NPORT-EX 2 LMF5900.htm EDGAR HTML
Schedule of Investments (unaudited)
April 30, 2025
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Corporate Bonds & Notes — 78.4%
Communication Services — 9.9%
Diversified Telecommunication Services — 1.5%
Altice France Holding SA, Senior Secured Notes
10.500%
5/15/27
 $2,500,000
 
 $777,725
 (a)
Altice France SA, Senior Secured Notes
5.500%
1/15/28
2,670,000
 
2,213,389
 (a)
Altice France SA, Senior Secured Notes
5.125%
7/15/29
710,000
 
580,303
 (a)
Level 3 Financing Inc., Senior Secured Notes
11.000%
11/15/29
3,000,000
 
3,356,250
 (a)
Total Diversified Telecommunication Services
6,927,667
Entertainment — 1.3%
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes
10.500%
2/15/28
1,730,000
 
527,650
 (a)
AMC Entertainment Holdings Inc., Senior Notes
5.750%
6/15/25
1,690,000
 
1,649,854
 
AMC Entertainment Holdings Inc., Senior Secured Notes
7.500%
2/15/29
2,010,000
 
1,388,749
 (a)
Banijay Entertainment SAS, Senior Secured Notes
8.125%
5/1/29
2,350,000
 
2,410,794
 (a)
Total Entertainment
5,977,047
Interactive Media & Services — 0.2%
Snap Inc., Senior Notes
6.875%
3/1/33
1,140,000
 
1,139,522
 (a)
Media — 5.6%
AMC Networks Inc., Senior Secured Notes
10.250%
1/15/29
880,000
 
905,815
 (a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
4.750%
3/1/30
4,900,000
 
4,630,868
 (a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
4.500%
8/15/30
1,600,000
 
1,487,215
 (a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
4.500%
5/1/32
3,000,000
 
2,667,401
 
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
5.875%
8/15/27
710,000
 
686,846
 (a)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
10.000%
2/15/31
990,000
 
938,263
 (a)
DISH DBS Corp., Senior Notes
7.750%
7/1/26
2,327,000
 
2,025,471
 
DISH DBS Corp., Senior Secured Notes
5.250%
12/1/26
1,340,000
 
1,221,901
 (a)
DISH DBS Corp., Senior Secured Notes
5.750%
12/1/28
1,200,000
 
1,010,063
 (a)
EchoStar Corp., Senior Secured Notes
10.750%
11/30/29
6,273,000
 
6,640,678
 
EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK)
6.750%
11/30/30
498,513
 
465,139
 (b)
McClatchy Media Co. LLC, Senior Secured Notes (11.000% Cash or
12.500% PIK)
11.000%
12/1/31
3,115,448
 
3,314,058
 (a)(b)
Univision Communications Inc., Senior Secured Notes
8.000%
8/15/28
850,000
 
826,453
 (a)
Total Media
26,820,171
Wireless Telecommunication Services — 1.3%
CSC Holdings LLC, Senior Notes
11.250%
5/15/28
2,380,000
 
2,328,306
 (a)
CSC Holdings LLC, Senior Notes
11.750%
1/31/29
1,160,000
 
1,097,410
 (a)
CSC Holdings LLC, Senior Notes
6.500%
2/1/29
3,320,000
 
2,718,165
 (a)
CSC Holdings LLC, Senior Notes
5.000%
11/15/31
640,000
 
291,058
 (a)
Total Wireless Telecommunication Services
6,434,939
 
Total Communication Services
47,299,346
Consumer Discretionary — 19.4%
Automobile Components — 2.3%
Adient Global Holdings Ltd., Senior Notes
7.500%
2/15/33
630,000
 
597,494
 (a)
American Axle & Manufacturing Inc., Senior Notes
5.000%
10/1/29
3,000,000
 
2,635,413
 
Clarios Global LP/Clarios US Finance Co., Senior Secured Notes
6.750%
2/15/30
3,280,000
 
3,340,024
 (a)
JB Poindexter & Co. Inc., Senior Notes
8.750%
12/15/31
1,030,000
 
1,036,822
 (a)
See Notes to Schedule of Investments.
1
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Automobile Components — continued
ZF North America Capital Inc., Senior Notes
6.875%
4/14/28
 $1,380,000
 
 $1,319,566
 (a)
ZF North America Capital Inc., Senior Notes
7.125%
4/14/30
200,000
 
184,255
 (c)
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
2,020,000
 
1,845,307
 (a)
Total Automobile Components
10,958,881
Automobiles — 1.4%
Ford Motor Co., Senior Notes
6.100%
8/19/32
1,000,000
 
959,581
 
Nissan Motor Co. Ltd., Senior Notes
4.810%
9/17/30
1,970,000
 
1,821,975
 (a)
PM General Purchaser LLC, Senior Secured Notes
9.500%
10/1/28
4,150,000
 
4,011,085
 (a)
Total Automobiles
6,792,641
Distributors — 0.3%
RB Global Holdings Inc., Senior Secured Notes
6.750%
3/15/28
1,330,000
 
1,357,740
 (a)
Diversified Consumer Services — 0.3%
Adtalem Global Education Inc., Senior Secured Notes
5.500%
3/1/28
1,132,000
 
1,120,013
 (a)
WW International Inc., Senior Secured Notes
4.500%
4/15/29
2,560,000
 
611,113
 (a)
Total Diversified Consumer Services
1,731,126
Hotels, Restaurants & Leisure — 10.3%
Caesars Entertainment Inc., Senior Notes
8.125%
7/1/27
776,000
 
778,957
 (a)
Caesars Entertainment Inc., Senior Notes
6.000%
10/15/32
2,230,000
 
2,103,712
 (a)
Caesars Entertainment Inc., Senior Secured Notes
7.000%
2/15/30
2,000,000
 
2,048,537
 (a)
Carnival Corp., Senior Notes
5.750%
3/1/27
930,000
 
927,411
 (a)
Carnival Corp., Senior Notes
6.000%
5/1/29
5,820,000
 
5,791,934
 (a)
Carnival Corp., Senior Notes
5.750%
3/15/30
140,000
 
139,114
 (a)
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.,
Senior Secured Notes
4.625%
1/15/29
1,500,000
 
1,391,010
 (a)
Full House Resorts Inc., Senior Secured Notes
8.250%
2/15/28
2,770,000
 
2,595,281
 (a)
Las Vegas Sands Corp., Senior Notes
5.625%
6/15/28
150,000
 
150,400
 (d)
Las Vegas Sands Corp., Senior Notes
6.000%
6/14/30
1,040,000
 
1,046,311
 (d)
Life Time Inc., Senior Secured Notes
6.000%
11/15/31
680,000
 
678,426
 (a)
Light & Wonder International Inc., Senior Notes
7.000%
5/15/28
270,000
 
270,301
 (a)
Melco Resorts Finance Ltd., Senior Notes
4.875%
6/6/25
1,000,000
 
998,183
 (a)
Melco Resorts Finance Ltd., Senior Notes
5.250%
4/26/26
1,565,000
 
1,536,299
 (a)
Melco Resorts Finance Ltd., Senior Notes
5.375%
12/4/29
1,000,000
 
906,875
 (a)
MGM Resorts International, Senior Notes
5.500%
4/15/27
1,140,000
 
1,137,462
 
NCL Corp. Ltd., Senior Notes
7.750%
2/15/29
590,000
 
609,433
 (a)
NCL Corp. Ltd., Senior Notes
6.250%
3/1/30
2,000,000
 
1,952,730
 (a)
NCL Corp. Ltd., Senior Secured Notes
8.125%
1/15/29
5,130,000
 
5,375,789
 (a)
NCL Finance Ltd., Senior Notes
6.125%
3/15/28
1,430,000
 
1,420,795
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
5.625%
9/30/31
4,700,000
 
