# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001133228-26-003983
**Filing Date:** 2026-3
**Character Count:** 249514
**Document Hash:** 52b714b11f734e5605ccd533c8957337
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003983.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001133228-26-003983

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 26789291

**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           |

?xml version='1.0' encoding='ASCII'? 2026-02-18LMF5900_WesternAssetShortDurationHighIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-04254**

 **Legg Mason Partners Income Trust**

(Exact name of registrant as specified in charter)

**One Madison Avenue, 17th Floor, New York, NY 10010**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant's telephone number, including area code: **877-6LM-FUND/656-3863**

Date of fiscal year end: **July 31**

Date of reporting period: **January 31, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Short Duration High Income Fund**  | **Western Asset Short Duration High Income Fund**  |
| Class A [SHIAX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Short Duration High Income Fund for the period August 1, 2025, to January 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $49 | 0.95% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $545536863 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 390 |
| **Portfolio Turnover Rate** | 31% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6514img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Short Duration High Income Fund PAGE 1 7085-STSR-0326

16.016.013.59.79.28.56.35.44.63.62.31.61.30.80.21.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Short Duration High Income Fund**  | **Western Asset Short Duration High Income Fund**  |
| Class C [LWHIX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Short Duration High Income Fund for the period August 1, 2025, to January 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $85 | 1.66% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $545536863 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 390 |
| **Portfolio Turnover Rate** | 31% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6516img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Short Duration High Income Fund PAGE 1 7984-STSR-0326

16.016.013.59.79.28.56.35.44.63.62.31.61.30.80.21.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Short Duration High Income Fund**  | **Western Asset Short Duration High Income Fund**  |
| Class C1 [SHICX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Short Duration High Income Fund for the period August 1, 2025, to January 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C1 | $84 | 1.64% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $545536863 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 390 |
| **Portfolio Turnover Rate** | 31% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6515img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Short Duration High Income Fund PAGE 1 7243-STSR-0326

16.016.013.59.79.28.56.35.44.63.62.31.61.30.80.21.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Short Duration High Income Fund**  | **Western Asset Short Duration High Income Fund**  |
| Class R [LWSRX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Short Duration High Income Fund for the period August 1, 2025, to January 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $72 | 1.40% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $545536863 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 390 |
| **Portfolio Turnover Rate** | 31% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6518img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Short Duration High Income Fund PAGE 1 7129-STSR-0326

16.016.013.59.79.28.56.35.44.63.62.31.61.30.80.21.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Short Duration High Income Fund**  | **Western Asset Short Duration High Income Fund**  |
| Class I [SHIYX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Short Duration High Income Fund for the period August 1, 2025, to January 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class I | $36 | 0.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $545536863 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 390 |
| **Portfolio Turnover Rate** | 31% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6517img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Short Duration High Income Fund PAGE 1 7459-STSR-0326

16.016.013.59.79.28.56.35.44.63.62.31.61.30.80.21.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](imgfcb6abbf1.gif)

**Western Asset**

**Short Duration High Income Fund**

**Financial Statements and Other Important Information**

**Semi-Annual** \| January 31, 2026

![](img9f9048152.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** [<u>accessibility@franklintempleton.com</u>](mailto:accessibility@franklintempleton.com)**.**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_SOI-Header-SOI-3221_1) | **1** |
| [Statement of Assets and Liabilities](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_SAL-Header-SAL-3221_1) | **26** |
| [Statement of Operations](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_SOP-Header-SOP-3221_1) | **28** |
| [Statements of Changes in Net Assets](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_SOC-Header-SOC-3221_1) | **29** |
| [Financial Highlights](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_FH-Header-Financialhighlights-3221_1) | **30** |
| [Notes to Financial Statements](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_NTF-Header-Notestofinancialstatements-3221_1) | **35** |
| [Changes in and Disagreements with Accountants](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_TSR-TOCTSRDisclosures-3221_1) | **54** |
| [Results of Meeting(s) of Shareholders](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_TSR-TOCTSRDisclosures-3221_1) | **54** |
| [Remuneration Paid to Directors, Officers and Others](#xx_5ce5527a-96c0-4c4e-b099-0a2a4caf7c73_TSR-TOCTSRDisclosures-3221_1) | **54** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

January 31, 2026

 **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 — 76.9%** | **Corporate Bonds & Notes — 76.9%** | **Corporate Bonds & Notes — 76.9%** | **Corporate Bonds & Notes — 76.9%** | **Corporate Bonds & Notes — 76.9%** |
| **Communication Services — 11.7%** | **Communication Services — 11.7%** | **Communication Services — 11.7%** | **Communication Services — 11.7%** | **Communication Services — 11.7%** |
| Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% |
| Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 4470000<br>| &nbsp;&nbsp; $3249278<br> <sup>(a)</sup><br>|
| Altice France Lux 3/Altice Holdings 1, Senior <br> Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 483553<br> <sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 653226<br>| &nbsp;&nbsp; 670760<br> <sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 2035063<br>| &nbsp;&nbsp; 2002386<br> <sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 871159<br>| &nbsp;&nbsp; 851388<br> <sup>(a)</sup><br>|
| Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2680759<br> <sup>(a)</sup><br>|
| WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp; 1941747<br> <sup>(a)</sup><br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 11879871 |
| Entertainment — 0.9% | Entertainment — 0.9% | Entertainment — 0.9% | Entertainment — 0.9% | Entertainment — 0.9% |
| Allen Media LLC/Allen Media Co-Issuer Inc., <br> Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1730000<br>| &nbsp;&nbsp; 717950<br> <sup>(a)</sup><br>|
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp; 1489820<br> <sup>(a)</sup><br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2935000<br>| &nbsp;&nbsp; 2586469<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 4794239 |
| Media — 7.3% | Media — 7.3% | Media — 7.3% | Media — 7.3% | Media — 7.3% |
| AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 918234<br> <sup>(a)</sup><br>|
| American News Co. LLC, Senior Secured Notes <br> (11.000% Cash or 12.500% PIK) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 3416742<br>| &nbsp;&nbsp; 3826751<br> <sup>(a)(b)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp; 4684086<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1504953<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2694772<br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 777999<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp; 1126935<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp; 1997105<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC/DirecTV Financing <br> Co-Obligor Inc., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 1020580<br> <sup>(a)</sup><br>|
| DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 2327000<br>| &nbsp;&nbsp; 2280237<br>|
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp; 1303293<br> <sup>(a)</sup><br>|
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1162251<br> <sup>(a)</sup><br>|
| DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1708522<br> <sup>(a)</sup><br>|
| EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 6273000<br>| &nbsp;&nbsp; 6880008<br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 — continued | Media — continued | Media — continued | Media — continued | Media — continued |
| EchoStar Corp., Senior Secured Notes (6.750% <br> Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 517020<br>| &nbsp;&nbsp; $526837<br> <sup>(b)</sup><br>|
| Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 134385<br> <sup>(a)</sup><br>|
| Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 820836<br> <sup>(a)</sup><br>|
| Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp; 1681763<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 877690<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp; 1852657<br> <sup>(a)</sup><br>|
| Versant Media Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp; 1312582<br> <sup>(a)</sup><br>|
| Virgin Media Finance PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 349857<br> <sup>(a)</sup><br>|
| VZ Secured Financing BV, Senior Secured <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 702616<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 40144949 |
| 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% |
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 3540000<br>| &nbsp;&nbsp; 2583461<br> <sup>(a)</sup><br>|
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 3320000<br>| &nbsp;&nbsp; 2128591<br> <sup>(a)</sup><br>|
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 238097<br> <sup>(a)</sup><br>|
| Vmed O2 UK Financing I PLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 2240000<br>| &nbsp;&nbsp; 2187159<br> <sup>(a)</sup><br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 7137308 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **63956367** |
| **Consumer Discretionary — 14.2%** | **Consumer Discretionary — 14.2%** | **Consumer Discretionary — 14.2%** | **Consumer Discretionary — 14.2%** | **Consumer Discretionary — 14.2%** |
| Automobile Components — 3.0% | Automobile Components — 3.0% | Automobile Components — 3.0% | Automobile Components — 3.0% | Automobile Components — 3.0% |
| American Axle & Manufacturing Inc., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2928354<br>|
| American Axle & Manufacturing Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2080000<br>| &nbsp;&nbsp; 2123191<br> <sup>(a)</sup><br>|
| Clarios Global LP/Clarios US Finance Co., <br> Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 3280000<br>| &nbsp;&nbsp; 3433065<br> <sup>(a)</sup><br>|
| JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2704156<br> <sup>(a)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/14/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 204854<br> <sup>(c)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/23/30 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3411356<br> <sup>(a)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1281974<br> <sup>(a)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 478943<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 16565893 |
| Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1041119<br>|
| Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp; 1861541<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued |
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp; $5325502<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 8228162 |
| Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% |
| Adtalem Global Education Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1132000<br>| &nbsp;&nbsp; 1130254<br> <sup>(a)</sup><br>|
| Hotels, Restaurants & Leisure — 6.0% | Hotels, Restaurants & Leisure — 6.0% | Hotels, Restaurants & Leisure — 6.0% | Hotels, Restaurants & Leisure — 6.0% | Hotels, Restaurants & Leisure — 6.0% |
| Brightstar Lottery PLC/Brightstar Global <br> Solutions Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp; 1143779<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 5090000<br>| &nbsp;&nbsp; 5152049<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 258596<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 144085<br> <sup>(a)</sup><br>|
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co. Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1451396<br> <sup>(a)</sup><br>|
| Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2770000<br>| &nbsp;&nbsp; 2534550<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 153608<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp; 1085375<br>|
| Life Time Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp; 1343811<br> <sup>(a)</sup><br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 990583<br> <sup>(a)</sup><br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 1980000<br>| &nbsp;&nbsp; 1977102<br> <sup>(a)</sup><br>|
| MGM Resorts International, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp; 1147790<br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2760000<br>| &nbsp;&nbsp; 2768866<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 420380<br> <sup>(a)</sup><br>|
| Rivers Enterprise Lender LLC/Rivers Enterprise <br> Lender Corp., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp; 1919546<br> <sup>(a)</sup><br>|
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Millennium Operations LLC, <br> Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 806736<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4520551<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2134120<br> <sup>(a)</sup><br>|
| VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249956<br> <sup>(a)</sup><br>|
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2307914<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 32510793 |
| Household Durables — 1.0% | Household Durables — 1.0% | Household Durables — 1.0% | Household Durables — 1.0% | Household Durables — 1.0% |
| Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2063604<br> <sup>(a)</sup><br>|
| Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1318007<br> <sup>(a)</sup><br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp; 702934<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 |
| TopBuild Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; $1332116<br> <sup>(a)</sup><br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 5416661 |
| Specialty Retail — 2.5% | Specialty Retail — 2.5% | Specialty Retail — 2.5% | Specialty Retail — 2.5% | Specialty Retail — 2.5% |
| Academy Ltd., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 441970<br> <sup>(a)</sup><br>|
| Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2486425<br> <sup>(a)</sup><br>|
| Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp; 1527588<br> <sup>(a)</sup><br>|
| Michaels Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp; 1472671<br> <sup>(a)</sup><br>|
| Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 2880000<br>| &nbsp;&nbsp; 2850490<br> <sup>(a)</sup><br>|
| Petco Health & Wellness Co. Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp; 1324698<br> <sup>(a)(d)</sup><br>|
| Sally Holdings LLC/Sally Capital Inc., Senior <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 809090<br>|
| Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2590000<br>| &nbsp;&nbsp; 2569219<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 13482151 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **77333914** |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Primo Water Holdings Inc./Triton Water <br> Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp; 1131828<br> <sup>(a)</sup><br>|
| Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% |
| Simmons Foods Inc./Simmons Prepared <br> Foods Inc./Simmons Pet Food Inc./Simmons <br> Feed Ingredients Inc., Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp; 1311654<br> <sup>(a)</sup><br>|
| TKC Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1796000<br>| &nbsp;&nbsp; 1812949<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 3124603 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4256431** |
| **Energy — 9.3%** | **Energy — 9.3%** | **Energy — 9.3%** | **Energy — 9.3%** | **Energy — 9.3%** |
| Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% |
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 1830000<br>| &nbsp;&nbsp; 1862164<br> <sup>(a)</sup><br>|
| WBI Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1008095<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 2870259 |
| Oil, Gas & Consumable Fuels — 8.8% | Oil, Gas & Consumable Fuels — 8.8% | Oil, Gas & Consumable Fuels — 8.8% | Oil, Gas & Consumable Fuels — 8.8% | Oil, Gas & Consumable Fuels — 8.8% |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp; 1284537<br> <sup>(a)</sup><br>|
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 633399<br> <sup>(a)</sup><br>|
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2980000<br>| &nbsp;&nbsp; 3107106<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| 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 |
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; $328851<br> <sup>(a)</sup><br>|
| Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 989447<br> <sup>(a)</sup><br>|
| Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp; 2043396<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2977388<br> <sup>(a)</sup><br>|
| Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/5/29 | &nbsp;&nbsp; 3110000<br>| &nbsp;&nbsp; 2991453<br> <sup>(a)</sup><br>|
| Hess Midstream Operations LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp; 1162182<br> <sup>(a)</sup><br>|
| Hess Midstream Operations LP, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 156372<br> <sup>(a)</sup><br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior <br> Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1329416<br> <sup>(a)</sup><br>|
| New Generation Gas Gathering LLC, Senior <br> Secured Notes (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 9.410% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2648649<br>| &nbsp;&nbsp; 2754595<br> <sup>(a)(e)(f)(g)</sup><br>|
| Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1552485<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 514928<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3513612<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 646000<br>| &nbsp;&nbsp; 693398<br> <sup>(a)</sup><br>|
| Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 432976<br> <sup>(a)</sup><br>|
| Summit Midstream Holdings LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 543577<br> <sup>(a)</sup><br>|
| Sunoco LP, Junior Subordinated Notes (7.875% <br> to 9/18/30 then 5 year Treasury Constant <br> Maturity Rate + 4.230%) | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 2563000<br>| &nbsp;&nbsp; 2641530<br> <sup>(a)(g)(h)</sup><br>|
| Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp; 1268315<br> <sup>(a)</sup><br>|
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 591202<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp; 1467520<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1880000<br>| &nbsp;&nbsp; 2003131<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp; 1167947<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp; 5629057<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 834115<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 2820000<br>| &nbsp;&nbsp; 3093478<br> <sup>(a)</sup><br>|
| Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1999730<br> <sup>(a)</sup><br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 47705143 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **50575402** |

