# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001133228-26-000748
**Filing Date:** 2026-1
**Character Count:** 252367
**Document Hash:** 9b2b7e80bedf4aea7ea53618419a6e9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000748.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001133228-26-000748

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 26568127

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

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Ultra-Short Income Fund (Series ID: S000016624)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046410 | Class A      | ARMZX           |
| C000046412 | Class C      | LWAIX           |
| C000046413 | Class I      | SBAYX           |
| C000080302 | Class C1     | ARMGX           |
| C000118948 | Class IS     | ARMLX           |

?xml version='1.0' encoding='ASCII'? 2025-12-16LMF1700_WesternAssetUltra-ShortIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Legg Mason Partners Income Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: **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 Ultra-Short Income Fund**  | **Western Asset Ultra-Short Income Fund**  |
| Class A [ARMZX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Ultra-Short Income 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 | $33 | 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** | $418969354 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 471 |
| **Portfolio Turnover Rate** | 28% |

---

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

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

![image](ts5930img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra-Short Income Fund PAGE 1 7579-STSR-0126

53.518.313.24.44.00.80.10.00.05.7 ------

---

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

---

This semi-annual shareholder report contains important information about Western Asset Ultra-Short Income 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 | $72 | 1.42% |

---

\* 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** | $418969354 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 471 |
| **Portfolio Turnover Rate** | 28% |

---

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

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

![image](ts5933img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra-Short Income Fund PAGE 1 7055-STSR-0126

53.518.313.24.44.00.80.10.00.05.7 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Ultra-Short Income Fund**  | **Western Asset Ultra-Short Income Fund**  |
| Class C1 [ARMGX] | Semi-Annual Shareholder Report \| November 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Ultra-Short Income 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 C1 | $70 | 1.38% |

---

\* 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** | $418969354 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 471 |
| **Portfolio Turnover Rate** | 28% |

---

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

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

![image](ts5935img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra-Short Income Fund PAGE 1 7507-STSR-0126

53.518.313.24.44.00.80.10.00.05.7 ------

---

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

---

This semi-annual shareholder report contains important information about Western Asset Ultra-Short Income 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 | $19 | 0.38% |

---

\* 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** | $418969354 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 471 |
| **Portfolio Turnover Rate** | 28% |

---

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

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

![image](ts5936img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra-Short Income Fund PAGE 1 7724-STSR-0126

53.518.313.24.44.00.80.10.00.05.7 ------

---

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

---

This semi-annual shareholder report contains important information about Western Asset Ultra-Short Income 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 | $18 | 0.35% |

---

\* 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** | $418969354 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 471 |
| **Portfolio Turnover Rate** | 28% |

---

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

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

![image](ts5937img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Ultra-Short Income Fund PAGE 1 7131-STSR-0126

53.518.313.24.44.00.80.10.00.05.7 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

![](img2deb7cde1.gif)

**Western Asset**

**Ultra-Short Income Fund**

**Financial Statements and Other Important Information**

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

![](imge63bd9c82.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_60391534-d0c0-406a-9016-8932519ea171_SOI-Header-SOI-3179_1) | **1** |
| [Statement of Assets and Liabilities](#xx_60391534-d0c0-406a-9016-8932519ea171_SAL-Header-SAL-3179_1) | **29** |
| [Statement of Operations](#xx_60391534-d0c0-406a-9016-8932519ea171_SOP-Header-SOP-3179_1) | **31** |
| [Statements of Changes in Net Assets](#xx_60391534-d0c0-406a-9016-8932519ea171_SOC-Header-SOC-3179_1) | **32** |
| [Financial Highlights](#xx_60391534-d0c0-406a-9016-8932519ea171_FH-Header-Financialhighlights-3179_1) | **33** |
| [Notes to Financial Statements](#xx_60391534-d0c0-406a-9016-8932519ea171_NTF-Header-Notestofinancialstatements-3179_1) | **38** |
| [Changes in and Disagreements with Accountants](#xx_60391534-d0c0-406a-9016-8932519ea171_TSR-TOCTSRDisclosures-3179_1) | **56** |
| [Results of Meeting(s) of Shareholders](#xx_60391534-d0c0-406a-9016-8932519ea171_TSR-TOCTSRDisclosures-3179_1) | **56** |
| [Remuneration Paid to Directors, Officers and Others](#xx_60391534-d0c0-406a-9016-8932519ea171_TSR-TOCTSRDisclosures-3179_1) | **56** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 53.2%** | **Corporate Bonds & Notes — 53.2%** | **Corporate Bonds & Notes — 53.2%** | **Corporate Bonds & Notes — 53.2%** | **Corporate Bonds & Notes — 53.2%** |
| **Communication Services — 2.3%** | **Communication Services — 2.3%** | **Communication Services — 2.3%** | **Communication Services — 2.3%** | **Communication Services — 2.3%** |
| Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $1010000<br>| &nbsp;&nbsp; $1010857<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 407918<br>|
| NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.620% | &nbsp;&nbsp; 7/16/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1014114<br> <sup>(a)</sup><br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 575685<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 568000<br>| &nbsp;&nbsp; 503596<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 674985<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 4187155 |
| Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% |
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 404254<br> <sup>(a)</sup><br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 196000<br>| &nbsp;&nbsp; 194077<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 598331 |
| Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 855215<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1762550<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 2617765 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% | Media — 0.2% | Media — 0.2% |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 699450<br> <sup>(a)</sup><br>|
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 127105<br> <sup>(a)</sup><br>|
| Versant Media Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71966<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 898521 |
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp; 1073264<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 87739<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 1161003 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **9462775** |
| **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** |
| Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† |
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198022<br> <sup>(a)</sup><br>|
| Automobiles — 2.1% | Automobiles — 2.1% | Automobiles — 2.1% | Automobiles — 2.1% | Automobiles — 2.1% |
| American Honda Finance Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 490306<br>|
| BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 8/13/29 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp; 1433345<br> <sup>(a)</sup><br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp; 1221613<br>|
| General Motors Financial Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 6/10/26 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1380359<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; 1399427<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued |
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; $940000<br>| &nbsp;&nbsp; $955955<br> <sup>(a)</sup><br>|
| Nissan Motor Acceptance Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1495262<br> <sup>(a)</sup><br>|
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 278577<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 8654844 |
| Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/20/28 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 572340<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 633185<br>|
| eBay Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 5/10/26 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 939317<br>|
| Prosus NV, Senior Notes | &nbsp;&nbsp; 3.257% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp; 1309264<br> <sup>(a)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 3454106 |
| Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% |
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 298825<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 834878<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 2090000<br>| &nbsp;&nbsp; 2129341<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp; 1677803<br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 118498<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 665180<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp; 1180821<br> <sup>(a)</sup><br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 321811<br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 207716<br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 418619<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 7853492 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **20160464** |
| **Consumer Staples — 3.8%** | **Consumer Staples — 3.8%** | **Consumer Staples — 3.8%** | **Consumer Staples — 3.8%** | **Consumer Staples — 3.8%** |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 4020000<br>| &nbsp;&nbsp; 4072592<br> <sup>(a)</sup><br>|
| Tobacco — 2.8% | Tobacco — 2.8% | Tobacco — 2.8% | Tobacco — 2.8% | Tobacco — 2.8% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 9/16/26 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1532811<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 1007240<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp; 1449241<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 495293<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp; 1411289<br>|
| BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 1.668% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp; 1448447<br>|
| Imperial Brands Finance PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 979360<br> <sup>(a)</sup><br>|
| Japan Tobacco Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 988667<br> <sup>(a)</sup><br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp; 1090436<br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued |
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; $1500000<br>| &nbsp;&nbsp; $1506477<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 11909261 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **15981853** |
| **Energy — 7.1%** | **Energy — 7.1%** | **Energy — 7.1%** | **Energy — 7.1%** | **Energy — 7.1%** |
| Oil, Gas & Consumable Fuels — 7.1% | Oil, Gas & Consumable Fuels — 7.1% | Oil, Gas & Consumable Fuels — 7.1% | Oil, Gas & Consumable Fuels — 7.1% | Oil, Gas & Consumable Fuels — 7.1% |
| Blue Racer Midstream LLC/Blue Racer <br> Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 266024<br> <sup>(a)</sup><br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1200080<br>|
| Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 151344<br> <sup>(a)</sup><br>|
| Columbia Pipelines Holding Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.055% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1707000<br>| &nbsp;&nbsp; 1724093<br> <sup>(a)</sup><br>|
| Columbia Pipelines Holding Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.042% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp; 1739354<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp; 1342070<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 408683<br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 113806<br> <sup>(a)</sup><br>|
| Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp; 1557159<br>|
| Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/18/27 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 831770<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp; 1160150<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp; 1482236<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 2950000<br>| &nbsp;&nbsp; 2946446<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 493495<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 1960000<br>| &nbsp;&nbsp; 1947233<br> <sup>(a)</sup><br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 788000<br>| &nbsp;&nbsp; 783566<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 557863<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp; 1142686<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 933301<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 168034<br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30769<br> <sup>(a)</sup><br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp; 1155779<br>|
| QazaqGaz NC JSC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/26/27 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1541840<br> <sup>(a)</sup><br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 521835<br>|
| Transcontinental Gas Pipe Line Co. LLC, <br> Senior Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp; 1630605<br>|
| Transcontinental Gas Pipe Line Co. LLC, <br> Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 409627<br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Venture Global LNG Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; $420000<br>| &nbsp;&nbsp; $443222<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; 30000<br>| &nbsp;&nbsp; 32709<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; 30000<br>| &nbsp;&nbsp; 33444<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; 60000<br>| &nbsp;&nbsp; 62928<br> <sup>(a)</sup><br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 303964<br>|
| Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp; 1862166<br>|
| Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 675561<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **29653842** |
| **Financials — 15.5%** | **Financials — 15.5%** | **Financials — 15.5%** | **Financials — 15.5%** | **Financials — 15.5%** |
| Banks — 8.6% | Banks — 8.6% | Banks — 8.6% | Banks — 8.6% | Banks — 8.6% |
| Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1005275<br>|
| Banco Santander SA, Senior Notes (4.175% <br> to 3/24/27 then 1 year Treasury Constant <br> Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2198718<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (3.419% <br> to 12/20/27 then 3 mo. Term SOFR + 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 819867<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (4.376% <br> to 4/27/27 then SOFR + 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 1930000<br>| &nbsp;&nbsp; 1937261<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (5.933% <br> to 9/15/26 then SOFR + 1.340%) | &nbsp;&nbsp; 5.933% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 973508<br> <sup>(b)</sup><br>|
| Bank of America Corp., Subordinated Notes <br> (3 mo. Term SOFR + 1.022%) | &nbsp;&nbsp; 5.059% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200614<br> <sup>(b)</sup><br>|
| Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 6/24/26 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 769036<br>|
| BNP Paribas SA, Senior Notes (2.591% to <br> 1/20/27 then SOFR + 1.228%) | &nbsp;&nbsp; 2.591% | &nbsp;&nbsp; 1/20/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 687284<br> <sup>(a)(b)</sup><br>|
| BNP Paribas SA, Senior Notes (4.792% to <br> 5/9/28 then SOFR + 1.450%) | &nbsp;&nbsp; 4.792% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp; 1244326<br> <sup>(a)(b)</sup><br>|
| BNP Paribas SA, Senior Notes (5.125% to <br> 1/13/28 then 1 year Treasury Constant <br> Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 866246<br> <sup>(a)(b)</sup><br>|
| Citibank NA, Senior Notes | &nbsp;&nbsp; 4.929% | &nbsp;&nbsp; 8/6/26 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1558429<br>|
| Citigroup Inc., Senior Notes (3.070% to <br> 2/24/27 then SOFR + 1.280%) | &nbsp;&nbsp; 3.070% | &nbsp;&nbsp; 2/24/28 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp; 1313333<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Citigroup Inc., Senior Notes (4.643% to <br> 5/7/27 then SOFR + 1.143%) | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; $3410000<br>| &nbsp;&nbsp; $3434747<br> <sup>(b)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes <br> (3.649% to 4/6/27 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 546822<br> <sup>(a)(b)</sup><br>|
| DNB Bank ASA, Senior Notes (1.535% to <br> 5/25/26 then 1 year Treasury Constant <br> Maturity Rate + 0.720%) | &nbsp;&nbsp; 1.535% | &nbsp;&nbsp; 5/25/27 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp; 1214559<br> <sup>(a)(b)</sup><br>|
| Goldman Sachs Bank USA, Senior Notes <br> (5.283% to 3/18/26 then SOFR + 0.777%) | &nbsp;&nbsp; 5.283% | &nbsp;&nbsp; 3/18/27 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 933004<br> <sup>(b)</sup><br>|
| HSBC Holdings PLC, Senior Notes (5.597% to <br> 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1122001<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes <br> (4.505% to 10/22/27 then SOFR + 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201862<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes <br> (5.040% to 1/23/27 then SOFR + 1.190%) | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 1/23/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 1000321<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes <br> (5.103% to 4/22/30 then SOFR + 1.435%) | &nbsp;&nbsp; 5.103% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp; 1078908<br> <sup>(b)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 1.150% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 2660000<br>| &nbsp;&nbsp; 2613986<br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 586343<br>|
| Santander UK Group Holdings PLC, Senior <br> Notes (1.673% to 6/14/26 then SOFR + <br> 0.989%) | &nbsp;&nbsp; 1.673% | &nbsp;&nbsp; 6/14/27 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1380427<br> <sup>(b)</sup><br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 6/3/26 | &nbsp;&nbsp; 3620000<br>| &nbsp;&nbsp; 3568433<br>|
| Truist Financial Corp., Senior Notes (6.047% <br> to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 898138<br> <sup>(b)</sup><br>|
| US Bancorp, Senior Notes (2.215% to <br> 1/27/27 then SOFR + 0.730%) | &nbsp;&nbsp; 2.215% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 146821<br> <sup>(b)</sup><br>|
| US Bancorp, Senior Notes (5.775% to <br> 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 270611<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.707% to <br> 4/22/27 then SOFR + 1.070%) | &nbsp;&nbsp; 5.707% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp; 1399456<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp; 1868312<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 35838648 |
| Capital Markets — 4.3% | Capital Markets — 4.3% | Capital Markets — 4.3% | Capital Markets — 4.3% | Capital Markets — 4.3% |
| Goldman Sachs Group Inc., Senior Notes <br> (3.615% to 3/15/27 then SOFR + 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1689012<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (4.482% to 8/23/27 then SOFR + 1.725%) | &nbsp;&nbsp; 4.482% | &nbsp;&nbsp; 8/23/28 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 533555<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (5.727% to 4/25/29 then SOFR + 1.265%) | &nbsp;&nbsp; 5.727% | &nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 984685<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income 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 |
| Morgan Stanley, Senior Notes (0.985% to <br> 12/10/25 then SOFR + 0.720%) | &nbsp;&nbsp; 0.985% | &nbsp;&nbsp; 12/10/26 | &nbsp;&nbsp; $7830000<br>| &nbsp;&nbsp; $7823290<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (4.210% to <br> 4/20/27 then SOFR + 1.610%) | &nbsp;&nbsp; 4.210% | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 2780000<br>| &nbsp;&nbsp; 2784691<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (4.994% to <br> 4/12/28 then SOFR + 1.380%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 816104<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.656% to <br> 4/18/29 then SOFR + 1.260%) | &nbsp;&nbsp; 5.656% | &nbsp;&nbsp; 4/18/30 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 982719<br> <sup>(b)</sup><br>|
| UBS AG, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1184277<br>|
| UBS Group AG, Senior Notes (1.494% to <br> 8/10/26 then 1 year Treasury Constant <br> Maturity Rate + 0.850%) | &nbsp;&nbsp; 1.494% | &nbsp;&nbsp; 8/10/27 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1226772<br> <sup>(a)(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 18025105 |
| Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% |
| American Express Co., Senior Notes (5.645% <br> to 4/23/26 then SOFR + 0.750%) | &nbsp;&nbsp; 5.645% | &nbsp;&nbsp; 4/23/27 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; 694307<br> <sup>(b)</sup><br>|
| Mercedes-Benz Finance North America LLC, <br> Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp; 1209541<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 1903848 |
| Financial Services — 1.8% | Financial Services — 1.8% | Financial Services — 1.8% | Financial Services — 1.8% | Financial Services — 1.8% |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp; 2078498<br>|
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp; 1722641<br>|
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 406620<br>|
| Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 195418<br> <sup>(a)</sup><br>|
| GA Global Funding Trust, Secured Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp; 1704293<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; 480000<br>| &nbsp;&nbsp; 506032<br> <sup>(a)</sup><br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp; 1136489<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 7749991 |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| Allstate Corp., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199720<br>|
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp; 1215629<br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 1415349 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **64932941** |
| **Health Care — 5.8%** | **Health Care — 5.8%** | **Health Care — 5.8%** | **Health Care — 5.8%** | **Health Care — 5.8%** |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp; 2457262<br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% |
| Roche Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; $980000<br>| &nbsp;&nbsp; $1005247<br> <sup>(a)</sup><br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/25/27 | &nbsp;&nbsp; 694000<br>| &nbsp;&nbsp; 703618<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1708865 |
| Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% |
| Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1057595<br>|
| Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1392325<br>|
| Cencora Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 779964<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp; 1259902<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 371076<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 2/3/27 | &nbsp;&nbsp; 2780000<br>| &nbsp;&nbsp; 2692110<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 239483<br>|
| McKesson Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; 1391192<br>|
| Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 577264<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp; 917990<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp; 1955492<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 893952<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 13528345 |
| Life Sciences Tools & Services — 0.2% | Life Sciences Tools & Services — 0.2% | Life Sciences Tools & Services — 0.2% | Life Sciences Tools & Services — 0.2% | Life Sciences Tools & Services — 0.2% |
| Agilent Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/9/27 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 882695<br>|
| Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% |
| 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 589773<br> <sup>(a)</sup><br>|
| Astrazeneca Finance LLC, Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 5/28/26 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp; 1352455<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/9/29 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp; 1877640<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 1865000<br>| &nbsp;&nbsp; 1865914<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 213040<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 5898822 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **24475989** |
| **Industrials — 4.6%** | **Industrials — 4.6%** | **Industrials — 4.6%** | **Industrials — 4.6%** | **Industrials — 4.6%** |
| Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% |
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 53321<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 95026<br> <sup>(a)</sup><br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 725156<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/8/26 | &nbsp;&nbsp; 2720000<br>| &nbsp;&nbsp; 2760258<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 612118<br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 237180<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 4483059 |

