# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0000940400-26-002296
**Filing Date:** 2026-1
**Character Count:** 118843
**Document Hash:** 066be2f44c0e435ad1b9fae7913de00d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002296.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000940400-26-002296

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 26559357

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

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Short Duration Municipal Income Fund (Series ID: S000016249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000044916 | Class A      | SHDAX           |
| C000044917 | Class C      | SHDLX           |
| C000044918 | Class I      | SMDYX           |
| C000183975 | Class IS     | SHDSX           |
| C000222209 | Class C2     | CIABX           |

## Nport-Ex

Schedule of Investments (unaudited)

November 30, 2025

 **Western Asset Short Duration Municipal Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 98.0%** | **Municipal Bonds — 98.0%** | **Municipal Bonds — 98.0%** | **Municipal Bonds — 98.0%** | **Municipal Bonds — 98.0%** |
| *Alabama — 4.1%* | *Alabama — 4.1%* | *Alabama — 4.1%* | *Alabama — 4.1%* | *Alabama — 4.1%* |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 7, Series C-2 (SIFMA Municipal Swap Index Yield + 0.350%) | &nbsp;&nbsp; 3.140% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $743314<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1286245<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1570592<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2103056<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp; 2340782<br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 760881<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1531824<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 253061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 497208<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1052336<br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *12139299* |
| *Arizona — 3.1%* | *Arizona — 3.1%* | *Arizona — 3.1%* | *Arizona — 3.1%* | *Arizona — 3.1%* |
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue, Intel Corp. Project  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3895000 | &nbsp;&nbsp;&nbsp; 3954706<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Company <br> Project, Series A, Refunding  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002219<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Revenue, Banner Health Obligation Group, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp; 2243268<br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, Pollution Control Corp. Revenue, Public Service Company of <br> New Mexico Palo Verde Project, Series A, Refunding  | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1949310<br> <sup>(a)(b)</sup><br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *9149503* |
| *Arkansas — 0.7%* | *Arkansas — 0.7%* | *Arkansas — 0.7%* | *Arkansas — 0.7%* | *Arkansas — 0.7%* |
| &nbsp;&nbsp;&nbsp; Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, Weyerhaeuser Company Project, Series 2025 | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; *2008734*<br> <sup>(a)(b)(c)</sup><br>|
| *California — 7.9%* | *California — 7.9%* | *California — 7.9%* | *California — 7.9%* | *California — 7.9%* |
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue, Clean Energy <br> Project, Green Bonds, Climate Bond Certified, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 2435000 | &nbsp;&nbsp;&nbsp; 2471540<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue, Los <br> Angeles County Museum of Art, Series B, Refunding (SIFMA Municipal Swap <br> Index Yield + 0.700%) | &nbsp;&nbsp; 3.490% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp; 2281159<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gilroy, CA, USD, GO, Unrefunded, AG  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp; 1616324<br>|
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, Series B <br> (3 mo. Term SOFR x 0.670 + 0.262%) | &nbsp;&nbsp; 4.206% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2024054<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue, Los Angeles International <br> Airport, Subordinated, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 4690000 | &nbsp;&nbsp;&nbsp; 4873048<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern California Energy Authority, Commodity Supply Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1099586<br>|
| &nbsp;&nbsp;&nbsp; Sacramento County, CA, Airport System Senior Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 802421<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 543370<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 4825000 | &nbsp;&nbsp;&nbsp; 5253346<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern California Logistics Airport Authority Revenue, Junior Lien Tax <br> Allocation, Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 990275<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Short Duration Municipal Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Ventura County, CA, Rio Elementary School District, GO, BAN, BAM  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; $1505000 | &nbsp;&nbsp;&nbsp; $1392249<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *23347372* |
| *Colorado — 4.7%* | *Colorado — 4.7%* | *Colorado — 4.7%* | *Colorado — 4.7%* | *Colorado — 4.7%* |
| &nbsp;&nbsp;&nbsp; City & County of Denver, CO, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp; 3257477<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 3675000 | &nbsp;&nbsp;&nbsp; 3824315<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 6510000 | &nbsp;&nbsp;&nbsp; 6847642<br> <sup>(c)</sup><br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *13929434* |
| *Connecticut — 5.3%* | *Connecticut — 5.3%* | *Connecticut — 5.3%* | *Connecticut — 5.3%* | *Connecticut — 5.3%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue, Yale University Issue, Series T-2  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3258667<br>|
| &nbsp;&nbsp;&nbsp; Connecticut State Housing Finance Authority Revenue, Housing Mortgage Finance <br> Program, Series A, Refunding  | &nbsp;&nbsp; 0.600% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 823212<br>|
| &nbsp;&nbsp;&nbsp; Connecticut State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; 4439917<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, BAM-TCRS | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp; 7313252<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *15835048* |
| *District of Columbia — 3.8%* | *District of Columbia — 3.8%* | *District of Columbia — 3.8%* | *District of Columbia — 3.8%* | *District of Columbia — 3.8%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue, Children's Hospital Obligated Group Issue, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; 1062577<br>|
