-Backed Securities		—		37,993,272		—			37,993,272
Convertible Bonds & Notes		—		4,131,912		—			4,131,912
Mortgage-Backed Securities		—		3,895,602		—			3,895,602
Common Stocks:
Energy	$	878,871		—		37,293			916,164
Non-U.S. Treasury Inflation Protected Securities		—		302,499		—			302,499
Purchased Options:
Exchange-Traded Purchased Options		83,013		—		—			83,013
OTC Purchased Options		—		137,806		—			137,806
Preferred Stocks		208,640		—		—			208,640
Total Long-Term Investments		1,170,524		375,664,232		3,701,899			380,536,655
Short-Term Investments†:
Sovereign Bonds		—		2,520,617		—			2,520,617
Money Market Funds		—		606,098		—			606,098
Total Short-Term Investments		—		3,126,715		—			3,126,715
Total Investments	$	1,170,524	$	378,790,947	$	3,701,899		$	383,663,370
Other Financial Instruments:
Futures Contracts	$	984,622		—		—		$	984,622
Forward Foreign Currency Contracts		—	$	602,941		—			602,941
Centrally Cleared Interest Rate Swaps		—		187,386		—			187,386
Total Other Financial Instruments	$	984,622	$	790,327		—		$	1,774,949
Total	$	2,155,146	$	379,581,274	$	3,701,899		$	385,438,319

42

Notes to Schedule of Investments (unaudited) (continued)

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	$	44,604		—		—	$	44,604
OTC Written Options		—	$	48,276		—		48,276
Futures Contracts		685,242		—		—		685,242
Forward Foreign Currency Contracts		—		235,494		—		235,494
OTC Credit Default Swaps on Sovereign Issues - Buy Protection‡		—		145,901		—		145,901
Centrally Cleared Interest Rate Swaps		—		1,219,698		—		1,219,698
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection		—		71,393		—		71,393
Total	$	729,846	$	1,720,762		—	$	2,450,608

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

‡ Value includes any premium paid or received with respect to swap contracts.

2. Transactions with affiliated companies

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. The Fund may invest in Western Asset Government Cash Management Portfolio, LLC (“Cash Management Portfolio”), an affiliated private money market fund managed by Western Asset Management Company, LLC, the Fund’s subadviser. Cash Management Portfolio is available as a cash management vehicle for certain proprietary investment companies affiliated with Legg Mason, Inc. While Cash Management Portfolio is not a registered money market fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Based on the Fund’s relative ownership, the following companies were considered affiliated companies for all or some portion of the period ended April 30, 2019. The following transactions were effected in shares of such companies for the period ended April 30, 2019.

43

Notes to Schedule of Investments (unaudited) (continued)

	Affiliate Value at July 31, 2018		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at April 30, 2019
			Cost		Shares		Cost		Shares
Western Asset Government Cash Management Portfolio LLC		$12,912,429		$64,649,490		64,649,490		$76,955,821		76,955,821		—		$49,494		—		$606,098

3. Restricted securities

The following Fund investment is restricted as to resale.

Security	Face Amount		Acquisition Date		Cost		Value at 4/30/2019		Value Per Unit		Percent of Net Assets
BioScrip Inc., First Lien Notes, 9.500%, due 6/30/22	$	1,979,000		6/17	$	1,965,510	$	2,068,055	$	1.05		0.53	%

44

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MUNICIPAL BONDS - 97.0%
Alabama - 6.5%
Jefferson County, AL, Sewer Revenue:
Convertible CAB, Subordinated Lien, Warrants, Step bond (0.000% until 10/1/23; 7.900%)		0.000	%		10/1/50	$	11,020,000	$	10,171,901
Senior Lien, Warrants, Series A, AGM		5.500	%		10/1/53		1,750,000		1,957,287
Subordinated Lien, Warrants, Series D		6.000	%		10/1/42		4,880,000		5,683,248
Subordinated Lien, Warrants, Series D		6.500	%		10/1/53		8,250,000		9,778,395
Lower Alabama Gas District, Natural Gas Revenue, Series A		5.000	%		9/1/46		3,990,000		5,131,180
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project #1, Series A		4.000	%		4/1/24		1,500,000		1,606,590	(a)
Total Alabama									34,328,601
Arizona - 3.0%
Arizona State Lottery Revenue, Refunding		5.000	%		7/1/29		575,000		712,126	(b)
La Paz County, AZ, IDA Revenue:
Charter School Solutions, Harmony Public School Project		5.000	%		2/15/36		750,000		812,430	(c)
Charter School Solutions, Harmony Public School Project		5.000	%		2/15/46		3,000,000		3,211,470	(c)
Navajo Nation, AZ, Revenue, Series A, Refunding		5.500	%		12/1/30		850,000		950,181	(c)
Phoenix, AZ, IDA Revenue, Basis School Inc., Refunding		5.000	%		7/1/45		7,000,000		7,289,380	(c)
Tempe, AZ, IDA Revenue:
Mirabella at ASU Inc. Project, Series A		6.000	%		10/1/37		1,200,000		1,333,752	(c)
Mirabella at ASU Inc. Project, Series A		6.125	%		10/1/47		1,400,000		1,541,344	(c)
Total Arizona									15,850,683
California - 8.7%
California State MFA Revenue:
Senior Lien, Linux Apartment Project, Series A		5.000	%		12/31/43		1,000,000		1,142,520	(d)
Senior Lien, Linux Apartment Project, Series A		5.000	%		12/31/47		1,250,000		1,423,525	(d)
California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project		5.000	%		11/21/45		7,500,000		7,909,800	(c)(d)
California State School Finance Authority, School Facilities Revenue:
KIPP LA Project, Series A		5.000	%		7/1/34		600,000		656,742
KIPP LA Project, Series A		5.125	%		7/1/44		750,000		813,833

See Notes to Schedule of Investments.

1

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
California - (continued)
California Statewide CDA Revenue:
Provident Group-Pomona Properties LLC, Series A		5.600	%		1/15/36	$	3,050,000	$	3,241,021	(c)
Provident Group-Pomona Properties LLC, Series A		5.750	%		1/15/45		2,230,000		2,367,435	(c)
Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding		5.000	%		6/1/47		2,000,000		1,963,200
Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue, Series A, Refunding		5.000	%		9/1/44		2,140,000		2,380,044
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A		5.000	%		10/1/42		250,000		272,310	(c)
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B		7.000	%		11/1/34		14,000,000		20,632,220
River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding		5.500	%		9/1/45		2,740,000		2,934,403
Total California									45,737,053
Colorado - 5.4%
Arista Metropolitan District, CO., GO, Convertible Unlimited & Special Revenue, Refunding and Improvements		5.125	%		12/1/48		1,000,000		1,031,300
Clear Creek Station Metropolitan District #2, CO, GO, Subordinate, Series B		7.375	%		12/15/47		500,000		509,375
Colliers Hill Metropolitan District #2, CO, GO:
Senior Bonds, Series A		6.250	%		12/1/37		750,000		764,100
Senior Bonds, Series A		6.500	%		12/1/47		1,250,000		1,273,300
Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes		5.000	%		12/31/51		500,000		541,680
Dominion, CO, Water & Sanitation District Revenue, Series 2016		6.000	%		12/1/46		3,000,000		3,188,340
Leyden Rock, CO, Metropolitan District #10, GO, Senior Refunding and Improvement, Series A		5.000	%		12/1/45		1,250,000		1,274,313
North Range, CO, Metropolitan District #2, GO:
Series A, Refunding		5.625	%		12/1/37		500,000		515,620
Subordinate, Series B		7.750	%		12/15/47		1,000,000		1,019,740

See Notes to Schedule of Investments.

2

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Colorado - (continued)
Public Authority for Colorado Energy, Natural Gas Purchase Revenue		6.500	%		11/15/38	$	11,550,000	$	17,229,712
Solaris, CO, Metropolitan District #3, GO, Series A, Refunding		5.000	%		12/1/36		850,000		876,656
Total Colorado									28,224,136
Connecticut - 0.6%
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A		5.000	%		1/1/37		1,000,000		1,144,360
Connecticut State, GO, Series A		5.000	%		4/15/35		1,500,000		1,793,685
Total Connecticut									2,938,045
Delaware - 1.8%
Delaware State EDA Revenue, Indian River Power LLC		5.375	%		10/1/45		9,000,000		9,331,560
District of Columbia - 1.3%
District of Columbia Revenue:
Friendship Public Charter School Inc.		5.000	%		6/1/32		2,130,000		2,256,671
Friendship Public Charter School Inc.		5.000	%		6/1/42		1,250,000		1,308,313
Ingleside Rock Creek Project, Series A		5.000	%		7/1/42		300,000		314,103
KIPP Charter School		6.000	%		7/1/33		1,000,000		1,173,440	(e)
KIPP Charter School		6.000	%		7/1/43		1,450,000		1,701,488	(e)
Total District of Columbia									6,754,015
Florida - 1.1%
Capital Trust Agency Inc., FL, Senior Living Facilities Revenue, Elim Senior Housing Inc.		5.875	%		8/1/52		250,000		256,125	(c)
Florida State Development Finance Corp., Educational Facilities Revenue:
Renaissance Charter School Inc. Projects, Series A		6.000	%		6/15/35		1,200,000		1,283,376	(c)
Renaissance Charter School Inc. Projects, Series A		6.125	%		6/15/46		990,000		1,047,499	(c)
Palm Beach County, FL, Health Facilities Authority Revenue:
Acts Retirement-Life Communities		5.000	%		11/15/45		750,000		839,332
Sinai Residences Boca Raton Project		7.500	%		6/1/49		1,600,000		1,803,504
Reunion, FL, East Community Development District, Special Assessment Bond:
Series 1		6.600	%		5/1/33		360,000		362,333
Series A-2		7.375	%		5/1/33		355,000		4	*(f)
Total Florida									5,592,173

See Notes to Schedule of Investments.

3

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Georgia - 0.3%
Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A		5.000	%		5/15/43	$	1,250,000	$	1,424,850
Illinois - 7.5%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue		5.000	%		4/1/42		1,000,000		1,087,620
Chicago, IL, Board of Education, GO:
Dedicated, Series G, Refunding		5.000	%		12/1/34		100,000		107,621
Dedicated, Series H		5.000	%		12/1/46		750,000		789,113
Series D		5.000	%		12/1/46		750,000		787,238
Chicago, IL, GO:
Series 2002B		5.500	%		1/1/37		2,000,000		2,175,620
Series 2005D, Refunding		5.500	%		1/1/37		3,500,000		3,807,335
Series A, Refunding		6.000	%		1/1/38		1,250,000		1,426,200
Series C, Refunding		5.000	%		1/1/25		1,000,000		1,095,470
Chicago, IL, Motor Fuel Tax Revenue, Refunding, AGM		5.000	%		1/1/32		1,050,000		1,138,021
Chicago, IL, O’Hare International Airport Revenue:
Senior Lien, Series G		5.000	%		1/1/47		1,000,000		1,124,920	(d)
Senior Lien, Series G		5.000	%		1/1/52		1,000,000		1,118,190	(d)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien		5.000	%		12/1/51		4,000,000		4,381,440
Illinois State Development Finance Authority, Environmental Facilities Revenue, Citgo Petroleum Corp. Project		8.000	%		6/1/32		3,250,000		3,267,192	(d)
Illinois State Finance Authority Revenue:
Franciscan Communities Inc., Series A		5.125	%		5/15/43		2,700,000		2,788,749
Park Place of Elmhurst		2.000	%		5/15/55		2,525,250		125,429	*(f)
Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM		5.000	%		4/1/37		200,000		227,222
Illinois State, GO:
Series 2016		5.000	%		1/1/41		5,000,000		5,253,500
Series 2016, Refunding		5.000	%		2/1/26		2,500,000		2,737,025
Series A, Refunding		5.000	%		10/1/29		2,900,000		3,208,821
Series D		5.000	%		11/1/26		500,000		550,660
Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue:
McCormick Place Expansion Project, Series A, State Appropriations		5.000	%		6/15/57		1,150,000		1,232,225

See Notes to Schedule of Investments.