4,667,354
 (a)
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
4,500,000
 
4,520,355
 (a)
Viking Cruises Ltd., Senior Notes
9.125%
7/15/31
2,000,000
 
2,140,070
 (a)
VOC Escrow Ltd., Senior Secured Notes
5.000%
2/15/28
250,000
 
245,400
 (a)
Wynn Macau Ltd., Senior Notes
5.625%
8/26/28
3,500,000
 
3,343,862
 (a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
5.125%
10/1/29
2,300,000
 
2,220,052
 (a)
Total Hotels, Restaurants & Leisure
48,996,053
Household Durables — 0.9%
Dream Finders Homes Inc., Senior Notes
8.250%
8/15/28
2,000,000
 
2,055,442
 (a)
See Notes to Schedule of Investments.
2
Western Asset Short Duration High Income Fund 2025 Quarterly Report
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Household Durables — continued
TopBuild Corp., Senior Notes
3.625%
3/15/29
 $2,500,000
 
 $2,326,351
 (a)
Total Household Durables
4,381,793
Specialty Retail — 3.7%
Academy Ltd., Senior Secured Notes
6.000%
11/15/27
440,000
 
439,687
 (a)
Acushnet Co., Senior Notes
7.375%
10/15/28
1,320,000
 
1,367,373
 (a)
Bath & Body Works Inc., Senior Notes
5.250%
2/1/28
2,400,000
 
2,388,952
 
Foot Locker Inc., Senior Notes
4.000%
10/1/29
4,150,000
 
3,369,173
 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.375%
1/15/29
2,500,000
 
2,208,884
 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
11.500%
8/15/29
200,000
 
192,252
 (a)
Michaels Cos. Inc., Senior Secured Notes
5.250%
5/1/28
4,060,000
 
2,135,887
 (a)
PetSmart Inc./PetSmart Finance Corp., Senior Notes
7.750%
2/15/29
2,450,000
 
2,285,545
 (a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes
6.750%
3/1/32
780,000
 
786,690
 
Upbound Group Inc., Senior Notes
6.375%
2/15/29
2,590,000
 
2,447,479
 (a)
Total Specialty Retail
17,621,922
Textiles, Apparel & Luxury Goods — 0.2%
Saks Global Enterprises LLC, Senior Secured Notes
11.000%
12/15/29
1,420,000
 
862,873
 (a)
 
Total Consumer Discretionary
92,703,029
Consumer Staples — 0.9%
Beverages — 0.2%
Primo Water Holdings Inc./Triton Water Holdings Inc., Senior Notes
6.250%
4/1/29
1,130,000
 
1,125,304
 (a)
Food Products — 0.7%
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet
Food Inc./Simmons Feed Ingredients Inc., Secured Notes
4.625%
3/1/29
1,360,000
 
1,265,368
 (a)
TKC Holdings Inc., Senior Secured Notes
6.875%
5/15/28
1,796,000
 
1,798,123
 (a)
Total Food Products
3,063,491
 
Total Consumer Staples
4,188,795
Energy — 8.7%
Energy Equipment & Services — 0.3%
Shelf Drilling Holdings Ltd., Senior Secured Notes
9.625%
4/15/29
1,430,000
 
1,013,661
 (a)
Sunnova Energy Corp., Senior Notes
5.875%
9/1/26
1,400,000
 
421,477
 (a)
Total Energy Equipment & Services
1,435,138
Oil, Gas & Consumable Fuels — 8.4%
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes
6.625%
7/15/26
630,000
 
627,707
 (a)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes
7.000%
7/15/29
2,980,000
 
3,034,704
 (a)
Chord Energy Corp., Senior Notes
6.750%
3/15/33
1,970,000
 
1,919,651
 (a)
Crescent Energy Finance LLC, Senior Notes
9.250%
2/15/28
3,480,000
 
3,521,813
 (a)
EQT Corp., Senior Notes
7.500%
6/1/27
2,500,000
 
2,538,821
 (a)
EQT Corp., Senior Notes
4.500%
1/15/29
555,000
 
538,646
 (a)
Hess Midstream Operations LP, Senior Notes
5.875%
3/1/28
1,140,000
 
1,143,348
 (a)
HF Sinclair Corp., Senior Notes
6.375%
4/15/27
807,000
 
814,703
 
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes
6.000%
4/15/30
1,350,000
 
1,234,422
 (a)
Howard Midstream Energy Partners LLC, Senior Notes
8.875%
7/15/28
2,350,000
 
2,444,463
 (a)
MEG Energy Corp., Senior Notes
5.875%
2/1/29
1,700,000
 
1,642,014
 (a)
New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term
SOFR + 5.750%)
10.016%
9/30/29
1,664,865
 
1,639,892
 (a)(e)(f)(g)
Northern Oil & Gas Inc., Senior Notes
8.125%
3/1/28
1,630,000
 
1,610,779
 (a)
See Notes to Schedule of Investments.
3
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Oil, Gas & Consumable Fuels — continued
Permian Resources Operating LLC, Senior Notes
8.000%
4/15/27
 $510,000
 
 $519,377
 (a)
Permian Resources Operating LLC, Senior Notes
5.875%
7/1/29
3,500,000
 
3,421,517
 (a)
Permian Resources Operating LLC, Senior Notes
9.875%
7/15/31
646,000
 
700,115
 (a)
Range Resources Corp., Senior Notes
8.250%
1/15/29
2,000,000
 
2,049,908
 
Rockies Express Pipeline LLC, Senior Notes
6.750%
3/15/33
410,000
 
417,086
 (a)
Summit Midstream Holdings LLC, Senior Secured Notes
8.625%
10/31/29
520,000
 
512,872
 (a)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior
Notes
7.375%
2/15/29
570,000
 
568,486
 (a)
Venture Global LNG Inc., Senior Secured Notes
9.500%
2/1/29
1,880,000
 
1,949,293
 (a)
Venture Global LNG Inc., Senior Secured Notes
7.000%
1/15/30
1,160,000
 
1,093,665
 (a)
Venture Global LNG Inc., Senior Secured Notes
8.375%
6/1/31
5,500,000
 
5,309,073
 (a)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
7.500%
5/1/33
820,000
 
841,912
 (a)
Western Midstream Operating LP, Senior Notes
3.950%
6/1/25
100,000
 
99,852
 
Total Oil, Gas & Consumable Fuels
40,194,119
 
Total Energy
41,629,257
Financials — 9.7%
Banks — 2.7%
Banco Santander SA, Junior Subordinated Notes (9.625% to 11/21/33
then 5 year Treasury Constant Maturity Rate + 5.298%)
9.625%
5/21/33
1,200,000
 
1,358,629
 (g)(h)
Bank of America Corp., Junior Subordinated Notes (5.875% to 3/15/28
then 3 mo. Term SOFR + 3.193%)
5.875%
3/15/28
690,000
 
683,683
 (g)(h)
BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5
year Treasury Constant Maturity Rate + 4.899%)
7.750%
8/16/29
2,520,000
 