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; $210000<br>| &nbsp;&nbsp; $218236<br> <sup>(a)</sup><br>|
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 235499<br> <sup>(a)</sup><br>|
| Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% |
| Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 12/2/26 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; 1349861<br>|
| Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% |
| John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 1.050% | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp; 1024108<br>|
| John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/14/28 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp; 1223026<br>|
| Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 109153<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 2356287 |
| Passenger Airlines — 1.2% | Passenger Airlines — 1.2% | Passenger Airlines — 1.2% | Passenger Airlines — 1.2% | Passenger Airlines — 1.2% |
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 261317<br> <sup>(a)</sup><br>|
| American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 1251587<br>| &nbsp;&nbsp; 1234030<br>|
| Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 620618<br>|
| Delta Air Lines Pass-Through Trust | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/10/28 | &nbsp;&nbsp; 350515<br>| &nbsp;&nbsp; 336730<br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 2670000<br>| &nbsp;&nbsp; 2668676<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 5121371 |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| Paychex Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 544890<br>|
| Trading Companies & Distributors — 1.1% | Trading Companies & Distributors — 1.1% | Trading Companies & Distributors — 1.1% | Trading Companies & Distributors — 1.1% | Trading Companies & Distributors — 1.1% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp; 2468604<br>|
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1119786<br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 73537<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 74160<br> <sup>(a)</sup><br>|
| QXO Building Products Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 219831<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 197487<br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 669216<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 4822621 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **19131824** |
| **Information Technology — 3.3%** | **Information Technology — 3.3%** | **Information Technology — 3.3%** | **Information Technology — 3.3%** | **Information Technology — 3.3%** |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| EquipmentShare.com Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122427<br> <sup>(a)</sup><br>|
| Vontier Corp., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp; 1674865<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1797292 |

