2025-06-11LMF1700_WesternAssetUltra-ShortIncomeFund_ClassA

(b) Not applicable

ITEM 2.

CODE OF ETHICS.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(d) N/A

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Robert Abeles, Jr., possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mr. Abeles, Jr. as the Audit Committee’s financial expert. Mr. Abeles, Jr. is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending May 31, 2024 and May 31, 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $35,845 in May 31, 2024 and $38,496 in May 31, 2025.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in May 31, 2024 and $0 in May 31, 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $10,000 in May 31, 2024 and $10,000 in May 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant’s investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in May 31, 2024 and $0 in May 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by the Registrant’s investment manager or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Covered Service Providers”) if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $342,635 in May 31, 2024 and $334,889 in May 31, 2025.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

(a)

Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b)

Not applicable.

ITEM 7.

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

Western Asset
Ultra-Short Income Fund

Financial Statements and Other Important Information

Annual | May 31, 2025

Table of Contents

Schedule of Investments	1
Statement of Assets and Liabilities	27
Statement of Operations	29
Statements of Changes in Net Assets	30
Financial Highlights	31
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	55
Important Tax Information	56
Changes in and Disagreements with Accountants	57
Results of Meeting(s) of Shareholders	57
Remuneration Paid to Directors, Officers and Others	57
Board Approval of Management and Subadvisory Agreements	58

franklintempleton.com

Financial Statements and Other Important Information — Annual

Schedule of Investments

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Corporate Bonds & Notes — 53.0%
Communication Services — 1.4%
Diversified Telecommunication Services — 0.4%
AT&T Inc., Senior Notes	4.700%	8/15/30	$400,000	$401,351 (a)
Verizon Communications Inc., Senior Notes	2.100%	3/22/28	250,000	235,177
Verizon Communications Inc., Senior Notes	1.680%	10/30/30	568,000	486,922
Verizon Communications Inc., Senior Notes	4.780%	2/15/35	680,000	654,673
Total Diversified Telecommunication Services				1,778,123
Entertainment — 0.4%
Flutter Treasury DAC, Senior Secured Notes	5.875%	6/4/31	200,000	201,125 (a)(b)
Warnermedia Holdings Inc., Senior Notes	3.755%	3/15/27	1,220,000	1,182,936
Total Entertainment				1,384,061
Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes	5.125%	5/1/27	700,000	693,216 (b)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes	4.908%	7/23/25	933,000	932,885
DISH DBS Corp., Senior Secured Notes	5.250%	12/1/26	130,000	120,245 (b)
Total Media				1,746,346
Wireless Telecommunication Services — 0.2%
T-Mobile USA Inc., Senior Notes	2.050%	2/15/28	770,000	723,694
T-Mobile USA Inc., Senior Notes	3.375%	4/15/29	90,000	85,887
Total Wireless Telecommunication Services				809,581

Total Communication Services				5,718,111
Consumer Discretionary — 5.9%
Automobiles — 3.1%
American Honda Finance Corp., Senior Notes	4.950%	1/9/26	490,000	490,910
BMW US Capital LLC, Senior Notes	4.650%	8/13/29	1,410,000	1,403,388 (b)
Ford Motor Credit Co. LLC, Senior Notes	3.375%	11/13/25	2,710,000	2,688,804
Ford Motor Credit Co. LLC, Senior Notes	4.950%	5/28/27	1,210,000	1,192,725
General Motors Co., Senior Notes	4.200%	10/1/27	1,080,000	1,062,779
General Motors Financial Co. Inc., Senior Notes	2.750%	6/20/25	1,590,000	1,588,468
General Motors Financial Co. Inc., Senior Notes	1.500%	6/10/26	1,400,000	1,353,053
Hyundai Capital America, Senior Notes	5.950%	9/21/26	1,380,000	1,397,971 (b)
Nissan Motor Acceptance Co. LLC, Senior Notes	2.000%	3/9/26	1,500,000	1,452,224 (b)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Automobiles — continued
PM General Purchaser LLC, Senior Secured Notes	9.500%	10/1/28	$330,000	$213,758 (b)
Total Automobiles				12,844,080
Broadline Retail — 0.5%
eBay Inc., Senior Notes	1.400%	5/10/26	950,000	922,622
Prosus NV, Senior Notes	3.257%	1/19/27	1,330,000	1,293,986 (b)
Total Broadline Retail				2,216,608
Hotels, Restaurants & Leisure — 2.3%
Caesars Entertainment Inc., Senior Notes	8.125%	7/1/27	70,000	70,147 (b)
Caesars Entertainment Inc., Senior Secured Notes	7.000%	2/15/30	190,000	195,083 (b)
Carnival Corp., Senior Notes	5.875%	6/15/31	290,000	290,355 (b)
Carnival Corp., Senior Notes	6.125%	2/15/33	810,000	812,506 (b)
Las Vegas Sands Corp., Senior Notes	2.900%	6/25/25	2,890,000	2,886,385
Las Vegas Sands Corp., Senior Notes	5.900%	6/1/27	2,090,000	2,116,257
Las Vegas Sands Corp., Senior Notes	5.625%	6/15/28	1,050,000	1,052,676
NCL Corp. Ltd., Senior Secured Notes	8.125%	1/15/29	460,000	484,622 (b)
Royal Caribbean Cruises Ltd., Senior Notes	5.375%	7/15/27	470,000	470,720 (b)
Sands China Ltd., Senior Notes	2.300%	3/8/27	330,000	314,452
Sands China Ltd., Senior Notes	2.850%	3/8/29	220,000	199,649
Viking Cruises Ltd., Senior Notes	9.125%	7/15/31	390,000	418,977 (b)
Total Hotels, Restaurants & Leisure				9,311,829

Total Consumer Discretionary				24,372,517
Consumer Staples — 2.5%
Food Products — 0.9%
Mars Inc., Senior Notes	4.600%	3/1/28	3,690,000	3,708,230 (b)
Tobacco — 1.6%
Altria Group Inc., Senior Notes	2.625%	9/16/26	1,550,000	1,514,327
Altria Group Inc., Senior Notes	6.200%	11/1/28	790,000	830,491
BAT Capital Corp., Senior Notes	3.557%	8/15/27	500,000	489,164
BAT International Finance PLC, Senior Notes	1.668%	3/25/26	1,460,000	1,425,682
Philip Morris International Inc., Senior Notes	4.750%	2/12/27	1,080,000	1,088,405
Philip Morris International Inc., Senior Notes	4.125%	4/28/28	1,010,000	1,003,799
Total Tobacco				6,351,868

Total Consumer Staples				10,060,098
Energy — 7.0%
Oil, Gas & Consumable Fuels — 7.0%
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes	7.250%	7/15/32	250,000	259,403 (b)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Oil, Gas & Consumable Fuels — continued
Chevron USA Inc., Senior Notes	0.687%	8/12/25	$120,000	$119,118
Columbia Pipelines Holding Co. LLC, Senior Notes	6.055%	8/15/26	1,707,000	1,725,551 (b)
Columbia Pipelines Holding Co. LLC, Senior Notes	6.042%	8/15/28	1,300,000	1,340,158 (b)
Continental Resources Inc., Senior Notes	2.268%	11/15/26	1,210,000	1,161,427 (b)
Crescent Energy Finance LLC, Senior Notes	7.375%	1/15/33	120,000	111,471 (b)
Diamondback Energy Inc., Senior Notes	3.250%	12/1/26	3,140,000	3,079,983
Diamondback Energy Inc., Senior Notes	5.200%	4/18/27	1,090,000	1,100,867
Energy Transfer LP, Senior Notes	4.750%	1/15/26	1,160,000	1,158,801
Energy Transfer LP, Senior Notes	5.550%	2/15/28	1,100,000	1,127,125
Enterprise Products Operating LLC, Senior Notes	3.700%	2/15/26	2,950,000	2,933,524
Enterprise Products Operating LLC, Senior Notes	4.600%	1/11/27	490,000	492,532
EQT Corp., Senior Notes	3.125%	5/15/26	1,960,000	1,925,120 (b)
EQT Corp., Senior Notes	3.900%	10/1/27	418,000	411,166
EQT Corp., Senior Notes	5.000%	1/15/29	550,000	550,451
Kinder Morgan Inc., Senior Notes	4.300%	6/1/25	1,510,000	1,510,000
MPLX LP, Senior Notes	1.750%	3/1/26	1,150,000	1,124,317
Occidental Petroleum Corp., Senior Notes	3.200%	8/15/26	940,000	921,204
Occidental Petroleum Corp., Senior Notes	3.000%	2/15/27	170,000	164,910
Permian Resources Operating LLC, Senior Notes	6.250%	2/1/33	30,000	29,625 (b)
Pioneer Natural Resources Co., Senior Notes	1.125%	1/15/26	1,160,000	1,135,900
QazaqGaz NC JSC, Senior Notes	4.375%	9/26/27	1,550,000	1,499,825 (b)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes	7.850%	2/1/26	1,630,000	1,650,241
Venture Global LNG Inc., Senior Secured Notes	9.500%	2/1/29	420,000	449,304 (b)
Venture Global Plaquemines LNG LLC, Senior Secured Notes	7.500%	5/1/33	30,000	31,360 (b)
Venture Global Plaquemines LNG LLC, Senior Secured Notes	7.750%	5/1/35	30,000	31,618 (b)
Western Midstream Operating LP, Senior Notes	3.950%	6/1/25	190,000	190,000
Western Midstream Operating LP, Senior Notes	4.650%	7/1/26	1,860,000	1,855,208
Western Midstream Operating LP, Senior Notes	6.350%	1/15/29	640,000	664,716