2,596,580
 (a)(g)(h)
BNP Paribas SA, Junior Subordinated Notes (8.000% to 8/22/31 then 5
year Treasury Constant Maturity Rate + 3.727%)
8.000%
8/22/31
480,000
 
496,805
 (a)(g)(h)
Citigroup Inc., Junior Subordinated Notes (7.200% to 5/15/29 then 5
year Treasury Constant Maturity Rate + 2.905%)
7.200%
5/15/29
1,300,000
 
1,294,517
 (g)(h)
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
1,760,000
 
1,784,061
 (a)(g)(h)
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to
9/27/25 then USD 5 year ICE Swap Rate + 4.496%)
7.500%
9/27/25
920,000
 
919,470
 (g)(h)
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to
3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%)
8.000%
9/27/29
1,480,000
 
1,520,937
 (g)(h)
Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to
10/31/27 then 5 year Treasury Constant Maturity Rate + 4.075%)
8.125%
10/31/82
2,300,000
 
2,382,996
 (g)
Total Banks
13,037,678
Capital Markets — 0.7%
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30
then 10 year Treasury Constant Maturity Rate + 3.079%)
4.000%
12/1/30
790,000
 
690,334
 (g)(h)
Coinbase Global Inc., Senior Notes
3.375%
10/1/28
1,100,000
 
1,013,348
 (a)
Credit Suisse AG AT1 Claim
—
—
1,010,000
 
0
 *(e)(f)(i)
StoneX Group Inc., Senior Secured Notes
7.875%
3/1/31
910,000
 
948,286
 (a)
UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR +
5.020%)
9.016%
11/15/33
720,000
 
880,194
 (a)(g)
Total Capital Markets
3,532,162
Consumer Finance — 0.7%
FirstCash Inc., Senior Notes
5.625%
1/1/30
2,380,000
 
2,342,151
 (a)
See Notes to Schedule of Investments.
4
Western Asset Short Duration High Income Fund 2025 Quarterly Report
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Consumer Finance — continued
Midcap Financial Issuer Trust, Senior Notes
6.500%
5/1/28
 $1,180,000
 
 $1,127,991
 (a)
Total Consumer Finance
3,470,142
Financial Services — 3.0%
Boost Newco Borrower LLC, Senior Secured Notes
7.500%
1/15/31
3,330,000
 
3,517,133
 (a)
Burford Capital Global Finance LLC, Senior Notes
6.875%
4/15/30
2,400,000
 
2,397,303
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
4.500%
11/15/29
660,000
 
628,951
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
1,750,000
 
1,806,248
 (a)
NCR Atleos Corp., Senior Secured Notes
9.500%
4/1/29
1,350,000
 
1,453,706
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior
Notes
9.500%
6/1/28
3,700,000
 
3,618,307
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior
Notes
6.375%
2/1/30
1,000,000
 
864,556
 (a)
Total Financial Services
14,286,204
Insurance — 0.7%
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3
Somerset Investor 2 LLC, Senior Notes
7.875%
11/1/29
2,440,000
 
2,384,783
 (a)
Ryan Specialty LLC, Senior Secured Notes
5.875%
8/1/32
750,000
 
741,432
 (a)
Total Insurance
3,126,215
Mortgage Real Estate Investment Trusts (REITs) — 1.9%
Apollo Commercial Real Estate Finance Inc., Senior Secured Notes
4.625%
6/15/29
470,000
 
434,520
 (a)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
Senior Notes
4.250%
2/1/27
870,000
 
848,403
 (a)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
Senior Notes
4.750%
6/15/29
2,710,000
 
2,596,640
 (a)
Starwood Property Trust Inc., Senior Notes
7.250%
4/1/29
2,890,000
 
3,000,614
 (a)
Starwood Property Trust Inc., Senior Notes
6.000%
4/15/30
1,970,000
 
1,949,134
 (a)
Total Mortgage Real Estate Investment Trusts (REITs)
8,829,311
 
Total Financials
46,281,712
Health Care — 6.9%
Health Care Equipment & Supplies — 0.5%
Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes
6.250%
4/1/29
2,330,000
 
2,350,744
 (a)
Health Care Providers & Services — 3.7%
Akumin Inc., Senior Secured Notes (8.000% Cash or 9.000% PIK)
9.000%
8/1/27
1,310,000
 
1,147,180
 (a)(b)
CHS/Community Health Systems Inc., Senior Secured Notes
5.625%
3/15/27
1,370,000
 
1,337,189
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
6.000%
1/15/29
5,000,000
 
4,663,567
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
10.875%
1/15/32
1,230,000
 
1,271,522
 (a)
LifePoint Health Inc., Senior Secured Notes
9.875%
8/15/30
1,000,000
 
1,064,973
 (a)
LifePoint Health Inc., Senior Secured Notes
11.000%
10/15/30
4,650,000
 
5,095,917
 (a)
Sotera Health Holdings LLC, Senior Secured Notes
7.375%
6/1/31
2,400,000
 
2,464,538
 (a)
U.S. Renal Care Inc., Senior Secured Notes
10.625%
6/28/28
693,000
 
585,585
 (a)
Total Health Care Providers & Services
17,630,471
Pharmaceuticals — 2.7%
1261229 BC Ltd., Senior Secured Notes
10.000%
4/15/32
2,580,000
 
2,527,972
 (a)
Bausch Health Americas Inc., Senior Notes
9.250%
4/1/26
80,000
 
78,076
 (a)
Bausch Health Cos. Inc., Senior Notes
6.250%
2/15/29
1,820,000
 
1,194,375
 (a)
Bausch Health Cos. Inc., Senior Notes
5.250%
1/30/30
655,000
 
384,098
 (a)
See Notes to Schedule of Investments.
5
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pharmaceuticals — continued
Par Pharmaceutical Inc., Escrow
—
—
 $1,580,000
 
 $0
 *(a)(e)(f)(i)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.750%
5/9/27
4,590,000
 
4,508,635
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
6.750%
3/1/28
250,000
 
256,259
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
7.875%
9/15/29
2,540,000
 
2,725,707
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
8.125%
9/15/31
1,000,000
 
1,102,236
 
Total Pharmaceuticals
12,777,358
 
Total Health Care
32,758,573
Industrials — 14.5%
Aerospace & Defense — 2.9%
AAR Escrow Issuer LLC, Senior Notes
6.750%
3/15/29
1,350,000
 
1,383,229
 (a)
Axon Enterprise Inc., Senior Notes
6.125%
3/15/30
490,000
 
499,753
 (a)
Axon Enterprise Inc., Senior Notes
6.250%
3/15/33
250,000
 
255,432
 (a)
Bombardier Inc., Senior Notes
7.500%
2/1/29
370,000
 
381,486
 (a)
Bombardier Inc., Senior Notes
8.750%
11/15/30
4,000,000
 
4,291,044
 (a)
Bombardier Inc., Senior Notes
7.250%
7/1/31
2,200,000
 
2,255,231
 (a)
TransDigm Inc., Senior Secured Notes
6.750%
8/15/28
2,410,000
 
2,461,439
 (a)
TransDigm Inc., Senior Secured Notes
6.375%
3/1/29
130,000
 
132,595
 (a)
TransDigm Inc., Senior Secured Notes
6.875%
12/15/30
1,250,000
 
1,288,929
 (a)
TransDigm Inc., Senior Secured Notes
7.125%
12/1/31
700,000
 
728,446
 (a)
Total Aerospace & Defense
13,677,584
Building Products — 0.4%
Quikrete Holdings Inc., Senior Secured Notes
6.375%
3/1/32
1,790,000
 
