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Western Asset Short Duration Municipal Income Fund
Class A [SHDAX]
Annual Shareholder Report \| February 28, 2025

This annual shareholder report contains important information about Western Asset Short Duration Municipal Income Fund for the period March 1, 2024, to February 28, 2025.
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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$56	0.55%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended February 28, 2025, Class A shares of Western Asset Short Duration Municipal Income Fund returned 3.32%. The Fund compares its performance to the Bloomberg Municipal 3 Year (2-4) Index, which returned 3.31% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight to industrial revenue
↑	Issue selection within the transportation sector
↑	Overweight to lower investment-grade securities


Top detractors from performance:
↓	Rates positioning
↓	Issue selection within the health care sector

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/28/2015 — 2/28/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025


	1 Year	5 Year	10 Year
Class A	3.32	0.99	1.20
Class A (with sales charge)	1.09	0.53	0.97
Bloomberg Municipal Bond Index	2.96	0.67	2.33
Bloomberg Municipal 3 Year (2-4) Index	3.31	1.09	1.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$323,593,871
Total Number of Portfolio Holdings^*	146
Total Management Fee Paid	$867,932
Portfolio Turnover Rate	26%

*	Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?

Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.

This is a summary of certain changes to the Fund since March 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or
prospectus@franklintempleton.com.


	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

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.


Western Asset Short Duration Municipal Income Fund
Class C [SHDLX]
Annual Shareholder Report \| February 28, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$92	0.91%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended February 28, 2025, Class C shares of Western Asset Short Duration Municipal Income Fund returned 2.75%. The Fund compares its performance to the Bloomberg Municipal 3 Year (2-4) Index, which returned 3.31% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight to industrial revenue
↑	Issue selection within the transportation sector
↑	Overweight to lower investment-grade securities


Top detractors from performance:
↓	Rates positioning
↓	Issue selection within the health care sector

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 2/28/2015 — 2/28/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025


	1 Year	5 Year	10 Year
Class C	2.75	0.64	0.85
Bloomberg Municipal Bond Index	2.96	0.67	2.33
Bloomberg Municipal 3 Year (2-4) Index	3.31	1.09	1.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$323,593,871
Total Number of Portfolio Holdings^*	146
Total Management Fee Paid	$867,932
Portfolio Turnover Rate	26%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.


	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

HOUSEHOLDING


Western Asset Short Duration Municipal Income Fund
Class C2 [CIABX]
Annual Shareholder Report \| February 28, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C2	$109	1.08%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended February 28, 2025, Class C2 shares of Western Asset Short Duration Municipal Income Fund returned 2.77%. The Fund compares its performance to the Bloomberg Municipal 3 Year (2-4) Index, which returned 3.31% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight to industrial revenue
↑	Issue selection within the transportation sector
↑	Overweight to lower investment-grade securities


Top detractors from performance:
↓	Rates positioning
↓	Issue selection within the health care sector

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C2 11/2/2020 — 2/28/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025


	1 Year	Since Inception (11/2/2020)
Class C2	2.77	0.50
Bloomberg Municipal Bond Index	2.96	0.79
Bloomberg Municipal 3 Year (2-4) Index	3.31	0.93

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$323,593,871
Total Number of Portfolio Holdings^*	146
Total Management Fee Paid	$867,932
Portfolio Turnover Rate	26%

*	Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?

Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.


	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

HOUSEHOLDING


Western Asset Short Duration Municipal Income Fund
Class I [SMDYX]
Annual Shareholder Report \| February 28, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$41	0.40%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended February 28, 2025, Class I shares of Western Asset Short Duration Municipal Income Fund returned 3.48%. The Fund compares its performance to the Bloomberg Municipal 3 Year (2-4) Index, which returned 3.31% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight to industrial revenue
↑	Issue selection within the transportation sector
↑	Overweight to lower investment-grade securities


Top detractors from performance:
↓	Rates positioning
↓	Issue selection within the health care sector

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $1,000,000 INVESTMENT – Class I 2/28/2015 — 2/28/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025


	1 Year	5 Year	10 Year
Class I	3.48	1.18	1.31
Bloomberg Municipal Bond Index	2.96	0.67	2.33
Bloomberg Municipal 3 Year (2-4) Index	3.31	1.09	1.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$323,593,871
Total Number of Portfolio Holdings^*	146
Total Management Fee Paid	$867,932
Portfolio Turnover Rate	26%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.


	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

HOUSEHOLDING


Western Asset Short Duration Municipal Income Fund
Class IS [SHDSX]
Annual Shareholder Report \| February 28, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$36	0.35%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended February 28, 2025, Class IS shares of Western Asset Short Duration Municipal Income Fund returned 3.53%. The Fund compares its performance to the Bloomberg Municipal 3 Year (2-4) Index, which returned 3.31% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight to industrial revenue
↑	Issue selection within the transportation sector
↑	Overweight to lower investment-grade securities


Top detractors from performance:
↓	Rates positioning
↓	Issue selection within the health care sector

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $1,000,000 INVESTMENT – Class IS 9/15/2017 — 2/28/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025


	1 Year	5 Year	Since Inception (9/15/2017)
Class IS	3.53	1.23	1.57
Bloomberg Municipal Bond Index	2.96	0.67	2.06
Bloomberg Municipal 3 Year (2-4) Index	3.31	1.09	1.45

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$323,593,871
Total Number of Portfolio Holdings^*	146
Total Management Fee Paid	$867,932
Portfolio Turnover Rate	26%

*	Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?

Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.


	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

HOUSEHOLDING

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

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

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

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

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending February 29, 2024 and February 28, 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $151,676 in February 29, 2024 and $162,276 in February 28, 2025.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in February 29, 2024 and $0 in February 28, 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $29,250 in February 29, 2024 and $29,250 in February 28, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

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

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in February 29, 2024 and $0 in February 28, 2025.

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

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

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

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

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

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

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $342,635 in February 29, 2024 and $334,889 in February 28, 2025.

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

Schedule of Investments

February 28, 2025

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Municipal Bonds — 98.9%
Alabama — 3.2%
Black Belt Energy Gas District, AL, Gas Project Revenue:
Project No 7, Series C-2 (SIFMA Municipal Swap Index Yield + 0.350%)	2.210%	12/1/26	$750,000	$730,434 (a)(b)
Series C	5.000%	7/1/27	1,250,000	1,293,468
Series C	5.000%	7/1/28	1,500,000	1,571,531
Series E	5.000%	6/1/28	2,000,000	2,088,143 (a)(b)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series A, Refunding	5.000%	4/1/27	2,285,000	2,358,820
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue:
Series B	5.000%	1/1/27	750,000	767,055
Series B	5.000%	7/1/27	1,500,000	1,543,008
Total Alabama				10,352,459
Arizona — 2.7%
Chandler, AZ, IDA Revenue, Intel Corp. Project	4.000%	6/1/29	3,740,000	3,807,849 (a)(b)(c)
Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Company Project, Series A, Refunding	4.125%	3/31/26	1,000,000	1,001,656 (a)(b)(c)
Maricopa County, AZ, IDA Revenue, Banner Health Obligation Group, Series A, Refunding	5.000%	1/1/31	1,995,000	2,062,958
Maricopa County, AZ, Pollution Control Corp. Revenue, Public Service Company of New Mexico Palo Verde Project, Series A, Refunding	0.875%	10/1/26	2,000,000	1,907,768 (a)(b)
Total Arizona				8,780,231
California — 7.7%
California State Community Choice Financing Authority Revenue, Clean Energy Project, Green Bonds, Climate Bond Certified, Series A	4.000%	12/1/27	2,400,000	2,427,375 (a)(b)
California State Infrastructure & Economic Development Bank Revenue, Los Angeles County Museum of Art, Series B, Refunding (SIFMA Municipal Swap Index Yield + 0.700%)	2.560%	6/1/26	1,500,000	1,494,603 (a)(b)
California State PCFA Solid Waste Disposal Revenue, Series B-2, Refunding	3.125%	11/3/25	975,000	975,013 (a)(b)(c)
Fairfield-Suisun, CA, USD, Counties of Napa and Solano, GO, CAB, BAN	0.000%	2/1/29	2,015,000	1,797,323
Gilroy, CA, USD, GO, Unrefunded, AGC	0.000%	8/1/30	1,840,000	1,554,026

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

February 28, 2025

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
California — continued
Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, Series B (3 mo. Term SOFR x 0.670 + 0.262%)	4.522%	11/15/27	$2,000,000	$2,025,439 (b)
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Subordinated, Series C	5.000%	5/15/29	4,690,000	4,891,512 (c)
Northern California Energy Authority, Commodity Supply Revenue, Refunding	5.000%	8/1/28	1,050,000	1,102,188
Rio Elementary School District, Ventura County, CA, GO, Anticipation Notes, BAM	0.000%	7/1/28	1,505,000	1,353,751
San Francisco, CA, City & County Airport Commission, International Airport Revenue, Series A, Refunding	5.000%	5/1/30	4,825,000	5,190,657 (c)
San Mateo County, CA, Community College District Revenue, GO, CAB, Series C, NATL	0.000%	9/1/29	2,530,000	2,224,317
Total California				25,036,204
Colorado — 4.9%
City & County of Denver, CO, Airport System Revenue:
Series A, Refunding	5.000%	11/15/29	3,025,000	3,237,146 (c)
Series B, Refunding	5.000%	11/15/27	3,500,000	3,656,145 (c)
Subordinated, Series A, Refunding	5.000%	12/1/31	6,510,000	6,825,814 (c)
E-470 Public Highway Authority Revenue, CO, Senior Bonds, Series B, Refunding (SOFR x 0.670 + 0.750%)	3.691%	9/1/26	2,000,000	2,003,156 (a)(b)
Total Colorado				15,722,261
Connecticut — 6.9%
Connecticut State HEFA Revenue, Yale University Issue, Series T-2	5.000%	7/1/29	3,000,000	3,294,560
Connecticut State Housing Finance Authority Revenue, Housing Mortgage Finance Program, Series A, Refunding	0.600%	11/15/26	850,000	801,701
Connecticut State, GO:
Series A	5.000%	4/15/29	4,275,000	4,468,845
Series D, BAM-TCRS	4.000%	8/15/30	7,250,000	7,359,753
Series E	5.000%	10/15/28	5,000,000	5,171,655
Connecticut State, Special Tax Revenue, Transportation Infrastructure Purpose, Series B, Refunding	5.000%	7/1/26	1,250,000	1,289,430
Total Connecticut				22,385,944

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Delaware — 0.3%
Delaware State EDA Revenue, Delmarva Power & Light Co. Project, Series A, Refunding	1.050%	7/1/25	$1,015,000	$1,004,642 (a)(b)
District of Columbia — 1.9%
District of Columbia Revenue, Children’s Hospital Obligated Group Issue, Refunding	5.000%	7/15/28	1,040,000	1,057,550
Metropolitan Washington, DC, Airports Authority Aviation Revenue:
Series A, Refunding	5.000%	10/1/27	1,890,000	1,973,678 (c)
Series A, Refunding	5.000%	10/1/29	3,000,000	3,205,776 (c)
Total District of Columbia				6,237,004
Florida — 2.4%
Florida State Insurance Assistance Interlocal Agency Inc., Insurance Assessment Revenue, Series A-1, Refunding	5.000%	9/1/28	4,500,000	4,628,454
Miami-Dade County, FL, Seaport Revenue, Series A, Refunding	5.000%	10/1/27	2,625,000	2,733,288 (c)
Palm Beach County, FL, Health Facilities Authority Revenue, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding	4.000%	6/1/26	230,000	229,902
Total Florida				7,591,644
Georgia — 3.5%
Atlanta, GA, Airport Passenger Facility Charge, General Revenue, Subordinate Lien, Series D, Refunding	5.000%	7/1/26	5,000,000	5,126,008 (c)
Burke County, GA, Development Authority, PCR, Oglethorpe Power Corp. Vogtle Project, Series A, Refunding	3.600%	2/1/30	1,250,000	1,258,511 (a)(b)
Main Street Natural Gas Inc., GA, Gas Supply Revenue:
Series A	5.000%	12/1/26	1,000,000	1,028,681
Series A	5.000%	12/1/27	500,000	521,308
Series E	5.000%	12/1/27	650,000	674,931
Series E	5.000%	12/1/31	1,500,000	1,604,106
Monroe County, GA, Development Authority, PCR, Georgia Power Co. Plant Scherer Project	2.250%	7/1/25	1,150,000	1,143,288
Total Georgia				11,356,833
Illinois — 4.0%
Cook County, IL, School District No 87, Berkeley, GO, AGM	5.000%	12/1/25	500,000	508,028

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

February 28, 2025

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Illinois — continued
Illinois State Finance Authority Revenue, The Carle Foundation, Series A, Refunding	5.000%	8/15/25	$2,150,000	$2,167,964
Illinois State, GO:
Series A	5.000%	3/1/28	1,905,000	2,013,389
Series B	5.000%	5/1/29	1,360,000	1,461,404
Series D	5.000%	11/1/27	3,300,000	3,469,650
Series of October 2016, Refunding	5.000%	2/1/28	2,100,000	2,177,667
Metropolitan Pier & Exposition Authority, IL, Revenue, McCormick Place Expansion Project, Series B, Refunding	4.000%	12/15/27	1,255,000	1,284,503
Total Illinois				13,082,605
Indiana — 4.2%
Indiana State Finance Authority:
Environmental Facilities Revenue, Indianapolis Power & Light Company Project, Series B, Refunding	0.650%	8/1/25	1,000,000	986,740
Environmental Improvement Revenue, United States Steel Corp. Project, Series A, Refunding	4.125%	12/1/26	1,500,000	1,506,329
Health System Revenue, Indiana University Health, Series B	2.250%	7/1/25	1,320,000	1,313,234 (a)(b)
Indiana State Finance Authority Revenue, Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding	5.000%	10/1/29	1,275,000	1,399,311
Indianapolis, IN, Local Public Improvement Bond Bank:
Indianapolis Airport Authority Project, Series D, Refunding	5.000%	1/1/29	7,030,000	7,443,262 (c)
Indianapolis Airport Authority Project, Series I-2, Refunding	5.000%	1/1/26	1,000,000	1,016,920 (c)
Total Indiana				13,665,796
Iowa — 0.2%
Iowa Tobacco Settlement Authority Revenue, Asset-Backed Senior Bonds, Class 1, Series A-2, Refunding	5.000%	6/1/28	500,000	523,003
Kentucky — 4.6%
Kentucky State PEA, Gas Supply Revenue, Series C	4.000%	6/1/25	9,865,000	9,892,761 (a)(b)
Trimble County, KY, Environmental Facilities Revenue, Louisville Gas and Electric Company Project, Series A	4.700%	6/1/27	2,000,000	2,029,624 (a)(b)(c)

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Kentucky — continued
Trimble County, KY, PCR, Louisville Gas and Electric Company Project, Series A, Refunding	0.625%	9/1/26	$3,250,000	$3,098,266
Total Kentucky				15,020,651
Louisiana — 3.3%
Louisiana State Offshore Terminal Authority Revenue, Deep Water Port Bonds, Series A, Refunding	4.150%	9/1/27	4,000,000	4,042,104
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series A-3, Refunding	2.200%	7/1/26	35,000	34,536 (a)(b)
Marathon Oil Corp. Project, Series B-2, Refunding	2.375%	7/1/26	3,985,000	3,941,114 (a)(b)
Marathon Oil Corp. Project, Series C, Refunding	3.300%	7/3/28	2,515,000	2,522,239 (a)(b)
Total Louisiana				10,539,993
Maryland — 1.1%
Maryland State Health & Higher EFA Revenue, University of Maryland, Medical System Issue, Series A, Refunding	5.000%	7/1/29	1,770,000	1,922,034
Maryland State, GO, State and Local Facilities Loan, Series A	5.000%	3/15/31	1,420,000	1,511,468
Total Maryland				3,433,502
Michigan — 2.0%
Michigan State Finance Authority Revenue, Mclaren Health Care, Series D-1, Refunding	1.100%	10/15/27	1,325,000	1,257,697
Michigan State HDA Revenue, Series A	1.500%	6/1/29	1,730,000	1,542,206
Michigan State Strategic Fund Ltd. Obligation Revenue:
Consumers Energy Co. Project, Remarketing	0.875%	10/8/26	1,335,000	1,241,671 (a)(b)(c)
Graphic Packaging International, LLC, Coated Recycled Board Machine Project, Green Bonds	4.000%	10/1/26	2,000,000	2,004,224 (a)(b)(c)
Wayne County, MI, Airport Authority Revenue, Series F, Refunding	5.000%	12/1/27	400,000	404,322 (c)
Total Michigan				6,450,120
Mississippi — 0.2%
Mississippi State Development Bank Revenue, Jackson Infrastructure Project	5.000%	9/1/25	590,000	592,964

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

February 28, 2025

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Missouri — 0.3%
Missouri State Environmental Improvement & Energy Resources Authority Revenue, Kansas City Power & Light Co. Project	3.500%	7/1/25	$1,000,000	$998,471 (a)(b)(c)
Nebraska — 1.0%
Sarpy County, NE, School District No 37, Gretna Public Schools, GO, AGM	5.000%	12/15/30	2,000,000	2,104,772
Washington County, NE, Wastewater and Solid Waste Disposal Facilities Revenue, Cargill Incorporated Project, Refunding	0.900%	9/1/25	1,200,000	1,186,317 (a)(b)(c)
Total Nebraska				3,291,089
New Jersey — 6.4%
New Jersey State EDA Revenue:
Motor Vehicle Surcharges Subordinate, Series A, BAM, Refunding	5.000%	7/1/27	445,000	462,964
Motor Vehicle Surcharges Subordinate, Series A, BAM, Refunding	5.000%	7/1/28	5,005,000	5,207,671
Natural Gas Facilities Revenue, Series C, Refunding	2.450%	4/1/26	2,250,000	2,225,567 (a)(b)(c)
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series CC	5.000%	6/15/30	1,500,000	1,657,763
Transportation System, CAB, Series A, BAM- TCRS	0.000%	12/15/27	5,035,000	4,624,328
Transportation System, CAB, Series C, AGM	0.000%	12/15/29	2,785,000	2,387,603
Transportation System, CAB, Series C, AGM	0.000%	12/15/32	2,750,000	2,111,138
New Jersey State, GO, COVID-19 Emergency Bonds, Series A	5.000%	6/1/29	1,865,000	2,036,471
Total New Jersey				20,713,505
New York — 11.5%
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding	5.000%	2/15/35	2,265,000	2,344,669
Long Island, NY, Power Authority Electric System Revenue:
Series B	3.000%	9/1/29	5,215,000	5,125,216 (a)(b)
Series B, Refunding	0.850%	9/1/25	4,950,000	4,885,459 (a)(b)
Series B, Refunding	1.500%	9/1/26	4,580,000	4,450,339 (a)(b)
Series B, Refunding	5.000%	9/1/27	7,625,000	7,932,544 (a)(b)
MTA, NY, Transportation Revenue, Green Bonds, Series B-1, Refunding	5.000%	11/15/35	1,645,000	1,713,944

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
New York — continued
New York City, NY, HDC, MFH Revenue:
Green Bonds, Series F-2, FHA	0.600%	7/1/25	$8,250,000	$8,169,181 (a)(b)
Green Bonds, Series G, FHA, Refunding	0.600%	11/1/26	1,075,000	1,006,089
New York City, NY, Transportation Development Corp. Revenue, American Airlines Inc., John F. Kennedy International Airport Project, Refunding	2.250%	8/1/26	1,245,000	1,218,149 (c)
Port Authority of New York & New Jersey Revenue, Consolidated Series 207, Refunding	5.000%	9/15/32	390,000	403,544 (c)
Total New York				37,249,134
North Carolina — 1.7%
Charlotte-Mecklenburg Hospital Authority, NC, Health Care System Revenue, Atrium Health, Series E, Remarketing	0.800%	10/31/25	2,000,000	1,962,976 (a)(b)
North Carolina State Turnpike Authority, Triangle Expressway System Turnpike Revenue, Senior Lien, Refunding, AGM	5.000%	1/1/33	3,440,000	3,662,793
Total North Carolina				5,625,769
Ohio — 1.6%
Columbus Ohio Regional Airport Authority Revenue, John Glenn Columbus International Airport, Series A, Refunding	5.000%	1/1/30	500,000	535,879 (c)
Ohio State Air Quality Development Authority Revenue, American Electric Power Co. Project, Series A, Refunding	3.750%	1/1/29	1,000,000	1,005,133 (c)
Ohio State Hospital Revenue, Cleveland Clinic Health System Obligated Group, Series A, Refunding	5.000%	1/1/30	3,445,000	3,644,297
Total Ohio				5,185,309
Oregon — 1.7%
Clackamas County, OR, School District No 62, Oregon City, GO, Series A, SBG, SCH BD GTY	0.000%	6/15/29	400,000	350,485 (d)
Lane County, OR, School District No 1, Pleasant Hill, GO, CAB, Series B, SBG	0.000%	6/15/27	1,320,000	1,227,704
Salem-Keizer School District No 24J, OR, GO:
Marion and Polk Counties, SBG	5.000%	6/15/31	2,050,000	2,191,530
Series B, SBG	0.000%	6/15/28	845,000	761,676
Series B, SBG	0.000%	6/15/30	1,050,000	882,746
Total Oregon				5,414,141
Pennsylvania — 2.0%
Commonwealth of Pennsylvania, GO, Refunding	5.000%	1/1/28	4,970,000	5,165,575

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

February 28, 2025

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Pennsylvania — continued
Pennsylvania State Economic Development Financing Authority Revenue, Sewage Sludge Disposal, Philadelphia Biosolids Facility Project, Refunding	4.000%	1/1/26	$1,220,000	$1,225,469
Total Pennsylvania				6,391,044
South Carolina — 1.1%
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, Refunding (SOFR x 0.670 + 1.900%)	4.801%	3/1/31	2,000,000	2,072,495 (a)(b)
South Carolina State Public Service Authority Revenue, Santee Cooper, Series B, Refunding	5.000%	12/1/28	1,375,000	1,479,108 (d)
Total South Carolina				3,551,603
Tennessee — 3.9%
Metropolitan Government of Nashville & Davidson County, TN, HEFA Revenue, The Vanderbilt University, Refunding	5.000%	10/1/34	1,000,000	1,172,975
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018	4.000%	11/1/25	9,465,000	9,502,551 (a)(b)
Tennessee State Housing Development Agency Residential Finance Program Revenue, Series B	3.550%	7/1/30	2,090,000	2,089,984
Total Tennessee				12,765,510
Texas — 10.0%
Central Texas Turnpike System Revenue, Series C, Refunding	5.000%	8/15/31	1,000,000	1,120,271
Fort Bend, TX, ISD, GO:
Series B, Refunding, PSF - GTD	0.875%	8/1/25	1,135,000	1,123,707 (a)(b)
Series B, Refunding, PSF - GTD	0.720%	8/1/26	820,000	785,257 (a)(b)
Galveston, TX, Wharves & Terminal Revenue:
First Lien, Series A	5.000%	8/1/29	375,000	396,288 (c)
First Lien, Series A	5.000%	8/1/30	550,000	585,973 (c)
First Lien, Series A	5.000%	8/1/31	1,000,000	1,070,184 (c)
Goose Creek, TX, Consolidated ISD, GO, Series B, PSF - GTD	0.600%	8/17/26	1,040,000	1,004,401 (a)(b)
North Texas Tollway Authority Revenue:
CAB, First Tier, Series D, Refunding, AGC	0.000%	1/1/30	2,920,000	2,481,900
CAB, First Tier, Series D, Refunding, AGC	0.000%	1/1/31	2,840,000	2,327,714
San Antonio, TX, Electric and Gas Revenue, Junior Lien, Refunding	1.750%	12/1/25	2,850,000	2,811,356 (a)(b)

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Texas — continued
Texas State:
Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series B (3 mo. Term SOFR x 0.670 + 0.262%)	3.795%	12/15/26	$2,035,000	$2,040,722 (b)
Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, Series C (3 mo. Term SOFR x 0.660 + 0.863%)	3.739%	9/15/27	795,000	797,321 (b)
Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding	5.000%	12/15/27	3,750,000	3,888,635
Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Revenue, Series B	5.250%	1/1/26	1,200,000	1,219,475
Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Revenue, Series B	5.250%	1/1/27	1,250,000	1,293,983
Texas State Transportation Commission Revenue, Highway Fund, First Tier Revenue, Series B, Refunding	0.560%	4/1/26	1,500,000	1,444,712
Texas State Transportation Commission Revenue, Mobility Fund, GO, Series B	0.650%	4/1/26	2,500,000	2,412,141 (a)(b)
Texas State Water Financial Assistance Revenue, GO, Series B, Refunding	5.000%	8/1/31	2,500,000	2,620,313
Troy, TX, ISD, GO, CAB, Refunding, PSF - GTD	0.000%	8/1/29	925,000	794,553
University of Houston, TX, Board of Regents System, Consolidated Revenue, Series A, Refunding	5.000%	2/15/30	2,115,000	2,155,551
Total Texas				32,374,457
Utah — 1.1%
Salt Lake City, UT, Airport Revenue:
Series A	5.000%	7/1/29	2,500,000	2,669,318 (c)
Series A	5.000%	7/1/32	705,000	726,323 (c)
Total Utah				3,395,641
Virginia — 0.8%
Wise County, VA, IDA, Solid Waste & Sewage Disposal Revenue, Virginia Electric & Power Co. Project, Series A	0.750%	9/2/25	2,650,000	2,597,343 (a)(b)
Washington — 2.7%
Central Puget Sound, WA, Regional Transit Authority Revenue, Sales Tax & Motor Vehicle Excise Tax Improvement, Green Bonds, Series S-2A (SIFMA Municipal Swap Index Yield + 0.200%)	2.060%	11/1/26	2,000,000	1,985,366 (a)(b)

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

February 28, 2025

Western Asset Short Duration Municipal Income Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Washington — continued
King County, WA, Issaquah School District No 411, GO, SBG	5.000%	12/1/32	$2,335,000	$2,414,929
Port of Seattle, WA, Intermediate Lien Revenue:
Series B, Private Activity, Refunding	5.000%	8/1/28	1,040,000	1,095,562 (c)
Series B, Refunding	5.000%	7/1/29	2,020,000	2,151,967 (c)
Seattle, WA, Municipal Light & Power Revenue, Series B, Refunding (SIFMA Municipal Swap Index Yield + 0.250%)	2.110%	11/1/26	1,000,000	986,195 (a)(b)
Total Washington				8,634,019
Total Investments before Short-Term Investments (Cost — $319,187,956)				319,962,891

Short-Term Investments — 1.0%
Municipal Bonds — 1.0%
Indiana — 0.6%
Indiana State Finance Authority Environmental Facilities Revenue, Series A-5, Refunding, LOC - Sumitomo Mitsui Banking	1.000%	10/1/40	2,000,000	2,000,000 (e)(f)
Massachusetts — 0.1%
Massachusetts State DFA Revenue, Partners Healthcare System Inc., Series K-1, SPA - Wells Fargo Bank N.A.	1.700%	7/1/46	300,000	300,000 (e)(f)
New York — 0.0%††
New York State HFA Revenue, 10 Liberty Street, Series A, LIQ - FHLMC, LOC - FHLMC	1.920%	5/1/35	100,000	100,000 (e)(f)
Pennsylvania — 0.1%
Philadelphia, PA, IDA, Multi-Modal Lease Revenue, Series B-2, Refunding, LOC - TD Bank N.A.	1.850%	10/1/30	215,000	215,000 (e)(f)
Wisconsin — 0.2%
Wisconsin State Housing and Economic Development Authority Revenue, Series E, Refunding, SPA - FHLB	2.450%	9/1/35	600,000	600,000 (c)(e)(f)

Total Short-Term Investments (Cost — $3,215,000)				3,215,000
Total Investments — 99.9% (Cost — $322,402,956)				323,177,891
Other Assets in Excess of Liabilities — 0.1%				415,980
Total Net Assets — 100.0%				$323,593,871

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Western Asset Short Duration Municipal Income Fund

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

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Schedule of Investments (cont’d)

February 28, 2025

Western Asset Short Duration Municipal Income Fund

Abbreviation(s) used in this schedule:
AGC	—	Assured Guaranty Corporation — Insured Bonds
AGM	—	Assured Guaranty Municipal Corporation — Insured Bonds
BAM	—	Build America Mutual — Insured Bonds
BAN	—	Bond Anticipation Notes
CAB	—	Capital Appreciation Bonds
CWA	—	Clean Water Act
DFA	—	Development Finance Agency
EDA	—	Economic Development Authority
EFA	—	Educational Facilities Authority
FHA	—	Federal Housing Administration — Insured Bonds
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corporation
GO	—	General Obligation
GTD	—	Guaranteed
HDA	—	Housing Development Authority
HDC	—	Housing Development Corporation
HEFA	—	Health & Educational Facilities Authority
HFA	—	Housing Finance Agency
IDA	—	Industrial Development Authority
ISD	—	Independent School District
LIQ	—	Liquidity Facility
LOC	—	Letter of Credit
MFH	—	Multi-Family Housing
MTA	—	Metropolitan Transportation Authority
NATL	—	National Public Finance Guarantee Corporation — Insured Bonds
PCFA	—	Pollution Control Financing Authority
PCR	—	Pollution Control Revenue
PEA	—	Public Energy Authority
PSF	—	Permanent School Fund
SBG	—	School Bond Guaranty
SIFMA	—	Securities Industry and Financial Markets Association
SOFR	—	Secured Overnight Financing Rate
SPA	—	Standby Bond Purchase Agreement — Insured Bonds
TCRS	—	Transferable Custodial Receipts
USD	—	Unified School District

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Statement of Assets and Liabilities

February 28, 2025

Assets:
Investments, at value (Cost — $322,402,956)	$323,177,891
Cash	114,307
Interest receivable	2,793,451
Receivable for Fund shares sold	129,024
Prepaid expenses	39,147
Total Assets	326,253,820
Liabilities:
Payable for securities purchased	2,019,547
Payable for Fund shares repurchased	324,256
Investment management fee payable	64,029
Distributions payable	49,557
Service and/or distribution fees payable	28,697
Trustees’ fees payable	2,154
Accrued expenses	171,709
Total Liabilities	2,659,949
Total Net Assets	$323,593,871
Net Assets:
Par value (Note 7)	$643
Paid-in capital in excess of par value	351,216,166
Total distributable earnings (loss)	(27,622,938 )
Total Net Assets	$323,593,871

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Statement of Operations

For the Year Ended February 28, 2025

Investment Income:
Interest	$10,072,590
Expenses:
Investment management fee (Note 2)	1,068,620
Service and/or distribution fees (Notes 2 and 5)	415,226
Transfer agent fees (Notes 2 and 5)	256,052
Registration fees	101,145
Fund accounting fees	70,821
Audit and tax fees	53,531
Shareholder reports	23,638
Legal fees	16,987
Trustees’ fees	9,493
Insurance	3,370
Commitment fees (Note 8)	3,087
Custody fees	131
Miscellaneous expenses	16,808
Total Expenses	2,038,909
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(200,688 )
Net Expenses	1,838,221
Net Investment Income	8,234,369
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Loss From Investment Transactions	(1,720,575 )
Change in Net Unrealized Appreciation (Depreciation) From Investments	4,913,063
Net Gain on Investments	3,192,488
Increase in Net Assets From Operations	$11,426,857

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Statements of Changes in Net Assets

For the Year Ended February 28, 2025 and the Year Ended February 29, 2024	2025	2024
Operations:
Net investment income	$8,234,369	$9,462,579
Net realized loss	(1,720,575 )	(7,445,534 )
Change in net unrealized appreciation (depreciation)	4,913,063	14,015,211
Increase in Net Assets From Operations	11,426,857	16,032,256
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(8,221,657 )	(9,395,558 )
Decrease in Net Assets From Distributions to Shareholders	(8,221,657 )	(9,395,558 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	45,221,524	71,799,390
Reinvestment of distributions	7,489,805	8,524,811
Cost of shares repurchased	(130,366,071 )	(225,333,081 )
Decrease in Net Assets From Fund Share Transactions	(77,654,742 )	(145,008,880 )
Decrease in Net Assets	(74,449,542 )	(138,372,182 )
Net Assets:
Beginning of year	398,043,413	536,415,595
End of year	$323,593,871	$398,043,413

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended February 28, unless otherwise noted:
Class A Shares1	2025	20242	2023	2022	2021
Net asset value, beginning of year	$4.98	$4.91	$5.05	$5.17	$5.18
Income (loss) from operations:
Net investment income	0.11	0.10	0.07	0.05	0.07
Net realized and unrealized gain (loss)	0.05	0.07	(0.14 )	(0.12 )	(0.01 )
Total income (loss) from operations	0.16	0.17	(0.07)	(0.07)	0.06
Less distributions from:
Net investment income	(0.11 )	(0.10 )	(0.07 )	(0.05 )	(0.07 )
Total distributions	(0.11 )	(0.10 )	(0.07 )	(0.05 )	(0.07 )
Net asset value, end of year	$5.03	$4.98	$4.91	$5.05	$5.17
Total return3	3.32 %	3.50 %	(1.45 )%	(1.41 )%	1.10 %
Net assets, end of year (millions)	$210	$247	$304	$373	$359
Ratios to average net assets:
Gross expenses	0.60 %	0.57 %	0.56 %	0.55 %	0.56 %
Net expenses4,5	0.55	0.55	0.55	0.55	0.56
Net investment income	2.28	2.03	1.35	0.96	1.31
Portfolio turnover rate	26 %	33 %	28 %	30 %	50 %

1	Per share amounts have been calculated using the average shares method.
2	For the year ended February 29.
3	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
4	As a result of an expense limitation arrangement, effective May 21, 2021, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 0.55%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. Prior to May 21, 2021, the expense limitation was 0.70%.
5	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended February 28, unless otherwise noted:
Class C Shares1	2025	20242	2023	2022	2021
Net asset value, beginning of year	$4.99	$4.91	$5.06	$5.17	$5.18
Income (loss) from operations:
Net investment income	0.10	0.08	0.05	0.03	0.05
Net realized and unrealized gain (loss)	0.04	0.08	(0.15 )	(0.11 )	(0.01 )
Total income (loss) from operations	0.14	0.16	(0.10)	(0.08)	0.04
Less distributions from:
Net investment income	(0.10 )	(0.08 )	(0.05 )	(0.03 )	(0.05 )
Total distributions	(0.10 )	(0.08 )	(0.05 )	(0.03 )	(0.05 )
Net asset value, end of year	$5.03	$4.99	$4.91	$5.06	$5.17
Total return3	2.75 %	3.34 %	(1.98 )%	(1.55 )%4	0.76 %
Net assets, end of year (000s)	$10,858	$18,917	$41,548	$90,990	$145,567
Ratios to average net assets:
Gross expenses	0.95 %	0.92 %	0.91 %	0.89 %	0.89 %
Net expenses5	0.91 6	0.91 6	0.91	0.89 6	0.89 6
Net investment income	1.90	1.65	0.94	0.63	0.98
Portfolio turnover rate	26 %	33 %	28 %	30 %	50 %

1	Per share amounts have been calculated using the average shares method.
2	For the year ended February 29.
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
4	The total return includes a payment by an affiliate to reimburse for an error. Absent this payment, total return would have been -1.75% for the year ended February 28, 2022.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent.
6	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended February 28, unless otherwise noted:
Class C2 Shares1	2025	20242	2023	2022	20213
Net asset value, beginning of year	$4.98	$4.91	$5.05	$5.17	$5.16
Income (loss) from operations:
Net investment income	0.09	0.07	0.04	0.02	0.01
Net realized and unrealized gain (loss)	0.05	0.07	(0.14 )	(0.12 )	0.01 4
Total income (loss) from operations	0.14	0.14	(0.10)	(0.10)	0.02
Less distributions from:
Net investment income	(0.09 )	(0.07 )	(0.04 )	(0.02 )	(0.01 )
Total distributions	(0.09 )	(0.07 )	(0.04 )	(0.02 )	(0.01 )
Net asset value, end of year	$5.03	$4.98	$4.91	$5.05	$5.17
Total return5	2.77 %	2.95 %	(1.95 )%	(1.91 )%	0.39 %
Net assets, end of year (000s)	$691	$845	$959	$1,319	$637
Ratios to average net assets:
Gross expenses	1.12 %	1.09 %	1.06 %	1.05 %	1.06 %6
Net expenses7	1.08 8	1.08 8	1.06	1.05 8	1.06 6
Net investment income	1.75	1.51	0.79	0.45	0.60 6
Portfolio turnover rate	26 %	33 %	28 %	30 %	50 %9

1	Per share amounts have been calculated using the average shares method.
2	For the year ended February 29.
3	For the period November 2, 2020 (inception date) to February 28, 2021.
4	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
5	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
6	Annualized.
7	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C2 shares did not exceed 1.20%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.
9	For the year ended February 28, 2021.

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended February 28, unless otherwise noted:
Class I Shares1	2025	20242	2023	2022	2021
Net asset value, beginning of year	$4.98	$4.91	$5.05	$5.17	$5.17
Income (loss) from operations:
Net investment income	0.12	0.11	0.07	0.06	0.07
Net realized and unrealized gain (loss)	0.05	0.07	(0.14 )	(0.12 )	(0.00 )3
Total income (loss) from operations	0.17	0.18	(0.07)	(0.06)	0.07
Less distributions from:
Net investment income	(0.12 )	(0.11 )	(0.07 )	(0.06 )	(0.07 )
Total distributions	(0.12 )	(0.11 )	(0.07 )	(0.06 )	(0.07 )
Net asset value, end of year	$5.03	$4.98	$4.91	$5.05	$5.17
Total return4	3.48 %	3.65 %	(1.32 )%	(1.26 )%	1.45 %
Net assets, end of year (000s)	$93,990	$126,663	$184,211	$341,989	$349,549
Ratios to average net assets:
Gross expenses	0.47 %	0.44 %	0.43 %	0.42 %	0.42 %
Net expenses5,6	0.40	0.40	0.40	0.40	0.40
Net investment income	2.42	2.17	1.45	1.11	1.45
Portfolio turnover rate	26 %	33 %	28 %	30 %	50 %

1	Per share amounts have been calculated using the average shares method.
2	For the year ended February 29.
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.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.40%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent.
6	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended February 28, unless otherwise noted:
Class IS Shares1	2025	20242	2023	2022	2021
Net asset value, beginning of year	$4.99	$4.91	$5.05	$5.17	$5.18
Income (loss) from operations:
Net investment income	0.13	0.11	0.08	0.06	0.08
Net realized and unrealized gain (loss)	0.04	0.08	(0.14 )	(0.12 )	(0.01 )
Total income (loss) from operations	0.17	0.19	(0.06)	(0.06)	0.07
Less distributions from:
Net investment income	(0.12 )	(0.11 )	(0.08 )	(0.06 )	(0.08 )
Total distributions	(0.12 )	(0.11 )	(0.08 )	(0.06 )	(0.08 )
Net asset value, end of year	$5.04	$4.99	$4.91	$5.05	$5.17
Total return3	3.53 %	3.91 %	(1.25 )%	(1.21 )%	1.32 %
Net assets, end of year (000s)	$8,208	$4,882	$5,721	$6,653	$5,926
Ratios to average net assets:
Gross expenses	0.39 %	0.37 %	0.35 %	0.35 %	0.34 %
Net expenses4,5	0.35	0.35	0.35	0.34	0.34
Net investment income	2.51	2.24	1.55	1.16	1.52
Portfolio turnover rate	26 %	33 %	28 %	30 %	50 %

1	Per share amounts have been calculated using the average shares method.
2	For the year ended February 29.
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
4	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.35%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent.
5	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Notes to Financial Statements

1. Organization and significant accounting policies

Western Asset Short Duration Municipal Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).

Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

•

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

•

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

•

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

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

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

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

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Municipal Bonds†	—	$319,962,891	—	$319,962,891
Short-Term Investments†	—	3,215,000	—	3,215,000
Total Investments	—	$323,177,891	—	$323,177,891

†	See Schedule of Investments for additional detailed categorizations.

(b) Securities traded on a when-issued and delayed delivery basis. The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

(c) Credit and market risk. Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

(d) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(e) Distributions to shareholders. Distributions from net investment income of the Fund are declared each business day to shareholders of record and are paid monthly. The Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from federal and certain state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Fund. Distributions of net realized gains, if any, are taxable and declared at least annually. Distributions to shareholders of the Fund are

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(f) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(g) 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.

(h) 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 February 28, 2025, 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.

(i) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Western Asset Management Company, LLC (“Western Asset”) is the Fund’s subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.30% of the Fund’s average daily net assets.

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class C2, Class I and Class IS shares did not exceed 0.55%, 1.05%, 1.20%, 0.40% and

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

0.35%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board’s consent.

During the year ended February 28, 2025, fees waived and/or expenses reimbursed amounted to $200,688.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at February 28, 2025, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

	Class A	Class C	Class C2	Class I	Class IS
Expires February 28, 2026	$61,432	$3,981	$122	$54,383	$990
Expires February 28, 2027	120,398	5,351	269	71,901	2,769
Total fee waivers/expense reimbursements subject to recapture	$181,830	$9,332	$391	$126,284	$3,759

For the year ended February 28, 2025, 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 year ended February 28, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $2,162 was earned by Investor Services.

There is a maximum initial sales charge of 2.25% for Class A shares. In certain cases, Class A shares have a 0.50% contingent deferred sales charge (“CDSC”), which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $250,000 in the aggregate. These purchases do not incur an initial sales charge.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

For the year ended February 28, 2025, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A
Sales charges	$5,390
CDSCs	243

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. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another fund or portfolio that is, or could be considered, an affiliate by virtue of having a common investment manager or subadviser (or affiliated investment manager or subadviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended February 28, 2025, such purchase and sale transactions (excluding accrued interest) were $68,455,000 and $80,390,000, respectively.

3. Investments

During the year ended February 28, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$92,843,265
Sales	167,774,159

At February 28, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$321,938,301	$3,337,373	$(2,097,783)	$1,239,590

4. Derivative instruments and hedging activities

During the year ended February 28, 2025, the Fund did not invest in derivative instruments.

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C and Class C2 shares calculated at the annual rate of 0.15%, 0.50% and 0.65% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

For the year ended February 28, 2025, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$336,560	$155,930
Class C	73,842	9,526
Class C2	4,824	633
Class I	—	89,889
Class IS	—	74
Total	$415,226	$256,052

For the year ended February 28, 2025, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$120,398
Class C	5,351
Class C2	269
Class I	71,901
Class IS	2,769
Total	$200,688

6. Distributions to shareholders by class

	Year Ended February 28, 2025	Year Ended February 29, 2024
Net Investment Income:
Class A	$5,108,909	$5,501,647
Class C	279,940	462,691
Class C2	12,936	12,750
Class I	2,633,567	3,292,041
Class IS	186,305	126,429
Total	$8,221,657	$9,395,558

7. Shares of beneficial interest

At February 28, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Transactions in shares of each class were as follows:

	Year Ended February 28, 2025		Year Ended February 29, 2024
	Shares	Amount	Shares	Amount
Class A
Shares sold	4,869,117	$24,322,099	8,347,406	$41,243,112
Shares issued on reinvestment	944,587	4,718,914	1,021,938	5,040,060
Shares repurchased	(13,605,952 )	(67,993,437 )	(21,783,070 )	(107,501,467 )
Net decrease	(7,792,248 )	$(38,952,424 )	(12,413,726 )	$(61,218,295 )
Class C
Shares sold	179,069	$892,450	71,726	$353,163
Shares issued on reinvestment	55,935	279,504	93,630	462,070
Shares repurchased	(1,871,528 )	(9,358,927 )	(4,831,078 )	(23,825,311 )
Net decrease	(1,636,524 )	$(8,186,973 )	(4,665,722 )	$(23,010,078 )
Class C2
Shares sold	37,054	$184,333	52,201	$257,290
Shares issued on reinvestment	2,590	12,936	2,585	12,750
Shares repurchased	(71,850 )	(359,201 )	(80,677 )	(398,784 )
Net decrease	(32,206 )	$(161,932 )	(25,891 )	$(128,744 )
Class I
Shares sold	3,016,738	$15,069,504	5,538,571	$27,275,925
Shares issued on reinvestment	458,904	2,292,189	584,776	2,883,876
Shares repurchased	(10,206,462 )	(50,951,462 )	(18,233,640 )	(89,870,921 )
Net decrease	(6,730,820 )	$(33,589,769 )	(12,110,293 )	$(59,711,120 )
Class IS
Shares sold	953,963	$4,753,138	542,510	$2,669,900
Shares issued on reinvestment	37,212	186,262	25,541	126,055
Shares repurchased	(340,401 )	(1,703,044 )	(754,149 )	(3,736,598 )
Net increase (decrease)	650,774	$3,236,356	(186,098 )	$(940,643 )

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 $2.995 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Notes to Financial Statements (cont’d)

the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the year ended February 28, 2025.

9. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended February 28 and February 29, respectively, was as follows:

	2025	2024
Distributions paid from:
Tax-exempt income	$8,221,408	$9,308,375
Ordinary income	249	87,183
Total distributions paid	$8,221,657	$9,395,558

As of February 28, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed ordinary income — net	$1,264,062
Deferred capital losses*	(30,077,033)
Other book/tax temporary differences(a)	(49,557)
Unrealized appreciation (depreciation)(b)	1,239,590
Total distributable earnings (loss) — net	$(27,622,938)

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

10. Operating segments

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

The Fund operates as a single operating segment, which is an investment portfolio. The Fund’s Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Short Duration Municipal Income Fund (one of the funds constituting Legg Mason Partners Income Trust, referred to hereafter as the “Fund”) as of February 28, 2025, the related statement of operations for the year ended February 28, 2025, the statement of changes in net assets for each of the two years in the period ended February 28, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland
April 17, 2025

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

Western Asset Short Duration Municipal Income Fund 2025 Annual Report

Important Tax Information (unaudited)

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

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

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended February 28, 2025:

	Pursuant to:	Amount Reported
Exempt-Interest Dividends Distributed	§852(b)(5)(A)	$8,221,408
Qualified Net Interest Income (QII)	§871(k)(1)(C)	$2,568
Section 163(j) Interest Earned	§163(j)	$2,755
Interest Earned from Federal Obligations	Note (1)	$12

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

Western Asset Short Duration Municipal Income Fund

Western Asset

Short Duration Municipal Income Fund

Trustees

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart
Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

Western Asset Management Company, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313

Independent registered
public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

Western Asset Short Duration Municipal Income Fund

The Fund is a separate investment series of Legg Mason Partners Income Trust, a Maryland statutory trust.

Western Asset Short Duration Municipal Income Fund
Legg Mason Funds
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 Short Duration Municipal Income Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.franklintempleton.com

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

NOT PART OF THE ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

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

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

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

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

Franklin Advisers, Inc.

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

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

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

NOT PART OF THE ANNUAL REPORT

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

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

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

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.

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.

Net Assets:
Class A	$209,847,194
Class C	$10,858,475
Class C2	$690,651
Class I	$93,990,025
Class IS	$8,207,526
Shares Outstanding:
Class A	41,710,414
Class C	2,156,931
Class C2	137,337
Class I	18,683,469
Class IS	1,629,557
Net Asset Value:
Class A (and redemption price)	$5.03
Class C (and redemption price)	$5.03
Class C2 (and redemption price)	$5.03
Class I (and redemption price)	$5.03
Class IS (and redemption price)	$5.04
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 2.25%)	$5.15

Changes in and Disagreements with Accountants	For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders	For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others	For the period covered by this report
Refer to the financial statements included herein.

Legg Mason Partners Income Trust

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	April 21, 2025

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

Date:	April 21, 2025