Total Energy				28,754,925

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Financials — 16.6%
Banks — 9.2%
Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury Constant Maturity Rate + 2.000%)	4.175%	3/24/28	$1,600,000	$1,585,551 (c)
Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%)	1.319%	6/19/26	5,730,000	5,718,921 (c)
Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%)	4.376%	4/27/28	1,930,000	1,921,267 (c)
Bank of America Corp., Subordinated Notes (3 mo. Term SOFR + 1.022%)	5.321%	9/15/26	200,000	200,082 (c)
Bank of Nova Scotia, Senior Notes	1.350%	6/24/26	780,000	755,757
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)	2.219%	6/9/26	3,220,000	3,218,366 (b)(c)
BNP Paribas SA, Senior Notes (2.591% to 1/20/27 then SOFR + 1.228%)	2.591%	1/20/28	700,000	675,904 (b)(c)
BNP Paribas SA, Senior Notes (4.792% to 5/9/28 then SOFR + 1.450%)	4.792%	5/9/29	1,230,000	1,228,288 (b)(c)
BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant Maturity Rate + 1.450%)	5.125%	1/13/29	650,000	656,821 (b)(c)
Citibank NA, Senior Notes	4.929%	8/6/26	1,550,000	1,559,164
Citigroup Inc., Senior Notes (3.070% to 2/24/27 then SOFR + 1.280%)	3.070%	2/24/28	1,330,000	1,294,697 (c)
Citigroup Inc., Senior Notes (4.643% to 5/7/27 then SOFR + 1.143%)	4.643%	5/7/28	2,600,000	2,596,419 (c)
Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury Constant Maturity Rate + 1.220%)	3.649%	4/6/28	550,000	540,949 (b)(c)
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)	1.907%	6/16/26	900,000	898,975 (b)(c)
DNB Bank ASA, Senior Notes (1.535% to 5/25/26 then 1 year Treasury Constant Maturity Rate + 0.720%)	1.535%	5/25/27	1,230,000	1,193,349 (b)(c)
Goldman Sachs Bank USA, Senior Notes (5.283% to 3/18/26 then SOFR + 0.777%)	5.283%	3/18/27	930,000	934,140 (c)
HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%)	5.597%	5/17/28	1,100,000	1,116,733 (c)
JPMorgan Chase & Co., Senior Notes (5.103% to 4/22/30 then SOFR + 1.435%)	5.103%	4/22/31	1,040,000	1,055,347 (c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Banks — continued
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)	5.812%	6/12/26	$610,000	$610,126 (c)
Royal Bank of Canada, Senior Notes	1.150%	7/14/26	2,660,000	2,569,977
Santander UK Group Holdings PLC, Senior Notes (1.673% to 6/14/26 then SOFR + 0.989%)	1.673%	6/14/27	1,400,000	1,353,071 (c)
Toronto-Dominion Bank, Senior Notes	1.200%	6/3/26	3,620,000	3,504,809
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)	6.047%	6/8/27	890,000	901,721 (c)
US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%)	2.215%	1/27/28	150,000	144,478 (c)
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)	5.775%	6/12/29	260,000	268,462 (c)
Wells Fargo & Co., Subordinated Notes	4.300%	7/22/27	1,470,000	1,463,494
Total Banks				37,966,868
Capital Markets — 4.4%
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)	3.615%	3/15/28	700,000	687,734 (c)
Goldman Sachs Group Inc., Senior Notes (5.727% to 4/25/29 then SOFR + 1.265%)	5.727%	4/25/30	940,000	971,770 (c)
Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%)	0.985%	12/10/26	7,830,000	7,674,397 (c)
Morgan Stanley, Senior Notes (4.210% to 4/20/27 then SOFR + 1.610%)	4.210%	4/20/28	1,970,000	1,955,882 (c)
Morgan Stanley, Senior Notes (4.994% to 4/12/28 then SOFR + 1.380%)	4.994%	4/12/29	800,000	807,670 (c)
Morgan Stanley, Senior Notes (5.656% to 4/18/29 then SOFR + 1.260%)	5.656%	4/18/30	940,000	970,635 (c)
UBS AG, Senior Notes	1.250%	6/1/26	1,200,000	1,162,956
UBS AG, Senior Notes	7.500%	2/15/28	400,000	429,988
UBS Group AG, Senior Notes (1.494% to 8/10/26 then 1 year Treasury Constant Maturity Rate + 0.850%)	1.494%	8/10/27	1,050,000	1,010,470 (b)(c)
UBS Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)	2.193%	6/5/26	2,390,000	2,389,536 (b)(c)
Total Capital Markets				18,061,038
Consumer Finance — 0.4%
American Express Co., Senior Notes (5.645% to 4/23/26 then SOFR + 0.750%)	5.645%	4/23/27	280,000	282,576 (c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Consumer Finance — continued
Mercedes-Benz Finance North America LLC, Senior Notes	5.100%	11/15/29	$1,170,000	$1,182,801 (b)
Total Consumer Finance				1,465,377
Financial Services — 2.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes	2.450%	10/29/26	2,110,000	2,045,695
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes	6.100%	1/15/27	1,310,000	1,336,276
GA Global Funding Trust, Secured Notes	1.625%	1/15/26	1,710,000	1,676,628 (b)
Jane Street Group/JSG Finance Inc., Senior Secured Notes	7.125%	4/30/31	480,000	501,738 (b)
Kreditanstalt fuer Wiederaufbau, Senior Notes	0.375%	7/18/25	1,340,000	1,333,219
LPL Holdings Inc., Senior Notes	4.900%	4/3/28	990,000	991,586
PayPal Holdings Inc., Senior Notes	1.650%	6/1/25	1,190,000	1,190,000
Total Financial Services				9,075,142
Insurance — 0.4%
Allstate Corp., Senior Notes	0.750%	12/15/25	200,000	196,040
Aon North America Inc., Senior Notes	5.150%	3/1/29	1,180,000	1,204,062
New York Life Global Funding, Senior Secured Notes	0.950%	6/24/25	390,000	389,134 (b)
Total Insurance				1,789,236

Total Financials				68,357,661
Health Care — 7.0%
Biotechnology — 0.6%
AbbVie Inc., Senior Notes	4.800%	3/15/27	2,430,000	2,454,011
Health Care Equipment & Supplies — 0.6%
Roche Holdings Inc., Senior Notes	4.790%	3/8/29	980,000	995,262 (b)
Solventum Corp., Senior Notes	5.450%	2/25/27	1,430,000	1,448,141
Total Health Care Equipment & Supplies				2,443,403
Health Care Providers & Services — 3.9%
Cardinal Health Inc., Senior Notes	4.700%	11/15/26	930,000	932,080
Cardinal Health Inc., Senior Notes	5.125%	2/15/29	1,350,000	1,375,685
Cencora Inc., Senior Notes	4.625%	12/15/27	650,000	653,853
Centene Corp., Senior Notes	4.250%	12/15/27	600,000	586,381
Centene Corp., Senior Notes	4.625%	12/15/29	450,000	433,632
CVS Health Corp., Senior Notes	3.875%	7/20/25	2,724,000	2,720,469
CVS Health Corp., Senior Notes	3.000%	8/15/26	1,270,000	1,245,961
Humana Inc., Senior Notes	1.350%	2/3/27	2,460,000	2,342,862
Humana Inc., Senior Notes	5.750%	12/1/28	230,000	237,497

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Health Care Providers & Services — continued
McKesson Corp., Senior Notes	4.250%	9/15/29	$1,380,000	$1,369,574
Quest Diagnostics Inc., Senior Notes	4.600%	12/15/27	450,000	452,612
UnitedHealth Group Inc., Senior Notes	3.700%	5/15/27	800,000	788,480
UnitedHealth Group Inc., Senior Notes	4.700%	4/15/29	1,910,000	1,914,102
UnitedHealth Group Inc., Senior Notes	4.800%	1/15/30	870,000	874,393
Total Health Care Providers & Services				15,927,581
Life Sciences Tools & Services — 0.2%
Agilent Technologies Inc., Senior Notes	4.200%	9/9/27	880,000	875,354
Pharmaceuticals — 1.7%
1261229 BC Ltd., Senior Secured Notes	10.000%	4/15/32	570,000	564,666 (b)
Astrazeneca Finance LLC, Senior Notes	1.200%	5/28/26	1,370,000	1,330,410
Eli Lilly & Co., Senior Notes	4.500%	2/9/29	1,840,000	1,854,712
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes	4.750%	5/9/27	3,080,000	3,058,555
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes	5.125%	5/9/29	210,000	207,952
Total Pharmaceuticals				7,016,295

Total Health Care				28,716,644
Industrials — 4.0%
Aerospace & Defense — 0.8%
Bombardier Inc., Senior Notes	7.250%	7/1/31	50,000	51,625 (b)
Bombardier Inc., Senior Notes	6.750%	6/15/33	90,000	91,374 (b)
RTX Corp., Senior Notes	5.750%	11/8/26	2,720,000	2,767,554
TransDigm Inc., Senior Secured Notes	6.375%	3/1/29	230,000	234,036 (b)
Total Aerospace & Defense				3,144,589
Building Products — 0.0%††
Quikrete Holdings Inc., Senior Secured Notes	6.375%	3/1/32	210,000	213,545 (b)
Commercial Services & Supplies — 0.1%
GFL Environmental Inc., Senior Notes	4.000%	8/1/28	240,000	230,903 (b)
Ground Transportation — 0.3%
Canadian Pacific Railway Co., Senior Notes	1.750%	12/2/26	1,380,000	1,327,097
Machinery — 0.5%
John Deere Capital Corp., Senior Notes	1.050%	6/17/26	1,040,000	1,005,677
John Deere Capital Corp., Senior Notes	4.950%	7/14/28	1,050,000	1,072,332
Vertiv Group Corp., Senior Secured Notes	4.125%	11/15/28	110,000	106,649 (b)
Total Machinery				2,184,658
Passenger Airlines — 1.2%
American Airlines Inc., Senior Secured Notes	8.500%	5/15/29	250,000	259,185 (b)
American Airlines Pass-Through Trust	3.375%	5/1/27	1,113,930	1,082,740

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Passenger Airlines — continued
Delta Air Lines Inc., Senior Notes	7.375%	1/15/26	$620,000	$627,663
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes (11.000% Cash or 4.000% PIK and 8.000% Cash)	11.000%	3/6/30	261,081	203,317 (b)(d)
United Airlines Inc., Senior Secured Notes	4.375%	4/15/26	2,670,000	2,640,028 (b)
Total Passenger Airlines				4,812,933
Professional Services — 0.1%
Paychex Inc., Senior Notes	5.100%	4/15/30	530,000	537,110
Trading Companies & Distributors — 1.0%
Air Lease Corp., Senior Notes	1.875%	8/15/26	2,510,000	2,427,329
Air Lease Corp., Senior Notes	5.300%	2/1/28	520,000	530,017
Herc Holdings Escrow Inc., Senior Notes	7.000%	6/15/30	70,000	72,160 (a)(b)
Herc Holdings Escrow Inc., Senior Notes	7.250%	6/15/33	70,000	72,093 (a)(b)
QXO Building Products Inc., Senior Secured Notes	6.750%	4/30/32	210,000	215,848 (b)
United Rentals North America Inc., Senior Notes	3.750%	1/15/32	210,000	188,676
United Rentals North America Inc., Senior Notes	6.125%	3/15/34	640,000	649,510 (b)
Total Trading Companies & Distributors				4,155,633

Total Industrials				16,606,468
Information Technology — 2.5%
Electronic Equipment, Instruments & Components — 0.4%
EquipmentShare.com Inc., Senior Secured Notes	8.000%	3/15/33	120,000	123,390 (b)
Vontier Corp., Senior Notes	1.800%	4/1/26	1,690,000	1,649,040
Total Electronic Equipment, Instruments & Components				1,772,430
Semiconductors & Semiconductor Equipment — 1.0%
Advanced Micro Devices Inc., Senior Notes	4.319%	3/24/28	1,160,000	1,165,098
Broadcom Inc., Senior Notes	5.050%	7/12/27	380,000	384,963
Intel Corp., Senior Notes	1.600%	8/12/28	1,400,000	1,276,091
TSMC Arizona Corp., Senior Notes	1.750%	10/25/26	1,090,000	1,049,665
Total Semiconductors & Semiconductor Equipment				3,875,817
Software — 0.5%
Oracle Corp., Senior Notes	4.200%	9/27/29	1,300,000	1,280,855
Synopsys Inc., Senior Notes	4.650%	4/1/28	580,000	583,639
Total Software				1,864,494

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Technology Hardware, Storage & Peripherals — 0.6%
Apple Inc., Senior Notes	1.400%	8/5/28	$2,850,000	$2,625,417