1,801,601
 (a)
Commercial Services & Supplies — 3.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco
4 Sarl, Senior Secured Notes
4.625%
6/1/28
1,470,000
 
1,414,387
 (a)
CoreCivic Inc., Senior Notes
8.250%
4/15/29
4,230,000
 
4,462,862
 
GEO Group Inc., Senior Notes
10.250%
4/15/31
4,400,000
 
4,812,029
 
GFL Environmental Inc., Senior Secured Notes
6.750%
1/15/31
2,300,000
 
2,393,727
 (a)
Madison IAQ LLC, Senior Secured Notes
4.125%
6/30/28
300,000
 
286,706
 (a)
RR Donnelley & Sons Co., Secured Notes
10.875%
8/1/29
2,220,000
 
2,109,258
 (a)
RR Donnelley & Sons Co., Senior Secured Notes
9.500%
8/1/29
1,090,000
 
1,039,060
 (a)
Total Commercial Services & Supplies
16,518,029
Construction & Engineering — 1.1%
Brundage-Bone Concrete Pumping Holdings Inc., Senior Secured Notes
7.500%
2/1/32
270,000
 
263,747
 (a)
Empire Communities Corp., Senior Notes
9.750%
5/1/29
2,520,000
 
2,461,914
 (a)
Tutor Perini Corp., Senior Notes
11.875%
4/30/29
2,210,000
 
2,387,165
 (a)
Total Construction & Engineering
5,112,826
Electrical Equipment — 0.1%
Gates Corp., Senior Notes
6.875%
7/1/29
680,000
 
690,798
 (a)
Ground Transportation — 0.7%
Carriage Purchaser Inc., Senior Notes
7.875%
10/15/29
2,430,000
 
2,006,447
 (a)
RXO Inc., Senior Notes
7.500%
11/15/27
1,480,000
 
1,506,509
 (a)
Total Ground Transportation
3,512,956
Machinery — 1.4%
Esab Corp., Senior Notes
6.250%
4/15/29
2,210,000
 
2,245,096
 (a)
Titan International Inc., Senior Secured Notes
7.000%
4/30/28
3,300,000
 
3,234,047
 
See Notes to Schedule of Investments.
6
Western Asset Short Duration High Income Fund 2025 Quarterly Report
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Machinery — continued
Vertiv Group Corp., Senior Secured Notes
4.125%
11/15/28
 $1,300,000
 
 $1,257,036
 (a)
Total Machinery
6,736,179
Passenger Airlines — 3.1%
Air Canada, Senior Secured Notes
3.875%
8/15/26
1,170,000
 
1,148,992
 (a)
American Airlines Inc., Senior Secured Notes
7.250%
2/15/28
950,000
 
939,294
 (a)
American Airlines Inc., Senior Secured Notes
8.500%
5/15/29
5,590,000
 
5,700,788
 (a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured
Notes
5.750%
4/20/29
290,000
 
281,594
 (a)
JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes
9.875%
9/20/31
750,000
 
691,431
 (a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes
(11.000% Cash or 4.000% PIK and 8.000% Cash)
11.000%
3/6/30
2,045,766
 
1,622,548
 (a)(b)
United Airlines Inc., Senior Secured Notes
4.625%
4/15/29
4,500,000
 
4,232,537
 (a)
United Airlines Pass-Through Trust
4.875%
1/15/26
172,835
 
172,252
 
Total Passenger Airlines
14,789,436
Trading Companies & Distributors — 1.0%
United Rentals North America Inc., Senior Notes
5.250%
1/15/30
2,310,000
 
2,287,183
 
United Rentals North America Inc., Senior Secured Notes
6.000%
12/15/29
2,500,000
 
2,534,243
 (a)
Total Trading Companies & Distributors
4,821,426
Transportation Infrastructure — 0.3%
Railworks Holdings LP/Railworks Rally Inc., Secured Notes
8.250%
11/15/28
1,410,000
 
1,413,973
 (a)
 
Total Industrials
69,074,808
Information Technology — 2.4%
Communications Equipment — 0.7%
CommScope LLC, Senior Secured Notes
4.750%
9/1/29
1,604,000
 
1,417,737
 (a)
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
1,090,000
 
1,021,024
 (a)
Viasat Inc., Senior Notes
7.500%
5/30/31
1,380,000
 
1,051,998
 (a)
Total Communications Equipment
3,490,759
Software — 1.4%
Citrix Systems Inc., Senior Secured Notes
4.500%
12/1/27
1,790,000
 
1,631,368
 
Cloud Software Group Inc., Secured Notes
9.000%
9/30/29
2,060,000
 
2,077,571
 (a)
Cloud Software Group Inc., Senior Secured Notes
6.500%
3/31/29
1,700,000
 
1,702,225
 (a)
Gen Digital Inc., Senior Notes
6.750%
9/30/27
1,130,000
 
1,149,593
 (a)
Total Software
6,560,757
Technology Hardware, Storage & Peripherals — 0.3%
CA Magnum Holdings, Senior Secured Notes
5.375%
10/31/26
840,000
 
823,351
 (a)
Diebold Nixdorf Inc., Senior Secured Notes
7.750%
3/31/30
780,000
 
814,023
 (a)
Total Technology Hardware, Storage & Peripherals
1,637,374
 
Total Information Technology
11,688,890
Materials — 3.1%
Construction Materials — 0.1%
Smyrna Ready Mix Concrete LLC, Senior Secured Notes
6.000%
11/1/28
390,000
 
381,495
 (a)
Containers & Packaging — 0.5%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)
6.500%
6/30/27
2,227,937
 
72,147
 (a)(b)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC, Senior Secured Notes
6.000%
6/15/27
1,630,000
 
1,625,826
 (a)
See Notes to Schedule of Investments.
7
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Containers & Packaging — continued
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC, Senior Secured Notes
3.250%
9/1/28
 $830,000
 
 $759,488
 (a)
Total Containers & Packaging
2,457,461
Metals & Mining — 2.4%
First Quantum Minerals Ltd., Secured Notes
9.375%
3/1/29
5,080,000
 
5,335,021
 (a)
First Quantum Minerals Ltd., Senior Notes
6.875%
10/15/27
1,500,000
 
1,483,095
 (a)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
2,260,000
 
2,293,457
 (a)
Hudbay Minerals Inc., Senior Notes
6.125%
4/1/29
2,340,000
 
2,332,145
 (a)
Total Metals & Mining
11,443,718
Paper & Forest Products — 0.1%
Mercer International Inc., Senior Notes
5.125%
2/1/29
430,000
 
354,262
 
 
Total Materials
14,636,936
Real Estate — 2.7%
Diversified REITs — 1.1%
IIP Operating Partnership LP, Senior Notes
5.500%
5/25/26
1,480,000
 
1,425,452
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
5.000%
10/15/27
750,000
 
663,181
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
4.625%
8/1/29
246,000
 
187,665
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Secured
Notes
8.500%
2/15/32
610,000
 
620,250
 (a)
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior
Secured Notes
10.500%
2/15/28
2,458,000
 
2,611,822
 (a)
Total Diversified REITs
5,508,370
Health Care REITs — 0.1%
Diversified Healthcare Trust, Senior Notes
9.750%
6/15/25
166,000
 