| &nbsp;&nbsp;&nbsp; District of Columbia, GO, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; 1543828<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airports Authority Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp; 2058057<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp; 3262061<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3274352<br> <sup>(c)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *11200875* |
| *Florida — 2.2%* | *Florida — 2.2%* | *Florida — 2.2%* | *Florida — 2.2%* | *Florida — 2.2%* |
| &nbsp;&nbsp;&nbsp; Florida State Insurance Assistance Interlocal Agency Inc., Insurance Assessment <br> Revenue, Series A-1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4573195<br>|
| &nbsp;&nbsp;&nbsp; Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; 1776283<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue, Toby & Leon <br> Cooperman Sinai Residences of Boca Raton Expansion, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 174962<br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *6524440* |
| *Georgia — 2.1%* | *Georgia — 2.1%* | *Georgia — 2.1%* | *Georgia — 2.1%* | *Georgia — 2.1%* |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Department of Aviation Revenue, Green Bonds, Series B-1  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1114032<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burke County, GA, Development Authority, PCR, Oglethorpe Power Corp. Vogtle <br> Project, Series A, Refunding  | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp; 1278836<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1017862<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 517229<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 670105<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1622179<br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *6220243* |
| *Illinois — 4.5%* | *Illinois — 4.5%* | *Illinois — 4.5%* | *Illinois — 4.5%* | *Illinois — 4.5%* |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare, IL, International Airport Authority Revenue, Senior Lien, Series C, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp; 3449764<br>|
| &nbsp;&nbsp;&nbsp; Cook County, IL, School District No 87, Berkeley, GO, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500000<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration Municipal Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; $2090000 | &nbsp;&nbsp;&nbsp; $2185854<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp; 1522051<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 1930000 | &nbsp;&nbsp;&nbsp; 2004420<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series of October 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 2305000 | &nbsp;&nbsp;&nbsp; 2358245<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue, McCormick Place Expansion <br> Project, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp; 1291472<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *13311806* |
| *Indiana — 3.5%* | *Indiana — 3.5%* | *Indiana — 3.5%* | *Indiana — 3.5%* | *Indiana — 3.5%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority, Environmental Improvement Revenue, <br> United States Steel Corp. Project, Series A, Refunding  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500048<br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue, Wastewater Utility, First Lien, CWA <br> Authority Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp; 1426021<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank, Indianapolis Airport <br> Authority Project, Series D, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 7030000 | &nbsp;&nbsp;&nbsp; 7444491<br> <sup>(c)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *10370560* |
| *Iowa — 0.2%* | *Iowa — 0.2%* | *Iowa — 0.2%* | *Iowa — 0.2%* | *Iowa — 0.2%* |
| &nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority Revenue, Asset-Backed Senior Bonds, Class 1, <br> Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *525269*<br>|
| *Kentucky — 1.7%* | *Kentucky — 1.7%* | *Kentucky — 1.7%* | *Kentucky — 1.7%* | *Kentucky — 1.7%* |
| &nbsp;&nbsp;&nbsp; Trimble County, KY, Environmental Facilities Revenue, Louisville Gas and Electric <br> Company Project, Series A  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2015517<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trimble County, KY, PCR, Louisville Gas and Electric Company Project, Series A, <br> Refunding  | &nbsp;&nbsp; 0.625% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3175102<br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *5190619* |
| *Louisiana — 4.0%* | *Louisiana — 4.0%* | *Louisiana — 4.0%* | *Louisiana — 4.0%* | *Louisiana — 4.0%* |
| &nbsp;&nbsp;&nbsp; Louisiana State Offshore Terminal Authority Revenue, Deep Water Port Bonds, <br> Series A, Refunding  | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4036579<br>|
| &nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series A-3, Refunding | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 139156<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 4940000 | &nbsp;&nbsp;&nbsp; 4915156<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series C, Refunding | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp; 2877021<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *11967912* |
| *Maryland — 1.2%* | *Maryland — 1.2%* | *Maryland — 1.2%* | *Maryland — 1.2%* | *Maryland — 1.2%* |
| &nbsp;&nbsp;&nbsp; Maryland State Health & Higher EFA Revenue, University of Maryland, Medical <br> System Issue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp; 1899951<br>|
| &nbsp;&nbsp;&nbsp; Maryland State, GO, State and Local Facilities Loan, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp; 1759955<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *3659906* |
| *Massachusetts — 0.3%* | *Massachusetts — 0.3%* | *Massachusetts — 0.3%* | *Massachusetts — 0.3%* | *Massachusetts — 0.3%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Seven Hills Foundation and Affiliates Issue, <br> Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; *891055*<br>|
| *Michigan — 2.2%* | *Michigan — 2.2%* | *Michigan — 2.2%* | *Michigan — 2.2%* | *Michigan — 2.2%* |
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue, Mclaren Health Care, Series D-1, <br> Refunding  | &nbsp;&nbsp; 1.100% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp; 1268760<br>|