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Semiconductors & Semiconductor Equipment — 1.6% | Semiconductors & Semiconductor Equipment — 1.6% | Semiconductors & Semiconductor Equipment — 1.6% | Semiconductors & Semiconductor Equipment — 1.6% | Semiconductors & Semiconductor Equipment — 1.6% |
| Advanced Micro Devices Inc., Senior Notes | &nbsp;&nbsp; 4.319% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; $1310000<br>| &nbsp;&nbsp; $1324493<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 386562<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120602<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp; 1192623<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp; 999030<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 1580000<br>| &nbsp;&nbsp; 1480034<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp; 1069211<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 6572555 |
| Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1283110<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 912478<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 2195588 |
| Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% |
| Apple Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 8/5/28 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 2688680<br>|
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 598697<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3287377 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **13852812** |
| **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** |
| Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% |
| EQUATE Petrochemical Co. KSC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp; 1617143<br> <sup>(a)</sup><br>|
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1113890<br> <sup>(a)</sup><br>|
| Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% |
| First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 444445<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206434<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp; 1543896<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 567777<br> <sup>(a)</sup><br>|
| Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1055952<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 3818504 |
| Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1183714<br> <sup>(a)</sup><br>|
| Inversiones CMPC SA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/4/27 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1301187<br> <sup>(a)</sup><br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 2484901 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **9034438** |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Health Care REITs — 0.1% | Health Care REITs — 0.1% | Health Care REITs — 0.1% | Health Care REITs — 0.1% | Health Care REITs — 0.1% |
| CTR Partnership LP/CareTrust Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 574326<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% |
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; $160000<br>| &nbsp;&nbsp; $163341<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50608<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 213949 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **788275** |
| **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** |
| Electric Utilities — 3.3% | Electric Utilities — 3.3% | Electric Utilities — 3.3% | Electric Utilities — 3.3% | Electric Utilities — 3.3% |
| CenterPoint Energy Houston Electric LLC, <br> Senior Secured Bonds | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp; 1384357<br>|
| Connecticut Light and Power Co., First <br> Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 460382<br>|
| FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 982733<br>|
| Florida Power & Light Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 707665<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.004% | &nbsp;&nbsp; 2/23/27 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp; 1124510<br>|
| Oncor Electric Delivery Co. LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/20/27 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp; 1159003<br> <sup>(a)</sup><br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 1881321<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 920618<br>|
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/21/28 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp; 1602257<br> <sup>(a)</sup><br>|
| Southern California Edison Co., First <br> Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp; 2298488<br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 84190<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp; 1231317<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 13836841 |
| Gas Utilities — 0.2% | Gas Utilities — 0.2% | Gas Utilities — 0.2% | Gas Utilities — 0.2% | Gas Utilities — 0.2% |
| Snam SpA, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 635645<br> <sup>(a)</sup><br>|
| Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† |
| Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 116820<br> <sup>(a)</sup><br>|
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 920900<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **15510206** |
| **Total Corporate Bonds & Notes (Cost — $221,721,859)** | **Total Corporate Bonds & Notes (Cost — $221,721,859)** | **Total Corporate Bonds & Notes (Cost — $221,721,859)** | **Total Corporate Bonds & Notes (Cost — $221,721,859)** | &nbsp;&nbsp; **222985419** |
| **Asset-Backed Securities — 18.2%** | **Asset-Backed Securities — 18.2%** | **Asset-Backed Securities — 18.2%** | **Asset-Backed Securities — 18.2%** | **Asset-Backed Securities — 18.2%** |
| Abry Liquid Credit CLO Ltd., 2025-2A A1 (3 <br> mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 5.097% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 630000<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Aegis Asset Backed Securities Trust <br> Mortgage Pass-Through Certificates, 2005-4 <br> M2 (1 mo. Term SOFR + 0.819%) | &nbsp;&nbsp; 4.774% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; $349831<br>| &nbsp;&nbsp; $342659<br> <sup>(b)</sup><br>|
| AIMCO CLO Ltd., 2021-15A AR (3 mo. Term <br> SOFR + 1.200%) | &nbsp;&nbsp; 5.082% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 890226<br> <sup>(a)(b)</sup><br>|
| Ally Auto Receivables Trust, 2022-3 A3 | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 53864<br>| &nbsp;&nbsp; 53918<br>|
| American Heritage Auto Receivables Issuer <br> Trust, 2025-1A A3 | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 914354<br> <sup>(a)</sup><br>|
| Apex Credit CLO LLC, 2021-2A A1AR (3 mo. <br> Term SOFR + 1.180%) | &nbsp;&nbsp; 5.064% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 909994<br> <sup>(a)(b)</sup><br>|
| Apex Credit CLO Ltd., 2020-1A A1RR (3 mo. <br> Term SOFR + 1.450%) | &nbsp;&nbsp; 5.334% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 620290<br> <sup>(a)(b)</sup><br>|
| Apidos CLO Ltd., XXXA A2R (3 mo. Term SOFR <br> + 1.500%) | &nbsp;&nbsp; 5.384% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp; 1231705<br> <sup>(a)(b)</sup><br>|
| ARI Fleet Lease Trust, 2025-B A2 | &nbsp;&nbsp; 4.590% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 2230000<br>| &nbsp;&nbsp; 2243742<br> <sup>(a)</sup><br>|
| Atlas Senior Loan Fund Ltd., 2025-26A AN (3 <br> mo. Term SOFR + 1.340%) | &nbsp;&nbsp; 5.208% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 602131<br> <sup>(a)(b)</sup><br>|
| Atlas Senior Loan Fund Ltd., 2025-26A AY (3 <br> mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220435<br> <sup>(a)(b)</sup><br>|
| Avis Budget Rental Car Funding AESOP LLC, <br> 2021-1A C | &nbsp;&nbsp; 2.130% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 926984<br> <sup>(a)</sup><br>|
| Avis Budget Rental Car Funding AESOP LLC, <br> 2025-1A A | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/20/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 396969<br> <sup>(a)</sup><br>|
| Basswood Park CLO Ltd., 2021-1A AR (3 mo. <br> Term SOFR + 1.030%) | &nbsp;&nbsp; 4.914% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 800969<br> <sup>(a)(b)</sup><br>|
| Battery Park CLO Ltd., 2019-1A AR (3 mo. <br> Term SOFR + 1.400%) | &nbsp;&nbsp; 5.305% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 320509<br> <sup>(a)(b)</sup><br>|
| Bayfront Iabs Pte Ltd., 7A A (SOFR + 1.280%) | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/11/48 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 660344<br> <sup>(a)(b)</sup><br>|
| Black Diamond CLO Ltd., 2024-1A A1 (3 mo. <br> Term SOFR + 1.650%) | &nbsp;&nbsp; 5.508% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp; 1133644<br> <sup>(a)(b)</sup><br>|
| BlueMountain CLO Ltd., 2020-30A AR2 (3 mo. <br> Term SOFR + 1.150%) | &nbsp;&nbsp; 5.055% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 660502<br> <sup>(a)(b)</sup><br>|
| Brightwood Capital MM CLO Ltd., 2023-1A <br> A1R (3 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.352% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 710177<br> <sup>(a)(b)</sup><br>|
| Capital One Prime Auto Receivables Trust, <br> 2022-2 A3 | &nbsp;&nbsp; 3.660% | &nbsp;&nbsp; 5/17/27 | &nbsp;&nbsp; 69220<br>| &nbsp;&nbsp; 69170<br>|
| CarVal CLO Ltd., 2024-3A A1 (3 mo. Term <br> SOFR + 1.390%) | &nbsp;&nbsp; 5.274% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 831530<br> <sup>(a)(b)</sup><br>|
| Cascade MH Asset Trust, 2021-MH1 A1 | &nbsp;&nbsp; 1.753% | &nbsp;&nbsp; 2/25/46 | &nbsp;&nbsp; 173135<br>| &nbsp;&nbsp; 158174<br> <sup>(a)</sup><br>|
| Cedar Funding CLO Ltd., 2016-5A AFRR | &nbsp;&nbsp; 1.937% | &nbsp;&nbsp; 7/17/31 | &nbsp;&nbsp; 1163543<br>| &nbsp;&nbsp; 1150236<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| CIFC Funding Ltd., 2024-2A A1 (3 mo. Term <br> SOFR + 1.520%) | &nbsp;&nbsp; 5.377% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp; $200526<br> <sup>(a)(b)</sup><br>|
| CMFT Net Lease Master Issuer LLC, 2021-1 <br> A1 | &nbsp;&nbsp; 2.090% | &nbsp;&nbsp; 7/20/51 | &nbsp;&nbsp; 1024744<br>| &nbsp;&nbsp; 948536<br> <sup>(a)</sup><br>|
| CNH Equipment Trust, 2022-B A3 | &nbsp;&nbsp; 3.890% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 371226<br>| &nbsp;&nbsp; 370946<br>|
| College Ave Student Loans LLC, 2023-A C | &nbsp;&nbsp; 6.060% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 513874<br>| &nbsp;&nbsp; 529275<br> <sup>(a)</sup><br>|
| Columbia Cent CLO Ltd., 2022-32A A1R2 (3 <br> mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 4.985% | &nbsp;&nbsp; 7/24/34 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp; 1071083<br> <sup>(a)(b)</sup><br>|
| Commonbond Student Loan Trust, 2021-AGS <br> A | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 3/25/52 | &nbsp;&nbsp; 300262<br>| &nbsp;&nbsp; 257679<br> <sup>(a)</sup><br>|
| Driven Brands Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.296% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201206<br> <sup>(a)</sup><br>|
| Dryden Senior Loan Fund, 2015-41A AR (3 <br> mo. Term SOFR + 1.232%) | &nbsp;&nbsp; 5.136% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 60779<br>| &nbsp;&nbsp; 60794<br> <sup>(a)(b)</sup><br>|
| ECMC Group Student Loan Trust, 2016-1A A <br> (30 Day Average SOFR + 1.464%) | &nbsp;&nbsp; 5.536% | &nbsp;&nbsp; 7/26/66 | &nbsp;&nbsp; 1255388<br>| &nbsp;&nbsp; 1269236<br> <sup>(a)(b)</sup><br>|
| Elmwood CLO Ltd., 2024-5A AR1 (3 mo. Term <br> SOFR + 1.520%) | &nbsp;&nbsp; 5.404% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250652<br> <sup>(a)(b)</sup><br>|
| Enterprise Fleet Financing LLC, 2023-1 A2 | &nbsp;&nbsp; 5.510% | &nbsp;&nbsp; 1/22/29 | &nbsp;&nbsp; 173375<br>| &nbsp;&nbsp; 173696<br> <sup>(a)</sup><br>|
| Enterprise Fleet Financing LLC, 2023-1 A3 | &nbsp;&nbsp; 5.420% | &nbsp;&nbsp; 10/22/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2528007<br> <sup>(a)</sup><br>|
| Fifth Third Auto Trust, 2023-1 A3 | &nbsp;&nbsp; 5.530% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1358427<br>| &nbsp;&nbsp; 1369686<br>|
| Ford Credit Floorplan Master Owner Trust, <br> 2023-1 A1 | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1955000<br>| &nbsp;&nbsp; 1962268<br> <sup>(a)</sup><br>|
| Fortress Credit Bsl Ltd., 2021-1A AR (3 mo. <br> Term SOFR + 1.100%) | &nbsp;&nbsp; 5.014% | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 750897<br> <sup>(a)(b)</sup><br>|
| Galaxy CLO Ltd., 2025-36A A1 (3 mo. Term <br> SOFR + 1.230%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 760396<br> <sup>(a)(b)(c)</sup><br>|
| GECU Auto Receivables Trust, 2023-1A A3 | &nbsp;&nbsp; 5.630% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 834456<br>| &nbsp;&nbsp; 838718<br> <sup>(a)</sup><br>|
| GM Financial Consumer Automobile <br> Receivables Trust, 2022-4 A4 | &nbsp;&nbsp; 4.880% | &nbsp;&nbsp; 8/16/28 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp; 2162151<br>|
| Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term <br> SOFR + 1.892%) | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/26/31 | &nbsp;&nbsp; 1027000<br>| &nbsp;&nbsp; 1029245<br> <sup>(a)(b)</sup><br>|
| HalseyPoint CLO Ltd., 2020-3A A1R (3 mo. <br> Term SOFR + 1.480%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 7/30/37 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 430976<br> <sup>(a)(b)</sup><br>|
| Hertz Vehicle Financing LLC, 2022-2A A | &nbsp;&nbsp; 2.330% | &nbsp;&nbsp; 6/26/28 | &nbsp;&nbsp; 2120000<br>| &nbsp;&nbsp; 2065583<br> <sup>(a)</sup><br>|
| Hertz Vehicle Financing LLC, 2023-4A A | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104653<br> <sup>(a)</sup><br>|
| Hildene Community Funding CDO Ltd., <br> 2015-1A ARR | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 287178<br>| &nbsp;&nbsp; 255688<br> <sup>(a)</sup><br>|
| Hilton Grand Vacations Trust, 2023-1A A | &nbsp;&nbsp; 5.720% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 373982<br>| &nbsp;&nbsp; 383316<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Home Equity Mortgage Loan Asset-Backed <br> Trust, 2005-C M2 (1 mo. Term SOFR + <br> 0.864%) | &nbsp;&nbsp; 4.819% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; $214379<br>| &nbsp;&nbsp; $213584<br> <sup>(b)</sup><br>|
| Honda Auto Receivables Owner Trust, 2024-2 <br> A2 | &nbsp;&nbsp; 5.480% | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; 49943<br>| &nbsp;&nbsp; 49983<br>|
| Kings Park CLO Ltd., 2021-1A A1R (3 mo. <br> Term SOFR + 1.200%) | &nbsp;&nbsp; 4.987% | &nbsp;&nbsp; 1/21/39 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 720180<br> <sup>(a)(b)(c)</sup><br>|
| M&T Equipment Notes, 2023-1A A4 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp; 1290211<br> <sup>(a)</sup><br>|
| Madison Park Funding Ltd., 2019-35A A1R (3 <br> mo. Term SOFR + 1.252%) | &nbsp;&nbsp; 5.136% | &nbsp;&nbsp; 4/20/32 | &nbsp;&nbsp; 609408<br>| &nbsp;&nbsp; 609796<br> <sup>(a)(b)</sup><br>|
| Marble Point CLO Ltd., 2021-4A A1R (3 mo. <br> Term SOFR + 1.160%) | &nbsp;&nbsp; 5.072% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp; 1020000<br> <sup>(a)(b)</sup><br>|
| MetroNet Infrastructure Issuer LLC, 2025-2A <br> A2 | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 802349<br> <sup>(a)</sup><br>|
| Milos CLO Ltd., 2017-1A AR (3 mo. Term <br> SOFR + 1.332%) | &nbsp;&nbsp; 5.216% | &nbsp;&nbsp; 10/20/30 | &nbsp;&nbsp; 77428<br>| &nbsp;&nbsp; 77468<br> <sup>(a)(b)</sup><br>|
| Mountain View CLO Ltd., 2022-1A A1R (3 mo. <br> Term SOFR + 1.460%) | &nbsp;&nbsp; 5.365% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp; 1222184<br> <sup>(a)(b)</sup><br>|
| MVW LLC, 2020-1A A | &nbsp;&nbsp; 1.740% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 262976<br>| &nbsp;&nbsp; 258086<br> <sup>(a)</sup><br>|
| Navient Private Education Refi Loan Trust, <br> 2019-A A2B (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 4.973% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 31449<br>| &nbsp;&nbsp; 31451<br> <sup>(a)(b)</sup><br>|
| Navient Student Loan Trust, 2015-1 A2 (30 <br> Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.786% | &nbsp;&nbsp; 4/25/40 | &nbsp;&nbsp; 546163<br>| &nbsp;&nbsp; 531267<br> <sup>(b)</sup><br>|
| Navient Student Loan Trust, 2021-1A A1B (30 <br> Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.786% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 408070<br>| &nbsp;&nbsp; 407156<br> <sup>(a)(b)</sup><br>|
| Navigator Aviation Ltd., 2025-1 A | &nbsp;&nbsp; 5.107% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 407957<br>| &nbsp;&nbsp; 406644<br> <sup>(a)</sup><br>|
| Nelnet Student Loan Trust, 2015-3A A2 (30 <br> Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.786% | &nbsp;&nbsp; 2/27/51 | &nbsp;&nbsp; 2010234<br>| &nbsp;&nbsp; 2007519<br> <sup>(a)(b)</sup><br>|
| Nelnet Student Loan Trust, 2015-2A A2 (30 <br> Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.786% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 201800<br>| &nbsp;&nbsp; 199527<br> <sup>(a)(b)</sup><br>|
| Nelnet Student Loan Trust, 2021-A A2 (1 mo. <br> Term SOFR + 1.144%) | &nbsp;&nbsp; 5.104% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1546132<br> <sup>(a)(b)</sup><br>|
| Nelnet Student Loan Trust, 2021-CA AFL (1 <br> mo. Term SOFR + 0.854%) | &nbsp;&nbsp; 4.814% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 627714<br>| &nbsp;&nbsp; 626472<br> <sup>(a)(b)</sup><br>|
| Nelnet Student Loan Trust, 2025-1A A1 (30 <br> Day Average SOFR + 0.750%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp; 2030634<br> <sup>(a)(b)</sup><br>|
| New Century Home Equity Loan Trust, 2004-2 <br> M2 (1 mo. Term SOFR + 1.044%) | &nbsp;&nbsp; 4.999% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 38920<br>| &nbsp;&nbsp; 69451<br> <sup>(b)</sup><br>|
| OCCU Auto Receivables Trust, 2025-1A D | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 758553<br> <sup>(a)</sup><br>|
| Ocean Trails CLO Ltd., 2020-10A AR2 (3 mo. <br> Term SOFR + 1.300%) | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 570771<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Ocean Trails CLO Ltd., 2022-12A A1R (3 mo. <br> Term SOFR + 1.330%) | &nbsp;&nbsp; 5.214% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; $870000<br>&nbsp;&nbsp; $871110<br> <sup>(a)(b)</sup><br>|
| Oscar US Funding LLC, 2021-2A A4 | &nbsp;&nbsp; 1.270% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 350610<br>&nbsp;&nbsp; 348718<br> <sup>(a)</sup><br>|
| Palmer Square CLO Ltd., 2021-1A A1AR (3 <br> mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 5.034% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 500000<br>&nbsp;&nbsp; 500350<br> <sup>(a)(b)</sup><br>|
| Palmer Square Loan Funding Ltd., 2024-1A A1 <br> (3 mo. Term SOFR + 1.050%) | &nbsp;&nbsp; 4.955% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1012477<br>&nbsp;&nbsp; 1012985<br> <sup>(a)(b)</sup><br>|
| Parallel Ltd., 2023-1A A1R (3 mo. Term SOFR <br> + 1.390%) | &nbsp;&nbsp; 5.274% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 880000<br>&nbsp;&nbsp; 881740<br> <sup>(a)(b)</sup><br>|
| PFS Financing Corp., 2023-B B | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1820000<br>&nbsp;&nbsp; 1829509<br> <sup>(a)</sup><br>|
| PFS Financing Corp., 2024-A B (30 Day <br> Average SOFR + 1.300%) | &nbsp;&nbsp; 5.442% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 1380000<br>&nbsp;&nbsp; 1380943<br> <sup>(a)(b)</sup><br>|
| Sagard-Halseypoint CLO Ltd., 2024-8A A1 (3 <br> mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.228% | &nbsp;&nbsp; 1/30/38 | &nbsp;&nbsp; 410000<br>&nbsp;&nbsp; 411379<br> <sup>(a)(b)</sup><br>|
| Service Experts Issuer LLC, 2025-1A A | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 562462<br>&nbsp;&nbsp; 564819<br> <sup>(a)</sup><br>|
| Sesac Finance LLC, 2024-1 A2 | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 1169175<br>&nbsp;&nbsp; 1200366<br> <sup>(a)</sup><br>|
| SLM Private Credit Student Loan Trust, <br> 2006-B A5 (3 mo. Term SOFR + 0.532%) | &nbsp;&nbsp; 4.569% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 716890<br>&nbsp;&nbsp; 701277<br> <sup>(b)</sup><br>|
| SLM Private Education Loan Trust, 2010-C A5 <br> (1 mo. Term SOFR + 4.864%) | &nbsp;&nbsp; 8.823% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 921553<br>&nbsp;&nbsp; 969644<br> <sup>(a)(b)</sup><br>|
| SLM Student Loan Trust, 2005-4 B (90 Day <br> Average SOFR + 0.442%) | &nbsp;&nbsp; 4.755% | &nbsp;&nbsp; 7/25/55 | &nbsp;&nbsp; 110019<br>&nbsp;&nbsp; 105793<br> <sup>(b)</sup><br>|
| SLM Student Loan Trust, 2013-1 A3 (30 Day <br> Average SOFR + 0.664%) | &nbsp;&nbsp; 4.736% | &nbsp;&nbsp; 5/26/55 | &nbsp;&nbsp; 529364<br>&nbsp;&nbsp; 524844<br> <sup>(b)</sup><br>|
| SLM Student Loan Trust, 2013-6 A3 (30 Day <br> Average SOFR + 0.764%) | &nbsp;&nbsp; 4.836% | &nbsp;&nbsp; 6/26/28 | &nbsp;&nbsp; 533789<br>&nbsp;&nbsp; 533963<br> <sup>(b)</sup><br>|
| SMB Private Education Loan Trust, 2021-C A2 <br> (1 mo. Term SOFR + 0.914%) | &nbsp;&nbsp; 4.873% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 1546758<br>&nbsp;&nbsp; 1536612<br> <sup>(a)(b)</sup><br>|
| SMB Private Education Loan Trust, 2024-C <br> A1B (30 Day Average SOFR + 1.100%) | &nbsp;&nbsp; 5.236% | &nbsp;&nbsp; 6/17/52 | &nbsp;&nbsp; 672620<br>&nbsp;&nbsp; 671797<br> <sup>(a)(b)</sup><br>|
| SoFi Professional Loan Program Trust, 2020-C <br> AFX | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 276516<br>&nbsp;&nbsp; 260826<br> <sup>(a)</sup><br>|
| SpringCastle America Funding LLC, 2020-AA <br> A | &nbsp;&nbsp; 1.970% | &nbsp;&nbsp; 9/25/37 | &nbsp;&nbsp; 538014<br>&nbsp;&nbsp; 508251<br> <sup>(a)</sup><br>|
| Sunrun Atlas Issuer LLC, 2019-2 A | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 484172<br>&nbsp;&nbsp; 466149<br> <sup>(a)</sup><br>|
| Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. <br> Term SOFR + 1.200%) | &nbsp;&nbsp; 5.084% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 850000<br>&nbsp;&nbsp; 851022<br> <sup>(a)(b)</sup><br>|
| Taco Bell Funding LLC, 2025-1A A2I | &nbsp;&nbsp; 4.821% | &nbsp;&nbsp; 8/25/55 | &nbsp;&nbsp; 1000000<br>&nbsp;&nbsp; 1004016<br> <sup>(a)</sup><br>|
| Tesla Auto Lease Trust, 2023-B B | &nbsp;&nbsp; 6.570% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 1530000<br>&nbsp;&nbsp; 1536158<br> <sup>(a)</sup><br>|
| Trinitas CLO Ltd., 2021-16A A1R (3 mo. Term <br> SOFR + 1.130%) | &nbsp;&nbsp; 5.014% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 660000<br>&nbsp;&nbsp; 660099<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| TRP LLC, 2021-1 A | &nbsp;&nbsp; 2.070% | &nbsp;&nbsp; 6/19/51 | &nbsp;&nbsp; $791200<br>| &nbsp;&nbsp; $759801<br> <sup>(a)</sup><br>|
| Uniti Fiber Abs Issuer LLC, 2025-2A A2 | &nbsp;&nbsp; 5.177% | &nbsp;&nbsp; 1/20/56 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 465061<br> <sup>(a)</sup><br>|
| Venture CLO Ltd., 2019-38A ARR (3 mo. Term <br> SOFR + 1.000%) | &nbsp;&nbsp; 4.838% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 239067<br>| &nbsp;&nbsp; 239309<br> <sup>(a)(b)</sup><br>|
| Voya CLO Ltd., 2016-1A BR (3 mo. Term SOFR <br> + 2.062%) | &nbsp;&nbsp; 5.946% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 360627<br> <sup>(a)(b)</sup><br>|
| Wendy's Funding LLC, 2019-1A A2II | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 820639<br>| &nbsp;&nbsp; 802401<br> <sup>(a)</sup><br>|
| Whitebox CLO Ltd., 2019-1A A1RR (3 mo. <br> Term SOFR + 1.320%) | &nbsp;&nbsp; 5.185% | &nbsp;&nbsp; 7/24/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 400532<br> <sup>(a)(b)</sup><br>|
| Whitebox CLO Ltd., 2021-3A A1R (3 mo. Term <br> SOFR + 1.270%) | &nbsp;&nbsp; 5.175% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1101190<br> <sup>(a)(b)</sup><br>|
| Woodmont Trust, 2023-12A A1R (3 mo. Term <br> SOFR + 1.400%) | &nbsp;&nbsp; 5.258% | &nbsp;&nbsp; 10/25/32 | &nbsp;&nbsp; 828447<br>| &nbsp;&nbsp; 829351<br> <sup>(a)(b)</sup><br>|
| World Omni Auto Receivables Trust, 2024-B <br> A2B (30 Day Average SOFR + 0.430%) | &nbsp;&nbsp; 4.572% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 16974<br>| &nbsp;&nbsp; 16975<br> <sup>(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $76,387,672)** | **Total Asset-Backed Securities (Cost — $76,387,672)** | **Total Asset-Backed Securities (Cost — $76,387,672)** | **Total Asset-Backed Securities (Cost — $76,387,672)** | &nbsp;&nbsp; **76210910** |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.1%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.1%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.1%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.1%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.1%** |
| 280 Park Avenue Mortgage Trust, 2017-280P <br> A (1 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 5.152% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 496187<br> <sup>(a)(b)</sup><br>|
| Angel Oak Mortgage Trust, 2021-7 A3 | &nbsp;&nbsp; 2.337% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 238823<br>| &nbsp;&nbsp; 210701<br> <sup>(a)(b)</sup><br>|
| Arbor Realty Commercial Real Estate <br> Notes LLC, 2025-FL1 A (1 mo. Term SOFR + <br> 1.354%) | &nbsp;&nbsp; 5.314% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 519961<br> <sup>(a)(b)</sup><br>|
| BANK, 2021-BN32 A5 | &nbsp;&nbsp; 2.643% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 881879<br> <sup>(b)</sup><br>|
| BANK, 2021-BN36 A5 | &nbsp;&nbsp; 2.470% | &nbsp;&nbsp; 9/15/64 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 350937<br>|
| Benchmark Mortgage Trust, 2021-B29 XA, IO | &nbsp;&nbsp; 1.123% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 12212786<br>| &nbsp;&nbsp; 432603<br> <sup>(b)</sup><br>|
| Benchmark Mortgage Trust, 2021-B31 A5 | &nbsp;&nbsp; 2.669% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 557069<br>|
| Benchmark Mortgage Trust, 2023-V3 A3 | &nbsp;&nbsp; 6.363% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 891516<br> <sup>(b)</sup><br>|
| Benchmark Mortgage Trust, 2023-V3 XA, IO | &nbsp;&nbsp; 1.053% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 20888322<br>| &nbsp;&nbsp; 392220<br> <sup>(b)</sup><br>|
| BOCA Commercial Mortgage Trust, 2024-<br> BOCA A (1 mo. Term SOFR + 1.921%) | &nbsp;&nbsp; 5.880% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 782206<br> <sup>(a)(b)</sup><br>|
| BRAVO Residential Funding Trust, 2021-<br> NQM2 A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 102765<br>| &nbsp;&nbsp; 100564<br> <sup>(a)(b)</sup><br>|
| BRAVO Residential Funding Trust, 2024-<br> NQM1 A1 | &nbsp;&nbsp; 5.943% | &nbsp;&nbsp; 12/1/63 | &nbsp;&nbsp; 543178<br>| &nbsp;&nbsp; 547335<br> <sup>(a)</sup><br>|
| BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + <br> 1.264%) | &nbsp;&nbsp; 5.223% | &nbsp;&nbsp; 8/19/38 | &nbsp;&nbsp; 456237<br>| &nbsp;&nbsp; 456008<br> <sup>(a)(b)</sup><br>|
| BX Commercial Mortgage Trust, 2020-VIV4 A | &nbsp;&nbsp; 2.843% | &nbsp;&nbsp; 3/9/44 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp; 1201741<br> <sup>(a)</sup><br>|
| BX Commercial Mortgage Trust, 2021-CIP A <br> (1 mo. Term SOFR + 1.035%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 12/15/38 | &nbsp;&nbsp; 96761<br>| &nbsp;&nbsp; 96698<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| BX Commercial Mortgage Trust, 2021-VOLT A <br> (1 mo. Term SOFR + 0.814%) | &nbsp;&nbsp; 4.773% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; $1414489<br>| &nbsp;&nbsp; $1413856<br> <sup>(a)(b)</sup><br>|
| BX Commercial Mortgage Trust, 2022-AHP A <br> (1 mo. Term SOFR + 0.990%) | &nbsp;&nbsp; 4.949% | &nbsp;&nbsp; 1/17/39 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp; 1568523<br> <sup>(a)(b)</sup><br>|
| BX Commercial Mortgage Trust, 2024-BIO2 D | &nbsp;&nbsp; 7.970% | &nbsp;&nbsp; 8/13/41 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 382083<br> <sup>(a)(b)</sup><br>|
| Chevy Chase Funding LLC Mortgage-Backed <br> Certificates, 2004-3A A2 (1 mo. Term SOFR + <br> 0.414%) | &nbsp;&nbsp; 4.369% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 770<br>| &nbsp;&nbsp; 759<br> <sup>(a)(b)</sup><br>|
| Chevy Chase Funding LLC Mortgage-Backed <br> Certificates, 2004-4A A2 (1 mo. Term SOFR + <br> 0.694%) | &nbsp;&nbsp; 4.649% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 3608<br>| &nbsp;&nbsp; 3508<br> <sup>(a)(b)</sup><br>|
| CIM Trust, 2021-R6 A1 | &nbsp;&nbsp; 1.425% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 587438<br>| &nbsp;&nbsp; 535962<br> <sup>(a)(b)</sup><br>|
| Citigroup Commercial Mortgage Trust, <br> 2017-B1 A4 | &nbsp;&nbsp; 3.458% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 325503<br>|
| Cross Mortgage Trust, 2023-H2 A1A | &nbsp;&nbsp; 7.135% | &nbsp;&nbsp; 11/25/68 | &nbsp;&nbsp; 444591<br>| &nbsp;&nbsp; 450639<br> <sup>(a)</sup><br>|
| Cross Mortgage Trust, 2024-H2 A1 | &nbsp;&nbsp; 6.093% | &nbsp;&nbsp; 4/25/69 | &nbsp;&nbsp; 238181<br>| &nbsp;&nbsp; 240576<br> <sup>(a)</sup><br>|
| CSMC Trust, 2019-AFC1 A1 | &nbsp;&nbsp; 3.573% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 62881<br>| &nbsp;&nbsp; 60956<br> <sup>(a)</sup><br>|
| CSMC Trust, 2019-AFC1 A2 | &nbsp;&nbsp; 3.776% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 138262<br>| &nbsp;&nbsp; 134222<br> <sup>(a)</sup><br>|
| CSMC Trust, 2019-UVIL A | &nbsp;&nbsp; 3.160% | &nbsp;&nbsp; 12/15/41 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp; 1400776<br> <sup>(a)</sup><br>|
| CSMC Trust, 2020-AFC1 A1 | &nbsp;&nbsp; 3.240% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 235883<br>| &nbsp;&nbsp; 227386<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 0.830% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 296873<br>| &nbsp;&nbsp; 255746<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-AFC1 A3 | &nbsp;&nbsp; 1.169% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 296873<br>| &nbsp;&nbsp; 258507<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-NQM3 A3 | &nbsp;&nbsp; 1.632% | &nbsp;&nbsp; 4/25/66 | &nbsp;&nbsp; 370121<br>| &nbsp;&nbsp; 326662<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-NQM5 A1 | &nbsp;&nbsp; 0.938% | &nbsp;&nbsp; 5/25/66 | &nbsp;&nbsp; 670260<br>| &nbsp;&nbsp; 575041<br> <sup>(a)(b)</sup><br>|
| CSMC Trust, 2021-NQM7 A1 | &nbsp;&nbsp; 1.756% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 346252<br>| &nbsp;&nbsp; 311198<br> <sup>(a)(b)</sup><br>|
| Deephaven Residential Mortgage Trust, <br> 2022-1 A1 | &nbsp;&nbsp; 2.205% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 1134617<br>| &nbsp;&nbsp; 1052685<br> <sup>(a)(b)</sup><br>|
| Deephaven Residential Mortgage Trust, <br> 2024-1 A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 162936<br>| &nbsp;&nbsp; 164383<br> <sup>(a)</sup><br>|
| Ellington Financial Mortgage Trust, 2021-2 A1 | &nbsp;&nbsp; 0.931% | &nbsp;&nbsp; 6/25/66 | &nbsp;&nbsp; 494154<br>| &nbsp;&nbsp; 422626<br> <sup>(a)(b)</sup><br>|
| Ellington Financial Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.206% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 267633<br>| &nbsp;&nbsp; 239889<br> <sup>(a)(b)</sup><br>|
| Extended Stay America Trust, 2025-ESH A (1 <br> mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.259% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 381117<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Multifamily Structured Pass-Through <br> Certificates, KS12 A (30 Day Average SOFR + <br> 0.764%) | &nbsp;&nbsp; 4.966% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 1184522<br>| &nbsp;&nbsp; 1187842<br> <sup>(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 4945 KF, PAC (30 Day Average SOFR + <br> 0.564%) | &nbsp;&nbsp; 4.636% | &nbsp;&nbsp; 9/25/49 | &nbsp;&nbsp; 546775<br>| &nbsp;&nbsp; 536642<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2021-DNA2 M2 (30 Day Average SOFR + <br> 2.300%) | &nbsp;&nbsp; 6.372% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; $208190<br>&nbsp;&nbsp; $211399<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2021-DNA3 M2 (30 Day Average SOFR + <br> 2.100%) | &nbsp;&nbsp; 6.172% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 654335<br>&nbsp;&nbsp; 666125<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2022-DNA2 M1B (30 Day Average SOFR + <br> 2.400%) | &nbsp;&nbsp; 6.472% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 880000<br>&nbsp;&nbsp; 895181<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2022-DNA5 M1B (30 Day Average SOFR + <br> 4.500%) | &nbsp;&nbsp; 8.572% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 810000<br>&nbsp;&nbsp; 852618<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2024-DNA1 M2 (30 Day Average SOFR + <br> 1.950%) | &nbsp;&nbsp; 6.022% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 510000<br>&nbsp;&nbsp; 513958<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Seasoned Credit Risk Transfer Trust, 2016-1 <br> M2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/25/55 | &nbsp;&nbsp; 698400<br>&nbsp;&nbsp; 645278<br> <sup>(a)(b)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> STRIPS, 19 F | &nbsp;&nbsp; 4.457% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 13<br>&nbsp;&nbsp; 13<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2023-R05 1M2 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 7.172% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 300000<br>&nbsp;&nbsp; 312055<br> <sup>(a)(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2023-R08 1M2 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.572% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 870000<br>&nbsp;&nbsp; 890863<br> <sup>(a)(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2025-18 FH (30 Day Average <br> SOFR + 1.400%) | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 8/25/54 | &nbsp;&nbsp; 2050295<br>&nbsp;&nbsp; 2062763<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA), Grantor Trust, 2000-T6 A3 | &nbsp;&nbsp; 4.238% | &nbsp;&nbsp; 11/25/40 | &nbsp;&nbsp; 69613<br>&nbsp;&nbsp; 69527<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA), Grantor Trust, 2002-T19 A4 | &nbsp;&nbsp; 5.218% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 502524<br>&nbsp;&nbsp; 502036<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA), Grantor Trust, 2004-T3 2A | &nbsp;&nbsp; 5.427% | &nbsp;&nbsp; 8/25/43 | &nbsp;&nbsp; 237117<br>&nbsp;&nbsp; 238850<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA), Whole Loan, 2003-W6 6A | &nbsp;&nbsp; 4.846% | &nbsp;&nbsp; 8/25/42 | &nbsp;&nbsp; 170805<br>&nbsp;&nbsp; 171706<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| Federal National Mortgage Association <br> (FNMA), Whole Loan, 2003-W8 3F1 (30 Day <br> Average SOFR + 0.514%) | &nbsp;&nbsp; 4.586% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; $35930<br>&nbsp;&nbsp; $35866<br> <sup>(b)</sup><br>|
| GCAT Trust, 2020-NQM1 A3 | &nbsp;&nbsp; 3.554% | &nbsp;&nbsp; 1/25/60 | &nbsp;&nbsp; 460410<br>&nbsp;&nbsp; 455122<br> <sup>(a)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2011-H07 FA (1 mo. Term SOFR + <br> 0.614%) | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 15199<br>&nbsp;&nbsp; 15206<br> <sup>(b)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2013-H08 BF (1 mo. Term SOFR + <br> 0.514%) | &nbsp;&nbsp; 4.620% | &nbsp;&nbsp; 3/20/63 | &nbsp;&nbsp; 83408<br>&nbsp;&nbsp; 83084<br> <sup>(b)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2016-H07 FK (1 mo. Term SOFR + <br> 1.114%) | &nbsp;&nbsp; 5.220% | &nbsp;&nbsp; 3/20/66 | &nbsp;&nbsp; 576999<br>&nbsp;&nbsp; 580146<br> <sup>(b)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2017-H15 FN (1 mo. Term SOFR + <br> 0.614%) | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 7/20/67 | &nbsp;&nbsp; 182909<br>&nbsp;&nbsp; 182993<br> <sup>(b)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2019-H16 CF (1 mo. Term SOFR + <br> 0.814%) | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 10/20/69 | &nbsp;&nbsp; 812729<br>&nbsp;&nbsp; 811528<br> <sup>(b)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2021-H03 FA (30 Day Average SOFR <br> + 0.380%) | &nbsp;&nbsp; 4.549% | &nbsp;&nbsp; 4/20/70 | &nbsp;&nbsp; 1245597<br>&nbsp;&nbsp; 1239764<br> <sup>(b)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2021-H09 QF (30 Day Average SOFR <br> + 1.500%) | &nbsp;&nbsp; 5.599% | &nbsp;&nbsp; 6/20/71 | &nbsp;&nbsp; 2819837<br>&nbsp;&nbsp; 2884879<br> <sup>(b)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2021-H16 FG (30 Day Average SOFR <br> + 0.300%) | &nbsp;&nbsp; 4.399% | &nbsp;&nbsp; 9/20/71 | &nbsp;&nbsp; 1719431<br>&nbsp;&nbsp; 1706485<br> <sup>(b)</sup><br>|
| Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. <br> Term SOFR + 1.134%) | &nbsp;&nbsp; 5.093% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 101081<br>&nbsp;&nbsp; 101279<br> <sup>(a)(b)</sup><br>|
| GS Mortgage Securities Corp. Trust, 2000-1A <br> A (1 mo. Term SOFR + 0.464%) | &nbsp;&nbsp; 4.789% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 53522<br>&nbsp;&nbsp; 5438<br> <sup>(a)(b)</sup><br>|
| HarborView Mortgage Loan Trust, 2005-9 <br> 2A1C (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 6/20/35 | &nbsp;&nbsp; 144867<br>&nbsp;&nbsp; 136773<br> <sup>(b)</sup><br>|
| KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + <br> 1.184%) | &nbsp;&nbsp; 5.147% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 632890<br>&nbsp;&nbsp; 631259<br> <sup>(a)(b)</sup><br>|
| Legacy Mortgage Asset Trust, 2020-RPL1 A1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/59 | &nbsp;&nbsp; 646922<br>&nbsp;&nbsp; 624053<br> <sup>(a)(b)</sup><br>|
| Legacy Mortgage Asset Trust, 2021-GS2 A1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/25/61 | &nbsp;&nbsp; 461398<br>&nbsp;&nbsp; 461767<br> <sup>(a)</sup><br>|
| Legacy Mortgage Asset Trust, 2021-GS5 A1 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/25/67 | &nbsp;&nbsp; 969437<br>&nbsp;&nbsp; 970922<br> <sup>(a)</sup><br>|
| MAD Commercial Mortgage Trust, 2025-<br> 11MD A | &nbsp;&nbsp; 4.912% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 650000<br>&nbsp;&nbsp; 653880<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + <br> 1.488%) | &nbsp;&nbsp; 5.451% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; $590000<br>| &nbsp;&nbsp; $590724<br> <sup>(a)(b)</sup><br>|
| MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + <br> 1.194%) | &nbsp;&nbsp; 5.153% | &nbsp;&nbsp; 10/16/36 | &nbsp;&nbsp; 293399<br>| &nbsp;&nbsp; 293590<br> <sup>(a)(b)</sup><br>|
| Mill City Mortgage Loan Trust, 2019-1 A1 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 314573<br>| &nbsp;&nbsp; 308180<br> <sup>(a)(b)</sup><br>|
| Mill City Mortgage Trust, 2015-2 M3 | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 9/25/57 | &nbsp;&nbsp; 389188<br>| &nbsp;&nbsp; 386629<br> <sup>(a)(b)</sup><br>|
| Morgan Stanley Bank of America Merrill <br> Lynch Trust, 2016-C32 ASB | &nbsp;&nbsp; 3.514% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 123032<br>| &nbsp;&nbsp; 122406<br>|
| Morgan Stanley Capital I Trust, 2017-ASHF A <br> (1 mo. Term SOFR + 1.147%) | &nbsp;&nbsp; 5.106% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 67084<br>| &nbsp;&nbsp; 66595<br> <sup>(a)(b)</sup><br>|
| New Residential Mortgage Loan Trust, <br> 2015-1A A3 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/28/52 | &nbsp;&nbsp; 232208<br>| &nbsp;&nbsp; 224823<br> <sup>(a)(b)</sup><br>|
| New Residential Mortgage Loan Trust, 2021-<br> NQM3 A1 | &nbsp;&nbsp; 1.156% | &nbsp;&nbsp; 11/27/56 | &nbsp;&nbsp; 573748<br>| &nbsp;&nbsp; 519761<br> <sup>(a)(b)</sup><br>|
| New Residential Mortgage Loan Trust, 2022-<br> NQM2 A1 | &nbsp;&nbsp; 3.079% | &nbsp;&nbsp; 3/27/62 | &nbsp;&nbsp; 752314<br>| &nbsp;&nbsp; 719322<br> <sup>(a)(b)</sup><br>|
| NYC Commercial Mortgage Trust, 2025-28L F | &nbsp;&nbsp; 8.130% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1003368<br> <sup>(a)(b)</sup><br>|
| OBX Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 1.101% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 563417<br>| &nbsp;&nbsp; 470932<br> <sup>(a)(b)</sup><br>|
| OBX Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.563% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 568379<br>| &nbsp;&nbsp; 477006<br> <sup>(a)(b)</sup><br>|
| OBX Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.054% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 685901<br>| &nbsp;&nbsp; 568902<br> <sup>(a)(b)</sup><br>|
| OBX Trust, 2021-NQM4 A1 | &nbsp;&nbsp; 1.957% | &nbsp;&nbsp; 10/25/61 | &nbsp;&nbsp; 705549<br>| &nbsp;&nbsp; 613758<br> <sup>(a)(b)</sup><br>|
| PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 871261<br>| &nbsp;&nbsp; 744150<br> <sup>(a)(b)</sup><br>|
| PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 527697<br>| &nbsp;&nbsp; 535363<br> <sup>(a)</sup><br>|
| RAMP Trust, 2004-SL4 A5 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/25/32 | &nbsp;&nbsp; 5661<br>| &nbsp;&nbsp; 1723<br>|
| Residential Asset Securitization Trust, 2003-<br> A11 A2, PAC (1 mo. Term SOFR + 0.564%) | &nbsp;&nbsp; 4.519% | &nbsp;&nbsp; 11/25/33 | &nbsp;&nbsp; 15726<br>| &nbsp;&nbsp; 15521<br> <sup>(b)</sup><br>|
| Santander Commercial Mortgage <br> Securities LLC, 2025-BNC1 A2 | &nbsp;&nbsp; 4.502% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp; 1021274<br> <sup>(a)(c)</sup><br>|
| SFO Commercial Mortgage Trust, 2021-555 A <br> (1 mo. Term SOFR + 1.264%) | &nbsp;&nbsp; 5.223% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp; 915252<br> <sup>(a)(b)</sup><br>|
| SMRT, 2022-MINI A (1 mo. Term SOFR + <br> 1.000%) | &nbsp;&nbsp; 4.959% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp; 1558059<br> <sup>(a)(b)</sup><br>|
| Structured Adjustable Rate Mortgage Loan <br> Trust, 2004-2 1A1 | &nbsp;&nbsp; 6.813% | &nbsp;&nbsp; 3/25/34 | &nbsp;&nbsp; 55109<br>| &nbsp;&nbsp; 54191<br> <sup>(b)</sup><br>|
| Structured Asset Securities Corp., 2005-RF3 <br> 2A | &nbsp;&nbsp; 4.425% | &nbsp;&nbsp; 6/25/35 | &nbsp;&nbsp; 190953<br>| &nbsp;&nbsp; 173728<br> <sup>(a)(b)</sup><br>|
| STWD LLC, 2025-FL4 A (1 mo. Term SOFR + <br> 1.450%) | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/19/42 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp; 1020636<br> <sup>(a)(b)</sup><br>|
| SWCH Commercial Mortgage Trust, 2025-<br> DATA A (1 mo. Term SOFR + 1.443%) | &nbsp;&nbsp; 5.402% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp; 1111631<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| Towd Point Mortgage Trust, 2019-HY1 B1 (1 <br> mo. Term SOFR + 2.264%) | &nbsp;&nbsp; 6.219% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; $1460000<br>| &nbsp;&nbsp; $1503951<br> <sup>(a)(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $56,345,986)** | **Total Collateralized Mortgage Obligations (Cost — $56,345,986)** | **Total Collateralized Mortgage Obligations (Cost — $56,345,986)** | **Total Collateralized Mortgage Obligations (Cost — $56,345,986)** | &nbsp;&nbsp; **55009003** |
| **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** |
| U.S. Government Agencies — 0.4% | U.S. Government Agencies — 0.4% | U.S. Government Agencies — 0.4% | U.S. Government Agencies — 0.4% | U.S. Government Agencies — 0.4% |
| Federal National Mortgage Association <br> (FNMA) (SOFR + 0.140%) | &nbsp;&nbsp; 4.260% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250571<br> <sup>(b)</sup><br>|
| Federal National Mortgage Association <br> (FNMA), Notes (SOFR + 0.100%) | &nbsp;&nbsp; 4.220% | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp; 1210705<br> <sup>(b)</sup><br>|
| Total U.S. Government Agencies | Total U.S. Government Agencies | Total U.S. Government Agencies | Total U.S. Government Agencies | &nbsp;&nbsp; 1461276 |
| U.S. Government Obligations — 4.0% | U.S. Government Obligations — 4.0% | U.S. Government Obligations — 4.0% | U.S. Government Obligations — 4.0% | U.S. Government Obligations — 4.0% |
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 955196<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 15750000 | &nbsp;&nbsp; 15967485<br>|
| Total U.S. Government Obligations | Total U.S. Government Obligations | Total U.S. Government Obligations | Total U.S. Government Obligations | &nbsp;&nbsp; 16922681 |
| **Total U.S. Government & Agency Obligations (Cost — $18,218,193)** | **Total U.S. Government & Agency Obligations (Cost — $18,218,193)** | **Total U.S. Government & Agency Obligations (Cost — $18,218,193)** | **Total U.S. Government & Agency Obligations (Cost — $18,218,193)** | &nbsp;&nbsp; **18383957** |
| **Mortgage-Backed Securities — 4.0%** | **Mortgage-Backed Securities — 4.0%** | **Mortgage-Backed Securities — 4.0%** | **Mortgage-Backed Securities — 4.0%** | **Mortgage-Backed Securities — 4.0%** |
| FHLMC — 1.6% | FHLMC — 1.6% | FHLMC — 1.6% | FHLMC — 1.6% | FHLMC — 1.6% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1414870<br>| &nbsp;&nbsp; 1362025<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 1993197<br>| &nbsp;&nbsp; 1746859<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 75130<br>| &nbsp;&nbsp; 79382<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> (1 year FTSE USD IBOR Consumer Cash <br> Fallbacks + 1.630%) | &nbsp;&nbsp; 3.280% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 3379439<br>| &nbsp;&nbsp; 3324111<br> <sup>(b)</sup><br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 6512377 |
| FNMA — 1.9% | FNMA — 1.9% | FNMA — 1.9% | FNMA — 1.9% | FNMA — 1.9% |
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.280% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1165000<br>| &nbsp;&nbsp; 1145390<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 814059<br>| &nbsp;&nbsp; 789645<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 3.000% | 4/1/38- <br>2/1/40<br>| &nbsp;&nbsp; 1243230 | &nbsp;&nbsp; 1197518<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 4.500% | 11/1/38- <br>1/1/59<br>| &nbsp;&nbsp; 609751 | &nbsp;&nbsp; 608156<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 653324<br>| &nbsp;&nbsp; 574198<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 1565817<br>| &nbsp;&nbsp; 1604268<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 746793<br>| &nbsp;&nbsp; 781566<br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued |
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/53 | &nbsp;&nbsp; $1056728<br>| &nbsp;&nbsp; $1096450<br>|
| Federal National Mortgage Association <br> (FNMA) (1 year Treasury Constant Maturity <br> Rate + 2.375%) | &nbsp;&nbsp; 6.411% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 190314<br>| &nbsp;&nbsp; 192549<br> <sup>(b)</sup><br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 7989740 |
| GNMA — 0.5% | GNMA — 0.5% | GNMA — 0.5% | GNMA — 0.5% | GNMA — 0.5% |
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/20/48 | &nbsp;&nbsp; 19198<br>| &nbsp;&nbsp; 17948<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/20/50 | &nbsp;&nbsp; 127608 | &nbsp;&nbsp; 109829<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/20/53 | &nbsp;&nbsp; 981067<br>| &nbsp;&nbsp; 997905<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 965231<br>| &nbsp;&nbsp; 998227<br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 2123909 |
| **Total Mortgage-Backed Securities (Cost — $16,864,637)** | **Total Mortgage-Backed Securities (Cost — $16,864,637)** | **Total Mortgage-Backed Securities (Cost — $16,864,637)** | **Total Mortgage-Backed Securities (Cost — $16,864,637)** | &nbsp;&nbsp; **16626026** |
| **Senior Loans — 0.8%** | **Senior Loans — 0.8%** | **Senior Loans — 0.8%** | **Senior Loans — 0.8%** | **Senior Loans — 0.8%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| Media — 0.2% | Media — 0.2% | Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Nexstar Media Inc., Term Loan B5 (1 mo. <br> Term SOFR + 2.500%) | 6.416% | &nbsp;&nbsp; 6/28/32 | &nbsp;&nbsp; 339150<br>| &nbsp;&nbsp; 340240<br> <sup>(b)(e)(f)</sup><br>|
| Versant Media Group Inc., 2025 First Lien <br> Term Loan B | —  | &nbsp;&nbsp; 10/23/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 149094<br> <sup>(g)</sup><br>|
| Virgin Media Bristol LLC, Term Loan Facility Y <br> (6 mo. Term SOFR + 3.275%) | 7.052% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp; 290022<br> <sup>(b)(e)(f)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **779356** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| 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%†† |
| 1011778 BC Unlimited Liability Co., Term <br> Loan B6 (1 mo. Term SOFR + 1.750%)  | 5.666% | &nbsp;&nbsp; 9/20/30 | &nbsp;&nbsp; 55062<br>| &nbsp;&nbsp; 55075<br> <sup>(b)(e)(f)</sup><br>|
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Harbor Freight Tools USA Inc., Initial Term <br> Loan (1 mo. Term SOFR + 2.250%) | 6.166% | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 375250<br>| &nbsp;&nbsp; 370044<br> <sup>(b)(e)(f)</sup><br>|
| Rent-A-Center Inc., 2025 Term Loan (3 mo. <br> Term SOFR + 2.750%) | 6.634% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 504215<br>| &nbsp;&nbsp; 506106<br> <sup>(b)(e)(f)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 876150 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **931225** |