165,803
 
Diversified Healthcare Trust, Senior Notes
4.750%
2/15/28
430,000
 
385,128
 
Total Health Care REITs
550,931
Hotel & Resort REITs — 1.0%
Service Properties Trust, Senior Notes
8.375%
6/15/29
2,690,000
 
2,633,403
 
Service Properties Trust, Senior Secured Notes
8.625%
11/15/31
1,850,000
 
1,964,605
 (a)
Total Hotel & Resort REITs
4,598,008
Real Estate Management & Development — 0.5%
Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes, Step
bond (10.500% to 11/15/25 then 11.000%)
10.500%
1/15/28
2,201,255
 
2,240,108
 (a)
 
Total Real Estate
12,897,417
Utilities — 0.2%
Gas Utilities — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., Senior Notes
5.875%
8/20/26
1,260,000
 
1,245,919
 
 
Total Corporate Bonds & Notes (Cost — $384,857,444)
374,404,682
Senior Loans — 8.8%
Communication Services — 2.0%
Diversified Telecommunication Services — 0.3%
QualityTech LP, Term Loan (1 mo. Term SOFR + 3.500%)
7.821%
11/4/31
1,540,000
 
1,536,150
 (f)(g)(j)(k)
Interactive Media & Services — 0.7%
X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%)
10.949%
10/26/29
1,326,607
 
1,287,970
 (g)(j)(k)
X Corp., Term Loan B3
9.500%
10/26/29
1,990,000
 
1,943,981
 (j)(k)
Total Interactive Media & Services
3,231,951
See Notes to Schedule of Investments.
8
Western Asset Short Duration High Income Fund 2025 Quarterly Report
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Media — 1.0%
CB Poly US Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 5.500%)
9.799%
5/18/29
 $1,579,500
 
 $1,382,062
 (g)(j)(k)
Diamond Sports Net LLC, First Lien Exit Term Loan
15.000%
1/2/28
2,011,133
 
1,804,992
 (j)(k)
Getty Images Inc., Dollar Term Loan B1
11.250%
2/21/30
150,000
 
148,688
 (j)(k)
Learfield Communications LLC, 2024 Term Loan B (1 mo. Term SOFR +
4.500%)
8.822%
6/30/28
1,264,032
 
1,263,242
 (g)(j)(k)
Total Media
4,598,984
 
Total Communication Services
9,367,085
Consumer Discretionary — 1.5%
Automobile Components — 0.4%
First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR +
5.262%)
9.541%
3/30/27
1,996,800
 
1,861,666
 (g)(j)(k)
Hotels, Restaurants & Leisure — 0.4%
Catawba Nation Gaming Authority, Initial Term Loan B (3 mo. Term
SOFR + 4.750%)
9.053%
3/28/32
1,760,000
 
1,752,670
 (g)(j)(k)
Specialty Retail — 0.7%
Spencer Spirit IH LLC, Initial Term Loan (1 mo. Term SOFR + 4.750%)
9.071%
7/15/31
3,333,250
 
3,279,085
 (g)(j)(k)
 
Total Consumer Discretionary
6,893,421
Consumer Staples — 0.0%††
Household Products — 0.0%††
Knight Health Holdings LLC, Term Loan B (1 mo. Term SOFR + 5.364%)
9.686%
12/23/28
188,301
 
87,749
 (g)(j)(k)
 
Financials — 1.2%
Consumer Finance — 0.2%
Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR +
4.000%)
8.322%
3/12/29
903,186
 
903,683
 (g)(j)(k)
Financial Services — 0.5%
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (3 mo.
Term SOFR + 7.012%)
11.311%
4/7/28
340,000
 
313,864
 (g)(j)(k)
Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. Term
SOFR + 3.500%)
7.822%
7/31/31
1,980,063
 
1,976,904
 (g)(j)(k)
Total Financial Services
2,290,768
Insurance — 0.5%
Accession Risk Management Group Inc., 2023 Delayed Draw Term Loan
2 (3 mo. Term SOFR + 4.750%)
9.030-9.063%
11/1/29
919,766
 
919,766
 (f)(g)(j)(k)
Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%)
8.422%
8/19/28
1,602,969
 
1,551,755
 (g)(j)(k)
Total Insurance
2,471,521
 
Total Financials
5,665,972
Health Care — 0.5%
Health Care Providers & Services — 0.3%
EyeCare Partners LLC, Term Loan B (3 mo. Term SOFR + 4.710%)
8.837%
11/30/28
1,117,384
 
868,302
 (g)(j)(k)
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)
8.006%
5/16/31
698,075
 
686,295
 (g)(j)(k)
Total Health Care Providers & Services
1,554,597
Pharmaceuticals — 0.2%
Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + 4.100%)
8.399%
10/1/27
750,000
 
699,727
 (g)(j)(k)
 
Total Health Care
2,254,324
Industrials — 1.5%
Commercial Services & Supplies — 1.1%
DS Parent Inc., Term Loan B (3 mo. Term SOFR + 5.500%)
9.799%
1/31/31
1,935,375
 
1,724,303
 (g)(j)(k)
See Notes to Schedule of Investments.
9
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Commercial Services & Supplies — continued
LRS Holdings LLC, Term Loan B (1 mo. Term SOFR + 4.364%)
8.686%
8/31/28
 $1,354,500
 
 $1,254,605
 (g)(j)(k)
Thermostat Purchaser III Inc., Initial Term Loan B1 (3 mo. Term SOFR +
4.250%)
8.549%
8/31/28
2,458,992
 
2,454,394
 (g)(j)(k)
Total Commercial Services & Supplies
5,433,302
Professional Services — 0.2%
Ryan LLC, Initial Term Loan (1 mo. Term SOFR + 3.500%)
7.822%
11/14/30
1,079,995
 
1,078,780
 (g)(j)(k)
Trading Companies & Distributors — 0.2%
QXO Building Products Inc, Term Loan B
—
1/29/31
808,826
 
808,972
 (l)
 
Total Industrials
7,321,054
Information Technology — 1.8%
Communications Equipment — 0.5%
Global Tel Link Corp., Initial Term Loan (1 mo. Term SOFR + 7.500%)
11.822%
7/31/29
2,557,150
 
2,416,507
 (g)(j)(k)
Software — 1.1%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR +
4.000%)
8.322%
10/16/26
1,388,542
 
1,347,851
 (g)(j)(k)
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR +
7.000%)
11.322%
2/19/29
1,450,000
 
1,201,687
 (g)(j)(k)
Magenta Security Holdings LLC, First Out Term Loan (3 mo. Term SOFR
+ 7.010%)
11.290%
7/27/28
52,657
 
48,076
 (g)(j)(k)
Starlight Parent LLC, Term Loan (3 mo. Term SOFR + 4.000%)
8.261%
4/16/32
2,680,000
 
2,593,744
 (g)(j)(k)
Total Software
5,191,358
Technology Hardware, Storage & Peripherals — 0.2%
Vericast Corp., 2024 Extended Term Loan (6 mo. Term SOFR + 7.750%)
12.035%
6/16/26
1,252,655
 
1,121,126
 (g)(j)(k)
 
Total Information Technology
8,728,991
Materials — 0.3%
Containers & Packaging — 0.1%
Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date
Term Loan B
—
3/26/32
751,856
 
746,690
 (l)
Clydesdale Acquisition Holdings Inc., Delayed Draw Term Loan
—
4/1/32
13,144
 
