UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-04254
Legg Mason Partners Income Trust
(Exact name of registrant as specified in charter)
620 Eighth Avenue, 49
th
Floor, New York, NY 10018
(Address of
principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-877-721-1926
Date of
fiscal year end:
October 31
Date of reporting period:
January 31, 2014
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ITEM 1.
|
SCHEDULE OF INVESTMENTS.
|
LEGG MASON PARTNERS INCOME TRUST
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
FORM N-Q
JANUARY 31, 2014
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
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|
|
|
Schedule of investments (unaudited)
|
|
January 31, 2014
|
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SECURITY
|
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RATE
|
|
|
MATURITY
DATE
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|
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FACE
AMOUNT
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|
|
VALUE
|
|
|
MUNICIPAL BONDS - 96.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Alabama - 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama State Public School & College Authority
|
|
|
5.000
|
%
|
|
|
5/1/14
|
|
|
$
|
7,500,000
|
|
|
$
|
7,588,425
|
|
|
Fairfield, AL, IDB, Environmental Improvement Revenue, U.S. Steel Corp. Project
|
|
|
5.375
|
%
|
|
|
6/1/15
|
|
|
|
11,855,000
|
|
|
|
11,966,200
|
|
|
Jefferson County, AL, Sewer Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Lien
|
|
|
5.000
|
%
|
|
|
10/1/15
|
|
|
|
500,000
|
|
|
|
521,585
|
|
|
Subordinated Lien
|
|
|
5.000
|
%
|
|
|
10/1/16
|
|
|
|
1,000,000
|
|
|
|
1,070,740
|
|
|
Subordinated Lien
|
|
|
5.000
|
%
|
|
|
10/1/17
|
|
|
|
2,250,000
|
|
|
|
2,450,205
|
|
|
Subordinated Lien
|
|
|
5.000
|
%
|
|
|
10/1/18
|
|
|
|
2,000,000
|
|
|
|
2,192,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Total Alabama
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|
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|
|
|
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|
|
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25,789,715
|
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|
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|
|
|
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Alaska - 0.6%
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|
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Alaska State Housing Finance Corp. Revenue:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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State Capital Project II
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|
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4.000
|
%
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|
6/1/17
|
|
|
|
675,000
|
|
|
|
737,059
|
|
|
State Capital Project II
|
|
|
5.000
|
%
|
|
|
6/1/18
|
|
|
|
200,000
|
|
|
|
228,644
|
|
|
State Capital Project II
|
|
|
5.000
|
%
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|
|
12/1/18
|
|
|
|
500,000
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|
|
|
577,075
|
|
|
State Capital Project II
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|
|
5.000
|
%
|
|
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6/1/19
|
|
|
|
300,000
|
|
|
|
346,857
|
|
|
Valdez, AK, Marine Terminal Revenue, BP Pipelines Inc. Project
|
|
|
5.000
|
%
|
|
|
1/1/18
|
|
|
|
10,000,000
|
|
|
|
11,466,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total Alaska
|
|
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|
|
|
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|
|
|
|
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|
|
|
13,355,735
|
|
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|
|
|
|
|
|
|
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|
|
|
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Arizona - 1.2%
|
|
|
|
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|
|
|
|
|
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|
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Arizona State, COP, Department of Administration, AGM
|
|
|
5.000
|
%
|
|
|
10/1/14
|
|
|
|
12,405,000
|
|
|
|
12,764,001
|
|
|
Phoenix, AZ, Civic Improvement Corp., Transportation Excise Tax Revenue
|
|
|
4.000
|
%
|
|
|
7/1/18
|
|
|
|
2,200,000
|
|
|
|
2,475,638
|
|
|
Phoenix, AZ, Civic Improvement Corp., Transportation Excise Tax Revenue
|
|
|
5.000
|
%
|
|
|
7/1/18
|
|
|
|
2,000,000
|
|
|
|
2,336,400
|
|
|
Phoenix, AZ, Civic Improvement Corp., Transportation Excise Tax Revenue
|
|
|
5.000
|
%
|
|
|
7/1/19
|
|
|
|
4,670,000
|
|
|
|
5,528,906
|
|
|
Yavapai County, AZ, IDA, Solid Waste Disposal Revenue, Waste Management Inc. Project
|
|
|
2.125
|
%
|
|
|
6/1/18
|
|
|
|
2,500,000
|
|
|
|
2,448,700
|
(a)(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total Arizona
|
|
|
|
|
|
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|
|
|
|
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|
|
25,553,645
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
Arkansas - 0.1%
|
|
|
|
|
|
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|
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|
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Springdale, AR, Sales & Use Tax Revenue
|
|
|
4.000
|
%
|
|
|
7/1/17
|
|
|
|
1,140,000
|
|
|
|
1,248,197
|
|
|
Springdale, AR, Sales & Use Tax Revenue
|
|
|
4.000
|
%
|
|
|
7/1/18
|
|
|
|
1,000,000
|
|
|
|
1,102,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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Total Arkansas
|
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|
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|
|
|
|
2,350,787
|
|
|
|
|
|
|
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|
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California - 11.3%
|
|
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ABAG Finance Authority for Nonprofit Corp., CA, Revenue:
|
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|
|
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|
|
|
|
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|
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|
|
|
|
|
Episcopal Senior Communities
|
|
|
2.000
|
%
|
|
|
7/1/14
|
|
|
|
335,000
|
|
|
|
336,012
|
|
|
Episcopal Senior Communities
|
|
|
3.000
|
%
|
|
|
7/1/15
|
|
|
|
410,000
|
|
|
|
417,425
|
|
|
Episcopal Senior Communities
|
|
|
3.000
|
%
|
|
|
7/1/16
|
|
|
|
800,000
|
|
|
|
820,592
|
|
|
Episcopal Senior Communities
|
|
|
4.000
|
%
|
|
|
7/1/18
|
|
|
|
1,565,000
|
|
|
|
1,637,663
|
|
|
Bay Area, CA, Toll Authority, Toll Bridge Revenue, San Francisco Bay Area
|
|
|
0.740
|
%
|
|
|
10/1/19
|
|
|
|
5,250,000
|
|
|
|
5,247,165
|
(b)(c)
|
|
California State Department of Water Resources, Power Supply Revenue
|
|
|
5.000
|
%
|
|
|
5/1/14
|
|
|
|
9,250,000
|
|
|
|
9,359,243
|
|
|
California State Department of Water Resources, Power Supply Revenue
|
|
|
5.000
|
%
|
|
|
5/1/15
|
|
|
|
7,000,000
|
|
|
|
7,416,430
|
|
|
California State Economic Recovery, GO
|
|
|
5.000
|
%
|
|
|
7/1/14
|
|
|
|
10,000,000
|
|
|
|
10,195,700
|
(b)(c)
|
|
California State Health Facilities Financing Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern California Retired Officers Community - Paradise Valley Estates Project
|
|
|
4.000
|
%
|
|
|
1/1/16
|
|
|
|
1,040,000
|
|
|
|
1,099,342
|
|
See
Notes to Schedule of Investments.