Total Information Technology				10,138,158
Materials — 2.5%
Chemicals — 0.4%
EQUATE Petrochemical Co. KSC, Senior Notes	4.250%	11/3/26	1,620,000	1,606,265 (b)
Construction Materials — 0.2%
Holcim Finance US LLC, Senior Notes	4.700%	4/7/28	970,000	975,243 (b)
Metals & Mining — 1.1%
First Quantum Minerals Ltd., Secured Notes	9.375%	3/1/29	420,000	442,139 (b)
Glencore Funding LLC, Senior Notes	1.625%	9/1/25	1,630,000	1,616,929 (b)
Glencore Funding LLC, Senior Notes	1.625%	4/27/26	1,560,000	1,518,498 (b)
Glencore Funding LLC, Senior Notes	3.875%	10/27/27	240,000	235,509 (b)
Yamana Gold Inc., Senior Notes	4.625%	12/15/27	850,000	846,141
Total Metals & Mining				4,659,216
Paper & Forest Products — 0.8%
Georgia-Pacific LLC, Senior Notes	0.950%	5/15/26	1,200,000	1,160,831 (b)
Inversiones CMPC SA, Senior Notes	4.375%	4/4/27	1,300,000	1,291,536 (b)
Suzano International Finance BV, Senior Notes	5.500%	1/17/27	640,000	644,660
Total Paper & Forest Products				3,097,027

Total Materials				10,337,751
Real Estate — 0.1%
Health Care REITs — 0.1%
CTR Partnership LP/CareTrust Capital Corp., Senior Notes	3.875%	6/30/28	430,000	411,169 (b)

Utilities — 3.5%
Electric Utilities — 3.1%
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds	5.200%	10/1/28	1,010,000	1,034,600
Connecticut Light and Power Co., First Mortgage Bonds	4.650%	1/1/29	450,000	453,879
FirstEnergy Transmission LLC, Senior Notes	4.550%	1/15/30	970,000	961,470
Florida Power & Light Co., First Mortgage Bonds	5.150%	6/15/29	680,000	701,318
Georgia Power Co., Senior Notes	5.004%	2/23/27	1,110,000	1,125,028
NextEra Energy Capital Holdings Inc., Senior Notes	5.749%	9/1/25	240,000	240,637
Oncor Electric Delivery Co. LLC, Senior Secured Notes	4.500%	3/20/27	840,000	842,128 (b)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Electric Utilities — continued
Pacific Gas and Electric Co., First Mortgage Bonds	2.100%	8/1/27	$1,730,000	$1,632,932
Pacific Gas and Electric Co., First Mortgage Bonds	5.550%	5/15/29	890,000	901,770
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes	5.450%	5/21/28	1,560,000	1,582,654 (b)
Southern California Edison Co., First Mortgage Bonds	5.650%	10/1/28	1,970,000	2,009,841
Vistra Operations Co. LLC, Senior Notes	6.875%	4/15/32	80,000	83,277 (b)
Vistra Operations Co. LLC, Senior Secured Notes	5.050%	12/30/26	1,080,000	1,083,492 (b)
Total Electric Utilities				12,653,026
Gas Utilities — 0.2%
Snam SpA, Senior Notes	5.000%	5/28/30	620,000	620,104 (b)
Independent Power and Renewable Electricity Producers — 0.0%††
Lightning Power LLC, Senior Secured Notes	7.250%	8/15/32	110,000	115,399 (b)
Multi-Utilities — 0.2%
Engie SA, Senior Notes	5.250%	4/10/29	890,000	906,419 (b)

Total Utilities				14,294,948
Total Corporate Bonds & Notes (Cost — $219,027,968)				217,768,450
Asset-Backed Securities — 17.3%
Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, 2005-4 M2 (1 mo. Term SOFR + 0.819%)	5.144%	10/25/35	380,037	362,702 (c)
AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%)	5.484%	4/17/38	890,000	891,230 (b)(c)
Ally Auto Receivables Trust, 2022-3 A3	5.070%	4/15/27	191,841	192,071
Apex Credit CLO Ltd., 2020-1A A1RR (3 mo. Term SOFR + 1.450%)	5.719%	4/20/35	620,000	621,658 (b)(c)
Apidos CLO Ltd., XXXA A2R (3 mo. Term SOFR + 1.500%)	5.769%	10/18/31	1,230,000	1,224,694 (b)(c)
Apidos Loan Fund Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.270%)	5.552%	4/25/35	920,000	921,409 (b)(c)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A C	2.130%	8/20/27	940,000	907,745 (b)
Balboa Bay Loan Funding Ltd., 2021-2A A1R (3 mo. Term SOFR + 1.130%)	5.399%	1/20/35	940,000	935,454 (b)(c)
Ballyrock CLO Ltd., 2019-2A A1RR (3 mo. Term SOFR + 1.400%)	5.722%	2/20/36	510,000	510,888 (b)(c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Asset-Backed Securities — continued
Battery Park CLO Ltd., 2019-1A AR (3 mo. Term SOFR + 1.400%)	5.656%	7/15/36	$320,000	$320,690 (b)(c)
Black Diamond CLO Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.650%)	5.932%	10/25/37	1,130,000	1,135,329 (b)(c)
Capital One Prime Auto Receivables Trust, 2022-2 A3	3.660%	5/17/27	172,620	171,952
Carlyle Global Market Strategies CLO Ltd., 2014-3RA A1A (3 mo. Term SOFR + 1.312%)	5.594%	7/27/31	109,621	109,827 (b)(c)
CarMax Auto Owner Trust, 2023-4 A2A	6.080%	12/15/26	136,725	136,928
CarVal CLO Ltd., 2024-3A A1 (3 mo. Term SOFR + 1.390%)	5.659%	10/20/37	830,000	832,843 (b)(c)
Cascade MH Asset Trust, 2021-MH1 A1	1.753%	2/25/46	187,744	170,889 (b)
Cayuga Park CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.382%)	5.661%	7/17/34	500,000	500,990 (b)(c)
Cedar Funding CLO Ltd., 2016-5A AFRR	1.937%	7/17/31	1,457,670	1,419,966 (b)
CIFC Funding Ltd., 2024-2A A1 (3 mo. Term SOFR + 1.520%)	5.792%	4/22/37	200,000	200,912 (b)(c)
CMFT Net Lease Master Issuer LLC, 2021-1 A1	2.090%	7/20/51	1,024,744	931,651 (b)
CNH Equipment Trust, 2022-B A3	3.890%	11/15/27	618,300	615,892
College Ave Student Loans LLC, 2023-A C	6.060%	5/25/55	580,000	586,419 (b)
Columbia Cent CLO Ltd., 2022-32A A1R (3 mo. Term SOFR + 1.450%)	5.725%	7/24/34	1,100,000	1,102,208 (b)(c)
Commonbond Student Loan Trust, 2021-AGS A	1.200%	3/25/52	326,141	278,455 (b)
Dryden Senior Loan Fund, 2015-41A AR (3 mo. Term SOFR + 1.232%)	5.488%	4/15/31	260,587	261,147 (b)(c)
ECMC Group Student Loan Trust, 2016-1A A (30 Day Average SOFR + 1.464%)	5.786%	7/26/66	1,310,382	1,318,772 (b)(c)
Enterprise Fleet Financing LLC, 2023-1 A2	5.510%	1/22/29	453,476	454,942 (b)
Fifth Third Auto Trust, 2023-1 A3	5.530%	8/15/28	2,080,210	2,095,312
Ford Credit Floorplan Master Owner Trust, 2023-1 A1	4.920%	5/15/28	1,955,000	1,962,198 (b)
GECU Auto Receivables Trust, 2023-1A A3	5.630%	8/15/28	1,280,000	1,287,908 (b)
GM Financial Automobile Leasing Trust, 2024-2 A2A	5.430%	9/21/26	816,688	818,646
GM Financial Revolving Receivables Trust, 2021-1 A	1.170%	6/12/34	5,500,000	5,273,622 (b)
Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.892%)	6.174%	4/26/31	1,027,000	1,029,383 (b)(c)
HalseyPoint CLO Ltd., 2020-3A A1R (3 mo. Term SOFR + 1.480%)	5.760%	7/30/37	430,000	431,906 (b)(c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Asset-Backed Securities — continued
Sagard-Halseypoint CLO Ltd., 2024-8A A1 (3 mo. Term SOFR + 1.390%)	5.704%	1/30/38	$410,000	$411,295 (b)(c)
Harbor Park CLO Ltd., 2018-1A B1R (3 mo. Term SOFR + 1.700%)	5.969%	1/20/31	1,040,000	1,042,543 (b)(c)
Harley-Davidson Motorcycle Trust, 2024-A A2	5.650%	2/16/27	615,081	616,208
Hertz Vehicle Financing LLC, 2023-4A A	6.150%	3/25/30	100,000	103,697 (b)
Hertz Vehicle Financing LP, 2021-2A A	1.680%	12/27/27	1,500,000	1,435,234 (b)
Hildene Community Funding CDO Ltd., 2015-1A ARR	2.600%	11/1/35	347,391	307,801 (b)
Hilton Grand Vacations Trust, 2023-1A A	5.720%	1/25/38	482,389	490,096 (b)
Home Equity Mortgage Loan Asset-Backed Trust, 2005-C M2 (1 mo. Term SOFR + 0.864%)	5.189%	10/25/35	264,550	262,231 (c)
Honda Auto Receivables Owner Trust, 2024-2 A2	5.480%	11/18/26	819,113	820,685
HPEFS Equipment Trust, 2023-1A A3	5.410%	2/22/28	546,891	547,276 (b)
HPS Loan Management Ltd., 15A-19 A1R (3 mo. Term SOFR + 1.320%)	5.592%	1/22/35	370,000	369,911 (b)(c)
Hyundai Auto Lease Securitization Trust, 2024-A A2A	5.150%	6/15/26	398,984	399,309 (b)
M&T Equipment Notes, 2023-1A A4	5.750%	7/15/30	1,270,000	1,285,608 (b)
Madison Park Funding Ltd., 2019-35A A1R (3 mo. Term SOFR + 1.252%)	5.521%	4/20/32	681,426	682,264 (b)(c)
Madison Park Funding Ltd., 2016-21A AARR (3 mo. Term SOFR + 1.342%)	5.598%	10/15/32	745,447	746,380 (b)(c)
MidOcean Credit CLO, 2018-9A B (3 mo. Term SOFR + 2.012%)	6.281%	7/20/31	1,250,000	1,252,822 (b)(c)
Milos CLO Ltd., 2017-1A AR (3 mo. Term SOFR + 1.332%)	5.601%	10/20/30	687,645	689,083 (b)(c)
Mountain View CLO Ltd., 2022-1A A1R (3 mo. Term SOFR + 1.460%)	5.716%	4/15/34	1,220,000	1,223,071 (b)(c)
MVW LLC, 2020-1A A	1.740%	10/20/37	320,716	310,002 (b)
Navient Private Education Refi Loan Trust, 2019-A A2A	3.420%	1/15/43	15,954	15,800 (b)
Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. Term SOFR + 1.014%)	5.343%	1/15/43	56,488	56,487 (b)(c)
Navient Student Loan Trust, 2015-1 A2 (30 Day Average SOFR + 0.714%)	5.036%	4/25/40	568,631	542,017 (c)
Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%)	5.036%	12/26/69	425,482	418,442 (b)(c)
Nelnet Student Loan Trust, 2015-2A A2 (30 Day Average SOFR + 0.714%)	5.036%	9/25/42	214,882	211,903 (b)(c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Asset-Backed Securities — continued
Nelnet Student Loan Trust, 2021-A A2 (1 mo. Term SOFR + 1.144%)	5.469%	4/20/62	$1,550,000	$1,536,189 (b)(c)
Nelnet Student Loan Trust, 2021-CA AFL (1 mo. Term SOFR + 0.854%)	5.179%	4/20/62	731,332	727,932 (b)(c)
New Century Home Equity Loan Trust, 2004-2 M2 (1 mo. Term SOFR + 1.044%)	5.369%	8/25/34	198,575	221,150 (c)
Nissan Auto Lease Trust, 2023-B A3	5.690%	7/15/26	337,745	338,299
Ocean Trails CLO Ltd., 2020-10A AR2 (3 mo. Term SOFR + 1.300%)	5.556%	10/15/34	570,000	569,582 (b)(c)
Ocean Trails CLO Ltd., 2022-12A A1R (3 mo. Term SOFR + 1.330%)	5.602%	7/20/35	870,000	871,609 (b)(c)
Octagon Investment Partners Ltd., 2018-1A A1A (3 mo. Term SOFR + 1.322%)	5.591%	1/20/31	221,056	221,528 (b)(c)
OHA Loan Funding Ltd., 2013-2A AR (3 mo. Term SOFR + 1.302%)	5.630%	5/23/31	284,474	285,116 (b)(c)
Oscar US Funding LLC, 2021-2A A4	1.270%	9/11/28	712,740	702,787 (b)
Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%)	5.419%	4/20/38	500,000	499,687 (b)(c)
Palmer Square Loan Funding Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.050%)	5.306%	10/15/32	1,264,799	1,267,391 (b)(c)
PFS Financing Corp., 2024-A B (30 Day Average SOFR + 1.300%)	5.632%	1/15/28	1,380,000	1,383,495 (b)(c)
Santander Drive Auto Receivables Trust, 2022-3 B	4.130%	8/16/27	41,342	41,326
Santander Drive Auto Receivables Trust, 2022-4 B	4.420%	11/15/27	431,808	431,654
SBNA Auto Lease Trust, 2024-B A2	5.670%	11/20/26	606,590	607,512 (b)
Sierra Timeshare Receivables Funding LLC, 2020-2A A	1.330%	7/20/37	510,277	506,878 (b)
SLM Private Credit Student Loan Trust, 2006-B A5 (3 mo. Term SOFR + 0.532%)	4.831%	12/15/39	784,347	766,049 (c)
SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%)	9.193%	10/15/41	990,676	1,039,482 (b)(c)
SLM Student Loan Trust, 2005-4 B (90 Day Average SOFR + 0.442%)	4.805%	7/25/55	116,999	109,836 (c)
SLM Student Loan Trust, 2006-2 A6 (90 Day Average SOFR + 0.432%)	4.795%	1/25/41	493,746	478,024 (c)
SLM Student Loan Trust, 2013-1 A3 (30 Day Average SOFR + 0.664%)	4.986%	5/26/55	550,246	545,115 (c)
SLM Student Loan Trust, 2013-6 A3 (30 Day Average SOFR + 0.764%)	5.086%	6/26/28	563,655	555,723 (c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Asset-Backed Securities — continued
SMB Private Education Loan Trust, 2021-B A	1.310%	7/17/51	$320,558	$298,330 (b)
SMB Private Education Loan Trust, 2021-C A2 (1 mo. Term SOFR + 0.914%)	5.243%	1/15/53	1,707,715	1,690,290 (b)(c)
SMB Private Education Loan Trust, 2024-C A1B (30 Day Average SOFR + 1.100%)	5.431%	6/17/52	728,630	724,305 (b)(c)
SoFi Professional Loan Program Trust, 2020-C AFX	1.950%	2/15/46	310,685	289,647 (b)
SpringCastle America Funding LLC, 2020-AA A	1.970%	9/25/37	636,966	596,589 (b)
Sunrun Atlas Issuer LLC, 2019-2 A	3.610%	2/1/55	495,879	464,400 (b)
TCI-Flatiron CLO Ltd., 2016-1A AR3 (3 mo. Term SOFR + 1.100%)	5.380%	1/17/32	87,889	88,013 (b)(c)
Tesla Auto Lease Trust, 2023-B B	6.570%	8/20/27	1,530,000	1,544,465 (b)
Trinitas CLO Ltd., 2023-26A C (3 mo. Term SOFR + 2.950%)	7.219%	1/20/35	360,000	360,000 (b)(c)
TRP LLC, 2021-1 A	2.070%	6/19/51	813,558	766,869 (b)
Venture CLO Ltd., 2019-38A ARR (3 mo. Term SOFR + 1.000%)	5.280%	7/30/32	379,088	378,419 (b)(c)
Volkswagen Auto Loan Enhanced Trust, 2023-2 A2A	5.720%	3/22/27	181,866	182,370
Voya CLO Ltd., 2016-1A BR (3 mo. Term SOFR + 2.062%)	6.331%	1/20/31	360,000	361,572 (b)(c)
Voya CLO Ltd., 2016-3A A1R2 (3 mo. Term SOFR + 1.150%)	5.419%	10/18/31	999,345	1,000,773 (b)(c)
Voya CLO Ltd., 2018-3A A1R2 (3 mo. Term SOFR + 1.200%)	5.456%	10/15/31	1,289,382	1,291,492 (b)(c)
Whitebox CLO Ltd., 2019-1A A1RR (3 mo. Term SOFR + 1.320%)	5.595%	7/24/36	400,000	400,989 (b)(c)
Whitebox CLO Ltd., 2021-3A A1R (3 mo. Term SOFR + 1.270%)	5.526%	10/15/35	1,100,000	1,102,387 (b)(c)
Whitehorse Ltd., 2018-12A A (3 mo. Term SOFR + 1.512%)	5.768%	10/15/31	61,566	61,710 (b)(c)
Woodmont Trust, 2023-12A A1R (3 mo. Term SOFR + 1.400%)	5.682%	10/25/32	905,890	906,935 (b)(c)
World Omni Auto Receivables Trust, 2024-B A2B (30 Day Average SOFR + 0.430%)	4.762%	9/15/27	775,760	775,864 (c)

