Class R - With Sales Charge (POP) (%)
Month End
As of 10/31/2025
Fixed Income
LWSRX Western Asset Short Duration High Income Fund
- Current income. Seeks high current income through diversified exposure to short-term bonds.
- Experienced portfolio management team. Actively managed by a seasoned portfolio management team that leverages the global breadth of Western Asset's vast investment platform.
- Portfolio diversification. Can be used to help manage interest rate risk or to diversify a existing bond allocations.
Popular Documents
Total Net Assets
$521.20M
As of 10/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
Seeks high current income while minimizing interest rate volatility exposure via short duration, high income debt, including floating-rate instruments. Uses the global breadth of Western Asset's investment platform, fundamental value-oriented investment philosophy and a process that combines top down macro economic views with bottom up fundamental research. Income investors seeking high current income and lower sensitivity to rising interest rates may find this fund appropriate.
- Benchmark
- Bloomberg US High Yield 1-5 Year Cash Pay 2% Constrained Index
- Dividend Frequency, if any
- Monthly
- Fund Inception Date
- 09/02/1986
- Distribution Rate at NAV
4 As of 11/10/2025 (Updated Daily) - 6.94%
- Effective Duration
As of 10/31/2025 (Updated Monthly) - 1.92 Years
Identifiers
- Ticker
- LWSRX
- Fund Number
- 7129
- CUSIP Code
- 52470V608
Average Annual Total Returns As of 10/31/2025
Class R
- 7.32%1 Year
- 8.77%3 Years
- 5.58%5 Years
- 4.56%10 Years
- 3.42%Since Inception
01/31/2014
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 10/31/2025 % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 01/31/2014
- Investment Style
- Corporate Credit
- Lipper Classification
- Short High Yield Funds
- Morningstar Category
- High Yield Bond
Manager and Commentary
About the Team
Western Asset
Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.
Commentary Highlights
September 31, 2025- Markets: During the third quarter, volatility in both equity and Treasury markets remained relatively subdued. Risk assets performed well, with the S&P 500 Index reaching new highs and credit spreads tightening. US job growth weakened in August, with nonfarm payrolls rising by 22,000 jobs—lower than July’s upwardly revised figure of 79,000 (from 73,000). The Federal Open Market Committee lowered its policy rate by 25 bps at its September meeting, setting the target range for the federal funds rate at 4.00% to 4.25%.
- Contributors: An opportunistic allocation to emerging markets (EM) contributed to performance over the quarter.
- Detractors: An underweight to communications detracted from performance.
- Outlook: U.S. financial conditions are largely supportive, which, alongside fiscal loosening and solid household balance sheets, points toward a positive foundation for growth. Headwinds remain, including doubts over the state of the U.S. labor market, core inflation lingering close to 3% and the potential lagged impact of tariffs. This backdrop should keep the Federal Reserve on a rate-cutting path, albeit with a cautious view of the inflation outlook.
Latest Insights
October 30, 2025
October 30, 2025
October 13, 2025
October 7, 2025
Performance
Average Annual Total Returns
As of 10/31/2025
Selected Month October 2025
Class R - Without Sales Charge (NAV) (%)
Month End
As of 10/31/2025
Bloomberg US High Yield 1-5 Year Cash Pay 2% Constrained Index (%)
Month End
As of 10/31/2025
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
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Portfolio
Assets
As of10/31/2025 (Updated Monthly)
- Total Net Assets
- $521.20 Million
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 367
- Benchmark
- 1,259
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Cash Flow
- Fund
- 6.80%
- Benchmark
- —
- Fund
- 2.94 Years
- Benchmark
- 2.66 Years
- Fund
- 1.92 Years
- Benchmark
- —
Sector Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Consumer Cyclical | 21.16% |
Communications | 12.57% |
Finance | 9.95% |
Energy | 9.84% |
Structured | 9.31% |
Capital Goods | 8.69% |
Consumer Non-Cyclical | 8.56% |
Technology | 6.81% |
Transportation | 4.58% |
Basic Industry | 3.18% |
ETF | 1.86% |
Utility | 1.33% |
Industrial Other | 0.95% |
Emerging Markets Government | 0.22% |
Other | 0.00% |
Cash & Cash Equivalents | 0.98% |
Holdings
As of 09/30/2025 (Updated Monthly)
WA Premier Institutional Gover
ECHOSTAR CORP 10.7500% Mat 11/30/2029
AMERICAN AIRLINES INC SR SECUR 8.5000% Mat 05/15/2029
Venture Global 8.3750% Mat 06/01/2031
FIRST QUANTUM MINERALS LTD 9.3750% Mat 03/01/2029
LIFEPOINT HEALTH INC 11.0000% Mat 10/15/2030
CHS/COMMUNITY HEALTH SYS SR SE 10.8750% Mat 01/15/2032
CARNIVAL CORP 5.1250% Mat 05/01/2029
ISHARES 0-5 YEAR HIGH YIELD CO
SPDR Barclays Short Term High Yield Bond ETF
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- MonthlyThis fund is an Accrual fund.
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 6.94%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/22/2025
10/31/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
02/28/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Western Asset Short Duration High Income Fund | |||
| Product Commentary - Western Asset Short Duration High Income Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Western Asset Short Duration High Income Fund - Class R | |||
| Annual Financial Statements and Other Information - Western Asset Short Duration High Income Fund | |||
| Semi-Annual Report - Western Asset Short Duration High Income Fund - Class R | |||
| Semi-Annual Financial Statements and Other Information - Western Asset Short Duration High Income Fund | |||
| Prospectus - Western Asset Short Duration High Income Fund | |||
| Summary Prospectus - Western Asset Short Duration High Income Fund | |||
| Statement of Additional Information - Legg Mason Partners Income Trust Book 11 | |||
| Fiscal Q1 Holdings - Western Asset Short Duration High Income Fund | |||
| Fiscal Q3 Holdings - Western Asset Short Duration High Income Fund |
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. These and other risks are discussed in the fund’s prospectus.
Important Information
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Bloomberg U.S. High Yield 1-5 Yr Cash Pay 2% Constrained Index is an index that measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis. This index only allows issues with a remaining maturity of one to five years. Pay-in-kinds and partial pay-in-kinds are excluded.
Source: Bloomberg Indices.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.