# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001752724-25-155391
**Filing Date:** 2025-6
**Character Count:** 290903
**Document Hash:** 83a61fbb962c99e7b7a9afd702cb0eee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-155391.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-155391

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INCOME TRUST
- **CENTRAL INDEX KEY:** 0000764624

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 251072458

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS INCOME FUNDS
- **DATE OF NAME CHANGE:** 20060407

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY INCOME FUNDS
- **DATE OF NAME CHANGE:** 19941228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY SHEARSON INCOME FUNDS
- **DATE OF NAME CHANGE:** 19931015

## Series and Classes Contracts Data

### Western Asset Short Duration High Income Fund (Series ID: S000008975)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024383 | Class A      | SHIAX           |
| C000024385 | Class C      | LWHIX           |
| C000024386 | Class I      | SHIYX           |
| C000071124 | Class R      | LWSRX           |
| C000081534 | Class C1     | SHICX           |

## Nport-Ex

Schedule of Investments (unaudited)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 78.4%** | **Corporate Bonds & Notes — 78.4%** | **Corporate Bonds & Notes — 78.4%** | **Corporate Bonds & Notes — 78.4%** | **Corporate Bonds & Notes — 78.4%** |
| **Communication Services — 9.9%** | **Communication Services — 9.9%** | **Communication Services — 9.9%** | **Communication Services — 9.9%** | **Communication Services — 9.9%** |
| *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; $2500000<br>| &nbsp;&nbsp;&nbsp; $777725<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 2670000<br>| &nbsp;&nbsp;&nbsp; 2213389<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 580303<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3356250<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *6927667* |
| *Entertainment — 1.3%* | *Entertainment — 1.3%* | *Entertainment — 1.3%* | *Entertainment — 1.3%* | *Entertainment — 1.3%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1730000<br>| &nbsp;&nbsp;&nbsp; 527650<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1649854<br>|
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2010000<br>| &nbsp;&nbsp;&nbsp; 1388749<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2410794<br> <sup>(a)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *5977047* |
| *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Snap Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1139522*<br> <sup>(a)</sup><br>|
| *Media — 5.6%* | *Media — 5.6%* | *Media — 5.6%* | *Media — 5.6%* | *Media — 5.6%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 905815<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp;&nbsp; 4630868<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1487215<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2667401<br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 686846<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 938263<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 2327000<br>| &nbsp;&nbsp;&nbsp; 2025471<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp; 1221901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1010063<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 6273000<br>| &nbsp;&nbsp;&nbsp; 6640678<br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 498513<br>| &nbsp;&nbsp;&nbsp; 465139<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; McClatchy Media Co. LLC, Senior Secured Notes (11.000% Cash or <br> 12.500% PIK) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 3115448<br>| &nbsp;&nbsp;&nbsp; 3314058<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 826453<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *26820171* |
| *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 2380000<br>| &nbsp;&nbsp;&nbsp; 2328306<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1097410<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 3320000<br>| &nbsp;&nbsp;&nbsp; 2718165<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 291058<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *6434939* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **47299346** |
| **Consumer Discretionary — 19.4%** | **Consumer Discretionary — 19.4%** | **Consumer Discretionary — 19.4%** | **Consumer Discretionary — 19.4%** | **Consumer Discretionary — 19.4%** |
| *Automobile Components — 2.3%* | *Automobile Components — 2.3%* | *Automobile Components — 2.3%* | *Automobile Components — 2.3%* | *Automobile Components — 2.3%* |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 597494<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2635413<br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 3280000<br>| &nbsp;&nbsp;&nbsp; 3340024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1036822<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/14/28 | &nbsp;&nbsp; $1380000<br>| &nbsp;&nbsp;&nbsp; $1319566<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/14/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 184255<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/23/30 | &nbsp;&nbsp; 2020000<br>| &nbsp;&nbsp;&nbsp; 1845307<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *10958881* |
| *Automobiles — 1.4%* | *Automobiles — 1.4%* | *Automobiles — 1.4%* | *Automobiles — 1.4%* | *Automobiles — 1.4%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 959581<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 1821975<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 4150000<br>| &nbsp;&nbsp;&nbsp; 4011085<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *6792641* |
| *Distributors — 0.3%* | *Distributors — 0.3%* | *Distributors — 0.3%* | *Distributors — 0.3%* | *Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; RB Global Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1357740*<br> <sup>(a)</sup><br>|
| *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education Inc., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1132000<br>| &nbsp;&nbsp;&nbsp; 1120013<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WW International Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 611113<br> <sup>(a)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *1731126* |
| *Hotels, Restaurants & Leisure — 10.3%* | *Hotels, Restaurants & Leisure — 10.3%* | *Hotels, Restaurants & Leisure — 10.3%* | *Hotels, Restaurants & Leisure — 10.3%* | *Hotels, Restaurants & Leisure — 10.3%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 776000<br>| &nbsp;&nbsp;&nbsp; 778957<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2230000<br>| &nbsp;&nbsp;&nbsp; 2103712<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2048537<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 927411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 5820000<br>| &nbsp;&nbsp;&nbsp; 5791934<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139114<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1391010<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2770000<br>| &nbsp;&nbsp;&nbsp; 2595281<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150400<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1046311<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Life Time Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 678426<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/6/25 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 998183<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/26/26 | &nbsp;&nbsp; 1565000<br>| &nbsp;&nbsp;&nbsp; 1536299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 906875<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MGM Resorts International, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1137462<br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 609433<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1952730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 5130000<br>| &nbsp;&nbsp;&nbsp; 5375789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1420795<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp;&nbsp; 4667354<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4520355<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2140070<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 245400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/26/28 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3343862<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2220052<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *48996053* |
| *Household Durables — 0.9%* | *Household Durables — 0.9%* | *Household Durables — 0.9%* | *Household Durables — 0.9%* | *Household Durables — 0.9%* |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2055442<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Household Durables — continued* | *Household Durables — continued* | *Household Durables — continued* | *Household Durables — continued* | *Household Durables — continued* |
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; $2500000<br>| &nbsp;&nbsp;&nbsp; $2326351<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *4381793* |
| *Specialty Retail — 3.7%* | *Specialty Retail — 3.7%* | *Specialty Retail — 3.7%* | *Specialty Retail — 3.7%* | *Specialty Retail — 3.7%* |
| &nbsp;&nbsp;&nbsp; Academy Ltd., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 439687<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Acushnet Co., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1367373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2388952<br>|
| &nbsp;&nbsp;&nbsp; Foot Locker Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 4150000<br>| &nbsp;&nbsp;&nbsp; 3369173<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2208884<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 192252<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 4060000<br>| &nbsp;&nbsp;&nbsp; 2135887<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PetSmart Inc./PetSmart Finance Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; 2285545<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 786690<br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2590000<br>| &nbsp;&nbsp;&nbsp; 2447479<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *17621922* |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *862873*<br> <sup>(a)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **92703029** |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings Inc./Triton Water Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1125304*<br> <sup>(a)</sup><br>|
| *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* |
| &nbsp;&nbsp;&nbsp; Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet <br> Food Inc./Simmons Feed Ingredients Inc., Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1265368<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TKC Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1796000<br>| &nbsp;&nbsp;&nbsp; 1798123<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *3063491* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4188795** |
| **Energy — 8.7%** | **Energy — 8.7%** | **Energy — 8.7%** | **Energy — 8.7%** | **Energy — 8.7%** |
| *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1013661<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunnova Energy Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 421477<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1435138* |
| *Oil, Gas & Consumable Fuels — 8.4%* | *Oil, Gas & Consumable Fuels — 8.4%* | *Oil, Gas & Consumable Fuels — 8.4%* | *Oil, Gas & Consumable Fuels — 8.4%* | *Oil, Gas & Consumable Fuels — 8.4%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 627707<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2980000<br>| &nbsp;&nbsp;&nbsp; 3034704<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 1919651<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 3480000<br>| &nbsp;&nbsp;&nbsp; 3521813<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2538821<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp;&nbsp; 538646<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1143348<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 807000<br>| &nbsp;&nbsp;&nbsp; 814703<br>|
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1234422<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2444463<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MEG Energy Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1642014<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term <br> SOFR + 5.750%) | &nbsp;&nbsp; 10.016% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1664865<br>| &nbsp;&nbsp;&nbsp; 1639892<br> <sup>(a)(e)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1610779<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; $510000<br>| &nbsp;&nbsp;&nbsp; $519377<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3421517<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 646000<br>| &nbsp;&nbsp;&nbsp; 700115<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2049908<br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 417086<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 512872<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 568486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1880000<br>| &nbsp;&nbsp;&nbsp; 1949293<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1093665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp;&nbsp; 5309073<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 841912<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99852<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *40194119* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **41629257** |
| **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** |
| *Banks — 2.7%* | *Banks — 2.7%* | *Banks — 2.7%* | *Banks — 2.7%* | *Banks — 2.7%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Junior Subordinated Notes (9.625% to 11/21/33 <br> then 5 year Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1358629<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Junior Subordinated Notes (5.875% to 3/15/28 <br> then 3 mo. Term SOFR + 3.193%) | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 683683<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 <br> year Treasury Constant Maturity Rate + 4.899%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/16/29 | &nbsp;&nbsp; 2520000<br>| &nbsp;&nbsp;&nbsp; 2596580<br> <sup>(a)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (8.000% to 8/22/31 then 5 <br> year Treasury Constant Maturity Rate + 3.727%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/22/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 496805<br> <sup>(a)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (7.200% to 5/15/29 then 5 <br> year Treasury Constant Maturity Rate + 2.905%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1294517<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 <br> then USD 5 year ICE Swap Rate + 6.185%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp;&nbsp; 1784061<br> <sup>(a)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to <br> 9/27/25 then USD 5 year ICE Swap Rate + 4.496%) | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/27/25 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 919470<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to <br> 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1520937<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to <br> 10/31/27 then 5 year Treasury Constant Maturity Rate + 4.075%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 10/31/82 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2382996<br> <sup>(g)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *13037678* |
