NPORT-EX 2 LMF2900.htm EDGAR HTML
Schedule of Investments (unaudited)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes — 35.2%
Communication Services — 6.4%
Diversified Telecommunication Services — 1.3%
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
2,440,000
 
 $1,802,554
 (a)
Altice France Holding SA, Senior Secured Notes
10.500%
5/15/27
2,030,000
 
631,512
 (a)
Altice France SA, Senior Secured Notes
5.125%
7/15/29
2,050,000
 
1,675,523
 (a)
Altice France SA, Senior Secured Notes
5.500%
10/15/29
1,040,000
 
852,847
 (a)
Turk Telekomunikasyon AS, Senior Notes
7.375%
5/20/29
930,000
 
933,169
 (a)
Total Diversified Telecommunication Services
5,895,605
Entertainment — 0.3%
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes
10.500%
2/15/28
1,860,000
 
567,300
 (a)
AMC Entertainment Holdings Inc., Senior Secured Notes
7.500%
2/15/29
700,000
 
483,644
 (a)
Total Entertainment
1,050,944
Interactive Media & Services — 0.2%
Snap Inc., Senior Notes
6.875%
3/1/33
560,000
 
559,765
 (a)
Ziff Davis Inc., Senior Notes
4.625%
10/15/30
360,000
 
318,519
 (a)
Total Interactive Media & Services
878,284
Media — 3.8%
AMC Networks Inc., Senior Notes
4.250%
2/15/29
270,000
 
199,117
 
AMC Networks Inc., Senior Secured Notes
10.250%
1/15/29
150,000
 
154,400
 (a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
4.250%
2/1/31
1,000,000
 
904,443
 (a)
Clear Channel Outdoor Holdings Inc., Senior Secured Notes
5.125%
8/15/27
810,000
 
788,342
 (a)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured
Notes
10.000%
2/15/31
400,000
 
379,096
 (a)
DISH Network Corp., Senior Secured Notes
11.750%
11/15/27
1,430,000
 
1,504,165
 (a)
EchoStar Corp., Senior Secured Notes
10.750%
11/30/29
3,346,050
 
3,542,171
 
Gray Media Inc., Senior Notes
7.000%
5/15/27
610,000
 
594,040
 (a)
Grupo Televisa SAB, Senior Notes
5.000%
5/13/45
940,000
 
627,133
 
iHeartCommunications Inc., Senior Secured Notes
9.125%
5/1/29
285,000
 
221,143
 (a)
McClatchy Media Co. LLC, Senior Secured Notes (11.000% Cash or
12.500% PIK)
11.000%
12/1/31
7,368,653
 
7,838,405
 (a)(b)
Time Warner Cable LLC, Senior Secured Notes
6.750%
6/15/39
370,000
 
369,602
 
Total Media
17,122,057
Wireless Telecommunication Services — 0.8%
CSC Holdings LLC, Senior Notes
11.750%
1/31/29
2,760,000
 
2,611,080
 (a)
Millicom International Cellular SA, Senior Notes
6.250%
3/25/29
513,000
 
507,504
 (a)
Millicom International Cellular SA, Senior Notes
4.500%
4/27/31
682,000
 
607,924
 (a)
Total Wireless Telecommunication Services
3,726,508
 
Total Communication Services
28,673,398
Consumer Discretionary — 5.0%
Automobile Components — 0.5%
Adient Global Holdings Ltd., Senior Notes
7.500%
2/15/33
390,000
 
369,877
 (a)
ZF North America Capital Inc., Senior Notes
7.125%
4/14/30
550,000
 
506,702
 (a)
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
160,000
 
146,163
 (a)
ZF North America Capital Inc., Senior Notes
6.875%
4/23/32
1,370,000
 
1,203,848
 (a)
Total Automobile Components
2,226,590
See Notes to Schedule of Investments.
1
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Automobiles — 0.6%
Ford Motor Co., Senior Notes
3.250%
2/12/32
290,000
 
 $237,122
 
PM General Purchaser LLC, Senior Secured Notes
9.500%
10/1/28
2,590,000
 
2,503,304
 (a)
Total Automobiles
2,740,426
Broadline Retail — 0.5%
Marks & Spencer PLC, Senior Notes
7.125%
12/1/37
930,000
 
989,776
 (a)
MercadoLibre Inc., Senior Notes
3.125%
1/14/31
780,000
 
692,648
 
Prosus NV, Senior Notes
3.061%
7/13/31
860,000
 
742,756
 (a)
Total Broadline Retail
2,425,180
Diversified Consumer Services — 0.2%
Carriage Services Inc., Senior Notes
4.250%
5/15/29
360,000
 
331,349
 (a)
WW International Inc., Senior Secured Notes
4.500%
4/15/29
1,770,000
 
422,527
 (a)
Total Diversified Consumer Services
753,876
Hotels, Restaurants & Leisure — 2.2%
Caesars Entertainment Inc., Senior Secured Notes
7.000%
2/15/30
150,000
 
153,640
 (a)
Caesars Entertainment Inc., Senior Secured Notes
6.500%
2/15/32
570,000
 
573,479
 (a)
Carnival Corp., Senior Notes
6.125%
2/15/33
870,000
 
863,187
 (a)
Full House Resorts Inc., Senior Secured Notes
8.250%
2/15/28
1,860,000
 
1,742,680
 (a)
Melco Resorts Finance Ltd., Senior Notes
7.625%
4/17/32
290,000
 
280,217
 (a)
NCL Corp. Ltd., Senior Notes
6.750%
2/1/32
360,000
 
351,765
 (a)
NCL Corp. Ltd., Senior Secured Notes
8.125%
1/15/29
850,000
 
890,725
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
6.000%
2/1/33
660,000
 
662,272
 (a)
Sands China Ltd., Senior Notes
5.125%
8/8/25
600,000
 
599,448
 
Sands China Ltd., Senior Notes
5.400%
8/8/28
800,000
 
787,629
 
Sands China Ltd., Senior Notes
2.850%
3/8/29
530,000
 
475,407
 
Sands China Ltd., Senior Notes
3.250%
8/8/31
210,000
 
179,279
 
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
660,000
 
662,986
 (a)
Viking Cruises Ltd., Senior Notes
9.125%
7/15/31
1,030,000
 
1,102,136
 (a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
7.125%
2/15/31
430,000
 
444,020
 (a)
Total Hotels, Restaurants & Leisure
9,768,870
Specialty Retail — 0.9%
Foot Locker Inc., Senior Notes
4.000%
10/1/29
1,200,000
 
974,219
 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.375%
1/15/29
260,000
 
229,724
 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.750%
1/15/32
1,400,000
 
1,122,639
 (a)
Michaels Cos. Inc., Senior Secured Notes
5.250%
5/1/28
600,000
 
315,648
 (a)
PetSmart Inc./PetSmart Finance Corp., Senior Notes
7.750%
2/15/29
1,270,000
 
1,184,752
 (a)
Total Specialty Retail
3,826,982
Textiles, Apparel & Luxury Goods — 0.1%
Saks Global Enterprises LLC, Senior Secured Notes
11.000%
12/15/29
820,000
 
498,279
 (a)
 
Total Consumer Discretionary
22,240,203
Consumer Staples — 0.3%
Food Products — 0.3%
TKC Holdings Inc., Senior Notes
10.500%
5/15/29
840,000
 
843,802
 (a)
TKC Holdings Inc., Senior Secured Notes
6.875%
5/15/28
500,000
 
500,591
 (a)
 
Total Consumer Staples
1,344,393
See Notes to Schedule of Investments.
2
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Energy — 6.9%
Energy Equipment & Services — 0.2%
Noble Finance II LLC, Senior Notes
8.000%
4/15/30
580,000
 
 $553,124
 (a)
Shelf Drilling Holdings Ltd., Senior Secured Notes
9.625%
4/15/29
402,000
 
284,959
 (a)
Sunnova Energy Corp., Senior Notes
5.875%
9/1/26
340,000
 
102,359
 (a)
Total Energy Equipment & Services
940,442
Oil, Gas & Consumable Fuels — 6.7%
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes
7.250%
7/15/32
950,000
 
975,056
 (a)
Chord Energy Corp., Senior Notes
6.750%
3/15/33
380,000
 
370,288
 (a)
Crescent Energy Finance LLC, Senior Notes
9.250%
2/15/28
140,000
 
141,682
 (a)
Crescent Energy Finance LLC, Senior Notes
7.625%
4/1/32
250,000
 
227,444
 (a)
Devon Energy Corp., Senior Notes
5.600%
7/15/41
1,110,000
 
976,364
 
Ecopetrol SA, Senior Notes
8.375%
1/19/36
770,000
 
721,269
 
Energy Transfer LP, Senior Notes
5.350%
5/15/45
1,510,000
 
1,310,051
 
EQT Corp., Senior Notes
7.500%
6/1/30
190,000
 
204,455
 (a)
Expand Energy Corp., Senior Notes
4.750%
2/1/32
1,550,000
 
1,455,741
 
Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes
1.750%
9/30/27
160,684
 
154,982
 (c)
Howard Midstream Energy Partners LLC, Senior Notes
8.875%
7/15/28
240,000
 
249,647
 (a)
Howard Midstream Energy Partners LLC, Senior Notes
7.375%
7/15/32
120,000
 
122,963
 (a)
New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term
SOFR + 5.750%)
10.016%
9/30/29
1,801,622
 
1,774,597
 (a)(d)(e)(f)
Northern Oil & Gas Inc., Senior Notes
8.125%
3/1/28
850,000
 
839,977
 (a)
Occidental Petroleum Corp., Senior Notes
7.150%
5/15/28
1,140,000
 
1,197,804
 
Occidental Petroleum Corp., Senior Notes
6.450%
9/15/36
505,000
 
492,470
 
Occidental Petroleum Corp., Senior Notes
7.950%
6/15/39
2,180,000
 
2,361,992
 
Pan American Energy LLC, Senior Notes
8.500%
4/30/32
580,000
 
617,900
 (a)
Permian Resources Operating LLC, Senior Notes
8.000%
4/15/27
450,000
 
458,274
 (a)
Permian Resources Operating LLC, Senior Notes
7.000%
1/15/32
860,000
 
866,639
 (a)
Permian Resources Operating LLC, Senior Notes
6.250%
2/1/33
710,000
 
694,943
 (a)
Petrobras Global Finance BV, Senior Notes
6.850%
6/5/2115
690,000
 
603,397
 
Plains All American Pipeline LP, Junior Subordinated Notes (3 mo. Term
SOFR + 4.372%)
8.695%
5/31/25
610,000
 
603,182
 (f)(g)
Puma International Financing SA, Senior Notes
7.750%
4/25/29
830,000
 
824,792
 (a)
QazaqGaz NC JSC, Senior Notes
4.375%
9/26/27
680,000
 
656,466
 (a)
Range Resources Corp., Senior Notes
8.250%
1/15/29
940,000
 
963,457
 
Rockies Express Pipeline LLC, Senior Notes
6.750%
3/15/33
510,000
 
518,815
 (a)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Notes
6.000%
12/31/30
150,000
 
139,824
 (a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes
6.250%
1/15/30
1,660,000
 
1,662,100
 (a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes
4.125%
8/15/31
120,000
 
107,925
 (a)
Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29
then 5 year Treasury Constant Maturity Rate + 5.440%)
9.000%
9/30/29
1,680,000
 
1,445,564
 (a)(f)(g)
Venture Global LNG Inc., Senior Secured Notes
9.500%
2/1/29
170,000
 
176,266
 (a)
Venture Global LNG Inc., Senior Secured Notes
9.875%
2/1/32
1,760,000
 
1,788,141
 (a)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
7.500%
5/1/33
260,000
 
266,948
 (a)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
7.750%
5/1/35
130,000
 
133,603
 (a)
Vermilion Energy Inc., Senior Notes
7.250%
2/15/33
800,000
 
672,308
 (a)
Western Midstream Operating LP, Senior Notes
5.450%
4/1/44
1,790,000
 
1,516,202
 
See Notes to Schedule of Investments.
3
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Western Midstream Operating LP, Senior Notes
5.300%
3/1/48
1,410,000
 
 $1,134,062
 
YPF SA, Senior Notes
6.950%
7/21/27
570,000
 
559,289
 (a)
Total Oil, Gas & Consumable Fuels
29,986,879
 
Total Energy
30,927,321
Financials — 5.5%
Banks — 2.7%
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.500% to
6/27/29 then 10 year Treasury Constant Maturity Rate + 5.470%)
7.500%
6/27/29
520,000
 
508,627
 (a)(f)(g)
Bank of Nova Scotia, Junior Subordinated Notes (8.000% to 1/27/29 then 5
year Treasury Constant Maturity Rate + 4.017%)
8.000%
1/27/84
600,000
 
