UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04254
(Exact name of registrant as specified in charter)
620 Eighth Avenue, 47th Floor, New York, NY 10018
(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:
ITEM 1. | REPORT TO STOCKHOLDERS. |
The Semi-Annual Report to Stockholders is filed herewith.
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Semi-Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class A
|
$
|
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$
|
Total Number of Portfolio Holdings*
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|
Portfolio Turnover Rate
|
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* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
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WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
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Additional information is available on
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• prospectus • proxy voting information • financial information • holdings • tax information
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Western Asset Short Duration Municipal Income Fund | PAGE 1 | 7744-STSR-1024 |
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Semi-Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class C
|
$
|
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$
|
Total Number of Portfolio Holdings*
|
|
Portfolio Turnover Rate
|
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
![]() |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
Additional information is available on
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
Western Asset Short Duration Municipal Income Fund | PAGE 1 | 7746-STSR-1024 |
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![]() |
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Semi-Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class C2
|
$
|
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$
|
Total Number of Portfolio Holdings*
|
|
Portfolio Turnover Rate
|
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
![]() |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
Additional information is available on
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
Western Asset Short Duration Municipal Income Fund | PAGE 1 | 7312-STSR-1024 |
|
![]() |
|
|
||
Semi-Annual Shareholder Report |
|
||
![]() |
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class I
|
$
|
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$
|
Total Number of Portfolio Holdings*
|
|
Portfolio Turnover Rate
|
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
![]() |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
Additional information is available on
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
Western Asset Short Duration Municipal Income Fund | PAGE 1 | 7747-STSR-1024 |
|
![]() |
|
|
||
Semi-Annual Shareholder Report |
|
||
![]() |
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class IS
|
$
|
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$
|
Total Number of Portfolio Holdings*
|
|
Portfolio Turnover Rate
|
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
![]() |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
Additional information is available on
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
Western Asset Short Duration Municipal Income Fund | PAGE 1 | 7985-STSR-1024 |
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 HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
1
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13
| |
15
| |
16
| |
17
| |
22
| |
31
| |
31
| |
31
| |
32
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Municipal
Bonds — 98.7% | |||||
Alabama
— 2.3% | |||||
Black
Belt Energy Gas District, AL, Gas Project
Revenue
Bonds: |
|
|
|
| |
Project
No 7, Series C |
3.270%
|
12/1/26
|
$750,000
|
$730,456
(a)(b)
| |
Series
C |
5.000%
|
7/1/27
|
1,250,000
|
1,302,261
| |
Series
C |
5.000%
|
7/1/28
|
1,500,000
|
1,582,214
| |
Series
E |
5.000%
|
6/1/28
|
2,000,000
|
2,091,189
(a)(b)
| |
Southeast
Alabama Gas Supply District, Gas
Supply
Revenue, Project No 1, Series A,
Refunding
|
5.000%
|
4/1/27
|
2,285,000
|
2,372,027
| |
Total
Alabama |
8,078,147
| ||||
Arizona
— 2.3% | |||||
Chandler,
AZ, IDA Revenue, Intel Corp. Project
|
4.000%
|
6/1/29
|
3,500,000
|
3,545,717
(a)(b)(c)
| |
Coconino
County, AZ, Pollution Control Corp.
Revenue,
Nevada Power Company Project,
Series
A, Refunding
|
4.125%
|
3/31/26
|
1,000,000
|
1,003,751
(a)(b)(c)
| |
Maricopa
County, AZ, IDA Revenue, Banner
Health
Obligation Group, Series A, Refunding
|
5.000%
|
1/1/31
|
1,750,000
|
1,829,209
| |
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
|
1,883,088
(a)(b)
| |
Total
Arizona |
8,261,765
| ||||
California
— 5.4% | |||||
California
State Community Choice Financing
Authority
Revenue, Clean Energy Project, Green
Bonds,
Climate Bond Certified, Series A
|
4.000%
|
12/1/27
|
2,400,000
|
2,430,225
(a)(b)
| |
California
State Infrastructure & Economic
Development
Bank Revenue, Los Angeles
County
Museum of Art, Series B, Refunding
(SIFMA
Municipal Swap Index Yield + 0.700%) |
3.620%
|
6/1/26
|
1,500,000
|
1,499,805
(a)(b)
| |
California
State MFA Revenue, Waste
Management
Inc. Project, Series A
|
1.300%
|
2/3/25
|
1,600,000
|
1,583,696
(a)(b)(d)
| |
California
State PCFA Solid Waste Disposal
Revenue,
Series B-2, Refunding
|
3.125%
|
11/3/25
|
975,000
|
967,746
(a)(b)(c)
| |
Fairfield-Suisun,
CA, USD, Counties of Napa and
Solano,
GO, CAB, BAN
|
0.000%
|
2/1/29
|
2,000,000
|
1,777,129
| |
Gilroy,
CA, USD, GO, Series 2009, Refunding,
AGC
|
0.000%
|
8/1/30
|
1,825,000
|
1,537,792
| |
Northern
California Energy Authority,
Commodity
Supply Revenue, Refunding
|
5.000%
|
8/1/28
|
1,050,000
|
1,113,480
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
California
— continued | |||||
Rio,
CA, Elementary School District, Ventura
County,
GO, Anticipation Notes, BAM
|
0.000%
|
7/1/28
|
$1,000,000
|
$886,378
| |
San
Francisco, CA, City & County Airport
Commission,
International Airport Revenue,
Series
A, Refunding
|
5.000%
|
5/1/30
|
4,825,000
|
5,250,565
(c)
| |
San
Mateo County, CA, Community College
District
Revenue, GO, CAB, Series C, NATL
|
0.000%
|
9/1/29
|
2,505,000
|
2,192,297
| |
Total
California |
19,239,113
| ||||
Colorado
— 4.9% | |||||
City
& County of Denver, CO, Airport System
Revenue:
|
|
|
|
| |
Series
A, Refunding |
5.000%
|
11/15/29
|
2,750,000
|
2,976,213
(c)
| |
Series
B, Refunding |
5.000%
|
11/15/27
|
3,500,000
|
3,686,904
(c)
| |
Subordinated,
Series A, Refunding |
5.000%
|
12/1/31
|
6,500,000
|
6,860,460
(c)
| |
E-470
Public Highway Authority Revenue, CO,
Series
B, Refunding
|
4.335%
|
9/1/26
|
2,000,000
|
2,003,178
(a)(b)
| |
University
of Colorado Revenue, Green Bond,
Series
C, Refunding
|
2.000%
|
10/15/24
|
2,060,000
|
2,054,389
(a)(b)
| |
Total
Colorado |
17,581,144
| ||||
Connecticut
— 8.3% | |||||
Connecticut
State HEFA Revenue, Yale
University
Issue, Series T-2
|
5.000%
|
7/1/29
|
3,000,000
|
3,356,347
| |
Connecticut
State Housing Finance Authority
Revenue,
Housing Mortgage Finance Program,
Series
A-3, Refunding
|
0.600%
|
11/15/26
|
850,000
|
790,878
| |
Connecticut
State, GO: |
|
|
|
| |
Series
A |
5.000%
|
1/15/27
|
180,000
|
190,193
| |
Series
A |
5.000%
|
4/15/29
|
4,275,000
|
4,529,516
| |
Series
D, BAM |
4.000%
|
8/15/30
|
7,250,000
|
7,380,660
| |
Series
E |
5.000%
|
10/15/28
|
5,000,000
|
5,231,980
| |
Connecticut
State, Special Tax Revenue: |
|
|
|
| |
Transportation
Infrastructure Purpose, Series
A
|
5.000%
|
9/1/29
|
4,850,000
|
5,052,599
| |
Transportation
Infrastructure Purpose, Series
B,
Refunding |
5.000%
|
7/1/26
|
1,250,000
|
1,305,658
| |
Transportation
Infrastructure Purpose, Series
B,
Refunding |
5.000%
|
7/1/27
|
1,750,000
|
1,868,464
| |
Total
Connecticut |
29,706,295
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Delaware
— 0.3% | |||||
Delaware
State EDA Revenue, Delmarva Power
&
Light Co. Project, Series A, Refunding |
1.050%
|
7/1/25
|
$1,000,000
|
$979,066
(a)(b)
| |
District
of Columbia — 2.2% | |||||
District
of Columbia Revenue, Children’s
Hospital
Obligated Group Issue, Refunding
|
5.000%
|
7/15/28
|
2,495,000
|
2,555,204
| |
Metropolitan
Washington, DC, Airports
Authority
Aviation Revenue: |
|
|
|
| |
Series
A, Refunding |
5.000%
|
10/1/27
|
1,780,000
|
1,872,159
(c)
| |
Series
A, Refunding |
5.000%
|
10/1/29
|
3,000,000
|
3,242,828
(c)
| |
Total
District of Columbia |
7,670,191
| ||||
Florida
— 2.1% | |||||
Florida
State Insurance Assistance Interlocal
Agency
Inc., Insurance Assessment Revenue,
Series
A-1
|
5.000%
|
9/1/28
|
4,500,000
|
4,678,510
| |
Miami-Dade
County, FL, Seaport Revenue,
Series
A, Refunding
|
5.000%
|
10/1/27
|
2,475,000
|
2,603,885
(c)
| |
Palm
Beach County, FL, Health Facilities
Authority
Revenue, Toby & Leon Cooperman
Sinai
Residences of Boca Raton Expansion,
Refunding
|
4.000%
|
6/1/26
|
230,000
|
230,836
| |
Total
Florida |
7,513,231
| ||||
Georgia
— 1.8% | |||||
Atlanta,
GA, Airport Passenger Facility Charge,
General
Revenue, Subordinate Lien, Series D
|
5.000%
|
7/1/26
|
5,000,000
|
5,177,182
(c)
| |
Monroe
County, GA, Development Authority,
PCR,
Georgia Power Co. Plant Scherer Project
|
2.250%
|
7/1/25
|
1,150,000
|
1,133,662
| |
Total
Georgia |
6,310,844
| ||||
Illinois
— 3.5% | |||||
Cook
County, IL, School District No 87 Berkeley,
GO,
AGM
|
5.000%
|
12/1/25
|
500,000
|
513,923
| |
Illinois
State Finance Authority Revenue, The
Carle
Foundation, Series A, Refunding
|
5.000%
|
8/15/25
|
2,090,000
|
2,128,372
| |
Illinois
State, GO: |
|
|
|
| |
Series
A |
5.000%
|
3/1/28
|
1,875,000
|
2,004,934
| |
Series
B |
5.000%
|
5/1/29
|
1,250,000
|
1,363,074
| |
Series
D |
5.000%
|
11/1/27
|
3,090,000
|
3,284,676
| |
Series
of October 2016, Refunding |
5.000%
|
2/1/28
|
1,890,000
|
1,981,258
|
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
|
$1,255,000
|
$1,298,756
| |
Total
Illinois |
12,574,993
| ||||
Indiana
— 3.9% | |||||
Indiana
State Finance Authority: |
|
|
|
| |
Environmental
Facilities Revenue,
Indianapolis
Power & Light Company Project,
Series
B, Refunding |
0.650%
|
8/1/25
|
1,000,000
|
973,612
| |
Environmental
Improvement Revenue,
United
States Steel Corp. Project, Series A,
Refunding
|
4.125%
|
12/1/26
|
1,500,000
|
1,515,151
| |
Health
System Revenue, Indiana University
Health,
Series B |
2.250%
|
7/1/25
|
1,320,000
|
1,305,364
(a)(b)
| |
Indiana
State Finance Authority Revenue,
Wastewater
Utility, First Lien, CWA Authority
Project,
Series A, Refunding
|
5.000%
|
10/1/29
|
1,275,000
|
1,422,418
| |
Indianapolis,
IN, Local Public Improvement Bond
Bank:
|
|
|
|
| |
Indianapolis
Airport Authority Project, Series
D,
Refunding |
5.000%
|
1/1/29
|
7,030,000
|
7,520,146
(c)
| |
Indianapolis
Airport Authority Project, Series
I-2,
Refunding |
5.000%
|
1/1/26
|
1,000,000
|
1,023,818
(c)
| |
Total
Indiana |
13,760,509
| ||||
Iowa
— 0.1% | |||||
Iowa
Tobacco Settlement Authority Revenue,
Asset-Backed
Senior Bonds, Class 1, Series A-2,
Refunding
|
5.000%
|
6/1/28
|
500,000
|
526,288
| |
Kentucky
— 6.0% | |||||
Kentucky
State PEA, Gas Supply Revenue,
Series
C |
4.000%
|
6/1/25
|
14,825,000
|
14,868,307
(a)(b)
| |
Louisville/Jefferson
County, KY, Metropolitan
Government
Health System Revenue, Norton
Healthcare
Inc., Series A, Refunding
|
5.000%
|
10/1/25
|
1,560,000
|
1,593,044
| |
Trimble
County, KY, Environmental Facility
Revenue,
Louisville Gas and Electric Company
Project,
Series A
|
4.700%
|
6/1/27
|
2,000,000
|
2,016,741
(a)(b)(c)
| |
Trimble
County, KY, Revenue, Pollution Control
Bonds,
Louisville Gas and Electric Company
Project,
Series A, Refunding
|
0.625%
|
9/1/26
|
3,250,000
|
3,059,075
| |
Total
Kentucky |
21,537,167
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Louisiana
— 3.3% | |||||
Louisiana
Local Government Environmental
Facilities
& Community Development Authority
Revenue,
East Baton Rouge Sewerage
Commission
Project, Series B, Refunding
|
0.875%
|
2/1/25
|
$4,000,000
|
$3,956,401
(a)(b)
| |
Louisiana
State Offshore Terminal Authority
Revenue,
Deep Water Port Bonds, Series A,
Refunding
|
4.150%
|
9/1/27
|
4,000,000
|
4,064,325
| |
St.
John the Baptist Parish, LA, State Revenue,
Marathon
Oil Corp. Project, Series B-2,
Refunding
|
2.375%
|
7/1/26
|
3,900,000
|
3,822,202
(a)(b)
| |
Total
Louisiana |
11,842,928
| ||||
Maryland
— 0.9% | |||||
Maryland
State, GO, State And Local Facilities
Loan:
|
|
|
|
| |
Series
A |
4.000%
|
3/15/30
|
1,760,000
|
1,806,069
| |
Series
A |
5.000%
|
3/15/31
|
1,410,000
|
1,514,267
| |
Total
Maryland |
3,320,336
| ||||
Michigan
— 2.7% | |||||
Hazel
School District, MI, GO: |
|
|
|
| |
Refunding,
Q-SBLF |
4.000%
|
5/1/27
|
1,460,000
|
1,500,819
| |
Refunding,
Q-SBLF |
4.000%
|
5/1/29
|
1,580,000
|
1,655,944
| |
Michigan
State Finance Authority Revenue,
Mclaren
Health Care, Series D-1, Refunding
|
1.100%
|
10/15/27
|
1,325,000
|
1,250,289
| |
Michigan
State HDA Revenue, Series A
|
1.500%
|
6/1/29
|
1,730,000
|
1,539,287
| |
Michigan
State Strategic Fund Limited
Obligation
Revenue: |
|
|
|
| |
Consumers
Energy Company Project,
Remarketing
|
0.875%
|
10/8/26
|
1,335,000
|
1,218,311
(a)(b)(c)
| |
Graphic
Packaging International, LLC Coated
Recycled
Machine Project, Green Bonds |
4.000%
|
10/1/26
|
2,000,000
|
2,007,076
(a)(b)(c)
| |
Wayne
County, MI, Airport Authority Revenue,
Series
F, Refunding
|
5.000%
|
12/1/27
|
400,000
|
407,819
(c)
| |
Total
Michigan |
9,579,545
| ||||
Mississippi
— 0.2% | |||||
Mississippi
State Development Bank Revenue,
Jackson
Infrastructure Project |
5.000%
|
9/1/25
|
590,000
|
596,494
| |
Missouri
— 0.6% | |||||
Missouri
State Environmental Improvement &
Energy
Resources Authority Revenue, Kansas
City
Power & Light Co. Project
|
3.500%
|
7/1/25
|
1,000,000
|
996,743
(a)(b)(c)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Missouri
— continued | |||||
Missouri
State HEFA Revenue, Saint Luke’s
Health
System, Inc., Refunding
|
5.000%
|
11/15/26
|
$1,015,000
|
$1,053,168
| |
Total
Missouri |
2,049,911
| ||||
Nebraska
— 0.9% | |||||
Sarpy
County, NE, School District No 37, Gretna
Public
Schools, GO, AGM
|
5.000%
|
12/15/30
|
2,000,000
|
2,133,889
| |
Washington
County, NE, Wastewater and Solid
Waste
Disposal Facilities Revenue, Cargill
Incorporated
Project, Refunding
|
0.900%
|
9/1/25
|
1,200,000
|
1,173,872
(a)(b)(c)
| |
Total
Nebraska |
3,307,761
| ||||
New
Jersey — 5.0% | |||||
New
Jersey State EDA Revenue: |
|
|
|
| |
Motor
Vehicle Surcharges Subordinate,
Series
A, BAM, Refunding |
5.000%
|
7/1/27
|
445,000
|
468,263
| |
Motor
Vehicle Surcharges Subordinate,
Series
A, BAM, Refunding |
5.000%
|
7/1/28
|
5,005,000
|
5,264,035
| |
Natural
Gas Facilities Revenue, Series C,
Refunding
|
2.450%
|
4/1/26
|
2,250,000
|
2,217,540
(a)(b)(c)
| |
New
Jersey State Transportation Trust Fund
Authority
Revenue: |
|
|
|
| |
Transportation
System, CAB, Series A, BAM |
0.000%
|
12/15/27
|
5,035,000
|
4,554,472
| |
Transportation
System, CAB, Series C, AGM |
0.000%
|
12/15/29
|
2,350,000
|
1,991,049
| |
Transportation
System, CAB, Series C, AGM |
0.000%
|
12/15/32
|
1,625,000
|
1,229,552
| |
New
Jersey State, GO, COVID-19 Emergency
Bonds,
Series A
|
5.000%
|
6/1/29
|
1,865,000
|
2,069,665
| |
Total
New Jersey |
17,794,576
| ||||
New
York — 14.0% | |||||
Hudson
Yards Infrastructure Corp., NY, Second
Indenture
Revenue, Series A, Refunding
|
5.000%
|
2/15/35
|
2,230,000
|
2,327,101
| |
Long
Island, NY, Power Authority Electric
System
Revenue: |
|
|
|
| |
Series
B |
3.000%
|
9/1/29
|
5,000,000
|
4,933,096
(a)(b)
| |
Series
B, |
1.650%
|
9/1/24
|
5,500,000
|
5,500,000
(a)(b)
| |
Series
B, Refunding |
0.850%
|
9/1/25
|
4,900,000
|
4,767,614
(a)(b)
| |
Series
B, Refunding |
1.500%
|
9/1/26
|
4,580,000
|
4,386,195
(a)(b)
| |
Series
B, Refunding |
5.000%
|
9/1/27
|
7,625,000
|
8,025,484
(a)(b)
| |
MTA,
NY, Transportation Revenue, Green Bonds,
Series
B-1
|
5.000%
|
11/15/35
|
1,590,000
|
1,675,001
| |
New
York City, NY, HDC, MFH Revenue: |
|
|
|
| |
Green
Bond, Series F-2, FHA |
0.600%
|
7/1/25
|
8,845,000
|
8,639,321
(a)(b)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
New
York — continued | |||||
Green
Bond, Series G, FHA, Refunding |
0.600%
|
11/1/26
|
$1,075,000
|
$988,890
| |
New
York City, NY, Transportation Development
Corp.
Revenue, American Airlines Inc., John F.
Kennedy
International Airport Project, Refunding
|
2.250%
|
8/1/26
|
1,245,000
|
1,210,131
(c)
| |
Port
Authority of New York & New Jersey
Revenue,
Consolidated Series 207, Refunding
|
5.000%
|
9/15/32
|
300,000
|
313,234
(c)
| |
Triborough
Bridge & Tunnel Authority, NY,
Revenue,
Senior Lien-MTA Bridges & Tunnels: |
|
|
|
| |
Green
Bonds, Series A, Refunding |
5.000%
|
11/15/27
|
2,500,000
|
2,692,689
| |
Green
Bonds, Series B, Refunding |
5.000%
|
11/15/30
|
4,000,000
|
4,515,033
| |
Total
New York |
49,973,789
| ||||
North
Carolina — 1.6% | |||||
Charlotte-Mecklenburg
Hospital Authority, NC,
Health
Care System Revenue, Atrium Health,
Series
E, Remarketing
|
0.800%
|
10/31/25
|
2,000,000
|
1,951,237
(a)(b)
| |
North
Carolina State Turnpike Authority, Triangle
Expressway
System Turnpike Revenue, Senior
Lien,
Refunding, AGM
|
5.000%
|
1/1/33
|
3,400,000
|
3,661,552
| |
Total
North Carolina |
5,612,789
| ||||
Ohio
— 3.7% | |||||
Lancaster,
OH, Port Authority, Gas Supply
Revenue,
Series A, Refunding, LIQ - Royal Bank
of
Canada
|
5.000%
|
2/1/25
|
6,100,000
|
6,133,136
(a)(b)
| |
Ohio
State Air Quality Development Authority
Revenue,
American Electric Co. Project, Series
D,
Refunding
|
2.100%
|
10/1/24
|
3,500,000
|
3,492,219
(a)(b)(c)
| |
Ohio
State Hospital Revenue, Cleveland Clinic
Health
System Obligated Group, Series A,
Refunding
|
5.000%
|
1/1/30
|
3,350,000
|
3,580,458
| |
Total
Ohio |
13,205,813
| ||||
Oregon
— 1.4% | |||||
Lane
County, OR, School District No 1, Pleasant
Hill,
GO, CAB, Series B, SBG
|
0.000%
|
6/15/27
|
1,320,000
|
1,212,166
| |
Salem-Keizer
School District No 24J, OR: |
|
|
|
| |
GO,
Series B, SBG |
0.000%
|
6/15/28
|
845,000
|
754,194
| |
GO,
Series B, SBG |
0.000%
|
6/15/30
|
1,050,000
|
876,451
| |
Marion
and Polk Counties, GO, SBG |
5.000%
|
6/15/31
|
2,030,000
|
2,183,947
| |
Total
Oregon |
5,026,758
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Pennsylvania
— 2.5% | |||||
Commonwealth
of Pennsylvania: |
|
|
|
| |
GO,
Series 2016 |
5.000%
|
9/15/28
|
$2,465,000
|
$2,570,328
| |
GO,
Series 2017, Refunding |
5.000%
|
1/1/28
|
4,950,000
|
5,219,724
| |
Pennsylvania
State Economic Development
Financing
Authority Revenue, Sewage Sludge
Disposal,
Philadelphia Biosolids Facility Project,
Refunding
|
4.000%
|
1/1/26
|
1,220,000
|
1,221,809
| |
Total
Pennsylvania |
9,011,861
| ||||
South
Carolina — 0.6% | |||||
Patriots
Energy Group Financing Agency, SC,
Gas
Supply Revenue, Subseries B-2, Refunding
(SOFR
x 0.670 + 1.900%) |
5.485%
|
3/1/31
|
2,000,000
|
2,089,061
(a)(b)
| |
Tennessee
— 3.0% | |||||
Metropolitan
Government of Nashville &
Davidson
County, TN, HEFA Revenue, The
Vanderbilt
University
|
5.000%
|
10/1/34
|
1,000,000
|
1,188,171
| |
Tennessee
State Energy Acquisition Corp.,
Natural
Gas Revenue, Series 2018
|
4.000%
|
11/1/25
|
9,445,000
|
9,466,648
(a)(b)
| |
Total
Tennessee |
10,654,819
| ||||
Texas
— 11.4% | |||||
Central
Texas Turnpike System Revenue, Series
C,
Refunding
|
5.000%
|
8/15/31
|
1,000,000
|
1,121,033
| |
Corpus
Christi, TX, Utility System Revenue,
Junior
Lien Improvement Bonds, Series A
|
5.000%
|
7/15/27
|
1,500,000
|
1,529,368
| |
Fort
Bend, TX, ISD: |
|
|
|
| |
GO,
Series B, Refunding, PSF - GTD |
0.875%
|
8/1/25
|
1,135,000
|
1,110,947
(a)(b)
| |
GO,
Series B, Refunding, PSF - GTD |
0.720%
|
8/1/26
|
820,000
|
771,470
(a)(b)
| |
Galveston,
TX, Wharves & Terminal Revenue: |
|
|
|
| |
Series
A |
5.000%
|
8/1/29
|
375,000
|
402,786
(c)
| |
Series
A |
5.000%
|
8/1/30
|
550,000
|
594,684
(c)
| |
Series
A |
5.000%
|
8/1/31
|
1,000,000
|
1,085,516
(c)
| |
Goose
Creek, TX, Consolidated ISD, GO, Series
B,
PSF - GTD
|
0.600%
|
8/17/26
|
1,040,000
|
994,397
(a)(b)
| |
Grapevine-Colleyville,
TX, ISD, GO, PSF - GTD
|
5.000%
|
8/15/28
|
2,000,000
|
2,040,914
| |
Harris
County, TX, Cultural Education Facilities
Finance
Corp. Revenue, Hospital, Memorial
Hermann
Health System, Series A
|
5.000%
|
12/1/27
|
2,555,000
|
2,567,298
| |
North
Texas Tollway Authority Revenue: |
|
|
|
| |
First
Tier, Series D, Refunding, AGC |
0.000%
|
1/1/30
|
2,815,000
|
2,378,813
| |
First
Tier, Series D, Refunding, AGC |
0.000%
|
1/1/31
|
2,735,000
|
2,225,508
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Texas
— continued | |||||
San
Antonio, TX, Electric and Gas Revenue,
Junior
Lien, Refunding
|
1.750%
|
12/1/25
|
$4,100,000
|
$4,003,747
(a)(b)
| |
Texas
Municipal Gas Acquisition & Supply Corp.
II,
Gas Supply Revenue, Series C (3 mo. Term
SOFR
x 0.660 + 0.863%) |
4.391%
|
9/15/27
|
1,000,000
|
999,976
(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%) |
4.453%
|
12/15/26
|
2,965,000
|
2,973,052
(b)
| |
Municipal
Gas Acquisition & Supply Corp. III,
Gas
Supply Revenue, Refunding |
5.000%
|
12/15/27
|
3,750,000
|
3,924,223
| |
Municipal
Gas Acquisition & Supply Corp. IV,
Gas
Supply Revenue, Series B |
5.250%
|
1/1/26
|
1,200,000
|
1,226,154
| |
Municipal
Gas Acquisition & Supply Corp. IV,
Gas
Supply Revenue, Series B |
5.250%
|
1/1/27
|
1,250,000
|
1,296,155
| |
Texas
State Transportation Commission
Revenue,
Highway Fund, First Tier Revenue,
Series
B, Remarketing, Refunding
|
0.560%
|
4/1/26
|
1,500,000
|
1,423,121
| |
Texas
State Transportation Commission,
Mobility
Fund, GO, Series B
|
0.650%
|
4/1/26
|
2,500,000
|
2,375,870
(a)(b)
| |
Texas
State Water Financial Assistance
Revenue,
GO, Series B, Refunding
|
5.000%
|
8/1/31
|
2,500,000
|
2,641,100
| |
Troy,
TX, ISD, GO, Refunding, PSF - GTD
|
0.000%
|
8/1/29
|
925,000
|
788,009
| |
University
of Houston System Revenue, TX,
Consolidated
Series A, Refunding
|
5.000%
|
2/15/30
|
2,100,000
|
2,161,972
| |
Total
Texas |
40,636,113
| ||||
Utah
— 1.0% | |||||
Salt
Lake City, UT, Airport Revenue: |
|
|
|
| |
Series
A |
5.000%
|
7/1/29
|
2,500,000
|
2,684,638
(c)
| |
Series
A |
5.000%
|
7/1/32
|
705,000
|
729,984
(c)
| |
Total
Utah |
3,414,622
| ||||
Virginia
— 0.7% | |||||
Wise
County, VA, IDA, Solid Waste & Sewage
Disposal
Revenue, Virginia Electric & Power Co.,
Series
A |
0.750%
|
9/2/25
|
2,650,000
|
2,541,247
(a)(b)
| |
Washington
— 2.1% | |||||
Central
Puget Sound Regional Transit Authority
Revenue,
WA, Sales Tax & Motor Vehicle Excise
Tax
Improvement Bonds, Series S-2A, Green
Bonds
(SIFMA Municipal Swap Index Yield +
0.200%)
|
3.120%
|
11/1/26
|
2,000,000
|
1,982,836
(a)(b)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Washington
— continued | |||||
King
County, WA, Issaquah School District No
411,
GO, SBG
|
5.000%
|
12/1/32
|
$2,315,000
|
$2,424,144
| |
Port
of Seattle, WA, Intermediate Lien Revenue,
Series
B, Refunding
|
5.000%
|
7/1/29
|
2,000,000
|
2,147,710
(c)
| |
Seattle,
WA, Municipal Light & Power Revenue,
Series
B, Refunding (SIFMA Municipal Swap
Index
Yield + 0.250%) |
3.170%
|
11/1/26
|
1,000,000
|
981,362
(a)(b)
| |
Total
Washington |
7,536,052
| ||||
Total
Investments before Short-Term Investments (Cost — $351,888,316) |
351,933,228
| ||||
| |||||
Short-Term
Investments — 0.7% | |||||
Municipal
Bonds — 0.7% | |||||
California
— 0.0%†† | |||||
Alameda
County, CA, IDA Revenue, JMS Family
Partnership
Project, Series A, LOC - Wells Fargo
Bank
N.A. |
2.850%
|
10/1/25
|
100,000
|
100,000
(c)(e)(f)
| |
District
of Columbia — 0.1% | |||||
District
of Columbia State Revenue, Series A,
LOC
- TD Bank N.A. |
4.000%
|
8/15/38
|
320,000
|
320,000
(e)(f)
| |
Florida
— 0.1% | |||||
Highlands
County, FL, Health Facilities Authority
Revenue,
Adventist Health System, Sunbelt
Obligated
Group, Refunding |
2.900%
|
11/15/33
|
400,000
|
400,000
(e)(f)
| |
New
Jersey — 0.1% | |||||
New
Jersey State Health Care Facilities
Financing
Authority Revenue, Hospital Capital
Asset
Financing Program, Series B, Refunding,
LOC
- TD Bank N.A. |
2.920%
|
7/1/35
|
300,000
|
300,000
(e)(f)
| |
New
York — 0.0%†† | |||||
New
York City, NY, TFA, Future Tax Secured
Revenue,
Subordinated, Subseries A-4, SPA -
Mizuho
Bank Ltd. |
3.830%
|
8/1/43
|
200,000
|
200,000
(e)(f)
| |
Oregon
— 0.1% | |||||
Oregon
State Housing & Community Services
Department
Mortgage Revenue, Series C, SPA -
Sumitomo
Mitsui Banking |
3.050%
|
7/1/45
|
300,000
|
300,000
(c)(e)(f)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
| |||||
Pennsylvania
— 0.3% | |||||
Philadelphia,
PA, Authority for Industrial
Development,
Multi-Modal Lease Revenue,
Series
B-2, Refunding, LOC - TD Bank N.A. |
2.910%
|
10/1/30
|
$1,000,000
|
$1,000,000
(e)(f)
| |
| |||||
Total
Short-Term Investments (Cost — $2,620,000) |
2,620,000
| ||||
Total
Investments — 99.4% (Cost — $354,508,316) |
354,553,228
| ||||
Other
Assets in Excess of Liabilities — 0.6% |
2,148,990
| ||||
Total
Net Assets — 100.0% |
$356,702,218
|
††
|
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)
|
Security
is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in
transactions
that are exempt from registration, normally to qualified institutional buyers. This security has been
deemed
liquid pursuant to guidelines approved by the Board of Trustees.
|
(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. |
Abbreviation(s)
used in this schedule: | ||
AGC
|
—
|
Assured
Guaranty Corporation — Insured
Bonds |
AGM
|
—
|
Assured
Guaranty Municipal Corporation — Insured
Bonds |
BAM
|
—
|
Build
America Mutual — Insured
Bonds |
BAN
|
—
|
Bond
Anticipation Notes |
CAB
|
—
|
Capital
Appreciation Bonds |
CWA
|
—
|
Clean
Water Act |
EDA
|
—
|
Economic
Development 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 |
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 |
PCFA
|
—
|
Pollution
Control Financing Authority |
PCR
|
—
|
Pollution
Control Revenue |
PEA
|
—
|
Public
Energy Authority |
PSF
|
—
|
Permanent
School Fund |
Q-SBLF
|
—
|
Qualified
School Board Loan Fund |
SBG
|
—
|
School
Bond Guaranty |
SIFMA
|
—
|
Securities
Industry and Financial Markets Association |
SOFR
|
—
|
Secured
Overnight Financing Rate |
SPA
|
—
|
Standby
Bond Purchase Agreement — Insured
Bonds |
TFA
|
—
|
Transitional
Finance Authority |
USD
|
—
|
Unified
School District |
Assets:
|
|
Investments,
at value (Cost — $354,508,316) |
$354,553,228
|
Cash
|
63,427
|
Interest
receivable |
3,130,681
|
Receivable
for Fund shares sold |
55,148
|
Prepaid
expenses |
45,120
|
Total
Assets |
357,847,604
|
Liabilities:
|
|
Payable
for Fund shares repurchased |
794,167
|
Transfer
agent fees payable |
98,280
|
Distributions
payable |
73,332
|
Investment
management fee payable |
70,574
|
Service
and/or distribution fees payable |
36,003
|
Trustees’
fees payable |
2,769
|
Accrued
expenses |
70,261
|
Total
Liabilities |
1,145,386
|
Total
Net Assets |
$356,702,218
|
Net
Assets: |
|
Par
value (Note
7) |
$710
|
Paid-in
capital in excess of par value |
384,583,306
|
Total
distributable earnings (loss)
|
(27,881,798
) |
Total
Net Assets |
$356,702,218
|
Net
Assets: |
|
Class
A |
$223,548,883
|
Class
C |
$15,434,945
|
Class
C2 |
$732,857
|
Class
I |
$109,319,733
|
Class
IS |
$7,665,800
|
Shares
Outstanding: |
|
Class
A |
44,475,728
|
Class
C |
3,069,014
|
Class
C2 |
145,871
|
Class
I |
21,750,971
|
Class
IS |
1,523,556
|
Net
Asset Value: |
|
Class
A (and
redemption price) |
$5.03
|
Class
C (and
redemption price) |
$5.03
|
Class
C2 (and
redemption price) |
$5.02
|
Class
I (and
redemption price) |
$5.03
|
Class
IS (and
redemption price) |
$5.03
|
Maximum
Public Offering Price Per Share: |
|
Class
A (based on maximum initial sales charge of 2.25%) |
$5.15
|
Investment
Income: |
|
Interest
|
$5,151,700
|
Expenses:
|
|
Investment
management fee (Note
2) |
568,345
|
Service
and/or distribution fees
(Notes 2 and 5)
|
222,202
|
Transfer
agent fees (Notes 2 and 5) |
143,613
|
Registration
fees |
49,529
|
Fund
accounting fees |
35,820
|
Audit
and tax fees |
25,331
|
Shareholder
reports |
11,230
|
Legal
fees |
9,195
|
Trustees’
fees |
5,038
|
Insurance
|
2,071
|
Commitment
fees (Note
8) |
1,752
|
Custody
fees |
56
|
Miscellaneous
expenses |
6,601
|
Total
Expenses |
1,080,783
|
Less:
Fee waivers and/or expense reimbursements (Notes
2 and 5) |
(99,990
) |
Net
Expenses |
980,793
|
Net
Investment Income |
4,170,907
|
Realized
and Unrealized Gain (Loss) on Investments (Notes
1 and 3): | |
Net
Realized Loss From Investment Transactions
|
(1,222,638
) |
Change
in Net Unrealized Appreciation (Depreciation) From Investments
|
4,183,040
|
Net
Gain on Investments
|
2,960,402
|
Increase
in Net Assets From Operations |
$7,131,309
|
For
the Six Months Ended August 31, 2024 (unaudited)
and
the Year Ended February 29, 2024 |
August
31 |
February
29 |
Operations:
|
|
|
Net
investment income
|
$4,170,907
|
$9,462,579
|
Net
realized loss
|
(1,222,638
) |
(7,445,534
) |
Change
in net unrealized appreciation (depreciation)
|
4,183,040
|
14,015,211
|
Increase
in Net Assets From Operations |
7,131,309
|
16,032,256
|
Distributions
to Shareholders From (Notes
1 and 6): |
|
|
Total
distributable earnings |
(4,184,969
) |
(9,395,558
) |
Decrease
in Net Assets From Distributions to Shareholders |
(4,184,969
) |
(9,395,558
) |
Fund
Share Transactions (Note
7): |
|
|
Net
proceeds from sale of shares
|
21,395,850
|
71,799,390
|
Reinvestment
of distributions |
3,782,723
|
8,524,811
|
Cost
of shares repurchased
|
(69,466,108
) |
(225,333,081
) |
Decrease
in Net Assets From Fund Share Transactions |
(44,287,535
) |
(145,008,880
) |
Decrease
in Net Assets |
(41,341,195
) |
(138,372,182
) |
Net
Assets: |
|
|
Beginning
of period |
398,043,413
|
536,415,595
|
End
of period |
$356,702,218
|
$398,043,413
|
For
a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless
otherwise noted: | ||||||
Class
A Shares1
|
20242
|
20243
|
2023
|
2022
|
2021
|
20203
|
Net
asset value, beginning of period |
$4.98
|
$4.91
|
$5.05
|
$5.17
|
$5.18
|
$5.07
|
Income
(loss) from operations: | ||||||
Net
investment income |
0.05
|
0.10
|
0.07
|
0.05
|
0.07
|
0.08
|
Net
realized and unrealized gain (loss) |
0.05
|
0.07
|
(0.14
) |
(0.12
) |
(0.01
) |
0.11
|
Total
income (loss) from operations |
0.10
|
0.17
|
(0.07)
|
(0.07)
|
0.06
|
0.19
|
Less
distributions from: |
|
|
|
|
|
|
Net
investment income |
(0.05
) |
(0.10
) |
(0.07
) |
(0.05
) |
(0.07
) |
(0.08
) |
Total
distributions
|
(0.05
) |
(0.10
) |
(0.07
) |
(0.05
) |
(0.07
) |
(0.08
) |
Net
asset value, end of period |
$5.03
|
$4.98
|
$4.91
|
$5.05
|
$5.17
|
$5.18
|
Total
return4
|
2.11
% |
3.50
% |
(1.45
)% |
(1.41
)% |
1.10
% |
3.85
% |
Net
assets, end of period (millions)
|
$224
|
$247
|
$304
|
$373
|
$359
|
$359
|
Ratios
to average net assets: | ||||||
Gross
expenses |
0.60
%5
|
0.57
% |
0.56
% |
0.55
% |
0.56
% |
0.62
% |
Net
expenses6,7
|
0.55
5
|
0.55
|
0.55
|
0.55
|
0.56
|
0.61
|
Net
investment income |
2.17
5
|
2.03
|
1.35
|
0.96
|
1.31
|
1.64
|
Portfolio
turnover rate |
16
% |
33
% |
28
% |
30
% |
50
% |
47
% |
1
|
Per
share amounts have been calculated using the average shares method. |
2
|
For
the six months ended August 31, 2024 (unaudited). |
3
|
For
the year ended February 29.
|
4
|
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. |
5
|
Annualized.
|
6
|
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, 2025 without the Board of Trustees’ consent. Prior to May 21, 2021, the expense
limitation
was 0.70%. Prior to August 13, 2019, the expense limitation was 0.75%. |
7
|
Reflects
fee waivers and/or expense reimbursements. |
For
a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless
otherwise noted: | ||||||
Class
C Shares1
|
20242
|
20243
|
2023
|
2022
|
2021
|
20203
|
Net
asset value, beginning of
period
|
$4.99
|
$4.91
|
$5.06
|
$5.17
|
$5.18
|
$5.07
|
Income
(loss) from operations: | ||||||
Net
investment income |
0.04
|
0.08
|
0.05
|
0.03
|
0.05
|
0.07
|
Net
realized and unrealized gain
(loss)
|
0.04
|
0.08
|
(0.15
) |
(0.11
) |
(0.01
) |
0.11
|
Total
income (loss) from
operations
|
0.08
|
0.16
|
(0.10)
|
(0.08)
|
0.04
|
0.18
|
Less
distributions from: |
|
|
|
|
|
|
Net
investment income |
(0.04
) |
(0.08
) |
(0.05
) |
(0.03
) |
(0.05
) |
(0.07
) |
Total
distributions
|
(0.04
) |
(0.08
) |
(0.05
) |
(0.03
) |
(0.05
) |
(0.07
) |
Net
asset value, end of period |
$5.03
|
$4.99
|
$4.91
|
$5.06
|
$5.17
|
$5.18
|
Total
return4
|
1.71
% |
3.34
% |
(1.98
)% |
(1.55
)%5
|
0.76
% |
3.50
% |
Net
assets, end of period (000s)
|
$15,435
|
$18,917
|
$41,548
|
$90,990
|
$145,567
|
$210,700
|
Ratios
to average net assets: | ||||||
Gross
expenses |
0.96
%6
|
0.92
% |
0.91
% |
0.89
% |
0.89
% |
0.98
% |
Net
expenses7
|
0.93
6,8
|
0.91
8
|
0.91
|
0.89
8
|
0.89
8
|
0.98
8
|
Net
investment income |
1.79
6
|
1.65
|
0.94
|
0.63
|
0.98
|
1.30
|
Portfolio
turnover rate |
16
% |
33
% |
28
% |
30
% |
50
% |
47
% |
1
|
Per
share amounts have been calculated using the average shares method. |
2
|
For
the six months ended August 31, 2024 (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, effective August 13, 2019, 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, 2025 without the Board of Trustees’ consent. Prior to August 13, 2019,
the
expense limitation was 1.10%.
|
8
|
Reflects
fee waivers and/or expense reimbursements. |
For
a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless
otherwise noted: | |||||
Class
C2 Shares1
|
20242
|
20243
|
2023
|
2022
|
20214
|
Net
asset value, beginning of period |
$4.98
|
$4.91
|
$5.05
|
$5.17
|
$5.16
|
Income
(loss) from operations: | |||||
Net
investment income |
0.04
|
0.07
|
0.04
|
0.02
|
0.01
|
Net
realized and unrealized gain (loss) |
0.04
|
0.07
|
(0.14
) |
(0.12
) |
0.01
5
|
Total
income (loss) from operations |
0.08
|
0.14
|
(0.10)
|
(0.10)
|
0.02
|
Less
distributions from: |
|
|
|
|
|
Net
investment income |
(0.04
) |
(0.07
) |
(0.04
) |
(0.02
) |
(0.01
) |
Total
distributions
|
(0.04
) |
(0.07
) |
(0.04
) |
(0.02
) |
(0.01
) |
Net
asset value, end of period |
$5.02
|
$4.98
|
$4.91
|
$5.05
|
$5.17
|
Total
return6
|
1.63
% |
2.95
% |
(1.95
)% |
(1.91
)% |
0.39
% |
Net
assets, end of period (000s)
|
$733
|
$845
|
$959
|
$1,319
|
$637
|
Ratios
to average net assets: | |||||
Gross
expenses |
1.11
%7
|
1.09
% |
1.06
% |
1.05
% |
1.06
%7
|
Net
expenses8
|
1.08
7,9
|
1.08
9
|
1.06
|
1.05
9
|
1.06
7
|
Net
investment income |
1.64
7
|
1.51
|
0.79
|
0.45
|
0.60
7
|
Portfolio
turnover rate |
16
% |
33
% |
28
% |
30
% |
50
%10
|
1
|
Per
share amounts have been calculated using the average shares method. |
2
|
For
the six months ended August 31, 2024 (unaudited). |
3
|
For
the year ended February 29.
|
4
|
For
the period November 2, 2020 (inception date) to February 28, 2021. |
5
|
Calculation
of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and
unrealized
losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund
shares
in relation to fluctuating market values of the investments of the Fund. |
6
|
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. |
7
|
Annualized.
|
8
|
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, 2025 without the Board of Trustees’ consent.
|
9
|
Reflects
fee waivers and/or expense reimbursements. |
10
|
For
the year ended February 28, 2021. |
For
a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless
otherwise noted: | ||||||
Class
I Shares1
|
20242
|
20243
|
2023
|
2022
|
2021
|
20203
|
Net
asset value, beginning of period |
$4.98
|
$4.91
|
$5.05
|
$5.17
|
$5.17
|
$5.07
|
Income
(loss) from operations: | ||||||
Net
investment income |
0.06
|
0.11
|
0.07
|
0.06
|
0.07
|
0.09
|
Net
realized and unrealized gain (loss) |
0.05
|
0.07
|
(0.14
) |
(0.12
) |
(0.00
)4
|
0.10
|
Total
income (loss) from operations |
0.11
|
0.18
|
(0.07)
|
(0.06)
|
0.07
|
0.19
|
Less
distributions from: |
|
|
|
|
|
|
Net
investment income |
(0.06
) |
(0.11
) |
(0.07
) |
(0.06
) |
(0.07
) |
(0.09
) |
Total
distributions
|
(0.06
) |
(0.11
) |
(0.07
) |
(0.06
) |
(0.07
) |
(0.09
) |
Net
asset value, end of period |
$5.03
|
$4.98
|
$4.91
|
$5.05
|
$5.17
|
$5.17
|
Total
return5
|
2.18
% |
3.65
% |
(1.32
)% |
(1.26
)% |
1.45
% |
3.80
% |
Net
assets, end of period (millions)
|
$109
|
$127
|
$184
|
$342
|
$350
|
$311
|
Ratios
to average net assets: | ||||||
Gross
expenses |
0.47
%6
|
0.44
% |
0.43
% |
0.42
% |
0.42
% |
0.50
% |
Net
expenses7,8
|
0.40
6
|
0.40
|
0.40
|
0.40
|
0.40
|
0.48
|
Net
investment income |
2.32
6
|
2.17
|
1.45
|
1.11
|
1.45
|
1.78
|
Portfolio
turnover rate |
16
% |
33
% |
28
% |
30
% |
50
% |
47
% |
1
|
Per
share amounts have been calculated using the average shares method. |
2
|
For
the six months ended August 31, 2024 (unaudited). |
3
|
For
the year ended February 29.
|
4
|
Amount
represents less than $0.005 or greater than $(0.005) 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, effective August 13, 2019, 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, 2025 without the Board of Trustees’ consent. Prior to August 13, 2019,
the
expense limitation was 0.60%. |
8
|
Reflects
fee waivers and/or expense reimbursements. |
For
a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless
otherwise noted: | ||||||
Class
IS Shares1
|
20242
|
20243
|
2023
|
2022
|
2021
|
20203
|
Net
asset value, beginning of period |
$4.99
|
$4.91
|
$5.05
|
$5.17
|
$5.18
|
$5.08
|
Income
(loss) from operations: | ||||||
Net
investment income |
0.06
|
0.11
|
0.08
|
0.06
|
0.08
|
0.09
|
Net
realized and unrealized gain (loss) |
0.04
|
0.08
|
(0.14
) |
(0.12
) |
(0.01
) |
0.10
|
Total
income (loss) from operations |
0.10
|
0.19
|
(0.06)
|
(0.06)
|
0.07
|
0.19
|
Less
distributions from: |
|
|
|
|
|
|
Net
investment income |
(0.06
) |
(0.11
) |
(0.08
) |
(0.06
) |
(0.08
) |
(0.09
) |
Total
distributions
|
(0.06
) |
(0.11
) |
(0.08
) |
(0.06
) |
(0.08
) |
(0.09
) |
Net
asset value, end of period |
$5.03
|
$4.99
|
$4.91
|
$5.05
|
$5.17
|
$5.18
|
Total
return4
|
2.01
% |
3.91
% |
(1.25
)% |
(1.21
)% |
1.32
% |
3.85
% |
Net
assets, end of period (000s)
|
$7,666
|
$4,882
|
$5,721
|
$6,653
|
$5,926
|
$5,114
|
Ratios
to average net assets: | ||||||
Gross
expenses |
0.38
%5
|
0.37
% |
0.35
% |
0.35
% |
0.34
% |
0.43
% |
Net
expenses6,7
|
0.35
5
|
0.35
|
0.35
|
0.34
|
0.34
|
0.40
|
Net
investment income |
2.38
5
|
2.24
|
1.55
|
1.16
|
1.52
|
1.86
|
Portfolio
turnover rate |
16
% |
33
% |
28
% |
30
% |
50
% |
47
% |
1
|
Per
share amounts have been calculated using the average shares method. |
2
|
For
the six months ended August 31, 2024 (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, effective August 13, 2019, 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, 2025 without the
Board
of Trustees’ consent. Prior to August 13, 2019, the expense limitation was 0.55%. |
7
|
Reflects
fee waivers and/or expense reimbursements. |
ASSETS
| ||||
Description
|
Quoted
Prices
(Level
1) |
Other
Significant
Observable
Inputs
(Level
2) |
Significant
Unobservable
Inputs
(Level
3) |
Total
|
Municipal
Bonds† |
—
|
$351,933,228
|
—
|
$351,933,228
|
Short-Term
Investments† |
—
|
2,620,000
|
—
|
2,620,000
|
Total
Investments |
—
|
$354,553,228
|
—
|
$354,553,228
|
†
|
See
Schedule of Investments for additional detailed categorizations. |
|
Class
A |
Class
C |
Class
C2 |
Class
I |
Class
IS |
Expires
February 28, 2025 |
$38,484
|
—
|
—
|
$67,074
|
$154
|
Expires
February 28, 2026 |
61,432
|
$3,981
|
$122
|
54,383
|
990
|
Expires
February 28, 2027 |
57,486
|
2,255
|
100
|
39,191
|
958
|
Total
fee waivers/expense
reimbursements
subject to recapture |
$157,402
|
$6,236
|
$222
|
$160,648
|
$2,102
|
|
Class
A |
Sales
charges |
$2,814
|
CDSCs
|
740
|
Purchases
|
$61,021,101
|
Sales
|
104,667,334
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
|
Securities
|
$354,052,061
|
$4,084,819
|
$(3,583,652)
|
$501,167
|
|
Service
and/or
Distribution
Fees |
Transfer
Agent
Fees
|
Class
A |
$177,375
|
$83,811
|
Class
C |
42,382
|
6,889
|
Class
C2 |
2,445
|
305
|
Class
I |
—
|
52,562
|
Class
IS |
—
|
46
|
Total
|
$222,202
|
$143,613
|
|
Waivers/Expense
Reimbursements
|
Class
A |
$57,486
|
Class
C |
2,255
|
Class
C2 |
100
|
Class
I |
39,191
|
Class
IS |
958
|
Total
|
$99,990
|
|
Six
Months Ended
August
31, 2024 |
Year
Ended
February
29, 2024 |
Net
Investment Income: |
|
|
Class
A |
$2,574,163
|
$5,501,647
|
Class
C |
152,176
|
462,691
|
Class
C2 |
6,170
|
12,750
|
Class
I |
1,371,235
|
3,292,041
|
Class
IS |
81,225
|
126,429
|
Total
|
$4,184,969
|
$9,395,558
|
|
Six Months
Ended
August
31, 2024 |
Year Ended
February
29, 2024 | ||
|
Shares
|
Amount
|
Shares
|
Amount
|
Class
A |
|
|
|
|
Shares
sold |
1,973,011
|
$9,817,616
|
8,347,406
|
$41,243,112
|
Shares
issued on reinvestment |
473,341
|
2,355,148
|
1,021,938
|
5,040,060
|
Shares
repurchased |
(7,473,286
) |
(37,225,770
) |
(21,783,070
) |
(107,501,467
) |
Net
decrease |
(5,026,934
) |
$(25,053,006
) |
(12,413,726
) |
$(61,218,295
) |
Class
C |
|
|
|
|
Shares
sold |
131,754
|
$654,881
|
71,726
|
$353,163
|
Shares
issued on reinvestment |
30,529
|
151,930
|
93,630
|
462,070
|
Shares
repurchased |
(886,724
) |
(4,413,014
) |
(4,831,078
) |
(23,825,311
) |
Net
decrease |
(724,441
) |
$(3,606,203
) |
(4,665,722
) |
$(23,010,078
) |
Class
C2 |
|
|
|
|
Shares
sold |
33,076
|
$164,345
|
52,201
|
$257,290
|
Shares
issued on reinvestment |
1,241
|
6,170
|
2,585
|
12,750
|
Shares
repurchased |
(57,989
) |
(289,869
) |
(80,677
) |
(398,784
) |
Net
decrease |
(23,672
) |
$(119,354
) |
(25,891
) |
$(128,744
) |
Class
I |
|
|
|
|
Shares
sold |
1,468,433
|
$7,303,907
|
5,538,571
|
$27,275,925
|
Shares
issued on reinvestment |
238,833
|
1,188,292
|
584,776
|
2,883,876
|
Shares
repurchased |
(5,370,584
) |
(26,706,366
) |
(18,233,640
) |
(89,870,921
) |
Net
decrease |
(3,663,318
) |
$(18,214,167
) |
(12,110,293
) |
$(59,711,120
) |
Class
IS |
|
|
|
|
Shares
sold |
695,325
|
$3,455,101
|
542,510
|
$2,669,900
|
Shares
issued on reinvestment |
16,297
|
81,183
|
25,541
|
126,055
|
Shares
repurchased |
(166,849
) |
(831,089
) |
(754,149
) |
(3,736,598
) |
Net
increase (decrease) |
544,773
|
$2,705,195
|
(186,098
) |
$(940,643
) |
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 SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
ITEM 16. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting. |
ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
(a) | Not applicable. |
(b) | Not applicable. |
ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (2) 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 24, 2024 |
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 24, 2024 |
By: | /s/ Christopher Berarducci | |
Christopher Berarducci | ||
Principal Financial Officer | ||
Date: | October 24, 2024 |