1
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Northern California Retired Officers Community - Paradise Valley Estates Project
|
|
|
3.000
|
%
|
|
|
1/1/17
|
|
|
$
|
480,000
|
|
|
$
|
506,712
|
|
|
Northern California Retired Officers Community - Paradise Valley Estates Project
|
|
|
4.000
|
%
|
|
|
1/1/18
|
|
|
|
1,290,000
|
|
|
|
1,414,446
|
|
|
California State Public Works Board, Lease Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California State University Project
|
|
|
5.000
|
%
|
|
|
9/1/18
|
|
|
|
675,000
|
|
|
|
785,511
|
|
|
California State University Project
|
|
|
5.000
|
%
|
|
|
9/1/19
|
|
|
|
1,180,000
|
|
|
|
1,395,822
|
|
|
Department of Corrections & Rehabilitation
|
|
|
3.000
|
%
|
|
|
9/1/17
|
|
|
|
750,000
|
|
|
|
806,888
|
|
|
Department of Corrections & Rehabilitation
|
|
|
5.000
|
%
|
|
|
9/1/17
|
|
|
|
600,000
|
|
|
|
687,654
|
|
|
Department of Corrections & Rehabilitation
|
|
|
4.000
|
%
|
|
|
9/1/18
|
|
|
|
1,000,000
|
|
|
|
1,121,360
|
|
|
Department of Corrections & Rehabilitation
|
|
|
5.000
|
%
|
|
|
9/1/18
|
|
|
|
1,000,000
|
|
|
|
1,165,650
|
|
|
Department of Corrections & Rehabilitation
|
|
|
4.000
|
%
|
|
|
9/1/19
|
|
|
|
1,200,000
|
|
|
|
1,352,940
|
|
|
Department of Corrections & Rehabilitation
|
|
|
5.000
|
%
|
|
|
9/1/19
|
|
|
|
750,000
|
|
|
|
885,413
|
|
|
Judicial Council Projects
|
|
|
3.000
|
%
|
|
|
3/1/18
|
|
|
|
3,190,000
|
|
|
|
3,432,025
|
|
|
California State, GO
|
|
|
0.590
|
%
|
|
|
12/1/16
|
|
|
|
25,000,000
|
|
|
|
25,017,000
|
(b)(c)
|
|
California State, GO
|
|
|
4.000
|
%
|
|
|
9/1/17
|
|
|
|
1,500,000
|
|
|
|
1,673,760
|
|
|
California State, GO
|
|
|
5.000
|
%
|
|
|
9/1/17
|
|
|
|
5,000,000
|
|
|
|
5,755,250
|
|
|
California State, GO
|
|
|
4.000
|
%
|
|
|
12/1/17
|
|
|
|
20,000,000
|
|
|
|
22,087,000
|
(b)(c)
|
|
California State, GO, Various Purpose
|
|
|
5.000
|
%
|
|
|
10/1/18
|
|
|
|
10,000,000
|
|
|
|
11,740,200
|
|
|
California Statewide CDA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHA, Methodist Hospital Project
|
|
|
5.500
|
%
|
|
|
2/1/14
|
|
|
|
1,785,000
|
|
|
|
1,785,000
|
|
|
Kaiser Permanente
|
|
|
5.000
|
%
|
|
|
5/1/17
|
|
|
|
11,565,000
|
|
|
|
13,164,065
|
(b)(c)
|
|
Central Valley Financing Authority, CA, Cogeneration Project Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carson Ice Generation Project
|
|
|
5.000
|
%
|
|
|
7/1/15
|
|
|
|
750,000
|
|
|
|
794,475
|
|
|
Carson Ice Generation Project
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
1,000,000
|
|
|
|
1,094,080
|
|
|
Contra Costa, CA, Water District Revenue
|
|
|
5.000
|
%
|
|
|
10/1/15
|
|
|
|
14,115,000
|
|
|
|
15,214,559
|
|
|
Contra Costa, CA, Water District Revenue
|
|
|
4.000
|
%
|
|
|
10/1/16
|
|
|
|
4,750,000
|
|
|
|
5,193,270
|
|
|
Contra Costa, CA, Water District Revenue
|
|
|
5.000
|
%
|
|
|
10/1/16
|
|
|
|
9,000,000
|
|
|
|
10,077,210
|
|
|
Contra Costa, CA, Water District Revenue
|
|
|
5.000
|
%
|
|
|
10/1/18
|
|
|
|
2,000,000
|
|
|
|
2,349,040
|
|
|
Contra Costa, CA, Water District Revenue
|
|
|
5.000
|
%
|
|
|
10/1/19
|
|
|
|
2,100,000
|
|
|
|
2,502,087
|
|
|
El Dorado, CA, Irrigation District, COP
|
|
|
3.500
|
%
|
|
|
8/1/15
|
|
|
|
1,085,000
|
|
|
|
1,123,680
|
|
|
Irvine, CA, Improvement Bond Act 1915, Assessment District No. 12-1
|
|
|
3.000
|
%
|
|
|
9/2/16
|
|
|
|
1,490,000
|
|
|
|
1,554,323
|
|
|
Lee Lake, CA, PFA Revenue
|
|
|
4.000
|
%
|
|
|
9/1/16
|
|
|
|
1,530,000
|
|
|
|
1,610,264
|
|
|
Lee Lake, CA, PFA Revenue
|
|
|
4.000
|
%
|
|
|
9/1/18
|
|
|
|
1,500,000
|
|
|
|
1,580,025
|
|
|
Los Angeles, CA, Department of Airports Revenue, Ontario International, NATL
|
|
|
5.000
|
%
|
|
|
5/15/18
|
|
|
|
1,400,000
|
|
|
|
1,504,384
|
(a)
|
|
Mount San Antonio, CA, Community College District, GO
|
|
|
5.000
|
%
|
|
|
9/1/17
|
|
|
|
400,000
|
|
|
|
460,116
|
|
|
Mount San Antonio, CA, Community College District, GO
|
|
|
5.000
|
%
|
|
|
9/1/18
|
|
|
|
500,000
|
|
|
|
586,475
|
|
|
Oakland-Alameda County, CA, Coliseum Authority Lease Revenue
|
|
|
5.000
|
%
|
|
|
2/1/16
|
|
|
|
1,930,000
|
|
|
|
2,095,227
|
|
|
Oakland-Alameda County, CA, Coliseum Authority Lease Revenue
|
|
|
5.000
|
%
|
|
|
2/1/17
|
|
|
|
3,530,000
|
|
|
|
3,943,645
|
|
|
Port of Oakland, CA
|
|
|
5.000
|
%
|
|
|
5/1/16
|
|
|
|
2,500,000
|
|
|
|
2,726,650
|
(a)
|
|
Port of Oakland, CA
|
|
|
5.000
|
%
|
|
|
5/1/17
|
|
|
|
2,250,000
|
|
|
|
2,522,295
|
(a)
|
|
Riverside County, CA, Transportation Commission Sales Tax Revenue, Limited Tax
|
|
|
5.000
|
%
|
|
|
6/1/19
|
|
|
|
1,700,000
|
|
|
|
2,032,078
|
|
|
Riverside, CA, USD, Financing Authority Revenue
|
|
|
3.000
|
%
|
|
|
9/1/15
|
|
|
|
1,575,000
|
|
|
|
1,620,266
|
|
|
Riverside, CA, USD, Financing Authority Revenue
|
|
|
3.000
|
%
|
|
|
9/1/16
|
|
|
|
1,625,000
|
|
|
|
1,688,781
|
|
|
Riverside, CA, USD, Financing Authority Revenue
|
|
|
4.000
|
%
|
|
|
9/1/17
|
|
|
|
1,370,000
|
|
|
|
1,478,257
|
|
|
Sacramento, CA, Cogeneration Authority Project Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Procter & Gamble Project
|
|
|
5.000
|
%
|
|
|
7/1/14
|
|
|
|
650,000
|
|
|
|
660,517
|
|
|
Procter & Gamble Project
|
|
|
5.000
|
%
|
|
|
7/1/15
|
|
|
|
875,000
|
|
|
|
927,911
|
|
|
Procter & Gamble Project
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
1,000,000
|
|
|
|
1,096,590
|
|
See
Notes to Schedule of Investments.
2
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Sacramento, CA, USD, COP, AGM
|
|
|
3.040
|
%
|
|
|
3/1/14
|
|
|
$
|
8,410,000
|
|
|
$
|
8,416,139
|
(b)(c)
|
|
San Bernardino County, CA, COP, Arrowhead Project
|
|
|
5.000
|
%
|
|
|
8/1/14
|
|
|
|
5,000,000
|
|
|
|
5,113,950
|
|
|
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue
|
|
|
5.000
|
%
|
|
|
5/15/14
|
|
|
|
2,000,000
|
|
|
|
2,026,860
|
|
|
San Francisco, CA, City & County Airports Commission, International Airport Revenue
|
|
|
5.000
|
%
|
|
|
5/1/15
|
|
|
|
4,300,000
|
|
|
|
4,553,012
|
|
|
San Francisco, CA, City & County Public Utilities Commission, Water Revenue
|
|
|
4.000
|
%
|
|
|
11/1/14
|
|
|
|
3,090,000
|
|
|
|
3,175,933
|
(d)
|
|
San Francisco, CA, City & County Public Utilities Commission, Water Revenue
|
|
|
4.000
|
%
|
|
|
11/1/14
|
|
|
|
1,910,000
|
|
|
|
1,963,556
|
|
|
San Francisco, CA, City & County Public Utilities Commission, Water Revenue
|
|
|
5.000
|
%
|
|
|
11/1/15
|
|
|
|
3,020,000
|
|
|
|
3,267,066
|
(d)
|
|
San Francisco, CA, City & County Public Utilities Commission, Water Revenue
|
|
|
5.000
|
%
|
|
|
11/1/15
|
|
|
|
1,870,000
|
|
|
|
2,021,620
|
|
|
Sweetwater, CA, Union High School District, GO, BAN
|
|
|
5.000
|
%
|
|
|
1/1/18
|
|
|
|
10,000,000
|
|
|
|
11,257,900
|
|
|
Upland, CA, Successor Agency to the Upland Community Redevelopment Agency Revenue, Merged Project Tax Allocation
|
|
|
4.000
|
%
|
|
|
9/1/18
|
|
|
|
650,000
|
|
|
|
715,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
240,253,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado State Health Facilities Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catholic Health Initiatives
|
|
|
5.000
|
%
|
|
|
11/11/14
|
|
|
|
5,000,000
|
|
|
|
5,176,650
|
(b)(c)
|
|
Evangelical Lutheran Good Samaritan Society
|
|
|
5.000
|
%
|
|
|
12/1/14
|
|
|
|
10,000,000
|
|
|
|
10,305,600
|
(b)(c)
|
|
Denver, CO, Urban Renewal Authority Tax Increment Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stapleton
|
|
|
5.000
|
%
|
|
|
12/1/16
|
|
|
|
1,850,000
|
|
|
|
2,054,850
|
|
|
Stapleton
|
|
|
5.000
|
%
|
|
|
12/1/17
|
|
|
|
4,000,000
|
|
|
|
4,530,840
|
|
|
Stapleton
|
|
|
5.000
|
%
|
|
|
12/1/18
|
|
|
|
5,265,000
|
|
|
|
5,997,888
|
|
|
Plaza, CO, Metropolitan District #1 Revenue
|
|
|
4.000
|
%
|
|
|
12/1/16
|
|
|
|
1,000,000
|
|
|
|
1,035,070
|
|
|
Plaza, CO, Metropolitan District #1 Revenue
|
|
|
5.000
|
%
|
|
|
12/1/17
|
|
|
|
1,000,000
|
|
|
|
1,070,180
|
|
|
Plaza, CO, Metropolitan District #1 Revenue
|
|
|
5.000
|
%
|
|
|
12/1/19
|
|
|
|
1,000,000
|
|
|
|
1,076,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,247,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut - 2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridgeport, CT, GO
|
|
|
5.000
|
%
|
|
|
8/15/14
|
|
|
|
1,000,000
|
|
|
|
1,022,130
|
|
|
Bridgeport, CT, GO
|
|
|
5.000
|
%
|
|
|
8/15/15
|
|
|
|
3,950,000
|
|
|
|
4,190,199
|
|
|
Bridgeport, CT, GO
|
|
|
5.000
|
%
|
|
|
8/15/16
|
|
|
|
1,575,000
|
|
|
|
1,728,547
|
|
|
Bridgeport, CT, GO
|
|
|
5.000
|
%
|
|
|
8/15/17
|
|
|
|
1,660,000
|
|
|
|
1,872,331
|
|
|
Bridgeport, CT, GO
|
|
|
5.000
|
%
|
|
|
8/15/18
|
|
|
|
1,740,000
|
|
|
|
1,976,187
|
|
|
Connecticut State HEFA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut State University
|
|
|
5.000
|
%
|
|
|
11/1/16
|
|
|
|
1,195,000
|
|
|
|
1,334,839
|
|
|
Connecticut State University
|
|
|
5.000
|
%
|
|
|
11/1/17
|
|
|
|
1,260,000
|
|
|
|
1,450,512
|
|
|
Connecticut State, GO
|
|
|
0.570
|
%
|
|
|
4/15/16
|
|
|
|
4,300,000
|
|
|
|
4,309,374
|
(b)
|
|
Connecticut State, GO
|
|
|
0.470
|
%
|
|
|
9/15/16
|
|
|
|
2,000,000
|
|
|
|
1,994,740
|
(b)
|
|
Connecticut State, GO
|
|
|
0.720
|
%
|
|
|
4/15/17
|
|
|
|
4,000,000
|
|
|
|
4,018,720
|
(b)
|
|
Connecticut State, GO
|
|
|
0.560
|
%
|
|
|
9/15/17
|
|
|
|
5,000,000
|
|
|
|
4,982,450
|
(b)
|
|
Connecticut State, GO
|
|
|
0.690
|
%
|
|
|
9/15/17
|
|
|
|
3,000,000
|
|
|
|
2,982,930
|
(b)(c)
|
|
Connecticut State, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Conversion
|
|
|
5.000
|
%
|
|
|
10/15/18
|
|
|
|
3,500,000
|
|
|
|
4,121,040
|
|
|
GAAP Conversion
|
|
|
5.000
|
%
|
|
|
10/15/19
|
|
|
|
8,900,000
|
|
|
|
10,577,828
|
|
|
SIFMA Index
|
|
|
0.460
|
%
|
|
|
3/1/18
|
|
|
|
2,500,000
|
|
|
|
2,489,900
|
(b)
|
|
Connecticut State, Resources Recovery Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Covanta Southeastern Connecticut Co.