615,425
 (f)
Bank of Nova Scotia, Junior Subordinated Notes (8.625% to 10/27/27 then
5 year Treasury Constant Maturity Rate + 4.389%)
8.625%
10/27/82
250,000
 
259,085
 (f)
Citigroup Inc., Junior Subordinated Notes (4.000% to 12/10/25 then 5 year
Treasury Constant Maturity Rate + 3.597%)
4.000%
12/10/25
610,000
 
598,046
 (f)(g)
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
1,600,000
 EUR
1,815,458
 (c)(f)(g)
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then
USD 5 year ICE Swap Rate + 6.185%)
8.125%
12/23/25
1,320,000
 
1,338,046
 (a)(f)(g)
Intesa Sanpaolo SpA, Senior Notes
7.800%
11/28/53
2,260,000
 
2,552,044
 (a)
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
600,000
 
616,596
 (f)(g)
Lloyds Banking Group PLC, Junior Subordinated Notes (8.500% to 9/27/28
then U.K. Government Bonds 5 year Note Generic Bid Yield + 5.143%)
8.500%
3/27/28
1,230,000
 GBP
1,683,557
 (f)(g)
NatWest Group PLC, Junior Subordinated Notes (4.500% to 9/30/28 then
U.K Government Bonds 5 Year Note Generic Bid Yield + 3.992%)
4.500%
3/31/28
1,450,000
 GBP
1,756,021
 (f)(g)
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
300,000
 
310,825
 (f)
Total Banks
12,053,730
Capital Markets — 1.0%
B3 SA - Brasil Bolsa Balcao, Senior Notes
4.125%
9/20/31
830,000
 
754,213
 (a)
Credit Suisse AG AT1 Claim
—
—
5,380,000
 
0
 *(d)(e)(h)
State Street Corp., Junior Subordinated Notes (6.700% to 3/15/29 then 5
year Treasury Constant Maturity Rate + 2.613%)
6.700%
3/15/29
510,000
 
513,075
 (f)(g)
UBS Group AG, Junior Subordinated Notes (7.000% to 8/10/30 then USD 5
year SOFR ICE Swap Rate + 3.077%)
7.000%
2/10/30
960,000
 
930,047
 (a)(f)(g)
UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5
year SOFR ICE Swap Rate + 3.179%)
7.125%
8/10/34
780,000
 
747,928
 (a)(f)(g)
UBS Group AG, Junior Subordinated Notes (7.750% to 4/12/31 then USD 5
year SOFR ICE Swap Rate + 4.160%)
7.750%
4/12/31
1,390,000
 
1,425,504
 (a)(f)(g)
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5
year Treasury Constant Maturity Rate + 4.745%)
9.250%
11/13/28
380,000
 
411,537
 (a)(f)(g)
Total Capital Markets
4,782,304
Consumer Finance — 0.1%
FirstCash Inc., Senior Notes
5.625%
1/1/30
350,000
 
344,434
 (a)
Financial Services — 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
(6.950% to 3/10/30 then 5 year Treasury Constant Maturity Rate + 2.720%)
6.950%
3/10/55
1,050,000
 
1,055,084
 (f)
Burford Capital Global Finance LLC, Senior Notes
9.250%
7/1/31
950,000
 
1,002,055
 (a)
See Notes to Schedule of Investments.
4
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Financial Services — continued
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
460,000
 
 $474,785
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
6.125%
11/1/32
910,000
 
895,231
 (a)
LPL Holdings Inc., Senior Notes
4.000%
3/15/29
730,000
 
703,026
 (a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes
3.625%
3/1/29
1,130,000
 
1,052,029
 (a)
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
7.500%
6/15/31
370,000
 
380,165
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes
7.875%
5/1/27
590,000
 
573,713
 (a)
Total Financial Services
6,136,088
Insurance — 0.1%
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3
Somerset Investor 2 LLC, Senior Notes
7.875%
11/1/29
410,000
 
400,722
 (a)
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior
Notes
7.000%
7/15/31
378,000
 
388,756
 (a)
Starwood Property Trust Inc., Senior Notes
7.250%
4/1/29
580,000
 
602,199
 (a)
Total Mortgage Real Estate Investment Trusts (REITs)
990,955
 
Total Financials
24,708,233
Health Care — 2.1%
Health Care Equipment & Supplies — 0.2%
Medline Borrower LP, Senior Notes
5.250%
10/1/29
290,000
 
275,679
 (a)
Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes
6.250%
4/1/29
770,000
 
776,856
 (a)
Total Health Care Equipment & Supplies
1,052,535
Health Care Providers & Services — 1.0%
Akumin Inc., Senior Secured Notes (8.000% Cash or 9.000% PIK)
9.000%
8/1/27
1,080,000
 
945,767
 (a)(b)
CHS/Community Health Systems Inc., Secured Notes
6.875%
4/15/29
1,710,000
 
1,247,590
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
4.750%
2/15/31
110,000
 
90,935
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
10.875%
1/15/32
980,000
 
1,013,083
 (a)
LifePoint Health Inc., Senior Secured Notes
9.875%
8/15/30
850,000
 
905,227
 (a)
U.S. Renal Care Inc., Senior Secured Notes
10.625%
6/28/28
602,000
 
508,690
 (a)
Total Health Care Providers & Services
4,711,292
Health Care Technology — 0.2%
Claritev Corp., Senior Secured Notes
6.750%
3/31/31
883,887
 
593,145
 (a)
MPH Acquisition Holdings LLC, Senior Secured Notes
5.750%
12/31/30
98,392
 
76,359
 (a)
MPH Acquisition Holdings LLC, Senior Secured Notes (6.500% Cash and
5.000% PIK)
11.500%
12/31/30
157,721
 
145,283
 (a)(b)
Total Health Care Technology
814,787
Pharmaceuticals — 0.7%
1261229 BC Ltd., Senior Secured Notes
10.000%
4/15/32
1,000,000
 
979,834
 (a)
Bausch Health Americas Inc., Senior Notes
8.500%
1/31/27
180,000
 
171,176
 (a)
Bausch Health Cos. Inc., Senior Notes
6.250%
2/15/29
100,000
 
65,625
 (a)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
5.125%
5/9/29
300,000
 
291,848
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
2,150,000
 
1,521,052
 
Total Pharmaceuticals
3,029,535
 
Total Health Care
9,608,149
Industrials — 5.0%
Aerospace & Defense — 0.5%
Axon Enterprise Inc., Senior Notes
6.125%
3/15/30
190,000
 
193,782
 (a)
See Notes to Schedule of Investments.
5
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Aerospace & Defense — continued
Axon Enterprise Inc., Senior Notes
6.250%
3/15/33
190,000
 
 $194,128
 (a)
Bombardier Inc., Senior Notes
7.250%
7/1/31
540,000
 
553,557
 (a)
Bombardier Inc., Senior Notes
7.000%
6/1/32
1,210,000
 
1,225,707
 (a)
Total Aerospace & Defense
2,167,174
Building Products — 0.2%
Advanced Drainage Systems Inc., Senior Notes
6.375%
6/15/30
203,000
 
206,333
 (a)
Quikrete Holdings Inc., Senior Secured Notes
6.375%
3/1/32
550,000
 
553,565
 (a)
Total Building Products
759,898
Commercial Services & Supplies — 1.3%
CoreCivic Inc., Senior Notes
4.750%
10/15/27
1,780,000
 
1,735,525
 
GEO Group Inc., Senior Notes
10.250%
4/15/31
610,000
 
667,122
 
GFL Environmental Inc., Senior Notes
4.000%
8/1/28
500,000
 
476,757
 (a)
GFL Environmental Inc., Senior Secured Notes
6.750%
1/15/31
670,000
 
697,303
 (a)
RR Donnelley & Sons Co., Senior Secured Notes
9.500%
8/1/29
960,000
 
915,136
 (a)
Vortex Opco LLC, Senior Secured Notes
8.000%
4/30/30
1,616,406
 
270,263
 (a)
Wrangler Holdco Corp., Senior Notes
6.625%
4/1/32
960,000
 
986,446
 (a)
Total Commercial Services & Supplies
5,748,552
Construction & Engineering — 0.5%
CalAtlantic Group LLC, Senior Notes
5.250%
6/1/26
250,000
 
244,667
 
Empire Communities Corp., Senior Notes
9.750%
5/1/29
330,000
 
322,393
 (a)
Tutor Perini Corp., Senior Notes
11.875%
4/30/29
1,570,000
 
1,695,859
 (a)
Total Construction & Engineering
2,262,919
Ground Transportation — 0.2%
Carriage Purchaser Inc., Senior Notes
7.875%
10/15/29
921,000
 
760,468
 (a)
XPO Inc., Senior Secured Notes
6.250%
6/1/28
260,000
 
263,064
 (a)
Total Ground Transportation
1,023,532
Machinery — 0.4%
Titan International Inc., Senior Secured Notes
7.000%
4/30/28
880,000
 
862,413
 
TK Elevator US Newco Inc., Senior Secured Notes
5.250%
7/15/27
900,000
 
887,091
 (a)
Total Machinery
1,749,504
Passenger Airlines — 1.0%
American Airlines Inc., Senior Secured Notes
8.500%
5/15/29
1,690,000
 
1,723,494
 (a)
JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes
9.875%
9/20/31
370,000
 
341,106
 (a)
Latam Airlines Group SA, Senior Secured Notes
7.875%
4/15/30
480,000
 
470,400
 (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
1,641,171
 
1,301,653
 (a)(b)
United Airlines Pass-Through Trust
4.875%
1/15/26
232,662
 
231,877
 
US Airways Pass-Through Trust
3.950%
11/15/25
274,431
 
273,224
 
Total Passenger Airlines
4,341,754
Trading Companies & Distributors — 0.0%††
United Rentals North America Inc., Senior Secured Notes
6.000%
12/15/29
230,000
 
233,150
 (a)
Transportation Infrastructure — 0.9%
DP World Ltd., Senior Notes
5.625%
9/25/48
780,000
 
722,334
 (a)
Gatwick Airport Finance PLC, Senior Secured Notes
4.375%
4/7/26
1,840,000
 GBP
2,411,079
 (c)
See Notes to Schedule of Investments.
6
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Transportation Infrastructure — continued
Railworks Holdings LP/Railworks Rally Inc., Secured Notes
8.250%
11/15/28
870,000
 
 $872,452
 (a)
Total Transportation Infrastructure
4,005,865
 
Total Industrials
22,292,348
Information Technology — 0.9%
Communications Equipment — 0.2%
CommScope LLC, Senior Secured Notes
9.500%
12/15/31
410,000
 
419,765
 (a)
CommScope Technologies LLC, Senior Notes
5.000%
3/15/27
150,000
 
130,705
 (a)
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
330,000
 
309,117
 (a)
Total Communications Equipment
859,587
Electronic Equipment, Instruments & Components — 0.1%
EquipmentShare.com Inc., Secured Notes
8.625%
5/15/32
510,000
 
521,311
 (a)
IT Services — 0.1%
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
6.750%
8/15/32
360,000
 
365,417
 (a)
Semiconductors & Semiconductor Equipment — 0.1%
Intel Corp., Senior Notes
5.700%
2/10/53
290,000
 
258,570
 
Software — 0.3%
Citrix Systems Inc., Senior Secured Notes
4.500%
12/1/27
290,000
 
264,300
 
Gen Digital Inc., Senior Notes
7.125%
9/30/30
700,000
 
721,498
 (a)
Gen Digital Inc., Senior Notes
6.250%
4/1/33
200,000
 
199,961
 (a)
Rackspace Finance LLC, Senior Secured Notes
3.500%
5/15/28
184,200
 
67,412
 (a)
Total Software
1,253,171
Technology Hardware, Storage & Peripherals — 0.1%
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis
Direct, Secured Notes (5.000% Cash and 10.000% PIK or 13.000% Cash)
13.000%
12/15/30
499,198
 
595,294
 (a)(b)
 
Total Information Technology
3,853,350
Materials — 1.2%
Chemicals — 0.2%
OCP SA, Senior Notes
6.750%
5/2/34
670,000
 
678,040
 (a)
Sasol Financing USA LLC, Senior Notes
5.500%
3/18/31
470,000
 
364,319
 
Total Chemicals
1,042,359
Containers & Packaging — 0.2%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)
6.500%
6/30/27
310,813
 
10,065
 (a)(b)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC, Senior Secured Notes
6.000%
6/15/27
290,000
 
289,257
 (a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes
5.250%
8/15/27
1,020,000
 
470,322
 (a)
Total Containers & Packaging
769,644
Metals & Mining — 0.7%
Capstone Copper Corp., Senior Notes
6.750%
3/31/33
270,000
 