Total Asset-Backed Securities (Cost — $72,000,154)				71,248,586
Collateralized Mortgage Obligations(e) — 14.1%
280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. Term SOFR + 1.180%)	5.518%	9/15/34	500,000	494,385 (b)(c)
Angel Oak Mortgage Trust, 2021-7 A3	2.337%	10/25/66	256,374	220,703 (b)(c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(e) — continued
AOA Mortgage Trust, 2021-1177 A (1 mo. Term SOFR + 0.989%)	5.318%	10/15/38	$790,000	$774,105 (b)(c)
BANK, 2021-BN32 A5	2.643%	4/15/54	960,000	849,299 (c)
BANK, 2021-BN36 A5	2.470%	9/15/64	390,000	337,178
Benchmark Mortgage Trust, 2021-B29 XA, IO	1.018%	9/15/54	12,249,741	479,802 (c)
Benchmark Mortgage Trust, 2021-B31 A5	2.669%	12/15/54	620,000	536,989
Benchmark Mortgage Trust, 2023-V3 A3	6.363%	7/15/56	850,000	886,737 (c)
Benchmark Mortgage Trust, 2023-V3 XA, IO	0.814%	7/15/56	20,894,102	481,070 (c)
BHMS, 2018-ATLS A (1 mo. Term SOFR + 1.547%)	5.876%	7/15/35	910,000	910,114 (b)(c)
BOCA Commercial Mortgage Trust, 2024-BOCA A (1 mo. Term SOFR + 1.921%)	6.249%	8/15/41	780,000	782,584 (b)(c)
BRAVO Residential Funding Trust, 2021-NQM2 A1	0.970%	3/25/60	181,391	175,267 (b)(c)
BRAVO Residential Funding Trust, 2024-NQM1 A1	5.943%	12/1/63	619,363	621,590 (b)
BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%)	5.591%	8/19/38	474,683	473,471 (b)(c)
BX Commercial Mortgage Trust, 2020-VIV4 A	2.843%	3/9/44	1,290,000	1,168,011 (b)
BX Commercial Mortgage Trust, 2021-CIP A (1 mo. Term SOFR + 1.035%)	5.364%	12/15/38	96,761	96,621 (b)(c)
BX Commercial Mortgage Trust, 2021-SOAR A (1 mo. Term SOFR + 0.784%)	5.113%	6/15/38	964,412	964,022 (b)(c)
BX Commercial Mortgage Trust, 2021-VOLT A (1 mo. Term SOFR + 0.814%)	5.143%	9/15/36	1,460,000	1,453,246 (b)(c)
BX Commercial Mortgage Trust, 2022-AHP A (1 mo. Term SOFR + 0.990%)	5.319%	1/17/39	1,570,000	1,563,900 (b)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. Term SOFR + 0.414%)	4.739%	8/25/35	814	787 (b)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. Term SOFR + 0.694%)	5.019%	10/25/35	3,801	3,679 (b)(c)
CIM Trust, 2021-R6 A1	1.425%	7/25/61	667,471	592,248 (b)(c)
Citigroup Commercial Mortgage Trust, 2017-B1 A4	3.458%	8/15/50	330,000	320,993
Cross Mortgage Trust, 2023-H2 A1A	7.135%	11/25/68	556,163	563,871 (b)
Cross Mortgage Trust, 2024-H2 A1	6.093%	4/25/69	284,598	286,377 (b)
CSMC Trust, 2019-AFC1 A1	3.573%	7/25/49	72,593	70,282 (b)
CSMC Trust, 2019-AFC1 A2	3.776%	7/25/49	159,616	154,101 (b)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(e) — continued
CSMC Trust, 2019-AFC1 A3	3.877%	7/25/49	$159,616	$154,419 (b)
CSMC Trust, 2019-UVIL A	3.160%	12/15/41	1,480,000	1,359,357 (b)
CSMC Trust, 2020-AFC1 A1	3.240%	2/25/50	263,773	250,173 (b)(c)
CSMC Trust, 2021-AFC1 A1	0.830%	3/25/56	334,526	269,143 (b)(c)
CSMC Trust, 2021-AFC1 A3	1.169%	3/25/56	334,526	273,390 (b)(c)
CSMC Trust, 2021-NQM3 A3	1.632%	4/25/66	408,407	356,160 (b)(c)
CSMC Trust, 2021-NQM5 A1	0.938%	5/25/66	704,429	593,401 (b)(c)
CSMC Trust, 2021-NQM7 A1	1.756%	10/25/66	390,598	341,415 (b)(c)
Deephaven Residential Mortgage Trust, 2022-1 A1	2.205%	1/25/67	1,255,553	1,146,822 (b)(c)
Deephaven Residential Mortgage Trust, 2024-1 A1	5.735%	7/25/69	188,019	188,483 (b)
Ellington Financial Mortgage Trust, 2021-2 A1	0.931%	6/25/66	528,069	436,942 (b)(c)
Ellington Financial Mortgage Trust, 2022-1 A1	2.206%	1/25/67	281,477	243,855 (b)(c)
ELP Commercial Mortgage Trust, 2021-ELP A (1 mo. Term SOFR + 0.815%)	5.144%	11/15/38	1,218,582	1,215,957 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, KS12 A (30 Day Average SOFR + 0.764%)	5.115%	8/25/29	1,190,997	1,194,577 (c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4945 KF, PAC (30 Day Average SOFR + 0.564%)	4.886%	9/25/49	585,227	567,922 (c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Trust, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%)	6.622%	8/25/33	242,000	247,318 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Trust, 2021-DNA3 M2 (30 Day Average SOFR + 2.100%)	6.422%	10/25/33	734,871	753,042 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Trust, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%)	6.722%	2/25/42	880,000	897,064 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Trust, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%)	8.822%	6/25/42	810,000	862,465 (b)(c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(e) — continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Trust, 2024-DNA1 M2 (30 Day Average SOFR + 1.950%)	6.272%	2/25/44	$510,000	$517,833 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2016-1 M2	3.750%	9/25/55	743,165	679,118 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 19 F	5.577%	6/1/28	16	16 (c)
Federal National Mortgage Association (FNMA) — CAS, 2023-R05 1M2 (30 Day Average SOFR + 3.100%)	7.421%	6/25/43	300,000	313,566 (b)(c)
Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M2 (30 Day Average SOFR + 2.500%)	6.822%	10/25/43	870,000	897,017 (b)(c)
Federal National Mortgage Association (FNMA), Grantor Trust, 2000-T6 A3	4.238%	11/25/40	71,128	70,812 (c)
Federal National Mortgage Association (FNMA), Grantor Trust, 2002-T19 A4	5.176%	3/25/42	523,035	517,660 (c)
Federal National Mortgage Association (FNMA), Grantor Trust, 2004-T3 2A	5.123%	8/25/43	259,007	259,776 (c)
Federal National Mortgage Association (FNMA), Whole Loan, 2003-W6 6A	4.760%	8/25/42	190,203	186,580 (c)
Federal National Mortgage Association (FNMA), Whole Loan, 2003-W8 3F1 (30 Day Average SOFR + 0.514%)	4.836%	5/25/42	39,593	39,512 (c)
GCAT Trust, 2020-NQM1 A3	3.554%	1/25/60	651,531	634,644 (b)
Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. Term SOFR + 0.614%)	4.933%	2/20/61	18,304	18,386 (c)
Government National Mortgage Association (GNMA), 2013-H08 BF (1 mo. Term SOFR + 0.514%)	4.833%	3/20/63	89,903	89,957 (c)
Government National Mortgage Association (GNMA), 2016-H07 FK (1 mo. Term SOFR + 1.114%)	5.433%	3/20/66	828,323	833,085 (c)
Government National Mortgage Association (GNMA), 2017-H15 FN (1 mo. Term SOFR + 0.614%)	4.933%	7/20/67	251,020	252,045 (c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(e) — continued
Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day Average SOFR + 0.380%)	4.778%	4/20/70	$1,558,607	$1,551,223 (c)
Government National Mortgage Association (GNMA), 2021-H09 QF (30 Day Average SOFR + 1.500%)	5.828%	6/20/71	2,882,301	2,952,259 (c)
Government National Mortgage Association (GNMA), 2021-H16 FG (30 Day Average SOFR + 0.300%)	4.628%	9/20/71	2,128,767	2,103,807 (c)
Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%)	5.463%	7/15/39	777,487	778,984 (b)(c)
GS Mortgage Securities Corp. Trust, 2000-1A A (1 mo. Term SOFR + 0.464%)	5.425%	3/20/26	53,522	5,438 (b)(c)
GS Mortgage Securities Corp. Trust, 2021-IP A (1 mo. Term SOFR + 1.064%)	5.393%	10/15/36	1,110,000	1,103,618 (b)(c)
HarborView Mortgage Loan Trust, 2005-9 2A1C (1 mo. Term SOFR + 1.014%)	5.339%	6/20/35	152,562	143,074 (c)
HGI CRE CLO Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.114%)	5.443%	9/17/36	563,965	562,871 (b)(c)
KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.184%)	5.513%	2/15/39	635,151	633,987 (b)(c)
Legacy Mortgage Asset Trust, 2020-RPL1 A1	3.000%	9/25/59	706,529	673,706 (b)(c)
Legacy Mortgage Asset Trust, 2021-GS2 A1	5.750%	4/25/61	485,947	486,175 (b)
Legacy Mortgage Asset Trust, 2021-GS5 A1	5.250%	7/25/67	1,030,832	1,028,857 (b)
MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%)	5.810%	5/18/42	590,000	591,251 (b)(c)
MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%)	5.521%	10/16/36	563,673	563,703 (b)(c)
Mill City Mortgage Loan Trust, 2019-1 A1	3.250%	10/25/69	361,859	351,562 (b)(c)
Mill City Mortgage Trust, 2015-2 M3	3.729%	9/25/57	520,277	513,910 (b)(c)
Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 ASB	3.514%	12/15/49	175,629	173,945
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. Term SOFR + 1.147%)	5.476%	11/15/34	173,277	170,964 (b)(c)
New Residential Mortgage Loan Trust, 2015-1A A3	3.750%	5/28/52	103,330	98,328 (b)(c)
New Residential Mortgage Loan Trust, 2021- NQM3 A1	1.156%	11/27/56	638,255	552,770 (b)(c)
New Residential Mortgage Loan Trust, 2022- NQM2 A1	3.079%	3/27/62	786,145	735,849 (b)(c)
OBX Trust, 2021-NQM2 A1	1.101%	5/25/61	583,601	473,291 (b)(c)