| &nbsp;&nbsp;&nbsp; Michigan State HDA Revenue, Series A  | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp; 1598713<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Co. Project, Remarketing | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 10/8/26 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp; 1298553<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Short Duration Municipal Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Michigan — continued* | *Michigan — continued* | *Michigan — continued* | *Michigan — continued* | *Michigan — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International, LLC, Coated Recycled Board Machine Project, <br> Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $1998625<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wayne County, MI, Airport Authority Revenue, Series F, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400094<br> <sup>(c)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *6564745* |
| *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* |
| &nbsp;&nbsp;&nbsp; Warren County, MS, Mississippi Gulf Opportunity Zone Revenue, International <br> Paper Company Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; *900433*<br>|
| *Missouri — 0.9%* | *Missouri — 0.9%* | *Missouri — 0.9%* | *Missouri — 0.9%* | *Missouri — 0.9%* |
| &nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources Authority <br> Revenue, Kansas City Power & Light Co. Project | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp; *2578540*<br> <sup>(a)(b)(c)</sup><br>|
| *Nebraska — 0.7%* | *Nebraska — 0.7%* | *Nebraska — 0.7%* | *Nebraska — 0.7%* | *Nebraska — 0.7%* |
| &nbsp;&nbsp;&nbsp; Sarpy County, NE, School District No 37, Gretna Public Schools, GO, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; *2081381*<br>|
| *New Jersey — 7.7%* | *New Jersey — 7.7%* | *New Jersey — 7.7%* | *New Jersey — 7.7%* | *New Jersey — 7.7%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Surcharges Subordinate, Series A, BAM, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; 458251<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Surcharges Subordinate, Series A, BAM, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 5005000 | &nbsp;&nbsp;&nbsp; 5152243<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Facilities Revenue, Series C, Refunding | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2242760<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1648704<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, CAB, Series A, BAM-TCRS | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 5795000 | &nbsp;&nbsp;&nbsp; 5466045<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, CAB, Series C, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 2830000 | &nbsp;&nbsp;&nbsp; 2512670<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, CAB, Series C, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp; 2340328<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State, GO, COVID-19 Emergency Bonds, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp; 2018319<br>|
| &nbsp;&nbsp;&nbsp; Newark, NJ, GO, Qualified General Improvement, Series A, Refunding, State Aid <br> Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1071326<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *22910646* |
| *New Mexico — 0.5%* | *New Mexico — 0.5%* | *New Mexico — 0.5%* | *New Mexico — 0.5%* | *New Mexico — 0.5%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Municipal Energy Acquisition Authority, Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 666088<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 897676<br>|
| *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | &nbsp;&nbsp; *1563764* |
| *New York — 10.7%* | *New York — 10.7%* | *New York — 10.7%* | *New York — 10.7%* | *New York — 10.7%* |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp; 2343454<br>|
| &nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority Electric System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp; 1690385<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 5215000 | &nbsp;&nbsp;&nbsp; 5305275<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp; 3632067<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 5630000 | &nbsp;&nbsp;&nbsp; 5761620<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, MFH Revenue, Green Bonds, Series G, FHA, Refunding  | &nbsp;&nbsp; 0.600% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp; 911533<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Transportation Development Corp. Revenue, American <br> Airlines Inc., John F. Kennedy International Airport Project, Refunding  | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 620996<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 207, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp; 1497184<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 249, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3269469<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration Municipal Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue, Payroll Mobility Tax BAN, <br> Series B-2  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; $6200000 | &nbsp;&nbsp;&nbsp; $6706215<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *31738198* |
| *North Carolina — 1.2%* | *North Carolina — 1.2%* | *North Carolina — 1.2%* | *North Carolina — 1.2%* | *North Carolina — 1.2%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Triangle Expressway System Turnpike <br> Revenue, Senior Lien, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 3455000 | &nbsp;&nbsp;&nbsp; *3663480*<br>|
| *Ohio — 1.7%* | *Ohio — 1.7%* | *Ohio — 1.7%* | *Ohio — 1.7%* | *Ohio — 1.7%* |
| &nbsp;&nbsp;&nbsp; Columbus Ohio Regional Airport Authority Revenue, John Glenn Columbus <br> International Airport, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 534671<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue, American Electric Power <br> Co. Project, Series A, Refunding  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; 1043016<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue, Cleveland Clinic Health System Obligated Group, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp; 3627231<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *5204918* |
| *Oregon — 1.9%* | *Oregon — 1.9%* | *Oregon — 1.9%* | *Oregon — 1.9%* | *Oregon — 1.9%* |
| &nbsp;&nbsp;&nbsp; Clackamas County, OR, School District No 62, Oregon City, GO, CAB, Series A, <br> School Bond Guaranty  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 361623<br>|
| &nbsp;&nbsp;&nbsp; Lane County, OR, School District No 1, Pleasant Hill, GO, CAB, Series B, School <br> Bond Guaranty  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp; 1258809<br>|
| &nbsp;&nbsp;&nbsp; Salem-Keizer, OR, School District No 24J, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion and Polk Counties, School Bond Guaranty | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 2175605<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, School Bond Guaranty | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 813115<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, School Bond Guaranty | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 917968<br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *5527120* |