| *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 <br> then 10 year Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 690334<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1013348<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(e)(f)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 948286<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + <br> 5.020%) | &nbsp;&nbsp; 9.016% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 880194<br> <sup>(a)(g)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3532162* |
| *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* |
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 2380000<br>| &nbsp;&nbsp;&nbsp; 2342151<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; $1180000<br>| &nbsp;&nbsp;&nbsp; $1127991<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *3470142* |
| *Financial Services — 3.0%* | *Financial Services — 3.0%* | *Financial Services — 3.0%* | *Financial Services — 3.0%* | *Financial Services — 3.0%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 3330000<br>| &nbsp;&nbsp;&nbsp; 3517133<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2397303<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 628951<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1806248<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1453706<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp;&nbsp; 3618307<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 864556<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *14286204* |
| *Insurance — 0.7%* | *Insurance — 0.7%* | *Insurance — 0.7%* | *Insurance — 0.7%* | *Insurance — 0.7%* |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 2440000<br>| &nbsp;&nbsp;&nbsp; 2384783<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 741432<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *3126215* |
| *Mortgage Real Estate Investment Trusts (REITs) — 1.9%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.9%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.9%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.9%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.9%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 434520<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 848403<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 2710000<br>| &nbsp;&nbsp;&nbsp; 2596640<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 2890000<br>| &nbsp;&nbsp;&nbsp; 3000614<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 1949134<br> <sup>(a)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *8829311* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **46281712** |
| **Health Care — 6.9%** | **Health Care — 6.9%** | **Health Care — 6.9%** | **Health Care — 6.9%** | **Health Care — 6.9%** |
| *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 2330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2350744*<br> <sup>(a)</sup><br>|
| *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* |
| &nbsp;&nbsp;&nbsp; Akumin Inc., Senior Secured Notes (8.000% Cash or 9.000% PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1147180<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1337189<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4663567<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1271522<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1064973<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 4650000<br>| &nbsp;&nbsp;&nbsp; 5095917<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2464538<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 693000<br>| &nbsp;&nbsp;&nbsp; 585585<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *17630471* |
| *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2580000<br>| &nbsp;&nbsp;&nbsp; 2527972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Americas Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 78076<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1194375<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 384098<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1580000<br>| &nbsp;&nbsp;&nbsp; $0<br> \*<sup>(a)(e)(f)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 4590000<br>| &nbsp;&nbsp;&nbsp; 4508635<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 256259<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 2540000<br>| &nbsp;&nbsp;&nbsp; 2725707<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1102236<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *12777358* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **32758573** |
| **Industrials — 14.5%** | **Industrials — 14.5%** | **Industrials — 14.5%** | **Industrials — 14.5%** | **Industrials — 14.5%** |
| *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1383229<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 499753<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 255432<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 381486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4291044<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2255231<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 2410000<br>| &nbsp;&nbsp;&nbsp; 2461439<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132595<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1288929<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 728446<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *13677584* |
| *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1801601*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco <br> 4 Sarl, Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1414387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 4230000<br>| &nbsp;&nbsp;&nbsp; 4462862<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp;&nbsp; 4812029<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2393727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 286706<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 2109258<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1039060<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *16518029* |
| *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* |
| &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 263747<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Empire Communities Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 2520000<br>| &nbsp;&nbsp;&nbsp; 2461914<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 2210000<br>| &nbsp;&nbsp;&nbsp; 2387165<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *5112826* |
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Gates Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *690798*<br> <sup>(a)</sup><br>|
| *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp;&nbsp; 2006447<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RXO Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1506509<br> <sup>(a)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *3512956* |
| *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* |
| &nbsp;&nbsp;&nbsp; Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2210000<br>| &nbsp;&nbsp;&nbsp; 2245096<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3234047<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; $1300000<br>| &nbsp;&nbsp;&nbsp; $1257036<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *6736179* |
| *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* |
| &nbsp;&nbsp;&nbsp; Air Canada, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1148992<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 939294<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 5590000<br>| &nbsp;&nbsp;&nbsp; 5700788<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 281594<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 691431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes <br> (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/6/30 | &nbsp;&nbsp; 2045766<br>| &nbsp;&nbsp;&nbsp; 1622548<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4232537<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 172835<br>| &nbsp;&nbsp;&nbsp; 172252<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *14789436* |
| *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* |
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 2310000<br>| &nbsp;&nbsp;&nbsp; 2287183<br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2534243<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *4821426* |
| *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Railworks Holdings LP/Railworks Rally Inc., Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1413973*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **69074808** |
| **Information Technology — 2.4%** | **Information Technology — 2.4%** | **Information Technology — 2.4%** | **Information Technology — 2.4%** | **Information Technology — 2.4%** |
| *Communications Equipment — 0.7%* | *Communications Equipment — 0.7%* | *Communications Equipment — 0.7%* | *Communications Equipment — 0.7%* | *Communications Equipment — 0.7%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1604000<br>| &nbsp;&nbsp;&nbsp; 1417737<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1021024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1051998<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *3490759* |
| *Software — 1.4%* | *Software — 1.4%* | *Software — 1.4%* | *Software — 1.4%* | *Software — 1.4%* |
| &nbsp;&nbsp;&nbsp; Citrix Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp;&nbsp; 1631368<br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp; 2077571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1702225<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1149593<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *6560757* |
| *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* |
| &nbsp;&nbsp;&nbsp; CA Magnum Holdings, Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 10/31/26 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 823351<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 814023<br> <sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1637374* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **11688890** |
| **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** |
| *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *381495*<br> <sup>(a)</sup><br>|
| *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* |
| &nbsp;&nbsp;&nbsp; ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 2227937<br>| &nbsp;&nbsp;&nbsp; 72147<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging <br> Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1625826<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging <br> Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; $830000<br>| &nbsp;&nbsp;&nbsp; $759488<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *2457461* |
| *Metals & Mining — 2.4%* | *Metals & Mining — 2.4%* | *Metals & Mining — 2.4%* | *Metals & Mining — 2.4%* | *Metals & Mining — 2.4%* |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 5080000<br>| &nbsp;&nbsp;&nbsp; 5335021<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1483095<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2260000<br>| &nbsp;&nbsp;&nbsp; 2293457<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 2340000<br>| &nbsp;&nbsp;&nbsp; 2332145<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *11443718* |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Mercer International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; *354262*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14636936** |
| **Real Estate — 2.7%** | **Real Estate — 2.7%** | **Real Estate — 2.7%** | **Real Estate — 2.7%** | **Real Estate — 2.7%** |
| *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* |
| &nbsp;&nbsp;&nbsp; IIP Operating Partnership LP, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/25/26 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1425452<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 663181<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 246000<br>| &nbsp;&nbsp;&nbsp; 187665<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 620250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2458000<br>| &nbsp;&nbsp;&nbsp; 2611822<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *5508370* |
| *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp; 166000<br>| &nbsp;&nbsp;&nbsp; 165803<br>|
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 385128<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *550931* |
| *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 2690000<br>| &nbsp;&nbsp;&nbsp; 2633403<br>|
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1850000<br>| &nbsp;&nbsp;&nbsp; 1964605<br> <sup>(a)</sup><br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *4598008* |
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes, Step <br> bond (10.500% to 11/15/25 then 11.000%) | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 2201255<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2240108*<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **12897417** |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/20/26 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; **1245919**<br>|
| **Total Corporate Bonds & Notes (Cost — $384,857,444)** | **Total Corporate Bonds & Notes (Cost — $384,857,444)** | **Total Corporate Bonds & Notes (Cost — $384,857,444)** | **Total Corporate Bonds & Notes (Cost — $384,857,444)** | &nbsp;&nbsp; **374404682** |
| **Senior Loans — 8.8%** | **Senior Loans — 8.8%** | **Senior Loans — 8.8%** | **Senior Loans — 8.8%** | **Senior Loans — 8.8%** |
| **Communication Services — 2.0%** | **Communication Services — 2.0%** | **Communication Services — 2.0%** | **Communication Services — 2.0%** | **Communication Services — 2.0%** |
| *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; QualityTech LP, Term Loan (1 mo. Term SOFR + 3.500%)  | 7.821% | &nbsp;&nbsp; 11/4/31 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1536150*<br> <sup>(f)(g)(j)(k)</sup><br>|
| *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%) | 10.949% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 1326607<br>| &nbsp;&nbsp;&nbsp; 1287970<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 1990000<br>| &nbsp;&nbsp;&nbsp; 1943981<br> <sup>(j)(k)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *3231951* |