4

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Illinois - (continued)
McCormick Place Expansion Project, Series A, CAB, State Appropriations		0.000	%		12/15/52	$	2,800,000	$	622,412
McCormick Place Expansion Project, Series B2, Refunding, State Appropriations		5.000	%		6/15/50		300,000		303,453
McCormick Place Expansion Project, Series B-2, Refunding, State Appropriations		5.200	%		6/15/50		40,000		40,547
McCormick Place Expansion Project, Series B-2, Refunding, State Appropriations		5.250	%		6/15/50		180,000		182,560
Total Illinois									39,578,583
Indiana - 2.3%
Indiana State Finance Authority Revenue, Educational Facilities, Marian University Project		6.375	%		9/15/41		10,000,000		10,707,700
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project		7.000	%		1/1/44		1,000,000		1,163,710	(d)
Total Indiana									11,871,410
Iowa - 0.1%
Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding		3.125	%		12/1/22		400,000		402,728
Kentucky - 2.7%
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue, Owensboro Medical Health Systems, Series A		6.375	%		6/1/40		11,500,000		12,079,370	(e)
Kentucky State PEA, Gas Supply Revenue, Series B		4.000	%		1/1/25		2,000,000		2,187,100	(a)
Total Kentucky									14,266,470
Louisiana - 0.2%
Louisiana State PFA, Lease Revenue, Provident Group, Flagship Properties		5.000	%		7/1/42		1,000,000		1,123,080
Maryland - 1.9%
Maryland State Health & Higher EFA Revenue, Mercy Medical Center		6.250	%		7/1/31		9,000,000		9,741,600
Massachusetts - 2.8%
Massachusetts State DFA Revenue:
Newbridge Charles Inc., Refunding		5.000	%		10/1/37		1,000,000		1,076,740	(c)
Newbridge Charles Inc., Refunding		5.000	%		10/1/47		250,000		264,952	(c)
Tufts Medical Center Inc., Series I, Prerefunded		6.875	%		1/1/41		2,400,000		2,602,416	(e)
Tufts Medical Center Inc., Series I, Unrefunded		6.875	%		1/1/41		1,600,000		1,734,944	(e)
Wellforce Issue, Series A		5.000	%		7/1/38		1,000,000		1,157,890

See Notes to Schedule of Investments.

5

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Massachusetts - (continued)
Wellforce Issue, Series A, Refunding		5.000	%		7/1/36	$	1,000,000	$	1,166,420
Wellforce Issue, Series A, Refunding		5.000	%		7/1/44		500,000		572,180
Massachusetts State HEFA Revenue, Massachusetts Eye & Ear Infirmary, Series C		5.375	%		7/1/35		6,000,000		6,252,900	(e)
Total Massachusetts									14,828,442
Michigan - 1.9%
Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM		5.000	%		7/1/43		750,000		815,303
Detroit, MI, GO, Financial Recovery, Series B1		4.000	%		4/1/44		3,150,000		2,758,045
Michigan State Finance Authority Limited Obligation Revenue:
Higher Education, Thomas M Cooley Law School Project, Refunding		6.000	%		7/1/24		1,355,000		1,393,414	(c)
Higher Education, Thomas M Cooley Law School Project, Refunding		6.750	%		7/1/44		400,000		412,668	(c)
Michigan State Finance Authority Revenue:
Henry Ford Health System, Series A		4.000	%		11/15/50		1,250,000		1,311,975	(b)
Senior Lien, Great Lakes Water Authority, Series C-1, Refunding		5.000	%		7/1/44		1,180,000		1,262,576
Senior Lien, Great Lakes Water Authority, Series C-6, Refunding		5.000	%		7/1/33		1,130,000		1,268,120
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project		5.000	%		12/31/43		850,000		973,786	(d)
Total Michigan									10,195,887
Missouri - 1.7%
Kansas City, MO, IDA, Senior Living Facilities Revenue, Kingswood Project		6.000	%		11/15/51		1,000,000		838,090	(c)
Missouri State HEFA Revenue, Senior Living Facilities:
Lutheran Senior Services		6.000	%		2/1/41		2,000,000		2,098,040
Lutheran Senior Services		5.000	%		2/1/44		2,450,000		2,588,082
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of Sunset Hills, Series A		5.875	%		9/1/43		3,000,000		3,259,950
Total Missouri									8,784,162
Nebraska - 2.6%
Central Plains Energy Project, NE, Gas Project Revenue, Project #3, Series A, Refunding		5.000	%		9/1/42		10,660,000		13,409,427

See Notes to Schedule of Investments.

6

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Nevada - 0.7%
State of Nevada Department of Business & Industry Revenue:
Charter School Lease Revenue, Somerset Academy, Series A		5.000	%		12/15/35	$	1,295,000	$	1,375,018	(c)
Charter School Lease Revenue, Somerset Academy, Series A		5.125	%		12/15/45		2,015,000		2,114,521	(c)
Total Nevada									3,489,539
New Jersey - 6.5%
Gloucester County, NJ, Pollution Control Financing Authority Revenue, Keystone Urban Renewal, Logan Generating, Refunding, Series A		5.000	%		12/1/24		2,000,000		2,142,460	(d)
New Jersey State EDA Revenue:
Cranes Mill Project, Refunding		5.000	%		1/1/39		1,000,000		1,103,150
Provident Group - Rowan Properties LLC, Rowan University Housing Project		5.000	%		1/1/48		2,000,000		2,121,160
School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield + 1.600%)		3.900	%		3/1/28		17,500,000		17,451,000	(g)
New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project, Refunding		5.000	%		10/1/37		400,000		438,520	(d)
New Jersey State Health Care Facilities Financing Authority Revenue, Hackensack Meridian Health, Series A, Refunding		5.000	%		7/1/38		300,000		349,368
New Jersey State Higher Education State, Student Assistance Authority Revenue, Subordinate, Series 1B		5.000	%		12/1/44		2,780,000		2,969,485	(d)
New Jersey State Transportation Trust Fund Authority Revenue:
Highway Reimbursement, Refunding		5.000	%		6/15/31		1,700,000		1,928,174
Transportation System, Series D		5.000	%		6/15/32		4,625,000		5,025,340
Tobacco Settlement Financing Corp., NJ, Revenue, Senior, Series A, Refunding		5.000	%		6/1/46		500,000		546,500
Total New Jersey									34,075,157
New Mexico - 0.2%
Otero County, NM, COP:
Jail Project Revenue		9.000	%		4/1/23		410,000		410,053
Jail Project Revenue		9.000	%		4/1/28		500,000		492,875
Total New Mexico									902,928

See Notes to Schedule of Investments.

7

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
New York - 5.7%
Brooklyn Arena, NY, Local Development Corp. Revenue, Barclays Center Project		6.250	%		7/15/40	$	19,370,000	$	20,017,152	(e)(h)
Nassau County, NY, Industrial Development Agency, Continuing Care Retirement Community Revenue, Amsterdam at Harborside, Series C		2.000	%		1/1/49		616,948		100,254
New York City, NY, IDA, Civic Facilities Revenue, Amboy Properties Corp. Project		6.750	%		6/1/20		865,000		865,078
New York State Transportation Development Corp., Special Facilities Revenue, LaGuardia Airport Terminal B Redevelopment Project		5.000	%		7/1/46		1,300,000		1,410,864	(d)
Port Authority of New York & New Jersey, Special Obligation Revenue, JFK International Air Terminal LLC		6.000	%		12/1/36		7,000,000		7,412,720
Total New York									29,806,068
North Carolina - 0.3%
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding, State Appropriations		5.000	%		7/1/51		1,600,000		1,748,128
Ohio - 1.8%
Indian Creek Local School District, GO, Series A		5.000	%		11/1/55		2,335,000		2,691,811
Ohio State Private Activity Revenue, Portsmouth Bypass Project		5.000	%		6/30/53		1,650,000		1,765,863	(d)
Ohio State Water Development Authority, U.S. Steel Corp. Project, Refunding		6.600	%		5/1/29		5,000,000		5,138,400
Total Ohio									9,596,074
Oklahoma - 2.0%
Payne County, OK, Economic Development Authority Revenue, Epworth Living at The Ranch, Series A		6.250	%		11/1/31		860,000		313,900	*(f)
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue:
Montereau Inc. Project		5.250	%		11/15/37		500,000		563,395
Montereau Inc. Project, Refunding		5.250	%		11/15/45		1,000,000		1,112,400
Montereau Inc. Project, Series A		7.125	%		11/1/30		1,000,000		1,052,500	(e)
Montereau Inc. Project, Series A		7.250	%		11/1/40		7,000,000		7,376,110	(e)
Total Oklahoma									10,418,305
Oregon - 0.3%
Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living, Willamette View Project, Refunding		5.000	%		11/15/47		1,250,000		1,351,838

See Notes to Schedule of Investments.

8

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Pennsylvania - 3.2%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, Series 2018		5.000	%		6/1/33	$	550,000	$	648,813
Lackawanna County, PA, GO, Series B, AGC		6.000	%		9/15/34		4,000,000		4,059,200
Pennsylvania State Economic Development Financing Authority, Sewage Sludge Disposal Revenue, Philadelphia Biosolids Facility		6.250	%		1/1/32		5,000,000		5,109,550
Pennsylvania State Higher Educational Facilities Authority Revenue, Shippensburg University		6.000	%		10/1/31		3,500,000		3,858,785	(e)
Philadelphia, PA, Authority for IDR:
Discovery Charter School Project		6.250	%		4/1/42		635,000		646,087
Performing Arts Charter School Project		6.000	%		6/15/23		2,565,000		2,637,820	(c)
Total Pennsylvania									16,960,255
Puerto Rico - 0.4%
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, Series A-1		5.000	%		7/1/58		2,325,000		2,297,239
Rhode Island - 0.0%
Central Falls, RI, Detention Facility Corp., Detention Facilities Revenue, Refunding		7.250	%		7/15/35		980,000		176,400	*(f)
Texas - 19.5%
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM		5.000	%		2/15/48		1,600,000		1,853,776
Central Texas Regional Mobility Authority Revenue:
CAB		0.000	%		1/1/36		2,800,000		1,570,604
CAB		0.000	%		1/1/38		2,000,000		1,018,480
CAB		0.000	%		1/1/40		2,200,000		1,029,996
Clifton, TX, Higher Education Finance Corp., Education Revenue:
Uplift Education, Series A		6.000	%		12/1/30		1,120,000		1,194,771	(e)
Uplift Education, Series A		6.125	%		12/1/40		4,000,000		4,274,800	(e)
Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Series B (Step bond, 0.000% until 10/1/28; 5.500%)		0.000	%		10/1/35		4,000,000		4,069,520
Gulf Coast, TX, IDA, Solid Waste Disposal Revenue, Citgo Petroleum Corp. Project		4.875	%		5/1/25		2,000,000		2,011,460	(d)
Houston, TX, Airport System Revenue:
Special Facilities, Continental Airlines Terminal Improvement Projects, Refunding		6.500	%		7/15/30		6,500,000		7,030,985	(d)
Special Facilities, Continental Airlines Terminal Improvement Projects, Refunding		6.625	%		7/15/38		5,000,000		5,373,550	(d)

See Notes to Schedule of Investments.

9

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Texas - (continued)
Special Facilities, United Airlines Terminal Improvement Projects, Refunding		5.000	%		7/15/35	$	7,500,000	$	8,200,875	(d)
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017		5.000	%		11/1/33		110,000		127,317	(d)
Series 2017		5.000	%		11/1/36		110,000		126,189	(d)
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue:
MRC Senior Living, Langford Project		5.500	%		11/15/46		750,000		763,868
MRC Senior Living, Langford Project		5.500	%		11/15/52		1,125,000		1,142,291
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Revenue:
Cardinal Bay Inc., Village on the Park Carriage Inn Project		5.000	%		7/1/46		500,000		560,095
Cardinal Bay Inc., Village on the Park Carriage Inn Project		5.000	%		7/1/46		650,000		699,140
Cardinal Bay Inc., Village on the Park Carriage Inn Project		5.000	%		7/1/51		650,000		723,665
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Revenue, Collegiate Housing College Station, AGM		5.000	%		4/1/46		500,000		540,400
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue:
Buckner Retirement Services Inc. Project, Refunding		5.000	%		11/15/37		1,000,000		1,118,930
Buckner Retirement Services Inc. Project, Refunding		5.000	%		11/15/46		1,200,000		1,329,012
Buckner Senior Living Ventana Project		6.750	%		11/15/47		1,000,000		1,130,870
Texas Midwest Public Facility Corp., Revenue, Secure Treatment Facility Project		9.000	%		10/1/30		5,000,000		1,150,000	*(f)
Texas State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D		6.250	%		12/15/26		6,045,000		7,010,266
Texas State Private Activity Bond Surface Transportation Corp. Revenue:
Senior Lien, LBJ Infrastructure Group LLC		7.000	%		6/30/40		16,460,000		17,399,372
Senior Lien, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project		6.875	%		12/31/39		24,000,000		24,768,480
Texas State Public Finance Authority Charter School Finance Corp. Revenue:
Cosmos Foundation Inc., Series A		6.000	%		2/15/30		1,000,000		1,033,250	(e)

See Notes to Schedule of Investments.

10

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Texas - (continued)
Cosmos Foundation Inc., Series A		6.200	%		2/15/40	$	4,000,000	$	4,139,200	(e)
Willacy County, TX, Jail, Public Facilities Corp. Project Revenue		7.500	%		11/1/25		430,000		394,443
Woodloch Health Facilities Development Corp., TX, Senior Housing Revenue:
Inspired Living at Lewisville Project, Series A		6.750	%		12/1/51		400,000		405,644	(c)
Subordinated, Inspired Living at Lewisville Project, Series B		10.000	%		12/1/51		150,000		154,698
Total Texas									102,345,947
U.S. Virgin Islands - 1.3%
Virgin Islands Public Finance Authority Revenue:
Matching Fund Loan, Diageo Project, Series A		6.625	%		10/1/29		2,200,000		2,161,720
Matching Fund Loan, Diageo Project, Series A		6.750	%		10/1/37		4,475,000		4,397,135
Total U.S. Virgin Islands									6,558,855
Utah - 0.4%
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE		5.000	%		4/15/42		750,000		837,150
Utah State Infrastructure Agency Telecommunication Revenue, Series A		5.375	%		10/15/40		1,150,000		1,265,449
Total Utah									2,102,599
Washington - 0.1%
Washington State Housing Finance Commission Revenue:
Heron’s Key, Series A		6.500	%		7/1/30		350,000		382,956	(c)
Heron’s Key, Series A		6.750	%		7/1/35		350,000		381,535	(c)
Total Washington									764,491
Wisconsin - 2.2%
Public Finance Authority, WI, Ltd. Obligation Pilot Revenue:
American Dream @ Meadowlands Project		5.000	%		12/1/27		1,400,000		1,530,564	(c)
American Dream @ Meadowlands Project		7.000	%		12/1/50		750,000		877,710	(c)
Public Finance Authority, WI, Revenue:
Bancroft Neurohealth Project		5.125	%		6/1/48		3,000,000		3,059,640	(c)
Church Home of Hartford Inc. Project, Refunding		5.000	%		9/1/38		1,250,000		1,300,875	(c)

See Notes to Schedule of Investments.

11

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Wisconsin - (continued)
Public Finance Authority, WI, Student Housing Revenue, CHF Wilmington LLC, University of North Carolina at Wilmington Project AGM		5.000	%		7/1/53	$	2,470,000	$	2,753,383
Wisconsin State HEFA Revenue, Aurora Health Care Inc., Series A		5.625	%		4/15/39		2,000,000		2,075,020	(e)
Total Wisconsin									11,597,192
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $469,254,681)									508,573,920
SHORT-TERM INVESTMENTS - 2.1%
MUNICIPAL BONDS - 2.1%
Alabama - 0.1%
Walker County, AL Economic & Industrial Development Authority, Solid Waste Disposal Revenue, Alabama Power Co. Plant Gorgas Project		2.340	%		12/1/36		100,000		100,000	(d)(i)(j)
Wilsonville, AL, Industrial Development Board Solid Waste Disposal Revenue, Alabama Power Co. Gaston Plant Project		2.340	%		12/1/30		400,000		400,000	(d)(i)(j)
Total Alabama									500,000
California - 0.3%
California State MFA Revenue, Chevron USA Project, Series A		2.000	%		11/1/35		1,405,000		1,405,000	(i)(j)
Connecticut - 0.1%
Connecticut State HFA, Subseries B-6, SPA - Bank of Tokyo-Mitsubishi UFJ		2.330	%		5/15/34		300,000		300,000	(i)(j)
Florida - 0.1%
Highlands County, FL, Health Facilities Authority Hospital Revenue, Adventist Health System/ Sunbelt Obligated Group, Series A, Refunding		2.370	%		11/15/26		700,000		700,000	(i)(j)
Massachusetts - 0.0%
Massachusetts State DFA Revenue, Partners Healthcare Systems Inc., Series K-1, SPA - Wells Fargo Bank N.A.		2.250	%		7/1/46		100,000		100,000	(i)(j)
University of Massachusetts Building Authority Revenue, Senior, Series 1, Refunding, SPA - Wells Fargo Bank N.A.		2.230	%		11/1/34		100,000		100,000	(i)(j)
Total Massachusetts									200,000
Michigan - 0.0%
Kent, MI, Hospital Finance Authority Revenue, Spectrum Health, Series B 3, Refunding, SPA - Wells Fargo Bank N.A.		2.230	%		1/15/47		180,000		180,000	(i)(j)

See Notes to Schedule of Investments.

12

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
New York - 1.0%
MTA, NY, Dedicated Tax Fund, Subseries B-1, LOC - Bank of Tokyo-Mitsubishi UFJ		2.250	%		11/1/22	$	505,000	$	505,000	(i)(j)
New York City, NY, HDC, MFH Revenue, Sustainable Neighborhood, Series C-4, SPA - Wells Fargo Bank N.A.		2.250	%		5/1/57		700,000		700,000	(i)(j)
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second Generation Resolution Fiscal 2016, SPA - Bank of America N.A.		2.310	%		6/15/48		1,200,000		1,200,000	(i)(j)
New York State Energy Research & Development Authority Revenue:
Consolidated Edison Co. of New York Inc. Project, Subseries A-2, LOC - Scotiabank		2.160	%		6/1/36		1,000,000		1,000,000	(d)(i)(j)
Consolidated Edison Co. of New York Inc. Project, Subseries C-3, LOC - Mizuho Bank Ltd.		2.160	%		11/1/39		900,000		900,000	(d)(i)(j)
New York State HFA Revenue:
250 West 93rd Street, Series 2005-A, LOC - Landesbank Hessen-Thuringen		2.470	%		11/1/38		800,000		800,000	(d)(i)(j)
42nd & 10th Housing, Series A, LIQ - FHLMC, LOC - FHLMC		2.220	%		11/1/41		100,000		100,000	(i)(j)
42nd & 10th Housing, Series A, LIQ - FHLMC, LOC - FHLMC		2.290	%		11/1/41		200,000		200,000	(d)(i)(j)
Onondaga County, NY, Trust for Cultural Resource Revenue, Syracuse University Project, Series A, LOC - Wells Fargo Bank N.A.		2.190	%		12/1/29		100,000		100,000	(i)(j)
Total New York									5,505,000
North Carolina - 0.2%
Charlotte, NC, Water & Sewer System Revenue, Series B, SPA - Wells Fargo Bank N.A.		2.250	%		7/1/36		100,000		100,000	(i)(j)
Raleigh, NC, COP, Downtown Improvement Project, Series B-1 RMK, SPA - Wells Fargo Bank N.A.		2.240	%		2/1/34		710,000		710,000	(i)(j)
Total North Carolina									810,000
Texas - 0.1%
Rockwall, TX, ISD, GO, School Building, PSF - GTD, SPA - Wells Fargo Bank N.A.		2.300	%		8/1/37		285,000		285,000	(i)(j)

See Notes to Schedule of Investments.

13

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Washington - 0.2%
Vancouver, WA, Housing Authority Revenue, Refunding, LIQ - FHLMC		2.300	%		12/1/38	$	1,100,000	$	1,100,000	(i)(j)
TOTAL SHORT-TERM INVESTMENTS (Cost - $10,985,000)									10,985,000
TOTAL INVESTMENTS - 99.1% (Cost - $480,239,681)									519,558,920
Other Assets in Excess of Liabilities - 0.9%									4,702,990
TOTAL NET ASSETS - 100.0%								$	524,261,910

* Non-income producing security.

(a) Maturity date shown represents the mandatory tender date.

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

(c) 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.

(d) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

(e) Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

(f) The coupon payment on these securities is currently in default as of April 30, 2019.

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

(i) Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

(j) Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

See Notes to Schedule of Investments.

14

WESTERN ASSET MUNICIPAL HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

Abbreviations used in this schedule:

AGC	— Assured Guaranty Corporation - Insured Bonds
AGM	— Assured Guaranty Municipal Corporation - Insured Bonds
CAB	— Capital Appreciation Bonds
CDA	— Communities Development Authority
COP	— Certificates of Participation
CSCE	— Charter School Credit Enhancement
DFA	— Development Finance Agency
EDA	— Economic Development Authority
EFA	— Educational Facilities Authority
FHLMC	— Federal Home Loan Mortgage Corporation
GO	— General Obligation
GTD	— Guaranteed
HDC	— Housing Development Corporation
HEFA	— Health & Educational Facilities Authority
HFA	— Housing Finance Agency
IDA	— Industrial Development Authority
IDR	— Industrial Development Revenue
ISD	— Independent School District
LIQ	— Liquidity Facility
LOC	— Letter of Credit
MFA	— Municipal Finance Authority
MFH	— Multi-Family Housing
MTA	— Metropolitan Transportation Authority
PCFA	— Pollution Control Financing Authority
PEA	— Public Energy Authority
PFA	— Public Facilities Authority
PSF	— Permanent School Fund
SIFMA	— Securities Industry and Financial Markets Association
SPA	— Standby Bond Purchase Agreement - Insured Bonds

At April 30, 2019, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Sell:
U.S. Treasury Ultra Long-Term Bonds		47		6/19	$	7,618,325	$	7,721,219	$	(102,894	)

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.

15

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Municipal High Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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. 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 Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. 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

16

Notes to Schedule of Investments (unaudited) (continued)

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 Trustees, 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 Trustees 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 – 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.

17

Notes to Schedule of Investments (unaudited) (continued)

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
Municipal Bonds†		—	$	508,573,920		—	$	508,573,920
Short-Term Investments†		—		10,985,000		—		10,985,000
Total Investments		—	$	519,558,920		—	$	519,558,920
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	102,894		—		—	$	102,894

† See Schedule of Investments for additional detailed categorizations.

18

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 73.9%
COMMUNICATION SERVICES - 11.1%
Diversified Telecommunication Services - 2.2%
Cogent Communications Group Inc., Senior Secured Notes		5.375	%		3/1/22		1,870,000	$	1,940,125	(a)
Intelsat Jackson Holdings SA, Senior Secured Notes		8.000	%		2/15/24		2,780,000		2,908,575	(a)
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		2,060,000		2,060,000	(a)
UPCB Finance IV Ltd., Senior Secured Notes		5.375	%		1/15/25		1,700,000		1,741,990	(a)
Windstream Services LLC/Windstream Finance Corp., Secured Notes		10.500	%		6/30/24		1,030,000		721,000	*(a)(b)
Total Diversified Telecommunication Services									9,371,690
Interactive Media & Services - 0.4%
Match Group Inc., Senior Notes		6.375	%		6/1/24		880,000		927,300
Match Group Inc., Senior Notes		5.000	%		12/15/27		510,000		515,100	(a)
Total Interactive Media & Services									1,442,400
Media - 5.8%
Altice France SA, Senior Secured Notes		6.250	%		5/15/24		4,650,000		4,783,687	(a)
Altice Luxembourg SA, Senior Notes		7.750	%		5/15/22		1,980,000		2,022,075	(a)
American Media LLC, Secured Notes		10.500	%		12/31/26		1,660,000		1,722,250	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/23		750,000		770,625	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.375	%		5/1/25		6,000,000		6,225,000	(a)
DISH DBS Corp., Senior Notes		5.000	%		3/15/23		3,000,000		2,760,000
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		2,115,000		1,898,213
Entercom Media Corp., Secured Notes		6.500	%		5/1/27		750,000		766,875	(a)
EW Scripps Co., Senior Notes		5.125	%		5/15/25		700,000		666,750	(a)
Meredith Corp., Senior Notes		6.875	%		2/1/26		980,000		1,024,100
Univision Communications Inc., Senior Secured Notes		5.125	%		5/15/23		1,800,000		1,746,000	(a)
Total Media									24,385,575
Wireless Telecommunication Services - 2.7%
CSC Holdings LLC, Secured Notes		5.375	%		7/15/23		700,000		717,500	(a)
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		930,000		1,000,331	(a)
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		2,660,000		3,072,300
Sprint Communications Inc., Senior Notes		6.000	%		11/15/22		1,000,000		1,008,750

See Notes to Schedule of Investments.

1

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - (continued)
Sprint Corp., Senior Notes		7.875	%		9/15/23		3,510,000	$	3,665,142
T-Mobile USA Inc., Senior Notes		6.000	%		4/15/24		1,890,000		1,972,688
Total Wireless Telecommunication Services									11,436,711
TOTAL COMMUNICATION SERVICES									46,636,376
CONSUMER DISCRETIONARY - 12.6%
Auto Components - 0.8%
American Axle & Manufacturing Inc., Senior Notes		6.625	%		10/15/22		710,000		728,538
American Axle & Manufacturing Inc., Senior Notes		6.250	%		4/1/25		860,000		867,620
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		420,000		424,645
Delphi Technologies PLC, Senior Notes		5.000	%		10/1/25		770,000		708,400	(a)
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		660,000		676,500	(a)
Total Auto Components									3,405,703
Diversified Consumer Services - 2.1%
Carriage Services Inc., Senior Notes		6.625	%		6/1/26		1,130,000		1,169,550	(a)
frontdoor Inc., Senior Notes		6.750	%		8/15/26		900,000		946,125	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes		9.250	%		5/15/23		498,000		525,801	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.250	%		4/15/24		1,680,000		1,688,400	(a)
Service Corp. International, Senior Notes		5.375	%		5/15/24		3,044,000		3,131,850
Service Corp. International, Senior Notes		7.500	%		4/1/27		290,000		334,225
Weight Watchers International Inc., Senior Notes		8.625	%		12/1/25		1,220,000		1,067,500	(a)
Total Diversified Consumer Services									8,863,451
Hotels, Restaurants & Leisure - 5.7%
1011778 BC ULC/New Red Finance Inc., Secured Notes		5.000	%		10/15/25		1,440,000		1,432,800	(a)
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		4.250	%		5/15/24		690,000		681,375	(a)
Boyne USA Inc., Secured Notes		7.250	%		5/1/25		530,000		577,700	(a)
Brinker International Inc., Senior Notes		5.000	%		10/1/24		950,000		952,375	(a)
Carrols Restaurant Group Inc., Secured Notes		8.000	%		5/1/22		1,700,000		1,740,375
Golden Nugget Inc., Senior Notes		8.750	%		10/1/25		950,000		997,500	(a)

See Notes to Schedule of Investments.

2

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.625	%		4/1/25		1,060,000	$	1,075,900
International Game Technology PLC, Senior Secured Notes		6.250	%		2/15/22		2,670,000		2,796,825	(a)
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Secured Notes		10.250	%		11/15/22		1,100,000		1,192,125	(a)
MGM Resorts International, Senior Notes		7.750	%		3/15/22		2,000,000		2,217,500
NCL Corp. Ltd., Senior Notes		4.750	%		12/15/21		1,663,000		1,685,534	(a)
Scientific Games International Inc., Senior Notes		10.000	%		12/1/22		1,256,000		1,326,650
Scientific Games International Inc., Senior Secured Notes		5.000	%		10/15/25		120,000		119,662	(a)
Silversea Cruise Finance Ltd., Senior Secured Notes		7.250	%		2/1/25		2,998,000		3,241,587	(a)
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Senior Secured Notes		5.875	%		5/15/25		540,000		530,550	(a)
Viking Cruises Ltd., Senior Notes		6.250	%		5/15/25		3,310,000		3,442,400	(a)
Total Hotels, Restaurants & Leisure									24,010,858
Household Durables - 1.6%
Century Communities Inc., Senior Notes		5.875	%		7/15/25		480,000		478,800
Lennar Corp., Senior Notes		4.500	%		4/30/24		1,590,000		1,625,775
Lennar Corp., Senior Notes		5.875	%		11/15/24		1,500,000		1,616,250
TopBuild Corp., Senior Notes		5.625	%		5/1/26		1,070,000		1,083,375	(a)
William Lyon Homes Inc., Senior Notes		7.000	%		8/15/22		410,000		413,075
William Lyon Homes Inc., Senior Notes		6.000	%		9/1/23		1,120,000		1,114,400
William Lyon Homes Inc., Senior Notes		5.875	%		1/31/25		200,000		195,000
Total Household Durables									6,526,675
Specialty Retail - 1.5%
GameStop Corp., Senior Notes		6.750	%		3/15/21		150,000		150,000	(a)
Hertz Corp., Senior Notes		5.875	%		10/15/20		1,560,000		1,561,950
L Brands, Inc., Senior Notes		5.625	%		10/15/23		1,710,000		1,771,987
Party City Holdings Inc., Senior Notes		6.625	%		8/1/26		1,050,000		1,043,459	(a)
ServiceMaster Co. LLC, Senior Notes		5.125	%		11/15/24		980,000		992,250	(a)
ServiceMaster Co. LLC, Senior Notes		7.450	%		8/15/27		625,000		661,719
Total Specialty Retail									6,181,365

See Notes to Schedule of Investments.

3

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Textiles, Apparel & Luxury Goods - 0.9%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		2,000,000	$	2,030,000	(a)
Levi Strauss & Co., Senior Notes		5.000	%		5/1/25		950,000		980,875
William Carter Co., Senior Notes		5.625	%		3/15/27		660,000		684,750	(a)
Total Textiles, Apparel & Luxury Goods									3,695,625
TOTAL CONSUMER DISCRETIONARY									52,683,677
CONSUMER STAPLES - 1.0%
Beverages - 0.3%
Cott Holdings Inc., Senior Notes		5.500	%		4/1/25		1,170,000		1,189,012	(a)
Food Products - 0.5%
Lamb Weston Holdings Inc., Senior Notes		4.625	%		11/1/24		2,000,000		2,034,760	(a)
Household Products - 0.1%
Central Garden & Pet Co., Senior Notes		5.125	%		2/1/28		750,000		714,375
Tobacco - 0.1%
Pyxus International Inc., Secured Notes		9.875	%		7/15/21		302,000		271,045
Pyxus International Inc., Senior Secured Notes		8.500	%		4/15/21		50,000		51,438	(a)
Total Tobacco									322,483
TOTAL CONSUMER STAPLES									4,260,630
ENERGY - 12.2%
Energy Equipment & Services - 1.3%
KCA Deutag UK Finance PLC, Senior Secured Notes		9.875	%		4/1/22		2,190,000		1,916,250	(a)
SESI LLC, Senior Notes		7.125	%		12/15/21		1,540,000		1,316,700
Transocean Guardian Ltd., Senior Secured Notes		5.875	%		1/15/24		1,530,900		1,576,827	(a)
Transocean Inc., Senior Notes		9.000	%		7/15/23		207,000		222,266	(a)
Transocean Inc., Senior Notes		7.250	%		11/1/25		540,000		536,625	(a)
Total Energy Equipment & Services									5,568,668
Oil, Gas & Consumable Fuels - 10.9%
Berry Petroleum Co. Escrow		—			—		7,077,000		0	*(c)(d)(e)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.125	%		11/15/22		3,900,000		3,958,500	(a)
Carrizo Oil & Gas Inc., Senior Notes		8.250	%		7/15/25		580,000		593,050
Chesapeake Energy Corp., Senior Notes		5.750	%		3/15/23		760,000		754,300
Chesapeake Energy Corp., Senior Notes		8.000	%		6/15/27		2,080,000		2,044,177

See Notes to Schedule of Investments.

4

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Covey Park Energy LLC/Covey Park Finance Corp., Senior Notes		7.500	%		5/15/25		1,410,000	$	1,318,350	(a)
DCP Midstream Operating LP, Senior Notes		4.750	%		9/30/21		975,000		995,719	(a)
DCP Midstream Operating LP, Senior Notes		4.950	%		4/1/22		190,000		195,225
Diamondback Energy Inc., Senior Notes		4.750	%		11/1/24		530,000		543,250
Endeavor Energy Resources LP/EER Finance Inc., Senior Notes		5.500	%		1/30/26		1,180,000		1,236,050	(a)
Energy Transfer Operating LP, Senior Notes		4.500	%		4/15/24		270,000		282,130
Energy Transfer Operating LP, Senior Notes		5.250	%		4/15/29		270,000		290,904
Extraction Oil & Gas Inc., Senior Notes		7.375	%		5/15/24		1,320,000		1,194,600	(a)
Extraction Oil & Gas Inc., Senior Notes		5.625	%		2/1/26		2,220,000		1,831,500	(a)
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes		5.625	%		6/15/24		1,920,000		1,916,400
Indigo Natural Resources LLC, Senior Notes		6.875	%		2/15/26		530,000		494,225	(a)
Magnum Hunter Resources Corp. Escrow		—			—		8,710,000		0	*(c)(d)(e)
MEG Energy Corp., Secured Notes		6.500	%		1/15/25		500,000		504,375	(a)
MEG Energy Corp., Senior Notes		6.375	%		1/30/23		820,000		777,975	(a)
MEG Energy Corp., Senior Notes		7.000	%		3/31/24		1,000,000		952,190	(a)
Murphy Oil USA Inc., Senior Notes		6.000	%		8/15/23		1,000,000		1,027,500
NGL Energy Partners LP/NGL Energy Finance Corp., Senior Notes		7.500	%		11/1/23		2,240,000		2,340,352
NGPL PipeCo LLC, Senior Notes		4.375	%		8/15/22		2,000,000		2,060,000	(a)
Northern Oil and Gas Inc., Secured Notes (8.500% Cash & 1.000% PIK)		9.500	%		5/15/23		2,331,614		2,459,853	(f)
Oasis Petroleum Inc., Senior Notes		6.875	%		1/15/23		1,023,000		1,025,557
Oasis Petroleum Inc., Senior Notes		6.250	%		5/1/26		620,000		599,850	(a)
Petrobras Global Finance BV, Senior Notes		6.125	%		1/17/22		649,000		690,711
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		300,000		323,760
QEP Resources Inc., Senior Notes		6.875	%		3/1/21		537,000		557,138
Range Resources Corp., Senior Notes		5.000	%		3/15/23		1,009,000		985,420

See Notes to Schedule of Investments.