| *Pennsylvania — 0.4%* | *Pennsylvania — 0.4%* | *Pennsylvania — 0.4%* | *Pennsylvania — 0.4%* | *Pennsylvania — 0.4%* |
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue, Sewage <br> Sludge Disposal, Philadelphia Biosolids Facility Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp; *1220584*<br>|
| *South Carolina — 1.2%* | *South Carolina — 1.2%* | *South Carolina — 1.2%* | *South Carolina — 1.2%* | *South Carolina — 1.2%* |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, <br> Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2084904<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Public Service Authority Revenue, Santee Cooper, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; 1467846<br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *3552750* |
| *Tennessee — 1.1%* | *Tennessee — 1.1%* | *Tennessee — 1.1%* | *Tennessee — 1.1%* | *Tennessee — 1.1%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, HEFA Revenue, <br> The Vanderbilt University, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 1188805<br>|
| &nbsp;&nbsp;&nbsp; Tennessee State Housing Development Agency Residential Finance Program <br> Revenue, Series B  | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp; 2090310<br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *3279115* |
| *Texas — 15.4%* | *Texas — 15.4%* | *Texas — 15.4%* | *Texas — 15.4%* | *Texas — 15.4%* |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System Revenue, Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1120042<br>|
| &nbsp;&nbsp;&nbsp; Dallas And Fort Worth, TX, International Airport Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4761998<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1094762<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Denton, TX, ISD, GO, Unlimited Tax School Building Bonds, Series B-2, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 3870000 | &nbsp;&nbsp;&nbsp; 4092863<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fort Bend, TX, ISD, GO, Series B, Refunding, PSF - GTD  | &nbsp;&nbsp; 0.720% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 784159<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Short Duration Municipal Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; $375000 | &nbsp;&nbsp;&nbsp; $394053<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 585715<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1091914<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goose Creek, TX, Consolidated ISD, GO, Series B, PSF - GTD  | &nbsp;&nbsp; 0.600% | &nbsp;&nbsp; 8/17/26 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; 1022978<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lower Colorado River, TX, Authority Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2209605<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging <br> International, LLC Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 311877<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, First Tier, Series D, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; 2605411<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, First Tier, Series D, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 2890000 | &nbsp;&nbsp;&nbsp; 2474926<br>|
| &nbsp;&nbsp;&nbsp; San Antonio, TX, Electric and Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Lien, Refunding | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp; 2850000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Junior Lien, Series A, Refunding | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3009493<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, <br> Series B (3 mo. Term SOFR x 0.670 + 0.262%) | &nbsp;&nbsp; 3.581% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp; 2039881<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, Series C (3 <br> mo. Term SOFR x 0.660 + 0.863%) | &nbsp;&nbsp; 3.528% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 615440<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3877136<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Revenue, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1201926<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Revenue, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1275838<br>|
| &nbsp;&nbsp;&nbsp; Texas State College Student Loan Bonds, GO, Series 2016  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 3535000 | &nbsp;&nbsp;&nbsp; 3586594<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State Transportation Commission Revenue, Highway Fund, First Tier <br> Revenue, Series B, Refunding  | &nbsp;&nbsp; 0.560% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1483381<br>|
| &nbsp;&nbsp;&nbsp; Texas State Transportation Commission Revenue, Mobility Fund, GO, Series B  | &nbsp;&nbsp; 0.650% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2475168<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Troy, TX, ISD, GO, CAB, Refunding, PSF - GTD  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 826341<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *45791501* |
| *Utah — 1.1%* | *Utah — 1.1%* | *Utah — 1.1%* | *Utah — 1.1%* | *Utah — 1.1%* |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2670343<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp; 724277<br> <sup>(c)</sup><br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *3394620* |
| *Washington — 1.4%* | *Washington — 1.4%* | *Washington — 1.4%* | *Washington — 1.4%* | *Washington — 1.4%* |
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Private Activity, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; 1115615<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp; 2158346<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seattle, WA, Municipal Light & Power Revenue, Series B, Refunding (SIFMA <br> Municipal Swap Index Yield + 0.250%) | &nbsp;&nbsp; 3.040% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 994390<br> <sup>(a)(b)</sup><br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *4268351* |
| *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* |
| &nbsp;&nbsp;&nbsp; West Virginia State EDA Revenue, Solid Waste Disposal Facility, Appalachian <br> Power Co. AMOS Project, Series A | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **1007004**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $288,998,229)** | **Total Investments before Short-Term Investments (Cost — $288,998,229)** | **Total Investments before Short-Term Investments (Cost — $288,998,229)** | **Total Investments before Short-Term Investments (Cost — $288,998,229)** | &nbsp;&nbsp; **291519225** |