|
|
|
4.000
|
%
|
|
|
11/15/14
|
|
|
|
1,755,000
|
|
|
|
1,806,106
|
(a)
|
|
Covanta Southeastern Connecticut Co.
|
|
|
4.000
|
%
|
|
|
11/15/15
|
|
|
|
2,635,000
|
|
|
|
2,784,483
|
(a)
|
|
West Haven, CT, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
3
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
AGM
|
|
|
3.000
|
%
|
|
|
8/1/15
|
|
|
$
|
500,000
|
|
|
$
|
510,855
|
|
|
AGM
|
|
|
5.000
|
%
|
|
|
8/1/16
|
|
|
|
1,095,000
|
|
|
|
1,194,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Connecticut
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,347,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Washington DC, Airports Authority System Revenue
|
|
|
4.000
|
%
|
|
|
10/1/18
|
|
|
|
1,000,000
|
|
|
|
1,097,340
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 6.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broward County, FL, School Board, COP
|
|
|
4.000
|
%
|
|
|
7/1/17
|
|
|
|
2,000,000
|
|
|
|
2,179,300
|
|
|
Broward County, FL, School Board, COP
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
3,945,000
|
|
|
|
4,429,643
|
|
|
Citizens Property Insurance Corp., FL, Coastal
|
|
|
5.000
|
%
|
|
|
6/1/15
|
|
|
|
10,000,000
|
|
|
|
10,600,500
|
|
|
Cityplace, FL, Community Development District, Special Assessment Revenue
|
|
|
5.000
|
%
|
|
|
5/1/14
|
|
|
|
640,000
|
|
|
|
645,926
|
|
|
Cityplace, FL, Community Development District, Special Assessment Revenue
|
|
|
5.000
|
%
|
|
|
5/1/16
|
|
|
|
1,075,000
|
|
|
|
1,149,949
|
|
|
Cityplace, FL, Community Development District, Special Assessment Revenue
|
|
|
5.000
|
%
|
|
|
5/1/17
|
|
|
|
1,000,000
|
|
|
|
1,091,040
|
|
|
Escambia County, FL, PCR Revenue, Gulf Power Co. Project
|
|
|
1.550
|
%
|
|
|
6/15/16
|
|
|
|
4,250,000
|
|
|
|
4,253,910
|
(b)(c)
|
|
Florida State Board of Education, Lottery Revenue
|
|
|
5.000
|
%
|
|
|
7/1/15
|
|
|
|
20,380,000
|
|
|
|
21,743,422
|
|
|
Jacksonville Electric Authority, FL, Electric System Revenue
|
|
|
4.000
|
%
|
|
|
10/1/18
|
|
|
|
1,000,000
|
|
|
|
1,133,200
|
|
|
Jacksonville, FL, Sales Tax Revenue, Better Jacksonville
|
|
|
5.000
|
%
|
|
|
10/1/16
|
|
|
|
2,000,000
|
|
|
|
2,205,780
|
|
|
JEA, FL, Electric System Revenue
|
|
|
5.000
|
%
|
|
|
10/1/14
|
|
|
|
5,000,000
|
|
|
|
5,037,700
|
(e)
|
|
Manatee County, FL, Revenue, Refunding & Improvement
|
|
|
5.000
|
%
|
|
|
10/1/18
|
|
|
|
1,100,000
|
|
|
|
1,279,476
|
|
|
Miami-Dade County, FL, Aviation Revenue
|
|
|
4.000
|
%
|
|
|
10/1/15
|
|
|
|
3,125,000
|
|
|
|
3,297,094
|
(a)
|
|
Miami-Dade County, FL, Aviation Revenue
|
|
|
5.000
|
%
|
|
|
10/1/16
|
|
|
|
1,750,000
|
|
|
|
1,928,115
|
(a)
|
|
Miami-Dade County, FL, Aviation Revenue
|
|
|
4.000
|
%
|
|
|
10/1/17
|
|
|
|
1,000,000
|
|
|
|
1,092,320
|
(a)
|
|
Miami-Dade County, FL, Expressway Authority Toll System Revenue
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
900,000
|
|
|
|
1,019,583
|
|
|
Miami-Dade County, FL, Expressway Authority Toll System Revenue
|
|
|
5.000
|
%
|
|
|
7/1/18
|
|
|
|
1,500,000
|
|
|
|
1,731,300
|
|
|
Miami-Dade County, FL, Expressway Authority Toll System Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assured Guaranty
|
|
|
3.000
|
%
|
|
|
7/1/14
|
|
|
|
3,620,000
|
|
|
|
3,661,051
|
(d)
|
|
Assured Guaranty
|
|
|
3.000
|
%
|
|
|
7/1/14
|
|
|
|
1,695,000
|
|
|
|
1,714,374
|
|
|
Assured Guaranty
|
|
|
3.000
|
%
|
|
|
7/1/15
|
|
|
|
2,120,000
|
|
|
|
2,194,751
|
|
|
Miami-Dade County, FL, School Board, COP
|
|
|
4.000
|
%
|
|
|
4/1/16
|
|
|
|
1,645,000
|
|
|
|
1,759,097
|
|
|
Miami-Dade County, FL, School Board, COP
|
|
|
5.000
|
%
|
|
|
8/1/16
|
|
|
|
25,000,000
|
|
|
|
27,295,750
|
(b)(c)
|
|
Miami-Dade County, FL, School Board, COP
|
|
|
5.000
|
%
|
|
|
8/1/17
|
|
|
|
2,000,000
|
|
|
|
2,267,720
|
|
|
Miami-Dade County, FL, Special Obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Asset Acquisition, AGM
|
|
|
4.000
|
%
|
|
|
4/1/14
|
|
|
|
1,205,000
|
|
|
|
1,211,905
|
|
|
Capital Asset Acquisition, AGM
|
|
|
4.000
|
%
|
|
|
4/1/15
|
|
|
|
1,225,000
|
|
|
|
1,276,364
|
|
|
Orange County, FL, Tourist Development Tax Revenue
|
|
|
5.000
|
%
|
|
|
10/1/15
|
|
|
|
15,235,000
|
|
|
|
16,377,016
|
|
|
Osceola County, FL, Capital Improvements Revenue
|
|
|
5.000
|
%
|
|
|
10/1/14
|
|
|
|
1,990,000
|
|
|
|
2,034,039
|
|
|
Village, FL, Community Development District #6, Special Assessment Revenue
|
|
|
3.000
|
%
|
|
|
5/1/15
|
|
|
|
1,425,000
|
|
|
|
1,454,654
|
|
|
Village, FL, Community Development District #6, Special Assessment Revenue
|
|
|
3.000
|
%
|
|
|
5/1/17
|
|
|
|
1,520,000
|
|
|
|
1,556,343
|
|
|
Village, FL, Community Development District #6, Special Assessment Revenue
|
|
|
3.000
|
%
|
|
|
5/1/18
|
|
|
|
1,585,000
|
|
|
|
1,607,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
129,228,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
4
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Georgia - 3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA, Development Authority Student Housing Revenue, Piedmont/Ellis LLC University Commons Project
|
|
|
5.000
|
%
|
|
|
9/1/18
|
|
|
$
|
1,010,000
|
|
|
$
|
1,161,288
|
|
|
Burke County, GA, Development Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Transmission Corp. Vogtle Project
|
|
|
1.250
|
%
|
|
|
5/1/15
|
|
|
|
15,000,000
|
|
|
|
15,099,750
|
(b)(c)
|
|
Oglethorpe Power Corp. Vogtle Project
|
|
|
2.400
|
%
|
|
|
4/1/20
|
|
|
|
12,000,000
|
|
|
|
11,551,920
|
(b)(c)
|
|
Burke County, GA, Development Authority, PCR Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Power Co. Plant Vogtle Project
|
|
|
1.550
|
%
|
|
|
6/21/16
|
|
|
|
15,000,000
|
|
|
|
15,126,150
|
(b)(c)
|
|
Georgia Power Co. Plant Vogtle Project
|
|
|
1.750
|
%
|
|
|
6/1/17
|
|
|
|
19,700,000
|
|
|
|
19,868,678
|
(b)(c)
|
|
Monroe County, GA, Development Authority, PCR:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gulf Power Co.
|
|
|
1.700
|
%
|
|
|
6/21/17
|
|
|
|
2,500,000
|
|
|
|
2,514,750
|
(b)(c)
|
|
Gulf Power Co., Plant Scherer Project
|
|
|
2.000
|
%
|
|
|
6/21/18
|
|
|
|
6,500,000
|
|
|
|
6,510,790
|
(b)(c)
|
|
Richmond County, GA, Board of Education, GO
|
|
|
5.000
|
%
|
|
|
10/1/16
|
|
|
|
2,250,000
|
|
|
|
2,516,107
|
|
|
Richmond County, GA, Board of Education, GO
|
|
|
5.000
|
%
|
|
|
10/1/17
|
|
|
|
2,750,000
|
|
|
|
3,167,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,516,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kahala Senior Living Community Inc.
|
|
|
4.000
|
%
|
|
|
11/15/14
|
|
|
|
1,000,000
|
|
|
|
1,013,620
|
|
|
Kahala Senior Living Community Inc.
|
|
|
4.500
|
%
|
|
|
11/15/16
|
|
|
|
1,335,000
|
|
|
|
1,393,019
|
|
|
Kahala Senior Living Community Inc.
|
|
|
5.000
|
%
|
|
|
11/15/18
|
|
|
|
400,000
|
|
|
|
431,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hawaii
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,838,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois - 6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chicago, IL, O’Hare International Airport Revenue, General, Senior Lien
|
|
|
4.000
|
%
|
|
|
1/1/19
|
|
|
|
20,000,000
|
|
|
|
21,723,200
|
(a)
|
|
Chicago, IL, Park District, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harbor Facilities
|
|
|
4.000
|
%
|
|
|
1/1/18
|
|
|
|
1,150,000
|
|
|
|
1,242,725
|
|
|
Harbor Facilities
|
|
|
5.000
|
%
|
|
|
1/1/19
|
|
|
|
1,000,000
|
|
|
|
1,127,520
|
|
|
Chicago, IL, Transit Authority Sales Tax Receipts Revenue
|
|
|
5.000
|
%
|
|
|
12/1/15
|
|
|
|
2,155,000
|
|
|
|
2,303,738
|
|
|
Illinois EFA Revenues, University of Chicago
|
|
|
3.375
|
%
|
|
|
2/1/19
|
|
|
|
8,000,000
|
|
|
|
8,000,720
|
(b)(c)
|
|
Illinois Finance Authority, Gas Supply Revenue, Peoples Gas Light & Coke Co.
|
|
|
2.625
|
%
|
|
|
8/1/15
|
|
|
|
6,000,000
|
|
|
|
6,159,060
|
(b)(c)
|
|
Illinois Finance Authority, National Rural Utilities Cooperative Finance Corp., Gtd. Solid Waste Disposal Revenue, Prairie Power Inc.
|
|
|
3.000
|
%
|
|
|
5/6/14
|
|
|
|
11,760,000
|
|
|
|
11,806,452
|
(b)(c)
|
|
Illinois State Finance Authority Revenue, Ascension Health
|
|
|
5.000
|
%
|
|
|
5/1/17
|
|
|
|
4,000,000
|
|
|
|
4,516,800
|
(b)(c)
|
|
Illinois State Unemployment Insurance, Fund Building Receipts Revenue
|
|
|
5.000
|
%
|
|
|
6/15/17
|
|
|
|
5,000,000
|
|
|
|
5,607,900
|
|
|
Illinois State Unemployment Insurance, Fund Building Receipts Revenue
|
|
|
5.000
|
%
|
|
|
12/15/17
|
|
|
|
4,000,000
|
|
|
|
4,486,320
|
|
|
Illinois State, GO
|
|
|
5.000
|
%
|
|
|
1/1/15
|
|
|
|
45,000,000
|
|
|
|
46,797,750
|
|
|
Illinois State, GO
|
|
|
4.000
|
%
|
|
|
7/1/18
|
|
|
|
9,000,000
|
|
|
|
9,850,860
|
|
|
Illinois State, GO
|
|
|
5.000
|
%
|
|
|
7/1/19
|
|
|
|
8,000,000
|
|
|
|
9,131,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
132,754,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana - 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana Finance Authority Water Utility Revenue, Citizens Energy
|
|
|
3.000
|
%
|
|
|
10/1/14
|
|
|
|
4,000,000
|
|
|
|
4,065,080
|
|
|
Indiana Finance Authority, Wastewater Utility Revenue, CWA Authority
|
|
|
3.000
|
%
|
|
|
10/1/16
|
|
|
|
10,340,000
|
|
|
|
10,930,828
|
|
|
Indiana Health Facility Financing Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ascencion Health
|
|
|
5.000
|
%
|
|
|
7/28/16
|
|
|
|
4,000,000
|
|
|
|
4,375,520
|
(b)(c)
|
|
Ascension Health
|
|
|
4.000
|
%
|
|
|
6/1/16
|
|
|
|
21,000,000
|
|
|
|
22,367,310
|
(b)(c)
|
|
Whiting, IN, Environmental Facilities Revenue, BP Products North America Inc.
|
|
|
2.800
|
%
|
|
|
6/2/14
|
|
|
|
15,260,000
|
|
|
|
15,433,201
|
(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,171,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
5
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Iowa - 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Co. Project
|
|
|
5.000
|
%
|
|
|
12/1/19
|
|
|
$
|
23,920,000
|
|
|
$
|
23,645,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky - 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Public Transportation Infrastructure Authority Toll Revenue, BAN, Downtown Crossing Project
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
10,000,000
|
|
|
|
11,147,100
|
|
|
Kentucky State Property & Building Commission, EDR
|
|
|
5.000
|
%
|
|
|
5/1/14
|
|
|
|
2,035,000
|
|
|
|
2,058,932
|
|
|
Kentucky State Property & Building Commission Revenue, AGM
|
|
|
5.250
|
%
|
|
|
10/1/15
|
|
|
|
3,800,000
|
|
|
|
4,103,772
|
|
|
Russell, KY, Revenue, Bon Secours Health Systems Inc.
|
|
|
4.000
|
%
|
|
|
11/1/15
|
|
|
|
300,000
|
|
|
|
314,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Kentucky
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,624,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & CDA, Louisiana Community & Technical College System Facilities Corp.
Project
|
|
|
4.000
|
%
|
|
|
10/1/14
|
|
|
|
1,500,000
|
|
|
|
1,535,910
|
|
|
Louisiana Stadium & Exposition District
|
|
|
5.000
|
%
|
|
|
7/1/18
|
|
|
|
350,000
|
|
|
|
399,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Louisiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,935,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland State Transportation Authority, Passenger Facility Charge Revenue, Baltimore/Washington International
|
|
|
5.000
|
%
|
|
|
6/1/17
|
|
|
|
1,965,000
|
|
|
|
2,193,137
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts State DFA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avon Associates LLC Project, AGM
|
|
|
4.000
|
%
|
|
|
10/1/14
|
|
|
|
915,000
|
|
|
|
930,820
|
|
|
Avon Associates LLC Project, AGM
|
|
|
4.000
|
%
|
|
|
4/1/16
|
|
|
|
970,000
|
|
|
|
1,015,745
|
|
|
Avon Associates LLC Project, AGM
|
|
|
4.000
|
%
|
|
|
10/1/17
|
|
|
|
1,020,000
|
|
|
|
1,076,029
|
|
|
Boston University
|
|
|
0.620
|
%
|
|
|
3/30/17
|
|
|
|
7,000,000
|
|
|
|
6,995,660
|
(b)(c)
|
|
Partners Healthcare System Inc.
|
|
|
0.580
|
%
|
|
|
1/30/18
|
|
|
|
9,000,000
|
|
|
|
9,000,000
|
(b)(c)
|
|
Massachusetts State Port Authority Revenue
|
|
|
5.000
|
%
|
|
|
7/1/14
|
|
|
|
5,000,000
|
|
|
|
5,094,100
|
(a)
|
|
Massachusetts State Port Authority Revenue
|
|
|
5.000
|
%
|
|
|
7/1/15
|
|
|
|
4,010,000
|
|
|
|
4,258,901
|
(a)
|
|
Massachusetts State School Building Authority, Sales Tax Revenue
|
|
|
5.000
|
%
|
|
|
5/15/19
|
|
|
|
1,200,000
|
|
|
|
1,425,744
|
|
|
Massachusetts State, GO
|
|
|
0.290
|
%
|
|
|
2/1/14
|
|
|
|
21,500,000
|
|
|
|
21,500,000
|
(b)
|
|
Massachusetts State, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consol Loan
|
|
|
0.380
|
%
|
|
|
1/1/17
|
|
|
|
20,000,000
|
|
|
|
19,947,600
|
(b)
|
|
Consolidated Loan
|
|
|
0.420
|
%
|
|
|
9/1/14
|
|
|
|
15,000,000
|
|
|
|
15,003,600
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Massachusetts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,248,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan - 4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit, MI, City School District, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
School Building & Site Improvement, Q-SBLF
|
|
|
5.000
|
%
|
|
|
5/1/15
|
|
|
|
1,275,000
|
|
|
|
1,324,088
|
|
|
School Building & Site Improvement, Q-SBLF
|
|
|
5.000
|
%
|
|
|
5/1/16
|
|
|
|
2,000,000
|
|
|
|
2,122,080
|
|
|
School Building & Site Improvement, Q-SBLF
|
|
|
5.000
|
%
|
|
|
5/1/17
|
|
|
|
2,500,000
|
|
|
|
2,701,300
|
|
|
Michigan Finance Authority Revenue, Detroit School District
|
|
|
5.000
|
%
|
|
|
6/1/16
|
|
|
|
23,000,000
|
|
|
|
24,316,520
|
|
|
Michigan State Building Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Facilities Program
|
|
|
4.000
|
%
|
|
|
10/15/14
|
|
|
|
2,915,000
|
|
|
|
2,990,790
|
|
|
Facilities Program
|
|
|
4.000
|
%
|
|
|
10/15/15
|
|
|
|
2,030,000
|
|
|
|
2,154,358
|
|
See
Notes to Schedule of Investments.
6
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Michigan State Finance Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital Oakwood Obligated Group
|
|
|
3.000
|
%
|
|
|
11/1/15
|
|
|
$
|
3,795,000
|
|
|
$
|
3,916,136
|
|
|
Hospital Oakwood Obligated Group
|
|
|
4.000
|
%
|
|
|
11/1/16
|
|
|
|
2,240,000
|
|
|
|
2,399,667
|
|
|
Hospital Oakwood Obligated Group
|
|
|
4.000
|
%
|
|
|
11/1/17
|
|
|
|
4,645,000
|
|
|
|
5,035,598
|
|
|
Michigan State Strategic Fund Ltd. Obligation Revenue, Detroit Edison Co.
|
|
|
5.250
|
%
|
|
|
8/1/14
|
|
|
|
11,000,000
|
|
|
|
11,235,620
|
(b)(c)
|
|
River Rouge, MI, School District, GO
|
|
|
5.000
|
%
|
|
|
5/1/16
|
|
|
|
1,160,000
|
|
|
|
1,268,425
|
|
|
Wayne County, MI, Airport Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit Metropolitan Airport
|
|
|
5.000
|
%
|
|
|
12/1/14
|
|
|
|
2,810,000
|
|
|
|
2,911,722
|
(a)
|
|
Detroit Metropolitan Airport
|
|
|
5.000
|
%
|
|
|
12/1/15
|
|
|
|
27,680,000
|
|
|
|
29,721,123
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Michigan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,097,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota - 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota Agricultural & Economic Development Board Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Essentia Health Care
|
|
|
4.000
|
%
|
|
|
2/15/14
|
|
|
|
3,460,000
|
|
|
|
3,463,287
|
|
|
Essentia Health Care
|
|
|
5.000
|
%
|
|
|
2/15/15
|
|
|
|
1,340,000
|
|
|
|
1,396,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,859,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi State Development Bank Special Obligation Revenue, City of Jackson, Capital City Convention Center, Municipal Government
Gtd.
|
|
|
5.000
|
%
|
|
|
3/1/19
|
|
|
|
1,000,000
|
|
|
|
1,150,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri - 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of Sunset Hills
|
|
|
2.850
|
%
|
|
|
9/1/18
|
|
|
|
3,500,000
|
|
|
|
3,511,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska - 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Plains Energy Project, NE, Gas Project Revenue, Project #3
|
|
|
5.000
|
%
|
|
|
9/1/18
|
|
|
|
4,050,000
|
|
|
|
4,507,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire - 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire State Business Finance Authority Solid Waste Disposal Revenue, Waste Management Inc.
|
|
|
2.125
|
%
|
|
|
6/1/18
|
|
|
|
5,000,000
|
|
|
|
4,897,400
|
(a)(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hamilton Township, NJ, Mercer County, GO
|
|
|
3.000
|
%
|
|
|
8/1/17
|
|
|
|
1,750,000
|
|
|
|
1,866,602
|
|
|
Hamilton Township, NJ, Mercer County, GO
|
|
|
4.000
|
%
|
|
|
8/1/18
|
|
|
|
1,000,000
|
|
|
|
1,108,590
|
|
|
Lenape, NJ, Regioinal High School District, GO, School Board Reserve Fund
|
|
|
4.000
|
%
|
|
|
3/15/18
|
|
|
|
1,000,000
|
|
|
|
1,101,820
|
|
|
Mount Laurel Township, NJ, Board of Education, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
School Board Reserve Fund
|
|
|
4.000
|
%
|
|
|
8/1/17
|
|
|
|
1,000,000
|
|
|
|
1,100,440
|
|
|
School Board Reserve Fund
|
|
|
4.000
|
%
|
|
|
8/1/18
|
|
|
|
1,000,000
|
|
|
|
1,109,510
|
|
|
New Jersey EDA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
School Facilities
|
|
|
4.000
|
%
|
|
|
9/1/14
|
|
|
|
4,000,000
|
|
|
|
4,088,040
|
|
|
School Facilities
|
|
|
5.000
|
%
|
|
|
9/1/15
|
|
|
|
3,000,000
|
|
|
|
3,223,950
|
|
|
School Facilities
|
|
|
5.000
|
%
|
|
|
9/1/16
|
|
|
|
4,605,000
|
|
|
|
5,129,556
|
|
|
School Facilities Construction
|
|
|
5.000
|
%
|
|
|
12/15/14
|
|
|
|
2,000,000
|
|
|
|
2,083,440
|
|
|
New Jersey Health Care Facilities Financing Authority Revenue, Catholic Health East
|
|
|
5.000
|
%
|
|
|
11/15/14
|
|
|
|
4,710,000
|
|
|
|
4,887,473
|
|
|
New Jersey State EDA Lease Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rutgers University
|
|
|
5.000
|
%
|
|
|
6/15/18
|
|
|
|
1,000,000
|
|
|
|
1,156,820
|
|
|
Rutgers University
|
|
|
5.000
|
%
|
|
|
6/15/19
|
|
|
|
1,380,000
|
|
|
|
1,620,893
|
|
|
New Jersey State EDA Revenue
|
|
|
5.000
|
%
|
|
|
6/15/14
|
|
|
|
4,000,000
|
|
|
|
4,063,960
|
|
|
New Jersey State EDA Revenue
|
|
|
5.000
|
%
|
|
|
6/15/16
|
|
|
|
5,000,000
|
|
|
|
5,485,200
|
|
|
New Jersey State EDA Revenue
|
|
|
5.000
|
%
|
|
|
6/15/17
|
|
|
|
6,000,000
|
|
|
|
6,725,580
|
|
|
New Jersey State EDA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continental Airlines Inc. Project
|
|
|
4.875
|
%
|
|
|
9/15/19
|
|
|
|
5,440,000
|
|
|
|
5,367,594
|
(a)
|
See
Notes to Schedule of Investments.
7
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
School Facilities Construction
|
|
|
5.000
|
%
|
|
|
3/1/19
|
|
|
$
|
10,000,000
|
|
|
$
|
11,639,400
|
|
|
New Jersey State EFA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rider University
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
1,000,000
|
|
|
|
1,089,310
|
|
|
University of Medicine & Dentistry of New Jersey
|
|
|
6.000
|
%
|
|
|
12/1/14
|
|
|
|
5,000,000
|
|
|
|
5,239,400
|
(d)
|
|
New Jersey State Higher Education Assistance Authority, Student Loan Revenue
|
|
|
5.000
|
%
|
|
|
12/1/15
|
|
|
|
4,500,000
|
|
|
|
4,866,930
|
|
|
New Jersey State Transportation Trust Fund Authority Revenue, Transportation Program
|
|
|
4.000
|
%
|
|
|
6/15/18
|
|
|
|
5,000,000
|
|
|
|
5,557,000
|
|
|
New Jersey State Turnpike Authority Revenue
|
|
|
0.790
|
%
|
|
|
12/22/14
|
|
|
|
32,500,000
|
|
|
|
32,525,025
|
(b)(c)(f)
|
|
New Jersey State Turnpike Authority Revenue
|
|
|
0.570
|
%
|
|
|
1/1/16
|
|
|
|
32,500,000
|
|
|
|
32,526,975
|
(b)(c)
|
|
New Jersey State Turnpike Authority Revenue
|
|
|
5.000
|
%
|
|
|
1/1/18
|
|
|
|
460,000
|
|
|
|
528,204
|
|
|
Newark, NJ, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified General Improvement
|
|
|
5.000
|
%
|
|
|
7/15/18
|
|
|
|
4,000,000
|
|
|
|
4,588,600
|
|
|
TAN
|
|
|
1.500
|
%
|
|
|
2/20/14
|
|
|
|
4,636,000
|
|
|
|
4,637,298
|
|
|
North Hudson, NJ, Sewerage Authority, Gross Revenue Lease Certificates
|
|
|
4.000
|
%
|
|
|
6/1/16
|
|
|
|
650,000
|
|
|
|
691,392
|
|
|
North Hudson, NJ, Sewerage Authority, Gross Revenue Lease Certificates
|
|
|
4.000
|
%
|
|
|
6/1/17
|
|
|
|
775,000
|
|
|
|
837,550
|
|
|
Rutgers State University Revenue
|
|
|
5.000
|
%
|
|
|
5/1/17
|
|
|
|
750,000
|
|
|
|
847,673
|
|
|
Rutgers State University Revenue
|
|
|
4.000
|
%
|
|
|
5/1/18
|
|
|
|
750,000
|
|
|
|
833,565
|
|
|
Rutgers State University Revenue
|
|
|
5.000
|
%
|
|
|
5/1/18
|
|
|
|
300,000
|
|
|
|
345,762
|
|
|
Rutgers State University Revenue
|
|
|
5.000
|
%
|
|
|
5/1/19
|
|
|
|
1,500,000
|
|
|
|
1,756,095
|
|
|
Trenton, NJ, GO
|
|
|
4.000
|
%
|
|
|
7/15/17
|
|
|
|
1,750,000
|
|
|
|
1,910,510
|
|
|
Trenton, NJ, GO
|
|
|
4.000
|
%
|
|
|
7/15/18
|
|
|
|
1,370,000
|
|
|
|
1,500,629
|
|
|
Union County, NJ, GO
|
|
|
4.000
|
%
|
|
|
3/1/18
|
|
|
|
1,000,000
|
|
|
|
1,106,330
|
|
|
Union County, NJ, GO
|
|
|
4.000
|
%
|
|
|
3/1/19
|
|
|
|
1,500,000
|
|
|
|
1,674,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,821,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 9.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Babylon, NY, Industrial Development Agency Resource Recovery Revenue, Covanta Babylon Inc.
|
|
|
5.000
|
%
|
|
|
1/1/15
|
|
|
|
4,295,000
|
|
|
|
4,406,455
|
|
|
Build NYC Resource Corp., NY, Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YMCA of Greater New York Project
|
|
|
5.000
|
%
|
|
|
8/1/16
|
|
|
|
840,000
|
|
|
|
908,342
|
|
|
YMCA of Greater New York Project
|
|
|
5.000
|
%
|
|
|
8/1/17
|
|
|
|
660,000
|
|
|
|
726,403
|
|
|
Erie County, NY, Fiscal Stability Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Tax & State Aid Secured
|
|
|
5.000
|
%
|
|
|
1/15/19
|
|
|
|
1,000,000
|
|
|
|
1,171,390
|
|
|
Sales Tax & State Aid Secured
|
|
|
4.000
|
%
|
|
|
3/15/19
|
|
|
|
600,000
|
|
|
|
675,102
|
|
|
Greece, NY, CSD, GO
|
|
|
5.000
|
%
|
|
|
12/15/17
|
|
|
|
650,000
|
|
|
|
742,911
|
|
|
Nassau County, NY, Local Economic Assistance Corp. Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Nassau Communities Hospital
|
|
|
4.000
|
%
|
|
|
7/1/15
|
|
|
|
480,000
|
|
|
|
499,358
|
|
|
South Nassau Communities Hospital
|
|
|
4.000
|
%
|
|
|
7/1/16
|
|
|
|
1,280,000
|
|
|
|
1,361,267
|
|
|
South Nassau Communities Hospital
|
|
|
5.000
|
%
|
|
|
7/1/18
|
|
|
|
1,275,000
|
|
|
|
1,430,933
|
|
|
Winthrop University Hospital Assistance Project
|
|
|
4.000
|
%
|
|
|
7/1/16
|
|
|
|
1,000,000
|
|
|
|
1,063,240
|
|
|
Winthrop University Hospital Assistance Project
|
|
|
5.000
|
%
|
|
|
7/1/18
|
|
|
|
685,000
|
|
|
|
765,405
|
|
|
New York City, NY, HDC Revenue
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
2,650,000
|
|
|
|
2,914,629
|
|
|
New York City, NY, HDC Revenue
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
4,375,000
|
|
|
|
4,935,919
|
|
|
New York City, NY, HDC Revenue
|
|
|
5.000
|
%
|
|
|
7/1/18
|
|
|
|
3,250,000
|
|
|
|
3,739,125
|
|
|
New York City, NY, Health & Hospital Corp. Revenue, Health System
|
|
|
5.000
|
%
|
|
|
2/15/15
|
|
|
|
4,000,000
|
|
|
|
4,192,360
|
|
|
New York City, NY, Industrial Development Agency, Airport Facilities Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure Properties LLC
|
|
|
5.000
|
%
|
|
|
7/1/14
|
|
|
|
1,750,000
|
|
|
|
1,770,545
|
(a)
|
|
Transportation Infrastructure Properties LLC
|
|
|
5.000
|
%
|
|
|
7/1/15
|
|
|
|
2,000,000
|
|
|
|
2,049,860
|
(a)
|
|
Transportation Infrastructure Properties LLC
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
2,545,000
|
|
|
|
2,637,613
|
(a)
|
|
New York City, NY, TFA Revenue, Future Tax Secured
|
|
|
5.000
|
%
|
|
|
11/1/14
|
|
|
|
20,935,000
|
|
|
|
21,682,798
|
|
See
Notes to Schedule of Investments.
8
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
New York City, NY, Trust for Cultural Resources Revenue, Juilliard School
|
|
|
2.100
|
%
|
|
|
7/1/15
|
|
|
$
|
4,000,000
|
|
|
$
|
4,092,360
|
(b)(c)
|
|
New York State Dormitory Authority Revenues, Non-State Supported Debt, Interagency Council Pooled Loan Program
|
|
|
4.000
|
%
|
|
|
7/1/16
|
|
|
|
1,085,000
|
|
|
|
1,154,950
|
|
|
New York State Energy Research & Development Authority, PCR, New York State Electric & Gas Corp.
|
|
|
2.125
|
%
|
|
|
3/15/15
|
|
|
|
14,000,000
|
|
|
|
14,153,300
|
|
|
New York State Thruway Authority General Revenue, Junior Indebtedness Obligations
|
|
|
5.000
|
%
|
|
|
5/1/19
|
|
|
|
38,000,000
|
|
|
|
44,155,620
|
|
|
New York State Thruway Authority Service Contract Revenue, Local Highway & Bridge
|
|
|
5.000
|
%
|
|
|
4/1/15
|
|
|
|
33,000,000
|
|
|
|
34,815,330
|
|
|
New York State Thruway Authority, State Personal Income Tax Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
|
|
|
5.000
|
%
|
|
|
3/15/17
|
|
|
|
1,250,000
|
|
|
|
1,419,675
|
|
|
Transportation
|
|
|
4.000
|
%
|
|
|
3/15/18
|
|
|
|
1,000,000
|
|
|
|
1,122,250
|
|
|
Transportation
|
|
|
5.000
|
%
|
|
|
3/15/18
|
|
|
|
625,000
|
|
|
|
726,538
|
|
|
Transportation
|
|
|
5.000
|
%
|
|
|
3/15/19
|
|
|
|
500,000
|
|
|
|
591,190
|
|
|
Orange County, NY, Funding Corp. Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mount St. Mary College
|
|
|
3.000
|
%
|
|
|
7/1/15
|
|
|
|
1,115,000
|
|
|
|
1,150,324
|
|
|
Mount St. Mary College
|
|
|
4.000
|
%
|
|
|
7/1/16
|
|
|
|
1,020,000
|
|
|
|
1,091,532
|
|
|
Mount St. Mary College
|
|
|
4.000
|
%
|
|
|
7/1/17
|
|
|
|
1,060,000
|
|
|
|
1,149,856
|
|
|
Mount St. Mary College
|
|
|
4.000
|
%
|
|
|
7/1/18
|
|
|
|
1,110,000
|
|
|
|
1,208,046
|
|
|
Schenectady County, NY, Capital Resource Corp. Revenue, FHA 242, Ellis Hospital
|
|
|
1.750
|
%
|
|
|
2/15/18
|
|
|
|
3,225,000
|
|
|
|
3,211,294
|
|
|
Tobacco Settlement Financing Corp., NY, Revenue
|
|
|
5.000
|
%
|
|
|
6/1/21
|
|
|
|
7,500,000
|
|
|
|
8,357,775
|
|
|
Tobacco Settlement Financing Corp., NY, Revenue
|
|
|
5.000
|
%
|
|
|
6/1/22
|
|
|
|
7,000,000
|
|
|
|
7,786,170
|
|
|
Triborough Bridge & Tunnel Authority, NY, Revenue
|
|
|
5.000
|
%
|
|
|
11/15/14
|
|
|
|
20,000,000
|
|
|
|
20,721,600
|
(b)(c)
|
|
Utility Debt Securitization Authority, NY, Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
|
|
|
5.000
|
%
|
|
|
6/15/18
|
|
|
|
1,500,000
|
|
|
|
1,650,390
|
|
|
Restructuring
|
|
|
5.000
|
%
|
|
|
12/15/18
|
|
|
|
1,000,000
|
|
|
|
1,121,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
207,353,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina - 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina State Medical Care Commission, Health Care Facilities Revenue, Wake Forest Baptist Obligated Group
|
|
|
0.780
|
%
|
|
|
12/1/17
|
|
|
|
4,790,000
|
|
|
|
4,749,093
|
(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Dakota - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
McLean County, ND, Solid Waste Facilities Revenue, Great River Energy
|
|
|
3.500
|
%
|
|
|
7/1/15
|
|
|
|
3,000,000
|
|
|
|
3,073,380
|
(a)(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jobsohio Beverage System Statewide Liquor Profits Revenue
|
|
|
5.000
|
%
|
|
|
1/1/17
|
|
|
|
1,350,000
|
|
|
|
1,504,656
|
|
|
Jobsohio Beverage System Statewide Liquor Profits Revenue
|
|
|
5.000
|
%
|
|
|
1/1/18
|
|
|
|
1,000,000
|
|
|
|
1,135,940
|
|
|
Jobsohio Beverage System Statewide Liquor Profits Revenue
|
|
|
5.000
|
%
|
|
|
1/1/19
|
|
|
|
2,200,000
|
|
|
|
2,540,274
|
|
|
Montgomery County, OH, Revenue, Miami Valley Hospital
|
|
|
5.250
|
%
|
|
|
11/15/14
|
|
|
|
2,650,000
|
|
|
|
2,726,293
|
(b)(c)
|
|
Ohio State Air Quality Development Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columbus Southern Power Co.
|
|
|
3.875
|
%
|
|
|
6/1/14
|
|
|
|
5,000,000
|
|
|
|
5,038,250
|
(b)(c)
|
|
FirstEnergy Generation Corp.
|
|
|
2.250
|
%
|
|
|
9/15/16
|
|
|
|
18,000,000
|
|
|
|
18,031,680
|
(b)(c)
|
|
Pollution Control, FirstEnergy Nuclear Generation Corp.
|
|
|
3.750
|
%
|
|
|
12/1/14
|
|
|
|
20,995,000
|
|
|
|
21,417,419
|
(b)(c)
|
|
U.S. Steel Corp. Project
|
|
|
5.375
|
%
|
|
|
11/1/15
|
|
|
|
9,660,000
|
|
|
|
9,818,521
|
|
|
Ohio State Higher Educational Facility Commission Revenue, Oberlin College
|
|
|
5.000
|
%
|
|
|
10/1/14
|
|
|
|
3,000,000
|
|
|
|
3,095,100
|
|
See
Notes to Schedule of Investments.
9
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Ohio State Hospital Revenue, University Hospitals Health System Inc.
|
|
|
5.000
|
%
|
|
|
1/15/17
|
|
|
$
|
1,360,000
|
|
|
$
|
1,507,397
|
|
|
Ohio State University Revenue
|
|
|
5.000
|
%
|
|
|
12/1/14
|
|
|
|
6,605,000
|
|
|
|
6,867,549
|
|
|
Ohio State University Revenue
|
|
|
5.000
|
%
|
|
|
12/1/14
|
|
|
|
395,000
|
|
|
|
410,500
|
(d)
|
|
Ohio State Water Development Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstEnergy Generation Corp.
|
|
|
2.250
|
%
|
|
|
9/15/16
|
|
|
|
3,150,000
|
|
|
|
3,094,938
|
(b)(c)
|
|
Water Development, Fresh Water Revenue
|
|
|
5.000
|
%
|
|
|
12/1/18
|
|
|
|
3,000,000
|
|
|
|
3,540,240
|
|
|
Water Development, Fresh Water Revenue
|
|
|
5.000
|
%
|
|
|
6/1/19
|
|
|
|
1,665,000
|
|
|
|
1,977,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,705,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma State Development Finance Authority:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. John Health System Inc.
|
|
|
5.000
|
%
|
|
|
2/15/16
|
|
|
|
1,545,000
|
|
|
|
1,680,497
|
|
|
St. John Health System Inc.
|
|
|
5.000
|
%
|
|
|
2/15/17
|
|
|
|
1,500,000
|
|
|
|
1,686,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Oklahoma
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,366,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon - 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clackamas County, OR, Hospital Facility Authority Revenue, Legacy Health System
|
|
|
5.000
|
%
|
|
|
7/15/14
|
|
|
|
5,000,000
|
|
|
|
5,083,250
|
(b)(c)
|
|
Medford, OR, Hospital Facilities Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rogue Valley Manor
|
|
|
3.000
|
%
|
|
|
10/1/16
|
|
|
|
1,025,000
|
|
|
|
1,052,173
|
|
|
Rogue Valley Manor
|
|
|
4.000
|
%
|
|
|
10/1/18
|
|
|
|
1,070,000
|
|
|
|
1,126,132
|
|
|
Oregon State Department of Administrative Services, Lottery Revenue
|
|
|
5.000
|
%
|
|
|
4/1/14
|
|
|
|
2,000,000
|
|
|
|
2,015,720
|
|
|
Oregon State Facilities Authority Revenue, Legacy Health System
|
|
|
5.000
|
%
|
|
|
3/15/14
|
|
|
|
750,000
|
|
|
|
753,885
|
|
|
Oregon State Health & Science University Revenue
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
1,000,000
|
|
|
|
1,095,830
|
|
|
Portland, OR, River District Urban Renewal & Redevelopment
|
|
|
5.000
|
%
|
|
|
6/15/18
|
|
|
|
1,000,000
|
|
|
|
1,135,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Oregon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,262,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny County, PA, Higher Education Building Authority University Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duquesne University of the Holy Spirit
|
|
|
5.000
|
%
|
|
|
3/1/18
|
|
|
|
1,000,000
|
|
|
|
1,121,750
|
|
|
Duquesne University of the Holy Spirit
|
|
|
5.000
|
%
|
|
|
3/1/19
|
|
|
|
500,000
|
|
|
|
566,835
|
|
|
Allegheny County, PA, Hospital Development Authority Revenue, University Pittsburgh Medical Center
|
|
|
5.000
|
%
|
|
|
5/15/15
|
|
|
|
8,250,000
|
|
|
|
8,746,320
|
|
|
Beaver County, PA, IDA Revenue, FirstEnergy Generation Corp. Project
|
|
|
2.150
|
%
|
|
|
3/1/17
|
|
|
|
11,200,000
|
|
|
|
10,877,552
|
|
|
Beaver County, PA, IDA, PCR, FirstEnergy Nuclear Generation Corp.
|
|
|
3.375
|
%
|
|
|
7/1/15
|
|
|
|
10,000,000
|
|
|
|
10,204,900
|
(b)(c)
|
|
Delaware River Port Authority, PA, Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Port District Project
|
|
|
4.000
|
%
|
|
|
1/1/15
|
|
|
|
1,000,000
|
|
|
|
1,024,860
|
|
|
Port District Project
|
|
|
5.000
|
%
|
|
|
1/1/16
|
|
|
|
1,215,000
|
|
|
|
1,295,761
|
|
|
Port District Project
|
|
|
5.000
|
%
|
|
|
1/1/17
|
|
|
|
2,100,000
|
|
|
|
2,267,055
|
|
|
Port District Project
|
|
|
5.000
|
%
|
|
|
1/1/18
|
|
|
|
1,235,000
|
|
|
|
1,345,817
|
|
|
Port District Project
|
|
|
5.000
|
%
|
|
|
1/1/19
|
|
|
|
3,490,000
|
|
|
|
3,816,106
|
|
|
Montgomery County, PA, Higher Education & Health Authority Hospital Revenue, Abington Memorial Hospital
|
|
|
5.000
|
%
|
|
|
6/1/14
|
|
|
|
2,670,000
|
|
|
|
2,706,686
|
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue, PPL Energy Supply LLC
|
|
|
3.000
|
%
|
|
|
9/1/15
|
|
|
|
25,250,000
|
|
|
|
25,935,790
|
(b)(c)
|
|
Pennsylvania State Economic Development Financing Authority, Exempt Facilities Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amtrak Project
|
|
|
5.000
|
%
|
|
|
11/1/15
|
|
|
|
500,000
|
|
|
|
538,265
|
(a)
|
|
Amtrak Project
|
|
|
5.000
|
%
|
|
|
11/1/16
|
|
|
|
325,000
|
|
|
|
354,214
|
(a)
|
See
Notes to Schedule of Investments.
10
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Amtrak Project
|
|
|
5.000
|
%
|
|
|
11/1/17
|
|
|
$
|
1,920,000
|
|
|
$
|
2,134,522
|
(a)
|
|
Amtrak Project
|
|
|
3.000
|
%
|
|
|
11/1/18
|
|
|
|
750,000
|
|
|
|
770,707
|
(a)
|
|
Pennsylvania State Economic Development Financing Authority, Unemployment Compensation Revenue
|
|
|
5.000
|
%
|
|
|
1/1/21
|
|
|
|
3,000,000
|
|
|
|
3,462,480
|
|
|
Pennsylvania State Economic Development Financing Authority, Unemployment Compensation Revenue
|
|
|
5.000
|
%
|
|
|
7/1/21
|
|
|
|
7,500,000
|
|
|
|
8,489,025
|
|
|
Pennsylvania State Economic Development Financing Authority, Unemployment Compensation Revenue
|
|
|
5.000
|
%
|
|
|
1/1/22
|
|
|
|
4,000,000
|
|
|
|
4,481,480
|
|
|
Pennsylvania State Higher EFA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AICUP Financing Program-Messiah College
|
|
|
4.000
|
%
|
|
|
11/1/17
|
|
|
|
1,145,000
|
|
|
|
1,245,634
|
|
|
AICUP Financing Program-Messiah College
|
|
|
4.000
|
%
|
|
|
11/1/18
|
|
|
|
700,000
|
|
|
|
764,309
|
|
|
Delware Valley College of Science & Agriculture
|
|
|
3.000
|
%
|
|
|
11/1/15
|
|
|
|
675,000
|
|
|
|
677,943
|
|
|
Delware Valley College of Science & Agriculture
|
|
|
4.000
|
%
|
|
|
11/1/17
|
|
|
|
1,030,000
|
|
|
|
1,054,761
|
|
|
Shippensburg University Student Services Inc.
|
|
|
4.000
|
%
|
|
|
10/1/16
|
|
|
|
300,000
|
|
|
|
308,910
|
|
|
Shippensburg University Student Services Inc.