5

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Oil, Gas & Consumable Fuels - (continued)
Rockies Express Pipeline LLC, Senior Notes		5.625	%		4/15/20		3,800,000		$	3,903,930	(a)
Shelf Drilling Holdings Ltd., Senior Notes		8.250	%		2/15/25		2,030,000			1,999,550	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.250	%		11/15/23		1,000,000			1,001,277
Teine Energy Ltd., Senior Notes		6.875	%		9/30/22		1,210,000			1,240,250	(a)
Vesta Energy Corp., Senior Notes		8.125	%		7/24/23		970,000	CAD		689,651	(a)
Whiting Petroleum Corp., Senior Notes		5.750	%		3/15/21		1,520,000			1,565,144
WPX Energy Inc., Senior Notes		6.000	%		1/15/22		550,000			574,750
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		2,010,000			2,303,962
WPX Energy Inc., Senior Notes		5.750	%		6/1/26		450,000			466,875
Total Oil, Gas & Consumable Fuels										45,698,450
TOTAL ENERGY										51,267,118
FINANCIALS - 8.4%
Banks - 2.4%
Bank of America Corp., Junior Subordinated Notes (5.875% to 3/15/28 then 3 mo. USD LIBOR + 2.931%)		5.875	%		3/15/28		690,000			713,608	(g)(h)
Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate + 5.672%)		8.000	%		6/15/24		750,000			791,250	(g)(h)
CIT Group Inc., Senior Notes		4.750	%		2/16/24		850,000			877,625
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		1,320,000			1,506,358	(a)(g)(h)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		500,000			523,941	(a)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		1,460,000			1,486,849	(g)(h)
Lions Gate Capital Holdings LLC, Senior Notes		6.375	%		2/1/24		850,000			891,437	(a)
Lions Gate Capital Holdings LLC, Senior Notes		5.875	%		11/1/24		630,000			645,750	(a)
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		580,000			640,065

See Notes to Schedule of Investments.

6

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Royal Bank of Scotland Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%)		8.625	%		8/15/21		1,050,000	$	1,131,375	(g)(h)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34		960,000		979,450	(a)(h)
Total Banks									10,187,708
Capital Markets - 0.6%
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		200,000		208,075	(a)(g)(h)
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 7/17/23 then USD 5 year ICE Swap Rate + 4.600%)		7.500	%		7/17/23		210,000		221,416	(a)(g)(h)
Donnelley Financial Solutions Inc., Senior Notes		8.250	%		10/15/24		1,000,000		1,020,000
UBS Group Funding Switzerland AG, Senior Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		1,130,000		1,178,714	(a)(g)(h)
Total Capital Markets									2,628,205
Consumer Finance - 2.4%
Ally Financial Inc., Senior Notes		8.000	%		3/15/20		1,430,000		1,492,563
Ally Financial Inc., Senior Notes		7.500	%		9/15/20		1,450,000		1,529,750
FirstCash Inc., Senior Notes		5.375	%		6/1/24		1,200,000		1,233,000	(a)
Navient Corp., Senior Notes		5.875	%		3/25/21		2,500,000		2,593,750
Navient Corp., Senior Notes		6.625	%		7/26/21		880,000		924,000
Navient Corp., Senior Notes		6.500	%		6/15/22		2,090,000		2,207,562
Total Consumer Finance									9,980,625
Diversified Financial Services - 2.7%
ASP AMC Merger Sub Inc., Senior Notes		8.000	%		5/15/25		1,830,000		1,184,925	(a)
DAE Funding LLC, Senior Notes		4.500	%		8/1/22		40,000		40,500	(a)
DAE Funding LLC, Senior Notes		5.750	%		11/15/23		2,680,000		2,814,000	(a)
Hunt Cos. Inc., Senior Secured Notes		6.250	%		2/15/26		520,000		490,100	(a)

See Notes to Schedule of Investments.

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WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Financial Services - (continued)
ILFC E-Capital Trust I ((Highest of 3 mo. USD LIBOR, 10 year U.S. Treasury Constant Maturity Rate and 30 year U.S. Treasury Constant Maturity Rate) + 1.550%)		4.570	%		12/21/65		2,450,000	$	1,843,907	(a)(h)
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		1,600,000		1,669,600	(a)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		2,050,000		2,077,511	(a)
Travelport Corporate Finance PLC, Senior Secured Notes		6.000	%		3/15/26		862,000		928,805	(a)
Total Diversified Financial Services									11,049,348
Insurance - 0.2%
Fidelity & Guaranty Life Holdings Inc., Senior Notes		5.500	%		5/1/25		890,000		903,350	(a)
Thrifts & Mortgage Finance - 0.1%
Radian Group Inc., Senior Notes		4.500	%		10/1/24		410,000		412,665
TOTAL FINANCIALS									35,161,901
HEALTH CARE - 10.4%
Health Care Equipment & Supplies - 0.8%
Immucor Inc., Senior Notes		11.125	%		2/15/22		1,210,000		1,234,200	(a)
Kinetic Concepts Inc./KCI USA Inc., Secured Notes		12.500	%		11/1/21		1,846,000		2,002,725	(a)
Total Health Care Equipment & Supplies									3,236,925
Health Care Providers & Services - 7.0%
Air Medical Group Holdings Inc., Senior Notes		6.375	%		5/15/23		540,000		498,150	(a)
BioScrip Inc., First Lien Notes (1 mo. USD LIBOR + 7.000%)		9.500	%		6/30/22		1,427,000		1,491,215	(c)(d)(i)
BioScrip Inc., Senior Notes		8.875	%		2/15/21		2,340,000		2,345,850
Centene Corp., Senior Notes		4.750	%		5/15/22		2,490,000		2,547,046
CHS/Community Health Systems Inc., Senior Secured Notes		8.000	%		3/15/26		1,530,000		1,491,750	(a)
DaVita Inc., Senior Notes		5.000	%		5/1/25		930,000		913,437
HCA Inc., Senior Notes		7.500	%		2/15/22		3,540,000		3,902,850
HCA Inc., Senior Notes		5.875	%		5/1/23		5,000,000		5,375,500
HCA Inc., Senior Notes		5.625	%		9/1/28		320,000		341,600
NVA Holdings Inc., Senior Notes		6.875	%		4/1/26		1,890,000		1,913,625	(a)
Polaris Intermediate Corp., Senior Notes (8.500% PIK)		8.500	%		12/1/22		1,270,000		1,268,413	(a)(f)

See Notes to Schedule of Investments.

8

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
RegionalCare Hospital Partners Holdings Inc., Senior Notes		9.750	%		12/1/26		780,000	$	816,075	(a)
RegionalCare Hospital Partners Holdings Inc., Senior Secured Notes		8.250	%		5/1/23		1,240,000		1,319,437	(a)
Tenet Healthcare Corp., Senior Notes		6.750	%		6/15/23		5,260,000		5,384,925
Total Health Care Providers & Services									29,609,873
Pharmaceuticals - 2.6%
Bausch Health Americas Inc., Senior Notes		9.250	%		4/1/26		3,100,000		3,456,500	(a)
Bausch Health Cos. Inc., Senior Secured Notes		7.000	%		3/15/24		2,900,000		3,063,125	(a)
Bausch Health Cos. Inc., Senior Secured Notes		5.500	%		11/1/25		530,000		544,411	(a)
Endo Dac/Endo Finance LLC/Endo Finco Inc., Senior Notes		6.000	%		2/1/25		1,600,000		1,230,000	(a)
HLF Financing Sarl LLC/Herbalife International Inc., Senior Notes		7.250	%		8/15/26		920,000		938,400	(a)
Par Pharmaceutical Inc., Senior Secured Notes		7.500	%		4/1/27		1,020,000		1,060,596	(a)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		650,000		591,684
Total Pharmaceuticals									10,884,716
TOTAL HEALTH CARE									43,731,514
INDUSTRIALS - 6.0%
Aerospace & Defense - 0.7%
Avolon Holdings Funding Ltd., Senior Notes		5.125	%		10/1/23		1,430,000		1,485,856	(a)
BBA US Holdings Inc., Senior Notes		5.375	%		5/1/26		1,230,000		1,263,825	(a)
Total Aerospace & Defense									2,749,681
Air Freight & Logistics - 0.7%
XPO Logistics Inc., Senior Notes		6.125	%		9/1/23		2,730,000		2,798,250	(a)
Airlines - 0.2%
American Airlines, Pass Through Trust, 2013-1, B		5.625	%		1/15/21		114,326		116,744	(a)
Continental Airlines Inc. Pass Through Trust, 2012-2, B		5.500	%		10/29/20		125,025		127,944

See Notes to Schedule of Investments.

9

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - (continued)
Continental Airlines Pass-Through Trust, 2000-1 B		8.388	%		11/1/20		95	$	105
United Continental Holdings Inc., Senior Notes		4.250	%		10/1/22		740,000		747,400
Total Airlines									992,193
Building Products - 0.4%
Standard Industries Inc., Senior Notes		5.500	%		2/15/23		1,300,000		1,322,750	(a)
Standard Industries Inc., Senior Notes		5.375	%		11/15/24		500,000		511,250	(a)
Total Building Products									1,834,000
Commercial Services & Supplies - 2.2%
ADT Security Corp., Senior Secured Notes		6.250	%		10/15/21		600,000		633,570
ADT Security Corp., Senior Secured Notes		4.125	%		6/15/23		1,090,000		1,068,876
Brink’s Co., Senior Notes		4.625	%		10/15/27		1,240,000		1,199,700	(a)
GFL Environmental Inc., Senior Notes		5.625	%		5/1/22		100,000		99,750	(a)
GFL Environmental Inc., Senior Notes		5.375	%		3/1/23		750,000		733,125	(a)
GFL Environmental Inc., Senior Notes		8.500	%		5/1/27		870,000		908,506	(a)
United Rentals North America Inc., Secured Notes		4.625	%		7/15/23		1,000,000		1,020,000
United Rentals North America Inc., Senior Notes		5.750	%		11/15/24		2,000,000		2,061,000
United Rentals North America Inc., Senior Notes		4.625	%		10/15/25		390,000		388,050
United Rentals North America Inc., Senior Notes		6.500	%		12/15/26		330,000		353,925
Waste Pro USA Inc., Senior Notes		5.500	%		2/15/26		890,000		890,000	(a)
Total Commercial Services & Supplies									9,356,502
Machinery - 0.9%
Allison Transmission Inc., Senior Notes		5.000	%		10/1/24		1,350,000		1,370,479	(a)
Allison Transmission Inc., Senior Notes		4.750	%		10/1/27		210,000		206,810	(a)
Cleaver-Brooks Inc., Senior Secured Notes		7.875	%		3/1/23		1,720,000		1,685,600	(a)
MAI Holdings Inc., Senior Secured Notes		9.500	%		6/1/23		450,000		432,000
Total Machinery									3,694,889
Road & Rail - 0.2%
Flexi-Van Leasing Inc., Secured Notes		10.000	%		2/15/23		1,080,000		966,600	(a)

See Notes to Schedule of Investments.