13,054
 (l)
Total Containers & Packaging
759,744
Metals & Mining — 0.2%
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan
10.000%
12/31/27
861,038
 
860,574
 (e)(f)(j)(k)
 
Total Materials
1,620,318
Total Senior Loans (Cost — $43,376,997)
41,938,914
Asset-Backed Securities — 5.6%
AIMCO CLO, 2015-AA DR3 (3 mo. Term SOFR + 2.950%)
7.230%
10/17/34
1,000,000
 
1,003,703
 (a)(g)
Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through
Certificates, 2002-C M1 (1 mo. Term SOFR + 3.489%)
7.816%
11/25/32
696,201
 
718,904
 (g)
Apex Credit CLO Ltd., 2019-2A D1NR (3 mo. Term SOFR + 3.500%)
7.782%
1/25/38
1,100,000
 
1,076,625
 (a)(g)
Apex Credit CLO Ltd., 2020-1A DRR (3 mo. Term SOFR + 4.320%)
8.589%
4/20/35
560,000
 
556,478
 (a)(g)
Apex Credit CLO Ltd., 2022-1A D (3 mo. Term SOFR + 4.400%)
8.672%
4/22/33
250,000
 
249,514
 (a)(g)
Apidos CLO Ltd., XXXA CR (3 mo. Term SOFR + 3.000%)
7.269%
10/18/31
750,000
 
750,000
 (a)(g)
Bain Capital Credit CLO Ltd., 2019-1A DR2 (3 mo. Term SOFR + 3.100%)
7.369%
4/19/34
850,000
 
853,350
 (a)(g)
Bain Capital Credit CLO Ltd., 2021-4A D (3 mo. Term SOFR + 3.362%)
7.631%
10/20/34
400,000
 
393,447
 (a)(g)
Ballyrock CLO Ltd., 2022-19A D (3 mo. Term SOFR + 7.110%)
11.382%
4/20/35
1,000,000
 
979,475
 (a)(g)
Barings CLO Ltd., 2023-3A D (3 mo. Term SOFR + 4.500%)
8.756%
10/15/36
370,000
 
371,746
 (a)(g)
Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 5.950%)
10.206%
7/15/37
980,000
 
972,319
 (a)(g)
See Notes to Schedule of Investments.
10
Western Asset Short Duration High Income Fund 2025 Quarterly Report
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Asset-Backed Securities — continued
BlueMountain CLO Ltd., 2021-31A E (3 mo. Term SOFR + 6.792%)
11.061%
4/19/34
 $160,000
 
 $155,629
 (a)(g)
Bridge Street CLO Ltd., 2025-1A D1A (3 mo. Term SOFR + 2.850%)
7.109%
4/20/38
460,000
 
433,956
 (a)(g)
CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR + 3.000%)
7.269%
10/20/37
930,000
 
899,787
 (a)(g)
CIFC Funding Ltd., 2021-1A D1R (3 mo. Term SOFR + 3.150%)
7.432%
7/25/37
500,000
 
498,341
 (a)(g)
Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%)
6.832%
1/25/35
610,000
 
599,977
 (a)(g)
Elmwood CLO Ltd., 2021-3A DR (3 mo. Term SOFR + 3.300%)
7.569%
4/20/34
1,280,000
 
1,263,728
 (a)(g)
Galaxy CLO Ltd., 2018-26A DR (3 mo. Term SOFR + 2.950%)
7.279%
11/22/31
440,000
 
438,260
 (a)(g)
Greenwood Park CLO Ltd., 2018-1A D (3 mo. Term SOFR + 2.762%)
7.018%
4/15/31
700,000
 
694,084
 (a)(g)
Greenwood Park CLO Ltd., 2018-1A E (3 mo. Term SOFR + 5.212%)
9.468%
4/15/31
480,000
 
469,576
 (a)(g)
GSAA Home Equity Trust, 2006-5 2A3 (1 mo. Term SOFR + 0.654%)
4.981%
3/25/36
1,535,986
 
680,923
 (g)
Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%)
9.119%
1/20/37
760,000
 
747,459
 (a)(g)
Madison Park Funding Ltd., 2016-24A DR2 (3 mo. Term SOFR + 2.950%)
7.219%
10/20/29
590,000
 
589,275
 (a)(g)
Magnetite Ltd., 2015-12A ER (3 mo. Term SOFR + 5.942%)
10.198%
10/15/31
290,000
 
288,296
 (a)(g)
Magnetite Ltd., 2019-22A DRR (3 mo. Term SOFR + 2.900%)
7.156%
7/15/36
520,000
 
519,830
 (a)(g)
Magnetite Ltd., 2023-39A E1R (3 mo. Term SOFR + 4.900%)
9.182%
1/25/37
1,040,000
 
1,022,714
 (a)(g)
MidOcean Credit CLO, 2017-7A D (3 mo. Term SOFR + 4.142%)
8.398%
7/15/29
500,000
 
502,387
 (a)(g)
Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR + 3.382%)
7.638%
7/15/31
440,000
 
435,705
 (a)(g)
MVW LLC, 2021-1WA C
1.940%
1/22/41
216,015
 
204,956
 (a)
Ocean Trails CLO Ltd., 2014-5A DRR (3 mo. Term SOFR + 3.712%)
7.953%
10/13/31
510,000
 
504,847
 (a)(g)
Ocean Trails CLO Ltd., 2022-12A D1R (3 mo. Term SOFR + 3.500%)
7.772%
7/20/35
550,000
 
550,586
 (a)(g)
OCP CLO Ltd., 2016-11A DR2 (3 mo. Term SOFR + 3.700%)
7.983%
4/26/36
460,000
 
461,927
 (a)(g)
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%)
7.119%
7/19/37
710,000
 
707,321
 (a)(g)
Palmer Square Loan Funding Ltd., 2022-3A CR (3 mo. Term SOFR +
3.000%)
7.256%
4/15/31
730,000
 
730,190
 (a)(g)
Palmer Square Loan Funding Ltd., 2024-1A C (3 mo. Term SOFR +
2.550%)
6.806%
10/15/32
500,000
 
492,929
 (a)(g)
Palmer Square Loan Funding Ltd., 2024-3A C (3 mo. Term SOFR +
2.950%)
7.247%
8/8/32
900,000
 
896,609
 (a)(g)
PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%)
7.311%
4/20/38
1,210,000
 
1,191,032
 (a)(g)
Structured Asset Securities Corp. Trust, 2005-SC1 1A2
6.457%
5/25/31
921,977
 
681,903
 (a)(g)
Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.012%)
7.268%
7/15/31
940,000
 
927,315
 (a)(g)
Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%)
6.969%
1/20/38
1,260,000
 
1,242,467
 (a)(g)
 
Total Asset-Backed Securities (Cost — $27,685,425)
26,757,570
Collateralized Mortgage Obligations(m) — 1.8%
Banc of America Funding Trust, 2015-R4 2A1 (1 mo. Term SOFR +
0.319%)
4.640%
2/25/37
149,777
 
148,850
 (a)(g)
Eagle RE Ltd., 2023-1 M2 (30 Day Average SOFR + 5.200%)
9.554%
9/26/33
920,000
 
974,775
 (a)(g)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2021-DNA5 B1 (30 Day Average SOFR + 3.050%)
7.404%
1/25/34
790,000
 
840,316
 (a)(g)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2021-DNA5 M2 (30 Day Average SOFR + 1.650%)
6.004%
1/25/34
55,767
 