---

See Notes to Schedule of Investments.

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Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Media — 1.0%* | *Media — 1.0%* | *Media — 1.0%* | *Media — 1.0%* | *Media — 1.0%* |
| &nbsp;&nbsp;&nbsp; CB Poly US Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 5.500%) | 9.799% | &nbsp;&nbsp; 5/18/29 | &nbsp;&nbsp; $1579500<br>| &nbsp;&nbsp;&nbsp; $1382062<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Diamond Sports Net LLC, First Lien Exit Term Loan | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 2011133<br>| &nbsp;&nbsp;&nbsp; 1804992<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Dollar Term Loan B1 | 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 148688<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Learfield Communications LLC, 2024 Term Loan B (1 mo. Term SOFR + <br> 4.500%) | 8.822% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 1264032<br>| &nbsp;&nbsp;&nbsp; 1263242<br> <sup>(g)(j)(k)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *4598984* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **9367085** |
| **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** |
| *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR + <br> 5.262%)  | 9.541% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 1996800<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1861666*<br> <sup>(g)(j)(k)</sup><br>|
| *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* |
| &nbsp;&nbsp;&nbsp; Catawba Nation Gaming Authority, Initial Term Loan B (3 mo. Term <br> SOFR + 4.750%)  | 9.053% | &nbsp;&nbsp; 3/28/32 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1752670*<br> <sup>(g)(j)(k)</sup><br>|
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Spencer Spirit IH LLC, Initial Term Loan (1 mo. Term SOFR + 4.750%)  | 9.071% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 3333250<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3279085*<br> <sup>(g)(j)(k)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **6893421** |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Knight Health Holdings LLC, Term Loan B (1 mo. Term SOFR + 5.364%)  | 9.686% | &nbsp;&nbsp; 12/23/28 | &nbsp;&nbsp; 188301<br>| &nbsp;&nbsp;&nbsp;&nbsp; **87749**<br> <sup>(g)(j)(k)</sup><br>|
| **Financials — 1.2%** | **Financials — 1.2%** | **Financials — 1.2%** | **Financials — 1.2%** | **Financials — 1.2%** |
| *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR + <br> 4.000%)  | 8.322% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 903186<br>| &nbsp;&nbsp;&nbsp;&nbsp; *903683*<br> <sup>(g)(j)(k)</sup><br>|
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (3 mo. <br> Term SOFR + 7.012%) | 11.311% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 313864<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. Term <br> SOFR + 3.500%) | 7.822% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 1980063<br>| &nbsp;&nbsp;&nbsp; 1976904<br> <sup>(g)(j)(k)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *2290768* |
| *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Accession Risk Management Group Inc., 2023 Delayed Draw Term Loan <br> 2 (3 mo. Term SOFR + 4.750%) | 9.030-9.063% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 919766<br>| &nbsp;&nbsp;&nbsp; 919766<br> <sup>(f)(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%) | 8.422% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 1602969<br>| &nbsp;&nbsp;&nbsp; 1551755<br> <sup>(g)(j)(k)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *2471521* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **5665972** |
| **Health Care — 0.5%** | **Health Care — 0.5%** | **Health Care — 0.5%** | **Health Care — 0.5%** | **Health Care — 0.5%** |
| *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; EyeCare Partners LLC, Term Loan B (3 mo. Term SOFR + 4.710%) | 8.837% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 1117384<br>| &nbsp;&nbsp;&nbsp; 868302<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%) | 8.006% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 698075<br>| &nbsp;&nbsp;&nbsp; 686295<br> <sup>(g)(j)(k)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1554597* |
| *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + 4.100%)  | 8.399% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *699727*<br> <sup>(g)(j)(k)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2254324** |
| **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** |
| *Commercial Services & Supplies — 1.1%* | *Commercial Services & Supplies — 1.1%* | *Commercial Services & Supplies — 1.1%* | *Commercial Services & Supplies — 1.1%* | *Commercial Services & Supplies — 1.1%* |
| &nbsp;&nbsp;&nbsp; DS Parent Inc., Term Loan B (3 mo. Term SOFR + 5.500%) | 9.799% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1935375<br>| &nbsp;&nbsp;&nbsp; 1724303<br> <sup>(g)(j)(k)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; LRS Holdings LLC, Term Loan B (1 mo. Term SOFR + 4.364%) | 8.686% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; $1354500<br>| &nbsp;&nbsp;&nbsp; $1254605<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Thermostat Purchaser III Inc., Initial Term Loan B1 (3 mo. Term SOFR + <br> 4.250%) | 8.549% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 2458992<br>| &nbsp;&nbsp;&nbsp; 2454394<br> <sup>(g)(j)(k)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *5433302* |
| *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Ryan LLC, Initial Term Loan (1 mo. Term SOFR + 3.500%)  | 7.822% | &nbsp;&nbsp; 11/14/30 | &nbsp;&nbsp; 1079995<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1078780*<br> <sup>(g)(j)(k)</sup><br>|
| *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* |
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc, Term Loan B  |  | &nbsp;&nbsp; 1/29/31 | &nbsp;&nbsp; 808826<br>| &nbsp;&nbsp;&nbsp;&nbsp; *808972*<br> <sup>(l)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7321054** |
| **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** |
| *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Global Tel Link Corp., Initial Term Loan (1 mo. Term SOFR + 7.500%)  | 11.822% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 2557150<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2416507*<br> <sup>(g)(j)(k)</sup><br>|
| *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + <br> 4.000%) | 8.322% | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 1388542<br>| &nbsp;&nbsp;&nbsp; 1347851<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + <br> 7.000%) | 11.322% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1201687<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magenta Security Holdings LLC, First Out Term Loan (3 mo. Term SOFR <br> + 7.010%) | 11.290% | &nbsp;&nbsp; 7/27/28 | &nbsp;&nbsp; 52657<br>| &nbsp;&nbsp;&nbsp; 48076<br> <sup>(g)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starlight Parent LLC, Term Loan (3 mo. Term SOFR + 4.000%) | 8.261% | &nbsp;&nbsp; 4/16/32 | &nbsp;&nbsp; 2680000<br>| &nbsp;&nbsp;&nbsp; 2593744<br> <sup>(g)(j)(k)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *5191358* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term Loan (6 mo. Term SOFR + 7.750%)  | 12.035% | &nbsp;&nbsp; 6/16/26 | &nbsp;&nbsp; 1252655<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1121126*<br> <sup>(g)(j)(k)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8728991** |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date <br> Term Loan B |  | &nbsp;&nbsp; 3/26/32 | &nbsp;&nbsp; 751856<br>| &nbsp;&nbsp;&nbsp; 746690<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., Delayed Draw Term Loan |  | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 13144<br>| &nbsp;&nbsp;&nbsp; 13054<br> <sup>(l)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *759744* |
| *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan  | 10.000% | &nbsp;&nbsp; 12/31/27 | &nbsp;&nbsp; 861038<br>| &nbsp;&nbsp;&nbsp;&nbsp; *860574*<br> <sup>(e)(f)(j)(k)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1620318** |
| **Total Senior Loans (Cost — $43,376,997)** | **Total Senior Loans (Cost — $43,376,997)** | **Total Senior Loans (Cost — $43,376,997)** | **Total Senior Loans (Cost — $43,376,997)** | &nbsp;&nbsp; **41938914** |
| **Asset-Backed Securities — 5.6%** | **Asset-Backed Securities — 5.6%** | **Asset-Backed Securities — 5.6%** | **Asset-Backed Securities — 5.6%** | **Asset-Backed Securities — 5.6%** |
| &nbsp;&nbsp;&nbsp; AIMCO CLO, 2015-AA DR3 (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 7.230% | &nbsp;&nbsp; 10/17/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003703<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through <br> Certificates, 2002-C M1 (1 mo. Term SOFR + 3.489%) | &nbsp;&nbsp; 7.816% | &nbsp;&nbsp; 11/25/32 | &nbsp;&nbsp; 696201<br>| &nbsp;&nbsp;&nbsp; 718904<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2019-2A D1NR (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.782% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1076625<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A DRR (3 mo. Term SOFR + 4.320%) | &nbsp;&nbsp; 8.589% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 556478<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2022-1A D (3 mo. Term SOFR + 4.400%) | &nbsp;&nbsp; 8.672% | &nbsp;&nbsp; 4/22/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249514<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., XXXA CR (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.269% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 750000<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2019-1A DR2 (3 mo. Term SOFR + 3.100%) | &nbsp;&nbsp; 7.369% | &nbsp;&nbsp; 4/19/34 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 853350<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2021-4A D (3 mo. Term SOFR + 3.362%) | &nbsp;&nbsp; 7.631% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 393447<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., 2022-19A D (3 mo. Term SOFR + 7.110%) | &nbsp;&nbsp; 11.382% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 979475<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., 2023-3A D (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.756% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371746<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 5.950%) | &nbsp;&nbsp; 10.206% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 972319<br> <sup>(a)(g)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2021-31A E (3 mo. Term SOFR + 6.792%) | &nbsp;&nbsp; 11.061% | &nbsp;&nbsp; 4/19/34 | &nbsp;&nbsp; $160000<br>| &nbsp;&nbsp;&nbsp; $155629<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bridge Street CLO Ltd., 2025-1A D1A (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 7.109% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 433956<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.269% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 899787<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2021-1A D1R (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 7.432% | &nbsp;&nbsp; 7/25/37 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 498341<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%) | &nbsp;&nbsp; 6.832% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 599977<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2021-3A DR (3 mo. Term SOFR + 3.300%) | &nbsp;&nbsp; 7.569% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; 1263728<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2018-26A DR (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 7.279% | &nbsp;&nbsp; 11/22/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 438260<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greenwood Park CLO Ltd., 2018-1A D (3 mo. Term SOFR + 2.762%) | &nbsp;&nbsp; 7.018% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 694084<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greenwood Park CLO Ltd., 2018-1A E (3 mo. Term SOFR + 5.212%) | &nbsp;&nbsp; 9.468% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 469576<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; GSAA Home Equity Trust, 2006-5 2A3 (1 mo. Term SOFR + 0.654%) | &nbsp;&nbsp; 4.981% | &nbsp;&nbsp; 3/25/36 | &nbsp;&nbsp; 1535986<br>| &nbsp;&nbsp;&nbsp; 680923<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%) | &nbsp;&nbsp; 9.119% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 747459<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., 2016-24A DR2 (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 7.219% | &nbsp;&nbsp; 10/20/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 589275<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2015-12A ER (3 mo. Term SOFR + 5.942%) | &nbsp;&nbsp; 10.198% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 288296<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2019-22A DRR (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 7.156% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 519830<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2023-39A E1R (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.182% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1022714<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO, 2017-7A D (3 mo. Term SOFR + 4.142%) | &nbsp;&nbsp; 8.398% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502387<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR + 3.382%) | &nbsp;&nbsp; 7.638% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 435705<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MVW LLC, 2021-1WA C | &nbsp;&nbsp; 1.940% | &nbsp;&nbsp; 1/22/41 | &nbsp;&nbsp; 216015<br>| &nbsp;&nbsp;&nbsp; 204956<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2014-5A DRR (3 mo. Term SOFR + 3.712%) | &nbsp;&nbsp; 7.953% | &nbsp;&nbsp; 10/13/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 504847<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2022-12A D1R (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.772% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 550586<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., 2016-11A DR2 (3 mo. Term SOFR + 3.700%) | &nbsp;&nbsp; 7.983% | &nbsp;&nbsp; 4/26/36 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 461927<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 7.119% | &nbsp;&nbsp; 7/19/37 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 707321<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2022-3A CR (3 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 7.256% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 730190<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-1A C (3 mo. Term SOFR + <br> 2.550%) | &nbsp;&nbsp; 6.806% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 492929<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-3A C (3 mo. Term SOFR + <br> 2.950%) | &nbsp;&nbsp; 7.247% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 896609<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.311% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1191032<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Trust, 2005-SC1 1A2 | &nbsp;&nbsp; 6.457% | &nbsp;&nbsp; 5/25/31 | &nbsp;&nbsp; 921977<br>| &nbsp;&nbsp;&nbsp; 681903<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.012%) | &nbsp;&nbsp; 7.268% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 927315<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 6.969% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1242467<br> <sup>(a)(g)</sup><br>|
| **Total Asset-Backed Securities (Cost — $27,685,425)** | **Total Asset-Backed Securities (Cost — $27,685,425)** | **Total Asset-Backed Securities (Cost — $27,685,425)** | **Total Asset-Backed Securities (Cost — $27,685,425)** | &nbsp;&nbsp; **26757570** |
| **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 1.8%** |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust, 2015-R4 2A1 (1 mo. Term SOFR + <br> 0.319%) | &nbsp;&nbsp; 4.640% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 149777<br>| &nbsp;&nbsp;&nbsp; 148850<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eagle RE Ltd., 2023-1 M2 (30 Day Average SOFR + 5.200%) | &nbsp;&nbsp; 9.554% | &nbsp;&nbsp; 9/26/33 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 974775<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA5 B1 (30 Day Average SOFR + 3.050%) | &nbsp;&nbsp; 7.404% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 840316<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA5 M2 (30 Day Average SOFR + 1.650%) | &nbsp;&nbsp; 6.004% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 55767<br>| &nbsp;&nbsp;&nbsp; 55951<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk <br> Transfer Trust, 2019-1 M | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/25/58 | &nbsp;&nbsp; 762984<br>| &nbsp;&nbsp;&nbsp; 741130<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk <br> Transfer Trust, 2020-1 M | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/25/59 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 918801<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk <br> Transfer Trust, 2024-1 M | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/25/63 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 270831<br> <sup>(a)(g)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 <br> (30 Day Average SOFR + 4.214%) | &nbsp;&nbsp; 8.568% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; $187032<br>| &nbsp;&nbsp;&nbsp; $191650<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 <br> (30 Day Average SOFR + 3.364%) | &nbsp;&nbsp; 7.718% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 265147<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B1 <br> (30 Day Average SOFR + 3.100%) | &nbsp;&nbsp; 7.454% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 528830<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R01 1B1 <br> (30 Day Average SOFR + 3.150%) | &nbsp;&nbsp; 7.504% | &nbsp;&nbsp; 12/25/41 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101990<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R01 1B1 <br> (30 Day Average SOFR + 2.700%) | &nbsp;&nbsp; 7.054% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 284174<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2025-R02 1B1 <br> (30 Day Average SOFR + 1.950%) | &nbsp;&nbsp; 6.303% | &nbsp;&nbsp; 2/25/45 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 266014<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2024-RTL4 M1 | &nbsp;&nbsp; 7.792% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1204942<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2025-RTL1 M1 | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 681118<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2023-8 B1 | &nbsp;&nbsp; 8.101% | &nbsp;&nbsp; 12/25/68 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 935404<br> <sup>(a)(g)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $8,321,517)** | **Total Collateralized Mortgage Obligations (Cost — $8,321,517)** | **Total Collateralized Mortgage Obligations (Cost — $8,321,517)** | **Total Collateralized Mortgage Obligations (Cost — $8,321,517)** | &nbsp;&nbsp; **8409923** |
|  |  |  | Shares |  |
| **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Short Term High Yield Bond ETF (Cost — $4,945,326) |  |  | &nbsp;&nbsp; 192650<br>| &nbsp;&nbsp;&nbsp; **4814324**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Convertible Bonds & Notes — 0.5%** | **Convertible Bonds & Notes — 0.5%** | **Convertible Bonds & Notes — 0.5%** | **Convertible Bonds & Notes — 0.5%** | **Convertible Bonds & Notes — 0.5%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; $428749<br>| &nbsp;&nbsp;&nbsp;&nbsp; **463306**<br> <sup>(b)</sup><br>|
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* |
| &nbsp;&nbsp;&nbsp; DraftKings Holdings Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; **899987**<br>|
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* |
| &nbsp;&nbsp;&nbsp; Two Harbors Investment Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; **977625**<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* | *Electrical Equipment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **191792**<br> <sup>(a)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $2,538,414)** | **Total Convertible Bonds & Notes (Cost — $2,538,414)** | **Total Convertible Bonds & Notes (Cost — $2,538,414)** | **Total Convertible Bonds & Notes (Cost — $2,538,414)** | &nbsp;&nbsp; **2532710** |
| **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** |
| *Argentina — 0.2%* | *Argentina — 0.2%* | *Argentina — 0.2%* | *Argentina — 0.2%* | *Argentina — 0.2%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 111978<br>| &nbsp;&nbsp;&nbsp; 90310<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 545959<br>| &nbsp;&nbsp;&nbsp; 419024<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (4.125% to 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 953791<br>| &nbsp;&nbsp;&nbsp; 638452<br>|
| **Total Sovereign Bonds (Cost — $1,022,210)** | **Total Sovereign Bonds (Cost — $1,022,210)** | **Total Sovereign Bonds (Cost — $1,022,210)** | **Total Sovereign Bonds (Cost — $1,022,210)** | &nbsp;&nbsp; **1147786** |