---

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

 **Western Asset Short Duration Municipal Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** |
| *District of Columbia — 0.9%* | *District of Columbia — 0.9%* | *District of Columbia — 0.9%* | *District of Columbia — 0.9%* | *District of Columbia — 0.9%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue, Series A, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; $2520000 | &nbsp;&nbsp;&nbsp; $*2520000*<br> <sup>(d)</sup><br>|
| *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* |
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue, Hospital <br> Capital Asset Financing Program, Series A, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.810% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; *400000*<br> <sup>(d)</sup><br>|
| *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Northampton County, PA, General Purpose Authority, Hospital Revenue, St. Luke's <br> University Health Network Project, Series B, LOC - TD Bank N.A. | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; *100000*<br> <sup>(d)</sup><br>|
| *Wisconsin — 0.1%* | *Wisconsin — 0.1%* | *Wisconsin — 0.1%* | *Wisconsin — 0.1%* | *Wisconsin — 0.1%* |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Revenue, Series B, <br> Refunding, SPA - JPMorgan Chase & Co. | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; *150000*<br> <sup>(d)(e)</sup><br>|
| **Total Short-Term Investments (Cost — $3,170,000)** | **Total Short-Term Investments (Cost — $3,170,000)** | **Total Short-Term Investments (Cost — $3,170,000)** | **Total Short-Term Investments (Cost — $3,170,000)** | &nbsp;&nbsp; **3170000** |
| **Total Investments — 99.1% (Cost — $292,168,229)** | **Total Investments — 99.1% (Cost — $292,168,229)** | **Total Investments — 99.1% (Cost — $292,168,229)** | **Total Investments — 99.1% (Cost — $292,168,229)** | &nbsp;&nbsp; **294689225** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; 2702921 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$297392146** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> 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 <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(d)</sup> | Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no <br> more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the <br> remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The <br> SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's <br> Short-term Obligation Rate Transparency System.<br>|
| <sup>(e)</sup> | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |

---

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

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset Short Duration Municipal Income Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| BAN |  | Bond Anticipation Notes |
| CAB |  | Capital Appreciation Bonds |
| CWA |  | Clean Water Act |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FHA |  | Federal Housing Administration — Insured Bonds |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| IDA |  | Industrial Development Authority |
| ISD |  | Independent School District |
| LOC |  | Letter of Credit |
| MFH |  | Multi-Family Housing |
| PCR |  | Pollution Control Revenue |
| PSF |  | Permanent School Fund |
| SIFMA |  | Securities Industry and Financial Markets Association |
| SOFR |  | Secured Overnight Financing Rate |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |
| TCRS |  | Transferable Custodial Receipts |
| USD |  | Unified School District |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Short Duration Municipal 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.

**(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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

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

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

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

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited) (cont'd)

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Municipal Bonds† | &nbsp;&nbsp; — | &nbsp;&nbsp; $291519225 | &nbsp;&nbsp; — | &nbsp;&nbsp; $291519225 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 3170000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3170000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$294689225** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$294689225** |

---

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

† See Schedule of Investments for additional detailed categorizations.

------

Western Asset Short Duration Municipal Income Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Legg Mason Partners Income Trust

- **b. Investment Company Act file number:** 811-04254

- **c. CIK number of Registrant:** 0000764624

- **d. LEI of Registrant:** 549300Y1U2UCLTK83X35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-656-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Western Asset Short Duration Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000016249

- **c. LEI of Series:** 549300TYCEXVVJWI4402

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $297973239.38

**Total Liabilities:** $868546.81

**Net Assets:** $297104692.57

**Cash Not Reported:** $57981.31

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1458.17000000 | **1-Year:** 29485.84000000 | **5-Year:** 35925.14000000 | **10-Year:** 1606.46000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 65.09000000 | **1-Year:** 148.90000000 | **5-Year:** 0.00000000 | **10-Year:** 358.03000000 | **30-Year:** 151.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000044916 | 0.41%                | 0.22%                | 0.21%                |
| Class ID C000044917 | 0.38%                | 0.00%                | 0.18%                |
| Class ID C000044918 | 0.42%                | 0.24%                | 0.23%                |
| Class ID C000183975 | 0.43%                | 0.04%                | 0.23%                |
| Class ID C000222209 | 0.37%                | -0.02%               | 0.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $98859.87                | $439483.17                                 |
| Month 2  | $16471.78                | $-417106.35                                |
| Month 3  | $393968.26               | $-436326.16                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OHIO ST AIR QUALITY DEV AUTH   | Ohio Air Quality Development Authority                                           | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1043016.21   | 0.35%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                      | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5215000 | PA      | $5305274.78   | 1.79%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250FK5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1291472.02   | 0.43%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2670342.50   | 0.90%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                 | CUSIP: 56682HBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2243268.03   | 0.76%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO | Development Authority of Burke County/The                                        | CUSIP: 121342NR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1278836.12   | 0.43%             | 2040-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                                    | CUSIP: 66285WBW5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2474926.35   | 0.83%             | 2031-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                             | CUSIP: 20772J6Q0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4439917.27   | 1.49%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528UD99<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   7030000 | PA      | $7444490.91   | 2.51%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJM5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017861.40   | 0.34%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                      | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3632067.26   | 1.22%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                          | CUSIP: 73358XRD6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3269469.00   | 1.10%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MT | New Jersey Economic Development Authority                                        | CUSIP: 64578JAZ9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    445000 | PA      | $458251.25    | 0.15%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1899951.10   | 0.64%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                               | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |    615000 | PA      | $615440.46    | 0.21%             | 2027-09-15      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| DENTON TX INDEP SCH DIST       | Denton Independent School District                                               | CUSIP: 249002NL6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   3870000 | PA      | $4092862.85   | 1.38%             | 2055-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC | Maricopa County Pollution Control Corp                                           | CUSIP: 566854EK7<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949310.20   | 0.66%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA REVENUE   | District of Columbia                                                             | CUSIP: 254839RY1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2520000.00   | 0.85%             | 2038-08-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO | Hudson Yards Infrastructure Corp                                                 | CUSIP: 44420RAX8<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2343454.41   | 0.79%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp I                                | CUSIP: 88256CAW9<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2039880.54   | 0.69%             | 2026-12-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MT | New Jersey Economic Development Authority                                        | CUSIP: 64578JBE5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5005000 | PA      | $5152242.60   | 1.73%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJC7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    650000 | PA      | $670104.50    | 0.23%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                      | City of Newark NJ                                                                | CUSIP: 650367TL9<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071325.60   | 0.36%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC REVENUE       | State of Ohio                                                                    | CUSIP: 677561KG6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3627231.25   | 1.22%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3824314.88   | 1.29%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HCJ0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    465000 | PA      | $497208.23    | 0.17%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70870FAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1220584.14   | 0.41%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT | Michigan State Housing Development Authority                                     | CUSIP: 594654NM3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1598713.24   | 0.54%             | 2029-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029CN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1188804.74   | 0.40%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DUD9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4825000 | PA      | $5253346.13   | 1.77%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILROY CA UNIF SCH DIST        | Gilroy Unified School District                                                   | CUSIP: 376087DH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1616324.26   | 0.54%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #87 BERK | Cook County School District No 87 Berkeley                                       | CUSIP: 214165LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HCR2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052335.70   | 0.35%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | Greater Orlando Aviation Authority                                               | CUSIP: 392274Z41<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1776282.77   | 0.60%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA | Long Beach Bond Finance Authority                                                | CUSIP: 54241ABC6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024053.80   | 0.68%             | 2027-11-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY POLL CONTROL R | County of Trimble KY                                                             | CUSIP: 896224BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3175102.13   | 1.07%             | 2026-09-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                          | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1467846.60   | 0.49%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $174962.39    | 0.06%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE | District of Columbia                                                             | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1062577.18   | 0.36%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GNF6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009493.20   | 1.01%             | 2055-02-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2471540.58   | 0.83%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL  | Indiana Finance Authority                                                        | CUSIP: 455054BE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500048.30   | 0.50%             | 2026-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBF9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531823.85   | 0.52%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136ES6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2512670.40   | 0.85%             | 2029-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SALEM-KEIZER OR SCH DIST #24J  | Salem-Keizer School District No 24J                                              | CUSIP: 794173FG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $917967.65    | 0.31%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #62 | Oregon City School District No 62                                                | CUSIP: 179162LC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $361622.76    | 0.12%             | 2029-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST ENVRNMNTL IMPT & E | Missouri State Environmental Improvement & Energy Resources Authority            | CUSIP: 606907BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2578539.82   | 0.87%             | 2038-05-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576FR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $724277.45    | 0.24%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH DIST #1 PLEAS | Lane County School District No 1 Pleasant Hill                                   | CUSIP: 515282FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1258808.89   | 0.42%             | 2027-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3257477.30   | 1.10%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNTYS OR SCH DIS | Salem-Keizer School District No 24J                                              | CUSIP: 569203NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2175605.35   | 0.73%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE     | Port of Seattle WA                                                               | CUSIP: 735389U22<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1115615.55   | 0.38%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1091913.76   | 0.37%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAK6<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1275838.25   | 0.43%             | 2027-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                  | State of New Jersey                                                              | CUSIP: 646039YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $2018319.41   | 0.68%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH RESOU | Arkansas Development Finance Authority                                           | CUSIP: 04084EAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008734.20   | 0.68%             | 2065-10-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                    | State of Maryland                                                                | CUSIP: 574193QF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1759954.72   | 0.59%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103056.40   | 0.71%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HCH4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    240000 | PA      | $253060.87    | 0.09%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL | Louisiana Offshore Terminal Authority                                            | CUSIP: 546510FS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4036578.80   | 1.36%             | 2027-09-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TDP9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1286244.75   | 0.43%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BG3<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    850000 | PA      | $897676.33    | 0.30%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $620995.81    | 0.21%             | 2026-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                      | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1690385.25   | 0.57%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                          | CUSIP: 23503CFL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094762.30   | 0.37%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                     | CUSIP: 95648VBY4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007004.10   | 0.34%             | 2041-01-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BF5<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    640000 | PA      | $666087.68    | 0.22%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AN48<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2281158.69   | 0.77%             | 2050-12-01      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $585715.02    | 0.20%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH    | New Jersey Economic Development Authority                                        | CUSIP: 645779CD9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2242760.40   | 0.75%             | 2059-04-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167593VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3449764.44   | 1.16%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBC1<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3877135.50   | 1.30%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647MM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3262061.06   | 1.10%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                          | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1497183.98   | 0.50%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2004420.03   | 0.67%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH  | Parish of St John the Baptist LA                                                 | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2877021.46   | 0.97%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447TU43<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1268759.85   | 0.43%             | 2027-10-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6510000 | PA      | $6847641.80   | 2.30%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                             | CUSIP: 20772KBX6<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7313251.90   | 2.46%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY MS GULF OPPORTUNIT | County of Warren MS                                                              | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $900433.01    | 0.30%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TROY TX INDEP SCH DIST         | Troy Independent School District                                                 | CUSIP: 897727JA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $826341.07    | 0.28%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DFH0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3258667.20   | 1.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                            | CUSIP: 20775HFD0<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    850000 | PA      | $823212.00    | 0.28%             | 2026-11-15      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Central Texas Turnpike System                                                    | CUSIP: 88283KBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120042.10   | 0.38%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN | Tennessee Housing Development Agency                                             | CUSIP: 880461GV4<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2090310.57   | 0.70%             | 2030-07-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136HBE2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760881.45    | 0.26%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TDQ7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570591.50   | 0.53%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COCONINO CNTY AZ POLL CONTROLC | Coconino County Pollution Control Corp                                           | CUSIP: 191855BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002218.60   | 0.34%             | 2032-09-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE        | City of Atlanta GA Department of Aviation                                        | CUSIP: 04780M2N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114032.00   | 0.37%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB | Iowa Tobacco Settlement Authority                                                | CUSIP: 888805BS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525269.10    | 0.18%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                                   | CUSIP: 8827236B0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3586594.03   | 1.21%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                          | CUSIP: 23503CFK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4761998.10   | 1.60%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W | Mission Economic Development Corp                                                | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311877.48    | 0.10%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HJB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6706214.50   | 2.26%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM-KEIZER OR SCH DIST #24J  | Salem-Keizer School District No 24J                                              | CUSIP: 794173FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $813115.01    | 0.27%             | 2028-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIV HOSPS & CLINICS AUTH WI   | University of Wisconsin Hospitals & Clinics                                      | CUSIP: 915260CL5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.05%             | 2048-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Texas