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| Banks — 0.1% | Banks — 0.1% | Banks — 0.1% | Banks — 0.1% | Banks — 0.1% |
| Ascensus Group Holdings Inc., 2024 Term <br> Loan B  | —  | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; $210000<br>| &nbsp;&nbsp; $210085<br> <sup>(g)</sup><br>|
| Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† |
| Setanta Aircraft Leasing DAC, Term Loan B (3 <br> mo. Term SOFR + 1.750%)  | 5.752% | &nbsp;&nbsp; 11/6/28 | &nbsp;&nbsp; 192500<br>| &nbsp;&nbsp; 193736<br> <sup>(b)(e)(f)</sup><br>|
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Asurion LLC, New Term Loan B9 (1 mo. Term <br> SOFR + 3.364%) | 7.280% | &nbsp;&nbsp; 7/30/27 | &nbsp;&nbsp; 529219<br>| &nbsp;&nbsp; 529254<br> <sup>(b)(e)(f)</sup><br>|
| Asurion LLC, New Term Loan B11 (1 mo. Term <br> SOFR + 4.350%) | 8.266% | &nbsp;&nbsp; 8/21/28 | &nbsp;&nbsp; 46908<br>| &nbsp;&nbsp; 46905<br> <sup>(b)(e)(f)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 576159 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **979980** |
| **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† |
| Grifols Worldwide Operations USA Inc., <br> Dollar Term Loan B (3 mo. Term SOFR + <br> 2.150%)  | 5.972% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 284935<br>| &nbsp;&nbsp; 285201<br> <sup>(b)(e)(f)</sup><br>|
| Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% |
| Jazz Financing Lux Sarl, Dollar Term Loan <br> Facility B2 (1 mo. Term SOFR + 2.250%)  | 6.166% | &nbsp;&nbsp; 5/5/28 | &nbsp;&nbsp; 309395<br>| &nbsp;&nbsp; 310985<br> <sup>(b)(e)(f)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **596186** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Spirit Airlines LLC, Contingent DIP Facility | —  | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 268266<br>| &nbsp;&nbsp; 109372<br> <sup>(g)(h)(i)</sup><br>|
| Spirit Airlines LLC, New Money Term Loan | —  | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 62807<br>| &nbsp;&nbsp; 62728<br> <sup>(g)</sup><br>|
| Spirit Airlines LLC, Second New Money Term <br> Loan | —  | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 15540<br>| &nbsp;&nbsp; 13948<br> <sup>(g)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **186048** |
| **Total Senior Loans (Cost — $3,476,274)** | **Total Senior Loans (Cost — $3,476,274)** | **Total Senior Loans (Cost — $3,476,274)** | **Total Senior Loans (Cost — $3,476,274)** | &nbsp;&nbsp; **3472795** |
|  | &nbsp;&nbsp; Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| 3-Month SOFR Futures, Call @ $96.375 | 12/12/25 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; $410000 | &nbsp;&nbsp; 1025<br>|
| 3-Month SOFR Futures, Call @ $96.750 | 3/13/26 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 8000<br>|
| 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 76500<br>|
| 3-Month SOFR Futures, Put @ $96.250 | 12/12/25 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 6050<br>|