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares/Units | Value |
| **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** |
| **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** |
| *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Permian Production Partners LLC | &nbsp;&nbsp;&nbsp; Permian Production Partners LLC |  | &nbsp;&nbsp; 37916 | &nbsp;&nbsp;&nbsp; **$24,645**<br> \*<sup>(e)(f)</sup><br>|
| **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; 3,891<br> \*<sup>(e)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 80264 | &nbsp;&nbsp;&nbsp; 670,205<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **674096** |
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. | &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. |  | &nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp; **25,956**<br> \*<sup>(e)(f)</sup><br>|
| **Total Common Stocks (Cost — $1,127,334)** | **Total Common Stocks (Cost — $1,127,334)** | **Total Common Stocks (Cost — $1,127,334)** | **Total Common Stocks (Cost — $1,127,334)** | &nbsp;&nbsp;&nbsp; **724697**<br>|
|  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $694,222) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 57028<br>| &nbsp;&nbsp;&nbsp; **476,184**<br> \*<sup>(a)(e)(n)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $474,568,889)** | **Total Investments before Short-Term Investments (Cost — $474,568,889)** | **Total Investments before Short-Term Investments (Cost — $474,568,889)** | **Total Investments before Short-Term Investments (Cost — $474,568,889)** | &nbsp;&nbsp; **461206790** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $4,620,109)  | &nbsp;&nbsp; 4.312% |  | &nbsp;&nbsp; 4620109<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4620109**<br> <sup>(o)(p)</sup><br>|
| **Total Investments — 97.6% (Cost — $479,188,998)** | **Total Investments — 97.6% (Cost — $479,188,998)** | **Total Investments — 97.6% (Cost — $479,188,998)** | **Total Investments — 97.6% (Cost — $479,188,998)** | &nbsp;&nbsp; **465826899** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; 11525442 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$477352341** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

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Western Asset Short Duration High Income Fund 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | 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 <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | 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.  |
| <sup>(c)</sup> | 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 <br> 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 <br> Board of Trustees.<br>|
| <sup>(d)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(e)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(f)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(g)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> 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 <br> reference rate and spread in their description above.<br>|
| <sup>(h)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(k)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(l)</sup> | 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 <br> settled portion of the loan.<br>|
| <sup>(m)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> 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 <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(n)</sup> | Restricted security (Note 3). |
| <sup>(o)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(p)</sup> | 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 <br> 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 <br> investments in Affiliated Companies was $4,620,109 and the cost was $4,620,109 (Note 2).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| ETF |  | Exchange-Traded Fund |
| ICE |  | Intercontinental Exchange |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| SPDR |  | Standard & Poor's Depositary Receipts |
| USD |  | United States Dollar |

---

At April 30, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation<br>|
| EUR | &nbsp;&nbsp; 228114 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 251075 | Bank of America N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; $8600 |
| AUD | &nbsp;&nbsp; 809439 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 489977 | Citibank N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; 28978 |
| CAD | &nbsp;&nbsp; 478773 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 338322 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; 10320 |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$47898** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| CAD |  | Canadian Dollar |
| EUR |  | Euro |
| USD |  | United States Dollar |

---

See Notes to Schedule of Investments.

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Western Asset Short Duration High Income Fund 2025 Quarterly Report

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 **Western Asset Short Duration High Income Fund**

At April 30, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>April 30, <br>2025<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| American Airlines Group Inc., <br> 6.500%, due 7/1/25<br>| $1918000 | 12/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7.427% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $(159073) | &nbsp;&nbsp;&nbsp;&nbsp; $81373 | &nbsp;&nbsp;&nbsp;&nbsp; $(240446) |
| American Airlines Group Inc., <br> 6.500%, due 7/1/25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 168000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7.578% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; (15765) | &nbsp;&nbsp;&nbsp;&nbsp; (7665) | &nbsp;&nbsp;&nbsp;&nbsp; (8100) |
| Carnival Corp., 6.650%, due <br> 1/15/28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 940000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.422% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; (59199) | &nbsp;&nbsp;&nbsp;&nbsp; (69612) | &nbsp;&nbsp;&nbsp;&nbsp; 10413 |
| Nabors Industries Inc., 9.125%, <br> due 1/31/30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 419000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 14.869% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; (150642) | &nbsp;&nbsp;&nbsp;&nbsp; (63225) | &nbsp;&nbsp;&nbsp;&nbsp; (87417) |
| Nabors Industries Inc., 9.125%, <br> due 1/31/30<br>| 1482000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 15.524% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; (606131) | &nbsp;&nbsp;&nbsp;&nbsp; (379517) | &nbsp;&nbsp;&nbsp;&nbsp; (226614) |
| **Total** | **$4927000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(990810)** | &nbsp;&nbsp;&nbsp; **$(438646)** | &nbsp;&nbsp;&nbsp; **$(552164)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>April 30, <br>2025<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Transocean Inc., 8.000%, due <br> 2/1/27<br>| $419000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10.587% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $116327 | &nbsp;&nbsp;&nbsp;&nbsp; $44301 | &nbsp;&nbsp;&nbsp;&nbsp; $72026 |
| Transocean Inc., 8.000%, due <br> 2/1/27<br>| 1482000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 11.116% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 485686 | &nbsp;&nbsp;&nbsp;&nbsp; 271083 | &nbsp;&nbsp;&nbsp;&nbsp; 214603 |
| **Total** | **$1901000** |  |  |  | &nbsp;&nbsp;&nbsp; **$602013** | &nbsp;&nbsp;&nbsp; **$315384** | &nbsp;&nbsp;&nbsp; **$286629** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.HY.44 Index | $5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$184557** | &nbsp;&nbsp;&nbsp; **$156802** | &nbsp;&nbsp;&nbsp; **$27755** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Short Duration High Income Fund**

---

| | |
|:---|:---|
| <sup>1</sup> | 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 <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> 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 <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | 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 <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve <br> 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 <br> 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 <br> 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 <br> 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 <br> the referenced entity or obligation.<br>|
| <sup>4</sup> | 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 <br> from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> 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 <br> recovery value of the referenced obligation or the underlying securities comprising the referenced index.<br>|
| <sup>5</sup> | 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 <br> 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 <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> 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 <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

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

See Notes to Schedule of Investments.

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

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

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities, including exchange-traded funds, for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

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

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $39989365 | &nbsp;&nbsp; $1639892 | &nbsp;&nbsp; $41629257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 46281712 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 46281712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 32758573 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 32758573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 253735140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253735140 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 7830935 | &nbsp;&nbsp; 1536150 | &nbsp;&nbsp; 9367085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 4746206 | &nbsp;&nbsp; 919766 | &nbsp;&nbsp; 5665972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 759744 | &nbsp;&nbsp; 860574 | &nbsp;&nbsp; 1620318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 25285539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25285539 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 26757570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26757570 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 8409923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8409923 |
| &nbsp;&nbsp;&nbsp; Investments in Underlying Funds | &nbsp;&nbsp; $4814324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4814324 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2532710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2532710 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1147786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1147786 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24645 | &nbsp;&nbsp; 24645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 670205 | &nbsp;&nbsp; 3891 | &nbsp;&nbsp; — | &nbsp;&nbsp; 674096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25956 | &nbsp;&nbsp; 25956 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 476184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 476184 |
| Total Long-Term Investments | &nbsp;&nbsp; 5484529 | &nbsp;&nbsp; 450715278 | &nbsp;&nbsp; 5006983 | &nbsp;&nbsp; 461206790 |
| Short-Term Investments† | &nbsp;&nbsp; 4620109 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4620109 |
| **Total Investments** | &nbsp;&nbsp; **$10104638** | &nbsp;&nbsp; **$450715278** | &nbsp;&nbsp; **$5006983** | &nbsp;&nbsp; **$465826899** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $47898 | &nbsp;&nbsp; — | &nbsp;&nbsp; $47898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 286629 | &nbsp;&nbsp; — | &nbsp;&nbsp; 286629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27755 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$372695** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$372695** |
| **Total** | &nbsp;&nbsp; **$10104638** | &nbsp;&nbsp; **$451087973** | &nbsp;&nbsp; **$5006983** | &nbsp;&nbsp; **$466199594** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $562577 | &nbsp;&nbsp; — | &nbsp;&nbsp; $562577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>July 31, 2024<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  | $1629 |  | $(1629)<br>| $1639892 |
| &nbsp;&nbsp;&nbsp; Financials | $30300 |  |  | (30300)<br>|  |
| &nbsp;&nbsp;&nbsp; Health Care | 0<br> \*<br>|  |  |  |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication <br> Services<br>|  | (1135)<br>| $841 | 10529 | 1675540 |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>| 3383500 | 2287 | (2474)<br>| (58375)<br>|  |
| &nbsp;&nbsp;&nbsp; Financials | 925403 | 1943 | 823 | (1607)<br>| 119309 |
| &nbsp;&nbsp;&nbsp; Health Care | 861262 | 1024 | (13666)<br>| 51582 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 3767184 | 2922 | 111 | (32135)<br>|  |
| &nbsp;&nbsp;&nbsp; Materials | 850664 |  |  | 9910 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 641592 | 449 | (970)<br>| (18631)<br>|  |
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | 24645 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Materials | 121454 |  |  | (95498)<br>|  |
| **Total** | **$10606004** | **$9119** | **$(15335)**<br>| **$(166154)**<br>| **$3434741** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<sup>2</sup> <br>| Balance <br>as of <br>April 30, 2025<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>in securities <br>still held at <br>April 30, 2025<sup>1</sup> <br>|
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  | $1639892 | $(1629)<br>|
| &nbsp;&nbsp;&nbsp; Financials |  |  |  | 0<br> \*<br>| (30300)<br>|
| &nbsp;&nbsp;&nbsp; Health Care |  |  |  | 0<br> \*<br>|  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication <br> Services<br>| $(149625)<br>|  |  | 1536150 | 10529 |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>| (3324938)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Financials | (126105)<br>|  |  | 919766 | 31 |
| &nbsp;&nbsp;&nbsp; Health Care | (200475)<br>|  | $(699727)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Industrials | (29082)<br>|  | (3709000)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Materials |  |  |  | 860574 | 9910 |
| &nbsp;&nbsp;&nbsp; Real Estate | (622440)<br>|  |  |  |  |
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  | 24645 |  |
| &nbsp;&nbsp;&nbsp; Materials |  |  |  | 25956 | (95498)<br>|
| **Total** | **$(4452665)**<br>| **—** | **$(4408727)**<br>| **$5006983** | **$(106957)**<br>|

---

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents less than $1.

<sup>1</sup> 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. 

<sup>2</sup> 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. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>July 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>July 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $543759 | $139458490 | 139458490 | $135382140 | 135382140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>April 30, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $311107 |  | $4620109 |

---

**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. <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 4/30/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br>Common Shares<br>| &nbsp;&nbsp; 466 | 3/25 | $5673 | $3891  | &nbsp;&nbsp; $8.35 | 0.00<br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 57028 | 3/25 | 694222 | 476184 <br><sup>(b)</sup><br>| 8.35 | 0.10  |
|  |  |  | **$699895** | **$480075** |  | **0.10%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than 0.005%.

<sup>(b)</sup> 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. 

------

Western Asset Short Duration High Income Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Legg Mason Partners Income Trust

- **b. Investment Company Act file number:** 811-04254

- **c. CIK number of Registrant:** 0000764624

- **d. LEI of Registrant:** 549300Y1U2UCLTK83X35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-656-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Western Asset Short Duration High Income Fund

- **b. EDGAR series identifier (if any):** S000008975

- **c. LEI of Series:** 549300QVO0TT5WYOHA80

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $482234338.27

**Total Liabilities:** $6917098.94

**Net Assets:** $475317239.33

**Cash Not Reported:** $3699254.74

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 184.49000000 | **1-Year:** 2876.77000000 | **5-Year:** 9116.45000000 | **10-Year:** 1697.37000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 374.42000000 | **1-Year:** 54462.52000000 | **5-Year:** 64078.96000000 | **10-Year:** 1571.92000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024383 | 0.76%                | -1.02%               | -0.44%               |
| Class ID C000024385 | 0.71%                | -1.07%               | -0.29%               |
| Class ID C000024386 | 0.57%                | -0.78%               | -0.42%               |
| Class ID C000071124 | 0.52%                | -0.85%               | -0.48%               |
| Class ID C000081534 | 0.52%                | -1.04%               | -0.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $465769.45               | $243259.65                                 |
| Month 2  | $-771439.37              | $-6786636.47                               |
| Month 3  | $-429866.83              | $-4652000.62                               |

**Designated Index Information**

- **Index Name:** Bloomberg US High Yield 1-5 Yr Cash Pay 2% Index

- **Index Identifier:** NA

### Schedule of Portfolio Investments

| Name                                                            | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS TRANSOCEAN INC                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $115838.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association                                  | AUD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $28978.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SPENCER SPIRIT IH LLC                                           | SPENCER SPIRIT IH LLC                                                            | CUSIP: 84823UAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3333250 | PA      | $3279084.69   | 0.69%             | 2031-07-15      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                          | Carriage Purchaser Inc                                                           | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2006447.23   | 0.42%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                  | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    730000 | PA      | $730189.77    | 0.15%             | 2031-04-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                                   | EchoStar Corp                                                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    428749 | PA      | $463306.17    | 0.10%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                                        | Vertiv Group Corp                                                                | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1257035.78   | 0.26%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2024-R01                                     | CUSIP: 20753UAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $284173.74    | 0.06%             | 2044-01-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                | HF Sinclair Corp                                                                 | CUSIP: 403949AP5<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    807000 | PA      | $814702.96    | 0.17%             | 2027-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                    | UBS Group AG                                                                     | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    720000 | PA      | $880194.41    | 0.19%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                | CSC Holdings LLC                                                                 | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    640000 | PA      | $291057.66    | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                            | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1064973.00   | 0.22%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                          | CAD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $10319.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                        | EQT Corp                                                                         | CUSIP: 26884LAW9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    555000 | PA      | $538645.96    | 0.11%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                           | VENTURE GLOBAL PLAQUEMINES LNG LLC                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    820000 | PA      | $841912.52    | 0.18%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                                | TKC Holdings Inc                                                                 | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1796000 | PA      | $1798122.87   | 0.38%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2025-R02                                     | CUSIP: 20754TAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $266013.80    | 0.06%             | 2045-02-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                        | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1271522.40   | 0.27%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Global Tel Link Corporation                                     | VIAPATH TECHNOLOGIES                                                             | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2557150 | PA      | $2416506.75   | 0.51%             | 2029-07-31      | Floating      | 11.82%                | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                | CSC Holdings LLC                                                                 | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3320000 | PA      | $2718164.58   | 0.57%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                         | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1806248.62   | 0.38%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                                   | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   4230000 | PA      | $4462861.50   | 0.94%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                          | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1610779.37   | 0.34%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                                | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    910000 | PA      | $948285.58    | 0.20%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                               | Magnetite XXII Ltd                                                               | CUSIP: 55954HBC5<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |    520000 | PA      | $519830.45    | 0.11%             | 2036-07-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                                   | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   6273000 | PA      | $6640677.97   | 1.40%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| CB Poly US Holdings Inc                                         | CB Poly US Holdings Inc                                                          | CUSIP: 12511PAB7<br>LEI: 254900TSH6NNRZ0GUN05 | Long             | LON              | CORP              | US        |   1579500 | PA      | $1382062.50   | 0.29%             | 2029-05-18      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                        | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3517132.68   | 0.74%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                             | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255431.75    | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                                      | X CORP                                                                           | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1326607 | PA      | $1287969.71   | 0.27%             | 2029-10-26      | Floating      | 10.95%                | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                             | CLYDESDALE ACQUISITION HOLDINGS INC                                              | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    751856 | PA      | $746690.42    | 0.16%             | 2032-03-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                           | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   2350000 | PA      | $2410793.70   | 0.51%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                                 | OHA Credit Funding 11 Ltd                                                        | CUSIP: 67115VAW2<br>LEI: 2549002MG7GTTY5LHR97 | Long             | ABS-CBDO         | CORP              | BM        |    710000 | PA      | $707321.16    | 0.15%             | 2037-07-19      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                         | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    246000 | PA      | $187665.63    | 0.04%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                                  | Galaxy XXVI CLO Ltd                                                              | CUSIP: 36321LAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $438260.28    | 0.09%             | 2031-11-22      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                              | New Generation Gas Gathering LLC                                                 | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |   1664865 | PA      | $1639891.91   | 0.35%             | 2029-09-30      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| BNP PARIBAS                                                     | BNP Paribas SA                                                                   | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2520000 | PA      | $2596580.28   | 0.55%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                     | OCP CLO 2016-11 Ltd                                                              | CUSIP: 67110DBL0<br>LEI: 254900QIJ8IQOK988683 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $461927.31    | 0.10%             | 2036-04-26      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                        | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2350743.99   | 0.49%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                        | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $2208883.75   | 0.46%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                  | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   2200000 | PA      | $2255231.00   | 0.47%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                        | Altice France Holding SA                                                         | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   2500000 | PA      | $777724.50    | 0.16%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                               | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2447478.78   | 0.51%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                             | United Airlines Inc                                                              | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4232537.10   | 0.89%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                   | ZF North America Capital Inc                                                     | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2020000 | PA      | $1845306.76   | 0.39%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                   | Carnival Corp                                                                    | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    930000 | PA      | $927410.88    | 0.20%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                         | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   3700000 | PA      | $3618306.96   | 0.76%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                                  | CarVal CLO XI C Ltd                                                              | CUSIP: 14688RAJ9<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    930000 | PA      | $899786.82    | 0.19%             | 2037-10-20      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| DS Parent Inc                                                   | DS PARENT INC                                                                    | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |   1935375 | PA      | $1724303.00   | 0.36%             | 2031-01-31      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                                  | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1453705.65   | 0.31%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                        | PetSmart Inc / PetSmart Finance Corp                                             | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2285545.22   | 0.48%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                          | PAR PHARMACEUTICAL INC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1580000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| TRANSDIGM INC                                                   | TransDigm Inc                                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1288928.75   | 0.27%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                   | Carnival Corp                                                                    | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    140000 | PA      | $139114.26    | 0.03%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                                    | Deerfield Dakota Holding LLC                                                     | CUSIP: 24440EAG2<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |    340000 | PA      | $313864.20    | 0.07%             | 2028-04-07      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                               | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4812029.20   | 1.01%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                        | Diversified Healthcare Trust                                                     | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $385128.08    | 0.08%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                                          | Brundage-Bone Concrete Pumping Holdings Inc                                      | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $263747.62    | 0.06%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                                      | Akumin Inc                                                                       | CUSIP: 01021XAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1147180.15   | 0.24%             | 2027-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                          | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    630000 | PA      | $597493.98    | 0.13%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                               | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2387164.65   | 0.50%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                         | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $628951.18    | 0.13%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                             | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    690000 | PA      | $683683.26    | 0.14%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                         | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $568485.68    | 0.12%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                   | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   2410000 | PA      | $2461439.04   | 0.52%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                  | Palmer Square Loan Funding 2024-1 Ltd                                            | CUSIP: 69703NAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $492928.92    | 0.10%             | 2032-10-15      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                        | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2220052.41   | 0.47%             | 2029-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Knight Health Holdings LLC                                      | Knight Health Holdings LLC                                                       | CUSIP: 49902TAB8<br>LEI: 2549008OACTDEJGJC870 | Long             | LON              | CORP              | US        |    188301 | PA      | $87748.35     | 0.02%             | 2028-12-23      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                              | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1                    | CUSIP: 35563PPH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $918801.02    | 0.19%             | 2059-08-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                        | EQT Corp                                                                         | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2538821.40   | 0.53%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Aimco                                                           | AIMCO CLO Series 2015-A                                                          | CUSIP: 00900LBE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003702.94   | 0.21%             | 2034-10-17      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                                            | EYECARE PARTNERS LLC                                                             | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |   1117384 | PA      | $868302.52    | 0.18%             | 2028-11-30      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                                        | Adtalem Global Education Inc                                                     | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |   1132000 | PA      | $1120013.48   | 0.24%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                        | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    410000 | PA      | $417086.44    | 0.09%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                         | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2444462.95   | 0.51%             | 2028-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                         | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2635413.00   | 0.55%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIDGE STREET CLO LTD                                           | BRIDGE STREET CLO V LTD                                                          | CUSIP: 107921AJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $433955.62    | 0.09%             | 2038-04-20      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                   | ZF North America Capital Inc                                                     | CUSIP: 000000000<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184255.19    | 0.04%             | 2030-04-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                         | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $663181.01    | 0.14%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                                                 | Mercer International Inc                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    430000 | PA      | $354262.22    | 0.07%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                             | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    780000 | PA      | $814022.82    | 0.17%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Greenwood Park CLO, Ltd                                         | Greenwood Park CLO Ltd                                                           | CUSIP: 39729TAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $469575.88    | 0.10%             | 2031-04-15      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                   | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    700000 | PA      | $728445.90    | 0.15%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                          | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    830000 | PA      | $759487.60    | 0.16%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                                         | AMC Entertainment Holdings Inc                                                   | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $1388749.20   | 0.29%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                                | Ocean Trails CLO V                                                               | CUSIP: 67515EAX4<br>LEI: 549300RX29DPTX81VW10 | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $504846.57    | 0.11%             | 2031-10-13      | Floating      | 7.95%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                            | LHOME Mortgage Trust 2024-RTL4                                                   | CUSIP: 50205PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1204942.08   | 0.25%             | 2039-07-25      | Variable      | 7.79%                 | No            |                  2 | On Loan: No      |
| CITRIX SYSTEMS INC                                              | Citrix Systems Inc                                                               | CUSIP: 177376AE0<br>LEI: HCTKJGUQOPZ5NBK7NP58 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1631367.69   | 0.34%             | 2027-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                                   | Life Time Inc                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    680000 | PA      | $678425.60    | 0.14%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                          | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2667401.01   | 0.56%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                   | ZF North America Capital Inc                                                     | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1319566.35   | 0.28%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                           | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   2300000 | PA      | $2393726.70   | 0.50%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LRS Holdings LLC                                                | LRS Holdings LLC                                                                 | CUSIP: 50205HAC4<br>LEI: 2549000MQSLNQZB32779 | Long             | LON              | CORP              | US        |   1354500 | PA      | $1254605.63   | 0.26%             | 2028-08-31      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| Learfield Communications LLC                                    | LEARFIELD COMMUNICATIONS LLC                                                     | CUSIP: 00165HAL7<br>LEI: 549300177GK4LMS8T214 | Long             | LON              | CORP              | US        |   1264032 | PA      | $1263241.98   | 0.27%             | 2028-06-30      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                                        | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2201255 | PA      | $2240107.75   | 0.47%             | 2028-01-15      | Variable      | 10.50%                | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                        | Permian Resources Operating LLC                                                  | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    646000 | PA      | $700114.77    | 0.15%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Ryan LLC                                                        | RYAN LLC                                                                         | CUSIP: 78350LAZ8<br>LEI: 549300TG86D8HZC6TE67 | Long             | LON              | CORP              | US        |   1079995 | PA      | $1078779.99   | 0.23%             | 2030-11-14      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                            | LAS VEGAS SANDS CORP                                                             | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150400.32    | 0.03%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                   | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132595.08    | 0.03%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                         | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2464538.40   | 0.52%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                                 | Nissan Motor Co Ltd                                                              | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   1970000 | PA      | $1821974.79   | 0.38%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                                          | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1036821.69   | 0.22%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                             | NCL Corp Ltd                                                                     | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1952729.60   | 0.41%             | 2030-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                         | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $620249.84    | 0.13%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                        | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    870000 | PA      | $848402.86    | 0.18%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                                        | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   4590000 | PA      | $4508634.91   | 0.95%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                        | Lloyds Banking Group PLC                                                         | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    920000 | PA      | $919470.17    | 0.19%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                           | Toronto-Dominion Bank/The                                                        | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2300000 | PA      | $2382995.50   | 0.50%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                           | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   5590000 | PA      | $5700787.65   | 1.20%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Magenta Security Holdings LLC                                   | MAGENTA SECURITY HOLDING                                                         | CUSIP: 55909UAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52657 | PA      | $48075.69     | 0.01%             | 2028-07-27      | Floating      | 11.29%                | No            |                  2 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd                             | ARCTIC CANADIAN DIAMONDS                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    861038 | PA      | $860573.82    | 0.18%             | 2027-12-31      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS NABORS INDUSTRIES INC                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-150153.26   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                        | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1090000 | PA      | $1021023.17   | 0.21%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                                 | BHN MERGER SUB INC                                                               | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |    903186 | PA      | $903683.12    | 0.19%             | 2029-03-12      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                                  | Structured Asset Securities Corp Trust 2005-SC1                                  | CUSIP: 86359DTG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    921977 | PA      | $681903.29    | 0.14%             | 2031-05-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP                                                 | MEG Energy Corp                                                                  | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |   1700000 | PA      | $1642014.19   | 0.35%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2019-R05                                     | CUSIP: 20754HAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187032 | PA      | $191649.82    | 0.04%             | 2039-07-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD                                                     | Academy Ltd                                                                      | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    440000 | PA      | $439686.98    | 0.09%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC                                                 | Foot Locker Inc                                                                  | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |   4150000 | PA      | $3369172.52   | 0.71%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Catawba Nation Gaming Authority                                 | CATAWBA NATION GAMING AUTHORITY                                                  | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1760000 | PA      | $1752669.60   | 0.37%             | 2032-03-28      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                                | MGM Resorts International                                                        | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1137461.56   | 0.24%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO X Ltd                                               | Elmwood CLO X Ltd                                                                | CUSIP: 29002VAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1280000 | PA      | $1263728.27   | 0.27%             | 2034-04-20      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                               | Magnetite XII Ltd                                                                | CUSIP: 55953GCG8<br>LEI: 549300Z6VW568TT64K70 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $288296.21    | 0.06%             | 2031-10-15      | Floating      | 10.20%                | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                       | Gainwell Acquisition Corp                                                        | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    750000 | PA      | $699727.50    | 0.15%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                            | LHOME Mortgage Trust 2025-RTL1                                                   | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    680000 | PA      | $681118.53    | 0.14%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                          | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1391010.30   | 0.29%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Net, LLC                                         | DIAMOND SPORTS NET LLC                                                           | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |   2011133 | PA      | $1804992.16   | 0.38%             | 2028-01-02      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| Greenwood Park CLO, Ltd                                         | Greenwood Park CLO Ltd                                                           | CUSIP: 39729RAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $694084.20    | 0.15%             | 2031-04-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                        | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   5080000 | PA      | $5335021.08   | 1.12%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1097410.25   | 0.23%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                         | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2458000 | PA      | $2611821.64   | 0.55%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                        | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2260000 | PA      | $2293457.04   | 0.48%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                             | Apex Credit CLO 2020 LTD                                                         | CUSIP: 03756ABL0<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | BM        |    560000 | PA      | $556477.75    | 0.12%             | 2035-04-20      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                                         | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3234047.19   | 0.68%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                             | SPIRIT AIRLINES LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57028 | NS      | $476183.80    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KJA8<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |    790000 | PA      | $840315.73    | 0.18%             | 2034-01-25      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                        | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    510000 | PA      | $519376.86    | 0.11%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                                      | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1051998.01   | 0.22%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                                                  | VOC Escrow Ltd                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $245400.15    | 0.05%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2380000 | PA      | $2328306.40   | 0.49%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS                                        | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed   | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1265368.11   | 0.27%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                                      | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1990000 | PA      | $1943981.25   | 0.41%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                         | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1102236.00   | 0.23%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                                 | Dcert Buyer Inc                                                                  | CUSIP: 24022KAB5<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |   1388542 | PA      | $1347850.66   | 0.28%             | 2026-10-16      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                          | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1487214.72   | 0.31%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                           | Argentine Republic Government International Bond                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    111978 | PA      | $90310.25     | 0.02%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                             | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   5130000 | PA      | $5375788.56   | 1.13%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC                                             | Hudbay Minerals Inc                                                              | CUSIP: 443628AH5<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |   2340000 | PA      | $2332144.46   | 0.49%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                            | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   4060000 | PA      | $2135887.32   | 0.45%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves         | Western Asset Premier Institutional Government Reserves                          | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   4253049 | NS      | $4253048.87   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Apidos CLO Ltd                                                  | Apidos CLO XXX                                                                   | CUSIP: 03768CAW9<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750000.04    | 0.16%             | 2031-10-18      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                        | SPIRIT AVIA HOL RESTRICT                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       466 | NS      | $3891.10      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                                        | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    470000 | PA      | $434519.94    | 0.09%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                          | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4630868.28   | 0.97%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                                         | Dream Finders Homes Inc                                                          | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2055442.00   | 0.43%             | 2028-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                          | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2384782.80   | 0.50%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                           | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAB5<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1565000 | PA      | $1536298.75   | 0.32%             | 2026-04-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                    | Voya CLO 2020-3 Ltd                                                              | CUSIP: 92918NBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1260000 | PA      | $1242467.28   | 0.26%             | 2038-01-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                            | LAS VEGAS SANDS CORP                                                             | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1046311.14   | 0.22%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                                          | RB Global Holdings Inc                                                           | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1357739.81   | 0.29%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                                           | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1383229.62   | 0.29%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                              | Credit Agricole SA                                                               | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1760000 | PA      | $1784060.96   | 0.38%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                  | Bain Capital Credit CLO 2019-1                                                   | CUSIP: 05683VBG8<br>LEI: 549300B0VI605XM3L529 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $853349.53    | 0.18%             | 2034-04-19      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                                             | Coinbase Global Inc                                                              | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1013347.50   | 0.21%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Starlight Parent LLC                                            | STARLIGHT PARENT LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2680000 | PA      | $2593744.20   | 0.55%             | 2032-04-16      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                   | Citigroup Inc                                                                    | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1294517.25   | 0.27%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                          | GSAA Home Equity Trust 2006-5                                                    | CUSIP: 362334GT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1535986 | PA      | $680922.70    | 0.14%             | 2036-03-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                                   | TopBuild Corp                                                                    | CUSIP: 89055FAB9<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2326350.75   | 0.49%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                        | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2397303.60   | 0.50%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                                    | Eagle RE 2023-1 Ltd                                                              | CUSIP: 26982EAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    920000 | PA      | $974775.51    | 0.21%             | 2033-09-26      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                           | Level 3 Financing Inc                                                            | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3356250.00   | 0.71%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                   | Carnival Corp                                                                    | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   5820000 | PA      | $5791933.63   | 1.22%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                  | Bain Capital Credit CLO 2021-4 Ltd                                               | CUSIP: 05685AAL2<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $393447.11    | 0.08%             | 2034-10-20      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                              | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1                    | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    762984 | PA      | $741129.84    | 0.16%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                         | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $256259.00    | 0.05%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                          | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1245919.37   | 0.26%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor                                  | Banc of America Funding 2015-R4 Trust                                            | CUSIP: 05990RAD3<br>LEI: 549300R847L762RQF071 | Long             | ABS-MBS          | CORP              | US        |    149777 | PA      | $148849.65    | 0.03%             | 2037-02-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                                  | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2580000 | PA      | $2527971.98   | 0.53%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| RXO INC                                                         | RXO Inc                                                                          | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1506508.89   | 0.32%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                        | Midcap Financial Issuer Trust                                                    | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1127990.56   | 0.24%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                              | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2140070.00   | 0.45%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                         | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1470000 | PA      | $1414387.40   | 0.30%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                        | Sally Holdings LLC / Sally Capital Inc                                           | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $786690.06    | 0.17%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                        | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1337188.98   | 0.28%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                           | Argentine Republic Government International Bond                                 | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    953791 | PA      | $638452.26    | 0.13%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                        | Madison Park Funding XXIV Ltd                                                    | CUSIP: 55820NBC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    590000 | PA      | $589275.09    | 0.12%             | 2029-10-20      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Hartwick Park CLO, Ltd.                                         | Hartwick Park CLO Ltd                                                            | CUSIP: 417402AE4<br>LEI: 2549003E1ZAWJG55NM75 | Long             | ABS-CBDO         | CORP              | JE        |    760000 | PA      | $747459.05    | 0.16%             | 2037-01-20      | Floating      | 9.12%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                        | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1125303.95   | 0.24%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                        | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $192252.00    | 0.04%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                             | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    490000 | PA      | $499752.88    | 0.11%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                   | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   2380000 | PA      | $2342151.10   | 0.49%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                        | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    850000 | PA      | $826452.79    | 0.17%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                                | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    880000 | PA      | $905814.99    | 0.19%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Asurion LLC                                                     | Asurion LLC                                                                      | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1602969 | PA      | $1551754.59   | 0.33%             | 2028-08-19      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                            | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    680000 | PA      | $690797.72    | 0.15%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                           | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $686845.98    | 0.14%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                         | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1949134.55   | 0.41%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                        | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    390000 | PA      | $381495.31    | 0.08%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                              | Ford Motor Co                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $959581.16    | 0.20%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2021-R01                                     | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $528829.81    | 0.11%             | 2041-10-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                        | Service Properties Trust                                                         | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1964605.65   | 0.41%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                        | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1139521.66   | 0.24%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                        | Western Midstream Operating LP                                                   | CUSIP: 958254AE4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99852.24     | 0.02%             | 2025-06-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                  | Palmer Square Loan Funding 2024-3 Ltd                                            | CUSIP: 69690EAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    900000 | PA      | $896608.91    | 0.19%             | 2032-08-08      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                                            | WW International Inc                                                             | CUSIP: 98262PAA9<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $611112.58    | 0.13%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                          | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1039060.43   | 0.22%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                | Altice France SA                                                                 | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   2670000 | PA      | $2213389.42   | 0.47%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                           | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    545959 | PA      | $419023.29    | 0.09%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| CA MAGNUM HOLDINGS                                              | CA Magnum Holdings                                                               | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |    840000 | PA      | $823351.45    | 0.17%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Qualitytech, LP                                                 | QTS                                                                              | CUSIP: 74758JAB3<br>LEI: 549300GWD2FYVWRWCZ90 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1536150.00   | 0.32%             | 2031-11-04      | Floating      | 7.82%                 | No            |                  3 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                        | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3421517.05   | 0.72%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                                      | Clover CLO 2021-3 LLC                                                            | CUSIP: 18915FAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    610000 | PA      | $599977.25    | 0.13%             | 2035-01-25      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc                                                | ABE INVESTMENT HOLDINGS                                                          | CUSIP: 37427UAQ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $148687.50    | 0.03%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                    | Voya CLO 2018-2 Ltd                                                              | CUSIP: 92917JAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    940000 | PA      | $927314.86    | 0.20%             | 2031-07-15      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                            | LIFEPOINT HEALTH INC                                                             | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    698075 | PA      | $686294.58    | 0.14%             | 2031-05-16      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                           | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    990000 | PA      | $938262.99    | 0.20%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Mountain View CLO Ltd                                           | Mountain View CLO IX Ltd                                                         | CUSIP: 62432BAU7<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $435705.14    | 0.09%             | 2031-07-15      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                         | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $3000613.85   | 0.63%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER                                           | IIP Operating Partnership LP                                                     | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1425451.74   | 0.30%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                          | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5309072.56   | 1.12%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PPM Clo, Ltd.                                                   | PPM CLO 8 Ltd                                                                    | CUSIP: 69382DAJ3<br>LEI: 254900DMFVRHGLYIFG95 | Long             | ABS-CBDO         | CORP              | KY        |   1210000 | PA      | $1191032.15   | 0.25%             | 2038-04-20      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                 | MVW 2021-1W LLC                                                                  | CUSIP: 55389TAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    216016 | PA      | $204955.86    | 0.04%             | 2041-01-22      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS AMERICAN AIRLINES GROUP INC                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-147884.68   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |     55766 | PA      | $55950.78     | 0.01%             | 2034-01-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA LLC/CO-ISSR                                         | Allen Media LLC / Allen Media Co-Issuer Inc                                      | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1730000 | PA      | $527650.00    | 0.11%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                           | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    950000 | PA      | $939293.88    | 0.20%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                          | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1630000 | PA      | $1625826.39   | 0.34%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                           | Bausch Health Cos Inc                                                            | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    655000 | PA      | $384098.33    | 0.08%             | 2030-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                                          | Bausch Health Americas Inc                                                       | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78076.00     | 0.02%             | 2026-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                         | Light & Wonder International Inc                                                 | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    270000 | PA      | $270301.32    | 0.06%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                               | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1919650.98   | 0.40%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                               | Magnetite XXXIX Ltd                                                              | CUSIP: 559923AE7<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |   1040000 | PA      | $1022713.90   | 0.22%             | 2037-01-25      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                          | RR Donnelley & Sons Co                                                           | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2109257.74   | 0.44%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                        | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2980000 | PA      | $3034703.86   | 0.64%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                          | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1093665.17   | 0.23%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2020-R01                                     | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $265146.75    | 0.06%             | 2040-01-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| BLOOM ENERGY CORP                                               | Bloom Energy Corp                                                                | CUSIP: 093712AL1<br>LEI: 549300XB5J9BFW5JXV97 | Long             | DBT              | CORP              | US        |    160000 | PA      | $191792.00    | 0.04%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                                                  | Ryan Specialty LLC                                                               | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    750000 | PA      | $741432.68    | 0.16%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                              | Banco Santander SA                                                               | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1200000 | PA      | $1358629.20   | 0.29%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                   | Ballyrock CLO 19 Ltd                                                             | CUSIP: 05876AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $979475.15    | 0.21%             | 2035-04-20      | Floating      | 11.38%                | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                                           | Bath & Body Works Inc                                                            | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2388951.60   | 0.50%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                           | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $906874.70    | 0.19%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                      | Verus Securitization Trust 2023-8                                                | CUSIP: 92540DAE5<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    930000 | PA      | $935404.04    | 0.20%             | 2068-12-25      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| Bear Mountain Park CLO, Ltd                                     | Bear Mountain Park CLO Ltd                                                       | CUSIP: 07403KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    980000 | PA      | $972318.51    | 0.20%             | 2037-07-15      | Floating      | 10.21%                | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                                | Ocean Trails CLO XII Ltd                                                         | CUSIP: 67515DBA5<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |    550000 | PA      | $550586.42    | 0.12%             | 2035-07-20      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                         | United Rentals North America Inc                                                 | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2534242.50   | 0.53%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                   | DISH DBS Corp                                                                    | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2327000 | PA      | $2025471.53   | 0.43%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP                                         | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |   2520000 | PA      | $2461914.00   | 0.52%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| VERICAST CORPORATION                                            | VERICAST CORP                                                                    | CUSIP: 92342KAD1<br>LEI: 549300J73P7FL8TVF308 | Long             | LON              | CORP              | US        |   1252655 | PA      | $1121126.22   | 0.24%             | 2026-06-16      | Floating      | 12.03%                | No            |                  2 | On Loan: No      |
| AIR CANADA                                                      | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |   1170000 | PA      | $1148992.64   | 0.24%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                           | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1820000 | PA      | $1194375.00   | 0.25%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                        | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   3280000 | PA      | $3340024.00   | 0.70%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                        | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                 | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2045766 | PA      | $1622547.97   | 0.34%             | 2030-03-06      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                                         | AMC Entertainment Holdings Inc                                                   | CUSIP: 00165AAH1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1649854.05   | 0.35%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                          | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1949292.95   | 0.41%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                                         | United Airlines 2020-1 Class B Pass Through Trust                                | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    172835 | PA      | $172251.68    | 0.04%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                                  | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |   2227938 | PA      | $72146.90     | 0.02%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                              | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4520354.76   | 0.95%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                                  | Barings CLO Ltd 2023-III                                                         | CUSIP: 067932AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $371746.26    | 0.08%             | 2036-10-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                          | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2595281.42   | 0.55%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                                    | Spirit Aviation Holdings Inc                                                     | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80264 | NS      | $670204.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                                     | BNP Paribas SA                                                                   | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    480000 | PA      | $496804.32    | 0.10%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                  | Bombardier Inc                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    370000 | PA      | $381485.91    | 0.08%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                           | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1801600.85   | 0.38%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                            | Range Resources Corp                                                             | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2049908.36   | 0.43%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                         | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1000000 | PA      | $864555.70    | 0.18%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                           | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAA7<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $998183.50    | 0.21%             | 2025-06-06      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                             | CLYDESDALE ACQUISITION HOLDINGS INC                                              | CUSIP: 18972FAF9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     13144 | PA      | $13054.03     | 0.00%             | 2032-04-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                             | NCL Corp Ltd                                                                     | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    590000 | PA      | $609433.42    | 0.13%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                           | Caesars Entertainment Inc                                                        | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2230000 | PA      | $2103712.31   | 0.44%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS NABORS INDUSTRIES INC                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-604401.86   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                        | Service Properties Trust                                                         | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   2690000 | PA      | $2633402.67   | 0.55%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                  | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4291044.00   | 0.90%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                        | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    290000 | PA      | $281593.80    | 0.06%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                         | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   3480000 | PA      | $3521812.62   | 0.74%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                                                 | NCL Finance Ltd                                                                  | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1430000 | PA      | $1420794.80   | 0.30%             | 2028-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARCTIC CANADIAN DIAMONDS                                        | ARCTIC CANADIAN DIAMONDS                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       871 | NS      | $25956.11     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Nexus Buyer LLC                                                 | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   1980062 | PA      | $1976904.24   | 0.42%             | 2031-07-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                           | Caesars Entertainment Inc                                                        | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    776000 | PA      | $778957.34    | 0.16%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Thermostat Purchaser III Inc                                    | THERMOSTAT PURCHASER III INC                                                     | CUSIP: 88366MAE4<br>LEI: 254900K7OD47ERJZN242 | Long             | LON              | CORP              | US        |   2458992 | PA      | $2454393.86   | 0.52%             | 2028-08-31      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                        | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1480000 | PA      | $1520936.80   | 0.32%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS TRANSOCEAN INC                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $483957.20    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN PRODUCTION                                              | PERMIAN PRODUCTION                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37916 | NS      | $24645.40     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                        | Diversified Healthcare Trust                                                     | CUSIP: 25525PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    166000 | PA      | $165802.76    | 0.03%             | 2025-06-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    710000 | PA      | $580303.16    | 0.12%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC                                         | DraftKings Holdings Inc                                                          | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $899987.11    | 0.19%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                             | Apex Credit CLO 2019-II Ltd                                                      | CUSIP: 03755CBJ2<br>LEI: 549300OKB854VBBC1981 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1076625.00   | 0.23%             | 2038-01-25      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                                   | CommScope LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1604000 | PA      | $1417737.14   | 0.30%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                | CIFC Funding 2021-I Ltd                                                          | CUSIP: 12563EAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498341.41    | 0.10%             | 2037-07-25      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                          | First Brands Group LLC                                                           | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1996800 | PA      | $1861666.56   | 0.39%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                            | BlueMountain CLO XXXI Ltd                                                        | CUSIP: 09631DAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    160000 | PA      | $155628.75    | 0.03%             | 2034-04-19      | Floating      | 11.06%                | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                                               | US Renal Care Inc                                                                | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |    693000 | PA      | $585585.00    | 0.12%             | 2028-06-28      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS AMERICAN AIRLINES GROUP INC                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-14785.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES                                         | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1420000 | PA      | $862873.48    | 0.18%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                             | Midocean Credit Clo VII                                                          | CUSIP: 59801WAJ5<br>LEI: 5493004MLF21SFT7F415 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502387.13    | 0.11%             | 2029-07-15      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                        | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4150000 | PA      | $4011085.39   | 0.84%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ACUSHNET CO                                                     | Acushnet Co                                                                      | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1367373.48   | 0.29%             | 2028-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ameriquest Mortgage Securities                                  | Ameriquest Mort Sec Inc Asset Bk Pass Thr Cert Ser 2002-C                        | CUSIP: 03072SDF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    696201 | PA      | $718903.62    | 0.15%             | 2032-11-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                           | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2048536.58   | 0.43%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                        | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4663566.80   | 0.98%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                        | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $627706.61    | 0.13%             | 2026-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                                 | Madison IAQ LLC                                                                  | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $286705.80    | 0.06%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                         | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   4700000 | PA      | $4667353.75   | 0.98%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS CDX.NA.HY.44.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $214307.28    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                             | Charles Schwab Corp/The                                                          | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    790000 | PA      | $690334.07    | 0.15%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2022-R01                                     | CUSIP: 20754LAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101990.34    | 0.02%             | 2041-12-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R                                         | Railworks Holdings LP / Railworks Rally Inc                                      | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1413973.32   | 0.30%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                        | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $512871.68    | 0.11%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                         | CREDIT SUISSE ESCROW CL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1010000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ACCELERATE360 HOLD LLC                                          | Mcclatchy Media Co LLC                                                           | CUSIP: 00456LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3115448 | PA      | $3314057.81   | 0.70%             | 2031-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                   | DISH DBS Corp                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1221901.02   | 0.26%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SPDR Bloomberg Short Term High Yield Bond ETF                   | SPDR Bloomberg Short Term High Yield Bond ETF                                    | CUSIP: 78468R408<br>LEI: 549300YI2V5ELVW58659 | Long             | EC               | RF                | US        |    192650 | NS      | $4814323.50   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ECHOSTAR CORP                                                   | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    498513 | PA      | $465138.95    | 0.10%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                        | Hess Midstream Operations LP                                                     | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1143348.18   | 0.24%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                 | CDS CARNIVAL CORP                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-58101.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNNOVA ENERGY CORP                                             | Sunnova Energy Corp                                                              | CUSIP: 86745GAF0<br>LEI: 549300TH3GCD8YQUDR46 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $421477.00    | 0.09%             | 2026-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                        | First Quantum Minerals Ltd                                                       | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1483095.15   | 0.31%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                                            | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |   1430000 | PA      | $1013660.51   | 0.21%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                          | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1702225.08   | 0.36%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                          | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $2077571.18   | 0.44%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                                 | Dcert Buyer Inc                                                                  | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |   1450000 | PA      | $1201687.50   | 0.25%             | 2029-02-19      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                            | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   4650000 | PA      | $5095916.40   | 1.07%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                              | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-1                    | CUSIP: 35563PW21<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $270831.36    | 0.06%             | 2063-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                         | United Rentals North America Inc                                                 | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2287183.44   | 0.48%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                                 | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1149593.07   | 0.24%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                           | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8600.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Accession Risk Management Group Inc (f/k/a RSC Acquisition Inc) | Accession Risk Mgmt Group                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    919766 | PA      | $919765.85    | 0.19%             | 2029-11-01      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Apex Credit CLO LLC                                             | Apex Credit CLO 2022-1 Ltd                                                       | CUSIP: 03753YAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    250000 | PA      | $249513.94    | 0.05%             | 2033-04-22      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INV CORP                                            | Two Harbors Investment Corp                                                      | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |    990000 | PA      | $977625.00    | 0.21%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                        | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1234421.78   | 0.26%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                   | DISH DBS Corp                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1010063.40   | 0.21%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Queen Mergerco, Inc                                             | QXO INC                                                                          | CUSIP: 07368RAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    808826 | PA      | $808971.59    | 0.17%             | 2032-04-29      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                  | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   3500000 | PA      | $3343861.99   | 0.70%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                         | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2540000 | PA      | $2725707.02   | 0.57%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                                       | Esab Corp                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2245096.35   | 0.47%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                        | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2710000 | PA      | $2596640.16   | 0.55%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-24

**Name of Applicant:** Legg Mason Partners Income Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer