Legg Mason Partners Income Trust

10/28/2026 | Press release | Distributed by Public on 10/28/2026 12:37

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04254

Legg Mason Partners Income Trust

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2026

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Western Asset Short Duration Municipal Income Fund
Class A [SHDAX]
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Western Asset Short Duration Municipal Income Fund for the period  March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$28
0.55%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$266,921,950
Total Number of Portfolio Holdings
144
Portfolio Turnover Rate
10%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Western Asset Short Duration Municipal Income Fund PAGE 1 7744-STSR-1026
Western Asset Short Duration Municipal Income Fund
Class C [SHDLX]
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Western Asset Short Duration Municipal Income Fund for the period  March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$46
0.92%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$266,921,950
Total Number of Portfolio Holdings
144
Portfolio Turnover Rate
10%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Western Asset Short Duration Municipal Income Fund PAGE 1 7746-STSR-1026
Western Asset Short Duration Municipal Income Fund
Class C2 [CIABX]
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Western Asset Short Duration Municipal Income Fund for the period  March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C2
$55
1.10%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$266,921,950
Total Number of Portfolio Holdings
144
Portfolio Turnover Rate
10%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Western Asset Short Duration Municipal Income Fund PAGE 1 7312-STSR-1026
Western Asset Short Duration Municipal Income Fund
Class I [SMDYX]
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Western Asset Short Duration Municipal Income Fund for the period  March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class I
$20
0.40%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$266,921,950
Total Number of Portfolio Holdings
144
Portfolio Turnover Rate
10%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Western Asset Short Duration Municipal Income Fund PAGE 1 7747-STSR-1026
Western Asset Short Duration Municipal Income Fund
Class IS [SHDSX]
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Western Asset Short Duration Municipal Income Fund for the period  March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class IS
$18
0.35%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$266,921,950
Total Number of Portfolio Holdings
144
Portfolio Turnover Rate
10%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Western Asset Short Duration Municipal Income Fund PAGE 1 7985-STSR-1026

(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
 
Western Asset
Short Duration Municipal Income Fund
Financial Statements and Other Important Information
Semi-Annual  | August 31, 2026
 
 
 
If you need assistance accessing this content, please reach out to your sales representative or send an email to [email protected].
Table of Contents
 
Schedule of Investments
1
Statement of Assets and Liabilities
12
Statement of Operations
14
Statements of Changes in Net Assets
15
Financial Highlights
16
Notes to Financial Statements
21
Changes in and Disagreements with Accountants
30
Results of Meeting(s) of Shareholders
30
Remuneration Paid to Directors, Officers and Others
30
Board Approval of Management and Subadvisory Agreements
31
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments (unaudited) August 31, 2026
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)  
Security
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds - 99.0%
Alabama - 3.9%
Black Belt Energy Gas District, AL, Gas Project
Revenue:
Project No 7, Series C-2 (SIFMA Municipal
Swap Index Yield + 0.350%), Refunding
2.630%
9/1/26
$840,000
$840,000
  (a)(b)
Series C
5.000%
7/1/27
1,250,000
1,266,512
  
Series C
5.000%
6/1/28
750,000
769,321
  
Series C
5.000%
7/1/28
1,500,000
1,540,362
  
Series E
5.000%
6/1/28
2,000,000
2,051,258
  (a)(b)
Southeast Energy Authority, AL, Cooperative
District, Energy Supply Revenue:
Series B
5.000%
1/1/27
750,000
751,963
  
Series B
5.000%
7/1/27
1,500,000
1,510,088
  
Series D
5.000%
9/1/29
240,000
250,168
  
Series D
5.000%
9/1/30
465,000
487,933
  
Series E
5.000%
10/1/28
1,000,000
1,036,874
  
Total Alabama
10,504,479
Arizona - 3.2%
Chandler, AZ, IDA Revenue, Intel Corp. Project
4.000%
6/1/29
3,955,000
3,975,324
  (a)(b)(c)
Maricopa County, AZ, IDA Revenue, Banner
Health Obligation Group, Series A, Refunding
5.000%
1/1/31
2,510,000
2,528,725
  
Maricopa County, AZ, Pollution Control Corp.
Revenue, Public Service Company of New Mexico
Palo Verde Project, Series A, Refunding
0.875%
10/1/26
2,000,000
1,996,349
  (a)(b)
Total Arizona
8,500,398
Arkansas - 0.7%
Arkansas State Development Finance Authority,
Environmental Improvement Revenue,
Weyerhaeuser Company Project, Series 2025
3.875%
10/15/32
2,000,000
1,985,255
  (a)(b)(c)
California - 10.6%
California State Community Choice Financing
Authority Revenue, Clean Energy Project, Green
Bonds, Climate Bond Certified, Series A
4.000%
12/1/27
2,435,000
2,451,486
  (a)(b)
California State MFA Revenue, SFMTA Potrero
Yard Modernization Project, Series B
5.000%
6/30/32
1,500,000
1,600,272
  
California State University Revenue, Systemwide,
Series B-3, Refunding
3.150%
11/1/32
1,500,000
1,485,618
  (a)(b)
Gilroy, CA, USD, GO, Unrefunded, AG
0.000%
8/1/30
1,840,000
1,634,271
  
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
1
Schedule of Investments (unaudited) (cont'd) August 31, 2026
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
California - continued
Long Beach, CA, Bond Finance Authority
Revenue, Natural Gas Purchase, Series B (3 mo.
Term SOFR x 0.670 + 0.262%)
4.131%
11/15/27
$2,000,000
$2,020,775
  (b)
Los Angeles, CA, Department of Airports
Revenue:
Los Angeles International Airport, Green
Bonds, Series A, Refunding
5.000%
5/15/30
1,500,000
1,596,196
  (c)(d)
Los Angeles International Airport,
Subordinated, Series C
5.000%
5/15/29
4,720,000
4,845,821
  (c)
Northern California Energy Authority, Commodity
Supply Revenue, Refunding
5.000%
8/1/28
1,050,000
1,080,643
  
Sacramento County, CA, Airport System Senior
Revenue:
Series A
5.000%
7/1/29
750,000
788,975
  (c)
Series A
5.000%
7/1/30
500,000
532,494
  (c)
San Francisco, CA, City & County Airport
Commission, International Airport Revenue,
Series A, Refunding
5.000%
5/1/30
4,825,000
5,137,551
  (c)
Southern California Public Power Authority, Clean
Energy II Project Revenue, Series A
5.000%
11/1/29
585,000
608,406
  
Southern Kern, CA, USD, GO, Series A, AG
0.000%
11/1/32
1,825,000
1,505,250
  
Ventura County, CA, Rio Elementary School
District, GO, BAN, BAM
0.000%
7/1/28
1,505,000
1,425,798
  
Walnut Valley, CA, USD, GO, Series D, NATL
0.000%
8/1/30
1,750,000
1,556,134
  
Total California
28,269,690
Colorado - 6.3%
City & County of Denver, CO, Airport System
Revenue:
Series A, Refunding
5.000%
11/15/29
3,025,000
3,184,431
  (c)
Series B, Refunding
5.000%
11/15/27
3,675,000
3,771,409
  (c)
Subordinated, Series A, Refunding
5.000%
12/1/31
6,510,000
6,740,621
  (c)
E-470 Public Highway Authority Revenue, CO,
Senior Bonds, Series B
3.138%
9/1/28
3,000,000
2,996,663
  (a)(b)
Total Colorado
16,693,124
Connecticut - 3.7%
Aquarion Water Authority, Water System
Revenue, Series A
5.000%
8/1/30
1,500,000
1,606,956
  
Connecticut State HEFA Revenue, Yale University
Issue, Series T-2
5.000%
7/1/29
3,000,000
3,192,009
  
See Notes to Financial Statements.
2
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
Connecticut - continued
Connecticut State Housing Finance Authority
Revenue, Housing Mortgage Finance Program,
Series A, Refunding
0.600%
11/15/26
$810,000
$804,423
  
Connecticut State, GO, Series A
5.000%
4/15/29
4,300,000
4,361,732
  
Total Connecticut
9,965,120
District of Columbia - 3.7%
District of Columbia, GO, Series B, Refunding
5.000%
6/1/32
1,460,000
1,509,623
  
Metropolitan Washington, DC, Airports Authority
Aviation Revenue:
Series A, Refunding
5.000%
10/1/27
1,985,000
2,030,276
  (c)
Series A, Refunding
5.000%
10/1/29
3,040,000
3,195,761
  (c)
Series A, Refunding
5.000%
10/1/30
3,000,000
3,187,245
  (c)
Total District of Columbia
9,922,905
Florida - 0.7%
Greater Orlando, FL, Aviation Authority, Airport
Facilities Revenue, Series A
5.000%
10/1/30
1,685,000
1,770,753
  (c)
Georgia - 3.2%
Atlanta, GA, Department of Aviation Revenue,
Green Bonds, Series B-1
5.000%
7/1/32
1,265,000
1,367,418
  (c)
Burke County, GA, Development Authority, PCR:
Georgia Power Co., Plant Vogtle Project
3.000%
6/15/29
1,000,000
997,474
  (a)(b)
Oglethorpe Power Corp. Vogtle Project, Series
A, Refunding
3.600%
2/1/30
1,310,000
1,321,845
  (a)(b)
Development Authority of Monroe County, GA,
Revenue, Georgia Power Company Plant Scherer
Project, Refunding
2.800%
3/6/31
1,000,000
978,311
  (a)(b)
Main Street Natural Gas Inc., GA, Gas Supply
Revenue:
Series A
5.000%
12/1/26
1,000,000
1,004,264
  
Series A
5.000%
12/1/27
500,000
510,422
  
Series E
5.000%
12/1/27
650,000
661,867
  
Series E
5.000%
12/1/31
1,500,000
1,562,381
  
Total Georgia
8,403,982
Illinois - 2.9%
Illinois State, GO:
Series A
5.000%
3/1/28
2,200,000
2,270,339
  
Series B
5.000%
5/1/29
1,525,000
1,603,377
  
Series of October 2016, Refunding
5.000%
2/1/28
2,650,000
2,673,752
  
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
3
Schedule of Investments (unaudited) (cont'd) August 31, 2026
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
Illinois - continued
Metropolitan Pier & Exposition Authority, IL,
Revenue, McCormick Place Expansion Project,
Series B, Refunding
4.000%
12/15/27
$1,270,000
$1,286,673
  
Total Illinois
7,834,141
Indiana - 3.8%
Indiana State Finance Authority, Environmental
Improvement Revenue, United States Steel Corp.
Project, Series A, Refunding
4.125%
12/1/26
1,500,000
1,502,076
  
Indiana State Finance Authority Revenue,
Wastewater Utility, First Lien, CWA Authority
Project, Series A, Refunding
5.000%
10/1/29
1,310,000
1,398,556
  
Indianapolis, IN, Local Public Improvement Bond
Bank, Indianapolis Airport Authority Project,
Series D, Refunding
5.000%
1/1/29
7,030,000
7,336,677
  (c)
Total Indiana
10,237,309
Iowa - 0.2%
Iowa Tobacco Settlement Authority Revenue,
Asset-Backed Senior Bonds, Class 1, Series A-2,
Refunding
5.000%
6/1/28
500,000
518,116
  
Kansas - 0.5%
City Of Burlington, KS, Environmental
Improvement Revenue, Evergy Metro Inc. Project,
Series 2023, Refunding
3.375%
6/2/31
1,350,000
1,335,996
  (a)(b)
Kentucky - 2.0%
Trimble County, KY, Environmental Facilities
Revenue, Louisville Gas and Electric Company
Project, Series A
4.700%
6/1/27
2,000,000
2,013,137
  (a)(b)(c)
Trimble County, KY, PCR, Louisville Gas and
Electric Company Project, Series A, Refunding
0.625%
9/1/26
3,250,000
3,250,000
  
Total Kentucky
5,263,137
Louisiana - 3.8%
Louisiana State Offshore Terminal Authority
Revenue, Deep Water Port Bonds, Series A,
Refunding
4.150%
9/1/27
3,000,000
3,025,416
  
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series C,
Refunding
3.300%
7/3/28
3,070,000
3,078,310
  (a)(b)
Marathon Oil Corp. Project, Series D,
Refunding
3.000%
7/2/29
4,000,000
3,971,319
  (a)(b)
Total Louisiana
10,075,045
See Notes to Financial Statements.
4
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
Maryland - 1.8%
Maryland State Department of Housing &
Community Development Residential Revenue,
Series D, Refunding
3.700%
3/1/33
$1,115,000
$1,108,153
  
Maryland State Health & Higher EFA Revenue,
University of Maryland, Medical System Issue,
Series A, Refunding
5.000%
7/1/29
1,770,000
1,869,874
  
Maryland State, GO, State and Local Facilities
Loan, Series A
5.000%
3/15/31
1,670,000
1,723,574
  
Total Maryland
4,701,601
Massachusetts - 0.3%
Massachusetts State DFA Revenue, Seven Hills
Foundation and Affiliates Issue, Refunding
5.250%
9/1/26
880,000
880,000
  
Michigan - 2.9%
Michigan State Finance Authority Revenue,
Mclaren Health Care, Series D-1, Refunding
1.100%
10/15/27
1,325,000
1,289,213
  
Michigan State HDA Revenue, Series A
1.500%
6/1/29
1,730,000
1,625,929
  
Michigan State Hospital Finance Authority
Revenue, Trinity Health Credit Group, Series C,
Unrefunded
5.000%
12/1/32
1,420,000
1,449,138
  
Michigan State Strategic Fund Ltd. Obligation
Revenue:
Consumers Energy Co. Project, Remarketing
0.875%
10/8/26
1,335,000
1,330,454
  (a)(b)(c)
Graphic Packaging International, LLC, Coated
Recycled Board Machine Project, Green Bonds
4.000%
10/1/26
2,000,000
1,999,971
  (a)(b)(c)
Total Michigan
7,694,705
Mississippi - 0.3%
Warren County, MS, Mississippi Gulf Opportunity
Zone Revenue, International Paper Company
Project, Refunding
4.000%
9/1/32
875,000
882,891
  
Missouri - 1.4%
Missouri State Environmental Improvement &
Energy Resources Authority Revenue, Kansas City
Power & Light Co. Project
4.050%
7/1/30
2,530,000
2,546,471
  (a)(b)(c)
Missouri State HEFA Revenue, BJC Health
System, Series A, Refunding
5.000%
7/1/32
1,200,000
1,289,482
  
Total Missouri
3,835,953
Nebraska - 0.8%
Sarpy County, NE, School District No 37, Gretna
Public Schools, GO, AG
5.000%
12/15/30
2,025,000
2,077,954
  
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
5
Schedule of Investments (unaudited) (cont'd) August 31, 2026
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
New Jersey - 8.3%
New Jersey State EDA Revenue:
Motor Vehicle Surcharges Subordinate, Series
A, BAM, Refunding
5.000%
7/1/27
$445,000
$452,203
  
Motor Vehicle Surcharges Subordinate, Series
A, BAM, Refunding
5.000%
7/1/28
5,005,000
5,082,436
  
New Jersey State Transportation Trust Fund
Authority Revenue:
Transportation Program, Series CC
5.000%
6/15/30
1,500,000
1,608,434
  
Transportation System, CAB, Series A, BAM-
TCRS
0.000%
12/15/27
5,795,000
5,580,943
  
Transportation System, CAB, Series C, AG
0.000%
12/15/29
2,860,000
2,582,880
  
Transportation System, CAB, Series C, AG
0.000%
12/15/32
2,905,000
2,335,222
  
Transportation System, CAB, Series C, AG
0.000%
12/15/34
1,485,000
1,088,455
  
Transportation System, Series C, NATL
0.000%
12/15/30
525,000
455,658
  
New Jersey State, GO, COVID-19 Emergency
Bonds, Series A
5.000%
6/1/29
1,865,000
1,979,459
  
Newark, NJ, GO, Qualified General Improvement,
Series A, Refunding, State Aid Withholding
5.000%
7/15/29
1,000,000
1,051,952
  
Total New Jersey
22,217,642
New Mexico - 0.6%
New Mexico State Municipal Energy Acquisition
Authority, Gas Supply Revenue:
Series 2025, Refunding
5.000%
5/1/28
640,000
658,271
  
Series 2025, Refunding
5.000%
5/1/29
850,000
884,604
  
Total New Mexico
1,542,875
New York - 11.3%
Hudson Yards Infrastructure Corp., NY, Second
Indenture Revenue, Series A, Refunding
5.000%
2/15/35
2,310,000
2,329,744
  
Long Island, NY, Power Authority Electric System
Revenue:
Series B
3.000%
9/1/28
1,705,000
1,701,860
  (a)(b)
Series B
3.000%
9/1/29
5,215,000
5,188,310
  (a)(b)
Series B, Refunding
1.500%
9/1/26
3,680,000
3,680,000
  (a)(b)
Series B, Refunding
5.000%
9/1/27
3,630,000
3,673,150
  (a)(b)
Series C, Refunding
3.400%
9/1/30
1,700,000
1,695,028
  (a)(b)
MTA, NY, Transportation Revenue, Green Bonds,
Series B-1, Refunding
5.000%
11/15/35
100,000
101,902
  
New York City, NY, HDC, MFH Revenue, Green
Bonds, Series G, FHA, Refunding
0.600%
11/1/26
940,000
934,728
  
See Notes to Financial Statements.
6
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
New York - continued
Port Authority of New York & New Jersey
Revenue, Consolidated Series 207, Refunding
5.000%
9/15/32
$2,670,000
$2,730,527
  (c)
Triborough Bridge & Tunnel Authority, NY,
Revenue:
Payroll Mobility Tax BAN, Series A-2
5.000%
2/1/29
1,500,000
1,580,968
  
Payroll Mobility Tax BAN, Series B-2
5.000%
3/15/29
6,200,000
6,562,789
  
Total New York
30,179,006
North Carolina - 1.3%
North Carolina State Turnpike Authority, Triangle
Expressway System Turnpike Revenue, Senior
Lien, Refunding, AG
5.000%
1/1/33
3,455,000
3,592,411
  
Ohio - 1.9%
Columbus Ohio Regional Airport Authority
Revenue, John Glenn Columbus International
Airport, Series A, Refunding
5.000%
1/1/30
500,000
526,474
  (c)
Ohio State Air Quality Development Authority
Revenue, American Electric Power Co. Project,
Series A, Refunding
3.750%
1/1/29
1,040,000
1,047,275
  (c)
Ohio State Hospital Revenue, Cleveland Clinic
Health System Obligated Group, Series A,
Refunding
5.000%
1/1/30
3,470,000
3,564,901
  
Total Ohio
5,138,650
Oregon - 2.1%
Clackamas County, OR, School District No 62,
Oregon City, GO, CAB, Series A, School Bond
Guaranty
0.000%
6/15/29
400,000
366,367
  
Lane County, OR, School District No 1, Pleasant
Hill, GO, CAB, Series B, School Bond Guaranty
0.000%
6/15/27
1,320,000
1,288,224
  
Salem-Keizer, OR, School District No 24J, GO:
Marion and Polk Counties, School Bond
Guaranty
5.000%
6/15/31
2,050,000
2,128,182
  
Series B, School Bond Guaranty
0.000%
6/15/28
875,000
830,952
  
Series B, School Bond Guaranty
0.000%
6/15/30
1,050,000
929,971
  
Total Oregon
5,543,696
South Carolina - 1.3%
Patriots Energy Group Financing Agency, SC, Gas
Supply Revenue, Subseries B-2, Refunding (SOFR
x 0.670 + 1.900%)
4.338%
3/1/31
2,000,000
2,078,676
  (a)(b)
South Carolina State Public Service Authority
Revenue, Santee Cooper, Series B, Refunding
5.000%
12/1/28
1,375,000
1,441,789
  
Total South Carolina
3,520,465
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
7
Schedule of Investments (unaudited) (cont'd) August 31, 2026
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
Tennessee - 0.8%
Tennessee State Housing Development Agency
Residential Finance Program Revenue, Series B
3.550%
7/1/30
$2,090,000
$2,090,086
  
Texas - 11.8%
Central Texas Turnpike System Revenue, Series C,
Refunding
5.000%
8/15/31
1,000,000
1,080,461
  
Dallas And Fort Worth, TX, International Airport
Authority Revenue:
Series A-2
5.000%
11/1/29
2,970,000
3,110,087
  (a)(b)(c)
Series A-2
5.000%
11/1/32
1,000,000
1,071,638
  (a)(b)(c)
Denton, TX, ISD, GO, Unlimited Tax School
Building Bonds, Series B-2, PSF - GTD
4.000%
8/15/30
4,120,000
4,224,782
  (a)(b)
Galveston, TX, Wharves & Terminal Revenue:
First Lien, Series A
5.000%
8/1/29
375,000
391,837
  (c)
First Lien, Series A
5.000%
8/1/30
550,000
580,268
  (c)
First Lien, Series A
5.000%
8/1/31
1,015,000
1,079,485
  (c)
Lower Colorado River, TX, Authority Revenue,
Series B, Refunding
5.000%
5/15/32
2,000,000
2,150,666
  (a)(b)
Mission, TX, EDC, Solid Waste Disposal Revenue,
Graphic Packaging International, LLC Project,
Green Bonds
5.000%
6/1/30
300,000
308,319
  (a)(b)(c)
North Texas Tollway Authority Revenue:
CAB, First Tier, Series D, Refunding, AG
0.000%
1/1/30
3,185,000
2,871,971
  
CAB, First Tier, Series D, Refunding, AG
0.000%
1/1/31
2,910,000
2,529,047
  
San Antonio, TX, Electric and Gas Systems
Revenue:
Variable Rate Junior Lien, Series A, Refunding
3.200%
12/1/30
3,000,000
2,978,192
  (a)(b)
Variable Rate Junior Lien, Series B, Refunding
3.650%
12/1/32
1,000,000
1,001,128
  (a)(b)
Tarrant County, TX, Cultural Education Facilities
Finance Corp., Hospital Revenue, Baylor Scott &
White Health Project, Series F
5.000%
5/1/30
350,000
371,425
  (a)(b)
Texas State:
Municipal Gas Acquisition & Supply Corp. I,
Gas Supply Revenue, Senior Lien, Series B (3
mo. Term SOFR x 0.670 + 0.262%)
3.330%
12/15/26
1,045,000
1,045,136
  (b)
Municipal Gas Acquisition & Supply Corp. II,
Gas Supply Revenue, Series C (3 mo. Term
SOFR x 0.660 + 0.863%)
3.281%
9/15/27
615,000
616,098
  (b)
Municipal Gas Acquisition & Supply Corp. III,
Gas Supply Revenue, Refunding
5.000%
12/15/27
3,750,000
3,834,790
  
See Notes to Financial Statements.
8
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
Texas - continued
Municipal Gas Acquisition & Supply Corp. IV,
Gas Supply Revenue, Series B
5.250%
1/1/27
$1,250,000
$1,257,964
  
Municipal Gas Acquisition & Supply Corp. VI,
Gas Supply Revenue, Series A
5.000%
3/1/29
250,000
257,646
  
Troy, TX, ISD, GO, CAB, Refunding, PSF - GTD
0.000%
8/1/29
925,000
841,027
  
Total Texas
31,601,967
Utah - 1.3%
Salt Lake City, UT, Airport Revenue:
Series A
5.000%
7/1/29
2,500,000
2,630,614
  (c)
Series A
5.000%
7/1/32
705,000
714,596
  (c)
Total Utah
3,345,210
Washington - 1.2%
Port of Seattle, WA, Intermediate Lien Revenue:
Series B, Private Activity, Refunding
5.000%
8/1/28
1,060,000
1,095,519
  (c)
Series B, Refunding
5.000%
7/1/29
2,020,000
2,115,455
  (c)
Total Washington
3,210,974
West Virginia - 0.4%
West Virginia State EDA Revenue, Solid Waste
Disposal Facility, Appalachian Power Co. AMOS
Project, Series A
3.300%
9/1/28
1,000,000
997,804
  (a)(b)(c)
Total Investments before Short-Term Investments (Cost - $263,608,386)
264,333,340
Short-Term Investments - 0.9%
Municipal Bonds - 0.9%
Georgia - 0.1%
Bartow County, GA, Development Authority
Revenue, Solid Waste Disposal Facility, Georgia
Power Company Plant Bowen Project
3.100%
11/1/62
200,000
200,000
  (c)(e)(f)
Maryland - 0.3%
Maryland State Health & Higher EFA Revenue,
University of Maryland Medical System, Series D,
Refunding, LOC - TD Bank N.A.
2.900%
7/1/41
750,000
750,000
  (e)(f)
Massachusetts - 0.1%
Massachusetts State DFA Revenue, Partners
HealthCare System, Mass General Brigham Inc.,
Series K-1, SPA - Wells Fargo Bank N.A.
2.000%
7/1/46
200,000
200,000
  (e)(f)
New York - 0.3%
New York City, NY, GO, Subseries D-4, LOC - TD
Bank N.A.
2.900%
8/1/40
280,000
280,000
  (e)(f)
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
9
Schedule of Investments (unaudited) (cont'd) August 31, 2026
 Western Asset Short Duration Municipal Income Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount
Value
New York - continued
New York State HFA Revenue, 363 West 30th
Street Housing, Series A, LIQ - FHLMC, LOC -
FHLMC
2.370%
11/1/32
$400,000
$400,000
  (c)(e)(f)
Total New York
680,000
Pennsylvania - 0.0%††
Northampton County, PA, General Purpose
Authority, Hospital Revenue, St. Luke's University
Health Network Project, Series B, LOC - TD Bank
N.A.
2.900%
8/15/54
100,000
100,000
  (e)(f)
Texas - 0.1%
Tarrant County, TX, Cultural Education Facilities
Finance Corp., Hospital Revenue, Baylor Scott &
White Health Project, Series A, Refunding, SPA -
JPMorgan Chase & Co.
2.950%
11/15/50
300,000
300,000
  (e)(f)
Total Short-Term Investments (Cost - $2,230,000)
2,230,000
Total Investments - 99.9% (Cost - $265,838,386)
266,563,340
Other Assets in Excess of Liabilities - 0.1%
358,610
Total Net Assets - 100.0%
$266,921,950
 
††
Represents less than 0.1%.
(a)
Maturity date shown represents the mandatory tender date.
(b)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate
securities are not based on a published reference rate and spread but are determined by the issuer or agent and
are based on current market conditions. These securities do not indicate a reference rate and spread in their
description above.
(c)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax
("AMT").
(d)
Securities traded on a when-issued or delayed delivery basis.
(e)
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 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 remarketing agent, pursuant to a
formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official
documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association
("SIFMA") Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets
of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate
Transparency System.
(f)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
See Notes to Financial Statements.
10
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
 Western Asset Short Duration Municipal Income Fund
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
FHLMC
- 
Federal Home Loan Mortgage Corporation
GO
- 
General Obligation
GTD
- 
Guaranteed
HDA
- 
Housing Development Authority
HDC
- 
Housing Development Corporation
HEFA
- 
Health & Educational Facilities Authority
HFA
- 
Housing Finance Agency
IDA
- 
Industrial Development Authority
ISD
- 
Independent School District
LIQ
- 
Liquidity Facility
LOC
- 
Letter of Credit
MFA
- 
Municipal Finance Authority
MFH
- 
Multi-Family Housing
MTA
- 
Metropolitan Transportation Authority
NATL
- 
National Public Finance Guarantee Corporation - Insured Bonds
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
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
11
Statement of Assets and Liabilities (unaudited) August 31, 2026
 
Assets:
Investments, at value (Cost - $265,838,386)
$266,563,340
Cash
97,163
Interest receivable
2,561,488
Receivable for Fund shares sold
46,377
Prepaid expenses
39,763
Total Assets
269,308,131
Liabilities:
Payable for securities purchased
1,591,875
Payable for Fund shares repurchased
561,994
Investment management fee payable
48,361
Distributions payable
43,723
Service and/or distribution fees payable
25,266
Trustees' fees payable
168
Accrued expenses
114,794
Total Liabilities
2,386,181
Total Net Assets
$266,921,950
Net Assets:
Par value (Note 7)
$529
Paid-in capital in excess of par value
293,335,599
Total distributable earnings (loss)
(26,414,178
)
Total Net Assets
$266,921,950
See Notes to Financial Statements.
12
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
Net Assets:
Class A
$172,425,068
Class C
$6,611,826
Class C2
$700,347
Class I
$78,362,817
Class IS
$8,821,892
Shares Outstanding:
Class A
34,152,837
Class C
1,308,828
Class C2
138,763
Class I
15,522,764
Class IS
1,745,246
Net Asset Value:
Class A (and redemption price)
$5.05
Class C (and redemption price)
$5.05
Class C2 (and redemption price)
$5.05
Class I (and redemption price)
$5.05
Class IS (and redemption price)
$5.05
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 2.25%)
$5.17
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
13
Statement of Operations (unaudited) For the Six Months Ended August 31, 2026
 
Investment Income:
Interest
$4,495,598
Expenses:
Investment management fee (Note 2)
420,959
Service and/or distribution fees (Notes 2 and 5)
156,989
Transfer agent fees (Notes 2 and 5)
112,176
Registration fees
44,543
Fund accounting fees
35,690
Audit and tax fees
27,229
Legal fees
9,812
Shareholder reports
9,095
Trustees' fees
4,853
Commitment fees (Note 8)
1,240
Insurance
1,082
Custody fees
946
Miscellaneous expenses
6,697
Total Expenses
831,311
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
(114,228
)
Net Expenses
717,083
Net Investment Income
3,778,515
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Gain From Investment Transactions
198,004
Change in Net Unrealized Appreciation (Depreciation) From Investments
(4,382,161
)
Net Loss on Investments
(4,184,157
)
Decrease in Net Assets From Operations
$(405,642
)
See Notes to Financial Statements.
14
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
Statements of Changes in Net Assets
 
For the Six Months Ended August 31, 2026 (unaudited)
and the Year Ended February 28, 2026
August 31
February 28
Operations:
Net investment income
$3,778,515
$7,935,578
Net realized gain
198,004
948,211
Change in net unrealized appreciation (depreciation)
(4,382,161
)
4,332,180
Increase (Decrease) in Net Assets From Operations
(405,642
)
13,215,969
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings
(3,739,135
)
(7,862,432
)
Decrease in Net Assets From Distributions to Shareholders
(3,739,135
)
(7,862,432
)
Fund Share Transactions (Note 7):
Net proceeds from sale of shares 
13,902,036
27,154,934
Reinvestment of distributions
3,456,498
7,253,586
Cost of shares repurchased 
(37,810,465
)
(71,837,270
)
Decrease in Net Assets From Fund Share Transactions
(20,451,931
)
(37,428,750
)
Decrease in Net Assets
(24,596,708
)
(32,075,213
)
Net Assets:
Beginning of period
291,518,658
323,593,871
End of period
$266,921,950
$291,518,658
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
15
Financial Highlights
 
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class A Shares1
20262
2026
2025
20243
2023
2022
Net asset value, beginning of period
$5.12
$5.03
$4.98
$4.91
$5.05
$5.17
Income (loss) from operations:
Net investment income
0.07
0.13
0.11
0.10
0.07
0.05
Net realized and unrealized gain (loss)
(0.07
)
0.09
0.05
0.07
(0.14
)
(0.12
)
Total income (loss) from operations
0.00
4
0.22
0.16
0.17
(0.07)
(0.07)
Less distributions from:
Net investment income
(0.07
)
(0.13
)
(0.11
)
(0.10
)
(0.07
)
(0.05
)
Total distributions
(0.07
)
(0.13
)
(0.11
)
(0.10
)
(0.07
)
(0.05
)
Net asset value, end of period
$5.05
$5.12
$5.03
$4.98
$4.91
$5.05
Total return5
(0.04
)%
4.41
%
3.32
%
3.50
%
(1.45
)%
(1.41
)%
Net assets, end of period (millions)
$172
$192
$210
$247
$304
$373
Ratios to average net assets:
Gross expenses
0.63
%6
0.62
%
0.60
%
0.57
%
0.56
%
0.55
%
Net expenses7,8
0.55
6
0.55
0.55
0.55
0.55
0.55
Net investment income
2.65
6
2.56
2.28
2.03
1.35
0.96
Portfolio turnover rate
10
%
25
%
26
%
33
%
28
%
30
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended August 31, 2026 (unaudited).
3
For the year ended February 29.
4
Amount represents less than $0.0005 or greater than $(0.0005) per share.
5
Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers
and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or
expense reimbursements, the total return would have been lower. Past performance is no guarantee of future
results. Total returns for periods of less than one year are not annualized.
6
Annualized.
7
As a result of an expense limitation arrangement, effective May 21, 2021, the ratio of total annual fund
operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and
expenses, to average net assets of Class A shares did not exceed 0.55%. This expense limitation arrangement
cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent.
8
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
16
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
 
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class C Shares1
20262
2026
2025
20243
2023
2022
Net asset value, beginning of period
$5.13
$5.03
$4.99
$4.91
$5.06
$5.17
Income (loss) from operations:
Net investment income
0.06
0.11
0.10
0.08
0.05
0.03
Net realized and unrealized gain (loss)
(0.08
)
0.10
0.04
0.08
(0.15
)
(0.11
)
Total income (loss) from operations
(0.02)
0.21
0.14
0.16
(0.10)
(0.08)
Less distributions from:
Net investment income
(0.06
)
(0.11
)
(0.10
)
(0.08
)
(0.05
)
(0.03
)
Total distributions
(0.06
)
(0.11
)
(0.10
)
(0.08
)
(0.05
)
(0.03
)
Net asset value, end of period
$5.05
$5.13
$5.03
$4.99
$4.91
$5.06
Total return4
(0.43
)%
4.23
%
2.75
%
3.34
%
(1.98
)%
(1.55
)%5
Net assets, end of period (000s)
$6,612
$7,308
$10,858
$18,917
$41,548
$90,990
Ratios to average net assets:
Gross expenses
0.97
%6
0.96
%
0.95
%
0.92
%
0.91
%
0.89
%
Net expenses7
0.92
6,8
0.92
8
0.91
8
0.91
8
0.91
0.89
8
Net investment income
2.28
6
2.18
1.90
1.65
0.94
0.63
Portfolio turnover rate
10
%
25
%
26
%
33
%
28
%
30
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended August 31, 2026 (unaudited).
3
For the year ended February 29.
4
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
5
The total return includes a payment by an affiliate to reimburse for an error. Absent this payment, total return
would have been -1.75% for the year ended February 28, 2022.
6
Annualized.
7
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of
Class C shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to
December 31, 2027 without the Board of Trustees' consent.
8
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
17
Financial Highlights (cont'd)
 
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class C2 Shares1
20262
2026
2025
20243
2023
2022
Net asset value, beginning of period
$5.12
$5.03
$4.98
$4.91
$5.05
$5.17
Income (loss) from operations:
Net investment income
0.05
0.10
0.09
0.07
0.04
0.02
Net realized and unrealized gain (loss)
(0.07
)
0.09
0.05
0.07
(0.14
)
(0.12
)
Total income (loss) from operations
(0.02)
0.19
0.14
0.14
(0.10)
(0.10)
Less distributions from:
Net investment income
(0.05
)
(0.10
)
(0.09
)
(0.07
)
(0.04
)
(0.02
)
Total distributions
(0.05
)
(0.10
)
(0.09
)
(0.07
)
(0.04
)
(0.02
)
Net asset value, end of period
$5.05
$5.12
$5.03
$4.98
$4.91
$5.05
Total return4
(0.32
)%
3.84
%
2.77
%
2.95
%
(1.95
)%
(1.91
)%
Net assets, end of period (000s)
$700
$657
$691
$845
$959
$1,319
Ratios to average net assets:
Gross expenses
1.15
%5
1.14
%
1.12
%
1.09
%
1.06
%
1.05
%
Net expenses6
1.10
5,7
1.10
7
1.08
7
1.08
7
1.06
1.05
7
Net investment income
2.11
5
2.01
1.75
1.51
0.79
0.45
Portfolio turnover rate
10
%
25
%
26
%
33
%
28
%
30
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended August 31, 2026 (unaudited).
3
For the year ended February 29.
4
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
5
Annualized.
6
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of
Class C2 shares did not exceed 1.20%. This expense limitation arrangement cannot be terminated prior to
December 31, 2027 without the Board of Trustees' consent.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
18
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
 
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class I Shares1
20262
2026
2025
20243
2023
2022
Net asset value, beginning of period
$5.12
$5.03
$4.98
$4.91
$5.05
$5.17
Income (loss) from operations:
Net investment income
0.07
0.14
0.12
0.11
0.07
0.06
Net realized and unrealized gain (loss)
(0.07
)
0.09
0.05
0.07
(0.14
)
(0.12
)
Total income (loss) from
operations
0.00
4
0.23
0.17
0.18
(0.07)
(0.06)
Less distributions from:
Net investment income
(0.07
)
(0.14
)
(0.12
)
(0.11
)
(0.07
)
(0.06
)
Total distributions
(0.07
)
(0.14
)
(0.12
)
(0.11
)
(0.07
)
(0.06
)
Net asset value, end of period
$5.05
$5.12
$5.03
$4.98
$4.91
$5.05
Total return5
0.03
%
4.57
%
3.48
%
3.65
%
(1.32
)%
(1.26
)%
Net assets, end of period (000s)
$78,363
$82,838
$93,990
$126,663
$184,211
$341,989
Ratios to average net assets:
Gross expenses
0.49
%6
0.47
%
0.47
%
0.44
%
0.43
%
0.42
%
Net expenses7,8
0.40
6
0.40
0.40
0.40
0.40
0.40
Net investment income
2.81
6
2.71
2.42
2.17
1.45
1.11
Portfolio turnover rate
10
%
25
%
26
%
33
%
28
%
30
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended August 31, 2026 (unaudited).
3
For the year ended February 29.
4
Amount represents less than $0.0005 or greater than $(0.0005) per share.
5
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
6
Annualized.
7
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of
Class I shares did not exceed 0.40%. This expense limitation arrangement cannot be terminated prior to
December 31, 2027 without the Board of Trustees' consent.
8
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
19
Financial Highlights (cont'd)
 
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class IS Shares1
20262
2026
2025
20243
2023
2022
Net asset value, beginning of period
$5.13
$5.04
$4.99
$4.91
$5.05
$5.17
Income (loss) from operations:
Net investment income
0.07
0.14
0.13
0.11
0.08
0.06
Net realized and unrealized gain (loss)
(0.08
)
0.09
0.04
0.08
(0.14
)
(0.12
)
Total income (loss) from operations
(0.01)
0.23
0.17
0.19
(0.06)
(0.06)
Less distributions from:
Net investment income
(0.07
)
(0.14
)
(0.12
)
(0.11
)
(0.08
)
(0.06
)
Total distributions
(0.07
)
(0.14
)
(0.12
)
(0.11
)
(0.08
)
(0.06
)
Net asset value, end of period
$5.05
$5.13
$5.04
$4.99
$4.91
$5.05
Total return4
(0.14
)%
4.62
%
3.53
%
3.91
%
(1.25
)%
(1.21
)%
Net assets, end of period (000s)
$8,822
$8,478
$8,208
$4,882
$5,721
$6,653
Ratios to average net assets:
Gross expenses
0.40
%5
0.39
%
0.39
%
0.37
%
0.35
%
0.35
%
Net expenses6,7
0.35
5
0.35
0.35
0.35
0.35
0.34
Net investment income
2.86
5
2.76
2.51
2.24
1.55
1.16
Portfolio turnover rate
10
%
25
%
26
%
33
%
28
%
30
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended August 31, 2026 (unaudited).
3
For the year ended February 29.
4
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
5
Annualized.
6
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of
Class IS shares did not exceed 0.35%. In addition, the ratio of total annual fund operating expenses for Class IS
shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense
limitation arrangements cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
20
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
Notes to Financial Statements (unaudited)
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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-endfunds 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/dealersor at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").
Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
21
Notes to Financial Statements (unaudited) (cont'd)
due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 - unadjusted quoted prices in active markets for identical investments
•
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
22
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Municipal Bonds†
-
$264,333,340
-
$264,333,340
Short-Term Investments†
-
2,230,000
-
2,230,000
Total Investments
-
$266,563,340
-
$266,563,340
 
†
See Schedule of Investments for additional detailed categorizations.
(b) Securities traded on a when-issued and delayed delivery basis. The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.
Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.
(c) Credit and market risk. Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.
(d) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
(e) Distributions to shareholders. Distributions from net investment income of the Fund are declared each business day to shareholders of record and are paid monthly. The Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from federal and certain state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Fund. Distributions of net realized gains, if any, are taxable and are declared at least annually. Distributions to shareholders of the Fund are
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
23
Notes to Financial Statements (unaudited) (cont'd)
recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
(f) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.
(g) Federal and other taxes. It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.
Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of February 28, 2026, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.
(h) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
2. Investment management agreement and other transactions with affiliates
Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager and Western Asset Management Company, LLC ("Western Asset") is the Fund's subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Templeton, Inc. ("Franklin Templeton") (prior to August 17, 2026, known as Franklin Resources, Inc.).
Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.30% of the Fund's average daily net assets.
FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.
As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class C2, Class I and Class IS shares did not exceed 0.55%, 1.05%, 1.20%, 0.40% and 0.35%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's consent.
24
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
During the six months ended August 31, 2026, fees waived and/or expenses reimbursed amounted to $114,228.
FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.
Pursuant to these arrangements, at August 31, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:
 
Class A
Class C
Class C2
Class I
Class IS
Expires February 28, 2027
$120,398
$5,351
$269
$71,901
$2,769
Expires February 29, 2028
132,233
3,410
267
60,330
3,221
Expires February 28, 2029
74,292
1,780
181
35,756
2,220
Total fee waivers/expense
reimbursements subject to recapture
$326,923
$10,541
$717
$167,987
$8,210
For the six months ended August 31, 2026, FTFA did not recapture any fees.
Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Templeton. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Templeton. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-basedfees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended August 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $1,317 was earned by Investor Services.
There is a maximum initial sales charge of 2.25% for Class A shares. In certain cases, Class A shares have a 0.50% contingent deferred sales charge ("CDSC"), which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $250,000 in the aggregate. These purchases do not incur an initial sales charge.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
25
Notes to Financial Statements (unaudited) (cont'd)
For the six months ended August 31, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:
 
Class A
Sales charges
$1,898
CDSCs
4,963
All officers and one Trustee of the Trust are employees of Franklin Templeton or its affiliates and do not receive compensation from the Trust.
The Fund is permitted to purchase or sell short-term variable rate demand obligations from or to certain other affiliated funds or portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another fund or portfolio that is, or could be considered, an affiliate by virtue of having a common investment manager or subadviser (or affiliated investment manager or subadviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended August 31, 2026, such purchase and sale transactions (excluding accrued interest) were $17,900,000 and $26,655,000, respectively. There was no realized gain or loss recognized as a result of these transactions.
3. Investments
During the six months ended August 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:
 
Purchases
$28,660,171
Sales
46,366,188
At August 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
 
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
Investments
$265,477,964
$1,978,179
$(892,803)
$1,085,376
4. Derivative instruments and hedging activities
During the six months ended August 31, 2026, the Fund did not invest in derivative instruments.
5. Class specific expenses, waivers and/or expense reimbursements
The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C and Class C2 shares calculated at the annual rate of 0.15%, 0.50% and 0.65% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.
26
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
For the six months ended August 31, 2026, class specific expenses were as follows:
 
Service and/or
Distribution Fees
Transfer Agent
Fees
Class A
$137,369
$73,862
Class C
17,334
2,518
Class C2
2,286
339
Class I
-
35,400
Class IS
-
57
Total
$156,989
$112,176
For the six months ended August 31, 2026, waivers and/or expense reimbursements by class were as follows:
 
Waivers/Expense
Reimbursements
Class A
$74,292
Class C
1,780
Class C2
180
Class I
35,756
Class IS
2,220
Total
$114,228
6. Distributions to shareholders by class
 
Six Months Ended
August 31, 2026
Year Ended
February 28, 2026
Net Investment Income:
Class A
$2,403,944
$5,119,824
Class C
78,219
186,481
Class C2
7,343
13,391
Class I
1,130,366
2,325,488
Class IS
119,263
217,248
Total
$3,739,135
$7,862,432
7. Shares of beneficial interest
At August 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
27
Notes to Financial Statements (unaudited) (cont'd)
Transactions in shares of each class were as follows:
 
Six Months Ended
August 31, 2026
Year Ended
February 28, 2026
Shares
Amount
Shares
Amount
Class A
Shares sold
1,310,409
$6,654,423
3,317,764
$16,749,950
Shares issued on reinvestment
447,210
2,262,867
949,947
4,804,838
Shares repurchased
(5,134,140
)
(25,996,685
)
(8,448,767
)
(42,724,013
)
Net decrease
(3,376,521
)
$(17,079,395
)
(4,181,056
)
$(21,169,225
)
Class C
Shares sold
46,363
$234,820
53,405
$270,917
Shares issued on reinvestment
15,442
78,219
36,812
186,191
Shares repurchased
(178,851
)
(907,269
)
(821,274
)
(4,144,321
)
Net decrease
(117,046
)
$(594,230
)
(731,057
)
$(3,687,213
)
Class C2
Shares sold
23,666
$119,987
8,046
$40,488
Shares issued on reinvestment
1,451
7,343
2,649
13,391
Shares repurchased
(14,719
)
(74,576
)
(19,667
)
(99,159
)
Net increase (decrease)
10,398
$52,754
(8,972
)
$(45,280
)
Class I
Shares sold
1,007,078
$5,102,111
1,556,304
$7,852,054
Shares issued on reinvestment
195,427
988,806
401,857
2,031,918
Shares repurchased
(1,852,738
)
(9,385,134
)
(4,468,633
)
(22,539,109
)
Net decrease
(650,233
)
$(3,294,217
)
(2,510,472
)
$(12,655,137
)
Class IS
Shares sold
353,148
$1,790,695
441,396
$2,241,525
Shares issued on reinvestment
23,548
119,263
42,901
217,248
Shares repurchased
(284,842
)
(1,446,801
)
(460,462
)
(2,330,668
)
Net increase
91,854
$463,157
23,835
$128,105
8. Redemption facility
The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Templeton or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.
Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of
28
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended August 31, 2026.
9. Deferred capital losses
As of February 28, 2026, the Fund had deferred capital losses of $29,027,168, which have no expiration date, that will be available to offset future taxable capital gains.
10. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.
Western Asset Short Duration Municipal Income Fund 2026 Semi-Annual Report
29
 
Changes in and Disagreements with Accountants
For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders
For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others
For the period covered by this report
Refer to the financial statements included herein.
30
Western Asset Short Duration Municipal Income Fund
Board Approval of Management and Subadvisory Agreements (unaudited)
The Executive and Contracts Committee of the Board of Trustees (the "Executive and Contracts Committee") considered the Management Agreement between the Trust and Franklin Templeton Fund Adviser, LLC ("FTFA") with respect to the Fund and the subadvisory agreement between FTFA and Western Asset Management Company, LLC ("Western Asset" or the "Subadviser", and together with FTFA, the "Advisers") with respect to the Fund (collectively, the "Agreements") at a meeting held on April 22, 2026. At an in-person meeting held on May 19, 2026, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.
In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the "Performance Universe") and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund's performance and other relevant matters and related discussions with the Advisers' personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time.
As part of their review, the Trustees examined FTFA's ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadviser's ability to provide high quality investment management services to the Fund. The Trustees considered the experience of FTFA's personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA's senior management and staff. The Trustees also considered the investment philosophy and research and decision-makingprocesses of the Subadviser; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadviser to attract and retain capable research and advisory personnel; the risks to the Advisers associated with
Western Asset Short Duration Municipal Income Fund
31
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA's and the Subadviser's risk management processes; the capability and integrity of the Advisers' senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers' services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers' ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Trustees concluded that the Subadviser's investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.
The Board reviewed the qualifications, backgrounds and responsibilities of FTFA's and Western Asset's senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Templeton, Inc. (prior to August 17, 2026, known as Franklin Resources, Inc.), the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.
In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1-, 3-, 5- and 10-year periods ended December 31, 2025. The information comparing the Fund's performance to that of its Performance Universe, consisting of funds (including the Fund) classified as retail and institutional short municipal debt funds by Broadridge, showed, among other data, that the Fund's performance for the 1-, 3- and 10-year periods ended December 31, 2025 was above the median and that the Fund's performance for the 5-year period ended December 31, 2025 was below the median. The Board noted that the Fund's performance exceeded the performance of its benchmark index for the 1-, 3- and 5-year periods ended December 31, 2025 and was approximately equal to that of its benchmark index for the 10-year period ended December 31, 2025. The Board considered the factors involved in the Fund's performance relative to the performance of its investment benchmark and Performance Universe.
The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadviser. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset's other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to the Subadviser because FTFA pays the Subadviser for services
32
Western Asset Short Duration Municipal Income Fund
provided to the Fund out of the management fee FTFA receives from the Fund. The information comparing the Fund's Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of institutional short municipal debt funds (including the Fund) chosen by Broadridge to be comparable to the Fund, showed that the Fund's Contractual Management Fee and Actual Management Fee were below the median. The Board noted that the Fund's actual total expense ratio was below the median. The Board also considered that the current limitation on the Fund's expenses is expected to continue through December 2027.
The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the "fallout benefits," such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.
Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Board noted that the Fund's Contractual Management Fee and Actual Management Fee were below the median of the peer group. The Board also noted the size of the Fund.
In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.
Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers but would continue to closely monitor the Advisers' performance; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services
Western Asset Short Duration Municipal Income Fund
33
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.
34
Western Asset Short Duration Municipal Income Fund
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Western Asset
Short Duration Municipal Income Fund
Trustees
Robert Abeles, Jr.
Jane F. Dasher
Anita L. DeFrantz
Susan B. Kerley
Michael Larson
Avedick B. Poladian
William E.B. Siart
Chair
Jaynie M. Studenmund
Peter J. Taylor
Jane Trust
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
Western Asset Management Company, LLC
Distributor
Franklin Distributors, LLC
Custodian
The Bank of New York Mellon
Transfer agent
Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Independent registered
public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
Western Asset Short Duration Municipal Income Fund
The Fund is a separate investment series of Legg Mason Partners Income Trust, a Maryland statutory trust.
Western Asset Short Duration Municipal Income Fund
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863,(2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.
This report is submitted for the general information of the shareholders of Western Asset Short Duration Municipal Income Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. Theprospectus contains this and other important information about the Fund. Please read the prospectuscarefully before investing.
www.franklintempleton.com
© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

 
90279-SFSOI 10/26
© 2026 Franklin Templeton. All rights reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

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

Exhibit 99.CERT

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

Exhibit 99.906CERT

SIGNATURES

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

Legg Mason Partners Income Trust

By: /s/ Jane Trust
Jane Trust
Chief Executive Officer
Date: October 28, 2026

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

By: /s/ Jane Trust
Jane Trust
Chief Executive Officer
Date: October 28, 2026
By: /s/ Christopher Berarducci
Christopher Berarducci
Principal Financial Officer
Date: October 28, 2026
Legg Mason Partners Income Trust published this content on October 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 28, 2026 at 18:37 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]