265,488
 (a)
First Quantum Minerals Ltd., Secured Notes
9.375%
3/1/29
1,480,000
 
1,554,298
 (a)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
320,000
 
324,737
 (a)
First Quantum Minerals Ltd., Senior Notes
8.000%
3/1/33
780,000
 
772,690
 (a)
Total Metals & Mining
2,917,213
Paper & Forest Products — 0.1%
Suzano Austria GmbH, Senior Notes
3.125%
1/15/32
760,000
 
648,515
 
 
Total Materials
5,377,731
See Notes to Schedule of Investments.
7
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Real Estate — 0.6%
Diversified REITs — 0.5%
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
5.000%
10/15/27
1,265,000
 
 $1,118,565
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes
8.500%
2/15/32
570,000
 
579,578
 (a)
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior Secured
Notes
10.500%
2/15/28
532,000
 
565,292
 (a)
Total Diversified REITs
2,263,435
Hotel & Resort REITs — 0.0%††
Service Properties Trust, Senior Notes
5.500%
12/15/27
280,000
 
266,995
 
Real Estate Management & Development — 0.1%
Country Garden Holdings Co. Ltd., Senior Secured Notes
—
1/27/24
620,000
 
53,952
 *(c)(i)
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
310,576
 
316,058
 (a)
Total Real Estate Management & Development
370,010
 
Total Real Estate
2,900,440
Utilities — 1.3%
Electric Utilities — 0.7%
Alpha Generation LLC, Senior Notes
6.750%
10/15/32
350,000
 
357,001
 (a)
Edison International, Junior Subordinated Notes (5.375% to 3/15/26 then 5
year Treasury Constant Maturity Rate + 4.698%)
5.375%
3/9/26
740,000
 
695,447
 (f)(g)
NRG Energy Inc., Senior Notes
6.250%
11/1/34
370,000
 
369,714
 (a)
Pampa Energia SA, Senior Notes
7.950%
9/10/31
740,000
 
753,388
 (a)
Vistra Operations Co. LLC, Senior Notes
6.875%
4/15/32
1,120,000
 
1,160,986
 (a)
Total Electric Utilities
3,336,536
Independent Power and Renewable Electricity Producers — 0.6%
AES Andes SA, Senior Notes
6.250%
3/14/32
300,000
 
300,317
 (a)
Lightning Power LLC, Senior Secured Notes
7.250%
8/15/32
1,190,000
 
1,233,919
 (a)
TransAlta Corp., Senior Notes
7.750%
11/15/29
150,000
 
156,380
 
TransAlta Corp., Senior Notes
6.500%
3/15/40
860,000
 
793,446
 
Total Independent Power and Renewable Electricity Producers
2,484,062
 
Total Utilities
5,820,598
Total Corporate Bonds & Notes (Cost — $168,075,862)
157,746,164
Collateralized Mortgage Obligations(j) — 21.3%
280 Park Avenue Mortgage Trust, 2017-280P D (1 mo. Term SOFR + 1.836%)
6.137%
9/15/34
1,100,000
 
1,038,786
 (a)(f)
Alternative Loan Trust, 2006-18CB A6 PAC (-4.000 x 1 mo. Term SOFR +
28.142%)
10.836%
7/25/36
217,130
 
197,299
 (f)
Angel Oak Mortgage Trust, 2022-3 A3
4.134%
1/25/67
1,004,438
 
920,486
 (a)(f)
ARES Commercial Mortgage Trust, 2024-IND2 A (1 mo. Term SOFR +
1.443%)
5.765%
10/15/34
1,290,000
 
1,291,068
 (a)(f)
BANK, 2017-BNK7 A5
3.435%
9/15/60
640,000
 
623,246
 
BANK, 2019-BN22 A4
2.978%
11/15/62
660,000
 
612,262
 
BANK, 2022-BNK44 D
4.000%
11/15/32
2,110,000
 
1,550,624
 (a)(f)
BANK, 2023-BNK46 D
4.000%
8/15/56
1,180,000
 
896,590
 (a)
BANK, 2024-BNK48 A5
5.053%
10/15/57
1,330,000
 
1,326,350
 
Bank of America Merrill Lynch Commercial Mortgage Trust, 2017-BNK3 D
3.250%
2/15/50
1,150,000
 
1,050,430
 (a)
Benchmark Mortgage Trust, 2018-B1 A5
3.666%
1/15/51
870,000
 
849,350
 (f)
Benchmark Mortgage Trust, 2019-B11 XA, IO
1.116%
5/15/52
16,841,662
 
526,982
 (f)
See Notes to Schedule of Investments.
8
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
Benchmark Mortgage Trust, 2023-V3 D
4.000%
7/15/56
2,571,000
 
 $2,279,972
 (a)
BIG Commercial Mortgage Trust, 2022-BIG F (1 mo. Term SOFR + 5.436%)
9.757%
2/15/39
1,000,000
 
995,612
 (a)(f)
BOCA Commercial Mortgage Trust, 2024-BOCA E (1 mo. Term SOFR +
4.437%)
8.759%
8/15/41
1,020,000
 
1,001,587
 (a)(f)
BX Commercial Mortgage Trust, 2019-IMC F (1 mo. Term SOFR + 2.946%)
7.268%
4/15/34
1,050,000
 
1,019,990
 (a)(f)
BX Commercial Mortgage Trust, 2020-VIVA D
3.667%
3/11/44
1,280,000
 
1,160,853
 (a)(f)
BX Commercial Mortgage Trust, 2020-VIVA E
3.667%
3/11/44
1,235,000
 
1,089,840
 (a)(f)
BX Commercial Mortgage Trust, 2022-LP2 G (1 mo. Term SOFR + 4.106%)
8.428%
2/15/39
987,000
 
978,151
 (a)(f)
BX Commercial Mortgage Trust, 2024-BIO2 D
7.970%
8/13/41
1,030,000
 
1,005,459
 (a)(f)
BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR + 3.688%)
8.010%
5/15/34
1,056,097
 
1,039,287
 (a)(f)
BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR + 3.690%)
8.012%
4/15/40
1,200,000
 
1,192,533
 (a)(f)
BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%)
7.579%
10/15/36
1,100,000
 
1,080,397
 (a)(f)
BX Trust, 2021-LBA DJV (1 mo. Term SOFR + 1.714%)
6.036%
2/15/36
1,290,000
 
1,267,981
 (a)(f)
BX Trust, 2021-SDMF F (1 mo. Term SOFR + 2.051%)
6.373%
9/15/34
1,069,080
 
1,049,296
 (a)(f)
BX Trust, 2022-PSB A (1 mo. Term SOFR + 2.451%)
6.773%
8/15/39
353,795
 
353,353
 (a)(f)
BX Trust, 2024-CNYN D (1 mo. Term SOFR + 2.690%)
7.012%
4/15/41
1,115,774
 
1,110,139
 (a)(f)
CD Mortgage Trust, 2017-CD5 A4
3.431%
8/15/50
10,000
 
9,717
 
CFK Trust, 2020-MF2 E
3.573%
3/15/39
1,700,000
 
1,218,536
 (a)(f)
Citigroup Commercial Mortgage Trust, 2015-P1 C
4.519%
9/15/48
958,000
 
922,864
 (f)
Citigroup Commercial Mortgage Trust, 2017-P8 XA, IO
1.002%
9/15/50
20,605,797
 
309,926
 (f)
Citigroup Commercial Mortgage Trust, 2023-SMRT A
6.015%
10/12/40
1,270,000
 
1,310,152
 (a)(f)
Citigroup Mortgage Loan Trust, 2022-A A1, Step bond (6.170% to 8/25/25,
9.170% to 8/25/26 then 10.170%)
6.170%
9/25/62
1,024,201
 
1,023,982
 (a)
CSMC Trust, 2017-CHOP H (PRIME + 4.294%)
11.794%
7/15/32
1,100,000
 
1,059,037
 (a)(f)
CSMC Trust, 2019-UVIL A
3.160%
12/15/41
1,190,000
 
1,094,887
 (a)
Extended Stay America Trust, 2021-ESH E (1 mo. Term SOFR + 2.964%)
7.286%
7/15/38
1,014,187
 
1,010,714
 (a)(f)
Extended Stay America Trust, 2021-ESH F (1 mo. Term SOFR + 3.814%)
8.136%
7/15/38
1,022,782
 
1,012,147
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured
Pass-Through Certificates, K115 X1, IO
1.420%
6/25/30
1,481,073
 
83,026
 (f)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2021-DNA3 B1 (30 Day Average SOFR + 3.500%)
7.854%
10/25/33
590,000
 
650,541
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2021-DNA6 B1 (30 Day Average SOFR + 3.400%)
7.754%
10/25/41
860,000
 
882,036
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2022-DNA2 B1 (30 Day Average SOFR + 4.750%)
9.104%
2/25/42
1,220,000
 
1,275,263
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2018-2 BX
2.319%
11/25/57
3,696,434
 
1,357,534
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2019-3 M
4.750%
10/25/58
1,315,714
 
1,283,578
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2020-3 M
4.250%
5/25/60
2,150,000
 
2,061,303
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer
Trust, 2021-1 M
4.250%
9/25/60
2,446,756
 
2,338,351
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk
Securitized Participation Interests Trust, 2017-SPI1 B
4.108%
9/25/47
627,265
 
466,582
 (a)(f)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk
Trust, 2019-DNA3 B2 (30 Day Average SOFR + 8.264%)
12.618%
7/25/49
1,809,000
 
2,051,792
 (a)(f)
See Notes to Schedule of Investments.
9
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
Federal National Mortgage Association (FNMA) — CAS, 2019-R03 1B1 (30
Day Average SOFR + 4.214%)
8.568%
9/25/31
413,581
 
 $431,515
 (a)(f)
Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (30
Day Average SOFR + 4.214%)
8.568%
7/25/39
399,002
 
408,853
 (a)(f)
Federal National Mortgage Association (FNMA) — CAS, 2022-R01 1B1 (30
Day Average SOFR + 3.150%)
7.504%
12/25/41
670,000
 
683,335
 (a)(f)
Federal National Mortgage Association (FNMA) — CAS, 2025-R02 1B1 (30
Day Average SOFR + 1.950%)
6.303%
2/25/45
1,360,000
 
1,339,921
 (a)(f)
Government National Mortgage Association (GNMA), 2012-55 IO, IO
0.000%
4/16/52
493,262
 
5
 (f)
Greystone CRE Notes, 2024-HC3 D (1 mo. Term SOFR + 5.333%)
9.654%
3/15/41
1,240,000
 
1,233,959
 (a)(f)
GS Mortgage Securities Corp. II, 2024-70P E
9.263%
3/10/41
1,125,000
 
1,163,415
 (a)(f)
GS Mortgage Securities Corp. Trust, 2018-LUAU G (1 mo. Term SOFR +
4.747%)
9.069%
11/15/32
1,030,000
 
1,027,327
 (a)(f)
GS Mortgage Securities Corp. Trust, 2021-ROSS D (1 mo. Term SOFR +
2.764%)
7.087%
5/15/26
500,000
 
358,700
 (a)(f)
GSMPS Mortgage Loan Trust, 2006-RP1 1A2
7.500%
1/25/36
465,874
 
415,264
 (a)
GSMPS Mortgage Loan Trust, 2006-RP2 1AF1 (1 mo. Term SOFR + 0.514%)
4.841%
4/25/36
1,168,536
 
995,566
 (a)(f)
HarborView Mortgage Loan Trust, 2005-9 2A1C (1 mo. Term SOFR +
1.014%)
5.334%
6/20/35
1,453,877
 
1,335,962
 (f)
HIH Trust, 2024-61P F (1 mo. Term SOFR + 5.437%)
9.759%
10/15/41
1,010,000
 
1,001,768
 (a)(f)
IMPAC CMB Trust, 2005-5 A1 (1 mo. Term SOFR + 0.434%)
5.081%
8/25/35
39,930
 
36,850
 (f)
IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. Term SOFR + 0.654%)
4.981%
11/25/36
969,915
 
820,816
 (f)
KIND Trust, 2021-KIND D (1 mo. Term SOFR + 2.414%)
6.740%
8/15/38
1,239,818
 
1,213,426
 (a)(f)
MF1 LLC, 2025-FL17 A (1 mo. Term SOFR + 1.320%)
5.640%
2/18/40
1,320,000
 
1,309,151
 (a)(f)
MF1 LLC, 2025-FL17 D (1 mo. Term SOFR + 2.741%)
7.061%
2/18/40
460,000
 
458,447
 (a)(f)
MF1 LLC, 2025-FL17 E (1 mo. Term SOFR + 3.490%)
7.810%
2/18/40
390,000
 
388,691
 (a)(f)
MF1 Trust, 2024-FL16 A (1 mo. Term SOFR + 1.541%)
5.861%
11/18/39
1,300,000
 