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(e) — continued
OBX Trust, 2021-NQM2 A3	1.563%	5/25/61	$588,741	$485,057 (b)(c)
OBX Trust, 2021-NQM3 A1	1.054%	7/25/61	725,012	587,720 (b)(c)
OBX Trust, 2021-NQM4 A1	1.957%	10/25/61	743,196	627,627 (b)(c)
PRKCM Trust, 2021-AFC1 A1	1.510%	8/25/56	938,094	786,722 (b)(c)
PRKCM Trust, 2024-HOME1 A1	6.431%	5/25/59	622,920	629,810 (b)
RAMP Trust, 2004-SL4 A5	7.500%	7/25/32	5,661	1,883
Residential Asset Securitization Trust, 2003- A11 A2, PAC (1 mo. Term SOFR + 0.564%)	4.889%	11/25/33	16,797	16,571 (c)
SFO Commercial Mortgage Trust, 2021-555 A (1 mo. Term SOFR + 1.264%)	5.593%	5/15/38	920,000	911,988 (b)(c)
SMRT, 2022-MINI A (1 mo. Term SOFR + 1.000%)	5.329%	1/15/39	1,560,000	1,552,992 (b)(c)
Structured Adjustable Rate Mortgage Loan Trust, 2004-2 1A1	6.837%	3/25/34	57,829	54,132 (c)
Structured Asset Securities Corp., 2005-RF3 2A	4.288%	6/25/35	210,301	188,197 (b)(c)
SWCH Commercial Mortgage Trust, 2025- DATA A (1 mo. Term SOFR + 1.443%)	5.772%	2/15/42	1,120,000	1,112,103 (b)(c)
Towd Point Mortgage Trust, 2019-HY1 B1 (1 mo. Term SOFR + 2.264%)	6.589%	10/25/48	1,460,000	1,497,435 (b)(c)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2A1A (1 mo. Term SOFR + 0.694%)	5.019%	7/25/45	842,184	826,139 (c)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. Term SOFR + 0.834%)	5.159%	7/25/45	269,924	261,369 (c)
Wells Fargo Commercial Mortgage Trust, 2015- NXS3 ASB	3.371%	9/15/57	1	1

Total Collateralized Mortgage Obligations (Cost — $59,708,072)				57,712,662
Mortgage-Backed Securities — 4.0%
FHLMC — 1.2%
Federal Home Loan Mortgage Corp. (FHLMC)	3.000%	6/1/35	1,539,533	1,457,142
Federal Home Loan Mortgage Corp. (FHLMC)	6.500%	7/1/53	79,909	83,094
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer Cash Fallbacks + 1.630%)	3.267%	1/1/49	3,646,924	3,530,959 (c)
Total FHLMC				5,071,195
FNMA — 2.0%
Federal National Mortgage Association (FNMA)	2.280%	9/1/26	1,181,054	1,146,742

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

FNMA — continued
Federal National Mortgage Association (FNMA)	2.500%	2/1/35	$946,596	$908,375
Federal National Mortgage Association (FNMA)	3.000%	4/1/38- 2/1/40	1,362,565	1,291,397
Federal National Mortgage Association (FNMA)	4.500%	11/1/38- 1/1/59	696,471	684,685
Federal National Mortgage Association (FNMA)	5.500%	8/1/52	1,675,028	1,673,185
Federal National Mortgage Association (FNMA)	6.500%	10/1/53	873,720	902,096
Federal National Mortgage Association (FNMA)	6.000%	11/1/53	1,151,657	1,171,332
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity Rate + 2.375%)	7.338%	9/1/37	198,103	200,129 (c)
Total FNMA				7,977,941
GNMA — 0.8%
Government National Mortgage Association (GNMA) II	3.500%	9/20/48	20,266	18,287
Government National Mortgage Association (GNMA) II	2.500%	12/20/50	133,074	110,483
Government National Mortgage Association (GNMA) II	5.500%	8/20/53	1,081,731	1,079,087
Government National Mortgage Association (GNMA) II	6.000%	11/20/53	1,058,460	1,084,561
Government National Mortgage Association (GNMA) II	6.500%	1/20/54	981,323	1,013,060
Total GNMA				3,305,478

Total Mortgage-Backed Securities (Cost — $16,943,015)				16,354,614
U.S. Government & Agency Obligations — 1.3%
U.S. Government Agencies — 0.3%
Federal National Mortgage Association (FNMA), Notes (SOFR + 0.100%)	4.430%	6/18/26	1,210,000	1,210,908 (c)
Federal National Mortgage Association (FNMA), Notes (SOFR + 0.140%)	4.470%	12/11/26	250,000	250,279 (c)
Total U.S. Government Agencies				1,461,187
U.S. Government Obligations — 1.0%
U.S. Treasury Notes	4.125%	2/29/32	3,950,000	3,943,905

Total U.S. Government & Agency Obligations (Cost — $5,423,467)				5,405,092

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Senior Loans — 1.1%
Communication Services — 0.4%
Media — 0.4%
Charter Communications Operating LLC, Term Loan B4 (3 mo. Term SOFR + 2.000%)	6.298%	12/7/30	$629,140	$629,033 (c)(f)(g)
Nexstar Media Inc., Term Loan B4 (1 mo. Term SOFR + 2.614%)	6.941%	9/18/26	428,755	429,321 (c)(f)(g)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. Term SOFR + 2.614%)	6.943%	1/31/28	590,000	581,702 (c)(f)(g)

Total Communication Services				1,640,056
Consumer Discretionary — 0.2%
Hotels, Restaurants & Leisure — 0.0%††
1011778 BC Unlimited Liability Co., Term Loan B6 (1 mo. Term SOFR + 1.750%)	6.077%	9/20/30	57,805	57,668 (c)(f)(g)
Specialty Retail — 0.2%
Harbor Freight Tools USA Inc., Initial Term Loan (1 mo. Term SOFR + 2.250%)	6.577%	6/11/31	377,150	365,255 (c)(f)(g)
Rent-A-Center Inc., Term Loan B2 (3 mo. Term SOFR + 2.750%)	7.030%	2/17/28	505,598	507,493 (c)(f)(g)(h)
Total Specialty Retail				872,748

Total Consumer Discretionary				930,416
Financials — 0.2%
Financial Services — 0.1%
Setanta Aircraft Leasing DAC, Term Loan B (3 mo. Term SOFR + 1.750%)	6.049%	11/6/28	275,000	276,866 (c)(f)(g)
Insurance — 0.1%
Asurion LLC, New Term Loan B9 (1 mo. Term SOFR + 3.364%)	7.691%	7/31/27	531,990	529,625 (c)(f)(g)
Asurion LLC, New Term Loan B11 (1 mo. Term SOFR + 4.350%)	8.677%	8/21/28	47,149	47,072 (c)(f)(g)
Total Insurance				576,697