10

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Trading Companies & Distributors - 0.4%
Ahern Rentals Inc., Secured Notes		7.375	%		5/15/23		330,000	$	295,350	(a)
Beacon Roofing Supply Inc., Senior Notes		4.875	%		11/1/25		1,230,000		1,188,118	(a)
Total Trading Companies & Distributors									1,483,468
Transportation Infrastructure - 0.3%
Neovia Logistics Services LLC/SPL Logistics Finance Corp., Senior Secured Notes		8.875	%		8/1/20		1,120,115		1,129,188	(a)
TOTAL INDUSTRIALS									25,004,771
INFORMATION TECHNOLOGY - 1.1%
Semiconductors & Semiconductor Equipment - 1.1%
Advanced Micro Devices Inc, Senior Notes		7.000	%		7/1/24		460,000		478,975
Qorvo Inc., Senior Notes		5.500	%		7/15/26		1,130,000		1,180,850	(a)
Seagate HDD Cayman, Senior Notes		4.875	%		3/1/24		2,726,000		2,735,166
TOTAL INFORMATION TECHNOLOGY									4,394,991
MATERIALS - 8.0%
Chemicals - 0.8%
FXI Holdings Inc., Senior Secured Notes		7.875	%		11/1/24		1,160,000		1,096,200	(a)
Valvoline Inc., Senior Notes		5.500	%		7/15/24		1,600,000		1,648,000
Valvoline Inc., Senior Notes		4.375	%		8/15/25		720,000		702,000
Total Chemicals									3,446,200
Construction Materials - 0.3%
Summit Materials LLC/Summit Materials Finance Corp., Senior Notes		5.125	%		6/1/25		640,000		638,400	(a)
U.S. Concrete Inc., Senior Notes		6.375	%		6/1/24		600,000		619,500
Total Construction Materials									1,257,900
Containers & Packaging - 2.3%
ARD Securities Finance SARL, Senior Secured Notes (8.750% PIK)		8.750	%		1/31/23		1,110,410		1,100,694	(a)(f)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		7.250	%		5/15/24		200,000		211,460	(a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		6.000	%		2/15/25		1,760,000		1,777,600	(a)
Berry Global Inc., Secured Notes		4.500	%		2/15/26		520,000		505,700	(a)
Cascades Inc., Senior Notes		5.500	%		7/15/22		100,000		101,250	(a)
Flex Acquisition Co. Inc., Senior Notes		7.875	%		7/15/26		1,090,000		1,024,273	(a)
Greif Inc., Senior Notes		6.500	%		3/1/27		1,390,000		1,435,175	(a)
Pactiv LLC, Senior Notes		7.950	%		12/15/25		470,000		484,100

See Notes to Schedule of Investments.

11

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Containers & Packaging - (continued)
Pactiv LLC, Senior Notes		8.375	%		4/15/27		1,965,000	$	2,028,862
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, Senior Secured Notes		5.125	%		7/15/23		760,000		771,978	(a)
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, Senior Secured Notes (3 mo. USD LIBOR + 3.500%)		6.097	%		7/15/21		160,000		161,000	(a)(h)
Total Containers & Packaging									9,602,092
Metals & Mining - 3.8%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		2,110,000		2,241,875	(a)
Alcoa Nederland Holding BV, Senior Notes		7.000	%		9/30/26		1,350,000		1,461,375	(a)
First Quantum Minerals Ltd., Senior Notes		7.250	%		5/15/22		250,000		253,750	(a)
First Quantum Minerals Ltd., Senior Notes		6.500	%		3/1/24		400,000		379,000	(a)
First Quantum Minerals Ltd., Senior Notes		7.500	%		4/1/25		3,020,000		2,929,400	(a)
Freeport-McMoRan Inc., Senior Notes		6.875	%		2/15/23		800,000		847,000
Freeport-McMoRan Inc., Senior Notes		3.875	%		3/15/23		390,000		387,075
Freeport-McMoRan Inc., Senior Notes		4.550	%		11/14/24		3,360,000		3,347,400
Hudbay Minerals Inc., Senior Notes		7.250	%		1/15/23		521,000		542,491	(a)
Hudbay Minerals Inc., Senior Notes		7.625	%		1/15/25		2,625,000		2,743,125	(a)
Midwest Vanadium Pty Ltd., Senior Secured Notes		13.250	%		2/15/18		1,873,903		7,027	*(a)(j)
Murray Energy Corp., Secured Notes (9.000% Cash and 3.000% PIK)		12.000	%		4/15/24		662,505		241,815	(a)(f)
Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes		7.125	%		11/1/22		830,000		699,275	(a)
Total Metals & Mining									16,080,608
Paper & Forest Products - 0.8%
Mercer International Inc., Senior Notes		6.500	%		2/1/24		1,710,000		1,769,850
Resolute Forest Products Inc., Senior Notes		5.875	%		5/15/23		1,500,000		1,522,875
Total Paper & Forest Products									3,292,725
TOTAL MATERIALS									33,679,525

See Notes to Schedule of Investments.

12

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
REAL ESTATE - 2.9%
Equity Real Estate Investment Trusts (REITs) - 2.0%
CoreCivic Inc., Senior Notes		4.125	%		4/1/20		220,000	$	221,718
CoreCivic Inc., Senior Notes		5.000	%		10/15/22		1,760,000		1,764,400
GEO Group Inc., Senior Notes		5.125	%		4/1/23		1,840,000		1,729,600
Iron Mountain Inc., Senior Notes		6.000	%		8/15/23		3,000,000		3,084,375
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.500	%		5/1/24		1,600,000		1,640,000
Total Equity Real Estate Investment Trusts (REITs)									8,440,093
Real Estate Management & Development - 0.9%
Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes		7.875	%		11/15/25		1,640,000		1,640,000	(a)
Forestar Group Inc., Senior Notes		8.000	%		4/15/24		1,550,000		1,596,500	(a)
WeWork Cos. Inc., Senior Notes		7.875	%		5/1/25		290,000		288,188	(a)
Total Real Estate Management & Development									3,524,688
TOTAL REAL ESTATE									11,964,781
UTILITIES - 0.2%
Electric Utilities - 0.2%
Talen Energy Supply LLC, Senior Notes		10.500	%		1/15/26		660,000		689,700	(a)
TOTAL CORPORATE BONDS & NOTES (Cost - $309,263,883)									309,474,984
ASSET-BACKED SECURITIES - 10.7%
Ameriquest Mortgage Securities Inc., 2002-C M1 (1 mo. USD LIBOR + 3.375%)		5.852	%		11/25/32		1,536,493		1,554,312	(h)
Anchorage Capital CLO 3-R Ltd., 2014-3RA E (3 mo. USD LIBOR + 5.500%)		8.082	%		1/28/31		1,330,000		1,244,073	(a)(h)
Ares XLII CLO Ltd., 2017-42A D (3 mo. USD LIBOR + 3.450%)		6.042	%		1/22/28		800,000		802,236	(a)(h)
Ares XLIV CLO Ltd., 2017-44A D (3 mo. USD LIBOR + 6.550%)		9.147	%		10/15/29		1,500,000		1,475,973	(a)(h)
Ares XXXVII CLO Ltd., 2015-4A CR (3 mo. USD LIBOR + 2.650%)		5.247	%		10/15/30		1,050,000		1,011,164	(a)(h)
Avery Point VI CLO Ltd., 2015-6A DR (3 mo. USD LIBOR + 2.950%)		5.683	%		8/5/27		1,020,000		1,016,270	(a)(h)
Avery Point VI CLO Ltd., 2015-6A E1 (3 mo. USD LIBOR + 5.500%)		8.233	%		8/5/27		1,500,000		1,481,298	(a)(h)
Battalion CLO XI Ltd., 2017-11A D (3 mo. USD LIBOR + 3.340%)		5.921	%		10/24/29		1,850,000		1,854,749	(a)(h)
BlueMountain CLO Ltd., 2012-2A ER2 (3 mo. USD LIBOR + 5.750%)		8.394	%		11/20/28		800,000		768,658	(a)(h)

See Notes to Schedule of Investments.

13

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
BlueMountain CLO Ltd., 2015-2A ER (3 mo. USD LIBOR + 5.200%)		7.801	%		7/18/27		750,000	$	713,130	(a)(h)
California Street CLO IX LP, 2012-9A ER (3 mo. USD LIBOR + 7.180%)		9.781	%		10/16/28		1,010,000		1,012,570	(a)(h)
Carlyle US CLO Ltd., 2017-2A C (3 mo. USD LIBOR + 3.700%)		6.292	%		7/20/31		1,750,000		1,751,115	(a)(h)
Catskill Park CLO Ltd., 2017-1A D (3 mo. USD LIBOR + 6.000%)		8.592	%		4/20/29		800,000		772,158	(a)(h)
Cent CLO 24 Ltd., 2015-24A CR (3 mo. USD LIBOR + 3.150%)		5.747	%		10/15/26		700,000		698,241	(a)(h)
Cook Park CLO Ltd., 2018-1A E (3 mo. USD LIBOR + 5.400%)		7.988	%		4/17/30		250,000		233,402	(a)(h)
Cumberland Park CLO Ltd., 2015-2A ER (3 mo. USD LIBOR + 5.650%)		8.242	%		7/20/28		1,500,000		1,488,458	(a)(h)
CVP CLO Ltd., 2017-2A D (3 mo. USD LIBOR + 2.650%)		5.242	%		1/20/31		600,000		571,481	(a)(h)
Golub Capital Partners CLO 41 B Ltd., 2019-41A D (3 mo. USD LIBOR + 3.750%)		0.000	%		4/20/29		250,000		250,000	(a)(h)
Greenwood Park CLO Ltd., 2018-1A D (3 mo. USD LIBOR + 2.500%)		5.097	%		4/15/31		700,000		665,658	(a)(h)
Greywolf CLO IV Ltd., 2019-1A C (3 mo. USD LIBOR + 3.950%)		6.538	%		4/17/30		610,000		606,035	(a)(h)
GSAA Home Equity Trust, 2006-5 2A3 (1 mo. USD LIBOR + 0.270%)		2.747	%		3/25/36		2,656,621		1,813,494	(h)
Jackson Mill CLO Ltd., 2015-1A DR (3 mo. USD LIBOR + 2.800%)		5.397	%		4/15/27		1,000,000		988,343	(a)(h)
Jamestown CLO IV Ltd., 2014-4A A2R (3 mo. USD LIBOR + 1.350%)		3.947	%		7/15/26		1,000,000		995,265	(a)(h)
Jamestown CLO VIII Ltd., 2015-8A D2 (3 mo. USD LIBOR + 6.750%)		9.347	%		1/15/28		1,475,000		1,477,121	(a)(h)
LCM XIV LP, 14A ER (3 mo. USD LIBOR + 5.500%)		8.092	%		7/20/31		750,000		691,876	(a)(h)
LCM XXI LP, 21A ER (3 mo. USD LIBOR + 5.750%)		8.342	%		4/20/28		800,000		792,115	(a)(h)
LCM XXII Ltd., 22A DR (3 mo. USD LIBOR + 5.500%)		8.092	%		10/20/28		750,000		713,692	(a)(h)
Magnetite VII Ltd., 2012-7A DR2 (3 mo. USD LIBOR + 4.500%)		7.097	%		1/15/28		1,250,000		1,151,581	(a)(h)
Midocean Credit CLO VII, 2017-7A D (3 mo. USD LIBOR + 3.880%)		6.477	%		7/15/29		500,000		499,980	(a)(h)

See Notes to Schedule of Investments.

14

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - continued
Neuberger Berman CLO XVII Ltd., 2014-17A ER (3 mo. USD LIBOR + 6.550%)		9.142	%		4/22/29		820,000	$	810,901	(a)(h)
Octagon Investment Partners XXIII Ltd., 2015-1A ER (3 mo. USD LIBOR + 5.750%)		8.347	%		7/15/27		560,000		560,236	(a)(h)
OZLM XI Ltd., 2015-11A BR (3 mo. USD LIBOR + 2.300%)		4.883	%		10/30/30		1,250,000		1,228,924	(a)(h)
OZLM XIX Ltd., 2017-19A C (3 mo. USD LIBOR + 3.100%)		5.697	%		11/22/30		1,500,000		1,476,859	(a)(h)
OZLM XVI Ltd., 2017-16A C (3 mo. USD LIBOR + 3.550%)		6.233	%		5/16/30		250,000		250,577	(a)(h)
Saranac CLO III Ltd., 2014-3A DR (3 mo. USD LIBOR + 3.250%)		5.857	%		6/22/30		1,140,000		1,120,068	(a)(h)
Sound Point CLO III-R Ltd., 2013-2RA E (3 mo. USD LIBOR + 6.000%)		8.597	%		4/15/29		1,250,000		1,214,886	(a)(h)
Sound Point CLO XV Ltd., 2017-1A E (3 mo. USD LIBOR + 5.960%)		8.552	%		1/23/29		1,100,000		1,056,415	(a)(h)
Structured Asset Securities Corp. Trust, 2005-SC1, 1A2		7.097	%		5/25/31		2,080,479		1,869,000	(a)(h)
Thayer Park CLO Ltd., 2017-1A C (3 mo. USD LIBOR + 3.700%)		6.292	%		4/20/29		250,000		250,189	(a)(h)
THL Credit Wind River CLO Ltd., 2016-1A ER (3 mo. USD LIBOR + 5.550%)		8.147	%		7/15/28		1,000,000		975,229	(a)(h)
Treman Park CLO Ltd., 2015-1A ERR (3 mo. USD LIBOR + 5.500%)		8.092	%		10/20/28		1,250,000		1,237,646	(a)(h)
Venture XVII CLO Ltd., 2014-17A DRR (3 mo. USD LIBOR + 2.820%)		5.417	%		4/15/27		700,000		685,093	(a)(h)
Venture XVII CLO Ltd., 2014-17A ERR (3 mo. USD LIBOR + 5.740%)		8.337	%		4/15/27		650,000		635,480	(a)(h)
Voya CLO Ltd., 2015-1A DR (3 mo. USD LIBOR + 5.650%)		8.251	%		1/18/29		500,000		478,831	(a)(h)
Voya CLO Ltd., 2017-1A B (3 mo. USD LIBOR + 2.300%)		4.888	%		4/17/30		1,500,000		1,495,669	(a)(h)
Whitehorse XII Ltd., 2018-12A D (3 mo. USD LIBOR + 3.650%)		6.247	%		10/15/31		250,000		246,453	(a)(h)
TOTAL ASSET-BACKED SECURITIES (Cost - $45,017,637)									44,686,904

See Notes to Schedule of Investments.