1,299,173
 (a)(f)
MFA Trust, 2023-NQM4 A3
6.784%
12/25/68
425,056
 
430,224
 (a)
MHC Commercial Mortgage Trust, 2021-MHC F (1 mo. Term SOFR +
2.715%)
7.037%
4/15/38
1,040,000
 
1,033,056
 (a)(f)
MHC Trust, 2021-MHC2 E (1 mo. Term SOFR + 2.064%)
6.386%
5/15/38
1,280,000
 
1,271,268
 (a)(f)
Morgan Stanley Capital I Trust, 2015-UBS8 C
4.727%
12/15/48
750,000
 
680,999
 (f)
Morgan Stanley Capital I Trust, 2021-230P B (1 mo. Term SOFR + 1.563%)
5.885%
12/15/38
1,050,000
 
981,315
 (a)(f)
Morgan Stanley Capital I Trust, 2021-L7 XA, IO
1.194%
10/15/54
8,855,787
 
397,426
 (f)
Morgan Stanley Mortgage Loan Trust, 2005-2AR B1 (1 mo. Term SOFR +
0.614%)
4.941%
4/25/35
833,938
 
645,383
 (f)
MSWF Commercial Mortgage Trust, 2023-1 A4
5.472%
5/15/56
820,000
 
837,258
 
MSWF Commercial Mortgage Trust, 2023-2 C
7.252%
12/15/56
1,240,000
 
1,273,933
 (f)
Multifamily CAS Trust, 2020-01 M10 (30 Day Average SOFR + 3.864%)
8.218%
3/25/50
1,200,843
 
1,221,807
 (a)(f)
Multifamily Trust, 2016-1 B
8.127%
4/25/46
340,664
 
339,587
 (a)(f)
Natixis Commercial Mortgage Securities Trust, 2019-FAME D
4.544%
8/15/36
1,750,000
 
1,207,877
 (a)(f)
Natixis Commercial Mortgage Securities Trust, 2019-FAME E
4.544%
8/15/36
660,000
 
336,742
 (a)(f)
NCMF Trust, 2022-MFP G (1 mo. Term SOFR + 5.128%)
9.450%
3/15/39
750,000
 
728,345
 (a)(f)
New Residential Mortgage Loan Trust, 2017-5A B5
6.296%
6/25/57
669,378
 
623,968
 (a)(f)
Nomura Resecuritization Trust, 2015-8R 4A4
4.331%
11/25/47
1,079,562
 
948,755
 (a)(f)
NYMT Loan Trust, 2024-BPL1 A1
7.154%
2/25/29
1,010,000
 
1,021,087
 (a)
OBX Trust, 2024-NQM1 A3
6.455%
11/25/63
629,157
 
633,964
 (a)
See Notes to Schedule of Investments.
10
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(j) — continued
ONNI Commercial Mortgage Trust, 2024-APT D
7.237%
7/15/39
1,160,000
 
 $1,209,570
 (a)(f)
PRPM LLC, 2025-RCF1 A1
4.500%
2/25/55
649,186
 
637,688
 (a)
RIDE, 2025-SHRE D
6.972%
2/14/47
1,140,000
 
1,154,923
 (a)(f)
Saluda Grade Alternative Mortgage Trust, 2024-RTL4 A1
7.500%
2/25/30
2,430,000
 
2,435,319
 (a)
SFO Commercial Mortgage Trust, 2021-555 D (1 mo. Term SOFR + 2.514%)
6.836%
5/15/38
1,070,000
 
1,024,814
 (a)(f)
SMRT, 2022-MINI D (1 mo. Term SOFR + 1.950%)
6.272%
1/15/39
850,000
 
829,875
 (a)(f)
SMRT, 2022-MINI F (1 mo. Term SOFR + 3.350%)
7.672%
1/15/39
1,030,000
 
973,228
 (a)(f)
Structured Asset Securities Corp., 2005-RF2 A (1 mo. Term SOFR + 0.464%)
4.791%
4/25/35
1,173,888
 
1,042,534
 (a)(f)
SWCH Commercial Mortgage Trust, 2025-DATA A (1 mo. Term SOFR +
1.443%)
5.765%
3/15/42
1,150,000
 
1,132,080
 (a)(f)
Towd Point Mortgage Trust, 2015-1 B1
4.732%
10/25/53
1,230,000
 
1,175,762
 (a)(f)
UBS Commercial Mortgage Trust, 2017-C7 A3
3.418%
12/15/50
520,417
 
507,444
 
UBS Commercial Mortgage Trust, 2018-C12 A2
4.152%
8/15/51
75,985
 
75,468
 
Verus Securitization Trust, 2023-4 B1
8.089%
5/25/68
1,050,000
 
1,053,395
 (a)(f)
Verus Securitization Trust, 2023-8 A3
6.968%
12/25/68
982,008
 
995,133
 (a)
Waikiki Beach Hotel Trust, 2019-WBM D (1 mo. Term SOFR + 2.327%)
6.649%
12/15/33
1,310,000
 
1,294,922
 (a)(f)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR19 A1A1 (1 mo.
Term SOFR + 0.654%)
4.981%
12/25/45
21,558
 
21,116
 (f)
WB Commercial Mortgage Trust, 2024-HQ D
8.278%
3/15/40
650,000
 
658,690
 (a)(f)
Wells Fargo Commercial Mortgage Trust, 2014-LC18 B
3.959%
12/15/47
65,763
 
65,222
 
 
Total Collateralized Mortgage Obligations (Cost — $98,290,950)
95,752,212
Senior Loans — 21.0%
Communication Services — 2.6%
Entertainment — 0.7%
Allen Media LLC, Term Loan B (3 mo. Term SOFR + 5.650%)
9.949%
2/10/27
3,586,067
 
1,798,413
 (f)(k)(l)
EOC Borrower LLC, Term Loan B (1 mo. Term SOFR + 3.000%)
7.322%
3/24/32
1,170,000
 
1,158,785
 (f)(k)(l)
Total Entertainment
2,957,198
Interactive Media & Services — 0.5%
X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%)
10.949%
10/26/29
1,585,944
 
1,539,754
 (f)(k)(l)
X Corp., Term Loan B3
9.500%
10/26/29
990,000
 
967,106
 (k)(l)
Total Interactive Media & Services
2,506,860
Media — 1.4%
Diamond Sports Net LLC, First Lien Exit Term Loan
15.000%
1/2/28
585,022
 
525,057
 (k)(l)
Getty Images Inc., Dollar Term Loan B1
11.250%
2/21/30
360,000
 
356,850
 (k)(l)
Learfield Communications LLC, 2024 Term Loan B (1 mo. Term SOFR +
4.500%)
8.822%
6/30/28
3,282,172
 
3,280,120
 (f)(k)(l)
MH Sub I LLC, 2023 New Term Loan (1 mo. Term SOFR + 4.250%)
8.572%
5/3/28
742,840
 
704,770
 (f)(k)(l)
MH Sub I LLC, 2024 New Term Loan (1 mo. Term SOFR + 4.250%)
8.572%
12/31/31
502,747
 
442,373
 (f)(k)(l)
Univision Communications Inc., 2024 First Lien Replacement Term Loan (1
mo. Term SOFR + 3.614%)
7.936%
1/31/29
327,525
 
315,652
 (f)(k)(l)
Virgin Media Bristol LLC, Term Loan Facility Y (6 mo. Term SOFR + 3.275%)
7.373%
3/31/31
700,000
 
681,782
 (f)(k)(l)
Total Media
6,306,604
 
Total Communication Services
11,770,662
Consumer Discretionary — 3.1%
Automobile Components — 0.5%
Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%)
6.822%
5/6/30
803,835
 
790,270
 (f)(k)(l)
See Notes to Schedule of Investments.
11
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Automobile Components — continued
Clarios Global LP, Amendment No. 6 Dollar Term Loan (1 mo. Term SOFR +
2.750%)
7.072%
1/28/32
310,000
 
 $304,446
 (f)(k)(l)
First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR +
5.262%)
9.541%
3/30/27
217,732
 
202,997
 (f)(k)(l)
First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term SOFR +
5.262%)
9.541%
3/30/27
821,199
 
765,255
 (f)(k)(l)
Total Automobile Components
2,062,968
Broadline Retail — 0.1%
Peer Holding III BV, Term Loan B4 (3 mo. Term SOFR + 2.500%)
6.799%
10/26/30
670,043
 
668,090
 (f)(k)(l)
Diversified Consumer Services — 0.2%
Prime Security Services Borrower LLC, Term Loan B1 (1 mo. Term SOFR +
2.000%)
6.319%
10/13/30
612,273
 
610,501
 (f)(k)(l)
WW International Inc., Initial Term Loan (3 mo. Term SOFR + 3.762%)
8.041%
4/13/28
330,000
 
80,025
 (f)(k)(l)
Total Diversified Consumer Services
690,526
Hotels, Restaurants & Leisure — 1.5%
Allwyn Entertainment Financing US LLC, New Facility Term Loan B (3 mo.
Term SOFR + 2.000%)
6.230%
6/2/31
746,833
 
738,117
 (f)(k)(l)
Alterra Mountain Co., Term Loan B6 (1 mo. Term SOFR + 2.750%)
7.072%
8/17/28
1,541,233
 
1,543,160
 (e)(f)(k)(l)
Caesars Entertainment Inc., Incremental Term Loan B1 (3 mo. Term SOFR +
2.250%)
6.563%
2/6/31
1,142,679
 
1,126,967
 (f)(k)(l)
Caesars Entertainment Inc., Term Loan B (3 mo. Term SOFR + 2.250%)
6.563%
2/6/30
341,710
 
337,780
 (f)(k)(l)
Catawba Nation Gaming Authority, Initial Term Loan B (3 mo. Term SOFR +
4.750%)
9.053%
3/28/32
710,000
 
707,043
 (f)(k)(l)
Flutter Entertainment Public Ltd. Co., 2024 Term Loan B (3 mo. Term SOFR +
1.750%)
6.049%
11/30/30
1,170,043
 
1,155,055
 (f)(k)(l)
Four Seasons Hotels Ltd., 2024 Term Loan B2 (1 mo. Term SOFR + 1.750%)
6.072%
11/30/29
930,920
 
933,136
 (f)(k)(l)
Total Hotels, Restaurants & Leisure
6,541,258
Specialty Retail — 0.8%
Harbor Freight Tools USA Inc., Initial Term Loan (1 mo. Term SOFR +
2.500%)
6.822%
6/11/31
1,049,314
 
979,555
 (f)(k)(l)
Lids Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 5.650%)
9.945%
12/14/26
1,297,202
 
1,290,715
 (e)(f)(k)(l)
Spencer Spirit IH LLC, Initial Term Loan (1 mo. Term SOFR + 4.750%)
9.071%
7/15/31
1,542,250
 
1,517,189
 (f)(k)(l)
Total Specialty Retail
3,787,459
 
Total Consumer Discretionary
13,750,301
Consumer Staples — 0.6%
Beverages — 0.5%
Celsius Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 3.250%)
7.548%
3/21/32
1,200,000
 
1,194,498
 (f)(k)(l)
Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term SOFR +
2.250%)
6.549%
3/31/28
1,130,826
 
1,123,618
 (f)(k)(l)
Total Beverages
2,318,116
Food Products — 0.0%††
8th Avenue Food & Provisions Inc., Second Lien Term Loan (1 mo. Term
SOFR + 7.864%)
12.186%
10/1/26
260,000
 
237,007
 (f)(k)(l)
Household Products — 0.1%
Knight Health Holdings LLC, Term Loan B (1 mo. Term SOFR + 5.364%)
9.686%
12/23/28
629,447
 
293,322
 (f)(k)(l)
 
Total Consumer Staples
2,848,445
See Notes to Schedule of Investments.
12
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Energy — 0.2%
Oil, Gas & Consumable Fuels — 0.2%
NGP XI Midstream Holdings LLC, Term Loan B2 (3 mo. Term SOFR +
3.500%)
7.799%
7/25/31
718,200
 
 $711,018
 (f)(k)(l)
 
Financials — 3.9%
Banks — 0.2%
Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR +
3.000%)
7.322%
8/2/28
1,031,655
 
1,027,787
 (f)(k)(l)
Capital Markets — 0.2%
Focus Financial Partners LLC, Incremental Term Loan B (1 mo. Term SOFR +
2.750%)
7.072%
9/15/31
977,550
 
967,051
 (f)(k)(l)
Consumer Finance — 0.2%
Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR +
4.000%)
8.322%
3/12/29
772,244
 
772,669
 (f)(k)(l)
Financial Services — 1.4%
Boost Newco Borrower LLC, Term Loan B2 (3 mo. Term SOFR + 2.000%)
6.299%
1/31/31
668,325
 
667,767
 (f)(k)(l)
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (3 mo. Term
SOFR + 7.012%)
11.311%
4/7/28
580,000
 