Total Financials				853,563
Health Care — 0.1%
Health Care Providers & Services — 0.0%††
Grifols Worldwide Operations USA Inc., Dollar Term Loan B (3 mo. Term SOFR + 2.150%)	6.483%	11/15/27	284,934	284,347 (c)(f)(g)
Pharmaceuticals — 0.1%
Jazz Financing Lux Sarl, Dollar Term Loan Facility B2 (1 mo. Term SOFR + 2.250%)	6.577%	5/5/28	311,895	312,164 (c)(f)(g)

Total Health Care				596,511

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Industrials — 0.1%
Commercial Services & Supplies — 0.1%
APi Group DE Inc., 2021 Incremental Term Loan B (1 mo. Term SOFR + 1.750%)	6.077%	1/3/29	$281,341	$281,975 (c)(f)(g)

Information Technology — 0.1%
Software — 0.1%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)	8.327%	10/16/26	360,426	356,597 (c)(f)(g)

Total Senior Loans (Cost — $4,680,642)				4,659,118
Sovereign Bonds — 0.3%
Canada — 0.3%
Province of Quebec Canada, Senior Notes (Cost — $1,333,109)	0.600%	7/23/25	1,340,000	1,332,730
	Expiration Date	Contracts	Notional Amount
Purchased Options — 0.1%
Exchange-Traded Purchased Options — 0.1%
3-Month SOFR Futures, Call @ $96.375	12/12/25	44	$110,000	20,625
3-Month SOFR Futures, Call @ $96.750	6/12/26	180	450,000	158,625
3-Month SOFR Futures, Put @ $96.250	12/12/25	88	220,000	62,150
U.S. Treasury 5-Year Notes Futures, Call @ $108.500	6/13/25	133	133,000	31,172

Total Purchased Options (Cost — $287,396)				272,572
			Shares
Common Stocks — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
Spirit Airlines LLC			60	359 *(i)(j)
Spirit Aviation Holdings Inc.			10,243	61,356 *

Total Common Stocks (Cost — $143,870)				61,715
		Expiration Date	Warrants
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
Spirit Airlines LLC (Cost — $88,598)			7,278	43,595 *(b)(i)(j)
Total Investments before Short-Term Investments (Cost — $379,636,291)				374,859,134

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Western Asset Ultra-Short Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Short-Term Investments — 8.0%
Commercial Paper — 3.7%
Mizuho Bank Ltd.	4.675%	8/11/25	$8,925,000	$8,844,930 (k)(l)
MUFG Bank Ltd.	4.575%	11/19/25	6,300,000	6,168,585 (l)

Total Commercial Paper (Cost — $15,017,729)				15,013,515
			Shares
Money Market Funds — 2.6%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost — $10,687,165)	4.283%		10,687,165	10,687,165 (m)(n)
		Maturity Date	Face Amount
Certificates of Deposit — 1.5%
Nordea Bank Abp (Cost — $6,174,984)	4.430%	11/24/25	$6,175,000	6,175,755

U.S. Government Agencies — 0.2%
Federal Home Loan Bank (FHLB), Discount Notes (Cost — $857,079)	4.370%	10/6/25	870,000	857,047 (l)

Total Short-Term Investments (Cost — $32,736,957)				32,733,482
Total Investments — 99.2% (Cost — $412,373,248)				407,592,616
Other Assets in Excess of Liabilities — 0.8%				3,343,423
Total Net Assets — 100.0%				$410,936,039

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

††	Represents less than 0.1%.
*	Non-income producing security.
(a)	Securities traded on a when-issued or delayed delivery basis.
(b)	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 of Trustees.
(c)	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(d)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.
(e)	Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(f)	Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(g)	Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(h)	Security is valued using significant unobservable inputs (Note 1).
(i)	Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(j)	Restricted security (Note 9).
(k)	Commercial paper exempt from registration under Section 4(2) 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 of Trustees.
(l)	Rate shown represents yield-to-maturity.
(m)	Rate shown is one-day yield as of the end of the reporting period.
(n)	In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At May 31, 2025, the total market value of investments in Affiliated Companies was $10,687,165 and the cost was $10,687,165 (Note 8).

Abbreviation(s) used in this schedule:
CAS	—	Connecticut Avenue Securities
CDO	—	Collateralized Debt Obligation
CLO	—	Collateralized Loan Obligation
IBOR	—	Interbank Offered Rate
IO	—	Interest Only
JSC	—	Joint Stock Company
PAC	—	Planned Amortization Class
PIK	—	Payment-In-Kind
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 Annual Report

Western Asset Ultra-Short Income Fund

At May 31, 2025, the Fund had the following open written options contracts:

Exchange-Traded Written Options
Security	Expiration Date	Strike Price	Contracts	Notional Amount	Value
3-Month SOFR Futures, Call	12/12/25	$96.875	44	$110,000	$(10,175 )
3-Month SOFR Futures, Put	6/13/25	95.625	44	110,000	(275 )
SOFR 1-Year Mid-Curve Futures, Put	12/12/25	96.250	88	220,000	(31,350 )
U.S. Treasury 5-Year Notes Futures, Call	7/25/25	109.500	133	133,000	(36,367 )
Total Exchange-Traded Written Options (Premiums received — $136,968)					$(78,167 )

Abbreviation(s) used in this schedule:
SOFR	—	Secured Overnight Financing Rate

At May 31, 2025, the Fund had the following open futures contracts:

	Number of Contracts	Expiration Date	Notional Amount	Market Value	Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month SOFR	102	3/26	$24,578,339	$24,529,725	$(48,614 )
3-Month SOFR	95	3/27	22,876,621	22,980,499	103,878
U.S. Treasury 10-Year Notes	309	9/25	34,073,803	34,221,750	147,947
					203,211
Contracts to Sell:
3-Month SOFR	44	6/25	10,544,008	10,522,050	21,958
U.S. Treasury 2-Year Notes	655	9/25	135,734,231	135,871,562	(137,331 )
U.S. Treasury 5-Year Notes	89	9/25	9,602,051	9,628,687	(26,636 )
U.S. Treasury Long-Term Bonds	14	9/25	1,570,311	1,578,938	(8,627 )
U.S. Treasury Ultra 10-Year Notes	13	9/25	1,446,837	1,463,110	(16,273 )
U.S. Treasury Ultra Long- Term Bonds	2	9/25	228,371	232,125	(3,754 )
					(170,663 )
Net unrealized appreciation on open futures contracts					$32,548

Abbreviation(s) used in this table:
SOFR	—	Secured Overnight Financing Rate

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

May 31, 2025

Western Asset Ultra-Short Income Fund

At May 31, 2025, the Fund had the following open swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAPS
	Notional Amount	Termination Date	Payments Made by the Fund†	Payments Received by the Fund†	Market Value	Upfront Premiums Paid (Received)	Unrealized Appreciation (Depreciation)
	$10,365,000	3/15/27	3.780% annually	Daily SOFR Compound annually	$(8,286)	$3,427	$(11,713)
	12,186,000	4/28/28	Daily SOFR Compound annually	3.300% annually	(15,182)	5,582	(20,764)
	46,830,000	1/31/32	3.730% annually	Daily SOFR Compound annually	(90,247)	(242,477)	152,230
	2,828,000	4/28/36	3.850% annually	Daily SOFR Compound annually	8,458	(12,899)	21,357
Total	$72,209,000				$(105,257)	$(246,367)	$141,110

†	Percentage shown is an annual percentage rate.

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

Reference Index	Reference Rate
Daily SOFR Compound	4.350%

Abbreviation(s) used in this table:
SOFR	—	Secured Overnight Financing Rate

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Statement of Assets and Liabilities

May 31, 2025

Assets:
Investments in unaffiliated securities, at value (Cost — $401,686,083)	$396,905,451
Investments in affiliated securities, at value (Cost — $10,687,165)	10,687,165
Cash	1,005,530
Interest receivable	2,584,584
Deposits with brokers for open futures contracts and exchange-traded options	987,413
Deposits with brokers for centrally cleared swap contracts	468,983
Receivable for Fund shares sold	137,961
Receivable for premiums on written options	36,137
Principal paydown receivable	27,564
Dividends receivable from affiliated investments	18,520
Receivable for securities sold	4,565
Prepaid expenses	96,435
Total Assets	412,960,308
Liabilities:
Payable for securities purchased	771,945
Payable for Fund shares repurchased	720,211
Transfer agent fees payable	122,289
Written options, at value (premiums received — $136,968)	78,167
Investment management fee payable	67,328
Payable to brokers — net variation margin on centrally cleared swap contracts	66,478
Service and/or distribution fees payable	43,331
Payable to brokers — net variation margin on open futures contracts	33,563
Distributions payable	12,278
Payable for written options closed	385
Due to custodian	67
Trustees’ fees payable	21
Accrued expenses	108,206
Total Liabilities	2,024,269
Total Net Assets	$410,936,039
Net Assets:
Par value (Note 7)	$448
Paid-in capital in excess of par value	435,366,317
Total distributable earnings (loss)	(24,430,726 )
Total Net Assets	$410,936,039

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Statement of Assets and Liabilities (cont’d)

May 31, 2025

Net Assets:
Class A	$188,778,144
Class C	$4,197,161
Class C1	$48,550
Class I	$193,167,877
Class IS	$24,744,307
Shares Outstanding:
Class A	20,530,512
Class C	450,962
Class C1	5,316
Class I	21,091,962
Class IS	2,691,065
Net Asset Value:
Class A (and redemption price)	$9.20
Class C*	$9.31
Class C1 (and redemption price)	$9.13
Class I (and redemption price)	$9.16
Class IS (and redemption price)	$9.19

*	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 Annual Report

Statement of Operations

For the Year Ended May 31, 2025

Investment Income:
Interest	$17,085,862
Dividends from affiliated investments	641,353
Less: Foreign taxes withheld	(5,054 )
Total Investment Income	17,722,161
Expenses:
Investment management fee (Note 2)	1,313,663
Service and/or distribution fees (Notes 2 and 5)	490,562
Transfer agent fees (Notes 2 and 5)	350,350
Registration fees	175,734
Fund accounting fees	74,241
Audit and tax fees	42,278
Legal fees	21,705
Shareholder reports	17,552
Trustees’ fees	11,835
Commitment fees (Note 10)	3,765
Insurance	2,716
Custody fees	50
Fees recaptured by investment manager (Note 2)	38
Miscellaneous expenses	14,099
Total Expenses	2,518,588
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(352,051 )
Net Expenses	2,166,537
Net Investment Income	15,555,624
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap Contracts (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities	(1,679,353 )
Futures contracts	(1,034,844 )
Written options	328,097
Swap contracts	(280,757 )
Net Realized Loss	(2,666,857 )
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	10,167,912
Futures contracts	186,627
Written options	11,360
Swap contracts	(127,344 )
Change in Net Unrealized Appreciation (Depreciation)	10,238,555
Net Gain on Investments, Futures Contracts, Written Options and Swap Contracts	7,571,698
Increase in Net Assets From Operations	$23,127,322

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Statements of Changes in Net Assets

For the Years Ended May 31,	2025	2024
Operations:
Net investment income	$15,555,624	$14,308,201
Net realized gain (loss)	(2,666,857 )	2,054,554
Change in net unrealized appreciation (depreciation)	10,238,555	13,439,209
Increase in Net Assets From Operations	23,127,322	29,801,964
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(16,721,817 )	(16,320,472 )
Return of capital	—	(121,948 )
Decrease in Net Assets From Distributions to Shareholders	(16,721,817 )	(16,442,420 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	339,541,214	263,729,632
Reinvestment of distributions	16,342,399	16,305,934
Cost of shares repurchased	(396,339,997 )	(307,920,340 )
Decrease in Net Assets From Fund Share Transactions	(40,456,384 )	(27,884,774 )
Decrease in Net Assets	(34,050,879 )	(14,525,230 )
Net Assets:
Beginning of year	444,986,918	459,512,148
End of year	$410,936,039	$444,986,918

