# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0001133228-26-000672
**Filing Date:** 2026-1
**Character Count:** 254680
**Document Hash:** 1d2404678d6513ce72ba4a6578e27650
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000672.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001133228-26-000672

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET FUNDS INC
- **CENTRAL INDEX KEY:** 0000863520

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06110
- **FILM NUMBER:** 26562656

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-454-2760

**MAIL ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **STREET 2:** 7TH FLOOR
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LM INSTITUTIONAL FUND ADVISORS I INC
- **DATE OF NAME CHANGE:** 19980818

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN ASSET TRUST INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Western Asset High Yield Fund (Series ID: S000000716)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002086 | Class I      | WAHYX           |
| C000066991 | Class IS     | WAHSX           |
| C000113710 | CLASS A      | WAYAX           |
| C000113711 | CLASS C      | WAYCX           |
| C000113712 | CLASS R      | WAYRX           |

?xml version='1.0' encoding='ASCII'? 2025-12-16LMF3300_WesternAssetHighYieldFund_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 **811-06110**

**Western Asset Funds, Inc.**

(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: **May 31**

Date of reporting period: **November 30, 2025**

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 High Yield Fund**  | **Western Asset High Yield Fund**  |
| Class A [WAYAX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset High Yield Fund for the period June 1, 2025, to November 30, 2025.

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 | $50 | 0.96% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $234472483 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 410 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5941img004.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 High Yield Fund PAGE 1 7824-STSR-0126

16.113.212.711.710.98.17.45.83.73.42.62.60.40.31.1 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset High Yield Fund**  | **Western Asset High Yield Fund**  |
| Class C [WAYCX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset High Yield Fund for the period June 1, 2025, to November 30, 2025.

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 | $88 | 1.71% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $234472483 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 410 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5942img004.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 High Yield Fund PAGE 1 7823-STSR-0126

16.113.212.711.710.98.17.45.83.73.42.62.60.40.31.1 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset High Yield Fund**  | **Western Asset High Yield Fund**  |
| Class R [WAYRX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset High Yield Fund for the period June 1, 2025, to November 30, 2025.

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 | $67 | 1.30% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $234472483 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 410 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5945img004.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 High Yield Fund PAGE 1 7822-STSR-0126

16.113.212.711.710.98.17.45.83.73.42.62.60.40.31.1 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset High Yield Fund**  | **Western Asset High Yield Fund**  |
| Class I [WAHYX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset High Yield Fund for the period June 1, 2025, to November 30, 2025.

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 | $39 | 0.75% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $234472483 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 410 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5944img004.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 High Yield Fund PAGE 1 7258-STSR-0126

16.113.212.711.710.98.17.45.83.73.42.62.60.40.31.1 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset High Yield Fund**  | **Western Asset High Yield Fund**  |
| Class IS [WAHSX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset High Yield Fund for the period June 1, 2025, to November 30, 2025.

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 IS | $34 | 0.65% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $234472483 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 410 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5943img004.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 High Yield Fund PAGE 1 7227-STSR-0126

16.113.212.711.710.98.17.45.83.73.42.62.60.40.31.1 ------

&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.

(b) Not
 applicable.

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

![](img719824b21.gif)

**Western Asset**

**High Yield Fund**

**Financial Statements and Other Important Information**

**Semi-Annual** \| November 30, 2025

![](imged7b52442.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_SOI-Header-SOI-3195_1) | **1** |
| [Statement of Assets and Liabilities](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_SAL-Header-SAL-3195_1) | **27** |
| [Statement of Operations](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_SOP-Header-SOP-3195_1) | **29** |
| [Statements of Changes in Net Assets](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_SOC-Header-SOC-3195_1) | **30** |
| [Financial Highlights](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_FH-Header-Financialhighlights-3195_1) | **31** |
| [Notes to Financial Statements](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_NTF-Header-Notestofinancialstatements-3195_1) | **36** |
| [Changes in and Disagreements with Accountants](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_TSR-TOCTSRDisclosures-3195_1) | **57** |
| [Results of Meeting(s) of Shareholders](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_TSR-TOCTSRDisclosures-3195_1) | **57** |
| [Remuneration Paid to Directors, Officers and Others](#xx_3cf93bb3-9cef-4b86-b09d-49bf411c4fbd_TSR-TOCTSRDisclosures-3195_1) | **57** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 79.1%** | **Corporate Bonds & Notes — 79.1%** | **Corporate Bonds & Notes — 79.1%** | **Corporate Bonds & Notes — 79.1%** | **Corporate Bonds & Notes — 79.1%** |
| **Communication Services — 11.9%** | **Communication Services — 11.9%** | **Communication Services — 11.9%** | **Communication Services — 11.9%** | **Communication Services — 11.9%** |
| Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% |
| Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; $227587<br> <sup>(a)</sup><br>|
| Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 935907<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; 382000<br>| &nbsp;&nbsp; 364407<br> <sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 174619<br> <sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 631482<br>| &nbsp;&nbsp; 615035<br> <sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 585276<br>| &nbsp;&nbsp; 571065<br> <sup>(a)</sup><br>|
| Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 319000<br>| &nbsp;&nbsp; 300962<br> <sup>(a)</sup><br>|
| Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 254838<br> <sup>(a)</sup><br>|
| WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 734652<br> <sup>(a)</sup><br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 4179072 |
| Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% |
| Allen Media LLC/Allen Media Co-Issuer Inc., <br> Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 572000<br> <sup>(a)</sup><br>|
| AMC Entertainment Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp; 755501<br> <sup>(a)</sup><br>|
| Banijay Entertainment SAS, Senior Secured <br> Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 458454<br> <sup>(a)</sup><br>|
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 707445<br> <sup>(a)</sup><br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1201185<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 3694585 |
| Media — 7.0% | Media — 7.0% | Media — 7.0% | Media — 7.0% | Media — 7.0% |
| AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 419981<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 450714<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 4140000<br>| &nbsp;&nbsp; 3511995<br> <sup>(a)</sup><br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 425150<br>|
| Clear Channel Outdoor Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 510395<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49520<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; 440000<br>| &nbsp;&nbsp; 437428<br> <sup>(a)</sup><br>|
| DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1187000<br>| &nbsp;&nbsp; 1163141<br>|
| DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 152511<br>|
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp; 1044555<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield 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 |
| DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; $783784<br> <sup>(a)</sup><br>|
| EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 1325000<br>| &nbsp;&nbsp; 1462058<br>|
| EchoStar Corp., Senior Secured Notes (6.750% <br> Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 459036<br>| &nbsp;&nbsp; 477150<br> <sup>(b)</sup><br>|
| Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 67261<br> <sup>(a)</sup><br>|
| Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 378324<br> <sup>(a)</sup><br>|
| Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 757236<br> <sup>(a)</sup><br>|
| Gray Media Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501255<br> <sup>(a)</sup><br>|
| iHeartCommunications Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 55571<br> <sup>(a)</sup><br>|
| iHeartCommunications Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 192000<br>| &nbsp;&nbsp; 155520<br> <sup>(a)</sup><br>|
| McClatchy Media Co. LLC, Senior Secured <br> Notes (11.000% Cash or 12.500% PIK) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 1847654<br>| &nbsp;&nbsp; 2061289<br> <sup>(a)(b)</sup><br>|
| Univision Communications Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 185911<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 403720<br> <sup>(a)</sup><br>|
| Versant Media Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 442079<br> <sup>(a)</sup><br>|
| Virgin Media Finance PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 177206<br> <sup>(a)</sup><br>|
| VZ Secured Financing BV, Senior Secured <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 326609<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 16400363 |
| Wireless Telecommunication Services — 1.5% | Wireless Telecommunication Services — 1.5% | Wireless Telecommunication Services — 1.5% | Wireless Telecommunication Services — 1.5% | Wireless Telecommunication Services — 1.5% |
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp; 1248808<br> <sup>(a)</sup><br>|
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 308159<br> <sup>(a)</sup><br>|
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp; 719379<br> <sup>(a)</sup><br>|
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 336209<br> <sup>(a)</sup><br>|
| Vmed O2 UK Financing I PLC, Senior Secured <br> Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 397179<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; 490000<br>| &nbsp;&nbsp; 488586<br> <sup>(a)</sup><br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 3498320 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **27772340** |
| **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** |
| Automobile Components — 2.7% | Automobile Components — 2.7% | Automobile Components — 2.7% | Automobile Components — 2.7% | Automobile Components — 2.7% |
| Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 290131<br> <sup>(a)</sup><br>|
| American Axle & Manufacturing Inc., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp; 825005<br>|

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| American Axle & Manufacturing Inc., Senior <br> Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; $798444<br> <sup>(a)</sup><br>|
| American Axle & Manufacturing Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110758<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; 570000<br>| &nbsp;&nbsp; 592943<br> <sup>(a)</sup><br>|
| Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 210780<br> <sup>(a)</sup><br>|
| Garrett Motion Holdings Inc./Garrett LX I Sarl, <br> Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 624061<br> <sup>(a)</sup><br>|
| JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp; 1064856<br> <sup>(a)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/14/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 326998<br> <sup>(a)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 564361<br> <sup>(a)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 846287<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 6254624 |
| Automobiles — 1.8% | Automobiles — 1.8% | Automobiles — 1.8% | Automobiles — 1.8% | Automobiles — 1.8% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1318213<br>|
| Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 816702<br> <sup>(a)</sup><br>|
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp; 2211731<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 4346646 |
| 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% |
| Adtalem Global Education Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 348000<br>| &nbsp;&nbsp; 347561<br> <sup>(a)</sup><br>|
| Carriage Services Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 527299<br> <sup>(a)</sup><br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 874860 |
| Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% |
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 161439<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 340042<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1803750<br> <sup>(a)</sup><br>|
| Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1042500<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1366959<br>|
| Life Time Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 327164<br> <sup>(a)</sup><br>|
| Light & Wonder International Inc., Senior <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 593994<br> <sup>(a)</sup><br>|
| Marston's Issuer PLC, Secured Notes (SONIA + <br> 2.669%) | &nbsp;&nbsp; 6.658% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 1232000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 1439798<br> <sup>(c)(d)</sup><br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 358896<br> <sup>(a)</sup><br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/17/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 573418<br> <sup>(a)</sup><br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 544978<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp; 1591996<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Rivers Enterprise Lender LLC/Rivers Enterprise <br> Lender Corp., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp; $873622<br> <sup>(a)</sup><br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 188833<br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502889<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1073381<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp; 854143<br> <sup>(a)</sup><br>|
| Viking Ocean Cruises Ship VII Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 391000<br>| &nbsp;&nbsp; 391967<br> <sup>(a)</sup><br>|
| VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 49000<br>| &nbsp;&nbsp; 49022<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; 220000<br>| &nbsp;&nbsp; 221250<br> <sup>(a)</sup><br>|
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 940527<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 15240568 |
| Household Durables — 0.6% | Household Durables — 0.6% | Household Durables — 0.6% | Household Durables — 0.6% | Household Durables — 0.6% |
| Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 574930<br> <sup>(a)</sup><br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 323478<br> <sup>(a)</sup><br>|
| TopBuild Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38626<br> <sup>(a)</sup><br>|
| TopBuild Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 557923<br> <sup>(a)</sup><br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 1494957 |
| Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% |
| Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206165<br> <sup>(a)</sup><br>|
| Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp; 1457073<br> <sup>(a)</sup><br>|
| Michaels Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 392485<br> <sup>(a)</sup><br>|
| Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 994632<br> <sup>(a)</sup><br>|
| Sally Holdings LLC/Sally Capital Inc., Senior <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 575970<br>|
| Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp; 1085174<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 4711499 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **32923154** |
| **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** |
| 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; 380000<br>| &nbsp;&nbsp; 383364<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| 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; 480000<br>| &nbsp;&nbsp; $462101<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **845465** |
| **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** |
| Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% |
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 742661<br> <sup>(a)</sup><br>|
| Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 571802<br> <sup>(a)</sup><br>|
| Shelf Drilling Holdings Ltd., Senior Secured <br> Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1100389<br> <sup>(a)</sup><br>|
| WBI Operating LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 600168<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 3015020 |
| Oil, Gas & Consumable Fuels — 10.3% | Oil, Gas & Consumable Fuels — 10.3% | Oil, Gas & Consumable Fuels — 10.3% | Oil, Gas & Consumable Fuels — 10.3% | Oil, Gas & Consumable Fuels — 10.3% |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 573200<br> <sup>(a)</sup><br>|
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp; 1149226<br> <sup>(a)</sup><br>|
| Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 443942<br> <sup>(a)</sup><br>|
| Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 909095<br> <sup>(a)</sup><br>|
| CNX Midstream Partners LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 585549<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19489<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp; 1460671<br> <sup>(a)</sup><br>|
| DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 11/3/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 53567<br> <sup>(a)</sup><br>|
| DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 461370<br> <sup>(a)</sup><br>|
| Energy Transfer LP, Junior Subordinated Notes <br> (6.625% to 2/15/28 then 3 mo. USD LIBOR + <br> 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170500<br> <sup>(d)(e)</sup><br>|
| Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp; 1334400<br> <sup>(a)(f)(g)</sup><br>|
| Howard Midstream Energy Partners LLC, <br> Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 464766<br> <sup>(a)</sup><br>|
| Howard Midstream Energy Partners LLC, <br> Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 594984<br> <sup>(a)</sup><br>|
| New Generation Gas Gathering LLC, Senior <br> Secured Notes (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 9.639% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1229730<br>| &nbsp;&nbsp; 1278919<br> <sup>(a)(d)(f)(g)</sup><br>|
| Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 691558<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 192561<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501991<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield 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 |
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 272000<br>| &nbsp;&nbsp; $293525<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 1010862<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41026<br> <sup>(a)</sup><br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152891<br>|
| Range Resources Corp., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 836984<br>|
| Range Resources Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 227100<br> <sup>(a)</sup><br>|
| Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 178574<br> <sup>(a)</sup><br>|
| Summit Midstream Holdings LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 237517<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; 1167000<br>| &nbsp;&nbsp; 1188286<br> <sup>(a)(d)(e)</sup><br>|
| Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 573599<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; 270000<br>| &nbsp;&nbsp; 280429<br> <sup>(a)</sup><br>|
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 458805<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 559315<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; 170000<br>| &nbsp;&nbsp; 148974<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Junior Subordinated <br> Notes (9.000% to 9/30/29 then 5 year Treasury <br> Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp; 2232173<br> <sup>(a)(d)(e)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp; 1260526<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; 280000<br>| &nbsp;&nbsp; 305288<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 100331<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp; 1908820<br> <sup>(a)</sup><br>|
| Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1185459<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; 24066272 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **27081292** |

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Financials — 9.8%** | **Financials — 9.8%** | **Financials — 9.8%** | **Financials — 9.8%** | **Financials — 9.8%** |
| Banks — 2.7% | Banks — 2.7% | Banks — 2.7% | Banks — 2.7% | Banks — 2.7% |
| 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; 800000<br>| &nbsp;&nbsp; $966386<br> <sup>(d)(e)</sup><br>|
| Bank of Nova Scotia, Junior Subordinated <br> Notes (8.000% to 1/27/29 then 5 year Treasury <br> Constant Maturity Rate + 4.017%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/27/84 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 471555<br> <sup>(d)</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; 700000<br>| &nbsp;&nbsp; 740338<br> <sup>(a)(d)(e)</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; 240000<br>| &nbsp;&nbsp; 257981<br> <sup>(a)(d)(e)</sup><br>|
| Citigroup Inc., Junior Subordinated Notes <br> (6.875% to 8/15/30 then 5 year Treasury <br> Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 215127<br> <sup>(d)(e)</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; 660000<br>| &nbsp;&nbsp; 683482<br> <sup>(d)(e)</sup><br>|
| JPMorgan Chase & Co., Junior Subordinated <br> Notes (6.500% to 4/1/30 then 5 year Treasury <br> Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 330828<br> <sup>(d)(e)</sup><br>|
| Lloyds Banking Group PLC, Junior Subordinated <br> Notes (6.750% to 6/27/26 then 5 year Treasury <br> Constant Maturity Rate + 4.815%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/27/26 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 293875<br> <sup>(d)(e)</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; 970000<br>| &nbsp;&nbsp; 1048555<br> <sup>(d)(e)</sup><br>|
| Toronto-Dominion Bank, Junior Subordinated <br> Notes (7.250% to 7/31/29 then 5 year Treasury <br> Constant Maturity Rate + 2.977%) | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/31/84 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 495741<br> <sup>(d)</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; 720000<br>| &nbsp;&nbsp; 759098<br> <sup>(d)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 6262966 |
| Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% |
| 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; 450000<br>| &nbsp;&nbsp; 419794<br> <sup>(d)(e)</sup><br>|
| Coinbase Global Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 622947<br> <sup>(a)</sup><br>|
| Credit Suisse AG AT1 Claim | —  | —  | &nbsp;&nbsp; 4040000<br>| &nbsp;&nbsp; 0<br> \*<sup>(f)(g)(h)</sup><br>|

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; $393657<br> <sup>(a)</sup><br>|
| StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 508801<br> <sup>(a)</sup><br>|
| UBS Group AG, Junior Subordinated Notes <br> (7.000% to 8/10/30 then USD 5 year SOFR ICE <br> Swap Rate + 3.077%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 429702<br> <sup>(a)(d)(e)</sup><br>|
| UBS Group AG, Junior Subordinated Notes <br> (7.125% to 2/10/35 then USD 5 year SOFR ICE <br> Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 225680<br> <sup>(a)(d)(e)</sup><br>|
| UBS Group AG, Junior Subordinated Notes <br> (7.750% to 4/12/31 then USD 5 year SOFR ICE <br> Swap Rate + 4.160%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 4/12/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 236532<br> <sup>(a)(d)(e)</sup><br>|
| UBS Group AG, Junior Subordinated Notes <br> (9.250% to 11/13/28 then 5 year Treasury <br> Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 572407<br> <sup>(a)(d)(e)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3409520 |
| Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% |
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 322259<br> <sup>(a)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 489291<br> <sup>(a)</sup><br>|
| Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 344946<br> <sup>(a)</sup><br>|
| Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 365664<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 1522160 |
| Financial Services — 3.4% | Financial Services — 3.4% | Financial Services — 3.4% | Financial Services — 3.4% | Financial Services — 3.4% |
| Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 545114<br> <sup>(a)</sup><br>|
| Boost Newco Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 552617<br> <sup>(a)</sup><br>|
| Burford Capital Global Finance LLC, Senior <br> Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 343322<br> <sup>(a)</sup><br>|
| Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 244938<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; 1230000<br>| &nbsp;&nbsp; 1296707<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; 320000<br>| &nbsp;&nbsp; 325807<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; 30000<br>| &nbsp;&nbsp; 31401<br> <sup>(a)</sup><br>|
| NCR Atleos Corp., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 735510<br> <sup>(a)</sup><br>|
| Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 612917<br> <sup>(a)</sup><br>|
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 350256<br> <sup>(a)</sup><br>|
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp; 1344493<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield 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 |
| SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 411273<br>| &nbsp;&nbsp; $335334<br> <sup>(a)</sup><br>|
| VFH Parent LLC/Valor Co-Issuer Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 378701<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; 110000<br>| &nbsp;&nbsp; 114370<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; 890000<br>| &nbsp;&nbsp; 857740<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 8069227 |
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |
| Acrisure LLC/Acrisure Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 215272<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; 550000<br>| &nbsp;&nbsp; 555142<br> <sup>(a)</sup><br>|
| Ryan Specialty LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 347834<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 1118248 |
| Mortgage Real Estate Investment Trusts (REITs) — 1.1% | Mortgage Real Estate Investment Trusts (REITs) — 1.1% | Mortgage Real Estate Investment Trusts (REITs) — 1.1% | Mortgage Real Estate Investment Trusts (REITs) — 1.1% | Mortgage Real Estate Investment Trusts (REITs) — 1.1% |
| Apollo Commercial Real Estate Finance Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 194469<br> <sup>(a)</sup><br>|
| Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 532514<br> <sup>(a)</sup><br>|
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 795661<br> <sup>(a)</sup><br>|
| Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 222818<br> <sup>(a)</sup><br>|
| Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 937767<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; 2683229 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **23065350** |
| **Health Care — 7.3%** | **Health Care — 7.3%** | **Health Care — 7.3%** | **Health Care — 7.3%** | **Health Care — 7.3%** |
| Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% |
| Medline Borrower LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 421359<br> <sup>(a)</sup><br>|
| Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 427465<br> <sup>(a)</sup><br>|
| Medline Borrower LP/Medline Co-Issuer Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 610986<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1459810 |
| Health Care Providers & Services — 4.2% | Health Care Providers & Services — 4.2% | Health Care Providers & Services — 4.2% | Health Care Providers & Services — 4.2% | Health Care Providers & Services — 4.2% |
| Akumin Inc., Senior Secured Notes (9.000% <br> PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 277500<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; 1110000<br>| &nbsp;&nbsp; 1002800<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 765884<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp; $1438229<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 905020<br> <sup>(a)</sup><br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/95 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 756033<br>|
| LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp; 1498303<br> <sup>(a)</sup><br>|
| LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 121231<br> <sup>(a)</sup><br>|
| Sotera Health Holdings LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1159857<br> <sup>(a)</sup><br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp; 1477487<br> <sup>(a)</sup><br>|
| U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 343000<br>| &nbsp;&nbsp; 310415<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; 9712759 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| AthenaHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 318113<br> <sup>(a)</sup><br>|
| Pharmaceuticals — 2.4% | Pharmaceuticals — 2.4% | Pharmaceuticals — 2.4% | Pharmaceuticals — 2.4% | Pharmaceuticals — 2.4% |
| 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp; 1189893<br> <sup>(a)</sup><br>|
| Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 787900<br> <sup>(a)</sup><br>|
| Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 323807<br> <sup>(a)</sup><br>|
| Endo Luxembourg Finance Co. I Sarl/Endo <br> US Inc., Escrow | —  | —  | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 0<br> \*<sup>(f)(g)(h)</sup><br>|
| Par Pharmaceutical Inc., Escrow | —  | —  | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 0<br> \*<sup>(f)(g)(h)</sup><br>|
| Teva Pharmaceutical Finance Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 411865<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 449000<br>| &nbsp;&nbsp; 449220<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 219154<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 748640<br>|
| Teva Pharmaceutical Finance Netherlands IV <br> BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 1490000<br>| &nbsp;&nbsp; 1547593<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 5678072 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **17168754** |
| **Industrials — 11.1%** | **Industrials — 11.1%** | **Industrials — 11.1%** | **Industrials — 11.1%** | **Industrials — 11.1%** |
| Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% |
| AAR Escrow Issuer LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 581641<br> <sup>(a)</sup><br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 227319<br> <sup>(a)</sup><br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 114481<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 302636<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1056000<br>| &nbsp;&nbsp; 1126143<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; $685671<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 147818<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 241418<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 312187<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3739314 |
| Building Products — 1.3% | Building Products — 1.3% | Building Products — 1.3% | Building Products — 1.3% | Building Products — 1.3% |
| Advanced Drainage Systems Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 234848<br> <sup>(a)</sup><br>|
| Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 516447<br> <sup>(a)</sup><br>|
| Miter Brands Acquisition Holdco Inc./MIWD <br> Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; 705303<br> <sup>(a)</sup><br>|
| MIWD Holdco II LLC/MIWD Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 369262<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1143142<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 2969002 |
| Commercial Services & Supplies — 2.6% | Commercial Services & Supplies — 2.6% | Commercial Services & Supplies — 2.6% | Commercial Services & Supplies — 2.6% | Commercial Services & Supplies — 2.6% |
| Clean Harbors Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 452577<br> <sup>(a)</sup><br>|
| CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1162879<br>|
| GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp; 1339631<br>|
| GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 179735<br>|
| Madison IAQ LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 554296<br> <sup>(a)</sup><br>|
| Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 475481<br> <sup>(a)</sup><br>|
| Reworld Holding Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 322478<br> <sup>(a)</sup><br>|
| RR Donnelley & Sons Co., Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1060226<br> <sup>(a)</sup><br>|
| RR Donnelley & Sons Co., Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 524708<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 6072011 |
| Construction & Engineering — 1.5% | Construction & Engineering — 1.5% | Construction & Engineering — 1.5% | Construction & Engineering — 1.5% | Construction & Engineering — 1.5% |
| AECOM, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 792110<br> <sup>(a)</sup><br>|
| Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 368049<br> <sup>(a)</sup><br>|
| Empire Communities Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp; 1076687<br> <sup>(a)</sup><br>|
| Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp; 1235084<br> <sup>(a)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 3471930 |
| 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; 320000<br>| &nbsp;&nbsp; 333878<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; 1180000<br>| &nbsp;&nbsp; 1098124<br> <sup>(a)</sup><br>|
| XPO CNW Inc., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 381954<br>|
| XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 317226<br> <sup>(a)</sup><br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 1797304 |

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% |
| ATS Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; $582746<br> <sup>(a)</sup><br>|
| Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 546666<br> <sup>(a)</sup><br>|
| Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 571455<br> <sup>(a)</sup><br>|
| Roller Bearing Co. of America Inc., Senior <br> Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 493065<br> <sup>(a)</sup><br>|
| Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 524868<br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 2718800 |
| Marine Transportation — 0.1% | Marine Transportation — 0.1% | Marine Transportation — 0.1% | Marine Transportation — 0.1% | Marine Transportation — 0.1% |
| Stena International SA, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 336610<br> <sup>(a)</sup><br>|
| Passenger Airlines — 1.1% | Passenger Airlines — 1.1% | Passenger Airlines — 1.1% | Passenger Airlines — 1.1% | Passenger Airlines — 1.1% |
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 635182<br> <sup>(a)</sup><br>|
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 1013911<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; 610000<br>| &nbsp;&nbsp; 617643<br> <sup>(a)</sup><br>|
| JetBlue Airways Corp./JetBlue Loyalty LP, <br> Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 365728<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2632464 |
| Trading Companies & Distributors — 0.8% | Trading Companies & Distributors — 0.8% | Trading Companies & Distributors — 0.8% | Trading Companies & Distributors — 0.8% | Trading Companies & Distributors — 0.8% |
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 367686<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 434366<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 521678<br> <sup>(a)(i)</sup><br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 679672<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 2003402 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **26074715** |
| **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** |
| Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% |
| CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1062000<br>| &nbsp;&nbsp; 1062818<br> <sup>(a)</sup><br>|
| CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 670105<br> <sup>(a)</sup><br>|
| Connect Finco SARL/Connect US Finco LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 318975<br> <sup>(a)</sup><br>|
| Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 778437<br> <sup>(a)</sup><br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 2830335 |
| Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% |
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 432479<br> <sup>(a)</sup><br>|
| EquipmentShare.com Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 908001<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; 1340480 |

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; $405824<br> <sup>(a)</sup><br>|
| CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 563372<br> <sup>(a)</sup><br>|
| CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 63430<br> <sup>(a)</sup><br>|
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 572543<br> <sup>(a)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 1605169 |
| Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% |
| Amkor Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 805223<br> <sup>(a)</sup><br>|
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 581046<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1386269 |
| Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% |
| Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 536933<br> <sup>(a)</sup><br>|
| Cloud Software Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 590916<br> <sup>(a)</sup><br>|
| Cloud Software Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 399676<br> <sup>(a)</sup><br>|
| Elastic NV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 366866<br> <sup>(a)</sup><br>|
| Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 330090<br> <sup>(a)</sup><br>|
| Rackspace Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 694200<br>| &nbsp;&nbsp; 284162<br> <sup>(a)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 2508643 |
| 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; 340000<br>| &nbsp;&nbsp; 361835<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; 290000<br>| &nbsp;&nbsp; 299336<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; 661171 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **10332067** |
| **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 557667<br>|
| Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 197074<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 754741 |
| 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; 170000<br>| &nbsp;&nbsp; 170526<br> <sup>(a)</sup><br>|
| Metals & Mining — 3.0% | Metals & Mining — 3.0% | Metals & Mining — 3.0% | Metals & Mining — 3.0% | Metals & Mining — 3.0% |
| Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 384103<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 645504<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp; 1134627<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp; 2341052<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; $474798<br> <sup>(a)</sup><br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1461931<br>|
| Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 587988<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 7030003 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7955270** |
| **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** |
| Diversified REITs — 1.0% | Diversified REITs — 1.0% | Diversified REITs — 1.0% | Diversified REITs — 1.0% | Diversified REITs — 1.0% |
| Iron Mountain Information Management <br> Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 231344<br> <sup>(a)</sup><br>|
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 464282<br>|
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 3.692% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 100000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 112172<br>|
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 269771<br>|
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 285588<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; 1100000<br>| &nbsp;&nbsp; 1045103<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 2408260 |
| Health Care REITs — 0.7% | Health Care REITs — 0.7% | Health Care REITs — 0.7% | Health Care REITs — 0.7% | Health Care REITs — 0.7% |
| Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 383966<br>|
| Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 819304<br>|
| Diversified Healthcare Trust, Senior Secured <br> Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 478347<br> <sup>(a)</sup><br>|
| Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 1681617 |
| Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% |
| Cushman & Wakefield US Borrower LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 225332<br> <sup>(a)</sup><br>|
| Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 647878<br> <sup>(a)</sup><br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 873210 |
| Specialized REITs — 0.5% | Specialized REITs — 0.5% | Specialized REITs — 0.5% | Specialized REITs — 0.5% | Specialized REITs — 0.5% |
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 898377<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 263158<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 1161535 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6124622** |
| **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** |
| Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% |
| Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 339890<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; $363127<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp; 1788542<br> <sup>(a)</sup><br>|
| Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 765537<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 531408<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 915570<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 4704074 |
| Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% |
| Suburban Propane Partners LP/Suburban <br> Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 278554<br> <sup>(a)</sup><br>|
| Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% |
| Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 552241<br> <sup>(a)</sup><br>|
| TransAlta Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 585544<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 1137785 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **6120413** |
| **Total Corporate Bonds & Notes (Cost — $182,114,581)** | **Total Corporate Bonds & Notes (Cost — $182,114,581)** | **Total Corporate Bonds & Notes (Cost — $182,114,581)** | **Total Corporate Bonds & Notes (Cost — $182,114,581)** | &nbsp;&nbsp; **185463442** |
| **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** |
| Abry Liquid Credit CLO Ltd., 2025-2A D (3 mo. <br> Term SOFR + 3.150%) | &nbsp;&nbsp; 6.937% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 390390<br> <sup>(a)(d)(i)</sup><br>|
| AGL CLO Ltd., 2025-44A E (3 mo. Term SOFR + <br> 4.750%) | &nbsp;&nbsp; 8.703% | &nbsp;&nbsp; 10/22/37 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 448737<br> <sup>(a)(d)</sup><br>|
| AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR <br> + 2.400%) | &nbsp;&nbsp; 6.284% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 407973<br> <sup>(a)(d)</sup><br>|
| AMMC CLO Ltd., 2021-24A ER (3 mo. Term <br> SOFR + 6.500%) | &nbsp;&nbsp; 10.384% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 525539<br> <sup>(a)(d)</sup><br>|
| Apex Credit CLO LLC, 2021-2A CR (3 mo. Term <br> SOFR + 3.750%) | &nbsp;&nbsp; 7.634% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 290124<br> <sup>(a)(d)</sup><br>|
| Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR <br> + 5.100%) | &nbsp;&nbsp; 8.984% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 462300<br> <sup>(a)(d)</sup><br>|
| Arini US CLO Ltd., 3A E (3 mo. Term SOFR + <br> 5.250%) | &nbsp;&nbsp; 9.170% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300658<br> <sup>(a)(d)</sup><br>|
| Bain Capital Credit CLO Ltd., 2020-3A DRR (3 <br> mo. Term SOFR + 3.100%) | &nbsp;&nbsp; 6.960% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 649350<br> <sup>(a)(d)</sup><br>|
| Black Diamond CLO Ltd., 2021-1A CR (3 mo. <br> Term SOFR + 3.900%) | &nbsp;&nbsp; 7.757% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 452228<br> <sup>(a)(d)</sup><br>|
| Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. <br> Term SOFR + 2.900%) | &nbsp;&nbsp; 6.784% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 281246<br> <sup>(a)(d)</sup><br>|
| BlueMountain CLO Ltd., 2020-30A DR (3 mo. <br> Term SOFR + 3.300%) | &nbsp;&nbsp; 7.205% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 400948<br> <sup>(a)(d)</sup><br>|
| Capital Four US CLO Ltd., 2025-4A D1 (3 mo. <br> Term SOFR + 3.250%) | &nbsp;&nbsp; 7.037% | &nbsp;&nbsp; 10/18/38 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 390510<br> <sup>(a)(d)(i)</sup><br>|

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield 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** |
| CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR <br> + 3.000%) | &nbsp;&nbsp; 6.884% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 370000<br>&nbsp;&nbsp; $371610<br> <sup>(a)(d)</sup><br>|
| Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR <br> + 2.550%) | &nbsp;&nbsp; 6.408% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 280000<br>&nbsp;&nbsp; 280698<br> <sup>(a)(d)</sup><br>|
| Columbia Cent CLO Ltd., 2025-35A D1A (3 mo. <br> Term SOFR + 3.500%) | &nbsp;&nbsp; 7.822% | &nbsp;&nbsp; 7/25/36 | &nbsp;&nbsp; 280000<br>&nbsp;&nbsp; 281395<br> <sup>(a)(d)</sup><br>|
| Dryden CLO Ltd., 2022-113A D1R3 (3 mo. Term <br> SOFR + 3.000%) | &nbsp;&nbsp; 6.905% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 400000<br>&nbsp;&nbsp; 402661<br> <sup>(a)(d)</sup><br>|
| Galaxy CLO Ltd., 2018-25A D1RR (3 mo. Term <br> SOFR + 2.700%) | &nbsp;&nbsp; 6.558% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 300000<br>&nbsp;&nbsp; 299986<br> <sup>(a)(d)</sup><br>|
| GoldenTree Loan Management US CLO Ltd., <br> 2020-8A DRR (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 6.784% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 290000<br>&nbsp;&nbsp; 291005<br> <sup>(a)(d)</sup><br>|
| Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term <br> SOFR + 3.500%) | &nbsp;&nbsp; 7.382% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 230000<br>&nbsp;&nbsp; 230830<br> <sup>(a)(d)</sup><br>|
| Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term <br> SOFR + 3.250%) | &nbsp;&nbsp; 7.108% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 320000<br>&nbsp;&nbsp; 318147<br> <sup>(a)(d)</sup><br>|
| Jamestown CLO Ltd., 2021-17A DR (3 mo. Term <br> SOFR + 3.500%) | &nbsp;&nbsp; 7.358% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 510000<br>&nbsp;&nbsp; 511764<br> <sup>(a)(d)</sup><br>|
| Magnetite Ltd., 2020-26A ER2 (3 mo. Term <br> SOFR + 4.700%) | &nbsp;&nbsp; 8.558% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 570000<br>&nbsp;&nbsp; 566842<br> <sup>(a)(d)</sup><br>|
| Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR <br> + 4.600%) | &nbsp;&nbsp; 8.782% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 490000<br>&nbsp;&nbsp; 489858<br> <sup>(a)(d)</sup><br>|
| Mountain View CLO Ltd., 2015-9A CR (3 mo. <br> Term SOFR + 3.382%) | &nbsp;&nbsp; 7.286% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 250000<br>&nbsp;&nbsp; 250890<br> <sup>(a)(d)</sup><br>|
| Mountain View CLO Ltd., 2025-1A D1 (3 mo. <br> Term SOFR + 3.400%) | &nbsp;&nbsp; 7.228% | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 310000<br>&nbsp;&nbsp; 313514<br> <sup>(a)(d)</sup><br>|
| New Mountain CLO Ltd., 5A D1R (3 mo. Term <br> SOFR + 3.150%) | &nbsp;&nbsp; 7.034% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 320000<br>&nbsp;&nbsp; 321504<br> <sup>(a)(d)</sup><br>|
| Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term <br> SOFR + 3.250%) | &nbsp;&nbsp; 7.155% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 570000<br>&nbsp;&nbsp; 574560<br> <sup>(a)(d)</sup><br>|
| Obra CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + <br> 3.400%) | &nbsp;&nbsp; 7.284% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 800000<br>&nbsp;&nbsp; 808943<br> <sup>(a)(d)</sup><br>|
| Ocean Trails CLO Ltd., 2024-16A D1 (3 mo. <br> Term SOFR + 3.300%) | &nbsp;&nbsp; 7.184% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 700000<br>&nbsp;&nbsp; 703688<br> <sup>(a)(d)</sup><br>|
| OHA Credit Funding Ltd., 2022-11A D1R (3 mo. <br> Term SOFR + 2.850%) | &nbsp;&nbsp; 6.734% | &nbsp;&nbsp; 7/19/37 | &nbsp;&nbsp; 330000<br>&nbsp;&nbsp; 331392<br> <sup>(a)(d)</sup><br>|
| Palmer Square CLO Ltd., 2022-3A D1R (3 mo. <br> Term SOFR + 2.950%) | &nbsp;&nbsp; 6.834% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 460000<br>&nbsp;&nbsp; 461480<br> <sup>(a)(d)</sup><br>|
| Palmer Square Loan Funding Ltd., 2022-3A CR <br> (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.905% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 380000<br>&nbsp;&nbsp; 382457<br> <sup>(a)(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield 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** |
| 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; 440000<br>| &nbsp;&nbsp; $442451<br> <sup>(a)(d)</sup><br>|
| PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 6.884% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 542908<br> <sup>(a)(d)</sup><br>|
| RAD CLO Ltd., 2023-21A D1R (3 mo. Term SOFR <br> + 2.600%) | &nbsp;&nbsp; 6.458% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 655050<br> <sup>(a)(d)</sup><br>|
| RR Ltd., 2021-18A DR (3 mo. Term SOFR + <br> 4.900%) | &nbsp;&nbsp; 8.805% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 472355<br> <sup>(a)(d)</sup><br>|
| Symphony CLO Ltd., 2020-22A DR (3 mo. Term <br> SOFR + 3.300%) | &nbsp;&nbsp; 7.184% | &nbsp;&nbsp; 4/18/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250699<br> <sup>(a)(d)</sup><br>|
| Symphony CLO Ltd., 2021-25A D (3 mo. Term <br> SOFR + 3.862%) | &nbsp;&nbsp; 7.746% | &nbsp;&nbsp; 4/19/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 247936<br> <sup>(a)(d)</sup><br>|
| Trestles CLO Ltd., 2025-8A D1 (3 mo. Term <br> SOFR + 3.000%) | &nbsp;&nbsp; 7.297% | &nbsp;&nbsp; 6/11/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 331844<br> <sup>(a)(d)</sup><br>|
| Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + <br> 3.012%) | &nbsp;&nbsp; 6.916% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 431548<br> <sup>(a)(d)</sup><br>|
| Wellesley Park CLO Ltd., 2025-1A E (3 mo. <br> Term SOFR + 4.600%) | &nbsp;&nbsp; 8.507% | &nbsp;&nbsp; 1/24/39 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230660<br> <sup>(a)(d)</sup><br>|
| Whitebox CLO Ltd., 2025-5A D1 (3 mo. Term <br> SOFR + 2.850%) | &nbsp;&nbsp; 7.104% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 321700<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $16,996,991)** | **Total Asset-Backed Securities (Cost — $16,996,991)** | **Total Asset-Backed Securities (Cost — $16,996,991)** | **Total Asset-Backed Securities (Cost — $16,996,991)** | &nbsp;&nbsp; **17120378** |
| **Senior Loans — 6.5%** | **Senior Loans — 6.5%** | **Senior Loans — 6.5%** | **Senior Loans — 6.5%** | **Senior Loans — 6.5%** |
| **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** |
| 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; 588525<br>| &nbsp;&nbsp; 591088<br> <sup>(d)(j)(k)</sup><br>|
| 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; 129335<br>| &nbsp;&nbsp; 126150<br> <sup>(d)(j)(k)</sup><br>|
| X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 754380<br> <sup>(j)(k)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 880530 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Diamond Sports Net LLC, First Lien Exit Term <br> Loan (15.000% PIK) | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 960809<br>| &nbsp;&nbsp; 638938<br> <sup>(b)(j)(k)</sup><br>|
| Gray Television Inc., Term Loan F (1 mo. Term <br> SOFR + 5.250%) | 9.234% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 10600<br>| &nbsp;&nbsp; 10616<br> <sup>(d)(j)(k)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 649554 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2121172** |

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% |
| ABC Technologies Inc., Term Loan B (1 mo. <br> Term SOFR + 8.250%) | 12.166% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 780331<br>| &nbsp;&nbsp; $780332<br> <sup>(d)(f)(g)(j)(k)</sup><br>|
| Clarios Global LP, 2024 Term Loan B (1 mo. <br> Term SOFR + 2.500%) | 6.416% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 495009<br>| &nbsp;&nbsp; 495937<br> <sup>(d)(j)(k)</sup><br>|
| First Brands Group LLC, 2021 First Lien Term <br> Loan (1 mo. Term SOFR + 7.114%) | 11.099% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 169929<br>| &nbsp;&nbsp; 58626<br> <sup>(d)(j)(k)(l)</sup><br>|
| First Brands Group LLC, DIP Roll Up Term Loan <br> (1 mo. Term SOFR + 7.000%) | 10.984% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 54312<br>| &nbsp;&nbsp; 22251<br> <sup>(d)(j)(k)</sup><br>|
| First Brands Group LLC, USD DIP Term Loan (1 <br> mo. Term SOFR + 10.000%) | 13.984% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 43935<br>| &nbsp;&nbsp; 46437<br> <sup>(d)(j)(k)(l)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 1403583 |
| 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% |
| WW International Inc., Take-Back Term Loan (3 <br> mo. Term SOFR + 6.800%)  | 10.803% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 537390<br>| &nbsp;&nbsp; 479427<br> <sup>(d)(j)(k)</sup><br>|
| Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% |
| Light & Wonder International Inc., Term Loan <br> B2 (1 mo. Term SOFR + 2.250%) | 6.209% | &nbsp;&nbsp; 4/14/29 | &nbsp;&nbsp; 243178<br>| &nbsp;&nbsp; 244039<br> <sup>(d)(j)(k)</sup><br>|
| Peninsula Pacific Entertainment LLC, Closing <br> Date Term Loan Facility B (3 mo. Term SOFR + <br> 4.750%) | 8.735% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 412309<br>| &nbsp;&nbsp; 412824<br> <sup>(d)(j)(k)</sup><br>|
| Peninsula Pacific Entertainment LLC, Delayed <br> Draw Term Loan Facility B | —  | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 96691<br>| &nbsp;&nbsp; 96812<br> <sup>(m)</sup><br>|
| Station Casinos LLC, Term Loan Facility B (1 <br> mo. Term SOFR + 2.000%) | 5.916% | &nbsp;&nbsp; 3/14/31 | &nbsp;&nbsp; 856950<br>| &nbsp;&nbsp; 858900<br> <sup>(d)(j)(k)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1612575 |
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Petco Health and Wellness Co. Inc., First Lien <br> Initial Term Loan (3 mo. Term SOFR + 3.512%)  | 7.513% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 601698<br> <sup>(d)(j)(k)(l)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4097283** |
| **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% |
| Citadel Securities LP, 2024 Term Loan Facility (1 <br> mo. Term SOFR + 2.000%) | 5.916% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 243210<br>| &nbsp;&nbsp; 244385<br> <sup>(d)(j)(k)</sup><br>|
| Nexus Buyer LLC, Amendment No. 10 Term <br> Loan (1 mo. Term SOFR + 4.000%) | 7.916% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 150141<br> <sup>(d)(j)(k)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 394526 |

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |
| Asurion LLC, New Term Loan B10 (1 mo. Term <br> SOFR + 4.100%)  | 8.016% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 1149759<br>| &nbsp;&nbsp; $1149936<br> <sup>(d)(j)(k)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1544462** |
| **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** |
| Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% |
| EyeCare Partners LLC, Term Loan B (8.580% <br> Cash and 3.610% PIK) | 8.580% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 617115<br>| &nbsp;&nbsp; 312090<br> <sup>(b)(d)(j)(k)</sup><br>|
| Global Medical Response Inc., Initial Term Loan <br> (3 mo. Term SOFR + 3.500%) | 7.384% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 583700<br> <sup>(d)(j)(k)</sup><br>|
| LifePoint Health Inc., Term Loan B | &nbsp;&nbsp; 7.655-<br> 7.709%<br>| &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 222264<br>| &nbsp;&nbsp; 223168<br> <sup>(d)(j)(k)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1118958 |
| Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% |
| Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR <br> + 2.750%)  | 6.734% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 462973<br>| &nbsp;&nbsp; 446191<br> <sup>(d)(j)(k)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1565149** |
| **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** |
| Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% |
| Quikrete Holdings Inc., Term Loan B3 (1 mo. <br> Term SOFR + 2.250%)  | 6.166% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 527350<br>| &nbsp;&nbsp; 528597<br> <sup>(d)(j)(k)</sup><br>|
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| Neptune Bidco US Inc., Term Loan B (3 mo. <br> Term SOFR + 5.100%)  | 9.012% | &nbsp;&nbsp; 4/11/29 | &nbsp;&nbsp; 302250<br>| &nbsp;&nbsp; 295827<br> <sup>(d)(j)(k)</sup><br>|
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Genesee & Wyoming Inc., Initial Term Loan B <br> (3 mo. Term SOFR + 1.750%)  | 5.752% | &nbsp;&nbsp; 4/10/31 | &nbsp;&nbsp; 504900<br>| &nbsp;&nbsp; 504650<br> <sup>(d)(j)(k)</sup><br>|
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| Spirit Airlines LLC, Contingent DIP Facility | —  | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 939578<br>| &nbsp;&nbsp; 383066<br> <sup>(f)(g)(l)</sup><br>|
| Spirit Airlines LLC, New Money Term Loan | —  | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 219976<br>| &nbsp;&nbsp; 219702<br> <sup>(l)</sup><br>|
| Spirit Airlines LLC, Second New Money Term <br> Loan | —  | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 54430<br>| &nbsp;&nbsp; 48850<br> <sup>(l)</sup><br>|
| United Airlines Inc., Term Loan B (1 mo. Term <br> SOFR + 2.000%) | 5.954% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 231450<br>| &nbsp;&nbsp; 232484<br> <sup>(d)(j)(k)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 884102 |
| Professional Services — 0.3% | Professional Services — 0.3% | Professional Services — 0.3% | Professional Services — 0.3% | Professional Services — 0.3% |
| Dayforce Inc., Term Loan B  | —  | &nbsp;&nbsp; 10/7/32 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 738905<br> <sup>(l)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2952081** |

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% |
| DCert Buyer Inc., Second Lien Initial Term Loan <br> (1 mo. Term SOFR + 7.000%) | 10.916% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; $714950<br> <sup>(d)(j)(k)</sup><br>|
| Red Planet Borrower LLC, Initial Term Loan (1 <br> mo. Term SOFR + 4.000%) | 7.916% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 390487<br> <sup>(d)(j)(k)</sup><br>|
| X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 1286775<br>| &nbsp;&nbsp; 1327952<br> <sup>(j)(k)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 2433389 |
| 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; 6/16/26 | &nbsp;&nbsp; 35788<br>| &nbsp;&nbsp; 35017<br> <sup>(d)(j)(k)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2468406** |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Arctic Canadian Diamond Co. Ltd., Second Lien <br> Term Loan  | 10.000% | &nbsp;&nbsp; 12/31/27 | &nbsp;&nbsp; 548918<br>| &nbsp;&nbsp; **547124**<br> <sup>(f)(g)(j)(k)</sup><br>|
| **Total Senior Loans (Cost — $16,342,372)** | **Total Senior Loans (Cost — $16,342,372)** | **Total Senior Loans (Cost — $16,342,372)** | **Total Senior Loans (Cost — $16,342,372)** | &nbsp;&nbsp; **15295677** |
| **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 3.3%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 3.3%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 3.3%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 3.3%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 3.3%** |
| BX Commercial Mortgage Trust, 2019-IMC F (1 <br> mo. Term SOFR + 2.946%) | &nbsp;&nbsp; 6.905% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1074048<br> <sup>(a)(d)</sup><br>|
| BX Trust, 2021-VIEW F (1 mo. Term SOFR + <br> 4.044%) | &nbsp;&nbsp; 8.003% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 898323<br> <sup>(a)(d)</sup><br>|
| CEDR Commercial Mortgage Trust, 2022-SNAI <br> D (1 mo. Term SOFR + 2.376%) | &nbsp;&nbsp; 6.334% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 783344<br> <sup>(a)(d)</sup><br>|
| GS Mortgage Securities Trust, 2014-GC24 B | &nbsp;&nbsp; 4.540% | &nbsp;&nbsp; 9/10/47 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 936354<br> <sup>(d)</sup><br>|
| JPMorgan Chase Commercial Mortgage <br> Securities Trust, 2021-HTL5 F (1 mo. Term SOFR <br> + 4.529%) | &nbsp;&nbsp; 8.488% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 884787<br>| &nbsp;&nbsp; 889495<br> <sup>(a)(d)</sup><br>|
| LHOME Mortgage Trust, 2025-RTL1 M1 | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 314309<br> <sup>(a)(d)</sup><br>|
| NYC Commercial Mortgage Trust, 2025-28L F | &nbsp;&nbsp; 8.130% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 301010<br> <sup>(a)(d)</sup><br>|
| NYC Commercial Mortgage Trust, 2025-28L G | &nbsp;&nbsp; 9.321% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 700201<br> <sup>(a)(d)</sup><br>|
| SMRT, 2022-MINI F (1 mo. Term SOFR + <br> 3.350%) | &nbsp;&nbsp; 7.309% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 941562<br> <sup>(a)(d)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, 2015-<br> C28 D | &nbsp;&nbsp; 4.263% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 1072434<br>| &nbsp;&nbsp; 1022834<br> <sup>(d)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $7,859,961)** | **Total Collateralized Mortgage Obligations (Cost — $7,859,961)** | **Total Collateralized Mortgage Obligations (Cost — $7,859,961)** | **Total Collateralized Mortgage Obligations (Cost — $7,859,961)** | &nbsp;&nbsp; **7861480** |
| **Convertible Bonds & Notes — 0.9%** | **Convertible Bonds & Notes — 0.9%** | **Convertible Bonds & Notes — 0.9%** | **Convertible Bonds & Notes — 0.9%** | **Convertible Bonds & Notes — 0.9%** |
| **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; 96111<br>| &nbsp;&nbsp; **226973**<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† |
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; **$136430**<br>|
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| Mortgage Real Estate Investment Trusts (REITs) — 0.3% | Mortgage Real Estate Investment Trusts (REITs) — 0.3% | Mortgage Real Estate Investment Trusts (REITs) — 0.3% | Mortgage Real Estate Investment Trusts (REITs) — 0.3% | Mortgage Real Estate Investment Trusts (REITs) — 0.3% |
| Two Harbors Investment Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; **657690**<br>|
| **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; 344000<br>| &nbsp;&nbsp; 403435<br>|
| BWX Technologies Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48334<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **451769** |
| **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** |
| 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; 280000<br>| &nbsp;&nbsp; 285134<br> <sup>(a)</sup><br>|
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| Super Micro Computer Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 329052<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **614186** |
| **Total Convertible Bonds & Notes (Cost — $1,998,153)** | **Total Convertible Bonds & Notes (Cost — $1,998,153)** | **Total Convertible Bonds & Notes (Cost — $1,998,153)** | **Total Convertible Bonds & Notes (Cost — $1,998,153)** | &nbsp;&nbsp; **2087048** |
|  |  |  | Shares/Units |  |
| **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% |
| Altice France Luxco | Altice France Luxco |  | &nbsp;&nbsp; 23923 | &nbsp;&nbsp; **437,386**<br> \*<sup>(f)</sup><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; 10516 | &nbsp;&nbsp; **298,339**<br> \*<br>|
| **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% |
| Chord Energy Corp. | Chord Energy Corp. |  | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 180680<br>|
| Permian Production Partners LLC | Permian Production Partners LLC |  | &nbsp;&nbsp; 21667 | &nbsp;&nbsp; 0<br> \*<sup>(f)(g)(h)</sup><br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **180680** |
| **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; 209 | &nbsp;&nbsp; 65<br> \*<sup>(f)(o)</sup><br>|
| Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 35875 | &nbsp;&nbsp; 11,121<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11186** |

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares/Units | Value |
| **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; 541 | &nbsp;&nbsp; **$7,787**<br> \*<sup>(f)(g)</sup><br>|
| **Total Common Stocks (Cost — $1,188,758)** | **Total Common Stocks (Cost — $1,188,758)** | **Total Common Stocks (Cost — $1,188,758)** | **Total Common Stocks (Cost — $1,188,758)** | &nbsp;&nbsp; **935378**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** |
| Argentina — 0.4% | Argentina — 0.4% | Argentina — 0.4% | Argentina — 0.4% | Argentina — 0.4% |
| Provincia de Buenos Aires, Senior Notes <br>(Cost — $492,054) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1148130<br>| &nbsp;&nbsp; **832188**<br> <sup>(a)</sup><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; 1596 | &nbsp;&nbsp; **22,223**<br> \*<sup>(f)</sup><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 — $310,299) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 25490<br>| &nbsp;&nbsp; **7,902**<br> \*<sup>(a)(f)(o)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $227,303,169)** | **Total Investments before Short-Term Investments (Cost — $227,303,169)** | **Total Investments before Short-Term Investments (Cost — $227,303,169)** | **Total Investments before Short-Term Investments (Cost — $227,303,169)** | &nbsp;&nbsp; **229625716** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $2,589,110)  | &nbsp;&nbsp; 3.957% |  | &nbsp;&nbsp; 2589110<br>| &nbsp;&nbsp; **2589110**<br> <sup>(p)(q)</sup><br>|
| **Total Investments — 99.0% (Cost — $229,892,279)** | **Total Investments — 99.0% (Cost — $229,892,279)** | **Total Investments — 99.0% (Cost — $229,892,279)** | **Total Investments — 99.0% (Cost — $229,892,279)** | &nbsp;&nbsp; **232214826** |
| Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp; 2257657 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$234472483** |

---

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

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

 **Western Asset High Yield 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 Directors. <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 Directors.<br>|
| <sup>(d)</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>(e)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(f)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(g)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(h)</sup> | Value is less than $1. |
| <sup>(i)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <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 November 30, 2025. Interest rates are not effective until <br> settlement 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 November 30, 2025. The interest rate for fully unfunded term loans is <br> to be determined. At November 30, 2025, the total principal amount and market value of unfunded commitments <br> totaled $96,691 and $96,812, respectively.<br>|
| <sup>(n)</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>(o)</sup> | Restricted security (Note 9). |
| <sup>(p)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(q)</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 November 30, 2025, the total market value of investments in Affiliated <br> Companies was $2,589,110 and the cost was $2,589,110 (Note 8).<br>|

---

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

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CLO |  | Collateralized Loan Obligation |
| DAC | —  | Designated Activity Company |
| DIP | —  | Debtor-in-possession |
| GBP | —  | British Pound |
| ICE | —  | Intercontinental Exchange |
| LIBOR | —  | London Interbank Offered Rate |
| PIK | —  | Payment-In-Kind |
| SOFR | —  | Secured Overnight Financing Rate |
| SONIA | —  | Sterling Overnight Index Average |
| USD | —  | United States Dollar |

---

At November 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; $8311639 | &nbsp;&nbsp; $8342188 | &nbsp;&nbsp; **$30549** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| GBP | 2895292 | &nbsp;&nbsp; USD | 3893939 | BNP Paribas SA | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; $(61461)<br>|
| EUR | 2642000 | &nbsp;&nbsp; USD | 3071808 | Citibank N.A. | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 2035 |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(59426)**<br>|

---

&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:** |
| EUR |  | Euro |
| GBP | —  | British Pound |
| USD | —  | United States Dollar |

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

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 **Western Asset High Yield Fund**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Implied <br>Credit <br>Spread at <br>November 30, <br>2025<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>|
| American Airlines <br> Group Inc., <br> 6.500%, due <br> 7/1/25<br>| $572000 | 12/20/29 | 4.276% | 5.000% quarterly | $14297 | $(30203) | $44500 |
| Nabors <br> Industries Inc., <br> 9.125%, due <br> 1/31/30<br>| 182000 | 6/20/29 | 3.568% | 1.000% quarterly | (14877) | (23573) | 8696 |
| **Total** | **$754000** |  |  |  | **$(580)** | **$(53776)** | **$53196** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Implied <br>Credit <br>Spread at <br>November 30, <br>2025<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 <br> 2/1/27<br>| $182000 | 6/20/29 | 2.899% | 1.000% quarterly | $11122 | $16518 | $(5396) |

---

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

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset High Yield Fund**

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap <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 High Yield Fund 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

November 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $227,303,169) | &nbsp;&nbsp; $229625716 |
| Investments in affiliated securities, at value (Cost — $2,589,110) | &nbsp;&nbsp; 2589110 |
| Foreign currency, at value (Cost — $213,359) | &nbsp;&nbsp; 173720 |
| Cash | &nbsp;&nbsp; 1001687 |
| Interest receivable | &nbsp;&nbsp; 3855853 |
| Receivable from brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 541028 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 134193 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 6626 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 5001 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; 2035 |
| Prepaid expenses | &nbsp;&nbsp; 45014 |
| **Total Assets** | &nbsp;&nbsp; **237979983** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 2621017 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 520499 |
| Investment management fee payable | &nbsp;&nbsp; 99264 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; 61461 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 42201 |
| Distributions payable | &nbsp;&nbsp; 18543 |
| Payable to brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 8906 |
| Directors' fees payable | &nbsp;&nbsp; 64 |
| Accrued expenses | &nbsp;&nbsp; 135545 |
| **Total Liabilities** | &nbsp;&nbsp; **3507500** |
| **Total Net Assets** | &nbsp;&nbsp; **$234472483** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $33279 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 391294786 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (156855582)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$234472483** |

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited) (cont'd)

November 30, 2025

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $200510115 |
| Class C | &nbsp;&nbsp; $1566341 |
| Class R | &nbsp;&nbsp; $154951 |
| Class I | &nbsp;&nbsp; $25609361 |
| Class IS | &nbsp;&nbsp; $6631715 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 28439609 |
| Class C | &nbsp;&nbsp; 224230 |
| Class R | &nbsp;&nbsp; 22135 |
| Class I | &nbsp;&nbsp; 3659094 |
| Class IS | &nbsp;&nbsp; 933447 |
| **Net Asset Value:** |  |
| Class A (and redemption price) | &nbsp;&nbsp; $7.05 |
| Class C\*  | &nbsp;&nbsp; $6.99 |
| Class R (and redemption price) | &nbsp;&nbsp; $7.00 |
| Class I (and redemption price) | &nbsp;&nbsp; $7.00 |
| Class IS (and redemption price) | &nbsp;&nbsp; $7.10 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 3.75%) | &nbsp;&nbsp; $7.32 |

---

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

\* Redemption price per share is NAV of Class C 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 High Yield Fund 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended November 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $9020763 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 30961 |
| Dividends from affiliated investments | &nbsp;&nbsp; 27571 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (6881)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **9072414** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 627635 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 251453 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 76742 |
| Registration fees | &nbsp;&nbsp; 45737 |
| Fund accounting fees | &nbsp;&nbsp; 36388 |
| Audit and tax fees | &nbsp;&nbsp; 32512 |
| Shareholder reports | &nbsp;&nbsp; 7947 |
| Legal fees | &nbsp;&nbsp; 7664 |
| Directors' fees | &nbsp;&nbsp; 4368 |
| Commitment fees (Note 10) | &nbsp;&nbsp; 943 |
| Insurance | &nbsp;&nbsp; 706 |
| Custody fees | &nbsp;&nbsp; 635 |
| Miscellaneous expenses  | &nbsp;&nbsp; 6522 |
| **Total Expenses** | &nbsp;&nbsp; **1099252** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (34747)<br>|
| **Net Expenses** | &nbsp;&nbsp; **1064505** |
| **Net Investment Income** | &nbsp;&nbsp; **8007909** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions** <br>**(Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions** <br>**(Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (3049551)<br>|
| Futures contracts | &nbsp;&nbsp; 98817 |
| Swap contracts | &nbsp;&nbsp; 221514 |
| Forward foreign currency contracts | &nbsp;&nbsp; 289310 |
| Foreign currency transactions | &nbsp;&nbsp; 2720 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(2437190)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 7323612 |
| Futures contracts | &nbsp;&nbsp; 2549 |
| Swap contracts | &nbsp;&nbsp; 8342 |
| Forward foreign currency contracts | &nbsp;&nbsp; (346925)<br>|
| Foreign currencies | &nbsp;&nbsp; (3187)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **6984391** |
| **Net Gain on Investments, Futures Contracts, Swap Contracts, Forward Foreign** <br> **Currency Contracts and Foreign Currency Transactions** <br>| &nbsp;&nbsp; **4547201** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$12555110** |

---

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended November 30, 2025 (unaudited) <br>and the Year Ended May 31, 2025<br>| November 30 | May 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $8007909 | $16753747 |
| Net realized gain (loss)  | &nbsp;&nbsp; (2437190)<br>| 1755314 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 6984391 | 1659327 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **12555110** | **20168388** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (8453138)<br>| (16627451)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(8453138)**<br>| **(16627451)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 21470609 | 40179480 |
| Reinvestment of distributions | &nbsp;&nbsp; 8347616 | 16084484 |
| Cost of shares repurchased  | &nbsp;&nbsp; (21407172)<br>| (63186094)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **8411053** | **(6922130)**<br>|
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **12513025** | **(3381193)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 221959458 | 225340651 |
| **End of period** | &nbsp;&nbsp; **$234472483** | **$221959458** |

---

See Notes to Financial Statements.

------

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class A Shares<sup>1</sup> <br>| 2025<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>| $6.92 | &nbsp;&nbsp; $6.81 | &nbsp;&nbsp; $6.62 | &nbsp;&nbsp; $7.29 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $7.40 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.25 | 0.52 | 0.50 | 0.48 | 0.39 | 0.38 |
| Net realized and unrealized gain <br> (loss)<br>| 0.12 | 0.10 | 0.19 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.92)<br>| 0.81 |
| **Total income (loss) from** <br> **operations**<br>| **0.37** | **0.62** | **0.69** | &nbsp;&nbsp; **(0.19)** | &nbsp;&nbsp; **(0.53)** | **1.19** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| **Total distributions** | **(0.24)**<br>| &nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp; **(0.50)**<br>| &nbsp;&nbsp; **(0.48)**<br>| &nbsp;&nbsp; **(0.39)**<br>| &nbsp;&nbsp; **(0.38)**<br>|
| **Net asset value, end of period** | $7.05 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $6.81 | &nbsp;&nbsp; $6.62 | &nbsp;&nbsp; $7.29 | &nbsp;&nbsp; $8.21 |
| **Total return**<sup>4</sup> <br>| **5.72%**<br>| **9.23%**<br>| **10.97%**<br>| &nbsp;&nbsp; **(2.52)%**<br>| &nbsp;&nbsp; **(6.77)%**<br>| **16.41%**<br>|
| **Net assets, end of period (000s)** | $200510 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $179880 | &nbsp;&nbsp; $169943 | &nbsp;&nbsp; $67464 | &nbsp;&nbsp; $3953 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.99 %<sup>5</sup><br>| 0.99<br> %<br>| 0.99<br> %<br>| 1.02<br> %<br>| 0.97<br> %<br>| 1.06<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.96 <br><sup>5</sup><br>| 0.97 | 0.97 | 0.97 | 0.94 | 1.00 |
| Net investment income | 6.99 <br><sup>5</sup><br>| 7.44 | 7.46 | 7.14 | 4.93 | 4.80 |
| **Portfolio turnover rate** | **33%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **45%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **79%**<br>| &nbsp;&nbsp; **101%**<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 November 30, 2025 (unaudited).

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

<sup>4</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>5</sup> Annualized.

<sup>6</sup> As a result of an expense limitation arrangement, effective May 21, 2021, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.01%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Directors' 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. Prior to May 21, 2021, the expense limitation was 1.05%. 

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

See Notes to Financial Statements.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class C Shares<sup>1</sup> <br>| 2025<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** | $6.86 | &nbsp;&nbsp; $6.75 | &nbsp;&nbsp; $6.56 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $7.33 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.22 | 0.46 | 0.45 | 0.42 | 0.33 | 0.32 |
| Net realized and unrealized gain (loss) | 0.13 | 0.11 | 0.19 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.91)<br>| 0.80 |
| **Total income (loss) from operations** | **0.35** | **0.57** | **0.64** | &nbsp;&nbsp; **(0.25)** | &nbsp;&nbsp; **(0.58)** | **1.12** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| **Total distributions** | **(0.22)**<br>| &nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp; **(0.45)**<br>| &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.32)**<br>|
| **Net asset value, end of period** | $6.99 | &nbsp;&nbsp; $6.86 | &nbsp;&nbsp; $6.75 | &nbsp;&nbsp; $6.56 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $8.13 |
| **Total return**<sup>4</sup> <br>| **5.34%**<br>| **8.58%**<br>| **10.02%**<br>| &nbsp;&nbsp; **(3.40)%**<br>| &nbsp;&nbsp; **(7.35)%**<br>| **15.66%**<br>|
| **Net assets, end of period (000s)** | $1566 | &nbsp;&nbsp; $1365 | &nbsp;&nbsp; $1742 | &nbsp;&nbsp; $1221 | &nbsp;&nbsp; $1430 | &nbsp;&nbsp; $1960 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.74 %<sup>5</sup><br>| 1.75<br> %<br>| 1.73<br> %<br>| 1.85<br> %<br>| 1.76<br> %<br>| 1.82<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 1.71 <br><sup>5</sup><br>| 1.72 | 1.71 | 1.80 | 1.73 | 1.76 |
| Net investment income | 6.25 <br><sup>5</sup><br>| 6.68 | 6.73 | 6.20 | 4.09 | 4.08 |
| **Portfolio turnover rate** | **33%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **45%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **79%**<br>| &nbsp;&nbsp; **101%**<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 November 30, 2025 (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 commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Directors' 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 High Yield Fund 2025 Semi-Annual Report

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class R Shares<sup>1</sup> <br>| 2025<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** | $6.87 | &nbsp;&nbsp; $6.77 | &nbsp;&nbsp; $6.57 | &nbsp;&nbsp; $7.24 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $7.35 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.23 | 0.49 | 0.48 | 0.45 | 0.36 | 0.36 |
| Net realized and unrealized gain (loss) | 0.13 | 0.10 | 0.20 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.91)<br>| 0.80 |
| **Total income (loss) from operations** | **0.36** | **0.59** | **0.68** | &nbsp;&nbsp; **(0.22)** | &nbsp;&nbsp; **(0.55)** | **1.16** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.36)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| **Total distributions** | **(0.23)**<br>| &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp; **(0.48)**<br>| &nbsp;&nbsp; **(0.45)**<br>| &nbsp;&nbsp; **(0.36)**<br>| &nbsp;&nbsp; **(0.36)**<br>|
| **Net asset value, end of period** | $7.00 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $6.77 | &nbsp;&nbsp; $6.57 | &nbsp;&nbsp; $7.24 | &nbsp;&nbsp; $8.15 |
| **Total return**<sup>4</sup> <br>| **5.55%**<br>| **8.87%**<br>| **10.63%**<br>| &nbsp;&nbsp; **(2.92)%**<br>| &nbsp;&nbsp; **(7.05)%**<br>| **16.16%**<br>|
| **Net assets, end of period (000s)** | $155 | &nbsp;&nbsp; $135 | &nbsp;&nbsp; $107 | &nbsp;&nbsp; $118 | &nbsp;&nbsp; $176 | &nbsp;&nbsp; $129 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.58 %<sup>5</sup><br>| 1.51<br> %<br>| 1.37<br> %<br>| 1.55<br> %<br>| 1.58<br> %<br>| 1.64<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 1.30 <br><sup>5</sup><br>| 1.30 | 1.30 | 1.30 | 1.30 | 1.30 |
| Net investment income | 6.64 <br><sup>5</sup><br>| 7.11 | 7.12 | 6.67 | 4.51 | 4.53 |
| **Portfolio turnover rate** | **33%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **45%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **79%**<br>| &nbsp;&nbsp; **101%**<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 November 30, 2025 (unaudited).

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

<sup>4</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>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 commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.30%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Directors' 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 High Yield Fund 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class I Shares<sup>1</sup> <br>| 2025<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** | $6.87 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.57 | &nbsp;&nbsp; $7.24 | &nbsp;&nbsp; $8.14 | &nbsp;&nbsp; $7.34 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.25 | 0.53 | 0.52 | 0.49 | 0.40 | 0.40 |
| Net realized and unrealized gain (loss) | 0.13 | 0.10 | 0.19 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.90)<br>| 0.80 |
| **Total income (loss) from** <br> **operations**<br>| **0.38** | **0.63** | **0.71** | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; **(0.50)** | **1.20** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.40)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| **Total distributions** | **(0.25)**<br>| &nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp; **(0.40)**<br>| &nbsp;&nbsp; **(0.40)**<br>|
| **Net asset value, end of period** | $7.00 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.57 | &nbsp;&nbsp; $7.24 | &nbsp;&nbsp; $8.14 |
| **Total return**<sup>4</sup> <br>| **5.84%**<br>| **9.47%**<br>| **11.24%**<br>| &nbsp;&nbsp; **(2.41)%**<br>| &nbsp;&nbsp; **(6.47)%**<br>| **16.65%**<br>|
| **Net assets, end of period (000s)** | $25609 | &nbsp;&nbsp; $25049 | &nbsp;&nbsp; $30498 | &nbsp;&nbsp; $35063 | &nbsp;&nbsp; $23201 | &nbsp;&nbsp; $97099 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.79 %<sup>5</sup><br>| 0.80<br> %<br>| 0.77<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.75 <br><sup>5</sup><br>| 0.75 | 0.75 | 0.77 | 0.77 | 0.75 |
| Net investment income | 7.20 <br><sup>5</sup><br>| 7.64 | 7.67 | 7.29 | 4.89 | 5.06 |
| **Portfolio turnover rate** | **33%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **45%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **79%**<br>| &nbsp;&nbsp; **101%**<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 November 30, 2025 (unaudited).

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

<sup>4</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>5</sup> Annualized.

<sup>6</sup> As a result of an expense limitation arrangement, effective November 21, 2022, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.75%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Directors' 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 High Yield Fund 2025 Semi-Annual Report

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of capital stock outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class IS Shares<sup>1</sup> <br>| 2025<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** | $6.97 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $6.67 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $7.45 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.26 | 0.54 | 0.53 | 0.50 | 0.42 | 0.42 |
| Net realized and unrealized gain (loss) | 0.13 | 0.10 | 0.20 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.92)<br>| 0.81 |
| **Total income (loss) from** <br> **operations**<br>| **0.39** | **0.64** | **0.73** | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; **(0.50)** | **1.23** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.41)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| **Total distributions** | **(0.26)**<br>| &nbsp;&nbsp; **(0.54)**<br>| &nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp; **(0.50)**<br>| &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp; **(0.41)**<br>|
| **Net asset value, end of period** | $7.10 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $6.67 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $8.27 |
| **Total return**<sup>4</sup> <br>| **5.86%**<br>| **9.71%**<br>| **11.29%**<br>| &nbsp;&nbsp; **(2.29)%**<br>| &nbsp;&nbsp; **(6.40)%**<br>| **16.88%**<br>|
| **Net assets, end of period (000s)** | $6632 | &nbsp;&nbsp; $6156 | &nbsp;&nbsp; $13113 | &nbsp;&nbsp; $32498 | &nbsp;&nbsp; $99232 | &nbsp;&nbsp; $58186 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.76 %<sup>5</sup><br>| 0.73<br> %<br>| 0.68<br> %<br>| 0.73<br> %<br>| 0.68<br> %<br>| 0.71<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.65 <br><sup>5</sup><br>| 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| Net investment income | 7.30 <br><sup>5</sup><br>| 7.75 | 7.73 | 7.20 | 5.22 | 5.20 |
| **Portfolio turnover rate** | **33%**<br>| &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp; **45%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **79%**<br>| &nbsp;&nbsp; **101%**<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 November 30, 2025 (unaudited).

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

<sup>4</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>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 commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.65%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board of Directors' 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 High Yield Fund 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset High Yield Fund (the "Fund") is a separate diversified investment series of Western Asset Funds, Inc. (the "Corporation"). The Corporation, a Maryland corporation, 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Directors (the "Board").

------

Western Asset High Yield Fund 2025 Semi-Annual Report

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

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

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

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

Western Asset High Yield Fund 2025 Semi-Annual Report

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

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $24467973 | &nbsp;&nbsp; $2613319 | &nbsp;&nbsp; $27081292 |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 23065350 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 23065350 |
| Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 17168754 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 17168754 |
| Other Corporate Bonds & <br> Notes<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 118148046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118148046 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 17120378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17120378 |
| Senior Loans: |  |  |  |  |
| Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 3316951 | &nbsp;&nbsp; 780332 | &nbsp;&nbsp; 4097283 |
| Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 2569015 | &nbsp;&nbsp; 383066 | &nbsp;&nbsp; 2952081 |
| Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 547124 | &nbsp;&nbsp; 547124 |
| Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 7699189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7699189 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7861480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7861480 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2087048 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2087048 |
| Common Stocks: |  |  |  |  |
| Communication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 437386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 437386 |
| Consumer Discretionary | &nbsp;&nbsp; $298339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 298339 |
| Energy | &nbsp;&nbsp; 180680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 180680 |
| Industrials | &nbsp;&nbsp; 11121 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11186 |
| Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7787 | &nbsp;&nbsp; 7787 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 832188 | &nbsp;&nbsp; — | &nbsp;&nbsp; 832188 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 22223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22223 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| 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 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; $7902 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7902 |
| Total Long-Term Investments | &nbsp;&nbsp; $490140 | &nbsp;&nbsp; 224803948 | &nbsp;&nbsp; $4331628 | &nbsp;&nbsp; 229625716 |
| Short-Term Investments† | &nbsp;&nbsp; 2589110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2589110 |
| **Total Investments** | &nbsp;&nbsp; **$3079250** | &nbsp;&nbsp; **$224803948** | &nbsp;&nbsp; **$4331628** | &nbsp;&nbsp; **$232214826** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $30549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $30549 |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $2035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2035 |
| Centrally Cleared Credit <br> Default Swaps on Corporate <br> Issues — Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 53196 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53196 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$30549** | &nbsp;&nbsp; **$55231** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$85780** |
| **Total** | &nbsp;&nbsp; **$3109799** | &nbsp;&nbsp; **$224859179** | &nbsp;&nbsp; **$4331628** | &nbsp;&nbsp; **$232300606** |
| **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; $61461 | &nbsp;&nbsp; — | &nbsp;&nbsp; $61461 |
| Centrally Cleared Credit <br> Default Swaps on Corporate <br> Issues — Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5396 |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$66857** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$66857** |

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>May 31, 2025<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| Energy | $1107459 | $2409 |  | $65226 | $1438225 |
| Financials | 0<br> \*<br>|  |  |  |  |
| Health Care | 0<br> \*<br>|  |  |  |  |

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Western Asset High Yield Fund 2025 Semi-Annual Report

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in<br> Securities<br>| Balance<br> as of<br> May 31, 2025<br>| Accrued<br> premiums/<br> discounts<br>| Realized<br> gain<br> (loss)<br>| Change in<br> unrealized<br> appreciation<br> (depreciation)<sup>1</sup><br>| Purchases |
| **Senior Loans:** |  |  |  |  |  |
| Consumer <br> Discretionary<br>|  | $711 |  | $28164 | $751457 |
| Industrials |  | 21486 |  | (21486) | 383066 |
| Materials | $534536 |  |  | (1091) | 13679 |
| **Common Stocks:** |  |  |  |  |  |
| Energy | 0<br> \*<br>|  |  |  |  |
| Materials | 11289 |  |  | (3502) |  |
| **Total** | **$1653284** | **$24606** | **—** | **$67311** | **$2586427** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>November 30, <br> 2025<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) <br> for <br> investments <br>in securities <br>still held at <br>November 30, <br> 2025<sup>1</sup> <br>|
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| Energy |  |  |  | $2613319 | $65226 |
| Financials |  |  |  | 0<br> \*<br>|  |
| Health Care |  |  |  | 0<br> \*<br>|  |
| **Senior Loans:** |  |  |  |  |  |
| Consumer <br> Discretionary<br>|  |  |  | 780332 | 28164 |
| Industrials |  |  |  | 383066 | (21486) |
| Materials |  |  |  | 547124 | (1091) |
| **Common Stocks:** |  |  |  |  |  |
| Energy |  |  |  | 0<br> \*<br>|  |
| Materials |  |  |  | 7787 | (3502) |
| **Total** | **—** | **—** | **—** | **$4331628** | **$67311** |

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

\* Amount represents less than $1.

<sup>1</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. 

**(b) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in

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certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) 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, 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.

**(d) 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

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

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 November 30, 2025, the total notional value of all credit default swaps to sell protection was $754,000. 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.

For average notional amounts of swaps held during the six months ended November 30, 2025, 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

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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.

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.

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

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

**(e) 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.

**(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.

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.

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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 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

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

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 November 30, 2025, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $61,461. If a contingent feature

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in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivative counterparties.

**(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) Compensating balance arrangements.** The Fund had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, any cash on deposit with the bank will earn interest and be recognized as interest income on the Statement of Operations.

**(o) 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 May 31, 2025, no provision for income tax is

Western Asset High Yield Fund 2025 Semi-Annual Report

------

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

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.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**(p) 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").

FTFA provides administrative and certain oversight services to the Fund. The Fund pays FTFA an investment management fee, calculated daily and paid monthly, at an annual rate of 0.55% of the Fund's average daily net assets. For their services, FTFA pays Western Asset and Western Asset London monthly all of the management fee that it receives from the Fund.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class R, Class I and Class IS shares did not exceed 1.01%, 1.80%, 1.30%, 0.75% and 0.65%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. 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 November 30, 2025, fees waived and/or expenses reimbursed amounted to $34,747, which included an affiliated money market fund waiver of $737.

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

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Western Asset High Yield Fund 2025 Semi-Annual Report

------

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 November 30, 2025, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class R | Class I | Class IS |
| Expires May 31, 2026 | &nbsp;&nbsp; $29443 | &nbsp;&nbsp; $235 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $7641 | &nbsp;&nbsp; $9494 |
| Expires May 31, 2027 | &nbsp;&nbsp; 44511 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 14225 | &nbsp;&nbsp; 6932 |
| Expires May 31, 2028 | &nbsp;&nbsp; 25162 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 4823 | &nbsp;&nbsp; 3650 |
| **Total fee waivers/expense reimbursements** <br> **subject to recapture**<br>| &nbsp;&nbsp; **$99116** | &nbsp;&nbsp; **$812** | &nbsp;&nbsp; **$503** | &nbsp;&nbsp; **$26689** | &nbsp;&nbsp; **$20076** |

---

For the six months ended November 30, 2025, 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 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 November 30, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $4,763 was earned by Investor Services.

There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% 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 November 30, 2025, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

---

| | |
|:---|:---|
|  | Class A |
| Sales charges | &nbsp;&nbsp; $4354 |
| CDSCs | &nbsp;&nbsp; 363 |

---

Western Asset High Yield Fund 2025 Semi-Annual Report

------

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

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

**3. Investments**

During the six months ended November 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $78892909 |
| Sales | &nbsp;&nbsp; 73826736 |

---

At November 30, 2025, 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; $230363513 | &nbsp;&nbsp; $8916812 | &nbsp;&nbsp; $(7065499) | &nbsp;&nbsp; $1851313 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 30549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30549 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; (61461) | &nbsp;&nbsp; (59426) |
| Swap contracts | &nbsp;&nbsp; (37258) | &nbsp;&nbsp; 53196 | &nbsp;&nbsp; (5396) | &nbsp;&nbsp; 47800 |

---

**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 November 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $30549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $30549 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $2035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2035 |
| Centrally cleared swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $53196 | &nbsp;&nbsp; 53196 |
| **Total** | &nbsp;&nbsp; **$30549** | &nbsp;&nbsp; **$2035** | &nbsp;&nbsp; **$53196** | &nbsp;&nbsp; **$85780** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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; $61461 | &nbsp;&nbsp; — | &nbsp;&nbsp; $61461 |
| Centrally cleared swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $5396 | &nbsp;&nbsp; 5396 |
| **Total** | &nbsp;&nbsp; **$61461** | &nbsp;&nbsp; **$5396** | &nbsp;&nbsp; **$66857** |

---

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Western Asset High Yield Fund 2025 Semi-Annual Report

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&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 futures 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. 

<sup>3</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 November 30, 2025. 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** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $98817 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $98817 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $221514 | &nbsp;&nbsp; 221514 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $289310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289310 |
| **Total** | &nbsp;&nbsp; **$98817** | &nbsp;&nbsp; **$289310** | &nbsp;&nbsp; **$221514** | &nbsp;&nbsp; **$609641** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $2549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2549 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8342 | &nbsp;&nbsp; 8342 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(346925)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (346925)<br>|
| **Total** | &nbsp;&nbsp; **$2549** | &nbsp;&nbsp; **$(346925)**<br>| &nbsp;&nbsp; **$8342** | &nbsp;&nbsp; **$(336034)**<br>|

---

During the six months ended November 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $8284000 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 6780593 |
|  | Average Notional <br>Balance\*\*<br>|
| Credit default swap contracts (buy protection) | &nbsp;&nbsp; $482286 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 2928571 |

---

&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.

Western Asset High Yield Fund 2025 Semi-Annual Report

------

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

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 November 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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; $(61461) | &nbsp;&nbsp; $(61461) | &nbsp;&nbsp; — | &nbsp;&nbsp; $(61461) |
| Citibank N.A. | &nbsp;&nbsp; $2035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2035 |
| **Total** | &nbsp;&nbsp; **$2035** | &nbsp;&nbsp; **$(61461)** | &nbsp;&nbsp; **$(59426)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$(59426)** |

---

&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 and Class R shares calculated at the annual rate of 0.25%, 1.00% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended November 30, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class A | &nbsp;&nbsp; $244000 | &nbsp;&nbsp; $59142 |
| Class C | &nbsp;&nbsp; 7107 | &nbsp;&nbsp; 431 |
| Class R | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 277 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 14069 |
| Class IS | &nbsp;&nbsp; — | &nbsp;&nbsp; 2823 |
| **Total** | &nbsp;&nbsp; **$251453** | &nbsp;&nbsp; **$76742** |

---

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Western Asset High Yield Fund 2025 Semi-Annual Report

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For the six months ended November 30, 2025, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class A | &nbsp;&nbsp; $25793 |
| Class C | &nbsp;&nbsp; 188 |
| Class R | &nbsp;&nbsp; 192 |
| Class I | &nbsp;&nbsp; 4903 |
| Class IS | &nbsp;&nbsp; 3671 |
| **Total** | &nbsp;&nbsp; **$34747** |

---

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>November 30, 2025<br>| Year Ended <br>May 31, 2025<br>|
| **Net Investment Income:** |  |  |
| Class A | &nbsp;&nbsp; $7205168 | &nbsp;&nbsp; $13748562 |
| Class C | &nbsp;&nbsp; 47486 | &nbsp;&nbsp; 108902 |
| Class R | &nbsp;&nbsp; 4898 | &nbsp;&nbsp; 8432 |
| Class I | &nbsp;&nbsp; 948659 | &nbsp;&nbsp; 2098790 |
| Class IS | &nbsp;&nbsp; 246927 | &nbsp;&nbsp; 662765 |
| **Total** | &nbsp;&nbsp; **$8453138** | &nbsp;&nbsp; **$16627451** |

---

**7. Capital shares**

At November 30, 2025, the Corporation had 42.7 billion shares of capital stock authorized with a par value of $0.001 per share. Transactions in shares of each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>November 30, 2025 | Six Months Ended <br>November 30, 2025 | Year Ended <br>May 31, 2025 | Year Ended <br>May 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1887577 | &nbsp;&nbsp;&nbsp; $13313045 | &nbsp;&nbsp;&nbsp; 3166563 | &nbsp;&nbsp;&nbsp; $22019507 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 1009679 | &nbsp;&nbsp;&nbsp; 7123131 | &nbsp;&nbsp;&nbsp; 1952782 | &nbsp;&nbsp;&nbsp; 13575931 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1802696)<br>| &nbsp;&nbsp;&nbsp; (12683371)<br>| &nbsp;&nbsp;&nbsp; (4171669)<br>| &nbsp;&nbsp;&nbsp; (28944168)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **1094560** | &nbsp;&nbsp;&nbsp; **$7752805** | &nbsp;&nbsp;&nbsp; **947676** | &nbsp;&nbsp;&nbsp; **$6651270** |
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 33673 | &nbsp;&nbsp;&nbsp; $236412 | &nbsp;&nbsp;&nbsp; 18836 | &nbsp;&nbsp;&nbsp; $128628 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 6427 | &nbsp;&nbsp;&nbsp; 44929 | &nbsp;&nbsp;&nbsp; 14875 | &nbsp;&nbsp;&nbsp; 102493 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (14869)<br>| &nbsp;&nbsp;&nbsp; (103725)<br>| &nbsp;&nbsp;&nbsp; (92653)<br>| &nbsp;&nbsp;&nbsp; (637270)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **25231** | &nbsp;&nbsp;&nbsp; **$177616** | &nbsp;&nbsp;&nbsp; **(58942)**<br>| &nbsp;&nbsp;&nbsp; **$(406149)**<br>|

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Western Asset High Yield Fund 2025 Semi-Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> November 30, 2025 | Six Months Ended<br> November 30, 2025 | Year Ended<br> May 31, 2025 | Year Ended<br> May 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class R** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 4352 | &nbsp;&nbsp;&nbsp; $30513 | &nbsp;&nbsp;&nbsp; 3045 | &nbsp;&nbsp;&nbsp; $21012 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp; 4898 | &nbsp;&nbsp;&nbsp; 1222 | &nbsp;&nbsp;&nbsp; 8432 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (2542)<br>| &nbsp;&nbsp;&nbsp; (17809)<br>| &nbsp;&nbsp;&nbsp; (431)<br>| &nbsp;&nbsp;&nbsp; (2988)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **2509** | &nbsp;&nbsp;&nbsp; **$17602** | &nbsp;&nbsp;&nbsp; **3836** | &nbsp;&nbsp;&nbsp; **$26456** |
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1051854 | &nbsp;&nbsp;&nbsp; $7370799 | &nbsp;&nbsp;&nbsp; 1740728 | &nbsp;&nbsp;&nbsp; $11996902 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 132457 | &nbsp;&nbsp;&nbsp; 927782 | &nbsp;&nbsp;&nbsp; 251477 | &nbsp;&nbsp;&nbsp; 1735069 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1171064)<br>| &nbsp;&nbsp;&nbsp; (8197266)<br>| &nbsp;&nbsp;&nbsp; (2855693)<br>| &nbsp;&nbsp;&nbsp; (19713507)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **13247** | &nbsp;&nbsp;&nbsp; **$101315** | &nbsp;&nbsp;&nbsp; **(863488)**<br>| &nbsp;&nbsp;&nbsp; **$(5981536)**<br>|
| **Class IS** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 73240 | &nbsp;&nbsp;&nbsp; $519840 | &nbsp;&nbsp;&nbsp; 866352 | &nbsp;&nbsp;&nbsp; $6013431 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 34724 | &nbsp;&nbsp;&nbsp; 246876 | &nbsp;&nbsp;&nbsp; 94667 | &nbsp;&nbsp;&nbsp; 662559 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (57180)<br>| &nbsp;&nbsp;&nbsp; (405001)<br>| &nbsp;&nbsp;&nbsp; (1987447)<br>| &nbsp;&nbsp;&nbsp; (13888161)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **50784** | &nbsp;&nbsp;&nbsp; **$361715** | &nbsp;&nbsp;&nbsp; **(1026428)**<br>| &nbsp;&nbsp;&nbsp; **$(7212171)**<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 all or some portion of the six months ended November 30, 2025. The following transactions were effected in such company for the six months ended November 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset <br> Premier <br> Institutional <br> Government <br> Reserves, Premium <br> Shares<br>|  | $28080744 | 28080744 | $25491634 | 25491634 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>November 30, <br>2025<br>|
| Western Asset Premier <br> Institutional <br> Government Reserves, <br> Premium Shares<br>|  | $27571 |  | $2589110 |

---

------

Western Asset High Yield Fund 2025 Semi-Annual Report

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

**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 11/30/2025<br>| Value Per <br>Share/Warrant<br>| Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 209 | 3/25 | $2544 | $65 | &nbsp;&nbsp; $0.31 | 0.00<br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 25490 | 3/25 | 310299 | 7902 <br><sup>(b)</sup><br>| 0.31 | 0.00 <br> <sup>(a)</sup><br>|
|  |  |  | **$312843** | **$7967** |  | **0.00%**<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 30, 2026.

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 November 30, 2025.

**11. Deferred capital losses**

As of May 31, 2025, the Fund had deferred capital losses of $156,253,744, which have no expiration date, that will be available to offset future taxable capital gains.

**12. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while

Western Asset High Yield Fund 2025 Semi-Annual Report

------

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

removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**13. 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.

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Western Asset High Yield Fund 2025 Semi-Annual Report

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

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| | |
|:---|:---|
| **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 High Yield Fund

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Western Asset

High Yield Fund

**Directors**

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 High Yield Fund**

The Fund is a separate investment series of Western Asset Funds, Inc.

Western Asset High Yield 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 High Yield 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.

------

![](imgc34591e23.jpg)

**90221-SFSOI 1/26**© 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.](wahyf-efp21841_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.](wahyf-efp21841_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.

---

| | |
|:---|:---|
| **Western Asset Funds, Inc.** | **Western Asset Funds, Inc.** |
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | January 27, 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: | January 27, 2026 |
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | January 27, 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 **Western Asset Funds, Inc.**;

&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: | January 27, 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 **Western Asset Funds, Inc.**;

&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: | January 27, 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 **Western Asset Funds, Inc.** (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 **November 30, 2025** (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** |
| Western Asset Funds, Inc. | Western Asset Funds, Inc. |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: January 27, 2026 | Date: January 27, 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.