2024-10-10LMF4000_WesternAssetIntermediate-TermMunicipalsFund_ClassA_TSRSemiAnnual
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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)

 

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: March 31

 

Date of reporting period: September 30, 2024

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

The Semi-Annual Report to Stockholders is filed herewith.

Western Asset Intermediate-Term Municipals Fund
image
Class A [SBLTX]
Semi-Annual Shareholder Report | September 30, 2024
image
This semi-annual shareholder report contains important information about Western Asset Intermediate-Term Municipals Fund for the period April 1, 2024, to September 30, 2024.
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
$34
0.67%
† Annualized.
KEY FUND STATISTICS (as of September 30, 2024)
Total Net Assets
$2,340,736,214
Total Number of Portfolio Holdings*
683
Portfolio Turnover Rate
6%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of September 30, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
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 Intermediate-Term Municipals Fund  PAGE 1  7358-STSR-1124
24.816.711.010.17.66.65.35.14.43.72.50.90.40.10.8
 
Western Asset Intermediate-Term Municipals Fund
image
Class C [SMLLX]
Semi-Annual Shareholder Report | September 30, 2024
image
This semi-annual shareholder report contains important information about Western Asset Intermediate-Term Municipals Fund for the period April 1, 2024, to September 30, 2024.
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
$65
1.28%
† Annualized.
KEY FUND STATISTICS (as of September 30, 2024)
Total Net Assets
$2,340,736,214
Total Number of Portfolio Holdings*
683
Portfolio Turnover Rate
6%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of September 30, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
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 Intermediate-Term Municipals Fund  PAGE 1  7118-STSR-1124
24.816.711.010.17.66.65.35.14.43.72.50.90.40.10.8
 
Western Asset Intermediate-Term Municipals Fund
image
Class I [SBTYX]
Semi-Annual Shareholder Report | September 30, 2024
image
This semi-annual shareholder report contains important information about Western Asset Intermediate-Term Municipals Fund for the period April 1, 2024, to September 30, 2024.
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
$25
0.50%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of September 30, 2024)
Total Net Assets
$2,340,736,214
Total Number of Portfolio Holdings*
683
Portfolio Turnover Rate
6%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of September 30, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
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 Intermediate-Term Municipals Fund  PAGE 1  7490-STSR-1124
24.816.711.010.17.66.65.35.14.43.72.50.90.40.10.8
 
Western Asset Intermediate-Term Municipals Fund
image
Class IS [SMLSX]
Semi-Annual Shareholder Report | September 30, 2024
image
This semi-annual shareholder report contains important information about Western Asset Intermediate-Term Municipals Fund for the period April 1, 2024, to September 30, 2024.
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
$23
0.45%
† Annualized.
KEY FUND STATISTICS (as of September 30, 2024)
Total Net Assets
$2,340,736,214
Total Number of Portfolio Holdings*
683
Portfolio Turnover Rate
6%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of September 30, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
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 Intermediate-Term Municipals Fund  PAGE 1  7214-STSR-1124
24.816.711.010.17.66.65.35.14.43.72.50.90.40.10.8
 
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.
 
Western Asset
Intermediate-Term Municipals Fund
Financial Statements and Other Important Information
Semi-Annual  | September 30, 2024
 
 
 
Table of Contents
 
1
38
40
41
42
46
58
58
58
59
franklintempleton.com
Financial Statements and Other Important Information — Semi-Annual
Schedule of Investments (unaudited)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)  
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 97.0%
Alabama — 2.4%
Alabama State Corrections Institution Finance
Authority Revenue, Series A
5.000%
7/1/42
$9,250,000
$10,075,028
  
Black Belt Energy Gas District, AL, Gas Project
Revenue Bonds:
Project No 6, Series B
4.000%
12/1/26
2,125,000
2,145,495
  (a)(b)
Series D-1, Refunding
5.500%
2/1/29
2,700,000
2,922,466
  (a)(b)
Energy Southeast, A Cooperative District
Energy, AL, Supply Revenue, Series B-1
5.750%
11/1/31
5,500,000
6,251,699
  (a)(b)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/40
4,000,000
4,493,058
  
Warrants, Series 2024, Refunding
5.250%
10/1/41
5,000,000
5,584,704
  
Warrants, Series 2024, Refunding
5.250%
10/1/42
5,775,000
6,419,142
  
Warrants, Series 2024, Refunding
5.250%
10/1/43
6,250,000
6,914,762
  
Mobile County, AL, IDA Revenue, Solid Waste
Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
4,200,000
4,363,574
  (c)
Southeast Alabama Gas Supply District, Gas
Supply Revenue, Project No 1, Series A,
Refunding
5.000%
4/1/31
5,500,000
5,974,898
  
Total Alabama
55,144,826
Alaska — 0.4%
Alaska State Housing Finance Corp. Revenue:
State Capital Project II, Series B, Refunding
5.000%
12/1/37
750,000
802,057
  
State Capital Project, Series B, Refunding
4.000%
12/1/35
1,000,000
1,022,815
  
State Capital Project, Series B, Refunding
4.000%
12/1/36
750,000
763,712
  
Northern Tobacco Securitization Corp., AK,
Revenue:
Asset Backed Senior Bonds, Class 1, Series
A, Refunding
5.000%
6/1/26
1,085,000
1,108,600
  
Asset Backed Senior Bonds, Class 1, Series
A, Refunding
5.000%
6/1/27
1,000,000
1,037,568
  
Asset Backed Senior Bonds, Class 1, Series
A, Refunding
5.000%
6/1/28
1,650,000
1,737,099
  
Asset Backed Senior Bonds, Class 1, Series
A, Refunding
5.000%
6/1/29
1,250,000
1,333,353
  
Asset Backed Senior Bonds, Class 1, Series
A, Refunding
5.000%
6/1/30
1,750,000
1,890,700
  
Total Alaska
9,695,904
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
1
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Arizona — 2.3%
Arizona State IDA, Education Revenue:
Academies Math & Science Project,
Refunding, SD Credit Program
5.000%
7/1/37
$700,000
$719,360
  
Basis School Project, Refunding, SD Credit
Program
5.000%
7/1/37
850,000
877,990
  
Lincoln South Beltway Project
5.000%
2/1/25
1,500,000
1,508,970
  
Arizona State IDA, Hospital Revenue, Phoenix
Children’s Hospital Project
5.000%
2/1/40
1,300,000
1,402,559
  
Chandler, AZ, IDA Revenue:
Intel Corp. Project
5.000%
9/1/27
6,500,000
6,690,627
  (a)(b)(c)
Intel Corp. Project
3.800%
6/15/28
4,000,000
4,098,896
  (a)(b)
Intel Corp. Project
4.100%
6/15/28
3,900,000
3,949,093
  (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
8,500,000
8,614,126
  (a)(b)(c)
Navajo Nation, AZ, Revenue, Series A,
Refunding
5.000%
12/1/25
2,400,000
2,419,898
  (d)
Phoenix, AZ, Civic Improvement Corp., Airport
Revenue:
Junior Lien, Refunding
5.000%
7/1/27
4,000,000
4,004,617
  
Senior Lien, Series 2018
5.000%
7/1/36
3,715,000
3,896,923
  (c)
Senior Lien, Series 2018
5.000%
7/1/37
4,300,000
4,503,517
  (c)
Senior Lien, Series 2018
5.000%
7/1/38
5,085,000
5,313,730
  (c)
Phoenix, AZ, IDA, Great Hearts Academies,
Refunding
5.000%
7/1/36
1,600,000
1,611,951
  
Salt Verde, AZ, Financial Corp., Natural Gas
Revenue, Series 2007
5.000%
12/1/32
3,665,000
4,016,727
  
Total Arizona
53,628,984
Arkansas — 0.2%
Arkansas State Development Finance
Authority, Environmental Improvement
Revenue, United States Steel Corporation
Project, Green Bonds
5.700%
5/1/53
5,250,000
5,592,184
  (c)
California — 6.3%
Alameda, CA, Corridor Transportation Authority
Revenue:
Second Subordinated Lien, Series B,
Refunding
5.000%
10/1/34
3,000,000
3,078,373
  
Second Subordinated Lien, Series B,
Refunding
5.000%
10/1/36
4,200,000
4,304,411
  
See Notes to Financial Statements.
2
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
California — continued
California State Community Choice Financing
Authority Revenue:
Clean Energy Project, Green Bonds, Series
A-1
4.000%
8/1/28
$2,250,000
$2,304,728
  (a)(b)
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
21,500,000
23,619,896
  (a)(b)
Clean Energy Project, Green Bonds, Series
B-1
5.000%
8/1/29
8,300,000
8,909,448
  (a)(b)
Clean Energy Project, Green Bonds, Series
B-1
4.000%
8/1/31
12,105,000
12,490,522
  (a)(b)
California State MFA Lease Revenue, Orange
County, CA, Civic Center Infrastructure
Improvement Program
5.000%
6/1/43
3,000,000
3,179,644
  
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A
5.000%
12/31/34
4,550,000
4,744,088
  (c)
Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
4,500,000
4,612,197
  (c)
Waste Management, Inc. Project, Series B
4.800%
6/2/25
3,000,000
3,011,212
  (a)(b)(c)
California State MFA Special Facility Revenue,
United Airlines, Inc., Los Angeles International
Airport Project
4.000%
7/15/29
500,000
504,318
  (c)
California State PCFA Water Furnishing
Revenue:
Poseidon Resources
5.000%
7/1/27
5,215,000
5,239,211
  (c)(d)
San Diego County Water Authority
Desalination Project, Refunding
5.000%
7/1/39
1,500,000
1,577,160
  (d)
California State, GO, Various Purpose,
Refunding
4.000%
11/1/36
2,240,000
2,299,325
  
Los Angeles, CA, Department of Airports
Revenue:
Los Angeles International Airport, Series G
5.000%
5/15/27
3,390,000
3,577,689
  (c)
Los Angeles International Airport, Series H,
Refunding
5.000%
5/15/27
4,175,000
4,406,151
  (c)
Los Angeles International Airport,
Subordinated, Series D
5.000%
5/15/37
3,275,000
3,442,380
  (c)
Los Angeles International Airport,
Subordinated, Series F, Refunding
5.000%
5/15/34
1,775,000
1,890,809
  (c)
Subordinated, Los Angeles International
Airport, Series B
5.000%
5/15/35
1,000,000
1,021,247
  (c)
Subordinated, Los Angeles International
Airport, Series B
5.000%
5/15/36
1,000,000
1,020,216
  (c)
Subordinated, Los Angeles International
Airport, Series C
5.000%
5/15/37
4,925,000
5,111,634
  (c)
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
3
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
California — continued
Subordinated, Los Angeles International
Airport, Series C
5.000%
5/15/38
$2,500,000
$2,590,186
  (c)
Los Angeles, CA, Department of Water &
Power, Power System Revenue, Series C
5.000%
7/1/37
3,000,000
3,155,744
  
M-S-R Energy Authority, CA, Natural Gas
Revenue:
Series A
6.125%
11/1/29
1,550,000
1,663,632
  
Series B
6.125%
11/1/29
14,845,000
15,933,305
  
River Islands, CA, Public Financing Authority,
Special Tax Revenue:
Community Facilities District No 2023-1
5.500%
9/1/43
1,350,000
1,465,199
  
Community Facilities District No 2023-1
5.500%
9/1/48
1,780,000
1,914,311
  
Riverside, CA, Electric Revenue, Series A,
Refunding
5.000%
10/1/36
6,250,000
6,797,497
  
Riverside, CA, Sewer Revenue, Series A,
Refunding
5.000%
8/1/36
1,000,000
1,081,530
  
San Bernardino, CA, USD Revenue, COP,
School Financing Project, AGM
5.000%
10/1/34
1,000,000
1,079,404
  
San Francisco, CA, City & County Airport
Commission, International Airport Revenue:
Series A, Refunding
5.000%
1/1/34
1,000,000
1,060,928
  (c)
Series D, Refunding
5.000%
5/1/48
5,000
5,322
  (c)(e)
Series D, Unrefunded
5.000%
5/1/48
2,495,000
2,563,654
  (c)
Sanger, CA, USD Revenue, COP, Capital
Projects, Refunding, AGM
5.000%
6/1/49
3,000,000
3,057,714
  
Southern California Public Power Authority,
Natural Gas Project Revenue, Project Number
1, Series A
5.250%
11/1/26
2,000,000
2,073,392
  
Tobacco Securitization Authority of Southern
California Revenue:
San Diego County Tobacco Asset
Securitization Corporation, Series A,
Refunding
5.000%
6/1/34
655,000
710,644
  
San Diego County Tobacco Asset
Securitization Corporation, Series A,
Refunding
5.000%
6/1/36
1,000,000
1,080,830
  
San Diego County Tobacco Asset
Securitization Corporation, Series A,
Refunding
5.000%
6/1/38
1,750,000
1,879,667
  
Total California
148,457,618
See Notes to Financial Statements.
4
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Colorado — 2.7%
Base Village Metropolitan District No 2, CO,
GO, Series A, Refunding
5.500%
12/1/36
$500,000
$500,947
  
Colorado State Health Facilities Authority
Revenue:
Commonspirit Health Initiatives, Series A
5.250%
11/1/37
1,450,000
1,653,282
  
Commonspirit Health Initiatives, Series A
5.250%
11/1/38
2,200,000
2,495,883
  
Commonspirit Health Initiatives, Series A
5.250%
11/1/39
2,000,000
2,257,877
  
Commonspirit Health Initiatives, Series B-2
5.000%
8/1/26
2,900,000
2,964,054
  (a)(b)
Denver, CO, City & County Airport System
Revenue:
Series A, Refunding
5.500%
11/15/40
23,750,000
27,006,270
  (c)
Subordinated, Series B, Refunding
5.000%
11/15/28
4,735,000
5,072,017
  (c)
Subordinated, Series B, Refunding
5.000%
11/15/29
3,250,000
3,528,496
  (c)
Subordinated, Series B, Refunding
5.000%
11/15/32
1,500,000
1,670,209
  (c)
Denver, CO, City & County Special Facility
Apartment Revenue, United Airlines Inc.
Project, Refunding
5.000%
10/1/32
4,800,000
4,801,456
  (c)
District of Vauxmont Metropolitan, CO, GO,
Series 2020, Refunding, AGM
5.000%
12/1/28
415,000
449,885
  
Public Authority for Colorado Energy, Natural
Gas Purchase Revenue, Series 2008
6.250%
11/15/28
8,000,000
8,469,864
  
Regional Transportation District, CO, Revenue:
Denver Transit Partners Eagle P3 Project,
Series A, Refunding
5.000%
1/15/30
700,000
764,695
  
Denver Transit Partners Eagle P3 Project,
Series A, Refunding
5.000%
1/15/31
450,000
496,099
  
Denver Transit Partners Eagle P3 Project,
Series A, Refunding
5.000%
7/15/31
400,000
440,146
  
Total Colorado
62,571,180
Connecticut — 0.8%
Connecticut State HEFA Revenue:
Sacred Heart University Issue, Series I-1,
Refunding
5.000%
7/1/36
1,150,000
1,196,601
  
Sacred Heart University Issue, Series I-1,
Refunding
5.000%
7/1/42
2,000,000
2,032,697
  
Connecticut State Special Tax Revenue,
Transportation Infrastructure, Series A
5.000%
1/1/37
5,000,000
5,299,143
  
Connecticut State, GO:
Series B
4.000%
1/15/41
2,750,000
2,859,530
  
Series B
4.000%
1/15/42
1,250,000
1,294,603
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
5
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Connecticut — continued
Series C
4.000%
6/1/35
$1,525,000
$1,596,667
  
Series C
4.000%
6/1/37
1,000,000
1,035,678
  
Series C
4.000%
6/1/38
1,250,000
1,290,509
  
University of Connecticut, Student Fee
Revenue, Series A
5.000%
11/15/43
2,900,000
3,055,646
  
Total Connecticut
19,661,074
Delaware — 0.3%
Delaware State EDA Revenue, Acts
Retirement - Life Communities Inc. Obligated
Group, Series B
5.000%
11/15/43
3,000,000
3,149,714
  
Delaware State Health Facilities Authority
Revenue, Series 2018
5.000%
6/1/43
4,420,000
4,531,370
  
Total Delaware
7,681,084
District of Columbia — 0.5%
District of Columbia Revenue:
Ingleside Rock Creek Project, Series A
5.000%
7/1/32
500,000
510,255
  
Ingleside Rock Creek Project, Series A
5.000%
7/1/37
500,000
506,623
  
KIPP DC Issue, Series A, Refunding
5.000%
7/1/37
4,010,000
4,158,466
  
KIPP DC Project, Series B, Refunding
5.000%
7/1/37
5,000,000
5,185,119
  
Total District of Columbia
10,360,463
Florida — 7.5%
Broward County, FL, Airport System Revenue:
Series 2017
5.000%
10/1/36
1,750,000
1,815,097
  (c)
Series 2017
5.000%
10/1/42
1,500,000
1,539,169
  (c)
Series A
5.000%
10/1/27
1,750,000
1,842,792
  (c)
Broward County, FL, Port Facilities Revenue:
Series 2022
5.000%
9/1/32
1,725,000
1,921,208
  (c)
Series 2022
5.000%
9/1/33
1,800,000
2,004,774
  (c)
Series 2022
5.000%
9/1/35
1,650,000
1,806,506
  (c)
Series 2022
5.000%
9/1/36
1,305,000
1,427,674
  (c)
Series 2022
5.000%
9/1/38
1,350,000
1,473,870
  (c)
Series 2022
5.000%
9/1/39
1,415,000
1,536,316
  (c)
Series 2022
5.000%
9/1/40
1,150,000
1,239,816
  (c)
Series 2022
5.000%
9/1/41
1,290,000
1,390,810
  (c)
Series 2022
5.000%
9/1/42
1,750,000
1,879,729
  (c)
Series B
5.000%
9/1/31
10,155,000
10,903,130
  (c)
Broward County, FL, School Board, COP:
Series A, Refunding
5.000%
7/1/27
4,000,000
4,063,794
  
Series A, Refunding
5.000%
7/1/28
5,500,000
5,586,071
  
See Notes to Financial Statements.
6
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Florida — continued
Series A, Refunding
5.000%
7/1/30
$5,000,000
$5,062,207
  
Central Florida Expressway Authority Revenue:
Senior Lien, Refunding
5.000%
7/1/37
1,250,000
1,310,592
  
Senior Lien, Refunding
5.000%
7/1/38
1,000,000
1,046,435
  
Florida Atlantic University, FL, Finance Corp.,
Capital Improvements Revenue, Series 2019 A,
Refunding
5.000%
7/1/35
5,775,000
6,217,986
  
Florida State Development Finance Corp.,
Educational Facilities Revenue, Renaissance
Charter School Inc. Projects, Series A
6.000%
6/15/35
1,900,000
1,919,951
  (d)
Florida State Development Finance Corp.,
Revenue:
Brightline Passenger Rail Project, Refunding
5.000%
7/1/41
11,215,000
11,563,051
  (c)
Brightline Passenger Rail Project,
Refunding, AGM
5.000%
7/1/44
5,985,000
6,308,440
  (c)
Brightline Passenger Rail Project,
Refunding, AGM
5.250%
7/1/47
16,250,000
17,357,182
  (c)
Florida State Insurance Assistance Interlocal
Agency Inc., Revenue:
Series A-1, Refunding
5.000%
9/1/26
10,000,000
10,296,044
  
Series A-1, Refunding
5.000%
9/1/27
5,640,000
5,868,777
  
Florida State Mid-Bay Bridge Authority
Revenue:
Series A, Refunding
5.000%
10/1/26
2,000,000
2,033,947
  
Series A, Refunding
5.000%
10/1/27
3,000,000
3,051,713
  
Series A, Refunding
5.000%
10/1/28
1,000,000
1,017,157
  
Hillsborough County, FL, Aviation Authority
Revenue, Tampa International Airport, Series E
5.000%
10/1/43
3,000,000
3,101,926
  (c)
Lee County, FL, Airport Revenue, Series A,
Refunding
5.000%
10/1/31
3,500,000
3,828,510
  (c)
Miami-Dade County, FL, Aviation Revenue:
Series A, Refunding
4.000%
10/1/35
3,445,000
3,545,672
  
Series A, Refunding
4.000%
10/1/37
2,075,000
2,115,366
  
Series A, Refunding
4.000%
10/1/39
5,175,000
5,212,297
  
Miami-Dade County, FL, Expressway Authority
Toll System Revenue:
Series B, Refunding
5.000%
7/1/25
3,730,000
3,744,787
  
Series B, Refunding
5.000%
7/1/27
2,350,000
2,352,234
  
Series B, Refunding
5.000%
7/1/28
1,000,000
1,001,027
  
Series B, Refunding
5.000%
7/1/30
2,500,000
2,502,652
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
7
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Florida — continued
Series B, Refunding
5.000%
7/1/31
$2,750,000
$2,752,777
  
Miami-Dade County, FL, Health Facilities
Authority Hospital Revenue:
Nicklaus Children’s Hospital, Refunding
5.000%
8/1/35
1,020,000
1,060,386
  
Nicklaus Children’s Hospital, Refunding
5.000%
8/1/36
635,000
659,459
  
Nicklaus Children’s Hospital, Refunding
5.000%
8/1/37
1,010,000
1,046,109
  
Miami-Dade County, FL, Seaport Revenue:
Series A, Refunding
5.000%
10/1/40
4,460,000
4,844,738
  (c)
Series A, Refunding
5.000%
10/1/41
3,250,000
3,528,559
  (c)
Series A, Refunding
5.000%
10/1/42
4,000,000
4,340,888
  (c)
Orange County, FL, Health Facilities Authority
Revenue:
Orlando Health Obligated Group, Series A
5.000%
10/1/40
1,250,000
1,394,393
  
Orlando Health Obligated Group, Series A
5.000%
10/1/41
1,750,000
1,942,925
  
Orlando Health Obligated Group, Series A
5.000%
10/1/42
1,000,000
1,104,299
  
Palm Beach County, FL, Health Facilities
Authority Revenue:
Jupiter Medical Center Project, Series A
5.000%
11/1/32
400,000
437,251
  
Jupiter Medical Center Project, Series A
5.000%
11/1/34
620,000
675,475
  
Jupiter Medical Center Project, Series A
5.000%
11/1/35
1,200,000
1,300,023
  
Jupiter Medical Center Project, Series A
5.000%
11/1/42
1,400,000
1,471,482
  
Toby & Leon Cooperman Sinai Residences
of Boca Raton Expansion, Series 2022,
Refunding
4.000%
6/1/31
1,100,000
1,111,075
  
State of Florida Department of Transportation
Turnpike System Revenue, Series A
4.000%
7/1/39
5,000,000
5,068,264
  
Tampa, FL, Hospital Revenue, H. Lee Moffitt
Cancer Center Project, Series B
4.000%
7/1/45
1,000,000
975,235
  
Wildwood, FL, Village Community
Development District No 15, Special
Assessment Revenue:
Series 2024
4.200%
5/1/39
850,000
861,528
  (d)(f)
Series 2024
4.550%
5/1/44
1,000,000
1,015,720
  (d)(f)
Total Florida
176,479,295
Georgia — 1.5%
Brookhaven, GA, Development Authority
Revenue, Children’s Healthcare of Atlanta, Inc.,
Series A
4.000%
7/1/44
3,500,000
3,520,596
  
See Notes to Financial Statements.
8
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Georgia — continued
Dahlonega, GA, Downtown Development
Authority Revenue, North Georgia MAC LLC
Project, Refunding
5.000%
7/1/31
$1,400,000
$1,469,990
  
Georgia State Higher Education Facilities
Authority Revenue, USG Real Estate,
Refunding
5.000%
6/15/33
1,600,000
1,731,574
  
Georgia State Municipal Electric Authority,
Power Revenue:
Series A, Refunding
5.000%
1/1/34
850,000
942,343
  
Series A, Refunding
5.000%
1/1/35
875,000
967,867
  
Series A, Refunding
5.000%
1/1/36
1,075,000
1,185,395
  
Series A, Refunding
4.000%
1/1/51
645,000
613,727
  
Series A, Refunding, AGM
4.000%
1/1/46
1,780,000
1,780,342
  
Main Street Natural Gas Inc., GA, Gas Project
Revenue:
Series A
5.000%
5/15/33
2,750,000
2,884,474
  
Series B
5.000%
6/1/29
9,475,000
10,026,256
  (a)(b)
Series B
5.000%
3/1/32
5,000,000
5,486,249
  (a)(b)
Series C
5.000%
9/1/30
4,000,000
4,323,090
  (a)(b)
Total Georgia
34,931,903
Guam — 0.1%
Guam Government, Business Privilege Tax
Revenue:
Series F, Refunding
4.000%
1/1/36
1,085,000
1,099,052
  
Series F, Refunding
4.000%
1/1/42
2,050,000
2,025,575
  
Total Guam
3,124,627
Hawaii — 0.3%
Honolulu, HI, City & County Wastewater
System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
5,000,000
4,387,513
  
First Senior Bond Resolution, Series A,
Refunding
5.000%
7/1/36
1,775,000
2,065,505
  (f)
Total Hawaii
6,453,018
Illinois — 15.5%
Chicago, IL, Board of Education, Dedicated
Capital Improvement, Special Tax Revenue:
Series 2017
5.000%
4/1/42
1,700,000
1,730,180
  
Series 2018
5.000%
4/1/36
1,270,000
1,323,121
  
Series 2018
5.000%
4/1/37
1,400,000
1,456,362
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
9
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Illinois — continued
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.000%
12/1/33
$5,010,000
$5,445,871
  
Dedicated, Series A
5.000%
12/1/36
3,540,000
3,708,040
  
Dedicated, Series A
5.000%
12/1/38
1,735,000
1,805,666
  
Dedicated, Series A
5.000%
12/1/43
18,000,000
18,578,846
  
Dedicated, Series A
5.875%
12/1/47
3,000,000
3,318,904
  
Dedicated, Series G, Refunding
5.000%
12/1/34
2,230,000
2,287,351
  
Series A
5.000%
12/1/33
6,475,000
6,856,464
  
Series A
5.000%
12/1/35
3,450,000
3,626,952
  
Series A
5.000%
12/1/40
4,515,000
4,664,779
  
Series A, Refunding
5.000%
12/1/29
2,500,000
2,655,329
  
Series B, Refunding
5.000%
12/1/36
3,100,000
3,249,689
  
Series C, Refunding
5.000%
12/1/24
2,500,000
2,504,082
  
Series C, Refunding
5.000%
12/1/25
1,000,000
1,013,401
  
Series C, Refunding, AGM
5.000%
12/1/32
1,000,000
1,056,815
  
Series D
5.000%
12/1/46
1,000,000
1,011,049
  
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
7,000,000
7,735,139
  
Series A
5.000%
1/1/40
7,075,000
7,356,962
  
Series A
5.000%
1/1/44
2,200,000
2,267,478
  
Series A, Refunding
5.000%
1/1/25
4,000,000
4,016,689
  
Series A, Refunding
5.000%
1/1/27
2,250,000
2,343,187
  
Series A, Refunding
5.625%
1/1/29
1,250,000
1,308,851
  
Chicago, IL, Metropolitan Water Reclamation
District Greater Chicago, GO:
Series B, Green Bond
5.000%
12/1/25
1,235,000
1,238,163
  (e)
Series B, Green Bond
5.000%
12/1/26
1,275,000
1,278,265
  (e)
Series B, Green Bond
5.000%
12/1/27
1,360,000
1,363,483
  (e)
Series B, Green Bond
5.000%
12/1/28
1,425,000
1,428,650
  (e)
Series B, Green Bond
5.000%
12/1/30
1,575,000
1,579,034
  (e)
Series B, Green Bond
5.000%
12/1/31
1,650,000
1,654,226
  (e)
Series B, Green Bond
5.000%
12/1/32
1,735,000
1,739,444
  (e)
Series B, Green Bond
5.000%
12/1/33
1,820,000
1,824,661
  (e)
Series B, Green Bond
5.000%
12/1/34
1,910,000
1,914,892
  (e)
Chicago, IL, O’Hare International Airport
Revenue:
General Senior Lien, Series A
5.000%
1/1/42
3,850,000
4,085,866
  (c)
General Senior Lien, Series C, Refunding
5.000%
1/1/41
1,745,000
1,853,800
  (c)
General Senior Lien, Series C, Refunding
5.000%
1/1/42
1,920,000
2,037,626
  (c)
See Notes to Financial Statements.
10
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Illinois — continued
Senior Lien, Series D
5.250%
1/1/36
$7,445,000
$7,769,344
  
Senior Lien, Series D
5.250%
1/1/37
4,600,000
4,793,929
  
Series A, Refunding
5.000%
1/1/33
2,145,000
2,150,619
  (c)
Series B, Refunding
5.000%
1/1/33
4,500,000
4,517,451
  
Series C, Refunding
5.000%
1/1/30
6,010,000
6,028,861
  (c)
Series C, Refunding
5.000%
1/1/43
1,570,000
1,660,678
  (c)
Trips Obligated Group
5.000%
7/1/38
1,500,000
1,542,577
  (c)
Chicago, IL, Transit Authority, Sales Tax
Receipts Revenue:
Second Lien, Series A, Refunding
5.000%
12/1/45
5,900,000
6,200,239
  
Second Lien, Series A, Refunding
4.000%
12/1/49
2,000,000
1,928,738
  
Chicago, IL, Wastewater Transmission
Revenue:
Second Lien, Series A, AGM
5.250%
1/1/48
2,500,000
2,741,084
  
Second Lien, Series B, Refunding
5.000%
1/1/36
4,000,000
4,155,384
  
Chicago, IL, Waterworks Revenue:
Second Lien Project
5.000%
11/1/30
1,785,000
1,791,482
  
Second Lien Project
5.000%
11/1/31
2,000,000
2,007,263
  
Second Lien Project
5.000%
11/1/33
1,500,000
1,505,447
  
Second Lien Project
5.000%
11/1/34
1,000,000
1,003,631
  
Second Lien, Refunding, AGM
5.000%
11/1/28
2,000,000
2,139,115
  
Second Lien, Series 2017, Refunding
5.000%
11/1/29
1,600,000
1,708,063
  
Illinois State Finance Authority Revenue:
NorthShore University HealthSystem, Series
A, Refunding
5.000%
8/15/34
2,000,000
2,210,813
  
Provident Group - UIC Surgery Center LLC -
University of Illinois Health Services Facility
Project
5.000%
10/1/32
400,000
428,289
  
Provident Group - UIC Surgery Center LLC -
University of Illinois Health Services Facility
Project
5.000%
10/1/34
430,000
458,785
  
Provident Group - UIC Surgery Center LLC -
University of Illinois Health Services Facility
Project
5.000%
10/1/35
395,000
420,948
  
Provident Group - UIC Surgery Center LLC -
University of Illinois Health Services Facility
Project
4.000%
10/1/40
1,250,000
1,215,110
  
Student Housing & Academic Facilities
Revenue, Chicago LLC, University of Illinois
Chicago Project, Series A
5.000%
2/15/37
700,000
709,860
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
11
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Illinois — continued
Illinois State Sports Facilities Authority
Revenue:
State Tax Supported, Refunding, AGM
5.250%
6/15/30
$5,000,000
$5,027,627
  
State Tax Supported, Refunding, AGM
5.250%
6/15/31
8,000,000
8,044,203
  
State Tax Supported, Refunding, AGM
5.250%
6/15/32
9,500,000
9,552,491
  
Illinois State Toll Highway Authority Revenue,
Series A
4.000%
1/1/46
2,895,000
2,877,765
  
Illinois State University, Auxiliary Facilities
System Revenue, Series A, Refunding, AGM
5.000%
4/1/28
475,000
509,473
  
Illinois State, GO:
Series 2016
5.000%
11/1/33
3,150,000
3,245,396
  
Series 2016, Refunding
5.000%
2/1/29
2,200,000
2,303,384
  
Series A
5.000%
3/1/32
3,925,000
4,361,018
  
Series A
5.000%
3/1/36
1,000,000
1,096,556
  
Series A
5.000%
5/1/36
4,665,000
4,884,572
  
Series A
5.000%
5/1/39
4,800,000
4,993,586
  
Series A, Refunding
5.000%
10/1/27
12,805,000
13,631,481
  
Series A, Refunding
5.000%
10/1/30
1,275,000
1,369,315
  
Series B
5.000%
12/1/33
4,000,000
4,453,556
  
Series B
5.250%
5/1/44
3,550,000
3,942,047
  
Series B
5.250%
5/1/45
2,500,000
2,766,414
  
Series B
5.250%
5/1/47
1,000,000
1,101,628
  
Series B
5.250%
5/1/48
1,250,000
1,374,044
  
Series B, Refunding
5.000%
9/1/27
6,015,000
6,392,829
  
Series B, Refunding
5.000%
10/1/27
3,000,000
3,193,631
  
Series C
5.000%
12/1/41
18,000,000
19,774,831
  
Series D
5.000%
11/1/27
9,695,000
10,336,839
  
Series D, Refunding
5.000%
7/1/34
2,300,000
2,572,126
  
Kane County, IL, School District No 131 Aurora
East Side, GO, Series A, AGM
4.000%
12/1/35
800,000
816,119
  
Metropolitan Pier & Exposition Authority, IL,
Revenue:
McCormick Place Expansion Project, Series
A, Refunding
4.000%
12/15/42
7,400,000
7,401,213
  
McCormick Place Expansion Project, Series
A, Refunding
4.000%
12/15/47
1,635,000
1,584,500
  
McCormick Place Expansion Project, Series
A, Refunding
4.000%
6/15/50
10,465,000
9,997,724
  
McCormick Place Expansion Project, Series
A, Refunding
5.000%
6/15/50
16,400,000
17,078,329
  
See Notes to Financial Statements.
12
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Illinois — continued
McCormick Place Expansion Project, Series
B, Refunding
5.000%
12/15/28
$2,000,000
$2,115,893
  
McCormick Place Expansion Project, Series
B, Refunding
5.000%
12/15/30
625,000
658,543
  
McCormick Place Expansion Project, Series
B, Refunding, AGM
0.000%
6/15/45
6,500,000
2,744,899
  
Regional Transportation Authority, IL, GO:
Series A
4.000%
6/1/46
10,920,000
10,683,292
  
Series A, Refunding, NATL
6.000%
7/1/29
12,990,000
14,224,855
  
Sales Tax Securitization Corp., IL, Revenue,
Series A, Refunding
5.000%
1/1/28
1,750,000
1,876,261
  
University of Illinois, COP:
Series C, Refunding
5.000%
3/15/25
1,250,000
1,251,606
  
Series C, Refunding
5.000%
3/15/26
1,800,000
1,802,523
  
Total Illinois
362,447,596
Indiana — 1.4%
Indiana State Finance Authority, Health
System Revenue, Indiana University Health,
Series B
2.250%
7/1/25
2,350,000
2,324,499
  (a)(b)
Indiana State Finance Authority Revenue:
Marion General Hospital, Series A
4.000%
7/1/45
2,750,000
2,601,437
  
Midwestern Disaster Relief, Ohio Valley
Electric Corp. Project, Series A
4.250%
11/1/30
3,000,000
3,150,081
  
Indiana State Finance Authority, Environmental
Facilities Revenue, Indianapolis Power & Light
Company Project, Series A, Refunding
1.400%
8/1/29
7,000,000
6,258,879
  
Indiana State Health Facility Financing
Authority Revenue, Ascension Health Credit
Group
5.000%
11/15/35
10,000,000
10,182,714
  
Indianapolis, IN, Local Public Improvement
Bond Bank:
Indianapolis Airport Authority Project,
Revenue, Series 2019 D, Refunding
5.000%
1/1/26
2,900,000
2,965,222
  (c)
Indianapolis Airport Authority Project,
Series A, Refunding
5.000%
1/1/28
5,235,000
5,533,975
  (c)
Total Indiana
33,016,807
Iowa — 0.6%
Iowa State Finance Authority Revenue,
Midwestern Disaster Area, Iowa Fertilizer Co.
Project, Refunding
5.000%
12/1/32
12,000,000
14,067,079
  (a)(b)(e)
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
13
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Kansas — 0.0%††
Wyandotte County, KS, Turner USD No 202,
GO, Series A, AGM
4.000%
9/1/36
$775,000
$811,134
  (e)
Kentucky — 2.1%
Carroll County, KY, Environmental Facilities
Revenue, Kentucky Utilities Company Project,
Series A
1.750%
9/1/26
5,000,000
4,733,392
  (a)(b)(c)
Carroll County, KY, PCR, Kentucky Utilities
Company Project, Series A, Refunding
1.550%
9/1/26
6,000,000
5,781,508
  (a)(b)
Kentucky State PEA, Gas Supply Revenue,
Series A
4.000%
6/1/26
13,750,000
13,884,733
  (a)(b)
Kentucky State Turnpike Authority, Economic
Development Road Revenue:
Revitalization Project, Series B, Refunding
5.000%
7/1/27
1,435,000
1,534,023
  
Revitalization Project, Series B, Refunding
5.000%
7/1/28
1,000,000
1,067,436
  
Louisville/Jefferson County, KY, Metropolitan
Government Health System Revenue:
Gas and Electric Company Project, Series A
1.750%
7/1/26
2,250,000
2,195,888
  (a)(b)
Norton Healthcare Inc., Series C
5.000%
10/1/26
5,000,000
5,196,568
  (a)(b)
Trimble County, KY, Environmental Facility
Revenue, Louisville Gas and Electric Company
Project, Series A
4.700%
6/1/27
6,250,000
6,316,254
  (a)(b)(c)
Trimble County, KY, Pollution Control Revenue,
Louisville Gas and Electric Company Project,
Series A, Refunding
1.300%
9/1/27
9,000,000
8,294,353
  (a)(b)(c)
Total Kentucky
49,004,155
Louisiana — 0.8%
Louisiana Local Government Environmental
Facilities & Community Development Authority
Revenue, East Baton Rouge Sewerage
Commission Project, Series B, Refunding
0.875%
12/20/24
7,000,000
6,959,884
  (a)(b)
Shreveport, LA, Water & Sewer Revenue:
Refunding, AGM
5.000%
12/1/28
2,440,000
2,491,407
  
Refunding, AGM
5.000%
12/1/29
2,000,000
2,042,599
  
St. John the Baptist Parish, LA, State Revenue,
Marathon Oil Corp. Project, Series B-2,
Refunding
2.375%
7/1/26
7,275,000
7,150,376
  (a)(b)
Total Louisiana
18,644,266
See Notes to Financial Statements.
14
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Maryland — 0.4%
Maryland State EDC, Student Housing
Revenue:
University of Maryland College Park Project,
Refunding, AGM
5.000%
6/1/27
$1,400,000
$1,448,760
  
University of Maryland College Park Project,
Refunding, AGM
5.000%
6/1/30
1,550,000
1,595,316
  
University of Maryland College Park Project,
Refunding, AGM
5.000%
6/1/31
1,000,000
1,027,883
  
Maryland State Stadium Authority, Built to
Learn Revenue, Series 2021
4.000%
6/1/46
4,000,000
4,001,019
  
Total Maryland
8,072,978
Massachusetts — 1.6%
Massachusetts State Department of
Transportation, Metropolitan Highway System
Revenue:
Series B-1, Refunding
5.000%
1/1/35
1,000,000
1,089,330
  
Series B-1, Refunding
5.000%
1/1/36
2,000,000
2,172,164
  
Series B-1, Refunding
5.000%
1/1/37
1,000,000
1,083,429
  
Massachusetts State DFA Revenue:
Boston Medical Center, Series G, Refunding
5.250%
7/1/48
4,200,000
4,644,769
  
Brandeis University, Series S-1, Refunding
5.000%
10/1/38
1,210,000
1,313,740
  
Dana-Farber Cancer Institute, Series N
5.000%
12/1/34
2,000,000
2,081,827
  
Foxborough Regional Charter School, Series
B, Refunding
5.000%
7/1/37
1,000,000
1,017,471
  
Partners Healthcare System, Refunding
5.000%
7/1/37
1,500,000
1,579,589
  
Seven Hills Foundation and Affiliates Issue,
Refunding
4.000%
9/1/39
580,000
585,224
  
Sterling and Francine Clark Art Institute,
Refunding
5.000%
7/1/36
3,035,000
3,074,769
  
UMass Boston Student Housing Project
5.000%
10/1/28
2,900,000
2,973,164
  
Massachusetts State Port Authority Revenue:
Series A, Refunding
5.000%
7/1/33
4,880,000
5,228,817
  (c)
Series E
5.000%
7/1/51
4,000,000
4,190,943
  (c)
Massachusetts State Transportation Fund
Revenue, Series A, Refunding
5.000%
6/1/41
5,200,000
5,463,541
  
Total Massachusetts
36,498,777
Michigan — 1.9%
Great Lakes, MI, Water Authority Sewage
Disposal System Revenue, Second Lien, Series
B
5.000%
7/1/34
1,250,000
1,468,299
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
15
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Michigan — continued
Great Lakes, MI, Water Authority, Water
Supply System Revenue:
Senior Lien, Series A
5.000%
7/1/36
$1,100,000
$1,284,154
  
Senior Lien, Series A
5.000%
7/1/37
1,000,000
1,162,495
  
Senior Lien, Series B
5.000%
7/1/37
1,000,000
1,162,495
  
Senior Lien, Series C, Refunding
5.000%
7/1/33
7,700,000
7,965,190
  
Senior Lien, Series C, Refunding
5.000%
7/1/35
4,500,000
4,652,051
  
Kent County, MI, Gerald R. Ford International
Airport, GO, Authority Revenue, County GTD
5.000%
1/1/51
1,000,000
1,063,635
  (c)
Michigan State Finance Authority Revenue:
Detroit School District, Series A, Refunding,
Q-SBLF
5.000%
5/1/25
1,500,000
1,518,019
  
Hospital Revenue, Trinity Health Credit
Group, Series A, Refunding
5.000%
12/1/42
2,250,000
2,325,937
  
Local Government Loan Program, Detroit,
MI, Water & Sewer Department, Second
Lien Local Project, Series C, Refunding
5.000%
7/1/33
1,500,000
1,519,220
  
Local Government Loan Program, Detroit,
MI, Water & Sewer Department, Series
D-2, Refunding
5.000%
7/1/34
700,000
708,449
  
The Henry Ford Health Detroit South
Campus Central Utility Plant Project, Green
Bonds, Series 2024
5.250%
2/28/43
1,500,000
1,658,220
  
The Henry Ford Health Detroit South
Campus Central Utility Plant Project, Green
Bonds, Series 2024
4.125%
2/29/44
1,000,000
994,613
  
Tobacco Settlement Asset-Backed, Series
A-1, Refunding
4.000%
6/1/39
1,850,000
1,858,966
  
Michigan State Strategic Fund Limited
Obligation Revenue:
Graphic Packaging International, LLC Coated
Recycled Machine Project, Green Bonds
4.000%
10/1/26
2,750,000
2,765,764
  (a)(b)(c)
I-75 Improvement Project
5.000%
12/31/43
4,000,000
4,111,982
  (c)
Michigan Senate Offices Project, Series A
5.000%
10/15/28
1,190,000
1,217,711
  
Michigan Senate Offices Project, Series A
5.000%
10/15/31
1,640,000
1,676,831
  
Michigan Senate Offices Project, Series A
5.000%
10/15/33
1,985,000
2,029,374
  
Michigan Senate Offices Project, Series A
5.000%
10/15/35
1,000,000
1,021,115
  
Walled Lake Consolidated School District, MI,
GO, Q-SBLF
5.000%
5/1/45
2,300,000
2,429,322
  
Total Michigan
44,593,842
See Notes to Financial Statements.
16
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Mississippi — 0.4%
Mississippi Hospital Equipment & Facilities
Authority Revenue, North Mississippi Health
Services, Series II, Refunding
5.000%
3/1/27
$6,000,000
$6,271,974
  (a)(b)
Mississippi State Development Bank Special
Obligation:
Jackson, Mississippi Sales Tax Revenue
Infrastructure Project
5.000%
9/1/27
1,325,000
1,374,901
  
Jackson, Mississippi Sales Tax Revenue
Infrastructure Project
5.000%
9/1/29
1,750,000
1,849,091
  
Total Mississippi
9,495,966
Missouri — 0.5%
Cape Girardeau County, MO, IDA, Healthcare
Facilities Revenue, Southeast Health
4.000%
3/1/41
1,250,000
1,260,618
  
Kansas City, MO, IDA, Airport System
Revenue:
Kansas City International Airport Terminal
Modernization Project, Series B
5.000%
3/1/35
3,250,000
3,417,110
  (c)
Kansas City International Airport Terminal
Modernization Project, Series B
5.000%
3/1/36
4,000,000
4,195,546
  (c)
Kansas City International Airport Terminal
Modernization Project, Series B
5.000%
3/1/37
1,500,000
1,569,745
  (c)
Missouri State Environmental Improvement &
Energy Resources Authority Revenue, Kansas
City Power & Light Co. Project
3.500%
7/1/25
750,000
747,185
  (a)(b)(c)
Missouri State Health Senior Living Facilities
Revenue, Lutheran Senior Services Projects,
Series A
5.000%
2/1/34
1,350,000
1,405,063
  
Total Missouri
12,595,267
Nebraska — 0.8%
Central Plains, NE, Energy Project, Gas Project
Revenue:
Project No 3, Series A, Refunding
5.000%
9/1/32
5,465,000
5,924,405
  
Project No 3, Series A, Refunding
5.000%
9/1/37
4,500,000
4,963,268
  
Douglas County, NE, Hospital Authority No 2
Revenue, Children’s Hospital Obligated Group
5.000%
11/15/25
2,100,000
2,128,389
  (a)(b)
Omaha, NE, Public Power District, Electric
System Revenue, Series B, Refunding
4.000%
2/1/46
6,000,000
6,026,696
  
Total Nebraska
19,042,758
Nevada — 0.2%
Clark County, NV, GO, Pledged Revenue,
Stadium Improvements, Series A
5.000%
6/1/38
5,000,000
5,333,279
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
17
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New Jersey — 6.2%
Casino Reinvestment Development Authority,
NJ, Luxury Tax Revenue:
Refunding, AGM
5.000%
11/1/26
$1,000,000
$1,001,256
  
Refunding, AGM
5.000%
11/1/27
1,500,000
1,501,884
  
Refunding, AGM
5.000%
11/1/29
1,500,000
1,501,884
  
Refunding, AGM
5.000%
11/1/31
1,000,000
1,001,256
  
New Brunswick, NJ, Parking Authority
Revenue, City GTD, Series A, Refunding, BAM
5.000%
9/1/35
2,000,000
2,066,687
  
New Jersey State EDA Revenue:
Motor Vehicle Surcharges Revenue,
Subordinated, Series A, Refunding
5.000%
7/1/33
3,000,000
3,080,350
  
Provident Group - Rowan Properties LLC,
Rowan University Housing Project
5.000%
1/1/30
2,400,000
2,401,851
  
Provident Group - Rowan Properties LLC,
Rowan University Housing Project, Series A
5.000%
1/1/35
1,750,000
1,751,262
  
School Facilities Construction, Series BBB,
Refunding
5.500%
6/15/31
2,000,000
2,136,054
  (e)
School Facilities Construction, Series DDD
5.000%
6/15/32
3,000,000
3,214,200
  (e)
School Facilities Construction, Series DDD
5.000%
6/15/33
2,450,000
2,624,930
  (e)
School Facilities Construction, Series DDD
5.000%
6/15/35
1,000,000
1,071,400
  (e)
School Facilities Construction, Series QQQ
4.000%
6/15/39
1,000,000
1,015,612
  
School Facilities Construction, Series S
5.000%
6/15/32
1,700,000
1,907,268
  
School Facilities Construction, Series S
4.000%
6/15/37
1,250,000
1,279,986
  
School Facilities Construction, Series S
4.000%
6/15/38
1,200,000
1,224,290
  
School Facilities Construction, Series S
4.000%
6/15/41
1,750,000
1,764,498
  
School Facilities Construction, Series WW
5.250%
6/15/29
11,390,000
11,581,558
  (e)
School Facilities Construction, Series WW
5.250%
6/15/30
10,685,000
10,864,702
  (e)
Special Facility, Port Newark Container
Terminal LLC Project, Refunding
5.000%
10/1/37
4,900,000
5,077,903
  (c)
Transit Transportation Project, Series A
5.000%
11/1/33
4,750,000
5,180,190
  
New Jersey State Health Care Facilities
Financing Authority Revenue:
University Hospital, Series A, Refunding,
AGM
5.000%
7/1/25
2,350,000
2,380,686
  
University Hospital, Series A, Refunding,
AGM
5.000%
7/1/28
2,000,000
2,031,754
  
University Hospital, Series A, Refunding,
AGM
5.000%
7/1/30
1,200,000
1,217,724
  
See Notes to Financial Statements.
18
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New Jersey — continued
New Jersey State Transportation Trust Fund
Authority Revenue:
Transportation Program, Series AA
5.000%
6/15/36
$2,000,000
$2,210,752
  
Transportation Program, Series AA,
Refunding
5.000%
6/15/36
8,200,000
9,249,288
  
Transportation Program, Series AA,
Refunding
5.000%
6/15/37
4,000,000
4,551,292
  
Transportation Program, Series BB
4.000%
6/15/36
3,500,000
3,583,118
  
Transportation Program, Series BB
5.000%
6/15/36
3,000,000
3,359,593
  
Transportation Program, Series BB
4.000%
6/15/38
3,000,000
3,047,260
  
Transportation Program, Series CC
5.000%
6/15/40
3,000,000
3,343,244
  
Transportation Program, Series CC
5.250%
6/15/46
6,500,000
7,253,307
  
Transportation System, Series A, Refunding
4.000%
6/15/36
2,500,000
2,590,940
  
New Jersey State Turnpike Authority Revenue:
Series A, Refunding
5.000%
1/1/32
9,000,000
9,226,920
  
Series A, Refunding
5.000%
1/1/33
10,230,000
10,477,653
  
Series C, Refunding
5.000%
1/1/44
10,000,000
11,263,311
  (f)
Tobacco Settlement Financing Corp., NJ,
Revenue:
Series A, Refunding
5.000%
6/1/35
3,250,000
3,421,273
  
Series A, Refunding
5.000%
6/1/36
3,000,000
3,150,638
  
Total New Jersey
145,607,774
New York — 12.4%
Long Island, NY, Power Authority Electric
System Revenue:
Series B
3.000%
9/1/29
2,700,000
2,664,759
  (a)(b)
Series B, Refunding
1.500%
9/1/26
5,500,000
5,288,748
  (a)(b)
Series B, Refunding
5.000%
9/1/27
1,750,000
1,838,756
  (a)(b)
MTA, NY, Transportation Revenue:
Green Bonds, Series C-1, Refunding
4.000%
11/15/37
1,750,000
1,772,312
  
Green Bonds, Series E, Refunding
4.000%
11/15/26
2,250,000
2,313,121
  
Green Bonds, Series E, Refunding
5.000%
11/15/27
3,750,000
4,014,951
  
Green Bonds, Series E, Refunding
5.000%
11/15/28
3,000,000
3,271,495
  
Green Bonds, Series E, Refunding
5.000%
11/15/29
1,000,000
1,107,493
  
Series A-2
5.000%
5/15/30
5,250,000
5,753,198
  (a)(b)
Series B, Refunding
5.000%
11/15/37
1,660,000
1,716,023
  
Nassau County, NY, Industrial Development
Agency, Step bond, Continuing Care
Retirement Community Revenue Project
(5.000% to 9/8/41 then 5.250%)
5.000%
1/1/58
551,102
165,025
  (b)
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
19
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
New York City, NY, GO:
Step bond, Subseries F-4 (5.000% to
12/1/25 then 9.000%)
5.000%
12/1/25
$1,750,000
$1,772,628
  (a)(b)
Subseries B-1
5.250%
10/1/43
3,250,000
3,655,699
  
Subseries D-1
5.000%
3/1/43
3,500,000
3,762,089
  
Subseries E-1
5.000%
3/1/37
7,000,000
7,431,485
  
Subseries F-1
4.000%
3/1/38
1,000,000
1,039,718
  
Subseries F-1
4.000%
3/1/40
1,500,000
1,533,888
  
New York City, NY, Industrial Development
Agency Revenue, Yankee Stadium Project,
Series A, Refunding, AGM
5.000%
3/1/28
500,000
539,528
  
New York City, NY, TFA, Building Aid Revenue:
Fiscal 2015, Series S-1, State Aid
Withholding
5.000%
7/15/29
2,500,000
2,515,550
  
Fiscal 2015, Series S-1, State Aid
Withholding
5.000%
7/15/30
4,000,000
4,023,832
  
New York City, NY, TFA, Future Tax Secured
Revenue:
Subordinated, Subseries C-1
5.000%
2/1/47
7,000,000
7,562,415
  
Subordinated, Subseries F-1
5.000%
2/1/45
4,000,000
4,388,708
  
Subseries A-1
5.000%
5/1/44
2,000,000
2,208,907
  
Subseries C-1
4.000%
5/1/39
3,500,000
3,613,332
  
New York State Dormitory Authority Revenue,
Non-State Supported Debt, SD, Series A,
Refunding, AGM
5.000%
10/1/29
20,000
21,946
  (e)
New York State Dormitory Authority, Sales Tax
Revenue:
Bidding Group 3, Series E, Refunding
5.000%
3/15/38
7,620,000
8,151,865
  
State Supported, Series A
5.000%
3/15/40
6,000,000
6,213,906
  
New York State Dormitory Authority, State
Personal Income Tax Revenue:
Bidding Group 4, Series A, Refunding
5.000%
3/15/45
8,950,000
9,455,880
  
Series A, Refunding
5.000%
3/15/40
7,500,000
8,013,057
  
Series A, Unrefunded
5.000%
2/15/43
5,810,000
5,982,540
  
Series D, Refunding
5.000%
2/15/41
9,435,000
10,208,799
  
New York State Liberty Development Corp.,
Revenue, 3 World Trade Center Project, Class
1, Refunding
5.000%
11/15/44
10,000,000
10,006,408
  (d)
See Notes to Financial Statements.
20
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
New York State Thruway Authority General
Revenue:
Junior Indebtedness Obligations, Junior
Lien, Series A
5.000%
1/1/33
$4,500,000
$4,605,927
  
Junior Indebtedness Obligations, Junior
Lien, Series A
5.000%
1/1/34
2,100,000
2,148,392
  
Junior Indebtedness Obligations, Junior
Lien, Series A
5.000%
1/1/41
2,630,000
2,677,947
  
New York State Transportation Development
Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport
Terminals C and D Redevelopment Project
5.000%
1/1/30
4,750,000
4,943,958
  (c)
Delta Air Lines Inc., LaGuardia Airport
Terminals C and D Redevelopment Project
5.000%
1/1/32
6,480,000
6,709,073
  (c)
Delta Air Lines Inc., LaGuardia Airport
Terminals C and D Redevelopment Project
6.000%
4/1/35
8,000,000
9,053,269
  (c)
Delta Air Lines Inc., LaGuardia Airport
Terminals C and D Redevelopment Project
5.625%
4/1/40
6,300,000
6,851,596
  (c)
John F. Kennedy International Airport New
Terminal One Project, Green Bonds
6.000%
6/30/54
14,000,000
15,308,423
  (c)
John F. Kennedy International Airport New
Terminal One Project, Green Bonds
5.375%
6/30/60
1,600,000
1,672,665
  (c)
John F. Kennedy International Airport New
Terminal One Project, Green Bonds, AGM
5.500%
6/30/43
1,750,000
1,923,197
  (c)
John F. Kennedy International Airport New
Terminal One Project, Green Bonds, AGM
5.500%
6/30/44
1,500,000
1,644,286
  (c)
John F. Kennedy International Airport New
Terminal One Project, Green Bonds, AGM
5.000%
6/30/49
10,750,000
11,224,531
  (c)
John F. Kennedy International Airport
Terminal 4 Project, Series C, Refunding
5.000%
12/1/27
1,000,000
1,066,009
  
John F. Kennedy International Airport
Terminal 4 Project, Series C, Refunding
5.000%
12/1/29
2,500,000
2,752,908
  
LaGuardia Airport Terminal B
Redevelopment Project, AGM
4.000%
7/1/36
21,335,000
21,334,870
  (c)
LaGuardia Airport Terminal B
Redevelopment Project, Series A
5.000%
7/1/34
1,000,000
1,001,427
  (c)
New York State Urban Development Corp.,
Revenue, State Personal Income Tax, Series C,
Refunding
4.000%
3/15/45
7,750,000
7,670,947
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
21
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals 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 185
5.000%
9/1/27
$5,000,000
$5,006,523
  (c)
Consolidated Series 185
5.000%
9/1/28
5,000,000
5,006,523
  (c)
Consolidated Series 226, Refunding
5.000%
10/15/40
3,165,000
3,410,764
  (c)
Series 194, Refunding
5.000%
10/15/33
10,000,000
10,207,019
  
Triborough Bridge & Tunnel Authority, NY,
Revenue:
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/45
2,465,000
2,580,848
  
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/49
10,500,000
11,194,005
  (g)
MTA Bridges & Tunnels, Senior Lien, Series
A-1, Refunding
5.000%
5/15/51
9,900,000
10,624,273
  
MTA Bridges & Tunnels, Senior Lien, Series
C, Refunding
5.000%
5/15/47
4,650,000
5,073,015
  
Troy, NY, Capital Resource Corp. Revenue,
Rensselaer Polytechnic Institute Project, Series
A, Refunding
5.000%
9/1/36
1,855,000
2,041,715
  
Total New York
289,742,171
North Carolina — 0.5%
Charlotte, NC, COP, Series P, Refunding
5.000%
6/1/44
2,380,000
2,540,227
  
Charlotte, NC, Airport Revenue:
Charlotte Douglas International Airport,
Refunding
5.000%
7/1/38
1,500,000
1,626,112
  
Charlotte Douglas International Airport,
Refunding
5.000%
7/1/39
1,000,000
1,079,866
  
Charlotte Douglas International Airport,
Refunding
4.000%
7/1/44
1,500,000
1,502,140
  
North Carolina State Turnpike Authority,
Triangle Expressway System Revenue, Senior
Lien
5.000%
1/1/43
4,000,000
4,222,190
  
Total North Carolina
10,970,535
Ohio — 1.4%
American Municipal Power Inc., OH, Revenue:
AMP Fremont Energy Center Project, Series
A, Refunding
5.000%
2/15/28
2,250,000
2,431,722
  
AMP Fremont Energy Center Project, Series
A, Refunding
5.000%
2/15/29
1,250,000
1,342,281
  
Buckeye, OH, Tobacco Settlement Financing
Authority Revenue:
Senior Bonds, Series A-2, Refunding
5.000%
6/1/33
2,750,000
2,968,997
  
See Notes to Financial Statements.
22
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Ohio — continued
Senior Bonds, Series B-2, Refunding
5.000%
6/1/55
$7,100,000
$6,691,362
  
Ohio State Air Quality Development Authority
Revenue:
American Electric Co. Project, Series B,
Refunding
2.500%
10/1/29
3,000,000
2,831,800
  (a)(b)(c)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
7,120,000
7,125,410
  (c)
Duke Energy Corp. Project, Series B,
Refunding
4.250%
6/1/27
3,100,000
3,157,536
  (a)(b)(c)
Ohio State Higher Educational Facility
Revenue:
University of Dayton 2018 Project, Series B,
Refunding
5.000%
12/1/32
1,000,000
1,066,378
  
Xavier University 2020 Project, Series F,
Refunding
5.000%
5/1/36
925,000
1,017,490
  
Xavier University 2020 Project, Series F,
Refunding
4.000%
5/1/38
745,000
754,373
  
Xavier University 2020 Project, Series F,
Refunding
4.000%
5/1/40
600,000
601,900
  
Ohio State Hospital Revenue:
University Hospitals Health Systems Inc.,
Series E, Refunding
5.000%
1/15/35
1,000,000
1,070,761
  
University Hospitals Health Systems Inc.,
Series E, Refunding
5.000%
1/15/36
1,200,000
1,280,033
  
Ohio State Private Activity Revenue,
Portsmouth Bypass Project
5.000%
12/31/39
800,000
805,313
  (c)
Total Ohio
33,145,356
Oregon — 0.9%
Lane & Douglas Counties, OR, School District
No 28J Fern Ridge, GO:
Convertible Deferred Interest, Series A,
School Board Guaranty
5.000%
6/15/30
2,480,000
2,583,081
  (e)
Convertible Deferred Interest, Series A,
School Board Guaranty
5.000%
6/15/36
2,000,000
2,084,837
  (e)
Medford, OR, Hospital Facilities Authority
Revenue, Asante Project, Series A, Refunding
5.000%
8/15/45
2,000,000
2,103,321
  
Multnomah County, OR, School District No 7,
Reynolds, GO, Deferred Interest, Series B,
School Board Guaranty
0.000%
6/15/31
2,000,000
1,524,248
  
Multnomah County, OR, School District No 40,
David Douglas, GO, Deferred Interest, Series
A, School Board Guaranty
0.000%
6/15/33
2,070,000
1,541,253
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
23
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Oregon — continued
Oregon State Business Development
Commission Revenue, Recovery Zone Facility
Bonds, Intel Corp. Project, Series 232
3.800%
6/15/28
$3,000,000
$3,074,172
  (a)(b)
Oregon State Health & Science University,
Revenue, Series B, Refunding
5.000%
7/1/35
4,650,000
4,801,138
  
Port of Portland, OR, Airport Revenue:
Portland International Airport, Series 24B
5.000%
7/1/42
1,530,000
1,561,307
  (c)
Portland International Airport, Series 26C,
Refunding
5.000%
7/1/27
1,000,000
1,051,263
  (c)
Washington Clackamas & Yamhill Counties,
OR, School District No 88J, GO, Sherwood,
School Board Guaranty
5.000%
6/15/32
1,250,000
1,322,492
  
Total Oregon
21,647,112
Pennsylvania — 4.7%
Berks County, PA, IDA, Healthcare Facilities
Revenue:
Highlands at Wyomissing, Refunding
5.000%
5/15/32
400,000
411,654
  
Highlands at Wyomissing, Refunding
5.000%
5/15/37
375,000
383,106
  
Bucks County, PA, Water and Sewer Authority,
Sewer System Revenue:
Series A, AGM
4.000%
12/1/42
1,750,000
1,779,117
  
Series A, AGM
5.250%
12/1/47
2,175,000
2,415,966
  
Commonwealth Financing Authority, PA,
Tobacco Master Settlement Payment Revenue
5.000%
6/1/30
2,290,000
2,462,471
  
Cumberland County, PA, Municipal Authority
Revenue:
Diakon Lutheran Social Ministries Project,
Refunding
5.000%
1/1/25
265,000
266,069
  (h)
Diakon Lutheran Social Ministries Project,
Refunding
5.000%
1/1/26
285,000
286,150
  (e)
Diakon Lutheran Social Ministries,
Refunding
5.000%
1/1/25
660,000
662,662
  (h)
Diakon Lutheran Social Ministries,
Refunding
5.000%
1/1/25
1,075,000
1,077,096
  
Diakon Lutheran Social Ministries,
Refunding
5.000%
1/1/26
715,000
717,884
  (e)
Diakon Lutheran Social Ministries,
Refunding
5.000%
1/1/26
1,500,000
1,503,037
  
Diakon Lutheran Social Ministries,
Refunding
5.000%
1/1/27
300,000
301,210
  (e)
See Notes to Financial Statements.
24
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Pennsylvania — continued
Diakon Lutheran Social Ministries,
Refunding
5.000%
1/1/27
$575,000
$576,222
  
Penn State Health
4.000%
11/1/35
2,000,000
2,039,047
  
Lancaster County, PA, Hospital Authority
Revenue:
Penn State Health, Series 2021
5.000%
11/1/38
1,000,000
1,067,387
  
Penn State Health, Series 2021
5.000%
11/1/39
1,100,000
1,170,737
  
Penn State Health, Series 2021
5.000%
11/1/40
1,300,000
1,378,262
  
Penn State Health, Series 2021
5.000%
11/1/41
1,725,000
1,823,447
  
Penn State Health, Series 2021
5.000%
11/1/46
3,500,000
3,664,855
  
Luzerne County, PA, GO, Series A, Refunding,
AGM
5.000%
11/15/29
3,000,000
3,071,920
  
Pennsylvania State Economic Development
Financing Authority Revenue:
Exempt Facilities Bonds, PPL Energy
Supply LLC Project, Series C, Refunding
5.250%
6/1/27
1,120,000
1,141,590
  (a)(b)
Presbyterian Senior Living Project, Series
B-2, Refunding
5.000%
7/1/42
2,250,000
2,410,385
  
Series A-2
4.000%
5/15/42
1,000,000
1,000,839
  
Tax-Exempt Private Activity, The Penndot
Major Bridges Package One Project
5.500%
6/30/40
5,000,000
5,565,258
  (c)
Tax-Exempt Private Activity, The Penndot
Major Bridges Package One Project
5.500%
6/30/41
3,750,000
4,156,911
  (c)
Tax-Exempt Private Activity, The Penndot
Major Bridges Package One Project
5.750%
6/30/48
13,000,000
14,506,956
  (c)
Tax-Exempt Private Activity, The Penndot
Major Bridges Package One Project
5.250%
6/30/53
3,000,000
3,174,618
  (c)
Pennsylvania State Turnpike Commission
Revenue:
Series B
5.000%
12/1/36
1,000,000
1,113,170
  
Series B
5.000%
12/1/37
1,750,000
1,943,691
  
Series B
5.000%
12/1/38
2,000,000
2,211,103
  
Series B
5.000%
12/1/45
5,060,000
5,481,811
  
Series B, Refunding
5.000%
12/1/46
2,000,000
2,174,135
  
Series B, Refunding
5.000%
12/1/47
5,000,000
5,507,210
  
Subordinated, Series B
4.000%
12/1/46
3,500,000
3,481,686
  
Philadelphia, PA, Airport Revenue:
Series A, Refunding
5.000%
6/15/33
6,625,000
6,686,059
  (c)
Series A, Refunding
5.000%
6/15/34
6,955,000
7,017,365
  (c)
Philadelphia, PA, GO, Series B
5.000%
2/1/36
1,500,000
1,629,710
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
25
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Pennsylvania — continued
Philadelphia, PA, School District, GO, Series A,
State Aid Withholding
5.000%
9/1/28
$2,285,000
$2,324,505
  
Philadelphia, PA, Water & Wastewater
Revenue, Series B
5.000%
11/1/49
6,155,000
6,507,502
  
State Public School Building Authority, PA,
Lease Revenue:
Philadelphia SD Project, Series A,
Refunding, AGM, State Aid Withholding
5.000%
6/1/31
1,380,000
1,435,312
  
Philadelphia SD Project, Series A,
Refunding, AGM, State Aid Withholding
5.000%
6/1/33
4,150,000
4,307,491
  
Total Pennsylvania
110,835,606
Puerto Rico — 3.1%
Puerto Rico Commonwealth Aqueduct &
Sewer Authority Revenue:
Senior Lien, Series A, Refunding
5.000%
7/1/47
8,155,000
8,350,322
  (d)
Senior Lien, Series B, Refunding
5.000%
7/1/28
1,120,000
1,170,759
  (d)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
198,105
134,728
  
Restructured, Series A-1
5.375%
7/1/25
85,605
86,115
  
Restructured, Series A-1
5.625%
7/1/27
169,893
177,449
  
Restructured, Series A-1
5.625%
7/1/29
167,137
180,585
  
Restructured, Series A-1
5.750%
7/1/31
162,338
180,656
  
Restructured, Series A-1
4.000%
7/1/33
153,940
154,234
  
Restructured, Series A-1
4.000%
7/1/35
4,023,371
4,019,386
  
Restructured, Series A-1
4.000%
7/1/37
10,768,000
10,699,046
  
Restructured, Series A-1
4.000%
7/1/41
1,461,467
1,413,998
  
Restructured, Series A-1
4.000%
7/1/46
167,923
158,673
  
Subseries CW
0.000%
11/1/43
680,590
438,981
  (b)
Puerto Rico Electric Power Authority Revenue:
Series A
5.000%
7/1/29
2,750,000
1,161,875
  *(i)
Series A
5.000%
7/1/42
3,370,000
1,423,825
  *(i)
Series A
5.050%
7/1/42
950,000
401,375
  *(i)
Series DDD, Refunding
— 
7/1/21
3,460,000
1,453,200
  *(j)
Series TT
5.000%
7/1/37
4,775,000
2,017,438
  *(i)
Series WW
5.500%
7/1/38
840,000
354,900
  *(i)
Series XX
5.250%
7/1/40
7,730,000
3,265,925
  *(i)
Series ZZ, Refunding
— 
7/1/18
250,000
105,000
  *(j)
Series ZZ, Refunding
— 
7/1/18
850,000
357,000
  *(j)
Series ZZ, Refunding
5.250%
7/1/25
370,000
156,325
  *(i)
See Notes to Financial Statements.
26
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Puerto Rico — continued
Puerto Rico Sales Tax Financing Corp., Sales
Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
$3,680,000
$3,329,664
  
Restructured, Series A-1
4.550%
7/1/40
680,000
683,850
  
Restructured, Series A-1
4.750%
7/1/53
9,150,000
9,178,165
  
Restructured, Series A-1
5.000%
7/1/58
8,180,000
8,264,701
  
Restructured, Series A-2
4.329%
7/1/40
4,380,000
4,377,840
  
Restructured, Series A-2
4.329%
7/1/40
2,170,000
2,168,930
  
Restructured, Series A-2A
4.550%
7/1/40
6,040,000
6,074,194
  
Total Puerto Rico
71,939,139
Rhode Island — 0.3%
Rhode Island State Health & Educational
Building Corp. Revenue:
Hospital Financing, Lifespan Obligated
Group, Refunding
5.000%
5/15/28
2,500,000
2,560,156
  
Hospital Financing, Lifespan Obligated
Group, Refunding
5.000%
5/15/29
2,000,000
2,047,687
  
Hospital Financing, Lifespan Obligated
Group, Refunding
5.000%
5/15/30
1,570,000
1,605,576
  
Total Rhode Island
6,213,419
South Carolina — 0.8%
Patriots Energy Group Financing Agency, SC,
Gas Supply Revenue, Subseries B-2, Refunding
(SOFR x 0.670 + 1.900%)
5.143%
3/1/31
3,000,000
3,116,639
  (a)(b)
SCAGO, SC, Educational Facilities Corp. for
Pickens School District Revenue:
Refunding
5.000%
12/1/29
3,500,000
3,540,195
  
Refunding
5.000%
12/1/30
2,250,000
2,274,321
  
South Carolina State Jobs-EDA Hospital
Facilities Revenue, Bon Secours Mercy
Health Inc., Series A, Refunding
4.000%
12/1/44
5,500,000
5,499,051
  
South Carolina State Ports Authority Revenue:
Series 2018
5.000%
7/1/36
2,850,000
2,988,544
  (c)
Series 2018
5.000%
7/1/37
2,000,000
2,093,944
  (c)
Total South Carolina
19,512,694
Tennessee — 1.9%
Clarksville, TN, Water, Sewer & Gas Revenue,
Series A
4.000%
2/1/51
8,455,000
8,359,631
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
27
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Tennessee — continued
Metropolitan Government of Nashville &
Davidson County, TN, Water & Sewer
Revenue:
Subordinated, Green Bonds, Series A,
Refunding
5.000%
7/1/42
$3,200,000
$3,331,754
  
Subordinated, Series B, Refunding
5.000%
7/1/42
1,500,000
1,561,759
  
Metropolitan Nashville, TN, Airport Authority
Revenue:
Series B
5.000%
7/1/25
1,500,000
1,519,029
  (c)
Series B
5.000%
7/1/26
1,750,000
1,811,503
  (c)
Tennessee State Energy Acquisition Corp.,
Natural Gas Revenue:
Series 2018
4.000%
11/1/25
9,000,000
9,051,051
  (a)(b)
Series A-1, Refunding
5.000%
5/1/28
17,310,000
18,230,222
  (a)(b)
Total Tennessee
43,864,949
Texas — 8.1%
Arlington, TX, Higher Education Finance Corp.,
Education Revenue:
Uplift Education, Series A, Refunding, PSF -
GTD
5.000%
12/1/34
650,000
680,565
  
Uplift Education, Series A, Refunding, PSF -
GTD
5.000%
12/1/36
915,000
952,725
  
Uplift Education, Series A, Refunding, PSF -
GTD
5.000%
12/1/37
700,000
726,652
  
Arlington, TX, Special Tax Revenue,
Subordinated Lien, Series C, BAM
5.000%
2/15/41
3,750,000
3,760,550
  
Austin, TX, Airport System Revenue:
Series 2014
5.000%
11/15/30
2,730,000
2,733,655
  (c)
Series 2022
5.000%
11/15/36
3,000,000
3,297,019
  (c)
Series 2022
5.000%
11/15/37
2,000,000
2,191,820
  (c)
Series B
5.000%
11/15/30
5,640,000
6,094,590
  (c)
Bexar County, TX, Hospital District:
GO, Refunding
5.000%
2/15/29
1,500,000
1,611,119
  
GO, Refunding
5.000%
2/15/30
2,000,000
2,140,429
  
GO, Refunding
5.000%
2/15/31
2,250,000
2,399,766
  
Central Texas Regional Mobility Authority
Revenue, Senior Lien, Series E
5.000%
1/1/45
7,500,000
7,932,674
  
Central Texas Turnpike System Revenue:
Second Tier, Series C, Refunding
5.000%
8/15/32
10,000,000
10,014,294
  
Second Tier, Series C, Refunding
5.000%
8/15/40
4,100,000
4,594,163
  
See Notes to Financial Statements.
28
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Texas — continued
Dallas, TX, Hotel Occupancy Tax Revenue,
Series 2021, Refunding
4.000%
8/15/37
$2,600,000
$2,613,534
  
Elgin, TX, ISD, GO, Unlimited Tax School
Building Bonds, PSF - GTD
4.000%
8/1/49
7,800,000
7,600,968
  
Grand Parkway Transportation Corp., TX,
System Toll Revenue, First Tier Toll Revenue,
Series C, Refunding
4.000%
10/1/40
5,375,000
5,437,947
  
Gulf Coast, TX, IDA, Solid Waste Disposal
Revenue, Citgo Petroleum Corp. Project
4.875%
5/1/25
3,000,000
3,001,240
  (c)
Harris County, TX, Cultural Education Facilities
Finance Corp., Hospital Revenue, Texas
Children’s Hospital, Series B, Refunding
5.000%
10/1/31
2,700,000
3,026,408
  (a)(b)
Harris County, TX, GO, Certificates of
Obligation
4.000%
9/15/49
16,500,000
16,272,054
  
Harris County, TX, Houston Sports Authority
Revenue, Senior Lien, Series A, Refunding,
AGM
5.000%
11/15/25
9,000,000
9,022,439
  
Hays, TX, ISD, GO, Unlimited Tax School
Building Bonds, PSF - GTD
4.000%
2/15/47
4,475,000
4,425,447
  
Houston, TX, Airport System Revenue:
Special Facilities, United Airlines Inc.,
Airport Improvements Project
5.000%
7/15/28
4,500,000
4,656,784
  (c)
Special Facilities, United Airlines Inc.,
Technical Operations Center Project
5.000%
7/15/28
2,500,000
2,587,103
  (c)
Special Facilities, United Airlines Inc.,
Terminal Improvement Project, Series B-1
4.000%
7/15/41
6,000,000
5,906,689
  (c)
Subordinated Lien, Series A, Refunding
5.000%
7/1/33
1,500,000
1,642,815
  (c)
Subordinated Lien, Series A, Refunding
5.000%
7/1/34
1,750,000
1,912,630
  (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/35
1,500,000
1,527,193
  (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/36
1,500,000
1,521,130
  (c)
Subordinated Lien, Series C, Refunding
5.000%
7/1/30
2,630,000
2,782,424
  (c)
Subordinated Lien, Series C, Refunding
5.000%
7/1/32
2,250,000
2,369,644
  (c)
Subordinated Lien, Series D, Refunding
5.000%
7/1/30
1,665,000
1,799,937
  
Subordinated Lien, Series D, Refunding
5.000%
7/1/31
1,800,000
1,935,944
  
Longview, TX, ISD, GO, Unlimited Tax School
Building Bonds, PSF - GTD
4.000%
2/15/49
5,500,000
5,428,889
  
Love Field, TX, Airport Modernization Corp.,
General Airport Revenue, Series 2017
5.000%
11/1/31
1,250,000
1,287,530
  (c)
Newark, TX, Higher Education Finance Corp.,
Education Revenue, TLC Academy, Series A
4.000%
8/15/31
1,205,000
1,197,087
  
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
29
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Texas — continued
North Texas Tollway Authority Revenue:
First Tier, Series A, Refunding
5.000%
1/1/32
$2,500,000
$2,565,208
  
First Tier, Series A, Refunding
5.000%
1/1/37
1,305,000
1,353,648
  
Port Authority of Houston of Harris County, TX,
GO:
Series A, Refunding
5.000%
10/1/36
3,500,000
3,679,823
  (c)
Series A, Refunding
5.000%
10/1/37
3,425,000
3,592,232
  (c)
Series A, Refunding
5.000%
10/1/38
3,500,000
3,655,631
  (c)
Southwest Texas, Higher Education
Authority Inc. Revenue, Southern Methodist
University Project, Refunding
5.000%
10/1/41
1,750,000
1,810,521
  
Texas State:
Municipal Gas Acquisition & Supply Corp. I,
Gas Supply Revenue, Senior Lien, Series D
6.250%
12/15/26
10,600,000
10,963,652
  
Municipal Gas Acquisition & Supply Corp.
III, Gas Supply Revenue, Refunding
5.000%
12/15/26
5,500,000
5,691,657
  
Municipal Gas Acquisition & Supply Corp.
III, Gas Supply Revenue, Refunding
5.000%
12/15/30
7,000,000
7,563,438
  
Texas State Private Activity Bond Surface
Transportation Corp. Revenue:
NTE Mobility Partners Segments 3 LLC,
Senior Lien, Series 2023, Refunding
5.000%
12/31/33
2,000,000
2,174,129
  (c)
NTE Mobility Partners Segments 3 LLC,
Senior Lien, Series 2023, Refunding
5.375%
6/30/38
1,275,000
1,386,025
  (c)
NTE Mobility Partners Segments 3 LLC,
Senior Lien, Series 2023, Refunding
5.375%
6/30/39
1,000,000
1,084,679
  (c)
Senior Lien, LBJ Infrastructure Group LLC,
I-635 Managed Lanes Project, Series A,
Refunding
4.000%
12/31/35
1,100,000
1,129,675
  
Senior Lien, LBJ Infrastructure Group LLC,
Refunding
4.000%
12/31/34
1,500,000
1,545,363
  
Texas State Public Finance Authority, Lease
Revenue, Refunding
4.000%
2/1/35
2,000,000
2,067,614
  
West Harris County, TX, Regional Water
Authority Revenue, Series W, Refunding
4.000%
12/15/45
2,100,000
2,082,960
  
Total Texas
189,432,112
Utah — 0.6%
Salt Lake City, UT, Airport Revenue, Series A
5.000%
7/1/34
3,000,000
3,113,306
  (c)
Utah State Charter School Finance Authority,
Charter School Revenue, Syracuse Arts
Academy Project, UT CSCE
5.000%
4/15/37
1,285,000
1,310,149
  
See Notes to Financial Statements.
30
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Utah — continued
Utah State Infrastructure Agency,
Telecommunications Revenue:
Series 2019
5.000%
10/15/28
$1,845,000
$1,943,169
  
Series 2019
4.000%
10/15/33
600,000
603,607
  
Series 2019
4.000%
10/15/39
925,000
906,103
  
Series 2021
4.000%
10/15/32
500,000
504,091
  
Series 2021
4.000%
10/15/35
400,000
400,921
  
Series 2021
4.000%
10/15/36
200,000
199,798
  
Utah State Telecommunication Open
Infrastructure Agency, Sales Tax &
Telecommunications Revenue:
Series 2022, Refunding
5.250%
6/1/37
1,500,000
1,712,957
  
Series 2022, Refunding
4.375%
6/1/40
2,000,000
2,090,258
  
Series 2022, Refunding
5.500%
6/1/40
1,400,000
1,603,016
  
Total Utah
14,387,375
Vermont — 0.1%
University of Vermont & State Agricultural
College, GO, Series A
5.000%
10/1/44
1,000,000
1,059,048
  
Virginia — 0.5%
Arlington County, VA, IDA Revenue, Virginia
Hospital Center, Refunding
5.000%
7/1/28
1,150,000
1,244,094
  
Isle of Wight County, VA, EDA Revenue:
Riverside Health System, Series 2023, AGM
5.250%
7/1/43
1,000,000
1,127,849
  
Riverside Health System, Series 2023, AGM
5.250%
7/1/48
1,500,000
1,666,644
  
Virginia Beach, VA, Development Authority,
Residential Care Facilities Revenue,
Westminster - Canterbury on Chesapeake Bay,
Refunding
5.000%
9/1/44
1,500,000
1,524,985
  
Virginia State Small Business Financing
Authority Revenue:
National Senior Campuses, Inc., Series A,
Refunding
5.000%
1/1/32
1,000,000
1,057,239
  
Senior Lien, I-495 HOT Lanes Project,
Refunding
5.000%
12/31/47
4,120,000
4,377,229
  (c)
The Obligated Group of National Senior
Campuses Inc., Series A, Refunding
5.000%
1/1/31
1,000,000
1,058,705
  
Total Virginia
12,056,745
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
31
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Washington — 2.7%
Energy Northwest, WA, Electric Revenue:
Columbia Generating System, Series A,
Refunding
5.000%
7/1/29
$5,000,000
$5,075,629
  
Project One, Series A, Refunding
5.000%
7/1/27
8,500,000
8,637,470
  
Project One, Series A, Refunding
5.000%
7/1/28
10,000,000
10,159,485
  
Port of Seattle, WA, Intermediate Lien
Revenue:
Series 2019
5.000%
4/1/31
3,160,000
3,370,259
  (c)
Series 2019
5.000%
4/1/32
3,040,000
3,228,098
  (c)
Series A
5.000%
5/1/36
4,000,000
4,135,722
  (c)
Series B, Refunding
5.000%
8/1/37
13,185,000
14,379,822
  (c)
Series B, Refunding
5.000%
8/1/39
5,000,000
5,416,827
  (c)
Washington State Health Care Facilities
Authority Revenue:
Commonspirit Health, Series A, Refunding
5.000%
8/1/44
5,375,000
5,606,820
  
Seattle Cancer Care Alliance, Refunding
5.000%
9/1/45
2,000,000
2,117,939
  
Total Washington
62,128,071
Wisconsin — 1.3%
Central Brown County, WI, Water Authority
System Revenue:
Series A, Refunding
5.000%
11/1/31
2,510,000
2,513,153
  
Series A, Refunding
5.000%
11/1/32
2,000,000
2,002,512
  
Series A, Refunding
5.000%
11/1/33
2,000,000
2,002,512
  
Series A, Refunding
5.000%
11/1/34
2,000,000
2,002,512
  
Public Finance Authority, WI, Revenue:
Bancroft Neurohealth Project, Series A
5.000%
6/1/36
1,540,000
1,548,451
  (d)
Renown Regional Medical Center Project,
Series A, Refunding
5.000%
6/1/36
2,250,000
2,434,644
  
The Carmelite System Inc. Obligated Group,
Refunding
5.000%
1/1/45
1,700,000
1,752,865
  
Village of Mount Pleasant, WI, Tax Increment
Revenue, Series A, Moral Obligations
5.000%
4/1/43
7,000,000
7,304,609
  
Wisconsin State HEFA Revenue:
Bellin Memorial Hospital, Inc., Series A
5.000%
12/1/41
1,000,000
1,090,901
  
Bellin Memorial Hospital, Inc., Series A
5.000%
12/1/42
1,500,000
1,632,338
  
Bellin Memorial Hospital, Inc., Series A
5.000%
12/1/43
2,500,000
2,709,386
  
Bellin Memorial Hospital, Inc., Series A
5.000%
12/1/45
2,000,000
2,162,415
  
Total Wisconsin
29,156,298
 
Total Municipal Bonds (Cost — $2,246,736,634)
2,269,104,468
See Notes to Financial Statements.
32
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Municipal Bonds Deposited in Tender Option Bond Trusts(k) — 3.5%
New York — 3.5%
New York City, NY, Municipal Water Finance
Authority, Water & Sewer System Revenue,
Second General Resolution Fiscal 2023,
Subseries AA-3, Refunding
5.000%
6/15/47
$24,245,000
$26,546,034
  
New York State Dormitory Authority, State
Personal Income Tax Revenue, General
Purpose Bonds, Series A
4.000%
3/15/45
25,170,000
25,156,129
  
New York State Urban Development State
Sales Revenue, Series A
5.000%
3/15/47
27,300,000
30,142,594
  
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts
(Cost — $78,006,612)
81,844,757
Total Investments before Short-Term Investments (Cost — $2,324,743,246)
2,350,949,225
 
Short-Term Investments — 0.8%
Municipal Bonds — 0.8%
Arizona — 0.0%††
Arizona State Health Facilities Authority
Revenue, Banner Health Obligated Group,
Series C, LOC - Bank of America N.A.
4.050%
1/1/46
400,000
400,000
  (l)(m)
California — 0.0%††
Alameda County, CA, IDA Revenue, JMS
Family Partnership Project, Series A, LOC -
Wells Fargo Bank N.A.
3.000%
10/1/25
300,000
300,000
  (c)(l)(m)
Colorado — 0.0%††
University of Colorado Hospital Authority
Revenue, Series C, Refunding, SPA - TD Bank
N.A.
3.800%
11/15/39
700,000
700,000
  (l)(m)
Florida — 0.1%
Hillsborough County, FL, IDA Revenue, Baycare
Health System, Series B, Refunding, LOC - TD
Bank N.A.
3.800%
11/1/38
1,495,000
1,495,000
  (l)(m)
Orange County, FL, Health Facilities Authority
Revenue, Orlando Regional Healthcare
System, Series E, Refunding, LOC - TD Bank
N.A.
3.200%
10/1/26
200,000
200,000
  (l)(m)
Total Florida
1,695,000
Massachusetts — 0.2%
Massachusetts State DFA Revenue:
Boston University, Series U-6E, Refunding,
LOC - TD Bank N.A.
3.800%
10/1/42
400,000
400,000
  (l)(m)
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
33
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Massachusetts — continued
Children Hospital Issue, Series U-1,
Refunding, LOC - TD Bank N.A.
3.800%
3/1/48
$3,000,000
$3,000,000
  (l)(m)
Partners Healthcare System Inc., Series K-1,
SPA - Wells Fargo Bank N.A.
3.050%
7/1/46
100,000
100,000
  (l)(m)
Massachusetts State HEFA Revenue, Baystate
Medical Center, Series J-2, Refunding, LOC -
TD Bank N.A.
3.800%
7/1/44
200,000
200,000
  (l)(m)
Total Massachusetts
3,700,000
Mississippi — 0.1%
Mississippi State Business Finance Corp., Gulf
Opportunity Zone, IDR:
Chevron USA Inc. Project, Series A
3.900%
12/1/30
100,000
100,000
  (l)(m)
Chevron USA Inc. Project, Series B
3.900%
12/1/30
350,000
350,000
  (l)(m)
Chevron USA Inc. Project, Series G
3.900%
12/1/30
1,780,000
1,780,000
  (l)(m)
Total Mississippi
2,230,000
Missouri — 0.0%††
Missouri State Health Senior Living Facilities
Revenue, Saint Louis University, Series B-2,
Refunding, LOC - Wells Fargo Bank N.A.
3.900%
10/1/35
100,000
100,000
  (l)(m)
New Jersey — 0.0%††
New Jersey State EFA Revenue, Institute for
Advanced Study, Series B, Refunding, SPA - TD
Bank N.A.
3.200%
7/1/31
300,000
300,000
  (l)(m)
New Jersey State Health Care Facilities
Financing Authority Revenue:
Hospital Capital Asset Financing Program,
Series B, Refunding, LOC - TD Bank N.A.
3.150%
7/1/35
100,000
100,000
  (l)(m)
Virtua-Memorial Hospital Burlington County,
Inc., Series D, LOC - TD Bank N.A.
2.400%
7/1/43
500,000
500,000
  (l)(m)
Total New Jersey
900,000
New York — 0.1%
New York City, NY, GO, Subseries D-4, LOC -
TD Bank N.A.
3.850%
8/1/40
500,000
500,000
  (l)(m)
New York City, NY, Municipal Water Finance
Authority, Water & Sewer System Revenue,
Second General Resolution Fiscal 2011, Series
DD-1, Refunding, SPA - TD Bank N.A.
3.850%
6/15/43
300,000
300,000
  (l)(m)
New York City, NY, TFA Revenue Future Tax
Secured, Subordinated, Subseries B-4, SPA -
JPMorgan Chase & Co.
4.050%
8/1/42
1,000,000
1,000,000
  (l)(m)
See Notes to Financial Statements.
34
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New York — continued
New York City, NY, TFA, Future Tax Secured
Revenue, Subordinated, Subseries A-4, SPA -
Mizuho Bank Ltd.
3.900%
8/1/43
$700,000
$700,000
  (l)(m)
New York State HFA Revenue,
10 Liberty Street, Series A, LIQ - FHLMC, LOC -
FHLMC
2.870%
5/1/35
165,000
165,000
  (l)(m)
Total New York
2,665,000
Oregon — 0.1%
Oregon State Facilities Authority Revenue,
Peacehealth, Series B, Refunding, LOC - TD
Bank N.A.
3.800%
8/1/34
1,050,000
1,050,000
  (l)(m)
Oregon State Housing & Community Services
Department Mortgage Revenue, Series C, SPA
- Sumitomo Mitsui Banking
3.250%
7/1/45
1,755,000
1,755,000
  (c)(l)(m)
Total Oregon
2,805,000
Pennsylvania — 0.1%
Lancaster County, PA, Hospital Authority
Revenue, Masonic Homes Project, Series D,
Refunding, LOC - JPMorgan Chase & Co.
3.900%
7/1/34
200,000
200,000
  (l)(m)
Pennsylvania HFA, Single Family Mortgage
Revenue Bonds, Series B, SPA - TD Bank N.A.
3.200%
10/1/50
200,000
200,000
  (l)(m)
Pennsylvania State Turnpike Commission
Revenue, Series 2020, Refunding, LOC - TD
Bank N.A.
3.190%
12/1/39
200,000
200,000
  (l)(m)
Philadelphia, PA, Authority for Industrial
Development, Gift of Life Donor Program
Project, LOC - TD Bank N.A.
3.150%
12/1/34
1,755,000
1,755,000
  (l)(m)
Philadelphia, PA, Authority for Industrial
Development, Multi-Modal Lease Revenue,
Series B-2, Refunding, LOC - TD Bank N.A.
3.140%
10/1/30
305,000
305,000
  (l)(m)
Philadelphia, PA, Gas Works Revenue, 1998
General Ordinance, Refunding, LOC - TD Bank
N.A.
3.140%
8/1/31
200,000
200,000
  (l)(m)
Total Pennsylvania
2,860,000
Texas — 0.1%
Harris County, TX, Cultural Education Facilities
Finance Corp., Hospital Revenue, Houston
Methodist Hospital, Series B, Refunding
4.050%
12/1/59
900,000
900,000
  (l)(m)
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
35
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Utah — 0.0%††
Utah County, UT, Hospital Revenue, IHC Health
Services Inc., Series C, SPA - TD Bank N.A.
3.750%
5/15/58
$200,000
$200,000
  (l)(m)
 
Total Short-Term Investments (Cost — $19,455,000)
19,455,000
Total Investments — 101.3% (Cost — $2,344,198,246)
2,370,404,225
TOB Floating Rate Notes — (1.8)%
(42,395,000
)
Other Assets in Excess of Other Liabilities — 0.5%
12,726,989
Total Net Assets — 100.0%
$2,340,736,214
 
††
Represents less than 0.1%.
*
Non-income producing security.
(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)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency
securities.
(f)
Securities traded on a when-issued or delayed delivery basis.
(g)
All or a portion of this security is held at the broker as collateral for open futures contracts. 
(h)
Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.
(i)
The coupon payment on this security is currently in default as of September 30, 2024.
(j)
The maturity principal is currently in default as of September 30, 2024.
(k)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust
(Note 1).
(l)
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.
(m)
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.
36
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 Western Asset Intermediate-Term Municipals Fund
Abbreviation(s) used in this schedule:
AGM
—
Assured Guaranty Municipal Corporation — Insured Bonds
BAM
— 
Build America Mutual — Insured Bonds
CAB
— 
Capital Appreciation Bonds
COP
— 
Certificates of Participation
CSCE
— 
Charter School Credit Enhancement
DFA
— 
Development Finance Agency
EDA
— 
Economic Development Authority
EDC
— 
Economic Development Corporation
EFA
— 
Educational Facilities Authority
FHLMC
— 
Federal Home Loan Mortgage Corporation
GO
— 
General Obligation
GTD
— 
Guaranteed
HEFA
— 
Health & Educational Facilities Authority
HFA
— 
Housing Finance Agency
IDA
— 
Industrial Development Authority
IDR
— 
Industrial Development Revenue
ISD
— 
Independent School District
LIQ
— 
Liquidity Facility
LOC
— 
Letter of Credit
MFA
— 
Municipal Finance Authority
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
SCAGO
— 
South Carolina Association of Government Organizations
SD
— 
School District
SOFR
— 
Secured Overnight Financing Rate
SPA
— 
Standby Bond Purchase Agreement — Insured Bonds
TFA
— 
Transitional Finance Authority
USD
— 
Unified School District
At September 30, 2024, the Fund had the following open futures contracts:  
 
Number of
Contracts
Expiration
Date
Notional
Amount
Market
Value
Unrealized
Depreciation
Contracts to Buy:
U.S. Treasury Long-Term
Bonds
1,053
12/24
$131,342,659
$130,769,437
$(573,222
)
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
37
Statement of Assets and Liabilities (unaudited)
September 30, 2024
 
Assets:
Investments, at value (Cost — $2,344,198,246)
$2,370,404,225
Cash
1,256
Interest receivable
30,921,330
Receivable for Fund shares sold
2,086,429
Other assets
458
Prepaid expenses
47,089
Total Assets
2,403,460,787
Liabilities:
TOB Floating Rate Notes (Note 1)
42,395,000
Payable for securities purchased
14,687,043
Payable for Fund shares repurchased
3,291,225
Payable to brokers — net variation margin on open futures contracts
723,903
Investment management fee payable
635,814
Interest and commitment fees payable
230,183
Distributions payable
217,279
Service and/or distribution fees payable
124,616
Trustees’ fees payable
10,780
Accrued expenses 
408,730
Total Liabilities
62,724,573
Total Net Assets
$2,340,736,214
Net Assets:
Par value (Note 7)
$3,804
Paid-in capital in excess of par value
2,453,158,955
Total distributable earnings (loss)
(112,426,545
)
Total Net Assets
$2,340,736,214
See Notes to Financial Statements.
38
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
Net Assets:
Class A
$797,619,923
Class C
$41,710,304
Class I
$1,131,528,804
Class IS
$369,877,183
Shares Outstanding:
Class A
129,607,226
Class C
6,762,636
Class I
183,937,062
Class IS
60,064,412
Net Asset Value:
Class A (and redemption price)
$6.15
Class C (and redemption price)
$6.17
Class I (and redemption price)
$6.15
Class IS (and redemption price)
$6.16
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 2.25%)
$6.29
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
39
Statement of Operations (unaudited)
For the Six Months Ended September 30, 2024
 
Investment Income:
Interest
$43,617,892
Expenses:
Investment management fee (Note 2)
4,066,608
Interest expense (Note 1)
868,599
Transfer agent fees (Notes 2 and 5)
825,340
Service and/or distribution fees (Notes 2 and 5)
764,435
Registration fees
66,876
Fund accounting fees
46,679
Shareholder reports
46,540
Legal fees
41,359
Trustees’ fees
30,352
Audit and tax fees
29,458
Commitment fees (Note 8)
11,633
Insurance
8,381
Custody fees
6,213
Miscellaneous expenses 
10,217
Total Expenses
6,822,690
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
(230,577
)
Net Expenses
6,592,113
Net Investment Income
37,025,779
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions
(973,813
)
Futures contracts
5,248,754
Net Realized Gain
4,274,941
Change in Net Unrealized Appreciation (Depreciation) From:
Investments
29,667,045
Futures contracts
(2,780,244
)
Change in Net Unrealized Appreciation (Depreciation)
26,886,801
Net Gain on Investments and Futures Contracts
31,161,742
Increase in Net Assets From Operations
$68,187,521
See Notes to Financial Statements.
40
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
Statements of Changes in Net Assets
 
For the Six Months Ended September 30, 2024 (unaudited)
and the Year Ended March 31, 2024
September 30
March 31
Operations:
Net investment income
$37,025,779
$77,352,119
Net realized gain (loss)
4,274,941
(8,850,407
)
Change in net unrealized appreciation (depreciation)
26,886,801
20,373,415
Increase in Net Assets From Operations
68,187,521
88,875,127
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings
(36,712,569
)
(76,634,460
)
Decrease in Net Assets From Distributions to Shareholders
(36,712,569
)
(76,634,460
)
Fund Share Transactions (Note 7):
Net proceeds from sale of shares 
240,947,217
749,057,762
Reinvestment of distributions
35,174,925
73,912,717
Cost of shares repurchased 
(446,636,911
)
(965,242,699
)
Decrease in Net Assets From Fund Share Transactions
(170,514,769
)
(142,272,220
)
Decrease in Net Assets
(139,039,817
)
(130,031,553
)
Net Assets:
Beginning of period
2,479,776,031
2,609,807,584
End of period
$2,340,736,214
$2,479,776,031
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
41
Financial Highlights
 
For a share of each class of beneficial interest outstanding throughout each year ended March 31,
unless otherwise noted:
Class A Shares1
20242
2024
2023
2022
2021
2020
Net asset value, beginning of period
$6.07
$6.04
$6.19
$6.52
$6.21
$6.35
Income (loss) from operations:
Net investment income
0.09
0.18
0.15
0.13
0.16
0.18
Net realized and unrealized gain (loss)
0.08
0.03
(0.15
)
(0.33
)
0.31
(0.14
)
Total income (loss) from operations
0.17
0.21
0.00
3
(0.20)
0.47
0.04
Less distributions from:
Net investment income
(0.09
)
(0.18
)
(0.15
)
(0.13
)
(0.16
)
(0.18
)
Total distributions
(0.09
)
(0.18
)
(0.15
)
(0.13
)
(0.16
)
(0.18
)
Net asset value, end of period
$6.15
$6.07
$6.04
$6.19
$6.52
$6.21
Total return4
2.88
%
3.52
%
0.04
%
(3.20
)%
7.57
%
0.54
%
Net assets, end of period (millions)
$798
$790
$783
$706
$700
$632
Ratios to average net assets:
Gross expenses
0.67
%5
0.64
%
0.61
%
0.59
%
0.59
%
0.65
%
Net expenses6
0.67
5
0.64
0.61
0.59
0.59
7
0.65
7
Net investment income
3.09
5
2.98
2.52
1.95
2.45
2.78
Portfolio turnover rate
6
%
17
%
25
%
15
%
16
%
32
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended September 30, 2024 (unaudited).
3
Amount represents less than $0.005 or greater than $(0.005) per share.
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 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 A shares did not exceed 0.75%. This expense limitation arrangement
cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
42
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 
For a share of each class of beneficial interest outstanding throughout each year ended March 31,
unless otherwise noted:
Class C Shares1
20242
2024
2023
2022
2021
2020
Net asset value, beginning of
period
$6.08
$6.05
$6.20
$6.53
$6.22
$6.36
Income (loss) from operations:
Net investment income
0.08
0.14
0.11
0.09
0.12
0.14
Net realized and unrealized gain
(loss)
0.08
0.03
(0.15
)
(0.33
)
0.31
(0.14
)
Total income (loss) from
operations
0.16
0.17
(0.04)
(0.24)
0.43
0.00
3
Less distributions from:
Net investment income
(0.07
)
(0.14
)
(0.11
)
(0.09
)
(0.12
)
(0.14
)
Total distributions
(0.07
)
(0.14
)
(0.11
)
(0.09
)
(0.12
)
(0.14
)
Net asset value, end of period
$6.17
$6.08
$6.05
$6.20
$6.53
$6.22
Total return4
2.73
%
2.90
%
(0.56
)%
(3.76
)%
6.93
%
(0.04
)%
Net assets, end of period (000s)
$41,710
$50,229
$75,353
$113,642
$166,814
$228,450
Ratios to average net assets:
Gross expenses
1.28
%5
1.25
%
1.21
%
1.18
%
1.18
%
1.25
%
Net expenses6
1.28
5
1.25
1.21
1.18
1.18
7
1.25
7
Net investment income
2.47
5
2.37
1.87
1.37
1.87
2.23
Portfolio turnover rate
6
%
17
%
25
%
15
%
16
%
32
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended September 30, 2024 (unaudited).
3
Amount represents less than $0.005 or greater than $(0.005) per share.
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 C shares did not exceed 1.35%. This expense limitation arrangement
cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
43
Financial Highlights (cont’d)
 
For a share of each class of beneficial interest outstanding throughout each year ended March 31,
unless otherwise noted:
Class I Shares1
20242
2024
2023
2022
2021
2020
Net asset value, beginning of period
$6.07
$6.04
$6.19
$6.52
$6.21
$6.35
Income (loss) from operations:
Net investment income
0.10
0.19
0.16
0.14
0.17
0.19
Net realized and unrealized gain (loss)
0.08
0.03
(0.15
)
(0.33
)
0.31
(0.14
)
Total income (loss) from operations
0.18
0.22
0.01
(0.19)
0.48
0.05
Less distributions from:
Net investment income
(0.10
)
(0.19
)
(0.16
)
(0.14
)
(0.17
)
(0.19
)
Total distributions
(0.10
)
(0.19
)
(0.16
)
(0.14
)
(0.17
)
(0.19
)
Net asset value, end of period
$6.15
$6.07
$6.04
$6.19
$6.52
$6.21
Total return3
2.97
%
3.68
%
0.20
%
(3.05
)%
7.76
%
0.70
%
Net assets, end of period (millions)
$1,132
$1,134
$1,151
$1,335
$1,416
$1,251
Ratios to average net assets:
Gross expenses
0.55
%4
0.53
%
0.49
%
0.46
%
0.45
%
0.52
%
Net expenses5,6
0.50
4
0.49
0.45
0.43
0.43
0.49
Net investment income
3.25
4
3.13
2.65
2.11
2.61
2.95
Portfolio turnover rate
6
%
17
%
25
%
15
%
16
%
32
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended September 30, 2024 (unaudited).
3
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
4
Annualized.
5
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 0.43%. Total annual fund operating expenses,
after waiving and/or reimbursing expenses, exceeded the expense limitation as a result of interest expense. 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%.
6
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
44
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 
For a share of each class of beneficial interest outstanding throughout each year ended March 31,
unless otherwise noted:
Class IS Shares1
20242
2024
2023
2022
2021
2020
Net asset value, beginning of period
$6.07
$6.04
$6.20
$6.52
$6.21
$6.36
Income (loss) from operations:
Net investment income
0.10
0.19
0.16
0.14
0.17
0.19
Net realized and unrealized gain (loss)
0.09
0.03
(0.16
)
(0.32
)
0.31
(0.15
)
Total income (loss) from operations
0.19
0.22
0.00
3
(0.18)
0.48
0.04
Less distributions from:
Net investment income
(0.10
)
(0.19
)
(0.16
)
(0.14
)
(0.17
)
(0.19
)
Total distributions
(0.10
)
(0.19
)
(0.16
)
(0.14
)
(0.17
)
(0.19
)
Net asset value, end of period
$6.16
$6.07
$6.04
$6.20
$6.52
$6.21
Total return4
3.16
%
3.74
%
0.09
%
(2.83
)%
7.81
%
0.61
%
Net assets, end of period (millions)
$370
$505
$601
$707
$386
$245
Ratios to average net assets:
Gross expenses
0.45
%5
0.43
%
0.40
%
0.37
%
0.37
%
0.43
%
Net expenses6
0.45
5
0.43
0.40
0.37
0.37
7
0.43
7
Net investment income
3.30
5
3.19
2.70
2.16
2.66
3.00
Portfolio turnover rate
6
%
17
%
25
%
15
%
16
%
32
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended September 30, 2024 (unaudited).
3
Amount represents less than $0.005 or greater than $(0.005) per share.
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 0.40%. 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. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense
limitation as a result of interest expense. 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%. 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.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
45
Notes to Financial Statements (unaudited)
1. Organization and significant accounting policies
Western Asset Intermediate-Term Municipals Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.
Pursuant to policies adopted by the Board of Trustees, 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 of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
46
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
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 of Trustees, 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 of Trustees quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
47
Notes to Financial Statements (unaudited) (cont’d)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Municipal Bonds
—
$2,269,104,468
—
$2,269,104,468
Municipal Bonds Deposited
in Tender Option Bond
Trusts
—
81,844,757
—
81,844,757
Total Long-Term Investments
—
2,350,949,225
—
2,350,949,225
Short-Term Investments†
—
19,455,000
—
19,455,000
Total Investments
—
$2,370,404,225
—
$2,370,404,225
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
$573,222
—
—
$573,222
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
(b) Tender option bonds. The Fund may enter into tender option bond (“TOB”) transactions and may invest in inverse floating rate instruments (“Inverse Floaters”) issued in TOB transactions. The Fund may participate either in structuring an Inverse Floater or purchasing an Inverse Floater in the secondary market. When structuring an Inverse Floater, the Fund deposits securities (typically municipal bonds or other municipal securities) (the “Underlying Bonds”) into a special purpose entity, referred to as a TOB trust. The TOB trust generally issues floating rate notes (“Floaters”) to third parties and residual interest, Inverse Floaters, to the Fund. The Floaters issued by the TOB trust have interest rates which reset weekly and provide the holders of the Floaters the option to tender their notes back to the TOB trust for redemption at par at each reset date. The net proceeds of the sale of the Floaters, after expenses, are received by the Fund and may be invested in additional securities. The Inverse Floaters are inverse floating rate debt instruments, as the return on those bonds is inversely related to changes in a specified interest rate. Distributions on any Inverse Floaters paid to the Fund will be reduced or, in the extreme, eliminated as short-term interest rates rise and will increase when such interest rates fall. Floaters issued by a TOB trust may be senior to the Inverse Floaters held by the Fund. The value and market for Inverse Floaters can be volatile, and Inverse Floaters can have limited liquidity.
An investment in an Inverse Floater structured by the Fund is accounted for as a secured borrowing. The Underlying Bonds deposited into the TOB trust are included in the Fund’s
48
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
Schedule of Investments and a liability for Floaters (TOB floating rate notes) issued by the TOB trust is recognized in the Fund’s Statement of Assets and Liabilities. The carrying amount of the TOB trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. Interest income, including amortization, on the Underlying Bonds is recognized in the Fund’s Statements of Operations. Interest paid to holders of the Floaters, as well as other expenses related to administration, liquidity, remarketing and trustee services of the TOB trust, are recognized in Interest expense in the Fund’s Statement of Operations. For the six months ended September 30, 2024, the average daily amount of floating rate notes outstanding was $42,395,000 and weighted average interest rate was 4.03%.
(c) Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(d) 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.
(e) 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.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
49
Notes to Financial Statements (unaudited) (cont’d)
(f) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.
With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.
Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be
50
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.
As of September 30, 2024, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.
(g) 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.
(h) 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 recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
(i) 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.
(j) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.
(k) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.
Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2024, 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 tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
51
Notes to Financial Statements (unaudited) (cont’d)
(l) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
2. Investment management agreement and other transactions with affiliates
Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Western Asset Management Company, LLC (“Western Asset”) is the Fund’s subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).
Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.35% 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 I and Class IS shares did not exceed 0.75%, 1.35%, 0.43%, and 0.40%, 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. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation for Class I and Class IS shares as a result of interest expense. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
During the six months ended September 30, 2024, fees waived and/or expenses reimbursed amounted to $230,577.
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.
52
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
Pursuant to these arrangements, at September 30, 2024, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:
 
 
Class I
Expires March 31, 2025
$440,343
Expires March 31, 2026
467,418
Expires March 31, 2027
230,577
Total fee waivers/expense reimbursements subject to recapture
$1,138,338
For the six months ended September 30, 2024, FTFA did not recapture any fees.
Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended September 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $2,550 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. 
For the six months ended September 30, 2024, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:
 
 
Class A
Sales charges
$16,544
CDSCs
14,492
All officers and one Trustee of the Trust are employees of Franklin Resources 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 of Trustees. 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),
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
53
Notes to Financial Statements (unaudited) (cont’d)
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 September 30, 2024, such purchase and sale transactions (excluding accrued interest) were $84,170,000 and $112,825,000, respectively.
3. Investments
During the six months ended September 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows: 
 
Purchases
$147,065,453
Sales
171,986,358
At September 30, 2024, 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
(Depreciation)
Securities
$2,300,192,488
$61,533,470
$(33,716,733)
$27,816,737
Futures contracts
—
—
(573,222)
(573,222)
 
*
Cost of investments for federal income tax purposes includes the value of Inverse Floaters issued in TOB
transactions (Note 1).
4. Derivative instruments and hedging activities
Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at September 30, 2024.
 
LIABILITY DERIVATIVES1
 
Interest
Rate Risk
Futures contracts2
$573,222
 
1
Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for
liability derivatives is payables/net unrealized depreciation.
2
Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of
Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of
Assets and Liabilities.
54
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the six months ended September 30, 2024. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.
 
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
 
Interest
Rate Risk
Futures contracts
$5,248,754

 
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
 
Interest
Rate Risk
Futures contracts
$(2,780,244
)
During the six months ended September 30, 2024, the volume of derivative activity for the Fund was as follows:
 
 
Average Market
Value
Futures contracts (to buy)
$133,849,692
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 and Class C shares calculated at the annual rate of 0.15% and 0.75% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.
For the six months ended September 30, 2024, class specific expenses were as follows:
 
 
Service and/or
Distribution Fees
Transfer Agent
Fees
Class A
$591,689
$271,155
Class C
172,746
17,562
Class I
—
536,411
Class IS
—
212
Total
$764,435
$825,340
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
55
Notes to Financial Statements (unaudited) (cont’d)
For the six months ended September 30, 2024, waivers and/or expense reimbursements by class were as follows:
 
 
Waivers/Expense
Reimbursements
Class A
—
Class C
—
Class I
$230,577
Class IS
—
Total
$230,577
6. Distributions to shareholders by class
 
 
Six Months Ended
September 30, 2024
Year Ended
March 31, 2024
Net Investment Income:
Class A
$12,064,077
$22,782,174
Class C
563,242
1,425,439
Class I
18,110,968
33,047,725
Class IS
5,974,282
19,379,122
Total
$36,712,569
$76,634,460
7. Shares of beneficial interest
At September 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.
Transactions in shares of each class were as follows:
 
 
Six Months Ended
September 30, 2024
Year Ended
March 31, 2024
 
Shares
Amount
Shares
Amount
Class A
Shares sold
9,035,326
$54,842,577
29,221,969
$174,530,077
Shares issued on reinvestment
1,915,233
11,607,621
3,688,739
22,049,263
Shares repurchased
(11,571,189
)
(70,198,041
)
(32,278,226
)
(192,616,292
)
Net increase (decrease)
(620,630
)
$(3,747,843
)
632,482
$3,963,048
Class C
Shares sold
152,223
$929,063
600,125
$3,600,496
Shares issued on reinvestment
92,390
561,017
237,413
1,421,177
Shares repurchased
(1,741,534
)
(10,605,113
)
(5,028,695
)
(30,134,366
)
Net decrease
(1,496,921
)
$(9,115,033
)
(4,191,157
)
$(25,112,693
)
56
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
 
Six Months Ended
September 30, 2024
Year Ended
March 31, 2024
 
Shares
Amount
Shares
Amount
Class I
Shares sold
19,564,314
$118,590,577
60,813,299
$362,588,942
Shares issued on reinvestment
2,911,830
17,633,044
5,349,084
31,963,564
Shares repurchased
(25,509,026
)
(154,602,312
)
(69,796,229
)
(417,353,835
)
Net decrease
(3,032,882
)
$(18,378,691
)
(3,633,846
)
$(22,801,329
)
Class IS
Shares sold
10,964,998
$66,585,000
34,852,828
$208,338,247
Shares issued on reinvestment
885,785
5,373,243
3,089,771
18,478,713
Shares repurchased
(34,979,682
)
(211,231,445
)
(54,235,891
)
(325,138,206
)
Net decrease
(23,128,899
)
$(139,273,202
)
(16,293,292
)
$(98,321,246
)
8. Redemption facility
The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.675 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 31, 2025.
Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended September 30, 2024.
9. Deferred capital losses
As of March 31, 2024, the Fund had deferred capital losses of $144,874,944, which have no expiration date, that will be available to offset future taxable capital gains.
Western Asset Intermediate-Term Municipals Fund 2024 Semi-Annual Report
57
Changes in and Disagreements with AccountantsFor the period covered by this report
Not applicable.
Results of Meeting(s) of ShareholdersFor the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and OthersFor the period covered by this report
Refer to the financial statements included herein.
58
Western Asset Intermediate-Term Municipals 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”) (formerly known as Legg Mason Partners Fund Advisor, LLC) 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 30, 2024. At an in-person meeting held on May 16, 2024, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.
In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the “Performance Universe”) and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund’s performance and other relevant matters and related discussions with the Advisers’ personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time.
As part of their review, the Trustees examined FTFA’s ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadviser’s ability to provide high quality investment management services to the Fund. The Trustees considered the experience of FTFA’s personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA’s senior management and staff. The Trustees also considered the investment philosophy and research and decision-making processes of the Subadviser; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadviser to attract and retain
Western Asset Intermediate-Term Municipals Fund
59
Board Approval of Management and
Subadvisory Agreements (unaudited) (cont’d)
capable research and advisory personnel; the risks to the Advisers associated with sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA’s and the Subadviser’s risk management processes; the capability and integrity of the Advisers’ senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers’ services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers’ ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Trustees concluded that the Subadviser’s investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.
The Board reviewed the qualifications, backgrounds and responsibilities of FTFA’s and Western Asset’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.
In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1-, 3-, 5- and 10-year periods ended December 31, 2023. The information comparing the Fund’s performance to that of its Performance Universe, consisting of all funds (including the Fund) classified as retail and institutional intermediate municipal debt funds by Broadridge, showed, among other data, that the Fund’s performance for the 1-, 3-, 5- and 10-year periods ended December 31, 2023 was above the median. The Board noted that the Fund’s performance exceeded the performance of its benchmark index for the 1- and 3-year periods ended December 31, 2023 and the Fund’s performance was approximately equal to the benchmark index for the 5- and 10-year periods ended December 31, 2023. The Board considered the factors involved in the Fund’s performance relative to the performance of its investment benchmark and Performance Universe.
The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadviser. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset’s other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to the Subadviser because FTFA pays the Subadviser for services provided to the Fund out of the management fee FTFA receives from the Fund. The
60
Western Asset Intermediate-Term Municipals Fund
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 intermediate 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 2025.
The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the “fallout benefits,” such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.
Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Board noted that the Fund’s Contractual Management Fee and Actual Management Fee were below the median of the peer group. The Board also noted the size of the Fund.
In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.
Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.
Western Asset Intermediate-Term Municipals Fund
61
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Western Asset
Intermediate-Term Municipals Fund
Trustees
Robert Abeles, Jr.
Jane F. Dasher
Anita L. DeFrantz
Susan B. Kerley
Michael Larson
Ronald L. Olson
Avedick B. Poladian
William E.B. Siart
Chairman
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 Intermediate-Term Municipals Fund
The Fund is a separate investment series of Legg Mason Partners Income Trust, a Maryland statutory trust. 
Western Asset Intermediate-Term Municipals Fund
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018
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 Intermediate-Term Municipals Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.
www.franklintempleton.com
© 2024 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.
Franklin Templeton Funds Privacy and Security Notice


Your Privacy Is Our Priority
Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.
Information We Collect
When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:
•
Information we receive from you or your financial intermediary on applications or other
forms, whether we receive the form in writing or electronically. For example, this
information may include your name, address, tax identification number, birth date,
investment selection, beneficiary information, and your personal bank account information
and/or email address if you have provided that information.
•
Information about your transactions and account history with us, or with other companies
that are part of Franklin Templeton, including transactions you request on our website or in
our app. This category also includes your communications to us concerning your
investments.
•
Information we receive from third parties (for example, to update your address if you move,
obtain or verify your email address or obtain additional information to verify your identity).
•
Information collected from you online, such as your IP address or device ID and data
gathered from your browsing activity and location. (For example, we may use cookies to
collect device and browser information so our website recognizes your online preferences
and device information.) Our website contains more information about cookies and similar
technologies and ways you may limit them.
•
Other general information that we may obtain about you such as demographic information.
Disclosure Policy
To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.
We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside
NOT PART OF THE SEMI-ANNUAL REPORT
Franklin Templeton Funds Privacy and Security Notice 
(cont’d)
companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.
Confidentiality and Security
Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.
At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.
*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:
Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans
Franklin Advisers, Inc.
Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan
Franklin Mutual Advisers, LLC
Franklin, Templeton and Mutual Series Funds
Franklin Templeton Institutional, LLC
Franklin Templeton Investments Corp., Canada
Franklin Templeton Investments Management, Limited UK
Legg Mason Funds
Templeton Asset Management, Limited
Templeton Global Advisors, Limited
Templeton Investment Counsel, LLC
If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.
NOT PART OF THE SEMI-ANNUAL REPORT

 
90032-SFSOI 11/24
© 2024 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 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: November 18, 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: November 18, 2024  

 

By: /s/ Christopher Berarducci  
  Christopher Berarducci  
  Principal Financial Officer  
     
Date: November 18, 2024