535,415
 (f)(k)(l)
Greystone Select Holdings LLC, Term Loan B (3 mo. Term SOFR + 5.262%)
9.534%
6/16/28
1,112,003
 
1,106,443
 (f)(k)(l)
Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + 2.000%)
6.313%
12/15/31
1,170,043
 
1,155,587
 (f)(k)(l)
Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. Term
SOFR + 3.500%)
7.822%
7/31/31
858,548
 
857,179
 (f)(k)(l)
VFH Parent LLC, Term Loan B2 (1 mo. Term SOFR + 2.500%)
6.822%
6/21/31
1,860,000
 
1,855,350
 (e)(f)(k)(l)
Total Financial Services
6,177,741
Insurance — 1.5%
Accession Risk Management Group Inc., 2022 Delayed Draw Term Loan 2
(3 mo. Term SOFR + 4.750%)
9.030-
9.063%
11/1/29
271,640
 
271,470
 (f)(k)(l)
Accession Risk Management Group Inc., 2023 Delayed Draw Term Loan 2
(3 mo. Term SOFR + 4.750%)
9.030-
9.063%
11/1/29
1,394,484
 
1,394,484
 (e)(f)(k)(l)
Accession Risk Management Group Inc., Term Loan (3 mo. Term SOFR +
4.750%)
9.030-
9.063%
11/1/29
512,353
 
512,033
 (f)(k)(l)
Accession Risk Management Group Inc., Term Loan B (3 mo. Term SOFR +
4.750%)
9.030-
9.063%
11/1/29
185,842
 
185,726
 (f)(k)(l)
Accession Risk Management Group Inc., Term Loan C (3 mo. Term SOFR +
4.750%)
9.030-
9.063%
11/1/29
370,691
 
370,460
 (f)(k)(l)
AmWINS Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.250%)
6.572%
1/30/32
1,170,043
 
1,165,568
 (f)(k)(l)
AssuredPartners Inc., 2024 Term Loan (1 mo. Term SOFR + 3.500%)
7.822%
2/14/31
849,609
 
850,628
 (f)(k)(l)
Asurion LLC, New Term Loan B9 (1 mo. Term SOFR + 3.364%)
7.686%
7/31/27
769,990
 
754,486
 (f)(k)(l)
HIG Finance 2 Ltd., 2024 Refinancing Term Loan 2 (1 mo. Term SOFR +
3.500%)
7.822%
4/18/30
231,917
 
232,409
 (f)(k)(l)
Sedgwick Claims Management Services Inc., 2024 Term Loan (3 mo. Term
SOFR + 3.000%)
7.313%
7/31/31
915,312
 
912,095
 (f)(k)(l)
Total Insurance
6,649,359
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
KREF Holdings X LLC, Initial Term Loan (1 mo. Term SOFR + 3.250%)
7.571%
2/25/32
1,170,000
 
1,162,693
 (f)(k)(l)
Starwood Property Mortgage LLC, Term Loan B
—
11/18/27
585,022
 
585,022
 (e)(m)
Total Mortgage Real Estate Investment Trusts (REITs)
1,747,715
 
Total Financials
17,342,322
See Notes to Schedule of Investments.
13
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Health Care — 2.7%
Health Care Equipment & Supplies — 0.2%
Medline Borrower LP, Dollar Incremental Term Loan (1 mo. Term SOFR +
2.250%)
6.572%
10/23/28
1,068,928
 
 $1,062,969
 (f)(k)(l)
Health Care Providers & Services — 1.6%
EyeCare Partners LLC, Term Loan B (3 mo. Term SOFR + 4.710%)
8.837%
11/30/28
136,691
 
106,220
 (f)(k)(l)
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)
8.006%
5/16/31
791,787
 
778,426
 (f)(k)(l)
LifePoint Health Inc., Term Loan B2 (3 mo. Term SOFR + 3.500%)
7.817%
5/16/31
726,354
 
711,072
 (f)(k)(l)
Phoenix Guarantor Inc., Term Loan B5 (1 mo. Term SOFR + 2.500%)
6.822%
2/21/31
1,202,684
 
1,196,250
 (f)(k)(l)
Sonrava Health Holdings LLC, Second Out Term Loan Facility A (3 mo. Term
SOFR + 6.762%)
11.061%
8/18/28
3,916,684
 
1,478,548
 (f)(k)(l)
Sotera Health Holdings LLC, 2024 Refinancing Term Loan (3 mo. Term SOFR
+ 3.250%)
7.549%
5/30/31
1,542,250
 
1,541,294
 (f)(k)(l)
Team Services Group LLC, Incremental Term Loan (3 mo. Term SOFR +
5.250%)
9.530%
12/20/27
488,775
 
475,336
 (f)(k)(l)
Team Services Group LLC, Senior Secured First Lien Term Loan (3 mo. Term
SOFR + 5.262%)
9.541%
12/20/27
654,884
 
634,255
 (f)(k)(l)
Total Health Care Providers & Services
6,921,401
Health Care Technology — 0.6%
Cotiviti Inc., Amendment No. 2 Term Loan (3 mo. Term SOFR + 2.750%)
7.077%
3/29/32
820,000
 
803,940
 (f)(k)(l)
Cotiviti Inc., Initial Term Loan
7.625%
5/1/31
640,000
 
635,203
 (k)(l)
Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)
7.074%
5/1/31
656,852
 
644,947
 (f)(k)(l)
MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR +
3.750%)
8.030%
12/31/30
202,472
 
200,346
 (f)(k)(l)
MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. Term SOFR +
4.862%)
9.141%
12/31/30
678,367
 
542,694
 (e)(f)(k)(l)
Total Health Care Technology
2,827,130
Pharmaceuticals — 0.3%
1261229 BC Ltd., Initial Term Loan (1 mo. Term SOFR + 6.250%)
10.570%
9/25/30
470,000
 
444,542
 (f)(k)(l)
Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + 4.100%)
8.399%
10/1/27
940,000
 
876,992
 (f)(k)(l)
Total Pharmaceuticals
1,321,534
 
Total Health Care
12,133,034
Industrials — 3.3%
Building Products — 0.3%
EMRLD Borrower LP, Initial Term Loan B (3 mo. Term SOFR + 2.500%)
6.933%
5/31/30
1,030,630
 
1,020,391
 (f)(k)(l)
EMRLD Borrower LP, Second Amendment Incremental Term Loan (3 mo.
Term SOFR + 2.500%)
6.799%
8/4/31
169,150
 
167,424
 (f)(k)(l)
Total Building Products
1,187,815
Commercial Services & Supplies — 1.5%
DS Parent Inc., Term Loan B (3 mo. Term SOFR + 5.500%)
9.799%
1/31/31
1,306,817
 
1,164,295
 (f)(k)(l)
GEO Group Inc., Term Loan (1 mo. Term SOFR + 5.250%)
9.572%
4/4/29
463,291
 
470,384
 (f)(k)(l)
LRS Holdings LLC, Term Loan B (1 mo. Term SOFR + 4.364%)
8.686%
8/31/28
1,526,312
 
1,413,746
 (f)(k)(l)
LTR Intermediate Holdings Inc., Initial Term Loan (1 mo. Term SOFR +
4.614%)
8.936%
5/5/28
1,223,055
 
1,163,945
 (f)(k)(l)
Madison IAQ LLC, Term Loan
—
3/26/32
800,000
 
793,752
 (m)
Neptune Bidco US Inc., Term Loan A (3 mo. Term SOFR + 4.850%)
9.080%
10/11/28
581,737
 
511,722
 (f)(k)(l)
See Notes to Schedule of Investments.
14
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Commercial Services & Supplies — continued
Thermostat Purchaser III Inc., Initial Term Loan B1 (3 mo. Term SOFR +
4.250%)
8.549%
8/31/28
1,172,270
 
 $1,170,078
 (f)(k)(l)
Total Commercial Services & Supplies
6,687,922
Machinery — 0.5%
Alliance Laundry Systems LLC, Initial Term Loan B (3 mo. Term SOFR +
2.750%)
7.072%
8/19/31
1,170,043
 
1,163,245
 (f)(k)(l)
Dynamo US Bidco Inc., USD Term Loan Facility B (3 mo. Term SOFR +
3.500%)
7.798%
10/1/31
975,100
 
972,662
 (f)(k)(l)
Terex Corp., USD Term Loan (3 mo. Term SOFR + 2.000%)
6.299%
10/8/31
330,000
 
330,000
 (f)(k)(l)
Total Machinery
2,465,907
Passenger Airlines — 0.5%
Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%)
8.022%
10/20/27
1,098,290
 
1,110,190
 (f)(k)(l)(m)
United Airlines Inc., Term Loan B (3 mo. Term SOFR + 2.000%)
6.275%
2/22/31
1,074,125
 
1,072,954
 (f)(k)(l)
Total Passenger Airlines
2,183,144
Professional Services — 0.3%
Dayforce Inc., 2025 Term Loan
—
2/26/31
353,879
 
354,321
 (e)(m)
Ryan LLC, Initial Term Loan (1 mo. Term SOFR + 3.500%)
7.822%
11/14/30
919,952
 
918,917
 (f)(k)(l)
Total Professional Services
1,273,238
Trading Companies & Distributors — 0.2%
BCPE Empire Holdings Inc., Amendment No. 8 Refinancing Term Loan (1
mo. Term SOFR + 3.250%)
7.572%
12/11/30
1,067,325
 
1,058,125
 (f)(k)(l)
 
Total Industrials
14,856,151
Information Technology — 3.4%
Communications Equipment — 0.3%
Global Tel Link Corp., Initial Term Loan (1 mo. Term SOFR + 7.500%)
11.822%
7/31/29
1,442,750
 
1,363,399
 (f)(k)(l)
IT Services — 1.0%
Evertec Group LLC, Term Loan B (1 mo. Term SOFR + 2.750%)
7.072%
10/30/30
540,000
 
540,000
 (e)(f)(k)(l)
Indy US Bidco LLC, Eleventh Amendment Term Loan (1 mo. Term SOFR +
3.500%)
7.822%
3/6/28
1,175,875
 
1,174,405
 (e)(f)(k)(l)
Leia Finco US LLC, Initial Term Loan (3 mo. Term SOFR + 3.250%)
7.458%
10/9/31
1,170,043
 
1,164,603
 (f)(k)(l)
Project Alpha Intermediate Holding Inc., First Lien Incremental Term Loan B
(3 mo. Term SOFR + 3.250%)
7.549%
10/28/30
985,100
 
982,297
 (f)(k)(l)
UST Global Inc., Initial Term Loan (1 mo. Term SOFR + 3.000%)
7.329%
11/20/28
670,201
 
670,619
 (f)(k)(l)
Total IT Services
4,531,924
Software — 2.1%
CB Buyer Inc., Delayed Draw Term Loan
—
7/1/31
177,153
 
176,710
 (d)(e)(n)
CB Buyer Inc., Initial Term Loan (3 mo. Term SOFR + 5.250%)
9.549%
7/1/31
848,828
 
846,707
 (d)(e)(f)(k)(l)
Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%)
8.172%
10/8/28
628,534
 
620,288
 (f)(k)(l)
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)
8.322%
10/16/26
485,847
 
471,609
 (f)(k)(l)
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR +
7.000%)
11.322%
2/19/29
1,170,043
 
969,673
 (f)(k)(l)
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%)
8.780%
7/1/31
1,167,111
 
1,110,214
 (f)(k)(l)
MRI Software LLC, Second Amendment Term Loan (3 mo. Term SOFR +
4.750%)
9.049%
2/10/27
284,292
 
282,870
 (f)(k)(l)
MRI Software LLC, Term Loan B (3 mo. Term SOFR + 4.750%)
9.049%
2/10/27
1,092,300
 
1,086,838
 (f)(k)(l)
Opal US LLC, Term Loan B
—
3/31/32
1,060,000
 
1,052,718
 (m)
See Notes to Schedule of Investments.
15
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Software — continued
Planview Parent Inc., 2024 Incremental Term Loan B (3 mo. Term SOFR +
3.500%)
7.799%
12/17/27
792,765
 
 $778,396
 (f)(k)(l)
Red Planet Borrower LLC, First Lien Initial Term Loan (1 mo. Term SOFR +
3.600%)
7.922%
10/2/28
477,526
 
468,572
 (f)(k)(l)
Starlight Parent LLC, Term Loan (3 mo. Term SOFR + 4.000%)
8.261%
4/16/32
1,462,554
 
1,415,482
 (f)(k)(l)
Total Software
9,280,077
 
Total Information Technology
15,175,400
Materials — 0.8%
Chemicals — 0.3%
A-Ap Buyer Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)
7.072%
9/9/31
897,750
 