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 |
| **Financials — 9.0%** | **Financials — 9.0%** | **Financials — 9.0%** | **Financials — 9.0%** | **Financials — 9.0%** |
| Banks — 2.0% | Banks — 2.0% | Banks — 2.0% | Banks — 2.0% | Banks — 2.0% |
| Banco Santander SA, Junior Subordinated <br> Notes (9.625% to 11/21/33 then 5 year <br> Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; $1448848<br> <sup>(g)(h)</sup><br>|
| Bank of America Corp., Junior Subordinated <br> Notes (5.875% to 3/15/28 then 3 mo. Term <br> SOFR + 3.193%) | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; 698883<br> <sup>(g)(h)</sup><br>|
| BNP Paribas SA, Junior Subordinated Notes <br> (7.750% to 8/16/29 then 5 year Treasury <br> Constant Maturity Rate + 4.899%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/16/29 | &nbsp;&nbsp; 2520000<br>| &nbsp;&nbsp; 2677986<br> <sup>(a)(g)(h)</sup><br>|
| BNP Paribas SA, Junior Subordinated Notes <br> (8.000% to 8/22/31 then 5 year Treasury <br> Constant Maturity Rate + 3.727%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/22/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 524449<br> <sup>(a)(g)(h)</sup><br>|
| Citigroup Inc., Junior Subordinated Notes <br> (7.200% to 5/15/29 then 5 year Treasury <br> Constant Maturity Rate + 2.905%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1352802<br> <sup>(g)(h)</sup><br>|
| Lloyds Banking Group PLC, Junior Subordinated <br> Notes (8.000% to 3/27/30 then 5 year Treasury <br> Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp; 1607552<br> <sup>(g)(h)</sup><br>|
| Toronto-Dominion Bank, Junior Subordinated <br> Notes (8.125% to 10/31/27 then 5 year <br> Treasury Constant Maturity Rate + 4.075%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 10/31/82 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2410915<br> <sup>(g)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 10721435 |
| Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% |
| Charles Schwab Corp., Junior Subordinated <br> Notes (4.000% to 12/1/30 then 10 year <br> Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 741644<br> <sup>(g)(h)</sup><br>|
| Coinbase Global Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1050865<br> <sup>(a)</sup><br>|
| Credit Suisse AG AT1 Claim | —  | —  | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 0<br> \*<sup>(e)(f)(i)</sup><br>|
| StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 968711<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 2761220 |
| Consumer Finance — 0.7% | Consumer Finance — 0.7% | Consumer Finance — 0.7% | Consumer Finance — 0.7% | Consumer Finance — 0.7% |
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 2380000<br>| &nbsp;&nbsp; 2393011<br> <sup>(a)</sup><br>|
| Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp; 1183144<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 3576155 |
| Financial Services — 2.3% | Financial Services — 2.3% | Financial Services — 2.3% | Financial Services — 2.3% | Financial Services — 2.3% |
| Block Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1222018<br> <sup>(a)</sup><br>|
| Burford Capital Global Finance LLC, Senior <br> Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 851486<br> <sup>(a)</sup><br>|
| Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 483958<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; $650754<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp; 1777851<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 214002<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62436<br> <sup>(a)</sup><br>|
| NCR Atleos Corp., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1447492<br> <sup>(a)</sup><br>|
| Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1331725<br> <sup>(a)</sup><br>|
| VistaJet Malta Finance PLC/Vista Management <br> Holding Inc., Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp; 3851863<br> <sup>(a)</sup><br>|
| VistaJet Malta Finance PLC/Vista Management <br> Holding Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 949622<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 12843207 |
| Insurance — 1.5% | Insurance — 1.5% | Insurance — 1.5% | Insurance — 1.5% | Insurance — 1.5% |
| Acrisure LLC/Acrisure Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 482188<br> <sup>(a)</sup><br>|
| APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Investor 2 LLC, <br> Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 2440000<br>| &nbsp;&nbsp; 2478906<br> <sup>(a)</sup><br>|
| Asurion LLC and Asurion Co-Issuer Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 3740000<br>| &nbsp;&nbsp; 3910000<br> <sup>(a)</sup><br>|
| Asurion LLC and Asurion Co-Issuer Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp; 677973<br> <sup>(a)</sup><br>|
| Ryan Specialty LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 762869<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 8311936 |
| Mortgage Real Estate Investment Trusts (REITs) — 2.0% | Mortgage Real Estate Investment Trusts (REITs) — 2.0% | Mortgage Real Estate Investment Trusts (REITs) — 2.0% | Mortgage Real Estate Investment Trusts (REITs) — 2.0% | Mortgage Real Estate Investment Trusts (REITs) — 2.0% |
| Apollo Commercial Real Estate Finance Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 269191<br> <sup>(a)</sup><br>|
| Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp; 1666949<br> <sup>(a)</sup><br>|
| Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp; 1064588<br> <sup>(a)</sup><br>|
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 2710000<br>| &nbsp;&nbsp; 2688997<br> <sup>(a)</sup><br>|
| Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 2890000<br>| &nbsp;&nbsp; 3051473<br> <sup>(a)</sup><br>|
| Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp; 2026192<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; 10767390 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **48981343** |

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 |
| **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** |
| Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% |
| Medline Borrower LP/Medline Co-Issuer Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 2330000<br>| &nbsp;&nbsp; $2407730<br> <sup>(a)</sup><br>|
| Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% |
| Akumin Inc., Senior Secured Notes (9.000% <br> Cash or 8.000% Cash + 2.000% PIK)  | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp; 1289269<br> <sup>(a)(b)</sup><br>|
| CHS/Community Health Systems Inc., Secured <br> Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp; 1122888<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 4480000<br>| &nbsp;&nbsp; 4022061<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 4346000<br>| &nbsp;&nbsp; 4684067<br> <sup>(a)</sup><br>|
| LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1074085<br> <sup>(a)</sup><br>|
| LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 4650000<br>| &nbsp;&nbsp; 5076996<br> <sup>(a)</sup><br>|
| Sotera Health Holdings LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2528316<br> <sup>(a)</sup><br>|
| TEAM Services Holding Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp; 1210000<br> <sup>(a)(d)</sup><br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 3490000<br>| &nbsp;&nbsp; 3527571<br> <sup>(a)</sup><br>|
| U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 693000<br>| &nbsp;&nbsp; 594247<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; 25129500 |
| Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% |
| Avantor Funding Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2017720<br> <sup>(a)</sup><br>|
| Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% |
| 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2580000<br>| &nbsp;&nbsp; 2650336<br> <sup>(a)</sup><br>|
| Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp; 1925532<br> <sup>(a)</sup><br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 2779000<br>| &nbsp;&nbsp; 2781122<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 259760<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 2540000<br>| &nbsp;&nbsp; 2786957<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1148394<br>|
| Teva Pharmaceutical Finance Netherlands IV <br> BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 860026<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 12412127 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **41967077** |

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| **Industrials — 13.8%** | **Industrials — 13.8%** | **Industrials — 13.8%** | **Industrials — 13.8%** | **Industrials — 13.8%** |
| Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% |
| AAR Escrow Issuer LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp; $2009057<br> <sup>(a)</sup><br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 504920<br> <sup>(a)</sup><br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 259189<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 384574<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4291668<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2338411<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp; 1231876<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133845<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1302750<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 734971<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 13191261 |
| Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% |
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp; 1857325<br> <sup>(a)</sup><br>|
| Commercial Services & Supplies — 4.1% | Commercial Services & Supplies — 4.1% | Commercial Services & Supplies — 4.1% | Commercial Services & Supplies — 4.1% | Commercial Services & Supplies — 4.1% |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 Sarl, Senior <br> Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp; 1453553<br> <sup>(a)</sup><br>|
| CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 4230000<br>| &nbsp;&nbsp; 4433133<br>|
| GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp; 4803502<br>|
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2408977<br> <sup>(a)</sup><br>|
| Madison IAQ LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 296578<br> <sup>(a)</sup><br>|
| Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 2680000<br>| &nbsp;&nbsp; 2835892<br> <sup>(a)</sup><br>|
| Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp; 1162248<br> <sup>(a)</sup><br>|
| RB Global Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp; 1356375<br> <sup>(a)</sup><br>|
| RR Donnelley & Sons Co., Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp; 2278270<br> <sup>(a)</sup><br>|
| RR Donnelley & Sons Co., Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp; 1135244<br> <sup>(a)</sup><br>|
| Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 322785<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 22486557 |
| Construction & Engineering — 0.9% | Construction & Engineering — 0.9% | Construction & Engineering — 0.9% | Construction & Engineering — 0.9% | Construction & Engineering — 0.9% |
| Empire Communities Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 2520000<br>| &nbsp;&nbsp; 2607131<br> <sup>(a)</sup><br>|
| Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 2210000<br>| &nbsp;&nbsp; 2441681<br> <sup>(a)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 5048812 |
| Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% |
| Gates Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 707732<br> <sup>(a)</sup><br>|
| Ground Transportation — 0.8% | Ground Transportation — 0.8% | Ground Transportation — 0.8% | Ground Transportation — 0.8% | Ground Transportation — 0.8% |
| Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 2610000<br>| &nbsp;&nbsp; 2598129<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 |
| Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued |
| RXO Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp; $1512175<br> <sup>(a)</sup><br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 4110304 |
| Machinery — 1.4% | Machinery — 1.4% | Machinery — 1.4% | Machinery — 1.4% | Machinery — 1.4% |
| Columbus McKinnon Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 583419<br> <sup>(a)</sup><br>|
| Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2210000<br>| &nbsp;&nbsp; 2273608<br> <sup>(a)</sup><br>|
| Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp; 1808867<br> <sup>(a)</sup><br>|
| Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1306438<br>|
| Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1872308<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 7844640 |
| Passenger Airlines — 2.8% | Passenger Airlines — 2.8% | Passenger Airlines — 2.8% | Passenger Airlines — 2.8% | Passenger Airlines — 2.8% |
| Air Canada, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp; 1166242<br> <sup>(a)</sup><br>|
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 967736<br> <sup>(a)</sup><br>|
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 5590000<br>| &nbsp;&nbsp; 5836614<br> <sup>(a)</sup><br>|
| American Airlines Inc./AAdvantage Loyalty IP <br> Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp; 1304047<br> <sup>(a)</sup><br>|
| United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1490000<br>| &nbsp;&nbsp; 1506660<br> <sup>(d)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4497966<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 15279265 |
| Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% |
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 945165<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 952912<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 643602<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2563720<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 5105399 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **75631295** |
| **Information Technology — 3.8%** | **Information Technology — 3.8%** | **Information Technology — 3.8%** | **Information Technology — 3.8%** | **Information Technology — 3.8%** |
| Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% |
| Connect Finco SARL/Connect US Finco LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp; 1370776<br> <sup>(a)</sup><br>|
| Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; 1341846<br> <sup>(a)</sup><br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 2712622 |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 638240<br> <sup>(a)</sup><br>|
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 3150000<br>| &nbsp;&nbsp; 3371373<br> <sup>(a)</sup><br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4009613 |
| IT Services — 0.5% | IT Services — 0.5% | IT Services — 0.5% | IT Services — 0.5% | IT Services — 0.5% |
| APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 987994<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| IT Services — continued | IT Services — continued | IT Services — continued | IT Services — continued | IT Services — continued |
| CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; $1577157<br> <sup>(a)</sup><br>|
| CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 214172<br> <sup>(a)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 2779323 |
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |
| Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp; 1234156<br> <sup>(a)</sup><br>|
| Software — 1.6% | Software — 1.6% | Software — 1.6% | Software — 1.6% | Software — 1.6% |
| Citrix Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp; 1723693<br>|
| Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2770000<br>| &nbsp;&nbsp; 2800335<br> <sup>(a)</sup><br>|
| Cloud Software Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1691130<br> <sup>(a)</sup><br>|
| Cloud Software Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 844463<br> <sup>(a)</sup><br>|
| Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp; 1140329<br> <sup>(a)</sup><br>|
| Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 215427<br> <sup>(a)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 8415377 |
| 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% |
| Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 828028<br> <sup>(a)</sup><br>|
| Seagate Data Storage Technology Pte Ltd., <br> Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 649519<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; 1477547 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **20628638** |
| **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1221667<br>|
| Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 317286<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1538953 |
| Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% |
| Smyrna Ready Mix Concrete LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 391468<br> <sup>(a)</sup><br>|
| Metals & Mining — 2.8% | Metals & Mining — 2.8% | Metals & Mining — 2.8% | Metals & Mining — 2.8% | Metals & Mining — 2.8% |
| Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2592007<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 5080000<br>| &nbsp;&nbsp; 5335697<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 4660000<br>| &nbsp;&nbsp; 4900927<br> <sup>(a)</sup><br>|
| Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 2660000<br>| &nbsp;&nbsp; 2686456<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 15515087 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **17445508** |

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 |
| **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** |
| Diversified REITs — 1.1% | Diversified REITs — 1.1% | Diversified REITs — 1.1% | Diversified REITs — 1.1% | Diversified REITs — 1.1% |
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; $1467472<br>|
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 3.692% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 290000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 346545<br>|
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 516000<br>| &nbsp;&nbsp; 442828<br>|
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 653882<br> <sup>(a)</sup><br>|
| Uniti Group LP/Uniti Group Finance 2019 Inc./<br> CSL Capital LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2628411<br> <sup>(a)</sup><br>|
| Uniti Group LP/Uniti Group Finance 2019 Inc./<br> CSL Capital LLC, Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 403394<br> <sup>(a)(d)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 5942532 |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 415304<br>|
| Diversified Healthcare Trust, Senior Secured <br> Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp; 1062136<br> <sup>(a)</sup><br>|
| Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 1477440 |
| 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% |
| Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp; 2662172<br> <sup>(a)</sup><br>|
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 1991662<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 576839<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 2568501 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **12650645** |
| **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 2740000<br>| &nbsp;&nbsp; 2759459<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3364000<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **6123459** |
| **Total Corporate Bonds & Notes (Cost — $411,792,722)** | **Total Corporate Bonds & Notes (Cost — $411,792,722)** | **Total Corporate Bonds & Notes (Cost — $411,792,722)** | **Total Corporate Bonds & Notes (Cost — $411,792,722)** | &nbsp;&nbsp; **419550079** |
| **Senior Loans — 9.5%** | **Senior Loans — 9.5%** | **Senior Loans — 9.5%** | **Senior Loans — 9.5%** | **Senior Loans — 9.5%** |
| **Communication Services — 1.7%** | **Communication Services — 1.7%** | **Communication Services — 1.7%** | **Communication Services — 1.7%** | **Communication Services — 1.7%** |
| 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% |
| QualityTech LP, Term Loan (1 mo. Term SOFR + <br> 3.500%)  | 7.182% | &nbsp;&nbsp; 11/4/31 | &nbsp;&nbsp; 1528450<br>| &nbsp;&nbsp; 1532271<br> <sup>(f)(g)(j)(k)</sup><br>|
| Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% |
| UFC Holdings LLC, Term Loan B5 (3 mo. Term <br> SOFR + 2.000%)  | 5.868% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 1273600<br>| &nbsp;&nbsp; 1277809<br> <sup>(g)(j)(k)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% |
| X Corp., Term Loan B1 (6 mo. Term SOFR + <br> 6.750%) | 10.448% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 287775<br>| &nbsp;&nbsp; $287745<br> <sup>(g)(j)(k)</sup><br>|
| X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 1660000<br>| &nbsp;&nbsp; 1721005<br> <sup>(j)(k)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 2008750 |
| Media — 0.8% | Media — 0.8% | Media — 0.8% | Media — 0.8% | Media — 0.8% |
| CB Poly US Holdings Inc., Initial Term Loan (3 <br> mo. Term SOFR + 5.500%) | 9.172% | &nbsp;&nbsp; 5/18/29 | &nbsp;&nbsp; 1567350<br>| &nbsp;&nbsp; 1462048<br> <sup>(g)(j)(k)</sup><br>|
| Diamond Sports Net LLC, First Lien Exit Term <br> Loan (15.000% PIK) | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 2082637<br>| &nbsp;&nbsp; 601736<br> <sup>(b)(j)(k)</sup><br>|
| Learfield Communications LLC, 2024 Term Loan <br> B (1 mo. Term SOFR + 4.750%) | 8.422% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 1254528<br>| &nbsp;&nbsp; 1260173<br> <sup>(g)(j)(k)</sup><br>|
| Versant Media Group Inc., Initial Term Loan (3 <br> mo. Term SOFR + 3.500%) | 7.161% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 971213<br> <sup>(g)(j)(k)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 4295170 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **9114000** |
| **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** |
| Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% |
| ABC Technologies Inc., Term Loan B | 11.922% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 1737883<br>| &nbsp;&nbsp; 1737883<br> <sup>(e)(f)(g)(j)(k)</sup><br>|
| First Brands Group LLC, 2021 First Lien Term <br> Loan (1 mo. Term SOFR + 7.114%) | 10.814% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 614335<br>| &nbsp;&nbsp; 3431<br> <sup>(g)(j)(k)</sup><br>|
| First Brands Group LLC, DIP Roll Up Term Loan <br> (1 mo. Term SOFR + 7.000%) | 10.688% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 785622<br>| &nbsp;&nbsp; 6191<br> <sup>(g)(j)(k)</sup><br>|
| First Brands Group LLC, USD DIP Term Loan (1 <br> mo. Term SOFR + 10.000%) | 13.688% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 273572<br>| &nbsp;&nbsp; 41264<br> <sup>(g)(j)(k)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 1788769 |
| Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% |
| WW International Inc., Take-Back Term Loan (3 <br> mo. Term SOFR + 6.800%)  | 10.489% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 2335798<br>| &nbsp;&nbsp; 2079234<br> <sup>(g)(j)(k)(l)</sup><br>|
| Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% |
| Catawba Nation Gaming Authority, Initial Term <br> Loan B (3 mo. Term SOFR + 4.750%) | 8.417% | &nbsp;&nbsp; 3/29/32 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp; 1800700<br> <sup>(g)(j)(k)</sup><br>|
| Peninsula Pacific Entertainment LLC, Closing <br> Date Term Loan Facility B (3 mo. Term SOFR + <br> 4.750%) | 8.422% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 912083<br>| &nbsp;&nbsp; 918924<br> <sup>(f)(g)(j)(k)</sup><br>|
| Peninsula Pacific Entertainment LLC, Delayed <br> Draw Term Loan Facility B | —  | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 213917<br>| &nbsp;&nbsp; 215521<br> <sup>(f)(m)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 2935145 |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| Petco Health and Wellness Co. Inc., First Lien <br> Initial Term Loan (3 mo. Term SOFR + 3.512%) | 7.184% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 1278797<br>| &nbsp;&nbsp; 1278483<br> <sup>(g)(j)(k)(l)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Petco Health and Wellness Co. Inc., Term Loan <br> B | —  | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp; $1215863<br> <sup>(l)</sup><br>|
| Spencer Spirit IH LLC, Initial Term Loan (1 mo. <br> Term SOFR + 4.750%) | 8.424% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1203205<br>| &nbsp;&nbsp; 1209227<br> <sup>(g)(j)(k)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 3703573 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10506721** |
| **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%†† |
| Knight Health Holdings LLC, Term Loan B (1 mo. <br> Term SOFR + 5.364%)  | 9.036% | &nbsp;&nbsp; 12/23/28 | &nbsp;&nbsp; 186743<br>| &nbsp;&nbsp; **61703**<br> <sup>(g)(j)(k)</sup><br>|
| **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** |
| Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% |
| Blackhawk Network Holdings Inc., Term Loan B <br> (3 mo. Term SOFR + 4.000%)  | 7.672% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 896395<br>| &nbsp;&nbsp; 898448<br> <sup>(g)(j)(k)</sup><br>|
| Financial Services — 0.4% | Financial Services — 0.4% | Financial Services — 0.4% | Financial Services — 0.4% | Financial Services — 0.4% |
| Nexus Buyer LLC, Amendment No. 9 <br> Refinancing Term Loan (1 mo. Term SOFR + <br> 3.500%) | 7.172% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 1965212<br>| &nbsp;&nbsp; 1924394<br> <sup>(g)(j)(k)</sup><br>|
| Nexus Buyer LLC, Amendment No. 10 Term <br> Loan (1 mo. Term SOFR + 4.000%) | 7.672% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 329175<br>| &nbsp;&nbsp; 324855<br> <sup>(g)(j)(k)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 2249249 |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| Asurion LLC, New Term Loan B10 (1 mo. Term <br> SOFR + 4.100%)  | 7.772% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 1590639<br>| &nbsp;&nbsp; 1594616<br> <sup>(g)(j)(k)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **4742313** |
| **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** |
| Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% |
| Aveanna Healthcare LLC, 2025 Term Loan (1 <br> mo. Term SOFR + 3.750%) | 7.422% | &nbsp;&nbsp; 9/17/32 | &nbsp;&nbsp; 738150<br>| &nbsp;&nbsp; 738866<br> <sup>(g)(j)(k)</sup><br>|
| EyeCare Partners LLC, Term Loan B (4.730% <br> Cash and 3.610% PIK) | 8.340% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 1148482<br>| &nbsp;&nbsp; 460828<br> <sup>(b)(g)(j)(k)</sup><br>|
| Global Medical Response Inc., Initial Term Loan <br> (3 mo. Term SOFR + 3.500%) | 7.170% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp; 1275861<br> <sup>(g)(j)(k)</sup><br>|
| LifePoint Health Inc., Term Loan B (3 mo. Term <br> SOFR + 3.750%) | 7.422% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 692826<br>| &nbsp;&nbsp; 693585<br> <sup>(g)(j)(k)</sup><br>|
| TEAM Services Holding Inc., Term Loan | —  | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp; 1316700<br> <sup>(l)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 4485840 |

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Gainwell Acquisition Corp., Term Loan B (3 mo. <br> Term SOFR + 4.100%)  | 7.772% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 744125<br>| &nbsp;&nbsp; $714048<br> <sup>(g)(j)(k)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5199888** |
| **Industrials — 2.0%** | **Industrials — 2.0%** | **Industrials — 2.0%** | **Industrials — 2.0%** | **Industrials — 2.0%** |
| Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% |
| HP PHRG Borrower LLC, Closing Date Term <br> Loan (3 mo. Term SOFR + 4.000%)  | 7.672% | &nbsp;&nbsp; 2/20/32 | &nbsp;&nbsp; 995000<br>| &nbsp;&nbsp; 976344<br> <sup>(g)(j)(k)</sup><br>|
| Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% |
| DS Parent Inc., Term Loan B (3 mo. Term SOFR <br> + 5.500%) | 9.172% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1920750<br>| &nbsp;&nbsp; 1735878<br> <sup>(g)(j)(k)</sup><br>|
| LRS Holdings LLC, Term Loan B (1 mo. Term <br> SOFR + 4.364%) | 8.036% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 1125705<br>| &nbsp;&nbsp; 1114448<br> <sup>(g)(j)(k)</sup><br>|
| Pye Barker Fire & Safety LLC, Closing Date <br> Term Loan (3 mo. Term SOFR + 2.500%) | 6.206% | &nbsp;&nbsp; 12/16/32 | &nbsp;&nbsp; 652500<br>| &nbsp;&nbsp; 653587<br> <sup>(g)(j)(k)</sup><br>|
| Pye Barker Fire & Safety LLC, Initial Delayed <br> Draw Term Loan | —  | &nbsp;&nbsp; 12/16/32 | &nbsp;&nbsp; 97500<br>| &nbsp;&nbsp; 97662<br> <sup>(m)</sup><br>|
| Thermostat Purchaser III Inc., Initial Term Loan <br> B1 (3 mo. Term SOFR + 4.250%) | 7.922% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 1881919<br>| &nbsp;&nbsp; 1866271<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; 5467846 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Spirit Airlines LLC, Contingent DIP Facility | —  | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 1127890<br>| &nbsp;&nbsp; 225,578<br> \*<sup>(n)</sup><br>|
| Spirit Airlines LLC, New Money Term Loan (1 <br> mo. Term SOFR + 8.000%) | 11.680% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 463316<br>| &nbsp;&nbsp; 461868<br> <sup>(g)(j)(k)</sup><br>|
| Spirit Airlines LLC, Roll Up Term Loan | —  | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 974174<br>| &nbsp;&nbsp; 852402<br> <sup>(l)</sup><br>|
| Spirit Airlines LLC, Second New Money Term <br> Loan (1 mo. Term SOFR + 8.000%) | 11.680% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 114905<br>| &nbsp;&nbsp; 114546<br> <sup>(g)(j)(k)</sup><br>|
| Spirit Airlines LLC, Third DIP New Money Term <br> Loan (1 mo. Term SOFR + 8.000%) | 11.680% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 226942<br>| &nbsp;&nbsp; 226233<br> <sup>(g)(j)(k)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 1880627 |
| Professional Services — 0.5% | Professional Services — 0.5% | Professional Services — 0.5% | Professional Services — 0.5% | Professional Services — 0.5% |
| Dayforce Inc., Term Loan B | —  | &nbsp;&nbsp; 8/20/32 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp; 1588231<br> <sup>(l)</sup><br>|
| Ryan LLC, 2025 Refinancing Term Loan (1 mo. <br> Term SOFR + 3.500%) | 7.172% | &nbsp;&nbsp; 11/5/32 | &nbsp;&nbsp; 1074541<br>| &nbsp;&nbsp; 1063124<br> <sup>(g)(j)(k)</sup><br>|
| Total Professional Services | Total Professional Services | Total Professional Services | Total Professional Services | &nbsp;&nbsp; 2651355 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **10976172** |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| Software — 1.4% | Software — 1.4% | Software — 1.4% | Software — 1.4% | Software — 1.4% |
| DCert Buyer Inc., Second Lien Initial Term Loan <br> (1 mo. Term SOFR + 7.000%) | 10.672% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp; 1296539<br> <sup>(g)(j)(k)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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 |
| Software — continued | Software — continued | Software — continued | Software — continued | Software — continued |
| Magenta Security Holdings LLC, First Out Term <br> Loan (3 mo. Term SOFR + 7.010%) | 10.677% | &nbsp;&nbsp; 7/27/28 | &nbsp;&nbsp; 52657<br>| &nbsp;&nbsp; $42257<br> <sup>(g)(j)(k)</sup><br>|
| Red Planet Borrower LLC, Initial Term Loan (1 <br> mo. Term SOFR + 4.000%) | 7.672% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp; 858052<br> <sup>(g)(j)(k)</sup><br>|
| Starlight Parent LLC, Term Loan (3 mo. Term <br> SOFR + 4.000%) | 7.701% | &nbsp;&nbsp; 4/16/32 | &nbsp;&nbsp; 2673300<br>| &nbsp;&nbsp; 2486169<br> <sup>(f)(g)(j)(k)</sup><br>|
| X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 2845700<br>| &nbsp;&nbsp; 3089961<br> <sup>(j)(k)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 7772978 |
| Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† |
| Vericast Corp., 2024 Extended Term Loan (6 mo. <br> Term SOFR + 7.750%)  | 11.622% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 58701<br>| &nbsp;&nbsp; 57111<br> <sup>(g)(j)(k)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7830089** |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| Hexion Holdings Corp., 2024 Refinancing Term <br> Loan (1 mo. Term SOFR + 4.000%)  | 7.671% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1282776<br>| &nbsp;&nbsp; 1259128<br> <sup>(g)(j)(k)(l)</sup><br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Clydesdale Acquisition Holdings Inc., 2025 <br> Incremental Closing Date Term Loan B (1 mo. <br> Term SOFR + 3.250%)  | 6.922% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 759023<br>| &nbsp;&nbsp; 756180<br> <sup>(g)(j)(k)</sup><br>|
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| Arctic Canadian Diamond Co. Ltd., Second Lien <br> Term Loan (3 mo. CORRA + 2.000%)  | 4.258% | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 903713<br>| &nbsp;&nbsp; 417113<br> <sup>(e)(f)(g)(j)(k)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2432421** |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| Talen Energy Supply LLC, 2025 Incremental <br> Term Loan B (3 mo. Term SOFR + 2.000%)  | 5.672% | &nbsp;&nbsp; 11/25/32 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; **821230**<br> <sup>(g)(j)(k)</sup><br>|
| **Total Senior Loans (Cost — $55,726,548)** | **Total Senior Loans (Cost — $55,726,548)** | **Total Senior Loans (Cost — $55,726,548)** | **Total Senior Loans (Cost — $55,726,548)** | &nbsp;&nbsp; **51684537** |
| **Asset-Backed Securities — 6.4%** | **Asset-Backed Securities — 6.4%** | **Asset-Backed Securities — 6.4%** | **Asset-Backed Securities — 6.4%** | **Asset-Backed Securities — 6.4%** |
| 720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR <br> + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp; 1248523<br> <sup>(a)(g)</sup><br>|
| Abry Liquid Credit CLO Ltd., 2025-2A D (3 mo. <br> Term SOFR + 3.150%) | &nbsp;&nbsp; 6.835% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 885591<br> <sup>(a)(g)</sup><br>|
| AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR <br> + 2.400%) | &nbsp;&nbsp; 6.068% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 237973<br> <sup>(a)(g)</sup><br>|
| Ameriquest Mortgage Securities Inc., Asset-<br> Backed Pass-Through Certificates, 2002-C M1 <br> (1 mo. Term SOFR + 3.489%) | &nbsp;&nbsp; 7.162% | &nbsp;&nbsp; 11/25/32 | &nbsp;&nbsp; 642944<br>| &nbsp;&nbsp; 687141<br> <sup>(g)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| AMMC CLO Ltd., 2024-30A D1R (3 mo. Term <br> SOFR + 2.650%) | &nbsp;&nbsp; 6.310% | &nbsp;&nbsp; 4/15/39 | &nbsp;&nbsp; 750000<br>&nbsp;&nbsp; $750750<br> <sup>(a)(d)(g)</sup><br>|
| Apex Credit CLO LLC, 2021-2A CR (3 mo. Term <br> SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 460000<br>&nbsp;&nbsp; 461065<br> <sup>(a)(g)</sup><br>|
| Apex Credit CLO Ltd., 2019-2A D1NR (3 mo. <br> Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1100000<br>&nbsp;&nbsp; 1102037<br> <sup>(a)(g)</sup><br>|
| Apex Credit CLO Ltd., 2020-1A DRR (3 mo. Term <br> SOFR + 4.320%) | &nbsp;&nbsp; 7.988% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 560000<br>&nbsp;&nbsp; 560008<br> <sup>(a)(g)</sup><br>|
| Apidos CLO Ltd., XXXA CR (3 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 750000<br>&nbsp;&nbsp; 754010<br> <sup>(a)(g)</sup><br>|
| Bain Capital Credit CLO Ltd., 2019-1A DR2 (3 <br> mo. Term SOFR + 3.100%) | &nbsp;&nbsp; 6.768% | &nbsp;&nbsp; 4/19/34 | &nbsp;&nbsp; 850000<br>&nbsp;&nbsp; 850000<br> <sup>(a)(g)</sup><br>|
| Bain Capital Credit CLO Ltd., 2021-4A D (3 mo. <br> Term SOFR + 3.362%) | &nbsp;&nbsp; 7.029% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 400000<br>&nbsp;&nbsp; 396833<br> <sup>(a)(g)</sup><br>|
| Bear Mountain Park CLO Ltd., 2022-1A ER (3 <br> mo. Term SOFR + 5.950%) | &nbsp;&nbsp; 9.622% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 980000<br>&nbsp;&nbsp; 981720<br> <sup>(a)(g)</sup><br>|
| Black Diamond CLO Ltd., 2021-1A CR (3 mo. <br> Term SOFR + 3.900%) | &nbsp;&nbsp; 7.569% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 990000<br>&nbsp;&nbsp; 995888<br> <sup>(a)(g)</sup><br>|
| Capital Four US CLO Ltd., 2021-1A DR (3 mo. <br> Term SOFR + 3.250%) | &nbsp;&nbsp; 6.910% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 1050000<br>&nbsp;&nbsp; 1055436<br> <sup>(a)(d)(g)</sup><br>|
| Capital Four US CLO Ltd., 2025-4A D1 (3 mo. <br> Term SOFR + 3.250%) | &nbsp;&nbsp; 7.008% | &nbsp;&nbsp; 10/18/38 | &nbsp;&nbsp; 870000<br>&nbsp;&nbsp; 868669<br> <sup>(a)(g)</sup><br>|
| CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR <br> + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 930000<br>&nbsp;&nbsp; 934023<br> <sup>(a)(g)</sup><br>|
| CIFC Funding Ltd., 2021-1A D1R (3 mo. Term <br> SOFR + 3.150%) | &nbsp;&nbsp; 6.818% | &nbsp;&nbsp; 7/25/37 | &nbsp;&nbsp; 500000<br>&nbsp;&nbsp; 503877<br> <sup>(a)(g)</sup><br>|
| Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR <br> + 2.550%) | &nbsp;&nbsp; 6.218% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 610000<br>&nbsp;&nbsp; 610804<br> <sup>(a)(g)</sup><br>|
| Dryden CLO Ltd., 2022-113A D1R3 (3 mo. Term <br> SOFR + 3.000%) | &nbsp;&nbsp; 6.672% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 870000<br>&nbsp;&nbsp; 871431<br> <sup>(a)(g)</sup><br>|
| Galaxy CLO Ltd., 2016-22A DR4 (3 mo. Term <br> SOFR + 2.500%) | &nbsp;&nbsp; 6.160% | &nbsp;&nbsp; 4/16/34 | &nbsp;&nbsp; 1020000<br>&nbsp;&nbsp; 1021732<br> <sup>(a)(d)(g)</sup><br>|
| Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term <br> SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 500000<br>&nbsp;&nbsp; 503403<br> <sup>(a)(g)</sup><br>|
| GSAA Home Equity Trust, 2006-5 2A3 (1 mo. <br> Term SOFR + 0.654%) | &nbsp;&nbsp; 4.327% | &nbsp;&nbsp; 3/25/36 | &nbsp;&nbsp; 1483008<br>&nbsp;&nbsp; 671936<br> <sup>(g)</sup><br>|
| Hartwick Park CLO Ltd., 2023-1A ER (3 mo. <br> Term SOFR + 4.850%) | &nbsp;&nbsp; 8.518% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 760000<br>&nbsp;&nbsp; 761785<br> <sup>(a)(g)</sup><br>|
| Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term <br> SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 710000<br>&nbsp;&nbsp; 711652<br> <sup>(a)(g)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Jamestown CLO Ltd., 2021-17A DR (3 mo. Term <br> SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 1100000<br>&nbsp;&nbsp; $1103074<br> <sup>(a)(g)</sup><br>|
| Magnetite Ltd., 2019-22A DRR (3 mo. Term <br> SOFR + 2.900%) | &nbsp;&nbsp; 6.572% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 520000<br>&nbsp;&nbsp; 520905<br> <sup>(a)(g)</sup><br>|
| Magnetite Ltd., 2023-39A E1R (3 mo. Term <br> SOFR + 4.900%) | &nbsp;&nbsp; 8.568% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 703558<br>&nbsp;&nbsp; 709605<br> <sup>(a)(g)</sup><br>|
| Marble Point CLO Ltd., 2021-4A D1R (3 mo. <br> Term SOFR + 3.300%) | &nbsp;&nbsp; 6.969% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 1250000<br>&nbsp;&nbsp; 1253489<br> <sup>(a)(g)</sup><br>|
| Mountain View CLO Ltd., 2015-9A CR (3 mo. <br> Term SOFR + 3.382%) | &nbsp;&nbsp; 7.054% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 440000<br>&nbsp;&nbsp; 441674<br> <sup>(a)(g)</sup><br>|
| MVW LLC, 2021-1WA C | &nbsp;&nbsp; 1.940% | &nbsp;&nbsp; 1/22/41 | &nbsp;&nbsp; 161317<br>&nbsp;&nbsp; 156819<br> <sup>(a)</sup><br>|
| New Mountain CLO Ltd., 5A D1R (3 mo. Term <br> SOFR + 3.150%) | &nbsp;&nbsp; 6.818% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 710000<br>&nbsp;&nbsp; 715022<br> <sup>(a)(g)</sup><br>|
| Ocean Trails CLO Ltd., 2020-10A DR2 (3 mo. <br> Term SOFR + 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 1390000<br>&nbsp;&nbsp; 1400221<br> <sup>(a)(g)</sup><br>|
| Ocean Trails CLO Ltd., 2022-12A D1R (3 mo. <br> Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 550000<br>&nbsp;&nbsp; 551552<br> <sup>(a)(g)</sup><br>|
| OHA Credit Funding Ltd., 2022-11A D1R (3 mo. <br> Term SOFR + 2.850%) | &nbsp;&nbsp; 6.518% | &nbsp;&nbsp; 7/19/37 | &nbsp;&nbsp; 710000<br>&nbsp;&nbsp; 713839<br> <sup>(a)(g)</sup><br>|
| Palmer Square Loan Funding Ltd., 2022-3A CR <br> (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.672% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 730000<br>&nbsp;&nbsp; 734568<br> <sup>(a)(g)</sup><br>|
| Palmer Square Loan Funding Ltd., 2024-1A C (3 <br> mo. Term SOFR + 2.550%) | &nbsp;&nbsp; 6.222% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000<br>&nbsp;&nbsp; 502532<br> <sup>(a)(g)</sup><br>|
| Palmer Square Loan Funding Ltd., 2024-3A C (3 <br> mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 6.815% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 900000<br>&nbsp;&nbsp; 904011<br> <sup>(a)(g)</sup><br>|
| Palmer Square Loan Funding Ltd., 2024-3A CR <br> (3 mo. Term SOFR + 1.850%) | &nbsp;&nbsp; 5.510% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 750000<br>&nbsp;&nbsp; 750563<br> <sup>(a)(d)(g)</sup><br>|
| Point Au Roche Park CLO Ltd., 2021-1A D1R (3 <br> mo. Term SOFR + 2.450%) | &nbsp;&nbsp; 6.110% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 900000<br>&nbsp;&nbsp; 900900<br> <sup>(a)(d)(g)</sup><br>|
| PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 1010101<br>&nbsp;&nbsp; 1017107<br> <sup>(a)(g)</sup><br>|
| RR Ltd., 2021-18A DR (3 mo. Term SOFR + <br> 4.900%) | &nbsp;&nbsp; 8.572% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 1040000<br>&nbsp;&nbsp; 1050746<br> <sup>(a)(g)</sup><br>|
| Structured Asset Securities Corp. Trust, 2005-<br> SC1 1A2 | &nbsp;&nbsp; 6.343% | &nbsp;&nbsp; 5/25/31 | &nbsp;&nbsp; 840442<br>&nbsp;&nbsp; 577136<br> <sup>(a)(g)</sup><br>|
| TICP CLO Ltd., 2017-7A DR (3 mo. Term SOFR + <br> 3.462%) | &nbsp;&nbsp; 7.134% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 790000<br>&nbsp;&nbsp; 790181<br> <sup>(a)(g)</sup><br>|
| Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + <br> 3.012%) | &nbsp;&nbsp; 6.684% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 940000<br>&nbsp;&nbsp; 943619<br> <sup>(a)(g)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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** |
| Voya CLO Ltd., 2020-3A D1RR (3 mo. Term <br> SOFR + 2.700%) | &nbsp;&nbsp; 6.370% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; $551682<br> <sup>(a)(g)</sup><br>|
| **Total Asset-Backed Securities (Cost — $35,365,324)** | **Total Asset-Backed Securities (Cost — $35,365,324)** | **Total Asset-Backed Securities (Cost — $35,365,324)** | **Total Asset-Backed Securities (Cost — $35,365,324)** | &nbsp;&nbsp; **34715532** |
| **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.7%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.7%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.7%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.7%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.7%** |
| BX Commercial Mortgage Trust, 2019-IMC F (1 <br> mo. Term SOFR + 2.946%) | &nbsp;&nbsp; 6.626% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp; 2407099<br> <sup>(a)(g)</sup><br>|
| CEDR Commercial Mortgage Trust, 2022-SNAI <br> D (1 mo. Term SOFR + 2.376%) | &nbsp;&nbsp; 6.056% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1771240<br> <sup>(a)(g)</sup><br>|
| Eagle RE Ltd., 2023-1 M2 (30 Day Average <br> SOFR + 5.200%) | &nbsp;&nbsp; 8.897% | &nbsp;&nbsp; 9/26/33 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp; 975900<br> <sup>(a)(g)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2021-DNA5 B1 (30 Day Average SOFR + <br> 3.050%) | &nbsp;&nbsp; 6.747% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 840470<br> <sup>(a)(g)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2021-DNA5 M2 (30 Day Average SOFR + <br> 1.650%) | &nbsp;&nbsp; 5.347% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 32848<br>| &nbsp;&nbsp; 32974<br> <sup>(a)(g)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Seasoned Credit Risk Transfer Trust, 2019-1 M | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/25/58 | &nbsp;&nbsp; 664424<br>| &nbsp;&nbsp; 655418<br> <sup>(a)(g)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Seasoned Credit Risk Transfer Trust, 2020-1 M | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/25/59 | &nbsp;&nbsp; 929437<br>| &nbsp;&nbsp; 907817<br> <sup>(a)(g)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Seasoned Credit Risk Transfer Trust, 2024-1 M | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/25/63 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 282537<br> <sup>(a)(g)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2019-R05 1B1 (30 Day <br> Average SOFR + 4.214%) | &nbsp;&nbsp; 7.912% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; 821489<br>| &nbsp;&nbsp; 832425<br> <sup>(a)(g)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2020-R01 1B1 (30 Day <br> Average SOFR + 3.364%) | &nbsp;&nbsp; 7.062% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 265158<br> <sup>(a)(g)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2021-R01 1B1 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 6.797% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 527961<br> <sup>(a)(g)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2022-R01 1B1 (30 Day <br> Average SOFR + 3.150%) | &nbsp;&nbsp; 6.847% | &nbsp;&nbsp; 12/25/41 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101918<br> <sup>(a)(g)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2022-R05 2B2 (30 Day <br> Average SOFR + 7.000%) | &nbsp;&nbsp; 10.697% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 991877<br> <sup>(a)(g)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **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>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** |
| Federal National Mortgage Association <br> (FNMA) — CAS, 2024-R01 1B1 (30 Day <br> Average SOFR + 2.700%) | &nbsp;&nbsp; 6.397% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; $289372<br> <sup>(a)(g)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2025-R02 1B1 (30 Day <br> Average SOFR + 1.950%) | &nbsp;&nbsp; 5.647% | &nbsp;&nbsp; 2/25/45 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 272841<br> <sup>(a)(g)</sup><br>|
| GS Mortgage Securities Trust, 2014-GC24 B | &nbsp;&nbsp; 4.497% | &nbsp;&nbsp; 9/10/47 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp; 2110630<br> <sup>(g)</sup><br>|
| LHOME Mortgage Trust, 2024-RTL4 M1 | &nbsp;&nbsp; 7.792% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1220903<br> <sup>(a)(g)</sup><br>|
| LHOME Mortgage Trust, 2025-RTL1 M1 | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 692365<br> <sup>(a)(g)</sup><br>|
| NYC Commercial Mortgage Trust, 2025-28L F | &nbsp;&nbsp; 8.130% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 614829<br> <sup>(a)(g)</sup><br>|
| NYC Commercial Mortgage Trust, 2025-28L G | &nbsp;&nbsp; 9.321% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1418515<br> <sup>(a)(g)</sup><br>|
| ONE Mortgage Trust, 2021-PARK E (1 mo. Term <br> SOFR + 1.864%) | &nbsp;&nbsp; 5.544% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2096274<br> <sup>(a)(g)</sup><br>|
| ROCK Trust, 2024-CNTR E | &nbsp;&nbsp; 8.819% | &nbsp;&nbsp; 11/13/41 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2238062<br> <sup>(a)</sup><br>|
| SMRT, 2022-MINI F (1 mo. Term SOFR + <br> 3.350%) | &nbsp;&nbsp; 7.031% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp; 2026446<br> <sup>(a)(g)</sup><br>|
| Verus Securitization Trust, 2023-8 B1 | &nbsp;&nbsp; 8.072% | &nbsp;&nbsp; 12/25/68 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 944810<br> <sup>(a)(g)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, 2015-<br> C28 D | &nbsp;&nbsp; 4.137% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 921777<br>| &nbsp;&nbsp; 888141<br> <sup>(g)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $25,137,421)** | **Total Collateralized Mortgage Obligations (Cost — $25,137,421)** | **Total Collateralized Mortgage Obligations (Cost — $25,137,421)** | **Total Collateralized Mortgage Obligations (Cost — $25,137,421)** | &nbsp;&nbsp; **25405982** |
|  |  |  | Shares |  |
| **Investments in Underlying Funds — 1.5%** | **Investments in Underlying Funds — 1.5%** | **Investments in Underlying Funds — 1.5%** | **Investments in Underlying Funds — 1.5%** | **Investments in Underlying Funds — 1.5%** |
| iShares Trust — iShares 0-5 Year High Yield <br> Corporate Bond ETF |  |  | &nbsp;&nbsp; 81400<br>| &nbsp;&nbsp; 3508340<br>|
| SPDR Series Trust — State Street SPDR <br> Bloomberg Short Term High Yield Bond ETF |  |  | &nbsp;&nbsp; 192650<br>| &nbsp;&nbsp; 4899089<br>|
| **Total Investments in Underlying Funds (Cost — $8,381,220)** | **Total Investments in Underlying Funds (Cost — $8,381,220)** | **Total Investments in Underlying Funds (Cost — $8,381,220)** | **Total Investments in Underlying Funds (Cost — $8,381,220)** | &nbsp;&nbsp; **8407429** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** |
| **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% |
| EchoStar Corp., Senior Secured Notes (3.875% <br> Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 131066<br>| &nbsp;&nbsp; **454880**<br> <sup>(b)</sup><br>|
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% |
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; **320960**<br>|

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual 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 |
| **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% |
| AeroVironment Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; $813165<br>|
| BWX Technologies Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 403065<br> <sup>(a)</sup><br>|
| Voyager Technologies Inc., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 173530<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1389760** |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% |
| Terawulf Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 594153<br> <sup>(a)</sup><br>|
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Super Micro Computer Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 783000<br>| &nbsp;&nbsp; 717502<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1311655** |
| **Total Convertible Bonds & Notes (Cost — $3,293,269)** | **Total Convertible Bonds & Notes (Cost — $3,293,269)** | **Total Convertible Bonds & Notes (Cost — $3,293,269)** | **Total Convertible Bonds & Notes (Cost — $3,293,269)** | &nbsp;&nbsp; **3477255** |
| **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% |
| Argentine Republic Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 87094<br>| &nbsp;&nbsp; 76904<br>|
| Argentine Republic Government International <br> Bond, Senior Notes, Step bond (0.750% to <br> 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 446693<br>| &nbsp;&nbsp; 379019<br>|
| Argentine Republic Government International <br> Bond, Senior Notes, Step bond (4.125% to <br> 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 953791<br>| &nbsp;&nbsp; 740142<br>|
| **Total Sovereign Bonds (Cost — $969,674)** | **Total Sovereign Bonds (Cost — $969,674)** | **Total Sovereign Bonds (Cost — $969,674)** | **Total Sovereign Bonds (Cost — $969,674)** | &nbsp;&nbsp; **1196065** |
|  |  |  | Shares/Units |  |
| **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| Altice France Luxco | Altice France Luxco |  | &nbsp;&nbsp; 37255 | &nbsp;&nbsp; **712,083**<br> \*<br>|
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% |
| WW International Inc. | WW International Inc. |  | &nbsp;&nbsp; 14399 | &nbsp;&nbsp; **291,580**<br> \*<br>|
| **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%†† |
| Permian Production Partners LLC | Permian Production Partners LLC |  | &nbsp;&nbsp; 37916 | &nbsp;&nbsp; **0**<br> \*<sup>(e)(f)(i)</sup><br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Spirit Airlines LLC | Spirit Airlines LLC |  | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 140<br> \*<sup>(e)(p)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Short Duration High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares/Units | Value |
| Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued |
| Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 80264 | &nbsp;&nbsp; $24,079<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **24219** |
| **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%†† |
| Arctic Canadian Diamond Co. Ltd. | Arctic Canadian Diamond Co. Ltd. |  | &nbsp;&nbsp; 871 | &nbsp;&nbsp; **13,325**<br> \*<sup>(e)(f)</sup><br>|
| **Total Common Stocks (Cost — $1,809,472)** | **Total Common Stocks (Cost — $1,809,472)** | **Total Common Stocks (Cost — $1,809,472)** | **Total Common Stocks (Cost — $1,809,472)** | &nbsp;&nbsp; **1041207**<br>|
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† |
| Altice France Luxco (Cost — $0) |  | —  | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; **34,993**<br> \*<br>|
|  |  |  | Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Spirit Airlines LLC (Cost — $694,222) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 57028<br>| &nbsp;&nbsp; **17,108**<br> \*<sup>(a)(e)(p)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $543,169,872)** | **Total Investments before Short-Term Investments (Cost — $543,169,872)** | **Total Investments before Short-Term Investments (Cost — $543,169,872)** | **Total Investments before Short-Term Investments (Cost — $543,169,872)** | &nbsp;&nbsp; **545530187** |
|  | 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%** |
| Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $5,567,523)  | &nbsp;&nbsp; 3.639% |  | &nbsp;&nbsp; 5567523<br>| &nbsp;&nbsp; **5567523**<br> <sup>(q)(r)</sup><br>|
| **Total Investments — 101.0% (Cost — $548,737,395)** | **Total Investments — 101.0% (Cost — $548,737,395)** | **Total Investments — 101.0% (Cost — $548,737,395)** | **Total Investments — 101.0% (Cost — $548,737,395)** | &nbsp;&nbsp; **551097710** |
| Liabilities in Excess of Other Assets — (1.0)% | Liabilities in Excess of Other Assets — (1.0)% | Liabilities in Excess of Other Assets — (1.0)% | Liabilities in Excess of Other Assets — (1.0)% | &nbsp;&nbsp; (5560847)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$545536863** |

---

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

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Short Duration High Income Fund**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | 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 <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> 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 <br> payments in cash or additional securities. <br>|
| <sup>(c)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to <br> securities offerings that are made outside of the United States and do not involve direct selling efforts in the <br> United States. This security has been deemed liquid pursuant to guidelines approved by the 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 <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> 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 <br> multiple contracts under the same loan.<br>|
| <sup>(k)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval <br> from the agent bank and/or borrower prior to the disposition of a senior loan. <br>|
| <sup>(l)</sup> | All or a portion of this loan has not settled as of January 31, 2026. Interest rates are not effective until settlement <br> date. Interest rates shown, if any, are for the settled portion of the loan.<br>|
| <sup>(m)</sup> | All or a portion of this loan is unfunded as of January 31, 2026. The interest rate for fully unfunded term loans is to <br> be determined. At January 31, 2026, the total principal amount and market value of unfunded commitments totaled <br> $311,417 and $313,183, respectively.<br>|
| <sup>(n)</sup> | The coupon payment on this security is currently in default as of January 31, 2026. |
| <sup>(o)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through <br> certificates that are structured to direct payments on underlying collateral to different series or classes of the <br> obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial <br> indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(p)</sup> | Restricted security (Note 9). |
| <sup>(q)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(r)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At January 31, 2026, the total market value of investments in Affiliated <br> Companies was $5,567,523 and the cost was $5,567,523 (Note 8).<br>|

---

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

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Short Duration High Income Fund**

---

| | | |
|:---|:---|:---|
| **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 |
| CORRA | —  | Canadian Overnight Repo Rate Average |
| DAC | —  | Designated Activity Company |
| DIP | —  | Debtor-in-possession |
| ETF | —  | Exchange-Traded Fund |
| GBP | —  | British Pound |
| 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 January 31, 2026, 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>(Depreciation)<br>|
| USD | 342030 | &nbsp;&nbsp; GBP | 253968 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $(5448)<br>|
| CAD | 478773 | &nbsp;&nbsp; USD | 348055 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; 4694 |
| EUR | 228120 | &nbsp;&nbsp; USD | 267687 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; 3704 |
| AUD | 809439 | &nbsp;&nbsp; USD | 545492 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; 18010 |
| **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; **$20960** |

---

&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 |
| GBP | —  | British Pound |
| USD | —  | United States Dollar |

---

At January 31, 2026, 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>| Implied <br>Credit <br>Spread at <br>January 31, <br>2026<sup>3</sup> <br>| Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation<br>|
| Nabors <br> Industries Inc., <br> 9.125%, due <br> 1/31/30<br>| $408000 | 6/20/29 | 2.516% | 1.000% quarterly | $(19141) | $(50320) | $31179 |

---

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

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Short Duration High Income Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <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>| Implied <br>Credit <br>Spread at <br>January 31, <br>2026<sup>3</sup> <br>| Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Depreciation<br>|
| Transocean Inc., <br> 8.000%, due 2/1/27<br>| $408000 | 6/20/29 | 2.590% | 1.000% quarterly | $20053 | $35258 | $(15205) |

---

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

---

| | |
|:---|:---|
| <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 <br> agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the <br> swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) <br> 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 <br> buyer of credit protection if a credit event 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 <br> sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and <br> represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular <br> referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be <br> made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit <br> soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of <br> the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced <br> 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 <br> agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of <br> the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or (ii) <br> 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>|
| † | Percentage shown is an annual percentage rate. |

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

January 31, 2026

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $543,169,872) | &nbsp;&nbsp; $545530187 |
| Investments in affiliated securities, at value (Cost — $5,567,523) | &nbsp;&nbsp; 5567523 |
| Foreign currency, at value (Cost — $2) | &nbsp;&nbsp; 2 |
| Cash | &nbsp;&nbsp; 3200853 |
| Interest receivable | &nbsp;&nbsp; 9153072 |
| Principal paydown receivable | &nbsp;&nbsp; 936543 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 829147 |
| Receivable from brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 356931 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 41179 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; 26408 |
| Prepaid expenses | &nbsp;&nbsp; 69783 |
| **Total Assets** | &nbsp;&nbsp; **565711628** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 17913331 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 1593380 |
| Investment management fee payable | &nbsp;&nbsp; 248561 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 95173 |
| Distributions payable | &nbsp;&nbsp; 82700 |
| Principal payup payable | &nbsp;&nbsp; 10101 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; 5448 |
| Trustees' fees payable | &nbsp;&nbsp; 1441 |
| Accrued expenses | &nbsp;&nbsp; 224630 |
| **Total Liabilities** | &nbsp;&nbsp; **20174765** |
| **Total Net Assets** | &nbsp;&nbsp; **$545536863** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $1128 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 780187916 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (234652181)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$545536863** |

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $397513111 |
| Class C | &nbsp;&nbsp; $13074371 |
| Class C1 | &nbsp;&nbsp; $190791 |
| Class R | &nbsp;&nbsp; $46232 |
| Class I | &nbsp;&nbsp; $134712358 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 82236819 |
| Class C | &nbsp;&nbsp; 2702968 |
| Class C1 | &nbsp;&nbsp; 39175 |
| Class R | &nbsp;&nbsp; 9589 |
| Class I | &nbsp;&nbsp; 27762996 |
| **Net Asset Value:** |  |
| Class A (and redemption price) | &nbsp;&nbsp; $4.83 |
| Class C\*  | &nbsp;&nbsp; $4.84 |
| Class C1\*  | &nbsp;&nbsp; $4.87 |
| Class R (and redemption price) | &nbsp;&nbsp; $4.82 |
| Class I (and redemption price) | &nbsp;&nbsp; $4.85 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 2.25%) | &nbsp;&nbsp; $4.94 |

---

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

\* Redemption price per share is NAV of Class C and Class C1 shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2). 

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended January 31, 2026

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $19801519 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 337755 |
| Dividends from affiliated investments | &nbsp;&nbsp; 220658 |
| **Total Investment Income** | &nbsp;&nbsp; **20359932** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 1431977 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 548290 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 226721 |
| Registration fees | &nbsp;&nbsp; 56946 |
| Fund accounting fees | &nbsp;&nbsp; 38787 |
| Audit and tax fees | &nbsp;&nbsp; 23466 |
| Legal fees | &nbsp;&nbsp; 13741 |
| Shareholder reports | &nbsp;&nbsp; 11610 |
| Trustees' fees | &nbsp;&nbsp; 6823 |
| Commitment fees (Note 10) | &nbsp;&nbsp; 2029 |
| Custody fees | &nbsp;&nbsp; 1697 |
| Insurance | &nbsp;&nbsp; 1603 |
| Miscellaneous expenses  | &nbsp;&nbsp; 6791 |
| **Total Expenses** | &nbsp;&nbsp; **2370481** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (6548)<br>|
| **Net Expenses** | &nbsp;&nbsp; **2363933** |
| **Net Investment Income** | &nbsp;&nbsp; **17995999** |
| **Realized and Unrealized Gain (Loss) on Investments, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (6196919)<br>|
| Swap contracts | &nbsp;&nbsp; 188808 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1406 |
| Foreign currency transactions | &nbsp;&nbsp; 108 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(6006597)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 7177998 |
| Swap contracts | &nbsp;&nbsp; 224627 |
| Forward foreign currency contracts | &nbsp;&nbsp; 42130 |
| Foreign currencies | &nbsp;&nbsp; 243 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **7444998** |
| **Net Gain on Investments, Swap Contracts, Forward Foreign Currency Contracts and** <br> **Foreign Currency Transactions** <br>| &nbsp;&nbsp; **1438401** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$19434400** |

---

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended January 31, 2026 (unaudited) <br>and the Year Ended July 31, 2025<br>| 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $17995999 | $34746131 |
| Net realized gain (loss)  | &nbsp;&nbsp; (6006597)<br>| 855942 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 7444998 | 2037107 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **19434400** | **37639180** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (18565835)<br>| (35669853)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(18565835)**<br>| **(35669853)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 100124643 | 144082022 |
| Reinvestment of distributions | &nbsp;&nbsp; 18055972 | 34712760 |
| Cost of shares repurchased  | &nbsp;&nbsp; (69031919)<br>| (178804290)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **49148696** | **(9508)**<br>|
| **Increase in Net Assets** | &nbsp;&nbsp; **50017261** | **1959819** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 495519602 | 493559783 |
| **End of period** | &nbsp;&nbsp; **$545536863** | **$495519602** |

---

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class A Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $4.82 | &nbsp;&nbsp; $4.80 | &nbsp;&nbsp; $4.75 | &nbsp;&nbsp; $4.78 | &nbsp;&nbsp; $5.32 | &nbsp;&nbsp; $4.97 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.17 | 0.34 | 0.35 | 0.32 | 0.23 | 0.23 |
| Net realized and unrealized gain (loss) | 0.01 | 0.03 | 0.05 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.52)<br>| 0.36 |
| **Total income (loss) from operations** | **0.18** | **0.37** | **0.40** | **0.30** | &nbsp;&nbsp; **(0.29)** | **0.59** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Total distributions** | **(0.17)**<br>| &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp; **(0.33)**<br>| &nbsp;&nbsp; **(0.25)**<br>| &nbsp;&nbsp; **(0.24)**<br>|
| **Net asset value, end of period** | $4.83 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $4.80 | &nbsp;&nbsp; $4.75 | &nbsp;&nbsp; $4.78 | &nbsp;&nbsp; $5.32 |
| **Total return**<sup>3</sup> <br>| **3.82%**<br>| **7.86%**<br>| **8.81%**<br>| **6.66%**<br>| &nbsp;&nbsp; **(5.60)%**<br>| **12.20%**<br>|
| **Net assets, end of period (millions)** | $398 | &nbsp;&nbsp; $370 | &nbsp;&nbsp; $341 | &nbsp;&nbsp; $273 | &nbsp;&nbsp; $265 | &nbsp;&nbsp; $287 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.95 %<sup>4</sup><br>| 0.96<br> %<br>| 0.97<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 1.00<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.95 <br><sup>4</sup><br>| 0.96 | 0.97 | 0.99 | 0.99 | 1.00 |
| Net investment income | 6.87 <br><sup>4</sup><br>| 6.99 | 7.29 | 6.79 | 4.57 | 4.45 |
| **Portfolio turnover rate** | **31%**<br>| &nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp; **65%**<br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **88%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.00%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class C Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $4.83 | &nbsp;&nbsp; $4.80 | &nbsp;&nbsp; $4.76 | &nbsp;&nbsp; $4.78 | &nbsp;&nbsp; $5.32 | &nbsp;&nbsp; $4.97 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.15 | 0.30 | 0.31 | 0.28 | 0.20 | 0.19 |
| Net realized and unrealized gain (loss) | 0.01 | 0.04 | 0.05 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.52)<br>| 0.37 |
| **Total income (loss) from** <br> **operations**<br>| **0.16** | **0.34** | **0.36** | **0.28** | &nbsp;&nbsp; **(0.32)** | **0.56** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Total distributions** | **(0.15)**<br>| &nbsp;&nbsp; **(0.31)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.30)**<br>| &nbsp;&nbsp; **(0.22)**<br>| &nbsp;&nbsp; **(0.21)**<br>|
| **Net asset value, end of period** | $4.84 | &nbsp;&nbsp; $4.83 | &nbsp;&nbsp; $4.80 | &nbsp;&nbsp; $4.76 | &nbsp;&nbsp; $4.78 | &nbsp;&nbsp; $5.32 |
| **Total return**<sup>4</sup> <br>| **3.45%**<br>| **7.32%**<br>| **8.03%**<br>| **5.90%**<br>| &nbsp;&nbsp; **(6.27)%**<br>| **11.40%**<br>|
| **Net assets, end of period (000s)** | $13074 | &nbsp;&nbsp; $12433 | &nbsp;&nbsp; $13252 | &nbsp;&nbsp; $11944 | &nbsp;&nbsp; $13447 | &nbsp;&nbsp; $21565 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.66 %<sup>5</sup><br>| 1.67<br> %<br>| 1.69<br> %<br>| 1.71<br> %<br>| 1.71<br> %<br>| 1.71<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 1.66 <br><sup>5</sup><br>| 1.67 | 1.69 | 1.71 | 1.71 | 1.71 |
| Net investment income | 6.16 <br><sup>5</sup><br>| 6.28 | 6.56 | 6.03 | 3.81 | 3.74 |
| **Portfolio turnover rate** | **31%**<br>| &nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp; **65%**<br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **88%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</sup> Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.75%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Financial Highlights (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class C1 Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $4.86 | &nbsp;&nbsp; $4.83 | &nbsp;&nbsp; $4.79 | &nbsp;&nbsp; $4.81 | &nbsp;&nbsp; $5.35 | &nbsp;&nbsp; $4.99 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.15 | 0.31 | 0.32 | 0.30 | 0.21 | 0.21 |
| Net realized and unrealized gain (loss) | 0.02 | 0.04 | 0.05 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.52)<br>| 0.37 |
| **Total income (loss) from operations** | **0.17** | **0.35** | **0.37** | **0.29** | &nbsp;&nbsp; **(0.31)** | **0.58** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Total distributions** | **(0.16)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.33)**<br>| &nbsp;&nbsp; **(0.31)**<br>| &nbsp;&nbsp; **(0.23)**<br>| &nbsp;&nbsp; **(0.22)**<br>|
| **Net asset value, end of period** | $4.87 | &nbsp;&nbsp; $4.86 | &nbsp;&nbsp; $4.83 | &nbsp;&nbsp; $4.79 | &nbsp;&nbsp; $4.81 | &nbsp;&nbsp; $5.35 |
| **Total return**<sup>3</sup> <br>| **3.45%**<br>| **7.50%**<br>| **8.26%**<br>| **6.19%**<br>| &nbsp;&nbsp; **(5.97)%**<br>| **11.66%**<br>|
| **Net assets, end of period (000s)** | $191 | &nbsp;&nbsp; $228 | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $1054 | &nbsp;&nbsp; $1207 | &nbsp;&nbsp; $2351 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.64 %<sup>4</sup><br>| 1.49<br> %<br>| 1.47<br> %<br>| 1.43<br> %<br>| 1.45<br> %<br>| 1.44<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 1.64 <br><sup>4</sup><br>| 1.49 | 1.47 | 1.43 | 1.45 | 1.43 |
| Net investment income | 6.16 <br><sup>4</sup><br>| 6.46 | 6.78 | 6.32 | 4.07 | 4.05 |
| **Portfolio turnover rate** | **31%**<br>| &nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp; **65%**<br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **88%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class R Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $4.81 | &nbsp;&nbsp; $4.79 | &nbsp;&nbsp; $4.74 | &nbsp;&nbsp; $4.77 | &nbsp;&nbsp; $5.32 | &nbsp;&nbsp; $4.96 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.16 | 0.32 | 0.32 | 0.30 | 0.21 | 0.21 |
| Net realized and unrealized gain (loss) | 0.01 | 0.02 | 0.06 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.53)<br>| 0.38 |
| **Total income (loss) from operations** | **0.17** | **0.34** | **0.38** | **0.29** | &nbsp;&nbsp; **(0.32)** | **0.59** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Total distributions** | **(0.16)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.33)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.23)**<br>| &nbsp;&nbsp; **(0.23)**<br>|
| **Net asset value, end of period** | $4.82 | &nbsp;&nbsp; $4.81 | &nbsp;&nbsp; $4.79 | &nbsp;&nbsp; $4.74 | &nbsp;&nbsp; $4.77 | &nbsp;&nbsp; $5.32 |
| **Total return**<sup>3</sup> <br>| **3.80%**<br>| **7.40%**<br>| **8.35%**<br>| **6.30%**<br>| &nbsp;&nbsp; **(6.16)%**<br>| **11.81%**<br>|
| **Net assets, end of period (000s)** | $46 | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $37 | &nbsp;&nbsp; $147 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.52 %<sup>4</sup><br>| 1.46<br> %<br>| 1.67<br> %<br>| 1.39<br> %<br>| 1.41<br> %<br>| 1.35<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 1.40 <br><sup>4</sup><br>| 1.40 | 1.40 | 1.39 | 1.40 | 1.35 |
| Net investment income | 6.44 <br><sup>4</sup><br>| 6.57 | 6.86 | 6.41 | 4.01 | 4.09 |
| **Portfolio turnover rate** | **31%**<br>| &nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp; **65%**<br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **88%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.40%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Financial Highlights (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class I Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of** <br> **period**<br>| $4.84 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $4.77 | &nbsp;&nbsp; $4.80 | &nbsp;&nbsp; $5.34 | &nbsp;&nbsp; $4.99 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.17 | 0.35 | 0.36 | 0.33 | 0.25 | 0.24 |
| Net realized and unrealized gain <br> (loss)<br>| 0.02 | 0.03 | 0.06 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.52)<br>| 0.37 |
| **Total income (loss) from** <br> **operations**<br>| **0.19** | **0.38** | **0.42** | **0.32** | &nbsp;&nbsp; **(0.27)** | **0.61** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Total distributions** | **(0.18)**<br>| &nbsp;&nbsp; **(0.36)**<br>| &nbsp;&nbsp; **(0.37)**<br>| &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp; **(0.27)**<br>| &nbsp;&nbsp; **(0.26)**<br>|
| **Net asset value, end of period** | $4.85 | &nbsp;&nbsp; $4.84 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $4.77 | &nbsp;&nbsp; $4.80 | &nbsp;&nbsp; $5.34 |
| **Total return**<sup>3</sup> <br>| **3.94%**<br>| **8.11%**<br>| **9.08%**<br>| **6.94%**<br>| &nbsp;&nbsp; **(5.31)%**<br>| **12.47%**<br>|
| **Net assets, end of period (000s)** | $134712 | &nbsp;&nbsp; $113148 | &nbsp;&nbsp; $138703 | &nbsp;&nbsp; $106586 | &nbsp;&nbsp; $90785 | &nbsp;&nbsp; $75702 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.70 %<sup>4</sup><br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.70 <br><sup>4</sup><br>| 0.72 | 0.72 | 0.72 | 0.73 | 0.72 |
| Net investment income | 7.12 <br><sup>4</sup><br>| 7.23 | 7.53 | 7.07 | 4.85 | 4.69 |
| **Portfolio turnover rate** | **31%**<br>| &nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp; **65%**<br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **88%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.85%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(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

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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)

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

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes: |  |  |  |  |
| Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $47820807 | &nbsp;&nbsp; $2754595 | &nbsp;&nbsp; $50575402 |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 48981343 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 48981343 |
| Other Corporate Bonds & <br> Notes<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 319993334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 319993334 |
| Senior Loans: |  |  |  |  |
| Communication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 7581729 | &nbsp;&nbsp; 1532271 | &nbsp;&nbsp; 9114000 |
| Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 7634393 | &nbsp;&nbsp; 2872328 | &nbsp;&nbsp; 10506721 |
| Information Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 5343920 | &nbsp;&nbsp; 2486169 | &nbsp;&nbsp; 7830089 |
| Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 2015308 | &nbsp;&nbsp; 417113 | &nbsp;&nbsp; 2432421 |
| Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 21801306 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21801306 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 34715532 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34715532 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 25405982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25405982 |
| Investments in Underlying <br> Funds<br>| &nbsp;&nbsp; $8407429 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8407429 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 3477255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3477255 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1196065 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1196065 |
| Common Stocks: |  |  |  |  |
| Communication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 712083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 712083 |
| Consumer Discretionary | &nbsp;&nbsp; 291580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 291580 |
| Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Industrials | &nbsp;&nbsp; 24079 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24219 |
| Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13325 | &nbsp;&nbsp; 13325 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 34993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34993 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 17108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17108 |
| Total Long-Term Investments | &nbsp;&nbsp; 8723088 | &nbsp;&nbsp; 526731298 | &nbsp;&nbsp; 10075801 | &nbsp;&nbsp; 545530187 |
| Short-Term Investments† | &nbsp;&nbsp; 5567523 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5567523 |
| **Total Investments** | &nbsp;&nbsp; **$14290611** | &nbsp;&nbsp; **$526731298** | &nbsp;&nbsp; **$10075801** | &nbsp;&nbsp; **$551097710** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $26408 | &nbsp;&nbsp; — | &nbsp;&nbsp; $26408 |
| Centrally Cleared Credit <br> Default Swaps on Corporate <br> Issues — Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 31179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31179 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$57587** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$57587** |
| **Total** | &nbsp;&nbsp; **$14290611** | &nbsp;&nbsp; **$526788885** | &nbsp;&nbsp; **$10075801** | &nbsp;&nbsp; **$551155297** |

---

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $5448 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5448 |
| Centrally Cleared Credit <br> Default Swaps on Corporate <br> Issues — Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 15205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15205 |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$20653** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$20653** |

---

&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. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>July 31, 2025<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<sup>1</sup> <br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>2</sup> <br>| Purchases |
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| Energy | $2385297 | $3582 |  | $142093 | $223623 |
| Financials | 0<br> \*<br>|  |  |  |  |
| Health Care | 0<br> \*<br>|  | $3195 |  |  |
| **Senior Loans:** |  |  |  |  |  |
| Communication <br> Services<br>| 1543831 | 870 | 66 | (4796) |  |
| Consumer <br> Discretionary<br>| 1442895 | 4021 | 1139 | 57699 | 2797437 |
| Information <br> Technology<br>|  | 4482 | 187 | (165000) |  |
| Materials | 858230 |  |  | (483793) | 42676 |
| **Common Stocks:** |  |  |  |  |  |
| Energy | 0<br> \*<br>|  |  |  |  |
| Materials | 23871 |  |  | (10546) |  |
| **Total** | **$6254124** | **$12955** | **$4587** | **$(464343)** | **$3063736** |

---

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<sup>3</sup> <br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>January 31, <br> 2026<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) <br> for <br> investments <br>in securities <br>still held at <br>January 31, <br> 2026<sup>2</sup> <br>|
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| Energy |  |  |  | $2754595 | $142093 |
| Financials |  |  |  | 0<br> \*<br>|  |
| Health Care | $(3195) |  |  |  |  |
| **Senior Loans:** |  |  |  |  |  |
| Communication <br> Services<br>| (7700) |  |  | 1532271 | (4796) |
| Consumer <br> Discretionary<br>| (1430863) |  |  | 2872328 | 71422 |
| Information <br> Technology<br>| (6700) | $2653200 |  | 2486169 | (165000) |
| Materials |  |  |  | 417113 | (483793) |
| **Common Stocks:** |  |  |  |  |  |
| Energy |  |  |  | 0<br> \*<br>|  |
| Materials |  |  |  | 13325 | (10546) |
| **Total** | **$(1448458)** | **$2653200** | **—** | **$10075801** | **$(450620)** |

---

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

\* Amount represents less than $1.

<sup>1</sup> This amount is included in net realized gain (loss) from investment transactions in the accompanying Statement of Operations. 

<sup>2</sup> This amount is included in the change in net unrealized appreciation (depreciation) in the accompanying Statement of Operations. 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>3</sup> Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs in the valuation obtained from independent third party pricing services or broker/dealer quotations. 

**(b) Forward foreign currency contracts.** The Fund enters into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract,

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

**(c) Swap agreements.** The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of January 31, 2026, the total notional value of all credit default swaps to sell protection was $408,000. This amount would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

For average notional amounts of swaps held during the six months ended January 31, 2026, see Note 4.

**<u>Credit default swaps</u>**

The Fund enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty). As the protection seller, the Fund's maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**(d) Loan participations.** The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

**(e) Unfunded loan commitments.** The Fund may enter into certain credit agreements where all or a portion of the total amount committed may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. The commitments are disclosed in the accompanying Schedule of Investments. At January 31, 2026, the Fund had sufficient cash and/or securities to cover these commitments.

**(f) Securities traded on a when-issued and delayed delivery basis.** The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(g) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(h) Credit and market risk.** The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund's investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(i) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(j) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund's net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of January 31, 2026, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $5,448. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

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

**(k) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(l) Distributions to shareholders.** Distributions from net investment income of the Fund are declared each business day to shareholders of record and are paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(m) Share class accounting.** Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

**(n) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of July 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**(o) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager. Western Asset Management Company, LLC ("Western Asset") and Western Asset Management Company Limited ("Western Asset London") are the Fund's subadvisers. FTFA, Western Asset and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.55% of the Fund's average daily net assets.

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund. In turn, Western Asset pays Western Asset London a monthly subadvisory fee in an amount equal to 100% of the management fee paid to Western Asset on the assets that Western Asset allocates to Western Asset London to manage.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class R and Class I shares did not exceed 1.00%, 1.75%, 1.40% and 0.85%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver"). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the six months ended January 31, 2026, fees waived and/or expenses reimbursed amounted to $6,548, which included an affiliated money market fund waiver of $6,523.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at January 31, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

---

| | |
|:---|:---|
|  | Class R |
| Expires July 31, 2026 | &nbsp;&nbsp; $108 |
| Expires July 31, 2027 | &nbsp;&nbsp; 25 |
| Expires July 31, 2028 | &nbsp;&nbsp; 25 |
| **Total fee waivers/expense reimbursements subject to recapture** | &nbsp;&nbsp; **$158** |

---

For the six months ended January 31, 2026, FTFA did not recapture any fees.

Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended January 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $5,220 was earned by Investor Services.

There is a maximum initial sales charge of 2.25% for Class A shares. Class C shares and Class C1 shares have a 1.00% contingent deferred sales charge ("CDSC"), which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 0.50% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $500,000 in the aggregate. These purchases do not incur an initial sales charge.

For the six months ended January 31, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

---

| | | |
|:---|:---|:---|
|  | Class A | Class C |
| Sales charges | &nbsp;&nbsp; $22465 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; 6856 | &nbsp;&nbsp; $636 |

---

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended January 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

---

| | | |
|:---|:---|:---|
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $214762985 | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; 156568773 | &nbsp;&nbsp; $107921 |

---

At January 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $551915474 | &nbsp;&nbsp; $15158197 | &nbsp;&nbsp; $(15975961) | &nbsp;&nbsp; $(817764) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 26408 | &nbsp;&nbsp; (5448) | &nbsp;&nbsp; 20960 |
| Swap contracts | &nbsp;&nbsp; (15062) | &nbsp;&nbsp; 31179 | &nbsp;&nbsp; (15205) | &nbsp;&nbsp; 15974 |

---

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at January 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Forward foreign currency contracts | &nbsp;&nbsp; $26408 | &nbsp;&nbsp; — | &nbsp;&nbsp; $26408 |
| Centrally cleared swap contracts<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $31179 | &nbsp;&nbsp; 31179 |
| **Total** | &nbsp;&nbsp; **$26408** | &nbsp;&nbsp; **$31179** | &nbsp;&nbsp; **$57587** |

---

---

| | | | |
|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Forward foreign currency contracts | &nbsp;&nbsp; $5448 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5448 |
| Centrally cleared swap contracts<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $15205 | &nbsp;&nbsp; 15205 |
| **Total** | &nbsp;&nbsp; **$5448** | &nbsp;&nbsp; **$15205** | &nbsp;&nbsp; **$20653** |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended January 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $188808 | &nbsp;&nbsp; $188808 |
| Forward foreign currency contracts | &nbsp;&nbsp; $1406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1406 |
| **Total** | &nbsp;&nbsp; **$1406** | &nbsp;&nbsp; **$188808** | &nbsp;&nbsp; **$190214** |

---

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $224627 | &nbsp;&nbsp; $224627 |
| Forward foreign currency contracts | &nbsp;&nbsp; $42130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42130 |
| **Total** | &nbsp;&nbsp; **$42130** | &nbsp;&nbsp; **$224627** | &nbsp;&nbsp; **$266757** |

---

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

During the six months ended January 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; $1149463 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 194232 |
|  | Average Notional <br>Balance\*\*<br>|
| Credit default swap contracts (buy protection) | &nbsp;&nbsp; $624429 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 4321714 |

---

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

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of January 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2,3</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; — | &nbsp;&nbsp; $(5448) | &nbsp;&nbsp; $(5448) | &nbsp;&nbsp; — | &nbsp;&nbsp; $(5448) |
| Citibank N.A. | &nbsp;&nbsp; $8398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8398 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 18010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18010 |
| **Total** | &nbsp;&nbsp; **$26408** | &nbsp;&nbsp; **$(5448)** | &nbsp;&nbsp; **$20960** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$20960** |

---

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

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>3</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**5. Class specific expenses, waivers and/or expense reimbursements**

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C, Class C1 and Class R shares calculated at the annual rate of 0.25%, 1.00%, 0.70% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

For the six months ended January 31, 2026, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class A | &nbsp;&nbsp; $483608 | &nbsp;&nbsp; $168177 |
| Class C | &nbsp;&nbsp; 63843 | &nbsp;&nbsp; 2863 |
| Class C1 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 345 |
| Class R | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 88 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 55248 |
| **Total** | &nbsp;&nbsp; **$548290** | &nbsp;&nbsp; **$226721** |

---

For the six months ended January 31, 2026, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class A | &nbsp;&nbsp; $4842 |
| Class C | &nbsp;&nbsp; 159 |
| Class C1 | &nbsp;&nbsp; 3 |
| Class R | &nbsp;&nbsp; 26 |
| Class I | &nbsp;&nbsp; 1518 |
| **Total** | &nbsp;&nbsp; **$6548** |

---

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>January 31, 2026<br>| Year Ended <br>July 31, 2025<br>|
| **Net Investment Income:** |  |  |
| Class A | &nbsp;&nbsp; $13713536 | &nbsp;&nbsp; $25856320 |
| Class C | &nbsp;&nbsp; 407102 | &nbsp;&nbsp; 817222 |
| Class C1 | &nbsp;&nbsp; 6656 | &nbsp;&nbsp; 27195 |
| Class R | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 2719 |
| Class I | &nbsp;&nbsp; 4437113 | &nbsp;&nbsp; 8966397 |
| **Total** | &nbsp;&nbsp; **$18565835** | &nbsp;&nbsp; **$35669853** |

---

**7. Shares of beneficial interest**

At January 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Transactions in shares of each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>January 31, 2026 | Six Months Ended <br>January 31, 2026 | Year Ended <br>July 31, 2025 | Year Ended <br>July 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 12384743 | &nbsp;&nbsp;&nbsp; $59951313 | &nbsp;&nbsp;&nbsp; 17796071 | &nbsp;&nbsp;&nbsp; $85685150 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 2788259 | &nbsp;&nbsp;&nbsp; 13503045 | &nbsp;&nbsp;&nbsp; 5281939 | &nbsp;&nbsp;&nbsp; 25454619 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (9562279)<br>| &nbsp;&nbsp;&nbsp; (46264794)<br>| &nbsp;&nbsp;&nbsp; (17537132)<br>| &nbsp;&nbsp;&nbsp; (84360276)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **5610723** | &nbsp;&nbsp;&nbsp; **$27189564** | &nbsp;&nbsp;&nbsp; **5540878** | &nbsp;&nbsp;&nbsp; **$26779493** |
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 452182 | &nbsp;&nbsp;&nbsp; $2188885 | &nbsp;&nbsp;&nbsp; 694155 | &nbsp;&nbsp;&nbsp; $3347064 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 80634 | &nbsp;&nbsp;&nbsp; 390880 | &nbsp;&nbsp;&nbsp; 162770 | &nbsp;&nbsp;&nbsp; 784842 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (405282)<br>| &nbsp;&nbsp;&nbsp; (1963142)<br>| &nbsp;&nbsp;&nbsp; (1041230)<br>| &nbsp;&nbsp;&nbsp; (5008607)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **127534** | &nbsp;&nbsp;&nbsp; **$616623** | &nbsp;&nbsp;&nbsp; **(184305)**<br>| &nbsp;&nbsp;&nbsp; **$(876701)**<br>|
| **Class C1** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp; $3077 | &nbsp;&nbsp;&nbsp; 32883 | &nbsp;&nbsp;&nbsp; $159008 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp; 6594 | &nbsp;&nbsp;&nbsp; 5602 | &nbsp;&nbsp;&nbsp; 27189 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (9650)<br>| &nbsp;&nbsp;&nbsp; (47106)<br>| &nbsp;&nbsp;&nbsp; (77848)<br>| &nbsp;&nbsp;&nbsp; (376163)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(7669)**<br>| &nbsp;&nbsp;&nbsp; **$(37435)**<br>| &nbsp;&nbsp;&nbsp; **(39363)**<br>| &nbsp;&nbsp;&nbsp; **$(189966)**<br>|
| **Class R** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp; $5429 | &nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp; $8212 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 1428 | &nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp; 2719 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (280)<br>| &nbsp;&nbsp;&nbsp; (4234)<br>| &nbsp;&nbsp;&nbsp; (20535)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **1362** | &nbsp;&nbsp;&nbsp; **$6577** | &nbsp;&nbsp;&nbsp; **(1959)**<br>| &nbsp;&nbsp;&nbsp; **$(9604)**<br>|
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 7818274 | &nbsp;&nbsp;&nbsp; $37975939 | &nbsp;&nbsp;&nbsp; 11349945 | &nbsp;&nbsp;&nbsp; $54882588 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 854260 | &nbsp;&nbsp;&nbsp; 4154025 | &nbsp;&nbsp;&nbsp; 1744525 | &nbsp;&nbsp;&nbsp; 8443391 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (4273929)<br>| &nbsp;&nbsp;&nbsp; (20756597)<br>| &nbsp;&nbsp;&nbsp; (18519757)<br>| &nbsp;&nbsp;&nbsp; (89038709)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **4398605** | &nbsp;&nbsp;&nbsp; **$21373367** | &nbsp;&nbsp;&nbsp; **(5425287)**<br>| &nbsp;&nbsp;&nbsp; **$(25712730)**<br>|

---

**8. 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

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

all or some portion of the six months ended January 31, 2026. The following transactions were effected in such company for the six months ended January 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>July 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>July 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset <br> Premier <br> Institutional <br> Government <br> Reserves, Premium <br> Shares<br>| $8810746 | $111565191 | 111565191 | $114808414 | 114808414 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>January 31, <br>2026<br>|
| Western Asset Premier <br> Institutional <br> Government Reserves, <br> Premium Shares<br>|  | $220658 |  | $5567523 |

---

**9. Restricted securities**

The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 1/31/2026<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 466 | 3/25 | $5673 | $140 | &nbsp;&nbsp; $0.30<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 57028 | 3/25 | 694222 | 17108 <br><sup>(b)</sup><br>| 0.30<br> 0.00 <br><sup>(a)</sup><br>|
| **Total** |  |  | **$699895** | **$17248** | &nbsp;&nbsp; <br> &nbsp;&nbsp; **0.00%** <br><sup>(a)</sup><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. 

**10. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.

------

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended January 31, 2026.

**11. Deferred capital losses**

As of July 31, 2025, the Fund had deferred capital losses of $229,628,045, which have no expiration date, that will be available to offset future taxable capital gains.

**12. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

Western Asset Short Duration High Income Fund 2026 Semi-Annual Report

------

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Refer to the financial statements included herein. | Refer to the financial statements included herein. |

---

------

Western Asset Short Duration High Income Fund

------

(This page intentionally left blank.)

------

(This page intentionally left blank.)

------

(This page intentionally left blank.)

------

(This page intentionally left blank.)

------

(This page intentionally left blank.)

------

(This page intentionally left blank.)

------

Western Asset

Short Duration High Income Fund

**Trustees**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadvisers**

Western Asset Management Company, LLC

Western Asset Management Company Limited

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

Franklin Templeton Investor

Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

**Independent registered**

**public accounting firm**

PricewaterhouseCoopers LLP

Baltimore, MD

**Western Asset Short Duration High Income Fund**

The Fund is a separate investment series of Legg Mason Partners Income Trust, a Maryland statutory trust.

Western Asset Short Duration High Income Fund

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Short Duration High Income Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img346f38563.jpg)

**90025-SFSOI 3/26**© 2026 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](wasdhif-efp23250_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](wasdhif-efp23250_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Legg Mason Partners Income Trust** | **Legg Mason Partners Income Trust** |
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | March 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | March 25, 2026 |
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | March 25, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 25, 2026 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 25, 2026 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Chief Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Legg Mason Partners Income Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **January 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer** | **Principal Financial Officer** |
| Legg Mason Partners Income Trust | Legg Mason Partners Income Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: March 25, 2026 | Date: March 25, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.