Transportation Commission                                                  | CUSIP: 882830BJ0<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2475167.50   | 0.83%             | 2041-10-01      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| GOOSE CREEK TX CONSOL INDEP SC | Goose Creek Consolidated Independent School District                             | CUSIP: 3826043G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1022977.59   | 0.34%             | 2035-02-15      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA | City of Galveston TX Wharves & Terminal Revenue                                  | CUSIP: 364568JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $394052.59    | 0.13%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIO CA ELEM SCH DIST           | Rio Elementary School District/CA                                                | CUSIP: 767032KT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1392248.71   | 0.47%             | 2028-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH  | Parish of St John the Baptist LA                                                 | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4940000 | PA      | $4915156.25   | 1.65%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153JL4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1522050.77   | 0.51%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136EV9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2340327.84   | 0.79%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJG8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1622179.35   | 0.55%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NE SCH DIST #37     | Gretna Public Schools                                                            | CUSIP: 803770XC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081381.00   | 0.70%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI | Indiana Finance Authority                                                        | CUSIP: 45505MPB6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1426020.67   | 0.48%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CFR4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1648703.85   | 0.55%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJP8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517229.10    | 0.17%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647JW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2058056.54   | 0.69%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH  | Parish of St John the Baptist LA                                                 | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $139155.62    | 0.05%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645793BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.13%             | 2035-07-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| NRTHRN CA ENERGY AUTH COMMODIT | Northern California Energy Authority                                             | CUSIP: 664840AH8<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1099586.04   | 0.37%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA INSURANCE ASSISTANCE I | Florida Insurance Assistance Interlocal Agency Inc                               | CUSIP: 34074EAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4573194.75   | 1.54%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS | County of Trimble KY                                                             | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015517.00   | 0.68%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE | County of Sacramento CA Airport System Revenue                                   | CUSIP: 786107WJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $802420.65    | 0.27%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CA LOGISTICS ARPT AUTH   | Southern California Logistics Airport Authority                                  | CUSIP: 842472EA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $990275.22    | 0.33%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3274351.80   | 1.10%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAJ9<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1201926.12   | 0.40%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSPRTN COMMISSION ST  | Texas Department of Transportation State Highway Fund                            | CUSIP: 88283LKX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1483381.20   | 0.50%             | 2026-04-01      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461362R1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5795000 | PA      | $5466044.51   | 1.84%             | 2027-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                           | CUSIP: 64972EZM4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    940000 | PA      | $911532.95    | 0.31%             | 2026-11-01      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152G96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2358244.81   | 0.79%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57585BLH9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    880000 | PA      | $891055.00    | 0.30%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD | Michigan Strategic Fund                                                          | CUSIP: 594698EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1298553.17   | 0.44%             | 2035-04-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994389.70    | 0.33%             | 2045-05-01      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE | County of Sacramento CA Airport System Revenue                                   | CUSIP: 786107WK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543369.80    | 0.18%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV | Columbus Regional Airport Authority                                              | CUSIP: 199546CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534670.40    | 0.18%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA               | District of Columbia                                                             | CUSIP: 25476FWW4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1543828.09   | 0.52%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GBX0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2850000.00   | 0.96%             | 2049-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R | Lower Colorado River Authority                                                   | CUSIP: 54811GS35<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2209604.60   | 0.74%             | 2045-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                                    | CUSIP: 66285WBV7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2605411.09   | 0.88%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 544445FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4690000 | PA      | $4873048.36   | 1.64%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    750000 | PA      | $743313.98    | 0.25%             | 2052-10-01      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY | Patriots Energy Group Financing Agency                                           | CUSIP: 70342PAS3<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084903.80   | 0.70%             | 2054-02-01      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE     | Port of Seattle WA                                                               | CUSIP: 7353892A5<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2158346.16   | 0.73%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                                        | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3895000 | PA      | $3954705.68   | 1.33%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA GEN PURPOS | Northampton County General Purpose Authority                                     | CUSIP: 66353RDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.03%             | 2054-08-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                                   | CUSIP: 944514TD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400093.88    | 0.13%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153CP2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2185854.09   | 0.74%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                      | CUSIP: 542691GD6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5630000 | PA      | $5761620.39   | 1.94%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT | North Carolina Turnpike Authority                                                | CUSIP: 65830RCB3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3455000 | PA      | $3663480.23   | 1.23%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST    | Fort Bend Independent School District                                            | CUSIP: 346843SZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $784158.72    | 0.26%             | 2051-08-01      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD | Michigan Strategic Fund                                                          | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998625.20   | 0.67%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G | Southeast Alabama Gas Supply District/The                                        | CUSIP: 84131TAU6<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2340781.88   | 0.79%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Legg Mason Partners Income Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer