Schedule of Investments (unaudited)
June 30, 2026
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 Western Asset Intermediate-Term Municipals Fund

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 95.6%
Alabama — 3.4%
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series
D-1, Refunding
5.500%
2/1/29
 $2,700,000
 $2,834,746
 (a)(b)
Energy Southeast, AL, A Cooperative District, Energy Supply Revenue,
Series B-1
5.750%
11/1/31
5,500,000
6,050,501
 (a)(b)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/40
4,000,000
4,381,504
 
Warrants, Series 2024, Refunding
5.250%
10/1/41
5,000,000
5,469,185
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
4,200,000
4,224,483
 (c)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
3,250,000
3,153,068
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No
1, Series A, Refunding
5.000%
4/1/31
5,500,000
5,809,805
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply
Revenue, Series B
5.250%
1/1/33
7,325,000
7,592,776
 (a)(b)
Total Alabama
39,516,068
Alaska — 0.2%
Alaska State Housing Finance Corp. Revenue:
State Capital Project II, Series B, Refunding
5.000%
12/1/37
750,000
788,400
 
State Capital Project, Series B, Refunding
4.000%
12/1/35
1,000,000
1,014,577
 
State Capital Project, Series B, Refunding
4.000%
12/1/36
750,000
758,963
 
Total Alaska
2,561,940
Arizona — 1.8%
Arizona State IDA, Education Revenue:
Academies Math & Science Project, Refunding, SD Credit Program
5.000%
7/1/37
700,000
705,476
 
Basis School Project, Refunding, SD Credit Program
5.000%
7/1/37
850,000
858,975
 
Arizona State IDA, Hospital Revenue, Phoenix Children’s Hospital Project
5.000%
2/1/40
1,300,000
1,360,304
 
Phoenix, AZ, Civic Improvement Corp., Airport Revenue:
Senior Lien, Series 2018
5.000%
7/1/36
3,715,000
3,824,101
 (c)
Senior Lien, Series 2018
5.000%
7/1/37
4,300,000
4,418,260
 (c)
Senior Lien, Series 2018
5.000%
7/1/38
5,085,000
5,215,585
 (c)
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007
5.000%
12/1/32
3,665,000
3,889,115
 
Total Arizona
20,271,816
Arkansas — 0.5%
 
Arkansas State Development Finance Authority, Environmental
Improvement Revenue, United States Steel Corp. Project, Green Bonds
5.700%
5/1/53
5,250,000
5,442,594
 (c)
California — 11.4%
Alameda, CA, Corridor Transportation Authority Revenue:
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
3,000,000
3,012,834
 
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/36
4,200,000
4,216,413
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series A-1
4.000%
8/1/28
2,250,000
2,277,595
 (a)(b)
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
21,500,000
22,137,153
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
8,300,000
8,670,657
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
4.000%
8/1/31
12,105,000
12,295,275
 (a)(b)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
4,150,000
4,336,823
 (a)(b)
See Notes to Schedule of Investments.
1
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
California — continued
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
 $18,600,000
 $19,829,094
 (a)(b)
Clean Energy Project, Green Bonds, Series G
5.000%
12/1/35
3,700,000
4,025,155
 
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
8,200,000
8,856,051
 (a)(b)
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A
5.000%
12/31/34
4,550,000
4,677,613
 (c)
Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
4,500,000
4,569,572
 (c)
SFMTA Potrero Yard Modernization Project, Series A
5.250%
9/1/51
3,250,000
3,511,348
 
California State MFA Special Facility Revenue, United Airlines Inc., Los
Angeles International Airport Project
4.000%
7/15/29
500,000
505,345
 (c)
California State PCFA Water Furnishing Revenue, San Diego County
Water Authority Desalination Project, Refunding
5.000%
7/1/39
1,500,000
1,542,309
 (d)
Los Angeles, CA, Department of Airports Revenue:
Los Angeles International Airport, Subordinated, Series D
5.000%
5/15/37
3,275,000
3,388,708
 (c)
Los Angeles International Airport, Subordinated, Series F, Refunding
5.000%
5/15/34
1,775,000
1,863,127
 (c)
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series A
6.125%
11/1/29
1,235,000
1,298,454
 
Series B
6.125%
11/1/29
11,875,000
12,483,457
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2023-1
5.500%
9/1/43
1,340,000
1,430,868
 
Community Facilities District No 2023-1
5.500%
9/1/48
1,770,000
1,834,740
 
San Francisco, CA, City & County Airport Commission, International
Airport Revenue:
Series A, Refunding
5.000%
1/1/34
1,000,000
1,052,422
 (c)(e)
Series D, Refunding
5.000%
5/1/48
5,000
5,139
 (c)(e)
Tobacco Securitization Authority of Southern California Revenue:
San Diego County Tobacco Asset Securitization Corp., Series A,
Refunding
5.000%
6/1/34
655,000
698,541
 
San Diego County Tobacco Asset Securitization Corp., Series A,
Refunding
5.000%
6/1/36
1,000,000
1,060,724
 
San Diego County Tobacco Asset Securitization Corp., Series A,
Refunding
5.000%
6/1/38
1,750,000
1,845,160
 
Total California
131,424,577
Colorado — 1.9%
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding
5.500%
12/1/36
25,000
25,022
 
Colorado State Health Facilities Authority Revenue:
Commonspirit Health Initiatives, Series A
5.250%
11/1/37
1,450,000
1,594,887
 
Commonspirit Health Initiatives, Series A
5.250%
11/1/38
2,200,000
2,406,437
 
Commonspirit Health Initiatives, Series A
5.250%
11/1/39
2,000,000
2,179,124
 
Denver, CO, City & County Airport System Revenue:
Subordinated, Series B, Refunding
5.000%
11/15/28
4,735,000
4,960,695
 (c)
Subordinated, Series B, Refunding
5.000%
11/15/29
3,250,000
3,455,980
 (c)
Subordinated, Series B, Refunding
5.000%
11/15/32
1,500,000
1,653,581
 (c)
District of Vauxmont Metropolitan, CO, GO, Series 2020, Refunding, AG
5.000%
12/1/28
415,000
436,595
 
Regional Transportation District, CO, Revenue:
Denver Transit Partners Eagle P3 Project, Series A, Refunding
5.000%
1/15/30
700,000
739,769
 
Denver Transit Partners Eagle P3 Project, Series A, Refunding
5.000%
1/15/31
450,000
481,187
 
Denver Transit Partners Eagle P3 Project, Series A, Refunding
5.000%
7/15/31
400,000
427,163
 
See Notes to Schedule of Investments.
2
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Colorado — continued
Southern Ute Indian Tribe Reservation, CO, GO, Series A
5.000%
4/1/35
 $3,700,000
 $4,016,381
 (d)
Total Colorado
22,376,821
Delaware — 0.4%
 
Delaware State Health Facilities Authority Revenue, Series 2018
5.000%
6/1/43
4,420,000
4,472,433
 
District of Columbia — 0.0%††
 
District of Columbia Revenue, Ingleside Rock Creek Project, Series A
5.000%
7/1/37
500,000
502,646
 
Florida — 6.1%
Broward County, FL, Airport System Revenue:
Series 2017
5.000%
10/1/36
1,750,000
1,779,129
 (c)
Series 2017
5.000%
10/1/42
1,500,000
1,516,468
 (c)
Broward County, FL, Port Facilities Revenue:
Series 2022
5.000%
9/1/32
1,725,000
1,867,696
 (c)
Series 2022
5.000%
9/1/33
1,800,000
1,950,945
 (c)
Series 2022
5.000%
9/1/35
1,650,000
1,775,068
 (c)
Series 2022
5.000%
9/1/36
1,305,000
1,397,336
 (c)
Series 2022
5.000%
9/1/38
1,350,000
1,433,664
 (c)
Series 2022
5.000%
9/1/39
1,415,000
1,495,721
 (c)
Series 2022
5.000%
9/1/40
1,150,000
1,214,293
 (c)
Series 2022
5.000%
9/1/41
1,290,000
1,357,505
 (c)
Series 2022
5.000%
9/1/42
1,750,000
1,834,627
 (c)
Series B
5.000%
9/1/31
10,155,000
10,630,122
 (c)
Florida Atlantic University, FL, Finance Corp., Capital Improvements
Revenue, Series 2019 A, Refunding
5.000%
7/1/35
5,775,000
6,053,144
 
Hillsborough County, FL, Aviation Authority Revenue, Tampa International
Airport, Series E
5.000%
10/1/43
3,000,000
3,066,030
 (c)
Lee County, FL, Airport Revenue, Series A, Refunding
5.000%
10/1/31
3,500,000
3,804,364
 (c)
Miami-Dade County HEFA Revenue:
University of Miami Issue, Series 2026
5.000%
4/1/36
750,000
856,484
 
University of Miami Issue, Series 2026
5.000%
4/1/46
750,000
801,125
 
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding
4.000%
10/1/35
3,445,000
3,488,898
 
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue,
Nicklaus Children’s Hospital, Refunding
5.000%
8/1/35
1,020,000
1,038,291
 
Miami-Dade County, FL, Seaport Revenue:
Series A, Refunding
5.000%
10/1/40
4,460,000
4,720,607
 (c)
Series A, Refunding
5.000%
10/1/41
3,250,000
3,428,265
 (c)
Series A, Refunding
5.000%
10/1/42
4,000,000
4,201,517
 (c)
Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project
5.500%
5/15/45
600,000
628,707
 (d)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Obligated Group, Series A
5.000%
10/1/40
1,250,000
1,342,338
 
Orlando Health Obligated Group, Series A
5.000%
10/1/42
1,000,000
1,067,879
 
Palm Beach County, FL, Health Facilities Authority Hospital Revenue:
Jupiter Medical Center Project, Series A
5.000%
11/1/32
400,000
432,924
 
Jupiter Medical Center Project, Series A
5.000%
11/1/42
1,400,000
1,452,576
 
Palm Beach County, FL, Health Facilities Authority Revenue:
Jupiter Medical Center Project, Series A
5.000%
11/1/34
620,000
663,996
 
Jupiter Medical Center Project, Series A
5.000%
11/1/35
1,200,000
1,279,658
 
See Notes to Schedule of Investments.
3
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Florida — continued
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion,
Series 2022, Refunding
4.000%
6/1/31
 $1,100,000
 $1,099,332
 
Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series
B
4.000%
7/1/45
1,000,000
943,361
 
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue:
Series 2024
4.200%
5/1/39
840,000
842,408
 (d)
Series 2024
4.550%
5/1/44
990,000
992,487
 (d)
Total Florida
70,456,965
Georgia — 2.3%
Georgia State Higher Education Facilities Authority Revenue, USG Real
Estate, Refunding
5.000%
6/15/33
1,600,000
1,685,299
 
Georgia State Municipal Electric Authority, Power Revenue:
Series A, Refunding
5.000%
1/1/34
850,000
919,642
 
Series A, Refunding, AG
4.000%
1/1/46
1,780,000
1,732,659
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/33
2,750,000
2,843,237
 
Series B
5.000%
6/1/29
9,475,000
9,888,684
 (a)(b)
Series B
5.000%
3/1/32
5,000,000
5,379,026
 (a)(b)
Series C
5.000%
9/1/30
4,000,000
4,256,274
 (a)(b)
Total Georgia
26,704,821
Hawaii — 0.4%
 
Honolulu, HI, City & County Wastewater System Revenue, First Senior
Bond Resolution, Series A
3.000%
7/1/41
5,000,000
4,519,007
 
Illinois — 15.0%
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.000%
12/1/33
5,010,000
5,170,710
 
Dedicated, Series A
5.000%
12/1/36
3,540,000
3,577,343
 
Dedicated, Series A
5.000%
12/1/38
1,735,000
1,742,426
 
Dedicated, Series A
5.000%
12/1/43
18,000,000
17,595,389
 
Dedicated, Series G, Refunding
5.000%
12/1/34
2,230,000
2,238,639
 
Series A
5.000%
12/1/33
6,475,000
6,606,725
 
Series A
5.000%
12/1/35
3,450,000
3,499,621
 
Series A
5.000%
12/1/40
4,515,000
4,501,283
 
Series A, Refunding
5.000%
12/1/29
2,500,000
2,562,516
 
Series B, Refunding
5.000%
12/1/36
3,100,000
3,132,702
 
Series C, Refunding, AG
5.000%
12/1/32
1,000,000
1,035,222
 
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
7,000,000
7,321,538
 
Series A
5.000%
1/1/40
2,465,000
2,477,342
 
Series A
5.500%
1/1/49
670,000
673,735
 
Series A, Refunding
5.000%
1/1/27
2,250,000
2,263,867
 (f)
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series A
5.000%
1/1/42
3,850,000
4,031,639
 (c)
General Senior Lien, Series C, Refunding
5.000%
1/1/41
1,745,000
1,833,097
 (c)
General Senior Lien, Series C, Refunding
5.000%
1/1/42
1,920,000
2,010,583
 (c)
See Notes to Schedule of Investments.
4
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — continued
Series C, Refunding
5.000%
1/1/43
 $1,570,000
 $1,639,344
 (c)
Trips Obligated Group
5.000%
7/1/38
1,500,000
1,528,074
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien, Series A, Refunding
5.000%
12/1/45
5,900,000
6,068,752
 
Second Lien, Series A, Refunding
4.000%
12/1/49
2,000,000
1,821,072
 
Chicago, IL, Waterworks Revenue, Second Lien, Refunding, AG
5.000%
11/1/28
2,000,000
2,058,864
 
Illinois State Finance Authority Revenue:
Provident Group - UIC Surgery Center LLC - University of Illinois Health
Services Facility Project
5.000%
10/1/32
400,000
420,228
 
Provident Group - UIC Surgery Center LLC - University of Illinois Health
Services Facility Project
5.000%
10/1/34
430,000
449,286
 
Provident Group - UIC Surgery Center LLC - University of Illinois Health
Services Facility Project
5.000%
10/1/35
395,000
411,493
 
Provident Group - UIC Surgery Center LLC - University of Illinois Health
Services Facility Project
4.000%
10/1/40
1,250,000
1,215,139
 
Student Housing & Academic Facilities Revenue, Chicago LLC,
University of Illinois Chicago Project, Series A
5.000%
2/15/37
700,000
702,403
 
Surface Freight Transfer Facilities, Centerpoint Joliet Terminal Railroad
Project
4.800%
7/2/35
4,500,000
4,664,875
 (a)(b)(c)(d)
Illinois State Toll Highway Authority Revenue, Series A
4.000%
1/1/46
2,895,000
2,791,137
 
Illinois State, GO:
Series 2016, Refunding
5.000%
2/1/29
2,200,000
2,230,248
 
Series A
5.000%
3/1/32
3,925,000
4,240,594
 
Series A
5.000%
3/1/36
1,000,000
1,063,153
 
Series A
5.000%
5/1/39
4,800,000
4,910,700
 
Series A, Refunding
5.000%
10/1/27
12,805,000
13,161,537
 
Series A, Refunding
5.000%
10/1/30
1,275,000
1,333,581
 
Series B
5.000%
12/1/33
4,000,000
4,333,718
 
Series B, Refunding
5.000%
9/1/27
6,015,000
6,172,899
 
Series B, Refunding
5.000%
10/1/27
3,000,000
3,083,531
 
Series D
5.000%
11/1/27
9,695,000
9,982,264
 
Series D, Refunding
5.000%
7/1/34
2,300,000
2,503,797
 
Kane County, IL, School District No 131 Aurora East Side, GO, Series A,
AG
4.000%
12/1/35
800,000
807,706
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/47
1,635,000
1,494,493
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
6/15/50
10,465,000
9,334,175
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
12/15/28
2,000,000
2,054,938
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
12/15/30
625,000
640,150
 
Regional Transportation Authority, IL, GO, Series A
4.000%
6/1/46
10,920,000
10,106,904
 
Total Illinois
173,499,432
Indiana — 0.8%
Indiana State Finance Authority Revenue, Marion General Hospital, Series
A
4.000%
7/1/45
2,750,000
2,514,847
 
Indiana State Finance Authority, Environmental Facilities Revenue,
Indianapolis Power & Light Company Project, Series A, Refunding
1.400%
8/1/29
7,000,000
6,458,285
 
Total Indiana
8,973,132
See Notes to Schedule of Investments.
5
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Kansas — 0.1%
 
Wyandotte County, KS, Turner USD No 202, GO, Series A, AG
4.000%
9/1/36
 $775,000
 $787,727
 (e)
Kentucky — 1.0%
Kentucky State Bond Development Corp., Student Housing Revenue,
Collegiate Housing Foundation-Bowling Green LLC, Series A, AG
5.000%
7/1/46
1,380,000
1,449,695
 
Kentucky State PEA, Gas Supply Revenue, Series C, Refunding
5.000%
5/1/36
9,500,000
10,018,068
 
Total Kentucky
11,467,763
Louisiana — 0.6%
 
St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp.
Project, Series C, Refunding
3.300%
7/3/28
6,500,000
6,631,254
 (a)(b)
Maryland — 0.3%
 
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021
4.000%
6/1/46
4,000,000
3,918,494
 
Massachusetts — 1.5%
Massachusetts State Department of Transportation, Metropolitan
Highway System Revenue:
Series B-1, Refunding
5.000%
1/1/35
1,000,000
1,052,438
 
Series B-1, Refunding
5.000%
1/1/36
2,000,000
2,100,880
 
Series B-1, Refunding
5.000%
1/1/37
1,000,000
1,048,189
 
Massachusetts State DFA Revenue:
Brandeis University, Series S-1, Refunding
5.000%
10/1/38
1,210,000
1,257,233
 
Harvard University Issue, Series A, Refunding
4.000%
2/15/36
1,250,000
1,356,497
 
Partners HealthCare System, Mass General Brigham Inc., Series S-1,
Refunding
5.000%
7/1/37
1,500,000
1,538,282
 
Seven Hills Foundation and Affiliates Issue, Refunding
4.000%
9/1/39
580,000
577,659
 
UMass Boston Student Housing Project
5.000%
10/1/28
2,900,000
2,907,797
 
Massachusetts State Port Authority Revenue, Series A, Refunding
5.000%
7/1/33
4,880,000
5,129,279
 (c)
Total Massachusetts
16,968,254
Michigan — 0.8%
Great Lakes, MI, Water Authority, Water Supply System Revenue, Senior
Lien, Series B
5.000%
7/1/37
1,000,000
1,118,962
 
Michigan State Finance Authority Revenue:
The Henry Ford Health Detroit South Campus Central Utility Plant
Project, Green Bonds, Series 2024
5.250%
2/28/43
1,500,000
1,602,308
 
The Henry Ford Health Detroit South Campus Central Utility Plant
Project, Green Bonds, Series 2024
4.125%
2/29/44
1,000,000
974,521
 
Tobacco Settlement Asset-Backed, Series A-1, Refunding
4.000%
6/1/39
1,850,000
1,853,622
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
4,000,000
4,044,390
 (c)
Total Michigan
9,593,803
Mississippi — 0.3%
Mississippi State Development Bank Special Obligation, Jackson,
Mississippi Sales Tax Revenue Infrastructure Project
5.000%
9/1/29
1,750,000
1,766,755
 
Warren County, MS, Mississippi Gulf Opportunity Zone Revenue,
International Paper Company Project, Refunding
4.000%
9/1/32
1,945,000
2,007,397
 
Total Mississippi
3,774,152
Missouri — 0.9%
Cape Girardeau County, MO, IDA, Healthcare Facilities Revenue,
Southeast Health
4.000%
3/1/41
1,250,000
1,244,795
 
See Notes to Schedule of Investments.
6
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Missouri — continued
Kansas City, MO, IDA, Airport System Revenue:
Kansas City International Airport Terminal Modernization Project,
Series B
5.000%
3/1/35
 $3,250,000
 $3,369,947
 (c)
Kansas City International Airport Terminal Modernization Project,
Series B
5.000%
3/1/36
4,000,000
4,139,083
 (c)
Kansas City International Airport Terminal Modernization Project,
Series B
5.000%
3/1/37
1,500,000
1,548,577
 (c)
Total Missouri
10,302,402
Nebraska — 1.4%
Central Plains, NE, Energy Project, Gas Project Revenue:
Project No 3, Series A, Refunding
5.000%
9/1/32
5,465,000
5,728,417
 
Project No 3, Series A, Refunding
5.000%
9/1/37
4,500,000
4,697,385
 
Omaha, NE, Public Power District, Electric System Revenue, Series B,
Refunding
4.000%
2/1/46
6,000,000
5,832,055
 
Total Nebraska
16,257,857
Nevada — 0.5%
 
Clark County, NV, GO, Pledged Revenue, Stadium Improvements, Series A
5.000%
6/1/38
5,000,000
5,171,417
 
New Hampshire — 2.1%
National Finance Authority, NH, Revenue:
PPDC Lockhart Housing Project, Series A-1
5.000%
12/1/46
3,700,000
3,768,950
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
12/1/35
19,000,000
20,956,901
 
Total New Hampshire
24,725,851
New Jersey — 2.8%
New Jersey State EDA Revenue:
School Facilities Construction, Series QQQ
4.000%
6/15/39
1,000,000
1,002,672
 
School Facilities Construction, Series S
4.000%
6/15/37
1,250,000
1,263,774
 
Transit Transportation Project, Series A
5.000%
11/1/33
4,750,000
5,052,734
 
New Jersey State Health Care Facilities Financing Authority Revenue:
University Hospital, Series A, Refunding, AG
5.000%
7/1/28
2,000,000
2,036,077
 
University Hospital, Series A, Refunding, AG
5.000%
7/1/30
1,200,000
1,221,577
 
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA
5.000%
6/15/36
2,000,000
2,148,841
 
Transportation Program, Series AA, Refunding
5.000%
6/15/37
4,000,000
4,419,766
 
Transportation Program, Series BB
4.000%
6/15/36
3,500,000
3,533,034
 
Transportation Program, Series BB
5.000%
6/15/36
3,000,000
3,269,193
 
Transportation Program, Series BB
4.000%
6/15/38
3,000,000
3,010,870
 
Transportation Program, Series CC
5.000%
6/15/40
3,000,000
3,250,398
 
Transportation System, Series A, Refunding
4.000%
6/15/36
2,500,000
2,545,622
 
Total New Jersey
32,754,558
New Mexico — 0.4%
 
New Mexico State Municipal Energy Acquisition Authority, Gas Supply
Revenue, Refunding
5.000%
11/1/30
4,600,000
4,893,659
 (a)(b)
New York — 8.6%
Long Island, NY, Power Authority Electric System Revenue, Series B,
Refunding
5.000%
9/1/27
1,750,000
1,772,073
 (a)(b)
MTA, NY, Transportation Revenue:
Green Bonds, Series C-1, Refunding
4.000%
11/15/37
1,750,000
1,754,612
 
See Notes to Schedule of Investments.
7
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New York — continued
Green Bonds, Series E, Refunding
5.000%
11/15/28
 $3,000,000
 $3,171,287
 
Series A-2
5.000%
5/15/30
5,250,000
5,630,801
 (a)(b)
Series B, Refunding
5.000%
11/15/37
1,660,000
1,669,317
 
Nassau County, NY, Industrial Development Agency, Series B, Escrow
—
—
551,101
0
 *(g)(h)(i)
New York City, NY, TFA, Future Tax Secured Revenue, Subseries C-1
4.000%
5/1/39
3,500,000
3,511,846
 
New York State Dormitory Authority Revenue, Non-State Supported Debt,
SD, Series A, Refunding, AG
5.000%
10/1/29
20,000
21,072
 (e)
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 3,
Series E, Refunding
5.000%
3/15/38
7,620,000
7,936,736
 
New York State Dormitory Authority, State Personal Income Tax Revenue,
Series A, Refunding
5.000%
3/15/40
7,500,000
7,841,932
 
New York State Transportation Development Corp., Special Facilities
Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C and D
Redevelopment Project
6.000%
4/1/35
8,000,000
8,938,247
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D
Redevelopment Project
5.625%
4/1/40
6,300,000
6,734,292
 (c)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds
5.375%
6/30/60
1,600,000
1,609,740
 (c)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds, AG
5.500%
6/30/43
1,750,000
1,863,355
 (c)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds, AG
5.500%
6/30/44
1,500,000
1,590,128
 (c)
John F. Kennedy International Airport Terminal Four Project, Series C,
Refunding
5.000%
12/1/29
2,500,000
2,672,883
 
John F. Kennedy International Airport Terminal Six Redevelopment
Project, Green Bonds, Series A, Refunding
5.500%
12/31/54
2,100,000
2,167,362
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment
Project, Green Bonds, Series A, Refunding, AG
4.500%
12/31/54
4,750,000
4,666,552
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment
Project, Green Bonds, Series B, Refunding, AG, Step bond (0.000% to
12/31/34 then 5.000%)
0.000%
12/31/54
2,100,000
1,436,688
 (c)
LaGuardia Airport Terminal B Redevelopment Project, AG
4.000%
7/1/36
21,335,000
21,335,514
 (c)
New York State Urban Development Corp. Revenue, Personal Income Tax,
Series C, Refunding
4.000%
3/15/45
7,750,000
7,544,483
 
Port Authority of New York & New Jersey Revenue, Consolidated Series
226, Refunding
5.000%
10/15/40
3,165,000
3,335,059
 (c)
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic
Institute Project, Series A, Refunding
5.000%
9/1/36
1,855,000
1,957,130
 
Total New York
99,161,109
North Carolina — 0.5%
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport,
Refunding
5.000%
7/1/39
1,000,000
1,045,952
 
North Carolina State Turnpike Authority, Triangle Expressway System
Revenue, Senior Lien
5.000%
1/1/43
4,000,000
4,139,354
 
Total North Carolina
5,185,306
See Notes to Schedule of Investments.
8
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Ohio — 2.1%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue:
Senior Bonds, Series A-2, Refunding
5.000%
6/1/33
 $2,750,000
 $2,954,908
 
Senior Bonds, Series B-2, Refunding
5.000%
6/1/55
7,100,000
5,569,619
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
3,000,000
2,905,571
 (a)(b)(c)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
7,120,000
6,675,796
 (c)(d)
Ohio State Higher Educational Facility Revenue:
University of Dayton 2018 Project, Series B, Refunding
5.000%
12/1/32
1,000,000
1,035,237
 
Xavier University 2020 Project, Series F, Refunding
5.000%
5/1/36
925,000
955,155
 
Xavier University 2020 Project, Series F, Refunding
4.000%
5/1/38
745,000
715,518
 
Xavier University 2020 Project, Series F, Refunding
4.000%
5/1/40
600,000
564,944
 
Ohio State Hospital Revenue:
University Hospitals Health Systems Inc., Series E, Refunding
5.000%
1/15/35
1,000,000
1,037,563
 
University Hospitals Health Systems Inc., Series E, Refunding
5.000%
1/15/36
1,200,000
1,243,422
 
Ohio State Private Activity Revenue, Portsmouth Bypass Project
5.000%
12/31/39
800,000
800,026
 (c)
Total Ohio
24,457,759
Oklahoma — 0.3%
Tulsa, OK, Municipal Airport Trust Revenue:
American Airlines Inc. Project, Refunding
6.250%
12/1/35
3,120,000
3,537,108
 (c)
American Airlines Inc. Project, Refunding
6.250%
12/1/40
375,000
416,389
 (c)
Total Oklahoma
3,953,497
Oregon — 0.6%
Medford, OR, Hospital Facilities Authority Revenue, Asante Project,
Series A, Refunding
5.000%
8/15/45
2,000,000
2,051,583
 
Multnomah County, OR, School District No 40, David Douglas, GO,
Deferred Interest, Series A, School Board Guaranty
0.000%
6/15/33
2,070,000
1,627,486
 
Port of Portland, OR, Airport Revenue, Portland International Airport,
Series 24B
5.000%
7/1/42
1,530,000
1,538,217
 (c)
Washington Clackamas & Yamhill Counties, OR, School District No 88J,
GO, Sherwood, School Board Guaranty
5.000%
6/15/32
1,250,000
1,276,476
 
Total Oregon
6,493,762
Pennsylvania — 4.0%
Berks County, PA, IDA, Healthcare Facilities Revenue:
Highlands at Wyomissing, Refunding
5.000%
5/15/32
400,000
403,634
 
Highlands at Wyomissing, Refunding
5.000%
5/15/37
375,000
377,301
 
Commonwealth Financing Authority, PA, Tobacco Master Settlement
Payment Revenue
5.000%
6/1/30
2,290,000
2,380,155
 
Cumberland County, PA, Municipal Authority Revenue, Penn State Health
4.000%
11/1/35
2,000,000
2,005,514
 
Lancaster County, PA, Hospital Authority Revenue:
Penn State Health, Series 2021
5.000%
11/1/38
1,000,000
1,041,215
 
Penn State Health, Series 2021
5.000%
11/1/39
1,100,000
1,142,806
 
Penn State Health, Series 2021
5.000%
11/1/40
1,300,000
1,347,697
 
Penn State Health, Series 2021
5.000%
11/1/41
1,725,000
1,786,159
 
Pennsylvania State Economic Development Financing Authority Revenue:
Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series C,
Refunding
5.250%
6/1/27
1,120,000
1,121,258
 (a)(b)
Presbyterian Senior Living Project, Series B-2, Refunding
5.000%
7/1/42
2,250,000
2,336,728
 
See Notes to Schedule of Investments.
9
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pennsylvania — continued
Solid Waste Disposal Facility, Core Natural Resources Inc. Project,
Refunding
5.450%
3/27/35
 $1,250,000
 $1,364,709
 (a)(b)(c)(d)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project
5.500%
6/30/40
5,000,000
5,403,569
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project
5.500%
6/30/41
3,750,000
4,035,904
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project
5.750%
6/30/48
13,000,000
13,743,503
 (c)
Pennsylvania State Turnpike Commission Revenue, Series B
5.000%
12/1/37
1,750,000
1,874,728
 
State Public School Building Authority, PA, Lease Revenue:
Philadelphia SD Project, Series A, Refunding, AG, State Aid
Withholding
5.000%
6/1/31
1,380,000
1,393,258
 
Philadelphia SD Project, Series A, Refunding, AG, State Aid
Withholding
5.000%
6/1/33
4,150,000
4,186,924
 
Total Pennsylvania
45,945,062
Puerto Rico — 4.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior
Lien, Series A, Refunding
5.000%
7/1/47
8,155,000
8,233,961
 (d)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
198,105
145,368
 
Restructured, Series A-1
5.625%
7/1/27
169,893
173,095
 
Restructured, Series A-1
5.625%
7/1/29
167,137
176,965
 
Restructured, Series A-1
5.750%
7/1/31
162,338
177,241
 
Restructured, Series A-1
4.000%
7/1/33
153,940
156,044
 
Restructured, Series A-1
4.000%
7/1/35
4,023,371
4,061,824
 
Restructured, Series A-1
4.000%
7/1/37
6,268,000
6,294,447
 
Restructured, Series A-1
4.000%
7/1/41
1,461,467
1,424,731
 
Restructured, Series A-1
4.000%
7/1/46
167,923
154,036
 
Subseries CW
0.000%
11/1/43
591,420
425,823
 (b)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
Restructured, Series A-1
4.550%
7/1/40
680,000
682,400
 
Restructured, Series A-1
4.750%
7/1/53
9,150,000
9,053,897
 
Restructured, Series A-1
5.000%
7/1/58
8,180,000
8,180,780
 
Restructured, Series A-2
4.329%
7/1/40
4,380,000
4,382,097
 
Restructured, Series A-2
4.329%
7/1/40
2,170,000
2,171,039
 
Restructured, Series A-2A
4.550%
7/1/40
6,040,000
6,060,175
 
Total Puerto Rico
51,953,923
Rhode Island — 0.2%
Rhode Island State Health & Educational Building Corp., Student Housing
Revenue:
Rhode Island Properties LLC, Senior Series A, AG
5.000%
7/1/45
1,050,000
1,085,022
 
RI Properties LLC, Senior Series A, AG
5.000%
7/1/50
750,000
761,818
 
Total Rhode Island
1,846,840
South Carolina — 0.9%
South Carolina State Jobs, EDA Hospital Facilities Revenue, Bon Secours
Mercy Health Inc., Series A, Refunding
4.000%
12/1/44
5,500,000
5,262,312
 
See Notes to Schedule of Investments.
10
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
South Carolina — continued
South Carolina State Ports Authority Revenue:
Series 2018
5.000%
7/1/36
 $2,850,000
 $2,920,939
 (c)
Series 2018
5.000%
7/1/37
2,000,000
2,046,071
 (c)
Total South Carolina
10,229,322
Tennessee — 2.2%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
8,455,000
7,948,612
 
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series
A-1, Refunding
5.000%
5/1/28
17,310,000
17,823,418
 (a)(b)
Total Tennessee
25,772,030
Texas — 10.3%
Arlington, TX, Higher Education Finance Corp., Education Revenue:
Uplift Education, Series A, Refunding, PSF - GTD
5.000%
12/1/34
650,000
660,403
 
Uplift Education, Series A, Refunding, PSF - GTD
5.000%
12/1/36
915,000
928,265
 
Uplift Education, Series A, Refunding, PSF - GTD
5.000%
12/1/37
700,000
709,790
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/36
3,000,000
3,238,318
 (c)
Series 2022
5.000%
11/15/37
2,000,000
2,148,576
 (c)
Series B
5.000%
11/15/30
5,640,000
5,978,422
 (c)
Series B, Refunding
5.000%
11/15/36
2,000,000
2,237,306
 (c)
Series B, Refunding
5.000%
11/15/37
2,500,000
2,778,181
 (c)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E
5.000%
1/1/45
7,500,000
7,744,104
 
Dallas, TX, Hotel Occupancy Tax Revenue, Series 2021, Refunding
4.000%
8/15/37
2,600,000
2,600,093
 
Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
8/1/49
7,800,000
7,390,310
 
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Texas Children’s Hospital, Series B, Refunding
5.000%
10/1/31
2,700,000
2,944,341
 (a)(b)
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/47
4,475,000
4,284,010
 
Houston, TX, Airport System Revenue:
Special Facilities, United Airlines Inc., Terminal Improvement Project,
Series B
5.500%
7/15/38
2,930,000
3,146,189
 (c)
Special Facilities, United Airlines Inc., Terminal Improvement Project,
Series B-1
4.000%
7/15/41
6,000,000
5,674,633
 (c)
Subordinated Lien, Series A, Refunding
5.000%
7/1/33
1,500,000
1,616,608
 (c)
Subordinated Lien, Series A, Refunding
5.000%
7/1/34
1,750,000
1,878,103
 (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/35
1,500,000
1,508,750
 (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/36
1,500,000
1,502,197
 (c)
Subordinated Lien, Series C, Refunding
5.000%
7/1/30
2,630,000
2,728,431
 (c)
Subordinated Lien, Series C, Refunding
5.000%
7/1/32
2,250,000
2,328,508
 (c)
Subordinated Lien, Series D, Refunding
5.000%
7/1/30
1,665,000
1,738,853
 
Subordinated Lien, Series D, Refunding
5.000%
7/1/31
1,800,000
1,880,048
 
Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/49
5,500,000
5,218,130
 
Love Field, TX, Airport Modernization Corp., General Airport Revenue,
Series 2017
5.000%
11/1/31
1,250,000
1,257,259
 (c)
Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging
International, LLC Project, Green Bonds
5.000%
6/1/30
1,750,000
1,815,057
 (a)(b)(c)
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC
Academy, Series A
4.000%
8/15/31
1,050,000
1,022,365
 
Port Authority of Houston of Harris County, TX, GO, Series A, Refunding
5.000%
10/1/36
3,500,000
3,620,035
 (c)
See Notes to Schedule of Investments.
11
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Texas — continued
Texas State, Municipal Gas Acquisition & Supply Corp. III, Gas Supply
Revenue, Refunding
5.000%
12/15/30
 $7,000,000
 $7,374,640
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue:
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023,
Refunding
5.000%
12/31/33
2,000,000
2,109,838
 (c)
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023,
Refunding
5.375%
6/30/38
1,275,000
1,344,773
 (c)
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023,
Refunding
5.375%
6/30/39
1,000,000
1,053,337
 (c)
Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes
Project, Series A, Refunding
4.000%
12/31/35
1,100,000
1,104,768
 
Senior Lien, LBJ Infrastructure Group LLC, Refunding
4.000%
12/31/34
1,500,000
1,511,481
 
Texas State Public Finance Authority, Lease Revenue, Refunding
4.000%
2/1/35
2,000,000
2,035,054
 
Texas State Transportation Commission Revenue, Highway Improvement,
GO:
Series 2026, Refunding
5.000%
4/1/37
6,575,000
7,572,339
 
Series 2026, Refunding
5.000%
4/1/38
9,375,000
10,721,288
 
Series 2026, Refunding
5.000%
4/1/39
1,000,000
1,136,206
 
West Harris County, TX, Regional Water Authority Revenue, Series W,
Refunding
4.000%
12/15/45
2,100,000
2,020,925
 
Total Texas
118,561,934
Utah — 1.2%
Resort Core, UT, Public Infrastructure District No 1, GO, Series A-1
5.625%
3/1/51
600,000
610,044
 
Salt Lake City, UT, Airport Revenue, Series A
5.000%
7/1/34
3,000,000
3,050,186
 (c)
Utah State Infrastructure Agency, Telecommunications Revenue:
Series 2019
5.000%
10/15/28
1,845,000
1,911,796
 
Series 2019
4.000%
10/15/33
600,000
599,017
 
Series 2019
4.000%
10/15/39
925,000
891,727
 
Series 2021
4.000%
10/15/32
500,000
498,401
 
Series 2021
4.000%
10/15/35
400,000
394,435
 
Series 2021
4.000%
10/15/36
200,000
195,561
 
Utah State Telecommunication Open Infrastructure Agency, Sales Tax &
Telecommunications Revenue:
Series 2022, Refunding
5.250%
6/1/37
1,500,000
1,656,417
 
Series 2022, Refunding
4.375%
6/1/40
2,000,000
2,055,231
 
Series 2022, Refunding
5.500%
6/1/40
1,400,000
1,555,686
 
Total Utah
13,418,501
Virginia — 0.4%
Isle of Wight County, VA, EDA Revenue, Riverside Health System,
Series 2023, AG
5.250%
7/1/43
1,000,000
1,087,415
 
Virginia Beach, VA, Development Authority, Residential Care Facilities
Revenue, Westminster - Canterbury on Chesapeake Bay, Refunding
5.000%
9/1/44
1,500,000
1,506,126
 
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses Inc., Series A, Refunding
5.000%
1/1/32
1,000,000
1,047,525
 
The Obligated Group of National Senior Campuses Inc., Series A,
Refunding
5.000%
1/1/31
1,000,000
1,048,079
 
Total Virginia
4,689,145
See Notes to Schedule of Investments.
12
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Washington — 2.3%
Port of Seattle, WA, Intermediate Lien Revenue:
Series 2019
5.000%
4/1/31
 $3,160,000
 $3,319,310
 (c)
Series A
5.000%
5/1/36
4,000,000
4,054,018
 (c)
Series B, Refunding
5.000%
8/1/37
13,185,000
14,163,243
 (c)
Series B, Refunding
5.000%
8/1/39
5,000,000
5,333,604
 (c)
Total Washington
26,870,175
West Virginia — 0.1%
 
West Virginia State EDA Revenue, Solid Waste Disposal Facility,
Commercial Metals Co. Project
4.625%
5/15/32
1,400,000
1,445,236
 (a)(b)(c)
Wisconsin — 0.5%
Public Finance Authority, WI, Revenue:
Bancroft Neurohealth Project, Series A
5.000%
6/1/36
1,540,000
1,540,251
 (d)
Renown Regional Medical Center Project, Series A, Refunding
5.000%
6/1/36
2,250,000
2,362,424
 
The Carmelite System Inc. Obligated Group, Refunding
5.000%
1/1/45
1,700,000
1,724,743
 
Total Wisconsin
5,627,418
 
Total Municipal Bonds (Cost — $1,093,301,040)
1,103,580,462
Municipal Bonds Deposited in Tender Option Bond Trusts(j) — 4.7%
New York — 4.7%
New York City, NY, Municipal Water Finance Authority, Water & Sewer
System Revenue, Second General Resolution Fiscal 2023, Subseries AA-3,
Refunding
5.000%
6/15/47
24,245,000
25,591,011
 
New York State Urban Development State Sales Revenue, Series A
5.000%
3/15/47
27,300,000
28,775,531
 
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $52,613,293)
54,366,542
Total Investments before Short-Term Investments (Cost — $1,145,914,333)
1,157,947,004
 
Short-Term Investments — 1.3%
Municipal Bonds — 1.3%
Arizona — 0.1%
 
Arizona State Health Facilities Authority Revenue, Banner Health
Obligated Group, Series C, LOC - Bank of America N.A.
2.900%
1/1/46
1,300,000
1,300,000
 (k)(l)
California — 0.0%††
Regents of the University of California, CA, General Revenue, Series AL-3,
Refunding
2.550%
5/15/48
200,000
200,000
 (k)(l)
Regents of the University of California, CA, Medical Center Pooled
Revenue, Series O-2, Refunding
2.500%
5/15/45
100,000
100,000
 (k)(l)
Total California
300,000
Colorado — 0.1%
 
Colorado State Health Facilities Authority Revenue, Children’s Hospital,
Refunding, LOC - TD Bank N.A.
2.900%
12/1/52
400,000
400,000
 (k)(l)
Florida — 0.2%
Highlands County, FL, Health Facilities Authority Hospital Revenue,
Adventist Health System/Sunbelt Obligated Group, Series I-2, Refunding
2.680%
11/15/32
800,000
800,000
 (k)(l)
Hillsborough County, FL, IDA Revenue, Baycare Health System, Series E,
Refunding, LIQ - Royal Bank Of Canada
2.850%
11/15/54
1,400,000
1,400,000
 (k)(l)
Total Florida
2,200,000
Georgia — 0.0%††
 
Bartow County, GA, Development Authority Revenue, Solid Waste
Disposal Facility, Georgia Power Company Plant Bowen Project
3.030%
11/1/62
100,000
100,000
 (c)(k)(l)
See Notes to Schedule of Investments.
13
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Maryland — 0.1%
Maryland State Health & Higher EFA Revenue:
The Johns Hopkins Health System, Refunding, LOC - TD Bank N.A.
2.850%
6/1/46
 $620,000
 $620,000
 (k)(l)
The Johns Hopkins Health System, Series A, Refunding, LOC - TD Bank
N.A.
2.850%
6/1/48
700,000
700,000
 (k)(l)
University of Maryland Medical System, Series D, Refunding, LOC - TD
Bank N.A.
2.900%
7/1/41
200,000
200,000
 (k)(l)
Total Maryland
1,520,000
Massachusetts — 0.0%††
 
Massachusetts State DFA Revenue, Boston University, Series U-6C,
Refunding, LOC - TD Bank N.A.
2.750%
10/1/42
100,000
100,000
 (k)(l)
Mississippi — 0.0%††
 
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR,
Chevron USA Inc. Project, Series G
3.000%
11/1/35
315,000
315,000
 (k)(l)
Missouri — 0.2%
 
Missouri State HEFA Revenue, BJC Health System, Series C, Refunding,
LIQ - BJC Health System
2.680%
5/15/38
1,845,000
1,845,000
 (k)(l)
New Jersey — 0.0%††
 
New Jersey State EFA Revenue, Institute for Advanced Study, Series B,
Refunding, SPA - TD Bank N.A.
2.600%
7/1/31
200,000
200,000
 (k)(l)
New York — 0.1%
MTA, NY, Dedicated Tax Fund Revenue, Series A-1, Refunding, LOC - TD
Bank N.A.
2.900%
11/1/31
300,000
300,000
 (k)(l)
MTA, NY, Transportation Revenue, Series E-1, LOC - Barclays Bank PLC
3.050%
11/15/50
525,000
525,000
 (k)(l)
New York State HFA Revenue, 363 West 30th Street Housing, Series A,
LIQ - FHLMC, LOC - FHLMC
3.120%
11/1/32
700,000
700,000
 (c)(k)(l)
Total New York
1,525,000
Oregon — 0.0%††
 
Oregon State Facilities Authority Revenue, Peacehealth, Series B,
Refunding, LOC - TD Bank N.A.
2.900%
8/1/34
100,000
100,000
 (k)(l)
Pennsylvania — 0.2%
Pennsylvania State HFA, Single Family Mortgage Revenue, Series B, SPA
- TD Bank N.A.
2.600%
10/1/50
400,000
400,000
 (k)(l)
Pennsylvania State Turnpike Commission Revenue, Series B, Refunding,
LOC - TD Bank N.A.
2.650%
12/1/43
300,000
300,000
 (k)(l)
Philadelphia, PA, Authority for IDR, The Children’s Hospital of Philadelphia
Project, Series B-1, SPA - JPMorgan Chase & Co.
2.850%
7/1/54
1,200,000
1,200,000
 (k)(l)
Total Pennsylvania
1,900,000
Texas — 0.2%
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue,
Texas Children’s Hospital, Series 2, LOC - TD Bank N.A.
2.600%
10/1/45
655,000
655,000
 (k)(l)
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Baylor Scott & White Health Project, Series A, Refunding, SPA -
JPMorgan Chase & Co.
2.700%
11/15/50
1,700,000
1,700,000
 (k)(l)
Texas State, GO, Veterans Bonds, Series B, SPA - State Street Bank &
Trust Co.
2.700%
12/1/42
195,000
195,000
 (k)(l)
Total Texas
2,550,000
See Notes to Schedule of Investments.
14
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
 Western Asset Intermediate-Term Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Wisconsin — 0.1%
University of Wisconsin Hospitals & Clinics Authority Revenue, Series B,
Refunding, SPA - JPMorgan Chase & Co.
2.900%
4/1/48
 $400,000
 $400,000
 (k)(l)
 
Total Short-Term Investments (Cost — $14,755,000)
14,755,000
Total Investments — 101.6% (Cost — $1,160,669,333)
1,172,702,004
TOB Floating Rate Notes — (2.6)%
(29,810,000
)
Other Assets in Excess of Other Liabilities — 1.0%
11,135,831
Total Net Assets — 100.0%
$1,154,027,835
 
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Maturity date shown represents the mandatory tender date.
(b)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(c)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(d)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(e)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(f)
Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.
(g)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(h)
Security is valued using significant unobservable inputs (Note 1).
(i)
Value is less than $1.
(j)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust..
(k)
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.
(l)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
See Notes to Schedule of Investments.
15
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset Intermediate-Term Municipals Fund
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — Insured Bonds
CAB
—
Capital Appreciation Bonds
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EDC
—
Economic Development Corporation
EFA
—
Educational Facilities Authority
FHLMC
—
Federal Home Loan Mortgage Corporation
GO
—
General Obligation
GTD
—
Guaranteed
HEFA
—
Health & Educational Facilities Authority
HFA
—
Housing Finance Agency
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
ISD
—
Independent School District
LIQ
—
Liquidity Facility
LOC
—
Letter of Credit
MFA
—
Municipal Finance Authority
MTA
—
Metropolitan Transportation Authority
PCFA
—
Pollution Control Financing Authority
PEA
—
Public Energy Authority
PSF
—
Permanent School Fund
SD
—
School District
SPA
—
Standby Bond Purchase Agreement — Insured Bonds
TFA
—
Transitional Finance Authority
USD
—
Unified School District
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
16
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Intermediate-Term Municipals Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(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. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
17
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Municipal Bonds
—
 $1,103,580,462
 $0
*
 $1,103,580,462
Municipal Bonds Deposited in Tender Option Bond Trusts
—
54,366,542
—
54,366,542
Total Long-Term Investments
—
1,157,947,004
0
*
1,157,947,004
Short-Term Investments†
—
14,755,000
—
14,755,000
Total Investments
—
$1,172,702,004
$0
*
$1,172,702,004
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
18
Western Asset Intermediate-Term Municipals Fund 2026 Quarterly Report