897,750
 (f)(k)(l)
Natgasoline LLC, Term Loan B (3 mo. Term SOFR + 5.500%)
9.799%
3/29/30
510,000
 
499,163
 (f)(k)(l)
Total Chemicals
1,396,913
Containers & Packaging — 0.2%
Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date Term
Loan B
—
3/26/32
678,634
 
673,972
 (m)
Clydesdale Acquisition Holdings Inc., Delayed Draw Term Loan
—
4/1/32
12,059
 
11,976
 (m)
Total Containers & Packaging
685,948
Metals & Mining — 0.3%
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan
10.000%
12/31/27
1,373,006
 
1,372,266
 (d)(e)(k)(l)
 
Total Materials
3,455,127
Utilities — 0.1%
Electric Utilities — 0.1%
Alpha Generation LLC, Initial Term Loan B (1 mo. Term SOFR + 2.750%)
7.072%
9/30/31
587,050
 
587,837
 (f)(k)(l)
 
Sovereign Bonds — 0.3%
Tanzania — 0.3%
Government of the United Republic of Tanzania, Term Loan A2 (6 mo. Term
SOFR + 5.450%)
9.584%
4/29/31
1,540,000
 
1,511,125
 (d)(e)(f)(k)(l)
 
Total Senior Loans (Cost — $99,979,665)
94,141,422
 
 
 

 
Face
Amount†/
Units
 
Asset-Backed Securities — 11.4%
720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%)
9.031%
4/20/37
630,000
 
609,699
 (a)(f)
AMMC CLO Ltd., 2022-27A DR (3 mo. Term SOFR + 2.700%)
6.969%
1/20/37
490,000
 
481,425
 (a)(f)
AMMC CLO Ltd., 2024-30A D (3 mo. Term SOFR + 4.500%)
8.756%
1/15/37
980,000
 
984,965
 (a)(f)
Apidos CLO Ltd., 2015-22A DR (3 mo. Term SOFR + 7.012%)
11.281%
4/20/31
1,000,000
 
1,002,670
 (a)(f)
Ares CLO Ltd., 2017-44A CR (3 mo. Term SOFR + 3.662%)
7.918%
4/15/34
1,500,000
 
1,494,953
 (a)(f)
Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 2.900%)
7.169%
10/20/37
1,430,000
 
1,415,397
 (a)(f)
BlueMountain CLO Ltd., 2021-31A E (3 mo. Term SOFR + 6.792%)
11.061%
4/19/34
1,380,000
 
1,342,298
 (a)(f)
Bravo Mortgage Asset Trust, 2006-1A M1 (1 mo. Term SOFR + 0.714%)
5.041%
7/25/36
2,073,646
 
1,832,884
 (a)(f)
CIFC Funding Ltd., 2017-3A D1R (3 mo. Term SOFR + 3.700%)
7.969%
4/20/37
790,000
 
789,950
 (a)(f)
Dryden Senior Loan Fund, 2017-49A DR (3 mo. Term SOFR + 3.662%)
7.931%
7/18/30
750,000
 
741,646
 (a)(f)
First Franklin Mortgage Loan Trust, 2003-FF4 M1 (1 mo. Term SOFR +
1.914%)
6.238%
10/25/33
350,101
 
342,409
 (f)
Fortress Credit BSL Ltd., 2021-4A E (3 mo. Term SOFR + 7.392%)
11.648%
10/15/34
1,000,000
 
987,397
 (a)(f)
Galaxy CLO Ltd., 2018-26A DR (3 mo. Term SOFR + 2.950%)
7.279%
11/22/31
1,020,000
 
1,015,967
 (a)(f)
See Notes to Schedule of Investments.
16
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†/
Units
Value
Asset-Backed Securities — continued
GoldenTree Loan Management US CLO Ltd., 2019-6A ER2 (3 mo. Term SOFR
+ 4.500%)
8.769%
4/20/35
450,000
 
 $437,287
 (a)(f)
Golub Capital Partners CLO Ltd., 2021-53A ER (3 mo. Term SOFR + 4.700%)
9.011%
7/20/34
1,000,000
 
961,129
 (a)(f)
Golub Capital Partners CLO Ltd., 2024-76A D1 (3 mo. Term SOFR + 2.900%)
7.182%
10/25/37
1,060,000
 
1,039,550
 (a)(f)
Greywolf CLO Ltd., 2019-1A CR (3 mo. Term SOFR + 3.910%)
8.190%
4/17/34
1,520,000
 
1,526,591
 (a)(f)
Hayfin US Ltd., 2024-15A D1 (3 mo. Term SOFR + 4.260%)
8.543%
4/28/37
1,680,000
 
1,679,981
 (a)(f)
Home Equity Asset Trust, 2005-6 M5 (1 mo. Term SOFR + 1.059%)
5.386%
12/25/35
1,190,000
 
1,133,019
 (f)
Horizon Aircraft Finance Ltd., 2019-2 A
3.425%
11/15/39
639,652
 
610,500
 (a)
Huntington Bank Auto Credit-Linked Notes, 2025-1 D (30 Day Average
SOFR + 3.500%)
7.850%
3/21/33
923,989
 
914,775
 (a)(f)
Katayma CLO Ltd., 2023-1A D (3 mo. Term SOFR + 5.250%)
9.519%
10/20/36
340,000
 
341,848
 (a)(f)
KKR CLO Ltd., 17 ER (3 mo. Term SOFR + 7.652%)
11.908%
4/15/34
700,000
 
676,805
 (a)(f)
Long Beach Mortgage Loan Trust, 2005-1 M4 (1 mo. Term SOFR + 1.389%)
5.716%
2/25/35
1,330,717
 
1,296,583
 (f)
Madison Park Funding Ltd., 2016-24A DR2 (3 mo. Term SOFR + 2.950%)
7.219%
10/20/29
1,510,000
 
1,508,145
 (a)(f)
Magnetite Ltd., 2019-22A DRR (3 mo. Term SOFR + 2.900%)
7.156%
7/15/36
1,000,000
 
999,674
 (a)(f)
Mastr Asset Backed Securities Trust, 2007-HE2 A1 (1 mo. Term SOFR +
1.264%)
5.591%
8/25/37
1,486,479
 
1,277,811
 (f)
Morgan Stanley ABS Capital Inc. Trust, 2004-NC2 M1 (1 mo. Term SOFR +
0.939%)
5.266%
12/25/33
1,212,456
 
1,205,028
 (f)
Morgan Stanley ABS Capital Inc. Trust, 2004-NC4 M1 (1 mo. Term SOFR +
0.924%)
5.251%
4/25/34
1,441,576
 
1,449,521
 (f)
Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR + 3.382%)
7.638%
7/15/31
580,000
 
574,339
 (a)(f)
National Collegiate Student Loan Trust, 2005-1 B (1 mo. Term SOFR +
0.494%)
4.821%
3/26/35
647,633
 
586,987
 (f)
National Collegiate Student Loan Trust, 2005-3 B (1 mo. Term SOFR +
0.614%)
4.941%
7/27/37
1,468,151
 
1,209,018
 (f)
National Collegiate Student Loan Trust, 2007-2 A4 (1 mo. Term SOFR +
0.404%)
4.731%
1/25/33
298,775
 
291,283
 (f)
NMEF Funding LLC, 2025-A D
8.070%
7/15/32
780,000
 
785,435
 (a)
Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%)
12.088%
10/15/34
1,750,000
 
1,710,118
 (a)(f)
OCP CLO Ltd., 2023-26A ER (3 mo. Term SOFR + 4.450%)
8.769%
4/17/37
990,000
 
956,107
 (a)(f)
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%)
7.119%
7/19/37
1,680,000
 
1,673,661
 (a)(f)
Option One Mortgage Loan Trust, 2005-3 M4 (1 mo. Term SOFR + 1.044%)
5.371%
8/25/35
1,050,000
 
878,561
 (f)
Palmer Square Loan Funding Ltd., 2022-3A CR (3 mo. Term SOFR + 3.000%)
7.256%
4/15/31
1,360,000
 
1,360,354
 (a)(f)
Palmer Square Loan Funding Ltd., 2024-3A C (3 mo. Term SOFR + 2.950%)
7.247%
8/8/32
1,100,000
 
1,095,855
 (a)(f)
Peace Park CLO Ltd., 2021-1A E (3 mo. Term SOFR + 6.262%)
10.531%
10/20/34
1,250,000
 
1,205,396
 (a)(f)
Pioneer Aircraft Finance Ltd., 2019-1 A
3.967%
6/15/44
723,576
 
702,752
 (a)
Popular ABS Mortgage Pass-Through Trust, 2005-2 M2
6.217%
4/25/35
1,248,008
 
1,055,374
 
Renew, 2024-1A B
9.001%
11/20/59
1,037,302
 
1,038,329
 (a)
SMB Private Education Loan Trust, 2015-C R
16.775%
9/18/46
1,092
 
273,030
 (a)(o)
Structured Asset Securities Corp. Mortgage Loan Trust, 2006-ARS1 A1 (1
mo. Term SOFR + 0.334%)
4.661%
2/25/36
3,092,282
 
57,527
 (a)(f)
Sunnova Hellios Issuer LLC, 2019-AA C
5.320%
6/20/46
1,565,871
 
1,297,571
 (a)
Symphony CLO Ltd., 2018-20A E (3 mo. Term SOFR + 6.552%)
10.812%
1/16/32
2,250,000
 
2,195,542
 (a)(f)
TCI-Symphony CLO Ltd., 2016-1A DR2 (3 mo. Term SOFR + 3.362%)
7.603%
10/13/32
480,000
 
474,882
 (a)(f)
VR Funding LLC, 2020-1A B
4.220%
11/15/50
771,556
 
761,428
 (a)
See Notes to Schedule of Investments.
17
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†/
Units
Value
Asset-Backed Securities — continued
Whitehorse Ltd., 2018-12A D (3 mo. Term SOFR + 3.912%)
8.168%
10/15/31
790,000
 
 $793,644
 (a)(f)
 
Total Asset-Backed Securities (Cost — $56,437,195)
51,077,100
 
 
 

 
Face
Amount†
 
Sovereign Bonds — 5.6%
Angola — 0.1%
 
Angolan Government International Bond, Senior Notes
8.750%
4/14/32
770,000
 
606,369
 (a)
Argentina — 0.4%
Argentine Republic Government International Bond, Senior Notes, Step
bond (0.750% to 7/9/27 then 1.750%)
0.750%
7/9/30
179,413
 
137,699
 
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
1,396,174
 
940,672
 (a)
Provincia de Cordoba, Senior Notes
6.990%
6/1/27
637,561
 
613,653
 (a)
Total Argentina
1,692,024
Bahamas — 0.2%
 
Bahamas Government International Bond, Senior Notes
8.950%
10/15/32
910,000
 
919,705
 (c)
Brazil — 0.8%
Brazil Letras do Tesouro Nacional
0.000%
1/1/26
5,354,000
 BRL
859,943
 
Brazil Notas do Tesouro Nacional Serie F, Notes
10.000%
1/1/31
18,652,000
 BRL
2,812,187
 
Total Brazil
3,672,130
Dominican Republic — 0.1%
 
Dominican Republic International Bond, Senior Notes
4.875%
9/23/32
510,000
 
459,127
 (c)
Ecuador — 0.0%††
 
Ecuador Government International Bond, Senior Notes, Step bond (5.500%
to 7/31/25 then 6.900%)
5.500%
7/31/35
239,403
 
144,374
 (c)
Egypt — 0.1%
 
Egypt Government International Bond, Senior Notes
7.053%
1/15/32
660,000
 
551,739
 (c)
El Salvador — 0.2%
 
El Salvador Government International Bond, Senior Notes
9.650%
11/21/54
730,000
 
727,146
 (a)
Ethiopia — 0.1%
 
Ethiopia International Bond, Senior Notes
—
12/11/24
510,000
 
428,686
 *(c)(i)
Ghana — 0.1%
 
Ghana Government International Bond, Senior Notes, Step bond (5.000% to
7/3/28 then 6.000%)
5.000%
7/3/35
411,560
 
280,056
 (a)
Ivory Coast — 0.2%
 
Ivory Coast Government International Bond, Senior Notes
7.625%
1/30/33
810,000
 
764,640
 (a)
Jamaica — 0.2%
 
Jamaica Government International Bond, Senior Notes
9.625%
11/3/30
110,000,000
 JMD
724,428
 
Jordan — 0.2%
 
Jordan Government International Bond, Senior Notes
7.750%
1/15/28
720,000
 
730,782
 (a)
Kenya — 0.2%
 
Republic of Kenya Government International Bond, Senior Notes
9.750%
2/16/31
840,000
 
801,673
 (a)
Mexico — 1.1%
Mexican Bonos, Senior Notes
7.750%
11/23/34
82,720,000
 MXN
3,815,945
 