55,951
 (a)(g)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk
Transfer Trust, 2019-1 M
4.750%
7/25/58
762,984
 
741,130
 (a)(g)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk
Transfer Trust, 2020-1 M
4.250%
8/25/59
960,000
 
918,801
 (a)(g)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk
Transfer Trust, 2024-1 M
5.000%
11/25/63
320,000
 
270,831
 (a)(g)
See Notes to Schedule of Investments.
11
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(m) — continued
Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1
(30 Day Average SOFR + 4.214%)
8.568%
7/25/39
 $187,032
 
 $191,650
 (a)(g)
Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1
(30 Day Average SOFR + 3.364%)
7.718%
1/25/40
260,000
 
265,147
 (a)(g)
Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B1
(30 Day Average SOFR + 3.100%)
7.454%
10/25/41
520,000
 
528,830
 (a)(g)
Federal National Mortgage Association (FNMA) — CAS, 2022-R01 1B1
(30 Day Average SOFR + 3.150%)
7.504%
12/25/41
100,000
 
101,990
 (a)(g)
Federal National Mortgage Association (FNMA) — CAS, 2024-R01 1B1
(30 Day Average SOFR + 2.700%)
7.054%
1/25/44
280,000
 
284,174
 (a)(g)
Federal National Mortgage Association (FNMA) — CAS, 2025-R02 1B1
(30 Day Average SOFR + 1.950%)
6.303%
2/25/45
270,000
 
266,014
 (a)(g)
LHOME Mortgage Trust, 2024-RTL4 M1
7.792%
7/25/39
1,200,000
 
1,204,942
 (a)(g)
LHOME Mortgage Trust, 2025-RTL1 M1
7.023%
1/25/40
680,000
 
681,118
 (a)(g)
Verus Securitization Trust, 2023-8 B1
8.101%
12/25/68
930,000
 
935,404
 (a)(g)
 
Total Collateralized Mortgage Obligations (Cost — $8,321,517)
8,409,923
 
 
 
 
Shares
 
Investments in Underlying Funds — 1.0%
SPDR Bloomberg Short Term High Yield Bond ETF (Cost — $4,945,326)
192,650
 
4,814,324
 
 
 
Rate
Maturity
Date
Face
Amount
 
Convertible Bonds & Notes — 0.5%
Communication Services — 0.1%
Media — 0.1%
EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK)
3.875%
11/30/30
 $428,749
 
463,306
 (b)
 
Consumer Discretionary — 0.2%
Hotels, Restaurants & Leisure — 0.2%
DraftKings Holdings Inc., Senior Notes
0.000%
3/15/28
1,020,000
 
899,987
 
 
Financials — 0.2%
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Two Harbors Investment Corp., Senior Notes
6.250%
1/15/26
990,000
 
977,625
 
 
Industrials — 0.0%††
Electrical Equipment — 0.0%††
Bloom Energy Corp., Senior Notes
3.000%
6/1/29
160,000
 
191,792
 (a)
 
Total Convertible Bonds & Notes (Cost — $2,538,414)
2,532,710
Sovereign Bonds — 0.2%
Argentina — 0.2%
Argentine Republic Government International Bond, Senior Notes
1.000%
7/9/29
111,978
 
90,310
 
Argentine Republic Government International Bond, Senior Notes, Step
bond (0.750% to 7/9/27 then 1.750%)
0.750%
7/9/30
545,959
 
419,024
 
Argentine Republic Government International Bond, Senior Notes, Step
bond (4.125% to 7/9/27 then 4.750%)
4.125%
7/9/35
953,791
 
638,452
 
 
Total Sovereign Bonds (Cost — $1,022,210)
1,147,786
See Notes to Schedule of Investments.
12
Western Asset Short Duration High Income Fund 2025 Quarterly Report
 Western Asset Short Duration High Income Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares/Units
Value
Common Stocks — 0.2%
Energy — 0.0%††
Oil, Gas & Consumable Fuels — 0.0%††
Permian Production Partners LLC
37,916
 $24,645
 *(e)(f)
 
Industrials — 0.2%
Passenger Airlines — 0.2%
Spirit Airlines LLC
466
3,891
 *(e)(n)
Spirit Aviation Holdings Inc.
80,264
670,205
 *
 
Total Industrials
674,096
Materials — 0.0%††
Metals & Mining — 0.0%††
Arctic Canadian Diamond Co. Ltd.
871
25,956
 *(e)(f)
 
Total Common Stocks (Cost — $1,127,334)
724,697
 
 
 
 
Expiration
Date
Warrants
 
Warrants — 0.1%
Industrials — 0.1%
Passenger Airlines — 0.1%
Spirit Airlines LLC (Cost — $694,222)
3/12/30
57,028
 
476,184
 *(a)(e)(n)
Total Investments before Short-Term Investments (Cost — $474,568,889)
461,206,790
 
 
Rate
 
Shares
 
Short-Term Investments — 1.0%
Western Asset Premier Institutional Government Reserves, Premium
Shares (Cost — $4,620,109)  
4.312%
4,620,109
 
4,620,109
 (o)(p)
Total Investments — 97.6% (Cost — $479,188,998)
465,826,899
Other Assets in Excess of Liabilities — 2.4%
11,525,442
Total Net Assets — 100.0%
$477,352,341
 
See Notes to Schedule of Investments.
13
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(b)
Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.
(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)
Securities traded on a when-issued or delayed delivery basis.
(e)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(f)
Security is valued using significant unobservable inputs (Note 1).
(g)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(h)
Security has no maturity date. The date shown represents the next call date.
(i)
Value is less than $1.
(j)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(k)
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.
(l)
All or a portion of this loan has not settled as of April 30, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the
settled portion of the loan.
(m)
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.
(n)
Restricted security (Note 3).
(o)
Rate shown is one-day yield as of the end of the reporting period.
(p)
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding
voting securities of an issuer, or a company which is under common ownership or control with the Fund. At April 30, 2025, the total market value of
investments in Affiliated Companies was $4,620,109 and the cost was $4,620,109 (Note 2).
 
Abbreviation(s) used in this schedule:
CAS
—
Connecticut Avenue Securities
CLO
—
Collateralized Loan Obligation
ETF
—
Exchange-Traded Fund
ICE
—
Intercontinental Exchange
PIK
—
Payment-In-Kind
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
SPDR
—
Standard & Poor’s Depositary Receipts
USD
—
United States Dollar
At April 30, 2025, the Fund had the following open forward foreign currency contracts:  
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
EUR
228,114
USD
251,075
Bank of America N.A.
7/16/25
 $8,600
AUD
809,439
USD
489,977
Citibank N.A.
7/16/25
28,978
CAD
478,773
USD
338,322
Goldman Sachs Group Inc.
7/16/25
10,320
Net unrealized appreciation on open forward foreign currency contracts
$47,898
 
Abbreviation(s) used in this table:
AUD
—
Australian Dollar
CAD
—
Canadian Dollar
EUR
—
Euro
USD
—
United States Dollar
See Notes to Schedule of Investments.
14
Western Asset Short Duration High Income Fund 2025 Quarterly Report
 Western Asset Short Duration High Income Fund
At April 30, 2025, the Fund had the following open swap contracts:  
 
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION1
Reference Entity
Notional
Amount2
Termination
Date
Implied
Credit
Spread at
April 30,
20253
Periodic
Payments
Received by
the Fund†
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
American Airlines Group Inc.,
6.500%, due 7/1/25
 $1,918,000
12/20/29
7.427%
5.000% quarterly
 $(159,073)
 $81,373
 $(240,446)
American Airlines Group Inc.,
6.500%, due 7/1/25
168,000
6/20/30
7.578%
5.000% quarterly
(15,765)
(7,665)
(8,100)
Carnival Corp., 6.650%, due
1/15/28
940,000
6/20/30
2.422%
1.000% quarterly
(59,199)
(69,612)
10,413
Nabors Industries Inc., 9.125%,
due 1/31/30
419,000
6/20/29
14.869%
1.000% quarterly
(150,642)
(63,225)
(87,417)
Nabors Industries Inc., 9.125%,
due 1/31/30
1,482,000
6/20/30
15.524%
1.000% quarterly
(606,131)
(379,517)
(226,614)
Total
$4,927,000
$(990,810)
$(438,646)
$(552,164)
 
 
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION4
Reference Entity
Notional
Amount2
Termination
Date
Implied
Credit
Spread at
April 30,
20253
Periodic
Payments
Made by
the Fund†
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
Transocean Inc., 8.000%, due
2/1/27
 $419,000
6/20/29
10.587%
1.000% quarterly
 $116,327
 $44,301
 $72,026
Transocean Inc., 8.000%, due
2/1/27
1,482,000
6/20/30
11.116%
1.000% quarterly
485,686
271,083
214,603
Total
$1,901,000
$602,013
$315,384
$286,629
 
 
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION1
Reference Entity
Notional
Amount2
Termination
Date
Periodic
Payments
Received by
the Fund†
Market
Value5
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
Markit CDX.NA.HY.44 Index
 $5,100,000
6/20/30
5.000% quarterly
$184,557
$156,802
$27,755
 
See Notes to Schedule of Investments.
15
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Short Duration High Income Fund
1
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to
the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities
comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the
recovery value of the referenced obligation or underlying securities comprising the referenced index.
2
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event
occurs as defined under the terms of that particular swap agreement.
3
Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve
as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied
credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter
into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or
other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for
the referenced entity or obligation.
4
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.
5
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.
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.
16
Western Asset Short Duration High Income Fund 2025 Quarterly Report
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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities, including exchange-traded funds, 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”).
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
17
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Corporate Bonds & Notes:
Energy
—
 $39,989,365
 $1,639,892
 $41,629,257
Financials
—
46,281,712
0
*
46,281,712
Health Care
—
32,758,573
0
*
32,758,573
Other Corporate Bonds & Notes
—
253,735,140
—
253,735,140
Senior Loans:
Communication Services
—
7,830,935
1,536,150
9,367,085
Financials
—
4,746,206
919,766
5,665,972
Materials
—
759,744
860,574
1,620,318
Other Senior Loans
—
25,285,539
—
25,285,539
Asset-Backed Securities
—
26,757,570
—
26,757,570
Collateralized Mortgage Obligations
—
8,409,923
—
8,409,923
Investments in Underlying Funds
 $4,814,324
—
—
4,814,324
Convertible Bonds & Notes
—
2,532,710
—
2,532,710
Sovereign Bonds
—
1,147,786
—
1,147,786
Common Stocks:
Energy
—
—
24,645
24,645
Industrials
670,205
3,891
—
674,096
Materials
—
—
25,956
25,956
Warrants
—
476,184
—
476,184
Total Long-Term Investments
5,484,529
450,715,278
5,006,983
461,206,790
Short-Term Investments†
4,620,109
—
—
4,620,109
Total Investments
$10,104,638
$450,715,278
$5,006,983
$465,826,899
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $47,898
—
 $47,898
Centrally Cleared Credit Default Swaps on Corporate Issues —
Sell Protection††
—
10,413
—
10,413
Centrally Cleared Credit Default Swaps on Corporate Issues —
Buy Protection††
—
286,629
—
286,629
Centrally Cleared Credit Default Swaps on Credit Indices — Sell
Protection††
—
27,755
—
27,755
Total Other Financial Instruments
—
$372,695
—
$372,695
Total
$10,104,638
$451,087,973
$5,006,983
$466,199,594
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Centrally Cleared Credit Default Swaps on Corporate Issues —
Sell Protection††
—
 $562,577
—
 $562,577
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
18
Western Asset Short Duration High Income Fund 2025 Quarterly Report
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, 2024
Accrued
premiums/
discounts
Realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)1
Purchases
Corporate Bonds &
Notes:
Energy
—
 $1,629
—
 $(1,629
)
 $1,639,892
Financials
 $30,300
—
—
(30,300
)
—
Health Care
0
*
—
—
—
—
Senior Loans:
Communication
Services
—
(1,135
)
 $841
10,529
1,675,540
Consumer
Discretionary
3,383,500
2,287
(2,474
)
(58,375
)
—
Financials
925,403
1,943
823
(1,607
)
119,309
Health Care
861,262
1,024
(13,666
)
51,582
—
Industrials
3,767,184
2,922
111
(32,135
)
—
Materials
850,664
—
—
9,910
—
Real Estate
641,592
449
(970
)
(18,631
)
—
Common Stocks:
Energy
24,645
—
—
—
—
Materials
121,454
—
—
(95,498
)
—
Total
$10,606,004
$9,119
$(15,335
)
$(166,154
)
$3,434,741

 
Investments in
Securities (cont’d)
Sales
Transfers
into
Level 3
Transfers
out of
Level 32
Balance
as of
April 30, 2025
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
April 30, 20251
Corporate Bonds &
Notes:
Energy
—
—
—
 $1,639,892
 $(1,629
)
Financials
—
—
—
0
*
(30,300
)
Health Care
—
—
—
0
*
—
Senior Loans:
Communication
Services
 $(149,625
)
—
—
1,536,150
10,529
Consumer
Discretionary
(3,324,938
)
—
—
—
—
Financials
(126,105
)
—
—
919,766
31
Health Care
(200,475
)
—
 $(699,727
)
—
—
Industrials
(29,082
)
—
(3,709,000
)
—
—
Materials
—
—
—
860,574
9,910
Real Estate
(622,440
)
—
—
—
—
Common Stocks:
Energy
—
—
—
24,645
—
Materials
—
—
—
25,956
(95,498
)
Total
$(4,452,665
)
—
$(4,408,727
)
$5,006,983
$(106,957
)
19
Western Asset Short Duration High Income Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
 
*
Amount represents less than $1.
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 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 company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended April 30, 2025. The following transactions were effected in such company for the period ended April 30, 2025.
 
 
Affiliate
Value at

July 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $543,759
 $139,458,490
139,458,490
 $135,382,140
135,382,140

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
April 30,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $311,107
—
 $4,620,109
3. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board. 
 
Security
Number of
Shares/
Warrants
Acquisition
Date
Cost
Fair Value
at 4/30/2025
Value Per
Share/Warrant
Percent of
Net Assets
Spirit Airlines LLC,
Common Shares
466
3/25
$5,673
$3,891  
$8.35
0.00
%(a)
Spirit Airlines LLC,
Warrants
57,028
3/25
694,222
476,184  
(b)
8.35
0.10  
 
$699,895
$480,075
0.10
%
 
(a)
Amount represents less than 0.005%.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board.
20
Western Asset Short Duration High Income Fund 2025 Quarterly Report