See Notes to Financial Statements.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended May 31:
Class A Shares1	2025	2024	2023	2022	2021
Net asset value, beginning of year	$9.06	$8.79	$8.75	$9.03	$8.89
Income (loss) from operations:
Net investment income	0.31	0.28	0.19	0.04	0.05
Net realized and unrealized gain (loss)	0.17	0.31	0.09	(0.23 )	0.23
Total income (loss) from operations	0.48	0.59	0.28	(0.19)	0.28
Less distributions from:
Net investment income	(0.34 )	(0.32 )	(0.24 )	(0.09 )	(0.14 )
Return of capital	—	(0.00 )2	—	—	—
Total distributions	(0.34 )	(0.32 )	(0.24 )	(0.09 )	(0.14 )
Net asset value, end of year	$9.20	$9.06	$8.79	$8.75	$9.03
Total return3	5.35 %	6.84 %	3.28 %	(2.09 )%	3.21 %
Net assets, end of year (millions)	$189	$170	$175	$271	$271
Ratios to average net assets:
Gross expenses	0.71 %	0.68 %	0.70 %	0.66 %	0.72 %
Net expenses4,5	0.65	0.65	0.65	0.65	0.64
Net investment income	3.41	3.13	2.18	0.47	0.51
Portfolio turnover rate	35 %	38 %	10 %	47 %6	47 %6

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	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.
4	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, 2026 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. During the period July 20, 2018 through February 12, 2020, the expense limitation was 0.88%.
5	Reflects fee waivers and/or expense reimbursements.
6	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 Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended May 31:
Class C Shares1	2025	2024	2023	2022	2021
Net asset value, beginning of year	$9.17	$8.90	$8.86	$9.15	$9.01
Income (loss) from operations:
Net investment income (loss)	0.24	0.21	0.15	(0.02 )	(0.02 )
Net realized and unrealized gain (loss)	0.17	0.32	0.07	(0.25 )	0.24
Total income (loss) from operations	0.41	0.53	0.22	(0.27)	0.22
Less distributions from:
Net investment income	(0.27 )	(0.26 )	(0.18 )	(0.02 )	(0.08 )
Return of capital	—	(0.00 )2	—	—	—
Total distributions	(0.27 )	(0.26 )	(0.18 )	(0.02 )	(0.08 )
Net asset value, end of year	$9.31	$9.17	$8.90	$8.86	$9.15
Total return3	4.52 %	6.00 %	2.50 %	(2.93 )%	2.39 %
Net assets, end of year (000s)	$4,197	$5,100	$6,486	$2,831	$1,653
Ratios to average net assets:
Gross expenses	1.45 %	1.42 %	1.43 %	1.44 %	1.49 %
Net expenses4,5	1.41	1.40	1.40	1.44	1.43
Net investment income (loss)	2.63	2.36	1.68	(0.27 )	(0.20 )
Portfolio turnover rate	35 %	38 %	10 %	47 %6	47 %6

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	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.
4	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, 2026 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.
5	Reflects fee waivers and/or expense reimbursements.
6	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 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended May 31:
Class C1 Shares1	2025	2024	2023	2022	2021
Net asset value, beginning of year	$9.00	$8.73	$8.71	$8.95	$8.81
Income (loss) from operations:
Net investment income (loss)	0.24	0.21	0.13	(0.03 )	(0.01 )
Net realized and unrealized gain (loss)	0.16	0.31	0.08	(0.15 )	0.23
Total income (loss) from operations	0.40	0.52	0.21	(0.18)	0.22
Less distributions from:
Net investment income	(0.27 )	(0.25 )	(0.19 )	(0.06 )	(0.08 )
Return of capital	—	(0.00 )2	—	—	—
Total distributions	(0.27 )	(0.25 )	(0.19 )	(0.06 )	(0.08 )
Net asset value, end of year	$9.13	$9.00	$8.73	$8.71	$8.95
Total return3	4.47 %	6.08 %	2.40 %	(2.04 )%4	2.39 %
Net assets, end of year (000s)	$49	$83	$80	$80	$364
Ratios to average net assets:
Gross expenses	1.41 %	1.45 %	1.52 %	1.38 %	1.54 %
Net expenses5,6	1.38	1.38	1.38	1.38	1.37
Net investment income (loss)	2.66	2.40	1.52	(0.35 )	(0.08 )
Portfolio turnover rate	35 %	38 %	10 %	47 %7	47 %7

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	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.
4	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.
5	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, 2026 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.
6	Reflects fee waivers and/or expense reimbursements.
7	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 Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended May 31:
Class I Shares1	2025	2024	2023	2022	2021
Net asset value, beginning of year	$9.03	$8.76	$8.72	$9.00	$8.86
Income (loss) from operations:
Net investment income	0.33	0.30	0.22	0.07	0.07
Net realized and unrealized gain (loss)	0.16	0.31	0.08	(0.23 )	0.24
Total income (loss) from operations	0.49	0.61	0.30	(0.16)	0.31
Less distributions from:
Net investment income	(0.36 )	(0.34 )	(0.26 )	(0.12 )	(0.17 )
Return of capital	—	(0.00 )2	—	—	—
Total distributions	(0.36 )	(0.34 )	(0.26 )	(0.12 )	(0.17 )
Net asset value, end of year	$9.16	$9.03	$8.76	$8.72	$9.00
Total return3	5.52 %	7.13 %	3.55 %	(1.84 )%	3.50 %
Net assets, end of year (000s)	$193,168	$232,722	$231,915	$270,925	$233,303
Ratios to average net assets:
Gross expenses	0.48 %	0.45 %	0.46 %	0.43 %	0.49 %
Net expenses4,5	0.38	0.38	0.38	0.38	0.37
Net investment income	3.66	3.40	2.48	0.75	0.80
Portfolio turnover rate	35 %	38 %	10 %	47 %6	47 %6

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	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.
4	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, 2026 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. Prior to February 12, 2020, the expense limitation was 0.53%.
5	Reflects fee waivers and/or expense reimbursements.
6	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 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended May 31:
Class IS Shares1	2025	2024	2023	2022	2021
Net asset value, beginning of year	$9.06	$8.79	$8.75	$9.03	$8.89
Income (loss) from operations:
Net investment income	0.34	0.31	0.22	0.08	0.07
Net realized and unrealized gain (loss)	0.15	0.31	0.09	(0.24 )	0.24
Total income (loss) from operations	0.49	0.62	0.31	(0.16)	0.31
Less distributions from:
Net investment income	(0.36 )	(0.35 )	(0.27 )	(0.12 )	(0.17 )
Return of capital	—	(0.00 )2	—	—	—
Total distributions	(0.36 )	(0.35 )	(0.27 )	(0.12 )	(0.17 )
Net asset value, end of year	$9.19	$9.06	$8.79	$8.75	$9.03
Total return3	5.66 %	7.16 %	3.58 %	(1.80 )%	3.52 %
Net assets, end of year (000s)	$24,744	$37,351	$46,364	$64,146	$19,424
Ratios to average net assets:
Gross expenses	0.38 %	0.37 %	0.38 %	0.36 %	0.41 %
Net expenses4,5	0.35	0.35	0.35	0.35	0.34
Net investment income	3.69	3.42	2.51	0.85	0.78
Portfolio turnover rate	35 %	38 %	10 %	47 %6	47 %6

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	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.
4	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, 2026 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. Prior to February 12, 2020, the expense limitation was 0.43%.
5	Reflects fee waivers and/or expense reimbursements.
6	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 Annual Report

Notes to Financial Statements

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

Western Asset Ultra-Short Income Fund 2025 Annual Report

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)

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

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

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

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments†:
Corporate Bonds & Notes	—	$217,768,450	—	$217,768,450
Asset-Backed Securities	—	71,248,586	—	71,248,586
Collateralized Mortgage Obligations	—	57,712,662	—	57,712,662
Mortgage-Backed Securities	—	16,354,614	—	16,354,614
U.S. Government & Agency Obligations	—	5,405,092	—	5,405,092
Senior Loans:
Consumer Discretionary	—	422,923	$507,493	930,416
Other Senior Loans	—	3,728,702	—	3,728,702
Sovereign Bonds	—	1,332,730	—	1,332,730
Purchased Options	$272,572	—	—	272,572
Common Stocks:
Industrials	61,356	359	—	61,715
Warrants	—	43,595	—	43,595
Total Long-Term Investments	333,928	374,017,713	507,493	374,859,134
Short-Term Investments†:
Commercial Paper	—	15,013,515	—	15,013,515
Money Market Funds	10,687,165	—	—	10,687,165
Certificates of Deposit	—	6,175,755	—	6,175,755
U.S. Government Agencies	—	857,047	—	857,047
Total Short-Term Investments	10,687,165	22,046,317	—	32,733,482
Total Investments	$11,021,093	$396,064,030	$507,493	$407,592,616
Other Financial Instruments:
Futures Contracts††	$273,783	—	—	$273,783
Centrally Cleared Interest Rate Swaps††	—	$173,587	—	173,587
Total Other Financial Instruments	$273,783	$173,587	—	$447,370
Total	$11,294,876	$396,237,617	$507,493	$408,039,986
LIABILITIES
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Other Financial Instruments:
Written Options	$78,167	—	—	$78,167
Futures Contracts††	241,235	—	—	241,235
Centrally Cleared Interest Rate Swaps††	—	$32,477	—	32,477
Total	$319,402	$32,477	—	$351,879

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

Western Asset Ultra-Short Income Fund 2025 Annual Report

(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.

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,

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

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 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 May 31, 2025, the Fund did not hold any credit default swaps to sell protection.

Western Asset Ultra-Short Income Fund 2025 Annual Report

For average notional amounts of swaps held during the six months ended May 31, 2025, see Note 4.

Credit default swaps

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

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

The Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty). As the protection seller, the Fund’s maximum risk is the notional amount of the contract. CDS are considered to have

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

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

Interest rate swaps

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, 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 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

Western Asset Ultra-Short Income Fund 2025 Annual Report

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.

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,

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

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 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.

Western Asset Ultra-Short Income Fund 2025 Annual Report

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 May 31, 2025, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

(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.

(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 has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(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

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired 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. During the current year, the Fund had no reclassifications.

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.

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, 2026 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 year ended May 31, 2025, fees waived and/or expenses reimbursed amounted to $352,051, which included an affiliated money market fund waiver of $15,630.

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

Western Asset Ultra-Short Income Fund 2025 Annual Report

case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at May 31, 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	$47,561	$1,080	$56	$168,779	$8,412
Expires May 31, 2027	101,550	1,468	26	222,502	10,875
Total fee waivers/expense reimbursements subject to recapture	$149,111	$2,548	$82	$391,281	$19,287

For the year ended May 31, 2025, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

	Class C1
FTFA recaptured	$38

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the year ended May 31, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $11,805 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 year ended May 31, 2025, CDSCs paid to Franklin Distributors and its affiliates were as follows:

	Class A	Class C
CDSCs	$1,989	$183

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

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

3. Investments

During the year ended May 31, 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 & Agency Obligations
Purchases	$111,217,773	$28,239,562
Sales	151,262,358	38,703,458

At May 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

	Cost/Premiums Paid (Received)	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Securities	$418,713,632	$1,486,018	$(12,607,034)	$(11,121,016)
Written options	(136,968)	59,031	(230)	58,801
Futures contracts	—	273,783	(241,235)	32,548
Swap contracts	(246,367)	173,587	(32,477)	141,110

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 May 31, 2025.