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | &nbsp;&nbsp; Expiration<br> Date<br>| Contracts | Notional<br> Amount<br>| Value |
| **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** |
| SOFR 1-Year Mid-Curve Futures, Put @ <br> $96.750 | SOFR 1-Year Mid-Curve Futures, Put @ <br> $96.750 | 12/12/25 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; $425000 | &nbsp;&nbsp; $2125<br>|
| U.S. Treasury 5-Year Notes Futures, Call @ <br> $109.750 | U.S. Treasury 5-Year Notes Futures, Call @ <br> $109.750 | 12/5/25 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 17664<br>|
| **Total Exchange-Traded Purchased Options (Cost — $337,719)** | **Total Exchange-Traded Purchased Options (Cost — $337,719)** | **Total Exchange-Traded Purchased Options (Cost — $337,719)** | **Total Exchange-Traded Purchased Options (Cost — $337,719)** | **Total Exchange-Traded Purchased Options (Cost — $337,719)** | &nbsp;&nbsp; **111364** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** |
| Interest rate swaption, Call, <br> Daily SOFR Compound paid <br> annually, 290.000<sup>bps</sup> <br> payments received annually, <br> maturing on 9/29/28 <br>| Goldman <br> Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 12180000 | &nbsp;&nbsp; 12180000 | &nbsp;&nbsp; 48561<br>|
| Interest rate swaption, Call, <br> Daily SOFR Compound paid <br> annually, 290.000<sup>bps</sup> <br> payments received annually, <br> maturing on 9/29/28 <br>| Goldman <br> Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 2552<br>|
| **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | &nbsp;&nbsp; **51113** |
| **Total Purchased Options (Cost — $390,045)** | **Total Purchased Options (Cost — $390,045)** | **Total Purchased Options (Cost — $390,045)** | **Total Purchased Options (Cost — $390,045)** | **Total Purchased Options (Cost — $390,045)** | &nbsp;&nbsp; **162477** |
|  |  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 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%†† | Passenger Airlines — 0.0%†† |
| Spirit Airlines LLC | Spirit Airlines LLC | Spirit Airlines LLC |  | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 19<br> \*<sup>(h)(j)</sup><br>|
| Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 10243 | &nbsp;&nbsp; 3,175<br> \*<br>|
| **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | &nbsp;&nbsp; **3194**<br>|
|  |  |  | Expiration <br>Date <br>| Warrants |  |
| **Warrants — 0.0%††** | **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%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 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 — $88,598) | Spirit Airlines LLC (Cost — $88,598) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 7278<br>| &nbsp;&nbsp; **2,256**<br> \*<sup>(a)(h)(j)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $393,637,134)** | **Total Investments before Short-Term Investments (Cost — $393,637,134)** | **Total Investments before Short-Term Investments (Cost — $393,637,134)** | **Total Investments before Short-Term Investments (Cost — $393,637,134)** | **Total Investments before Short-Term Investments (Cost — $393,637,134)** | &nbsp;&nbsp; **392856037** |

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** |
| **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** |
| Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $13,927,455)  | &nbsp;&nbsp; 3.957% |  | &nbsp;&nbsp; 13927455<br>| &nbsp;&nbsp; **$13927455**<br> <sup>(k)(l)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **U.S. Government Agencies — 2.1%** | **U.S. Government Agencies — 2.1%** | **U.S. Government Agencies — 2.1%** | **U.S. Government Agencies — 2.1%** | **U.S. Government Agencies — 2.1%** |
| Federal Home Loan Bank (FHLB), Discount <br> Notes | &nbsp;&nbsp; 4.591% | &nbsp;&nbsp; 12/8/25 | &nbsp;&nbsp; $7520000 | &nbsp;&nbsp; 7512605<br> <sup>(m)</sup><br>|
| Federal Home Loan Bank (FHLB), Discount <br> Notes | &nbsp;&nbsp; 3.885% | &nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp; 1203196<br> <sup>(m)</sup><br>|
| **Total U.S. Government Agencies (Cost — $8,717,556)** | **Total U.S. Government Agencies (Cost — $8,717,556)** | **Total U.S. Government Agencies (Cost — $8,717,556)** | **Total U.S. Government Agencies (Cost — $8,717,556)** | &nbsp;&nbsp; **8715801** |
| **U.S. Treasury Bills — 0.2%** | **U.S. Treasury Bills — 0.2%** |  |  |  |
| U.S. Treasury Bills (Cost — $1,097,990) | &nbsp;&nbsp; 3.812% | &nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; **1097972**<br> <sup>(m)</sup><br>|
| **Total Short-Term Investments (Cost — $23,743,001)** | **Total Short-Term Investments (Cost — $23,743,001)** | **Total Short-Term Investments (Cost — $23,743,001)** | **Total Short-Term Investments (Cost — $23,743,001)** | &nbsp;&nbsp; **23741228** |
| **Total Investments — 99.4% (Cost — $417,380,135)** | **Total Investments — 99.4% (Cost — $417,380,135)** | **Total Investments — 99.4% (Cost — $417,380,135)** | **Total Investments — 99.4% (Cost — $417,380,135)** | &nbsp;&nbsp; **416597265** |
| Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp; 2372089 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$418969354** |

---

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

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | 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>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</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>(e)</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>(f)</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>(g)</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>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Restricted security (Note 9). |
| <sup>(k)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(l)</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 $13,927,455 and the cost was $13,927,455 (Note 8).<br>|
| <sup>(m)</sup> | Rate shown represents yield-to-maturity. |

---

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| CAS | Connecticut Avenue Securities |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| DIP | Debtor-in-possession |
| IBOR | Interbank Offered Rate |
| IO | Interest Only |
| JSC | Joint Stock Company |
| PAC | Planned Amortization Class |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| USD | United States Dollar |

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | Expiration <br>Date<br>| Strike <br>Price<br>| Contracts | Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; $96.875 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; $110000 | &nbsp;&nbsp; $(275)<br>|
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 3/13/26 | 97.000 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; (8200)<br>|
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/11/26 | 97.500 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; (15000)<br>|
| 3-Month SOFR Futures, Put | &nbsp;&nbsp; 12/11/26 | 96.500 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 212500 | &nbsp;&nbsp; (22313)<br>|
| SOFR 1-Year Mid-Curve Futures, Put | &nbsp;&nbsp; 12/12/25 | 96.250 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; (550)<br>|
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp; 12/26/25 | 111.000 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; (10125)<br>|
| **Total Exchange-Traded Written Options (Premiums received — $171,967)** | **Total Exchange-Traded Written Options (Premiums received — $171,967)** | **Total Exchange-Traded Written Options (Premiums received — $171,967)** | **Total Exchange-Traded Written Options (Premiums received — $171,967)** | **Total Exchange-Traded Written Options (Premiums received — $171,967)** | &nbsp;&nbsp; **(56463)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
|  | Counterparty |  |  |  |
| Interest rate swaption, Call, <br> 345.000<sup>bps</sup> payments paid <br> annually, Daily SOFR <br> Compound received annually, <br> maturing on 9/29/36 <br>(Premiums received — <br> $47,827)<br>| Goldman Sachs <br> Group Inc.<br>| &nbsp;&nbsp; 9/25/26<br> 345.000 <br><sup>bps</sup><br>| &nbsp;&nbsp; 2820000 | &nbsp;&nbsp; **(44934)**<br>|
| **Total Written Options (Premiums received — $219,794)** | **Total Written Options (Premiums received — $219,794)** | **Total Written Options (Premiums received — $219,794)** | **Total Written Options (Premiums received — $219,794)** | &nbsp;&nbsp; **$(101397)**<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| SOFR | Secured Overnight Financing Rate |

---

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>(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 1-Month SOFR | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; $81312660 | &nbsp;&nbsp; $81320693 | &nbsp;&nbsp; $8033 |
| 3-Month SOFR | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 19766047 | &nbsp;&nbsp; 19734837 | &nbsp;&nbsp; (31210)<br>|
| 3-Month SOFR | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 40293276 | &nbsp;&nbsp; 40267875 | &nbsp;&nbsp; (25401)<br>|
| 3-Month SOFR | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 3/28 | &nbsp;&nbsp; 19603183 | &nbsp;&nbsp; 19625288 | &nbsp;&nbsp; 22105 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 6317159 | &nbsp;&nbsp; 6347250 | &nbsp;&nbsp; 30091 |
|  |  |  |  |  | &nbsp;&nbsp; 3618 |

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

 **Western Asset Ultra-Short Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of<br> Contracts<br>| Expiration<br> Date<br>| Notional<br> Amount<br>| Market<br> Value<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| 30-Day Federal Funds | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; $81404897 | &nbsp;&nbsp; $81422201 | &nbsp;&nbsp; $(17304)<br>|
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 178446372 | &nbsp;&nbsp; 178574766 | &nbsp;&nbsp; (128394)<br>|
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 1317917 | &nbsp;&nbsp; 1317188 | &nbsp;&nbsp; 729 |
| U.S. Treasury Long-Term <br> Bonds<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 1635679 | &nbsp;&nbsp; 1644125 | &nbsp;&nbsp; (8446)<br>|
| U.S. Treasury Ultra 10-Year <br> Notes<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 1499650 | &nbsp;&nbsp; 1510641 | &nbsp;&nbsp; (10991)<br>|
| U.S. Treasury Ultra Long-<br> Term Bonds<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 239059 | &nbsp;&nbsp; 241875 | &nbsp;&nbsp; (2816)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (167222)<br>|
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp; **$(163604)**<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:** |
| SOFR |  | Secured Overnight Financing Rate |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | Notional <br>Amount<br>| Termination <br>Date<br>| Payments <br>Made by <br>the Fund<sup>†</sup> <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>Depreciation<br>|
|  | $10450000 | 6/15/27 | 3.450% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| $(13729) | $(1489) | $(12240) |
|  | 9040000 | 11/21/30 | 2.452%\*\* | CPURNSA\*\* | (18831) |  | (18831) |
|  | 33774000 | 8/31/32 | 3.420% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| (24485) | 83379 | (107864) |
| **Total** | **$53264000** |  |  |  | **$(57045)** | **$81890** | **$(138935)** |

---

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

---

| | |
|:---|:---|
| † | Percentage shown is an annual percentage rate. |
| \*\* | One time payment made at termination date. |

---

Reference rate(s) and their value(s) as of period end used in this table:

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| Daily SOFR Compound | 4.120% |
| CPURNSA | 3.241% |

---

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

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Ultra-Short Income Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| CPURNSA |  | U.S. CPI Urban Consumers NSA Index |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income 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 — $403,452,680) | &nbsp;&nbsp; $402669810 |
| Investments in affiliated securities, at value (Cost — $13,927,455) | &nbsp;&nbsp; 13927455 |
| Cash | &nbsp;&nbsp; 1013138 |
| Interest receivable | &nbsp;&nbsp; 2801650 |
| Deposits with brokers for open futures contracts and exchange-traded options | &nbsp;&nbsp; 1258507 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 974047 |
| Receivable for securities sold  | &nbsp;&nbsp; 281622 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 127779 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 55658 |
| Receivable from brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 45008 |
| Principal paydown receivable | &nbsp;&nbsp; 41529 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 18565 |
| Prepaid expenses | &nbsp;&nbsp; 44821 |
| **Total Assets** | &nbsp;&nbsp; **423259589** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 3565067 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 320401 |
| Written options, at value (premiums received — $219,794) | &nbsp;&nbsp; 101397 |
| Investment management fee payable | &nbsp;&nbsp; 74536 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 44977 |
| Distributions payable | &nbsp;&nbsp; 13280 |
| Trustees' fees payable | &nbsp;&nbsp; 418 |
| Accrued expenses | &nbsp;&nbsp; 170159 |
| **Total Liabilities** | &nbsp;&nbsp; **4290235** |
| **Total Net Assets** | &nbsp;&nbsp; **$418969354** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $454 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 440900852 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (21931952)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$418969354** |

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

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

November 30, 2025

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $206087971 |
| Class C | &nbsp;&nbsp; $3438178 |
| Class C1 | &nbsp;&nbsp; $43082 |
| Class I | &nbsp;&nbsp; $180176053 |
| Class IS | &nbsp;&nbsp; $29224070 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 22274034 |
| Class C | &nbsp;&nbsp; 367122 |
| Class C1 | &nbsp;&nbsp; 4688 |
| Class I | &nbsp;&nbsp; 19552205 |
| Class IS | &nbsp;&nbsp; 3158660 |
| **Net Asset Value:** |  |
| Class A (and redemption price) | &nbsp;&nbsp; $9.25 |
| Class C\*  | &nbsp;&nbsp; $9.37 |
| Class C1 (and redemption price) | &nbsp;&nbsp; $9.19 |
| Class I (and redemption price) | &nbsp;&nbsp; $9.22 |
| Class IS (and redemption price) | &nbsp;&nbsp; $9.25 |

---

&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 Ultra-Short Income 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; $8587274 |
| Dividends from affiliated investments | &nbsp;&nbsp; 155530 |
| **Total Investment Income** | &nbsp;&nbsp; **8742804** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 606070 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 268219 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 165600 |
| Registration fees | &nbsp;&nbsp; 107739 |
| Fund accounting fees | &nbsp;&nbsp; 37560 |
| Audit and tax fees | &nbsp;&nbsp; 21501 |
| Shareholder reports | &nbsp;&nbsp; 13209 |
| Legal fees | &nbsp;&nbsp; 11871 |
| Trustees' fees | &nbsp;&nbsp; 6363 |
| Commitment fees (Note 10) | &nbsp;&nbsp; 1761 |
| Insurance | &nbsp;&nbsp; 1346 |
| Custody fees | &nbsp;&nbsp; 1087 |
| Miscellaneous expenses  | &nbsp;&nbsp; 6452 |
| **Total Expenses** | &nbsp;&nbsp; **1248778** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (200134)<br>|
| **Net Expenses** | &nbsp;&nbsp; **1048644** |
| **Net Investment Income** | &nbsp;&nbsp; **7694160** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (915715)<br>|
| Futures contracts | &nbsp;&nbsp; 158122 |
| Written options | &nbsp;&nbsp; 325682 |
| Swap contracts | &nbsp;&nbsp; (419032)<br>|
| **Net Realized Loss**  | &nbsp;&nbsp; **(850943)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 3997762 |
| Futures contracts | &nbsp;&nbsp; (196152)<br>|
| Written options | &nbsp;&nbsp; 59596 |
| Swap contracts | &nbsp;&nbsp; (280045)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **3581161** |
| **Net Gain on Investments, Futures Contracts, Written Options and Swap Contracts**  | &nbsp;&nbsp; **2730218** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$10424378** |

---

See Notes to Financial Statements.

Western Asset Ultra-Short Income 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; $7694160 | $15555624 |
| Net realized loss  | &nbsp;&nbsp; (850943)<br>| (2666857)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3581161 | 10238555 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **10424378** | **23127322** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (7925604)<br>| (16721817)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(7925604)**<br>| **(16721817)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 101308514 | 339541214 |
| Reinvestment of distributions | &nbsp;&nbsp; 7844766 | 16342399 |
| Cost of shares repurchased  | &nbsp;&nbsp; (103618739)<br>| (396339997)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **5534541** | **(40456384)**<br>|
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **8033315** | **(34050879)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 410936039 | 444986918 |
| **End of period** | &nbsp;&nbsp; **$418969354** | **$410936039** |

---

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest 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 period** | $9.20 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $8.89 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.17 | 0.31 | 0.28 | 0.19 | 0.04 | 0.05 |
| Net realized and unrealized gain (loss) | 0.06 | 0.17 | 0.31 | 0.09 | &nbsp;&nbsp; (0.23)<br>| 0.23 |
| **Total income (loss) from operations** | **0.23** | **0.48** | **0.59** | **0.28** | &nbsp;&nbsp; **(0.19)** | **0.28** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.14)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | **(0.18)**<br>| &nbsp;&nbsp; **(0.34)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.24)**<br>| &nbsp;&nbsp; **(0.09)**<br>| &nbsp;&nbsp; **(0.14)**<br>|
| **Net asset value, end of period** | $9.25 | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $9.03 |
| **Total return**<sup>4</sup> <br>| **2.48%**<br>| **5.35%**<br>| **6.84%**<br>| **3.28%**<br>| &nbsp;&nbsp; **(2.09)%**<br>| **3.21%**<br>|
| **Net assets, end of period (millions)** | $206 | &nbsp;&nbsp; $189 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; $175 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $271 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.72 %<sup>5</sup><br>| 0.71<br> %<br>| 0.68<br> %<br>| 0.70<br> %<br>| 0.66<br> %<br>| 0.72<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.65 <br><sup>5</sup><br>| 0.65 | 0.65 | 0.65 | 0.65 | 0.64 |
| Net investment income | 3.68 <br><sup>5</sup><br>| 3.41 | 3.13 | 2.18 | 0.47 | 0.51 |
| **Portfolio turnover rate** | **28%**<br>| &nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><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, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 0.65%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

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

<sup>8</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 46% and 39%. 

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest 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** | $9.31 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $9.01 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.14 | 0.24 | 0.21 | 0.15 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 0.06 | 0.17 | 0.32 | 0.07 | &nbsp;&nbsp; (0.25)<br>| 0.24 |
| **Total income (loss) from operations** | **0.20** | **0.41** | **0.53** | **0.22** | &nbsp;&nbsp; **(0.27)** | **0.22** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.08)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | **(0.14)**<br>| &nbsp;&nbsp; **(0.27)**<br>| &nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp; **(0.18)**<br>| &nbsp;&nbsp; **(0.02)**<br>| &nbsp;&nbsp; **(0.08)**<br>|
| **Net asset value, end of period** | $9.37 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $9.15 |
| **Total return**<sup>4</sup> <br>| **2.19%**<br>| **4.52%**<br>| **6.00%**<br>| **2.50%**<br>| &nbsp;&nbsp; **(2.93)%**<br>| **2.39%**<br>|
| **Net assets, end of period (000s)** | $3438 | &nbsp;&nbsp; $4197 | &nbsp;&nbsp; $5100 | &nbsp;&nbsp; $6486 | &nbsp;&nbsp; $2831 | &nbsp;&nbsp; $1653 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.48 %<sup>5</sup><br>| 1.45<br> %<br>| 1.42<br> %<br>| 1.43<br> %<br>| 1.44<br> %<br>| 1.49<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 1.42 <br><sup>5</sup><br>| 1.41 | 1.40 | 1.40 | 1.44 | 1.43 |
| Net investment income (loss) | 2.90 <br><sup>5</sup><br>| 2.63 | 2.36 | 1.68 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Portfolio turnover rate** | **28%**<br>| &nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><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, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.63%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

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

<sup>8</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 46% and 39%. 

See Notes to Financial Statements.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
| Class C1 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** | $9.13 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $8.81 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.14 | 0.24 | 0.21 | 0.13 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 0.06 | 0.16 | 0.31 | 0.08 | &nbsp;&nbsp; (0.15)<br>| 0.23 |
| **Total income (loss) from operations** | **0.20** | **0.40** | **0.52** | **0.21** | &nbsp;&nbsp; **(0.18)** | **0.22** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.08)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | **(0.14)**<br>| &nbsp;&nbsp; **(0.27)**<br>| &nbsp;&nbsp; **(0.25)**<br>| &nbsp;&nbsp; **(0.19)**<br>| &nbsp;&nbsp; **(0.06)**<br>| &nbsp;&nbsp; **(0.08)**<br>|
| **Net asset value, end of period** | $9.19 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.95 |
| **Total return**<sup>4</sup> <br>| **2.22%**<br>| **4.47%**<br>| **6.08%**<br>| **2.40%**<br>| &nbsp;&nbsp; **(2.04)%** <br><sup>5</sup><br>| **2.39%**<br>|
| **Net assets, end of period (000s)** | $43 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $364 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.52 %<sup>6</sup><br>| 1.41<br> %<br>| 1.45<br> %<br>| 1.52<br> %<br>| 1.38<br> %<br>| 1.54<br> %<br>|
| Net expenses<sup>7,8</sup> <br>| 1.38 <br><sup>6</sup><br>| 1.38 | 1.38 | 1.38 | 1.38 | 1.37 |
| Net investment income (loss) | 2.95 <br><sup>6</sup><br>| 2.66 | 2.40 | 1.52 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Portfolio turnover rate** | **28%**<br>| &nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp; **47%** <br><sup>9</sup><br>| &nbsp;&nbsp; **47%** <br><sup>9</sup><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> The total return includes a payment by an affiliate to reimburse for an error. Absent this payment, total return would have been -2.94% for the year ended May 31, 2022. 

<sup>6</sup> Annualized.

<sup>7</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C1 shares did not exceed 1.38%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>8</sup> Reflects fee waivers and/or expense reimbursements.

<sup>9</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 46% and 39%. 

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest 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** | $9.16 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $8.72 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.86 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.18 | 0.33 | 0.30 | 0.22 | 0.07 | 0.07 |
| Net realized and unrealized gain (loss) | 0.07 | 0.16 | 0.31 | 0.08 | &nbsp;&nbsp; (0.23)<br>| 0.24 |
| **Total income (loss) from operations** | **0.25** | **0.49** | **0.61** | **0.30** | &nbsp;&nbsp; **(0.16)** | **0.31** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | **(0.19)**<br>| &nbsp;&nbsp; **(0.36)**<br>| &nbsp;&nbsp; **(0.34)**<br>| &nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp; **(0.12)**<br>| &nbsp;&nbsp; **(0.17)**<br>|
| **Net asset value, end of period** | $9.22 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $8.72 | &nbsp;&nbsp; $9.00 |
| **Total return**<sup>4</sup> <br>| **2.73%**<br>| **5.52%**<br>| **7.13%**<br>| **3.55%**<br>| &nbsp;&nbsp; **(1.84)%**<br>| **3.50%**<br>|
| **Net assets, end of period (millions)** | $180 | &nbsp;&nbsp; $193 | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $232 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $233 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.51 %<sup>5</sup><br>| 0.48<br> %<br>| 0.45<br> %<br>| 0.46<br> %<br>| 0.43<br> %<br>| 0.49<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.38 <br><sup>5</sup><br>| 0.38 | 0.38 | 0.38 | 0.38 | 0.37 |
| Net investment income | 3.95 <br><sup>5</sup><br>| 3.66 | 3.40 | 2.48 | 0.75 | 0.80 |
| **Portfolio turnover rate** | **28%**<br>| &nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><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, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.38%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

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

<sup>8</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 46% and 39%. 

See Notes to Financial Statements.

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest 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** | $9.19 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $8.89 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.18 | 0.34 | 0.31 | 0.22 | 0.08 | 0.07 |
| Net realized and unrealized gain (loss) | 0.07 | 0.15 | 0.31 | 0.09 | &nbsp;&nbsp; (0.24)<br>| 0.24 |
| **Total income (loss) from** <br> **operations**<br>| **0.25** | **0.49** | **0.62** | **0.31** | &nbsp;&nbsp; **(0.16)** | **0.31** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | **(0.19)**<br>| &nbsp;&nbsp; **(0.36)**<br>| &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp; **(0.27)**<br>| &nbsp;&nbsp; **(0.12)**<br>| &nbsp;&nbsp; **(0.17)**<br>|
| **Net asset value, end of period** | $9.25 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $9.03 |
| **Total return**<sup>4</sup> <br>| **2.64%**<br>| **5.66%**<br>| **7.16%**<br>| **3.58%**<br>| &nbsp;&nbsp; **(1.80)%**<br>| **3.52%**<br>|
| **Net assets, end of period (000s)** | $29224 | &nbsp;&nbsp; $24744 | &nbsp;&nbsp; $37351 | &nbsp;&nbsp; $46364 | &nbsp;&nbsp; $64146 | &nbsp;&nbsp; $19424 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.40 %<sup>5</sup><br>| 0.38<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.36<br> %<br>| 0.41<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.35 <br><sup>5</sup><br>| 0.35 | 0.35 | 0.35 | 0.35 | 0.34 |
| Net investment income | 3.98 <br><sup>5</sup><br>| 3.69 | 3.42 | 2.51 | 0.85 | 0.78 |
| **Portfolio turnover rate** | **28%**<br>| &nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><br>| &nbsp;&nbsp; **47%** <br><sup>8</sup><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, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.35%. 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 Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

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

<sup>8</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 46% and 39%. 

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

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

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

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

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

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

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

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

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

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

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

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

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | &nbsp;&nbsp; — | &nbsp;&nbsp; $222985419 | &nbsp;&nbsp; — | &nbsp;&nbsp; $222985419 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 76210910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76210910 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 55009003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55009003 |
| U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 18383957 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18383957 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 16626026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16626026 |
| Senior Loans: |  |  |  |  |
| Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 76676 | &nbsp;&nbsp; $109372 | &nbsp;&nbsp; 186048 |
| Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 3286747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3286747 |
| Purchased Options: |  |  |  |  |
| Exchange-Traded Purchased <br> Options<br>| &nbsp;&nbsp; $111364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111364 |
| OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 51113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51113 |
| Common Stocks: |  |  |  |  |
| Industrials | &nbsp;&nbsp; 3175 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3194 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 2256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2256 |
| Total Long-Term Investments | &nbsp;&nbsp; 114539 | &nbsp;&nbsp; 392632126 | &nbsp;&nbsp; 109372 | &nbsp;&nbsp; 392856037 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 13927455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13927455 |
| U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 8715801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8715801 |
| U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 1097972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1097972 |
| Total Short-Term Investments | &nbsp;&nbsp; 13927455 | &nbsp;&nbsp; 9813773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23741228 |
| **Total Investments** | &nbsp;&nbsp; **$14041994** | &nbsp;&nbsp; **$402445899** | &nbsp;&nbsp; **$109372** | &nbsp;&nbsp; **$416597265** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $60958 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $60958 |
| **Total** | &nbsp;&nbsp; **$14102952** | &nbsp;&nbsp; **$402445899** | &nbsp;&nbsp; **$109372** | &nbsp;&nbsp; **$416658223** |

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **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: |  |  |  |  |
| Written Options: |  |  |  |  |
| Exchange-Traded Written <br> Options<br>| &nbsp;&nbsp; $56463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $56463 |
| OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $44934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44934 |
| Futures Contracts†† | &nbsp;&nbsp; 224562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 224562 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 138935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138935 |
| **Total** | &nbsp;&nbsp; **$281025** | &nbsp;&nbsp; **$183869** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$464894** |

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

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**(b) Purchased options.** The Fund may purchase option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Fund realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

**(c) Written options.** The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. 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.

**(d) 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 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.

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

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

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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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 fund did not hold any credit default swaps to sell protection.

For average notional amounts of swaps held during the six months ended November 30, 2025, see Note 4.

**<u>Interest rate swaps</u>**

The Fund enters into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate, receive a fixed rate and pay a floating rate, or pay and receive a floating rate, on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation in the Statement of Operations. When a swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

**(f) 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

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

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.

**(g) Stripped securities.** The Fund may invest in ''Stripped Securities,'' a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities ("PO"), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities ("IO"), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO's is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO's.

**(h) 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.

**(i) 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.

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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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.

**(j) 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.

**(k) 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 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

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

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 OTC written options with credit related contingent features which had a liability position of $44,934. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

**(l) 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. 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.

**(m) 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.

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

**(n) 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.

**(o) 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.

**(p) 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 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.

**(q) 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 and Western Asset Management Company, LLC ("Western Asset") is the Fund's subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.30% of the Fund's average daily net assets.

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class C1, Class I and Class IS shares did not exceed 0.65%, 1.63%, 1.38%, 0.38% and 0.35%, 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 $200,134, which included an affiliated money market fund waiver of $4,082.

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

Pursuant to these arrangements, at 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 C1 | Class I | Class IS |
| Expires May 31, 2026 | &nbsp;&nbsp; $47561 | &nbsp;&nbsp; $1080 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $168779 | &nbsp;&nbsp; $8412 |
| Expires May 31, 2027 | &nbsp;&nbsp; 101550 | &nbsp;&nbsp; 1468 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 222502 | &nbsp;&nbsp; 10875 |
| Expires May 31, 2028 | &nbsp;&nbsp; 71712 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 115974 | &nbsp;&nbsp; 7249 |
| **Total fee waivers/expense** <br> **reimbursements subject to recapture**<br>| &nbsp;&nbsp; **$220823** | &nbsp;&nbsp; **$3634** | &nbsp;&nbsp; **$113** | &nbsp;&nbsp; **$507255** | &nbsp;&nbsp; **$26536** |

---

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

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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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 $6,320 was earned by Investor Services.

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. Class A shares of the Fund are not subject to a CDSC, however, Class A shares acquired through an exchange of shares from another fund sold by the Distributor that were subject to a CDSC remain subject to the original shares' CDSC while held in the Fund.

For the six months ended November 30, 2025, CDSCs paid to Franklin Distributors and its affiliates were as follows:

---

| | | |
|:---|:---|:---|
|  | Class A | Class C |
| CDSCs | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $26 |

---

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

**3. Investments**

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

---

| | | |
|:---|:---|:---|
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $86052765 | &nbsp;&nbsp; $33723385 |
| Sales | &nbsp;&nbsp; 83351995 | &nbsp;&nbsp; 19697675 |

---

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; $423720519 | &nbsp;&nbsp; $3072145 | &nbsp;&nbsp; $(10195399) | &nbsp;&nbsp; $(7123254) |
| Written options | &nbsp;&nbsp; (219794) | &nbsp;&nbsp; 118981 | (584) | &nbsp;&nbsp; 118397 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 60958 | &nbsp;&nbsp; (224562) | &nbsp;&nbsp; (163604) |
| Swap contracts | &nbsp;&nbsp; 81890 | &nbsp;&nbsp; — | &nbsp;&nbsp; (138935) | &nbsp;&nbsp; (138935) |

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

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

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at November 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Purchased options<sup>2</sup> <br>| &nbsp;&nbsp; $162477 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 60958 |
| **Total** | &nbsp;&nbsp; **$223435** |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Written options | &nbsp;&nbsp; $101397 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 224562 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 138935 |
| **Total** | &nbsp;&nbsp; **$464894** |

---

&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> Market value of purchased options is reported in Investments in unaffiliated securities at value in the Statement of Assets and Liabilities. 

<sup>3</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>4</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** |
|  | Interest <br>Rate Risk<br>|
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(618403)<br>|
| Futures contracts | &nbsp;&nbsp; 158122 |
| Written options | &nbsp;&nbsp; 325682 |
| Swap contracts | &nbsp;&nbsp; (419032)<br>|
| **Total** | &nbsp;&nbsp; **$(553631)**<br>|

---

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

<sup>1</sup> Net realized gain (loss) from purchased options is reported in Net Realized Gain (Loss) From Investment transactions in unaffiliated securities in the Statement of Operations.

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(212744)<br>|
| Futures contracts | &nbsp;&nbsp; (196152)<br>|
| Written options | &nbsp;&nbsp; 59596 |
| Swap contracts | &nbsp;&nbsp; (280045)<br>|
| **Total** | &nbsp;&nbsp; **$(629345)**<br>|

---

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

<sup>1</sup> The change in net unrealized appreciation (depreciation) from purchased options is reported in the Change in Net Unrealized Appreciation (Depreciation) From Investments in unaffiliated securities in the Statement of Operations.

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

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Purchased options | &nbsp;&nbsp; $242539 |
| Written options | &nbsp;&nbsp; 100010 |
| Futures contracts (to buy) | &nbsp;&nbsp; 83709786 |
| Futures contracts (to sell) | &nbsp;&nbsp; 184611955 |
|  | Average Notional <br>Balance\*\*<br>|
| Interest rate swap contracts | &nbsp;&nbsp; $61984143 |

---

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

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

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

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of 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</sup> <br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; $51113 | &nbsp;&nbsp; $(44934) | &nbsp;&nbsp; $6179 | &nbsp;&nbsp; — | &nbsp;&nbsp; $6179 |

---

&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> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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

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

**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 C1 shares calculated at the annual rate of 0.25%, 1.00% and 0.75% 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; $247870 | &nbsp;&nbsp; $68290 |
| Class C | &nbsp;&nbsp; 20181 | &nbsp;&nbsp; 1471 |
| Class C1 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 82 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 95646 |
| Class IS | &nbsp;&nbsp; — | &nbsp;&nbsp; 111 |
| **Total** | &nbsp;&nbsp; **$268219** | &nbsp;&nbsp; **$165600** |

---

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; $73701 |
| Class C | &nbsp;&nbsp; 1127 |
| Class C1 | &nbsp;&nbsp; 32 |
| Class I | &nbsp;&nbsp; 117760 |
| Class IS | &nbsp;&nbsp; 7514 |
| **Total** | &nbsp;&nbsp; **$200134** |

---

**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; $3765057 | &nbsp;&nbsp; $6551176 |
| Class C | &nbsp;&nbsp; 60978 | &nbsp;&nbsp; 129832 |
| Class C1 | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 2368 |
| Class I | &nbsp;&nbsp; 3550362 | &nbsp;&nbsp; 8724093 |
| Class IS | &nbsp;&nbsp; 548523 | &nbsp;&nbsp; 1314348 |
| **Total** | &nbsp;&nbsp; **$7925604** | &nbsp;&nbsp; **$16721817** |

---

**7. Shares of beneficial interest**

At November 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same

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Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

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; 5400186 | &nbsp;&nbsp;&nbsp; $49856040 | &nbsp;&nbsp;&nbsp; 9174665 | &nbsp;&nbsp;&nbsp; $83915174 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 400008 | &nbsp;&nbsp;&nbsp; 3693527 | &nbsp;&nbsp;&nbsp; 702744 | &nbsp;&nbsp;&nbsp; 6431932 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (4056672)<br>| &nbsp;&nbsp;&nbsp; (37456182)<br>| &nbsp;&nbsp;&nbsp; (8076991)<br>| &nbsp;&nbsp;&nbsp; (73866688)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **1743522** | &nbsp;&nbsp;&nbsp; **$16093385** | &nbsp;&nbsp;&nbsp; **1800418** | &nbsp;&nbsp;&nbsp; **$16480418** |
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 18037 | &nbsp;&nbsp;&nbsp; $168548 | &nbsp;&nbsp;&nbsp; 110522 | &nbsp;&nbsp;&nbsp; $1020394 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 6440 | &nbsp;&nbsp;&nbsp; 60210 | &nbsp;&nbsp;&nbsp; 13949 | &nbsp;&nbsp;&nbsp; 129150 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (108317)<br>| &nbsp;&nbsp;&nbsp; (1013014)<br>| &nbsp;&nbsp;&nbsp; (229493)<br>| &nbsp;&nbsp;&nbsp; (2119866)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(83840)**<br>| &nbsp;&nbsp;&nbsp; **$(784256)**<br>| &nbsp;&nbsp;&nbsp; **(105022)**<br>| &nbsp;&nbsp;&nbsp; **$(970322)**<br>|
| **Class C1** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; $682 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; $2356 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (702)<br>| &nbsp;&nbsp;&nbsp; (6431)<br>| &nbsp;&nbsp;&nbsp; (4139)<br>| &nbsp;&nbsp;&nbsp; (37776)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(628)**<br>| &nbsp;&nbsp;&nbsp; **$(5749)**<br>| &nbsp;&nbsp;&nbsp; **(3880)**<br>| &nbsp;&nbsp;&nbsp; **$(35420)**<br>|
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 4860452 | &nbsp;&nbsp;&nbsp; $44713756 | &nbsp;&nbsp;&nbsp; 27286484 | &nbsp;&nbsp;&nbsp; $248511942 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 385500 | &nbsp;&nbsp;&nbsp; 3547069 | &nbsp;&nbsp;&nbsp; 955358 | &nbsp;&nbsp;&nbsp; 8705045 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (6785709)<br>| &nbsp;&nbsp;&nbsp; (62348956)<br>| &nbsp;&nbsp;&nbsp; (32931715)<br>| &nbsp;&nbsp;&nbsp; (300061459)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(1539757)**<br>| &nbsp;&nbsp;&nbsp; **$(14088131)**<br>| &nbsp;&nbsp;&nbsp; **(4689873)**<br>| &nbsp;&nbsp;&nbsp; **$(42844472)**<br>|
| **Class IS** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 711577 | &nbsp;&nbsp;&nbsp; $6570170 | &nbsp;&nbsp;&nbsp; 666185 | &nbsp;&nbsp;&nbsp; $6093704 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 58833 | &nbsp;&nbsp;&nbsp; 543278 | &nbsp;&nbsp;&nbsp; 117404 | &nbsp;&nbsp;&nbsp; 1073916 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (302815)<br>| &nbsp;&nbsp;&nbsp; (2794156)<br>| &nbsp;&nbsp;&nbsp; (2214096)<br>| &nbsp;&nbsp;&nbsp; (20254208)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **467595** | &nbsp;&nbsp;&nbsp; **$4319292** | &nbsp;&nbsp;&nbsp; **(1430507)**<br>| &nbsp;&nbsp;&nbsp; **$(13086588)**<br>|

---

**8. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

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

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>| $10687165 | $125342334 | 125342334 | $122102044 | 122102044 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>|  | $155530 |  | $13927455 |

---

**9. Restricted securities**

The following Fund investment is 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>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 11/30/2025<br>| Value Per <br>Share<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 60 | 3/25 | $730 | $19 | &nbsp;&nbsp; $0.32<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 7278 | 3/25 | 88598 | 2256 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $0.31<br> 0.00 %<sup>(a)</sup><br>|
| **Total** |  |  | **$89328** | **$2275** | &nbsp;&nbsp; <br> **0.00%** <br><sup>(a)</sup><br>|

---

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

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

<sup>(b)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board. 

**10. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

------

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

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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 $13,582,982, 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 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.

Western Asset Ultra-Short Income Fund 2025 Semi-Annual Report

------

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

---

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

---

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Western Asset Ultra-Short Income Fund

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Western Asset

Ultra-Short Income Fund

**Trustees**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadviser**

Western Asset Management Company, LLC

**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 Ultra-Short Income Fund**

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

Western Asset Ultra-Short Income Fund

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

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

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

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

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

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

------

![](imgccdab4103.jpg)

**90063-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.](lmpit-efp21850_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.](lmpit-efp21850_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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

**Legg Mason Partners Income Trust**

---

| | |
|:---|:---|
| 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 **Legg Mason Partners Income Trust**;

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 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 **Legg Mason Partners Income Trust**;

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 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 **Legg Mason Partners Income Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **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** |
| Legg Mason Partners Income Trust | Legg Mason Partners Income Trust |
| /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.