Mexico Government International Bond, Senior Notes
6.000%
5/7/36
1,020,000
 
974,068
 
Total Mexico
4,790,013
See Notes to Schedule of Investments.
18
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Mozambique — 0.1%
 
Mozambique International Bond, Senior Notes
9.000%
9/15/31
410,000
 
 $315,157
 (c)
Nigeria — 0.1%
 
Nigeria Government International Bond, Senior Notes
7.143%
2/23/30
720,000
 
631,656
 (c)
Romania — 0.1%
 
Romanian Government International Bond, Senior Notes
7.500%
2/10/37
510,000
 
507,960
 (a)
Senegal — 0.1%
 
Senegal Government International Bond, Senior Notes
6.250%
5/23/33
500,000
 
348,816
 (c)
Sri Lanka — 0.0%††
Sri Lanka Government International Bond, Senior Notes
4.000%
4/15/28
46,815
 
43,531
 (a)
Sri Lanka Government International Bond, Senior Notes, Step bond (3.100%
to 7/15/27 then 3.350%)
3.100%
1/15/30
13,867
 
11,267
 (a)
Sri Lanka Government International Bond, Senior Notes, Step bond (3.350%
to 9/15/27 then 3.600%)
3.350%
3/15/33
105,659
 
73,961
 (a)
Sri Lanka Government International Bond, Senior Notes, Step bond (3.600%
to 12/15/27 then 5.100%)
3.600%
6/15/35
71,344
 
46,547
 (a)
Sri Lanka Government International Bond, Senior Notes, Step bond (3.600%
to 8/15/27 then 3.850%)
3.600%
2/15/38
99,070
 
70,093
 (a)
Total Sri Lanka
245,399
Supranational — 1.0%
 
Inter-American Development Bank, Senior Notes
7.350%
10/6/30
378,000,000
 INR
4,616,204
 
Ukraine — 0.2%
Ukraine Government International Bond, Senior Notes, Step bond (0.000%
to 2/1/27 then 3.000%)
0.000%
2/1/30
1
 
0
 (c)(h)
Ukraine Government International Bond, Senior Notes, Step bond (0.000%
to 2/1/27 then 3.000%)
0.000%
2/1/34
335,938
 
129,311
 (c)
Ukraine Government International Bond, Senior Notes, Step bond (1.750%
to 8/1/25 then 4.500%)
1.750%
2/1/34
329,149
 
165,710
 (c)
Ukraine Government International Bond, Senior Notes, Step bond (0.000%
to 2/1/27 then 3.000%)
0.000%
2/1/35
283,891
 
144,031
 (c)
Ukraine Government International Bond, Senior Notes, Step bond (1.750%
to 8/1/25 then 4.500%)
1.750%
2/1/35
576,012
 
285,134
 (c)
Ukraine Government International Bond, Senior Notes, Step bond (1.750%
to 8/1/25 then 4.500%)
1.750%
2/1/36
740,586
 
359,646
 (c)
Total Ukraine
1,083,832
 
Total Sovereign Bonds (Cost — $25,670,395)
25,041,916
 
 
 
 
Shares
 
Common Stocks — 0.2%
Industrials — 0.2%
Passenger Airlines — 0.2%
Spirit Airlines LLC
603
5,035
 *(d)(p)
Spirit Aviation Holdings Inc.
104,017
868,542
 *
 
Total Industrials
873,577
Materials — 0.0%††
Metals & Mining — 0.0%††
Arctic Canadian Diamond Co. Ltd.
1,388
41,363
 *(d)(e)
 
Total Common Stocks (Cost — $1,460,945)
914,940
 
See Notes to Schedule of Investments.
19
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
(Percentages shown based on Fund net assets)
Security
 
 
Expiration
Date
Warrants
Value
Warrants — 0.1%
Industrials — 0.1%
Passenger Airlines — 0.1%
Spirit Airlines LLC (Cost — $899,660)
3/12/30
73,904
 
 $617,098
 *(a)(d)(p)
 
 
Rate
Maturity
Date
Face
Amount†
 
Non-U.S. Treasury Inflation Protected Securities — 0.0%††
Uruguay — 0.0%††
Uruguay Government International Bond, Senior Notes (Cost — $155,803)
3.400%
5/16/45
6,027,267
 UYU
143,269
 
 
Counterparty
Expiration
Date
Contracts
Notional
Amount†
 
Purchased Options — 0.0%††
OTC Purchased Options — 0.0%††
Credit default swaption to buy protection on Markit
CDX.NA.HY.44 Index, Call @ 102.500bps, 500.000bps
quarterly payments received by the Fund, maturing on
6/20/30
Goldman Sachs
Group Inc.
6/18/25
3,000,000
3,000,000
44,652
 
Credit default swaption to buy protection on Markit
CDX.NA.HY.44 Index, Call @ 104.500bps, 500.000bps
quarterly payments received by the Fund, maturing on
6/20/30
BNP Paribas SA
6/18/25
3,000,000
3,000,000
14,065
 
U.S. Dollar/Swiss Franc, Call @ 0.836CHF
Bank of America
N.A.
7/11/25
3,671,000
3,671,000
30,991
 
 
Total Purchased Options (Cost — $89,534)
89,708
 
 
Rate
Maturity
Date
Face
Amount†
 
Mortgage-Backed Securities — 0.0%††
FHLMC — 0.0%††
Federal Home Loan Mortgage Corp. (FHLMC) Gold (Cost — $1,494)
7.000%
8/1/30
1,491
 
1,504
 
Total Investments before Short-Term Investments (Cost — $451,061,503)
425,525,333
 
 
 
 
Shares
 
Short-Term Investments — 0.4%
Western Asset Premier Institutional Government Reserves, Premium
Shares (Cost — $1,792,723)  
4.312%
1,792,723
 
1,792,723
 (q)(r)
Total Investments — 95.2% (Cost — $452,854,226)
427,318,056
Other Assets in Excess of Liabilities — 4.8%
21,335,057
Total Net Assets — 100.0%
$448,653,113
 
See Notes to Schedule of Investments.
20
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
†
Face amount/notional amount denominated in U.S. dollars, unless otherwise noted.
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of 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)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(e)
Security is valued using significant unobservable inputs (Note 1).
(f)
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.
(g)
Security has no maturity date. The date shown represents the next call date.
(h)
Value is less than $1.
(i)
The maturity principal is currently in default as of April 30, 2025.
(j)
Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(k)
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 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.
(n)
All or a portion of this loan is unfunded as of April 30, 2025. The interest rate for fully unfunded term loans is to be determined. At April 30, 2025, the total
principal amount and market value of unfunded commitments totaled $177,153 and $176,710, respectively.
(o)
Rate shown is the current yield based on income received over the trailing twelve months.
(p)
Restricted security (Note 3).
(q)
Rate shown is one-day yield as of the end of the reporting period.
(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 with the Fund. At April 30, 2025, the total market value of
investments in Affiliated Companies was $1,792,723 and the cost was $1,792,723 (Note 2).
 
Abbreviation(s) used in this schedule:
bps
—
basis points (100 basis points = 1.00%)
BRL
—
Brazilian Real
CAS
—
Connecticut Avenue Securities
CHF
—
Swiss Franc
CLO
—
Collateralized Loan Obligation
EUR
—
Euro
GBP
—
British Pound
ICE
—
Intercontinental Exchange
INR
—
Indian Rupee
IO
—
Interest Only
JMD
—
Jamaican Dollar
JSC
—
Joint Stock Company
MXN
—
Mexican Peso
PAC
—
Planned Amortization Class
PIK
—
Payment-In-Kind
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
USD
—
United States Dollar
UST
—
United States Treasury
UYU
—
Uruguayan Peso
See Notes to Schedule of Investments.
21
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
At April 30, 2025, the Fund had the following open written options contracts:  
 
OTC Written Options
Security
Counterparty
Expiration
Date
Strike
Price
Contracts
Notional
Amount†
Value
Credit default swaption to sell
protection on Markit CDX.NA.HY.44
Index, Put, 500.000bps quarterly
payments received by the Fund,
maturing on 6/20/30
Goldman Sachs Group Inc.
6/18/25
98.000
bps
3,000,000
3,000,000
‡
 $(9,466
)
Credit default swaption to sell
protection on Markit CDX.NA.HY.44
Index, Put, 500.000bps quarterly
payments received by the Fund,
maturing on 6/20/30
BNP Paribas SA
6/18/25
99.500
bps
3,000,000
3,000,000
‡
(13,181
)
U.S. Dollar/Swiss Franc, Call
Bank of America N.A.
7/11/25
0.859
CHF
3,671,000
3,671,000
(10,090
)
Total OTC Written Options (Premiums received — $71,736)
$(32,737
)
 
†
Notional amount denominated in U.S. dollar unless otherwise noted.
‡
In the event an option is exercised and a credit event occurs as defined under the terms of the swap agreement, the notional amount is the maximum
potential amount that could be required to be paid as a seller of credit protection or received as a buyer of credit protection.
 
Abbreviation(s) used in this schedule:
bps
—
basis points (100 basis points = 1.00%)
CHF
—
Swiss Franc
At April 30, 2025, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
(Depreciation)
Contracts to Buy:
Australian 10-Year Bonds
50
6/25
 $3,590,417
 $3,682,266
 $91,849
Euro-Bund
155
6/25
23,097,550
23,139,481
41,931
U.S. Treasury 2-Year Notes
276
6/25
56,905,712
57,448,969
543,257
U.S. Treasury 5-Year Notes
316
6/25
34,321,202
34,505,718
184,516
U.S. Treasury 10-Year Notes
9
6/25
1,005,906
1,009,969
4,063
U.S. Treasury Long-Term Bonds
25
6/25
2,895,543
2,915,625
20,082
U.S. Treasury Ultra Long-Term Bonds
116
6/25
14,039,517
14,039,625
108
United Kingdom Long Gilt Bonds
113
6/25
13,942,102
14,083,653
141,551
 
1,027,357
Contracts to Sell:
Euro-Bobl
9
6/25
1,212,149
1,219,706
(7,557)
U.S. Treasury Ultra 10-Year Notes
6
6/25
668,990
688,407
(19,417)
 
(26,974)
Net unrealized appreciation on open futures contracts
$1,000,383
 
Abbreviation(s) used in this table:
Bobl
—
Bundesobligation (Medium-term German Federal Government Bond)
At April 30, 2025, the Fund had the following open forward foreign currency contracts:  
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
22,189,231
USD
3,901,060
Bank of America N.A.
5/5/25
 $4,139
See Notes to Schedule of Investments.
22
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
3,919,805
BRL
22,189,231
Bank of America N.A.
5/5/25
 $14,606
BRL
22,189,231
USD
3,919,805
Goldman Sachs Group Inc.
5/5/25
(14,606)
USD
3,850,225
BRL
22,189,231
Goldman Sachs Group Inc.
5/5/25
(54,975)
CNH
8,518,317
USD
1,181,000
BNP Paribas SA
5/6/25
(8,611)
USD
1,171,888
CNH
8,518,317
BNP Paribas SA
5/6/25
(500)
USD
3,874,359
BRL
22,189,231
Bank of America N.A.
6/3/25
(2,152)
BRL
2,996,586
USD
523,101
Goldman Sachs Group Inc.
6/3/25
409
CHF
1,361,351
USD
1,689,000
Bank of America N.A.
7/15/25
(24,097)
USD
844,330
CHF
693,461
Bank of America N.A.
7/15/25
(3,758)
CHF
180,000
USD
219,033
Bank of America N.A.
7/16/25
1,128
CNH
4,360,000
USD
592,979
Bank of America N.A.
7/16/25
10,363
CNH
4,360,000
USD
593,396
Bank of America N.A.
7/16/25
9,946
CNH
4,370,000
USD
595,493
Bank of America N.A.
7/16/25
9,234
CNH
5,415,237
USD
747,544
Bank of America N.A.
7/16/25
1,824
CNH
8,100,000
USD
1,104,417
Bank of America N.A.
7/16/25
16,472
EUR
340,000
USD
373,683
Bank of America N.A.
7/16/25
13,359
EUR
390,000
USD
429,019
Bank of America N.A.
7/16/25
14,942
EUR
760,000
USD
865,483
Bank of America N.A.
7/16/25
(329)
GBP
980,249
USD
1,313,060
Bank of America N.A.
7/16/25
(6,297)
USD
442,204
AUD
710,000
Bank of America N.A.
7/16/25
(12,998)
USD
550,214
CHF
450,000
Bank of America N.A.
7/16/25
(189)
USD
756,516
CHF
610,000
Bank of America N.A.
7/16/25
10,414
USD
517,423
CNH
3,790,000
Bank of America N.A.
7/16/25
(7,042)
USD
689,776
CNH
5,050,000
Bank of America N.A.
7/16/25
(9,049)
USD
6,570,417
CNH
48,085,596
Bank of America N.A.
7/16/25
(83,731)
USD
407,880
EUR
356,721
Bank of America N.A.
7/16/25
1,803
USD
486,437
EUR
441,951
Bank of America N.A.
7/16/25
(16,662)
USD
11,912,249
GBP
9,328,235
Bank of America N.A.
7/16/25
(523,163)
CNH
8,518,317
USD
1,178,446
BNP Paribas SA
7/16/25
329
AUD
10,740,625
USD
6,501,612
Citibank N.A.
7/16/25
384,519
CAD
1,950,000
USD
1,415,587
Citibank N.A.
7/16/25
4,398
GBP
1,433,500
USD
1,911,771
Citibank N.A.
7/16/25
(781)
INR
78,066,237
USD
910,925
Citibank N.A.
7/16/25
8,206
USD
19,161
AUD
30,000
Citibank N.A.
7/16/25
(73)
USD
373,985
AUD
587,880
Citibank N.A.
7/16/25
(2,922)
USD
381,071
AUD
600,000
Citibank N.A.
7/16/25
(3,607)
USD
574,240
AUD
900,000
Citibank N.A.
7/16/25
(2,776)
USD
595,945
AUD
940,000
Citibank N.A.
7/16/25
(6,717)
USD
600,007
AUD
940,000
Citibank N.A.
7/16/25
(2,654)
USD
683,065
AUD
1,062,674
Citibank N.A.
7/16/25
1,753
USD
743,595
AUD
1,181,553
Citibank N.A.
7/16/25
(13,933)
USD
726,770
CAD
1,010,000
Citibank N.A.
7/16/25
(8,709)
USD
6,262,295
INR
542,800,060
Citibank N.A.
7/16/25
(128,484)
CHF
360,000
USD
439,346
Goldman Sachs Group Inc.
7/16/25
977
JPY
96,680,000
USD
660,267
Goldman Sachs Group Inc.
7/16/25
21,816
JPY
107,000,000
USD
730,944
Goldman Sachs Group Inc.
7/16/25
23,948
JPY
130,080,000
USD
912,393
Goldman Sachs Group Inc.
7/16/25
5,330
JPY
227,630,000
USD
1,595,408
Goldman Sachs Group Inc.
7/16/25
10,535
JPY
236,807,105
USD
1,617,800
Goldman Sachs Group Inc.
7/16/25
52,889
JPY
357,710,000
USD
2,511,079
Goldman Sachs Group Inc.
7/16/25
12,587
MXN
12,614,633
USD
637,455
Goldman Sachs Group Inc.
7/16/25
(763)
See Notes to Schedule of Investments.
23
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Income Fund
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
200,966
CAD
284,395
Goldman Sachs Group Inc.
7/16/25
 $(6,130)
USD
590,779
CAD
816,717
Goldman Sachs Group Inc.
7/16/25
(3,952)
USD
928,062
CHF
787,612
Goldman Sachs Group Inc.
7/16/25
(35,281)
USD
762,325
EUR
664,000
Goldman Sachs Group Inc.
7/16/25
6,454
USD
1,176,973
JPY
166,720,683
Goldman Sachs Group Inc.
7/16/25
748
USD
4,758,096
MXN
99,525,994
Goldman Sachs Group Inc.
7/16/25
(265,230)
CHF
270,000
USD
329,141
JPMorgan Chase & Co.
7/16/25
1,100
EUR
470,000
USD
516,877
Morgan Stanley & Co. Inc.
7/16/25
18,152
Net unrealized depreciation on open forward foreign currency contracts
$(587,791)
 
Abbreviation(s) used in this table:
AUD
—
Australian Dollar
BRL
—
Brazilian Real
CAD
—
Canadian Dollar
CHF
—
Swiss Franc
CNH
—
Chinese Offshore Yuan
EUR
—
Euro
GBP
—
British Pound
INR
—
Indian Rupee
JPY
—
Japanese Yen
MXN
—
Mexican Peso
USD
—
United States Dollar
At April 30, 2025, the Fund had the following open swap contracts:  
 
OTC INTEREST RATE SWAPS
Swap Counterparty
Notional
Amount*
Termination
Date
Payments
Made by
the Fund†
Payments
Received by
the Fund†
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
Bank of America N.A.
 73,787,000BRL
1/2/26
BRL-CDI**
11.035%**
 $(328,080)
—
 $(328,080)
JPMorgan Chase & Co.
27,000,000BRL
1/4/27
BRL-CDI**
13.165%**
(33,456)
—
(33,456)
JPMorgan Chase & Co.
38,560,000BRL
1/2/29
BRL-CDI**
10.230%**
(600,946)
—
(600,946)
Total
$(962,482)
—
$(962,482)
 
 
CENTRALLY CLEARED INTEREST RATE SWAPS
 
Notional
Amount*
Termination
Date
Payments
Made by
the Fund†
Payments
Received by
the Fund†
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
 
86,000,000MXN
11/19/29
28-Day MXN TIIE - Banxico
every 28 days
8.825%
every 28 days
 $199,284
—
 $199,284
 
 
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
 $1,080,000
12/20/29
7.427%
5.000% quarterly
 $(89,572)
 $45,639
 $(135,211)
Carnival Corp., 6.650%, due
1/15/28
600,000
6/20/30
2.422%
1.000% quarterly
(37,786)
(44,433)
6,647
See Notes to Schedule of Investments.
24
Western Asset Income Fund 2025 Quarterly Report
 Western Asset Income Fund
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION1 (cont’d)
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)
Nabors Industries Inc., 9.125%,
due 1/31/30
 $1,434,000
6/20/29
14.869%
1.000% quarterly
 $(515,563)
 $(187,745)
 $(327,818)
Total
$3,114,000
$(642,921)
$(186,539)
$(456,382)
 
 
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
$1,434,000
6/20/29
10.587%
1.000% quarterly
$398,121
$147,373
$250,748
 
 
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
Depreciation
Markit CDX.NA.IG.44 Index
 $14,552,000
6/20/30
1.000% quarterly
$214,549
$278,064
$(63,515)
 
 
OTC TOTAL RETURN SWAPS
Swap
Counterparty
Notional
Amount
Termination
Date
Periodic
Payments
Made by
the Fund†
Periodic
Payments
Received by
the Fund‡
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
JPMorgan Chase & Co.
 $4,369,000
7/3/25
Daily SOFR
Compound +
1.100%**
JPEIFNTR^**
 $(138,960)
—
$(138,960)
 
See Notes to Schedule of Investments.
25
Western Asset Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset 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.
‡
Periodic payments made/received by the Fund are based on the total return of the referenced entity.
^
Custom emerging markets debt basket is comprised of 40 bonds in the Sovereign Frontier sector.
*
Notional amount denominated in U.S. dollars, unless otherwise noted.
**
One time payment made at termination date.
Reference rate(s) and their value(s) as of period end used in this table: 
Reference Index
Reference
Rate
28-Day MXN TIIE - Banxico
9.341%
BRL-CDI
14.150%
Daily SOFR Compound
4.410%
 
Abbreviation(s) used in this table:
BRL
—
Brazilian Real
BRL-CDI
—
Brazilian Cetip InterBank Deposit Rate
JPEIFNTR
—
Western Asset Management Emerging Markets Frontier Custom Basket
MXN
—
Mexican Peso
SOFR
—
Secured Overnight Financing Rate
TIIE
—
Tasa de Intere’s Interbancaria de Equilibrio (Equilibrium Interbanking Interest Rate)
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
26
Western Asset Income Fund 2025 Quarterly Report
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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of 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.
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Western Asset Income Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Corporate Bonds & Notes:
Energy
—
 $29,152,724
 $1,774,597
 $30,927,321
Financials
—
24,708,233
0
*
24,708,233
Other Corporate Bonds & Notes
—
102,110,610
—
102,110,610
Collateralized Mortgage Obligations
—
95,752,212
—
95,752,212
Senior Loans:
Consumer Discretionary
—
10,916,426
2,833,875
13,750,301
Financials
—
13,507,466
3,834,856
17,342,322
Health Care
—
11,590,340
542,694
12,133,034
Industrials
—
14,501,830
354,321
14,856,151
Information Technology
—
12,437,578
2,737,822
15,175,400
Materials
—
2,082,861
1,372,266
3,455,127
Sovereign Bonds
—
—
1,511,125
1,511,125
Other Senior Loans
—
15,917,962
—
15,917,962
Asset-Backed Securities
—
51,077,100
—
51,077,100
Sovereign Bonds
—
25,041,916
—
25,041,916
Common Stocks:
Industrials
 $868,542
5,035
—
873,577
Materials
—
—
41,363
41,363
Warrants
—
617,098
—
617,098
Non-U.S. Treasury Inflation Protected Securities
—
143,269
—
143,269
Purchased Options
—
89,708
—
89,708
Mortgage-Backed Securities
—
1,504
—
1,504
Total Long-Term Investments
868,542
409,653,872
15,002,919
425,525,333
Short-Term Investments†
1,792,723
—
—
1,792,723
Total Investments
$2,661,265
$409,653,872
$15,002,919
$427,318,056
Other Financial Instruments:
Futures Contracts††
 $1,027,357
—
—
 $1,027,357
Forward Foreign Currency Contracts††
—
 $662,380
—
662,380
Centrally Cleared Interest Rate Swaps††
—
199,284
—
199,284
Centrally Cleared Credit Default Swaps on Corporate Issues —
Sell Protection††
—
6,647
—
6,647
Centrally Cleared Credit Default Swaps on Corporate Issues —
Buy Protection††
—
250,748
—
250,748
Total Other Financial Instruments
$1,027,357
$1,119,059
—
$2,146,416
Total
$3,688,622
$410,772,931
$15,002,919
$429,464,472
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Western Asset Income Fund 2025 Quarterly Report
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Written Options
—
 $32,737
—
 $32,737
Futures Contracts††
 $26,974
—
—
26,974
Forward Foreign Currency Contracts††
—
1,250,171
—
1,250,171
OTC Interest Rate Swaps
—
962,482
—
962,482
Centrally Cleared Credit Default Swaps on Corporate Issues —
Sell Protection††
—
463,029
—
463,029
Centrally Cleared Credit Default Swaps on Credit Indices — Sell
Protection††
—
63,515
—
63,515
OTC Total Return Swaps
—
138,960
—
138,960
Total
$26,974
$2,910,894
—
$2,937,868
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
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
—
 $1,763
—
 $(1,763
)
 $1,774,597
Financials
 $161,400
—
—
(161,400
)
—
Senior Loans:
Consumer
Discretionary
5,746,126
7,504
 $21,444
(76,018
)
3,738,959
Energy
719,100
214
17
(6,513
)
—
Financials
8,685,817
14,553
21,619
(15,787
)
2,620,958
Health Care
2,131,558
1,584
(199,277
)
92,262
1,610,135
Industrials
5,254,201
555
(57,896
)
44,114
351,225
Information
Technology
4,895,912
1,638
(27,436
)
(31,933
)
3,253,855
Materials
1,356,464
—
—
15,802
—
Sovereign Bonds
1,522,675
—
—
(11,550
)
—
Common Stocks:
Materials
193,546
—
—
(152,183
)
—
Total
$30,666,799
$27,811
$(241,529
)
$(304,969
)
$13,349,729

 
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
—
—
—
 $1,774,597
 $(1,763
)
Financials
—
—
—
0
*
(161,400
)
29
Western Asset Income Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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
Senior Loans:
Consumer
Discretionary
 $(6,604,140
)
—
—
 $2,833,875
 $(23,045
)
Energy
(1,800
)
—
 $(711,018
)
—
—
Financials
(5,046,172
)
—
(2,446,132
)
3,834,856
(488
)
Health Care
(2,216,577
)
—
(876,991
)
542,694
(104,035
)
Industrials
(2,654,054
)
—
(2,583,824
)
354,321
3,096
Information
Technology
(5,354,214
)
—
—
2,737,822
5,774
Materials
—
—
—
1,372,266
15,802
Sovereign Bonds
—
—
—
1,511,125
(11,550
)
Common Stocks:
Materials
—
—
—
41,363
(152,183
)
Total
$(21,876,957
)
—
$(6,617,965
)
$15,002,919
$(429,792
)
 
*
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
 $38,944,014
 $559,505,512
559,505,512
 $596,656,803
596,656,803

 
(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
—
 $698,091
—
 $1,792,723
30
Western Asset Income Fund 2025 Quarterly Report
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
603
3/25
$7,340
$5,035
$8.35
0.00
%(a)
Spirit Airlines LLC,
Warrants
73,904
3/25
899,660
617,098
(b)
$8.35
0.14
 
$907,000
$622,133
0.14
%
 
(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.
31
Western Asset Income Fund 2025 Quarterly Report