ASSET DERIVATIVES1
	Interest Rate Risk
Purchased options2	$272,572
Futures contracts3	273,783
Centrally cleared swap contracts4	173,587
Total	$719,942

LIABILITY DERIVATIVES1
	Interest Rate Risk
Written options	$78,167
Futures contracts3	241,235
Centrally cleared swap contracts4	32,477
Total	$351,879

Western Asset Ultra-Short Income Fund 2025 Annual Report

1	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.
2	Market value of purchased options is reported in Investments in unaffiliated securities at value in the Statement of Assets and Liabilities.
3	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.
4	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 year ended May 31, 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
	Interest Rate Risk	Credit Risk	Total
Purchased options1	$(224,046 )	—	$(224,046 )
Futures contracts	(1,034,844 )	—	(1,034,844 )
Written options	328,097	—	328,097
Swap contracts	(390,047 )	$109,290	(280,757 )
Total	$(1,320,840 )	$109,290	$(1,211,550 )

1	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
	Interest Rate Risk
Purchased options1	$(43,683 )
Futures contracts	186,627
Written options	11,360
Swap contracts	(127,344 )
Total	$26,960

1	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.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

During the year ended May 31, 2025, the volume of derivative activity for the Fund was as follows:

	Average Market Value*
Purchased options	$139,538
Written options	55,175
Futures contracts (to buy)	67,055,971
Futures contracts (to sell)	183,268,495
	Average Notional Balance**
Interest rate swap contracts	$36,176,692
Credit default swap contracts (sell protection)†	2,903,077

*	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.
†	At May 31, 2025, there were no open positions held in this derivative.

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 year ended May 31, 2025, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$445,233	$129,097
Class C	44,723	3,057
Class C1	606	189
Class I	—	217,813
Class IS	—	194
Total	$490,562	$350,350

For the year ended May 31, 2025, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$107,704
Class C	1,630
Class C1	29
Class I	230,608
Class IS	12,080
Total	$352,051

Western Asset Ultra-Short Income Fund 2025 Annual Report

6. Distributions to shareholders by class

	Year Ended May 31, 2025	Year Ended May 31, 2024
Net Investment Income:
Class A	$6,551,176	$5,894,331
Class C	129,832	154,368
Class C1	2,368	2,306
Class I	8,724,093	8,685,811
Class IS	1,314,348	1,583,656
Total	$16,721,817	$16,320,472
Return of Capital:
Class A	—	$44,043
Class C	—	1,154
Class C1	—	17
Class I	—	64,901
Class IS	—	11,833
Total	—	$121,948

7. Shares of beneficial interest

At May 31, 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 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:

	Year Ended May 31, 2025		Year Ended May 31, 2024
	Shares	Amount	Shares	Amount
Class A
Shares sold	9,174,665	$83,915,174	8,363,843	$74,770,875
Shares issued on reinvestment	702,744	6,431,932	655,005	5,859,233
Shares repurchased	(8,076,991 )	(73,866,688 )	(10,160,174 )	(90,569,620 )
Net increase (decrease)	1,800,418	$16,480,418	(1,141,326 )	$(9,939,512 )
Class C
Shares sold	110,522	$1,020,394	157,907	$1,438,893
Shares issued on reinvestment	13,949	129,150	17,135	154,988
Shares repurchased	(229,493 )	(2,119,866 )	(348,089 )	(3,148,781 )
Net decrease	(105,022 )	$(970,322 )	(173,047 )	$(1,554,900 )

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

	Year Ended May 31, 2025		Year Ended May 31, 2024
	Shares	Amount	Shares	Amount
Class C1
Shares sold	—	—	—	—
Shares issued on reinvestment	259	$2,356	260	$2,312
Shares repurchased	(4,139 )	(37,776 )	(202 )	(1,778 )
Net increase (decrease)	(3,880 )	$(35,420 )	58	$534
Class I
Shares sold	27,286,484	$248,511,942	20,268,276	$180,737,619
Shares issued on reinvestment	955,358	8,705,045	975,878	8,699,201
Shares repurchased	(32,931,715 )	(300,061,459 )	(21,949,555 )	(195,557,225 )
Net decrease	(4,689,873 )	$(42,844,472 )	(705,401 )	$(6,120,405 )
Class IS
Shares sold	666,185	$6,093,704	759,028	$6,782,245
Shares issued on reinvestment	117,404	1,073,916	177,867	1,590,200
Shares repurchased	(2,214,096 )	(20,254,208 )	(2,090,180 )	(18,642,936 )
Net decrease	(1,430,507 )	$(13,086,588 )	(1,153,285 )	$(10,270,491 )

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the year ended May 31, 2025. The following transactions were effected in such company for the year ended May 31, 2025.

	Affiliate Value at May 31, 2024	Purchased		Sold
	Affiliate Value at May 31, 2024	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$5,407,891	$346,039,655	346,039,655	$340,760,381	340,760,381

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at May 31, 2025
Western Asset Premier Institutional Government Reserves, Premium Shares	—	$641,353	—	$10,687,165

Western Asset Ultra-Short Income Fund 2025 Annual Report

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 Shares	Acquisition Date	Cost	Fair Value at 5/31/2025	Value Per Share	Percent of Net Assets
Spirit Airlines LLC, Common Shares	60	3/25	$730	$359	$5.98	0.00 %(a)
Spirit Airlines LLC, Warrants	7,278	3/25	88,598	43,595 (b)	5.99	0.01
			$89,328	$43,954		0.01 %

(a)	Amount represents less than 0.005%.
(b)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board.

10. Redemption facility

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

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the year ended May 31, 2025.

11. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended May 31, was as follows:

	2025	2024
Distributions paid from:
Ordinary income	$16,721,817	$16,320,472
Tax return of capital	—	121,948
Total distributions paid	$16,721,817	$16,442,420

Western Asset Ultra-Short Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

As of May 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed ordinary income — net	$133,679
Deferred capital losses*	(13,582,982)
Other book/tax temporary differences(a)	(92,865)
Unrealized appreciation (depreciation)(b)	(10,888,558)
Total distributable earnings (loss) — net	$(24,430,726)

*	These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains.
(a)	Other book/tax temporary differences are attributable to the tax deferral of losses on straddles, the realization for tax purposes of unrealized gains (losses) on futures, options and foreign currency contracts and book/tax differences in the timing of the deductibility of various expenses.
(b)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, the difference between book and tax amortization methods for premium on fixed income securities.

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 has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund’s financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund’s Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. 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 Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Legg Mason Partners Income Trust and Shareholders of Western Asset Ultra-Short Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Ultra-Short Income Fund (one of the funds constituting Legg Mason Partners Income Trust, referred to hereafter as the “Fund”) as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland
July 23, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

Western Asset Ultra-Short Income Fund 2025 Annual Report

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder’s proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended May 31, 2025:

	Pursuant to:	Amount Reported
Qualified Net Interest Income (QII)	§871(k)(1)(C)	$12,004,884
Section 163(j) Interest Earned	§163(j)	$17,373,514
Interest Earned from Federal Obligations	Note (1)	$1,310,292

Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.

Western Asset Ultra-Short Income Fund

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.

Western Asset Ultra-Short Income Fund

Board Approval of Management and

Subadvisory Agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the “Executive and Contracts Committee”) considered the Management Agreement between the Trust and Franklin Templeton Fund Adviser, LLC (“FTFA”) with respect to the Fund and the subadvisory agreement between FTFA and Western Asset Management Company, LLC (“Western Asset” or the “Subadviser”, and together with FTFA, the “Advisers”) with respect to the Fund (collectively, the “Agreements”) at a meeting held on April 29, 2025. At an in-person meeting held on May 13, 2025, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the “Performance Universe”) and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund’s performance and other relevant matters and related discussions with the Advisers’ personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time.

As part of their review, the Trustees examined FTFA’s ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadviser’s ability to provide high quality investment management services to the Fund. The Trustees considered the experience of FTFA’s personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA’s senior management and staff. The Trustees also considered the investment philosophy and research and decision-making processes of the Subadviser; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadviser to attract and retain capable research and advisory personnel; the risks to the Advisers associated with

Western Asset Ultra-Short Income Fund

sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA’s and the Subadviser’s risk management processes; the capability and integrity of the Advisers’ senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers’ services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers’ ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Trustees concluded that the Subadviser’s investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of FTFA’s and Western Asset’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1-, 3-, 5- and 10-year periods ended December 31, 2024. The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as retail and institutional short investment-grade debt funds by Broadridge, showed, among other data, that the Fund’s performance for the 1-, 3-, 5- and 10-year periods ended December 31, 2024 was above the median. The Board noted that the Fund’s performance exceeded the performance of its benchmark index for the 1-, 3-, 5- and 10-year periods ended December 31, 2024. The Board considered the factors involved in the Fund’s performance relative to the performance of its investment benchmark and Performance Universe.

The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadviser. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset’s other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to the Subadviser because FTFA pays the Subadviser for services provided to the Fund out of the management fee FTFA receives from the Fund. The information comparing the Fund’s Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of institutional short investment-grade debt funds (including the Fund) chosen by Broadridge to be comparable to

Western Asset Ultra-Short Income Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

the Fund, showed that the Fund’s Contractual Management Fee and the Actual Management Fee were below the median. The Board noted that the Fund’s actual total expense ratio was below the median. The Board also considered that the current limitation on the Fund’s expenses is expected to continue through December 2026.

The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the “fallout benefits,” such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.

Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Board noted that the Fund’s Contractual Management Fee and Actual Management Fee were below the median of the peer group. The Board also noted the size of the Fund.

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.

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

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• Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

• Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

• Other general information that we may obtain about you such as demographic information.

Disclosure Policy

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

NOT PART OF THE ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

NOT PART OF THE ANNUAL REPORT

90063-AFSOI 7/25

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.

(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.

(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.

(a)

Not applicable.

(b)

Not applicable.

ITEM 19.

EXHIBITS.

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

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:	July 25, 2025

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:	July 25, 2025

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	July 25, 2025


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$67	0.65%


Top contributors to performance:
↑	An overweight to investment-grade credit
↑	An overweight to asset-backed securities
↑	Long duration position


	1 Year	5 Year	10 Year
Class A	5.35	3.27	2.59
Bloomberg U.S. Aggregate Index	5.46	-0.90	1.49
ICE BofA 3-Month U.S. Treasury Bill Index	4.76	2.70	1.94


Total Net Assets	$410,936,039
Total Number of Portfolio Holdings^*	448
Total Management Fee Paid	$961,612
Portfolio Turnover Rate	35%


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$144	1.41%


Western Asset Ultra-Short Income Fund
Class A [ARMZX]
Annual Shareholder Report \| May 31, 2025


Top detractors from performance:
↓	Yield curve positioning


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Western Asset Ultra-Short Income Fund
Class C [LWAIX]
Annual Shareholder Report \| May 31, 2025


Western Asset Ultra-Short Income Fund
Class C1 [ARMGX]
Annual Shareholder Report \| May 31, 2025


Western Asset Ultra-Short Income Fund
Class I [SBAYX]
Annual Shareholder Report \| May 31, 2025


Western Asset Ultra-Short Income Fund
Class IS [ARMLX]
Annual Shareholder Report \| May 31, 2025