15

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
SENIOR LOANS - 9.6%
COMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 0.9%
CenturyLink Inc., Initial Term Loan B (1 mo. USD LIBOR + 2.750%)		5.233	%		1/31/25		2,508,250	$	2,496,491	(h)(k)(l)
Commscope Inc., Initial Term Loan (1 mo. USD LIBOR + 3.250%)		5.733	%		4/4/26		1,340,000		1,353,568	(h)(k)(l)
Total Diversified Telecommunication Services									3,850,059
Media - 1.0%
Applovin Corp., Initial Term Loan		—			8/15/25		1,320,000		1,324,950	(d)(m)
CBS Radio Inc., Term Loan B1 (1 mo. USD LIBOR + 2.750%)		5.229	%		11/18/24		957,568		958,459	(h)(k)(l)
EW Scripps Co., Incremental Term Loan		—			4/3/26		1,500,000		1,503,750	(m)
iHeartCommunications Inc., Term Loan		—			5/1/26		290,000		291,571	(m)
Total Media									4,078,730
TOTAL COMMUNICATION SERVICES									7,928,789
CONSUMER DISCRETIONARY - 2.8%
Auto Components - 0.5%
Drive Chassis Holdco LLC, Second Lien Term Loan B (3 mo. USD LIBOR + 8.250%)		10.834	%		4/10/26		880,000		833,800	(d)(h)(k)(l)
Panther BF Aggregator 2 LP, USD Term Loan		—			3/18/26		1,100,000		1,104,785	(d)(m)
Total Auto Components									1,938,585
Diversified Consumer Services - 0.3%
Laureate Education Inc., 2024 Term Loan (1 mo. USD LIBOR + 3.500%)		5.983	%		4/26/24		645,438		647,656	(h)(k)(l)
Prime Security Services Borrower LLC, Term Loan B1		5.233	%		5/2/22		857,000		859,408	(h)(k)(l)
Total Diversified Consumer Services									1,507,064
Hotels, Restaurants & Leisure - 0.8%
ASHCO LLC, Initial Term Loan (1 mo. USD LIBOR + 5.000%)		7.483	%		9/25/24		462,950		463,066	(h)(k)(l)
Equinox Holdings Inc., First Lien Incremental Term Loan B1 (1 mo. USD LIBOR + 3.000%)		5.483	%		3/8/24		1,470,113		1,473,604	(h)(k)(l)

See Notes to Schedule of Investments.

16

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - (continued)
Golden Nugget Inc., Term Loan B (1 mo. USD LIBOR + 2.750%)		5.223	%		10/4/23		546,398	$	548,399	(h)(k)(l)
Scientific Games International Inc., Initial Term Loan B5 (1 mo. USD LIBOR + 2.750%)		5.233	%		8/14/24		938,149		937,757	(h)(k)(l)
Total Hotels, Restaurants & Leisure									3,422,826
Specialty Retail - 1.1%
Academy Ltd., Initial Term Loan		6.479-6.502	%		7/1/22		1,694,982		1,272,296	(h)(k)(l)
CWGS Group LLC, Term Loan (1 mo. USD LIBOR + 2.750%)		5.229-5.249	%		11/8/23		497,297		461,989	(h)(k)(l)
Party City Holdings Inc., 2018 Replacement Term Loan (1 mo. USD LIBOR + 2.500%)		4.990	%		8/19/22		152,491		152,844	(h)(k)(l)
PetSmart Inc., Term Loan B2		5.480-6.730	%		3/11/22		2,068,436		1,999,661	(h)(k)(l)
Sally Holdings LLC, Term Loan B2		4.500	%		7/5/24		710,000		691,363	(k)(l)
Total Specialty Retail									4,578,153
Textiles, Apparel & Luxury Goods - 0.1%
TOMS Shoes LLC, Initial Term Loan (3 mo. USD LIBOR + 5.500%)		8.080	%		10/30/20		595,949		461,861	(d)(h)(k)(l)
TOTAL CONSUMER DISCRETIONARY									11,908,489
ENERGY - 0.5%
Oil, Gas & Consumable Fuels - 0.5%
BCP Renaissance Parent LLC, Initial Term Loan (3 mo. USD LIBOR + 3.500%)		6.083	%		10/31/24		1,091,750		1,098,801	(h)(k)(l)
Permian Production Partners LLC, Initial Advances Term Loan (1 mo. USD LIBOR + 6.000%)		8.480	%		5/20/24		875,875		853,978	(d)(h)(k)(l)
TOTAL ENERGY									1,952,779
FINANCIALS - 0.7%
Diversified Financial Services - 0.7%
Jane Street Group LLC, New Term Loan (1 mo. USD LIBOR + 3.000%)		5.483	%		8/25/22		1,120,000		1,120,349	(h)(k)(l)
Kestra Financial Inc., Term Loan (1 mo. USD LIBOR + 3.000%)		—			4/29/26		1,200,000		1,185,000	(m)
UFC Holdings LLC, Term Loan (1 mo. USD LIBOR + 3.250%)		5.740	%		8/18/23		430,500		433,191	(h)(m)
TOTAL FINANCIALS									2,738,540

See Notes to Schedule of Investments.

17

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
HEALTH CARE - 1.8%
Health Care Equipment & Supplies - 0.4%
Lantheus Medical Imaging Inc., 2017 Term Loan B (1 mo. USD LIBOR + 3.750%)		6.233	%		6/30/22		1,636,600	$	1,641,714	(h)(k)(l)
Health Care Providers & Services - 1.3%
LifePoint Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 4.500%)		6.987	%		11/16/25		648,375		653,440	(h)(k)(l)
MPH Acquisition Holdings LLC, Initial Term Loan (3 mo. USD LIBOR + 2.750%)		5.351	%		6/7/23		2,250,980		2,232,340	(h)(k)(l)
Radnet Management Inc., First Lien Term Loan B1		6.360-8.250	%		6/30/23		2,301,818		2,309,011	(h)(k)(l)
Total Health Care Providers & Services									5,194,791
Health Care Technology - 0.1%
AthenaHealth Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.500%)		7.197	%		2/11/26		540,000		544,219	(h)(k)(l)
TOTAL HEALTH CARE									7,380,724
INDUSTRIALS - 1.1%
Building Products - 0.5%
Ply Gem Midco Inc., Initial Term Loan (3 mo. USD LIBOR + 3.750%)		6.547	%		4/12/25		2,114,025		2,091,563	(h)(k)(l)
Commercial Services & Supplies - 0.3%
Garda World Security Corp., Incremental Term Loan B (3 mo. USD LIBOR + 3.500%)		6.115	%		5/24/24		1,259,001		1,259,788	(h)(k)(l)
Marine - 0.1%
Commercial Barge Line Co., Initial Term Loan (1 mo. USD LIBOR + 8.750%)		11.233	%		11/12/20		752,753		527,868	(h)(k)(l)
Professional Services - 0.2%
Advantage Sales & Marketing Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 3.250%)		5.733	%		7/23/21		876,237		770,651	(h)(k)(l)
TOTAL INDUSTRIALS									4,649,870
INFORMATION TECHNOLOGY - 0.3%
Software - 0.3%
Ultimate Software Group Inc., First Lien Term Loan		—			4/8/26		1,320,000		1,331,550	(m)

See Notes to Schedule of Investments.

18

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.3%
Containers & Packaging - 0.3%
Reynolds Group Holdings Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.750%)		5.233	%		2/6/23		1,465,031	$	1,470,762	(h)(k)(l)
UTILITIES - 0.2%
Electric Utilities - 0.2%
Panda Temple Power LLC, Second Lien Term Loan (1 mo. USD LIBOR +8.000% PIK)		10.481	%		2/7/23		970,156		969,751	(f)(h)(k)(l)
TOTAL SENIOR LOANS (Cost - $40,969,798)									40,331,254
						SHARES
COMMON STOCKS - 1.9%
COMMUNICATION SERVICES - 0.0%
Media - 0.0%
New Cotai LLC/New Cotai Capital Corp., Class B Shares							7		165,572	*(c)(d)
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Bossier Escrow Shares							83,175		17,392	*(c)(d)
ENERGY - 1.6%
Energy Equipment & Services - 0.3%
Hercules Offshore Inc. (Escrow)							134,398		100,753	*(c)(d)
KCAD Holdings I Ltd.							282,728,964		880,701	*(c)(d)
Total Energy Equipment & Services									981,454
Oil, Gas & Consumable Fuels - 1.3%
Berry Petroleum Corp.							360,090		4,090,623
Montage Resources Corp.							128,952		1,433,946	*
MWO Holdings LLC							738		56,398	*(c)(d)
Total Oil, Gas & Consumable Fuels									5,580,967
TOTAL ENERGY									6,562,421
UTILITIES - 0.3%
Electric Utilities - 0.3%
Panda Temple Power LLC							64,077		1,377,656	*(d)
TOTAL COMMON STOCKS (Cost - $28,230,664)									8,123,041

See Notes to Schedule of Investments.

19

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(n) - 1.3%
CSMC Trust, 2015-2R 7A2		3.845	%		8/27/36		2,450,501	$	2,231,893	(a)(h)
Federal National Mortgage Association (FNMA) - CAS, 2017-C03 1B1 (1 mo. USD LIBOR + 4.850%)		7.327	%		10/25/29		1,520,000		1,715,275	(a)(h)
LSTAR Securities Investment Trust, 2018-2 A2 (1 mo. USD LIBOR + 2.500%)		5.002	%		4/1/23		1,480,000		1,483,934	(a)(h)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $5,055,660)									5,431,102
CONVERTIBLE BONDS & NOTES - 0.9%
COMMUNICATION SERVICES - 0.7%
Interactive Media & Services - 0.2%
Twitter Inc., Senior Notes		1.000	%		9/15/21		730,000		706,374
Media - 0.5%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		850,000		742,015
DISH Network Corp., Senior Notes		3.375	%		8/15/26		220,000		202,359
Liberty Media Corp., Senior Notes		2.125	%		3/31/48		1,330,000		1,295,014	(a)
Total Media									2,239,388
TOTAL COMMUNICATION SERVICES									2,945,762
CONSUMER DISCRETIONARY - 0.1%
Diversified Consumer Services - 0.1%
Chegg Inc., Senior Notes		0.125	%		3/15/25		430,000		413,337	(a)
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Cheniere Energy Inc., Senior Notes		4.250	%		3/15/45		270,000		214,650
TOTAL CONVERTIBLE BONDS & NOTES (Cost - $3,719,066)									3,573,749
SOVEREIGN BONDS - 0.5%
Argentina - 0.5%
Argentine Republic Government International Bond, Senior Notes		5.625	%		1/26/22		1,340,000		1,045,883
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		720,000		542,250
Argentine Republic Government International Bond, Senior Notes		6.875	%		1/26/27		800,000		576,100
TOTAL SOVEREIGN BONDS (Cost - $2,672,436)									2,164,233
						SHARES
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
Capital Markets - 0.1%
B. Riley Financial Inc. (Cost - $435,000)		6.875	%				17,400		445,440

See Notes to Schedule of Investments.

20

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SECURITY			EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
PURCHASED OPTIONS - 0.0%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.0%
E-mini S&P 500 Index Futures, Put @ $2,500.00				5/17/19			140		20,620,810	$	4,900
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.0%
Credit default swaption with Bank of America N.A. to buy protection on Markit CDX.NA.HY.31 Index, Put @ $104.00		Bank of America N.A.		5/15/19			39,200,000		39,200,000		9,093
SPDR S&P Oil & Gas Exploration & Production ETF, Put @ $28.00		Goldman Sachs Group Inc.		6/21/19			526		1,627,970		22,092	(c)
TOTAL OTC PURCHASED OPTIONS											31,185
TOTAL PURCHASED OPTIONS (Cost - $402,646)											36,085
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $435,766,790)											414,266,792
			RATE					SHARES
SHORT-TERM INVESTMENTS - 0.9%
Western Asset Government Cash Management Portfolio LLC (Cost - $3,781,857)				2.470	%				3,781,857		3,781,857	(o)
TOTAL INVESTMENTS - 99.8% (Cost - $439,548,647)											418,048,649
Other Assets in Excess of Liabilities - 0.2%											975,721
TOTAL NET ASSETS - 100.0%										$	419,024,370

See Notes to Schedule of Investments.

21

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

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

* Non-income producing security.

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

(b) The coupon payment on these securities is currently in default as of April 30, 2019.

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

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

(e) Value is less than $1.

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

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

(h) 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.

(i) Restricted security (Note 3).

(j) The maturity principal is currently in default as of April 30, 2019.

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

(l) 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.

(m) All or a portion of this loan is unfunded as of April 30, 2019. The interest rate for fully unfunded term loans is to be determined.

(n) 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.

(o) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer or a company which is under common ownership or control. At April 30, 2019, the total market value of investments in Affiliated Companies was $3,781,857 and the cost was $3,781,857 (Note 2).

Abbreviations used in this schedule:

CAD	— Canadian Dollar
CAS	— Connecticut Avenue Securities
CLO	— Collateral Loan Obligation
ETF	— Exchange-Traded Fund
ICE	— Intercontinental Exchange
LIBOR	— London Interbank Offered Rate
PIK	— Payment-In-Kind
SPDR	— Standard & Poor’s Depositary Receipts
USD	— United States Dollar

See Notes to Schedule of Investments.

22

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

SCHEDULE OF WRITTEN OPTIONS

OTC WRITTEN OPTIONS
SECURITY	COUNTERPARTY		EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
Credit default swaption with Bank of America N.A. to sell protection on Markit CDX.NA.HY.31 Index, Put (Premiums received - $39,200)		Bank of America N.A.		5/15/19	$	100.00		39,200,000	$	39,200,000	$	(2,829	)

At April 30, 2019, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
U.S. Treasury 5-Year Notes		629		6/19	$	72,088,366	$	72,737,956	$	649,590
Contracts to Sell:
U.S. Treasury 10-Year Notes		580		6/19		70,826,967		71,729,691		(902,724	)
Net unrealized depreciation on open futures contracts									$	(253,134	)

At April 30, 2019, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	40,000		USD	45,378	Barclays Bank PLC		7/17/19	$	(208	)
USD	664,597		CAD	882,678	Barclays Bank PLC		7/17/19		4,450
AUD	809,439		USD	577,291	JPMorgan Chase & Co.		7/17/19		(5,603	)
Total								$	(1,361	)

Abbreviations used in this table:

AUD	— Australian Dollar
CAD	— Canadian Dollar
EUR	— Euro
USD	— United States Dollar

See Notes to Schedule of Investments.

23

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

At April 30, 2019, the Fund had the following open swap contracts:

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION1
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2		TERMINATION DATE		IMPLIED CREDIT SPREAD AT APRIL 30, 20193	PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Morgan Stanley & Co. Inc. (Ford Motor Co., 4.346%, due 12/08/26)	$	2,840,000		12/20/23	1.548%	5.000% quarterly	$	(411,059	)	$	(283,641	)	$	(127,418	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE4			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
Markit CDX.NA.HY.32 Index	$	15,700,000		6/20/24	5.000% quarterly	$	(1,198,444	)	$	(998,753	)	$	(199,691	)

1 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.

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

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

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

† Percentage shown is an annual percentage rate.

See Notes to Schedule of Investments.

24

WESTERN ASSET SHORT DURATION HIGH INCOME FUND

Schedule of investments (unaudited) (cont’d) April 30, 2019

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.

25

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Short Duration High Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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 Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. 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.

26

Notes to Schedule of Investments (unaudited) (continued)

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 Trustees, 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 Trustees 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 – 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.

27

Notes to Schedule of Investments (unaudited) (continued)

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Energy		—	$	51,267,118	$	0	*	$	51,267,118
Health Care		—		42,240,299		1,491,215			43,731,514
Other Corporate Bonds & Notes		—		214,476,352		—			214,476,352
Asset-Backed Securities		—		44,686,904		—			44,686,904
Senior Loans:
Communication Services		—		6,603,839		1,324,950			7,928,789
Consumer Discretionary		—		9,508,043		2,400,446			11,908,489
Energy		—		1,098,801		853,978			1,952,779
Other Senior Loans		—		18,541,197		—			18,541,197
Common Stocks:
Communication Services		—		—		165,572			165,572
Consumer Discretionary		—		—		17,392			17,392
Energy	$	5,524,569		—		1,037,852			6,562,421
Utilities		—		—		1,377,656			1,377,656
Collateralized Mortgage Obligations		—		5,431,102		—			5,431,102
Convertible Bonds & Notes		—		3,573,749		—			3,573,749
Sovereign Bonds		—		2,164,233		—			2,164,233
Preferred Stocks		445,440		—		—			445,440
Purchased Options:
Exchange-Traded Purchased Options		4,900		—		—			4,900
OTC Purchased Options		—		31,185		—			31,185
Total Long-Term Investments		5,974,909		399,622,822		8,669,061			414,266,792
Short-Term Investments†		—		3,781,857		—			3,781,857
Total Investments	$	5,974,909	$	403,404,679	$	8,669,061		$	418,048,649
Other Financial Instruments:
Futures Contracts	$	649,590		—		—		$	649,590
Forward Foreign Currency Contracts		—	$	4,450		—			4,450
Total Other Financial Instruments	$	649,590	$	4,450		—		$	654,040
Total	$	6,624,499	$	403,409,129	$	8,669,061		$	418,702,689

28

Notes to Schedule of Investments (unaudited) (continued)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options		—	$	2,829		—	$	2,829
Futures Contracts	$	902,724		—		—		902,724
Forward Foreign Currency Contracts		—		5,811		—		5,811
OTC Credit Default Swaps on Corporate Issues - Buy Protection‡		—		411,059		—		411,059
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection		—		199,691		—		199,691
Total	$	902,724	$	619,390		—	$	1,522,114

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

‡ Value includes any premium paid or received with respect to swap contracts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Investments in Securities	Balance as of July 31, 2018			Accrued premiums/ discounts		Realized gain (loss)			Change in unrealized appreciation (depreciation)1			Purchases
Corporate Bonds & Notes:
Consumer Discretionary	$	1,370,633			—		—			—		$	99,830
Energy		0	*		—		—			—			—
Health Care		1,491,215		$	1,949		—		$	(1,949	)		—
Senior Loans:
Communication Services†		—			—		—			(3,300	)		1,328,250
Consumer Discretionary		1,362,479			304	$	(5,949	)		32,487			1,925,000
Energy		912,275			1,900		627			(26,699	)		—
Health Care		1,655,309			—		—			—			—
Common Stocks:
Communication Services†		449,706			—		—			(284,134	)		—
Consumer Discretionary		1,930,492			—		880,295			(1,771,752	)		25,002
Energy		3,795,756			—		—			(142,406	)		—

29

Notes to Schedule of Investments (unaudited) (continued)

Investments in Securities	Balance as of July 31, 2018		Accrued premiums/ discounts		Realized gain (loss)			Change in unrealized appreciation (depreciation)1			Purchases
Industrials	$	220,939		—	$	(448,024	)	$	227,632			—
Utilities		1,473,771		—		—			(96,115	)		—
Preferred Stocks:
Industrials		262,485		—		(2,004,516	)		1,750,240			—
Total	$	14,925,060	$	4,153	$	(1,577,567	)	$	(315,996	)	$	3,378,082

Investments in Securities (cont’d)	Sales			Transfers into Level 32		Transfers out of Level 33			Balance as of April 30, 2019			Net change in unrealized appreciation (depreciation) for investments in  securities still held at April 30, 20191
Corporate Bonds & Notes:
Consumer Discretionary	$	(1,470,463	)		—		—			—			—
Energy		—			—		—		$	0	*		—
Health Care		—			—		—			1,491,215		$	(1,949	)
Senior Loans:
Communication Services†		—			—		—			1,324,950			(3,300	)
Consumer Discretionary		(695,911	)	$	461,861	$	(679,825	)		2,400,446			13,510
Energy		(34,125	)		—		—			853,978			(26,699	)
Health Care		—			—		(1,655,309	)		—			—
Common Stocks:
Communication Services†		—			—		—			165,572			(284,134	)
Consumer Discretionary		(1,046,645	)		—		—			17,392			(7,610	)
Energy		(168,091	)		—		(2,447,407	)		1,037,852			(142,406	)
Industrials		(547	)		—		—			—			—
Utilities		—			—		—			1,377,656			(96,115	)
Preferred Stocks:
Industrials		(8,209	)		—		—			—			—
Total	$	(3,423,991	)	$	461,861	$	(4,782,541	)	$	8,669,061		$	(548,703	)

30

Notes to Schedule of Investments (unaudited) (continued)

* Amount represents less than $1.

† As of September 28, 2018, the Telecommunications Services sector was broadened to include some companies previously classified in the Consumer Discretionary and Information Technology sectors and renamed Communication Services sector.

¹  Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

²  Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

³  Transferred out of Level 3 as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs.

2. Transactions with affiliated companies

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. The Fund may invest in Western Asset Government Cash Management Portfolio, LLC (“Cash Management Portfolio”), an affiliated private money market fund managed by Western Asset Management Company, LLC, the Fund’s subadviser. Cash Management Portfolio is available as a cash management vehicle for certain proprietary investment companies affiliated with Legg Mason, Inc. While Cash Management Portfolio is not a registered money market fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Based on the Fund’s relative ownership, the following companies were considered affiliated companies for all or some portion of the period ended April 30, 2019. The following transactions were effected in shares of such companies for the period ended April 30, 2019.

	Affiliate Value at July 31, 2018		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at April 30, 2019
			Cost		Shares		Cost		Shares
Western Asset Government Cash Management Portfolio LLC	$	881,702	$	121,307,549		121,307,549	$	118,407,394		118,407,394		—	$	107,551		—	$	3,781,857

31

Notes to Schedule of Investments (unaudited) (continued)

3. Restricted securities

The following Fund investment is restricted as to resale.

Security	Face Amount		Acquisition Date		Cost		Value at 4/30/2019			Value Per Unit		Percent of Net Assets
BioScrip Inc., First Lien Notes, 9.500%, due 6/30/22	$	1,427,000		6/17	$	1,417,272	$	1,491,215	(a)	$	104.50		0.36	%

^(a)  Security is valued in good faith in accordance with procedures approved by the Board of Trustees.

32