|
|
|
4.000
|
%
|
|
|
10/1/17
|
|
|
|
265,000
|
|
|
|
273,083
|
|
|
Shippensburg University Student Services Inc.
|
|
|
4.000
|
%
|
|
|
10/1/18
|
|
|
|
560,000
|
|
|
|
573,121
|
|
|
Pennsylvania State Housing Finance Agency, Single-Family Mortgage Revenue
|
|
|
1.050
|
%
|
|
|
4/1/15
|
|
|
|
1,250,000
|
|
|
|
1,251,862
|
(a)
|
|
Pennsylvania State Housing Finance Agency, Single-Family Mortgage Revenue
|
|
|
1.750
|
%
|
|
|
4/1/17
|
|
|
|
1,000,000
|
|
|
|
1,009,520
|
(a)
|
|
Pennsylvania State Housing Finance Agency, Single-Family Mortgage Revenue
|
|
|
1.850
|
%
|
|
|
10/1/17
|
|
|
|
625,000
|
|
|
|
630,744
|
(a)
|
|
Pennsylvania State Housing Finance Agency, Single-Family Mortgage Revenue
|
|
|
2.000
|
%
|
|
|
4/1/18
|
|
|
|
1,000,000
|
|
|
|
1,006,760
|
(a)
|
|
Pennsylvania State IDA, Economic Development
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
3,630,000
|
|
|
|
4,083,714
|
|
|
Pennsylvania State Turnpike Commission Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIFMA
|
|
|
0.640
|
%
|
|
|
12/1/17
|
|
|
|
14,000,000
|
|
|
|
14,035,000
|
(b)
|
|
SIFMA
|
|
|
0.720
|
%
|
|
|
12/1/18
|
|
|
|
9,750,000
|
|
|
|
9,739,567
|
(b)
|
|
Philadelphia, PA, Hospitals & Higher EFA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temple University Health System
|
|
|
5.000
|
%
|
|
|
7/1/15
|
|
|
|
1,000,000
|
|
|
|
1,013,640
|
|
|
Temple University Health System
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
1,000,000
|
|
|
|
1,018,080
|
|
|
Temple University Health System
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
1,000,000
|
|
|
|
1,021,600
|
|
|
Philadelphia, PA, School District, GO
|
|
|
5.000
|
%
|
|
|
9/1/14
|
|
|
|
10,000,000
|
|
|
|
10,262,000
|
|
|
St. Mary Hospital Authority, PA, Health System Revenue, Catholic Health East
|
|
|
4.000
|
%
|
|
|
11/15/14
|
|
|
|
4,330,000
|
|
|
|
4,460,203
|
|
|
Susquehanna, PA, Area Regional Airport Authority System Revenue
|
|
|
5.000
|
%
|
|
|
1/1/18
|
|
|
|
3,405,000
|
|
|
|
3,596,191
|
(a)
|
|
Trinity, PA, Area School District, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGM
|
|
|
4.000
|
%
|
|
|
11/1/16
|
|
|
|
5,040,000
|
|
|
|
5,436,043
|
|
|
AGM
|
|
|
5.000
|
%
|
|
|
11/1/17
|
|
|
|
4,875,000
|
|
|
|
5,523,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,126,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue
|
|
|
5.375
|
%
|
|
|
7/1/17
|
|
|
|
5,000,000
|
|
|
|
4,548,550
|
|
|
Puerto Rico Electric Power Authority, Power Revenue
|
|
|
5.500
|
%
|
|
|
7/1/17
|
|
|
|
2,780,000
|
|
|
|
2,696,656
|
|
|
Puerto Rico Electric Power Authority, Power Revenue
|
|
|
5.500
|
%
|
|
|
7/1/18
|
|
|
|
2,015,000
|
|
|
|
1,601,038
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ana G. Mendez University System Project
|
|
|
4.000
|
%
|
|
|
4/1/14
|
|
|
|
1,000,000
|
|
|
|
1,000,910
|
|
|
Ana G. Mendez University System Project
|
|
|
5.000
|
%
|
|
|
4/1/15
|
|
|
|
3,060,000
|
|
|
|
3,055,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Puerto Rico
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,902,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
11
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
South Carolina - 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Piedmont Municipal Power Agency, SC, Electric Revenue
|
|
|
5.000
|
%
|
|
|
1/1/15
|
|
|
$
|
2,000,000
|
|
|
$
|
2,083,260
|
|
|
South Carolina State Jobs-EDA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bon Secours Health Systems Inc.
|
|
|
4.000
|
%
|
|
|
11/1/15
|
|
|
|
500,000
|
|
|
|
524,635
|
|
|
Bon Secours Health Systems Inc.
|
|
|
4.500
|
%
|
|
|
11/1/17
|
|
|
|
500,000
|
|
|
|
553,560
|
|
|
Bon Secours Health Systems Inc.
|
|
|
5.000
|
%
|
|
|
11/1/18
|
|
|
|
1,500,000
|
|
|
|
1,706,085
|
|
|
South Carolina State Public Service Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Santee Cooper Project
|
|
|
5.000
|
%
|
|
|
12/1/16
|
|
|
|
8,000,000
|
|
|
|
8,976,320
|
|
|
Santee Cooper Project
|
|
|
5.000
|
%
|
|
|
12/1/17
|
|
|
|
8,000,000
|
|
|
|
9,219,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total South Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,063,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee - 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memphis, TN, Electric Systems Revenue
|
|
|
5.000
|
%
|
|
|
12/1/15
|
|
|
|
25,000,000
|
|
|
|
27,109,750
|
|
|
Tennessee Energy Acquisition Corp., Gas Revenue
|
|
|
5.000
|
%
|
|
|
9/1/15
|
|
|
|
6,000,000
|
|
|
|
6,320,220
|
|
|
Tennessee Energy Acquisition Corp., Gas Revenue
|
|
|
5.000
|
%
|
|
|
9/1/16
|
|
|
|
5,000,000
|
|
|
|
5,397,700
|
|
|
Tennessee State Energy Acquisition Corp., Gas Revenue
|
|
|
5.000
|
%
|
|
|
2/1/16
|
|
|
|
5,145,000
|
|
|
|
5,484,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,311,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Lien
|
|
|
4.000
|
%
|
|
|
1/1/15
|
|
|
|
250,000
|
|
|
|
255,757
|
|
|
Senior Lien
|
|
|
5.000
|
%
|
|
|
1/1/16
|
|
|
|
250,000
|
|
|
|
265,400
|
|
|
Senior Lien
|
|
|
5.000
|
%
|
|
|
1/1/18
|
|
|
|
1,000,000
|
|
|
|
1,097,140
|
|
|
Senior Lien
|
|
|
5.000
|
%
|
|
|
1/1/19
|
|
|
|
500,000
|
|
|
|
552,010
|
|
|
Clear Creek, TX, ISD, GO
|
|
|
3.000
|
%
|
|
|
8/14/19
|
|
|
|
9,000,000
|
|
|
|
9,609,570
|
(b)(c)
|
|
Clifton, TX, Higher Education Finance Corp., Education Revenue, Uplift Education
|
|
|
1.950
|
%
|
|
|
12/1/15
|
|
|
|
250,000
|
|
|
|
245,288
|
|
|
Dallas, TX, GO
|
|
|
5.000
|
%
|
|
|
2/15/18
|
|
|
|
1,675,000
|
|
|
|
1,945,328
|
|
|
Dallas-Fort Worth, TX, International Airport Revenue
|
|
|
4.000
|
%
|
|
|
11/1/14
|
|
|
|
3,500,000
|
|
|
|
3,599,715
|
|
|
Dallas-Fort Worth, TX, International Airport Revenue
|
|
|
5.000
|
%
|
|
|
11/1/14
|
|
|
|
2,500,000
|
|
|
|
2,589,700
|
|
|
Dallas-Fort Worth, TX, International Airport Revenue
|
|
|
5.000
|
%
|
|
|
11/1/16
|
|
|
|
1,000,000
|
|
|
|
1,120,210
|
|
|
Dallas-Fort Worth, TX, International Airport Revenue
|
|
|
5.000
|
%
|
|
|
11/1/17
|
|
|
|
2,000,000
|
|
|
|
2,292,840
|
|
|
Dallas-Fort Worth, TX, International Airport Revenue
|
|
|
5.000
|
%
|
|
|
11/1/18
|
|
|
|
1,000,000
|
|
|
|
1,165,490
|
|
|
Goose Creek, TX, Consolidated ISD, GO, Schoolhouse
|
|
|
4.000
|
%
|
|
|
2/15/19
|
|
|
|
1,000,000
|
|
|
|
1,131,510
|
|
|
Gulf Coast, TX, Waste Disposal Authority, U.S. Steel Corp. Project
|
|
|
5.750
|
%
|
|
|
9/1/17
|
|
|
|
3,000,000
|
|
|
|
3,078,570
|
|
|
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memorial Hermann Healthcare System
|
|
|
0.240
|
%
|
|
|
6/1/14
|
|
|
|
2,100,000
|
|
|
|
2,101,008
|
(b)
|
|
Memorial Hermann Healthcare System
|
|
|
0.339
|
%
|
|
|
6/1/15
|
|
|
|
1,700,000
|
|
|
|
1,700,986
|
(b)
|
|
Memorial Hermann Healthcare System
|
|
|
0.440
|
%
|
|
|
6/1/16
|
|
|
|
2,175,000
|
|
|
|
2,177,110
|
(b)
|
|
Memorial Hermann Healthcare System
|
|
|
0.540
|
%
|
|
|
6/1/17
|
|
|
|
3,600,000
|
|
|
|
3,604,608
|
(b)
|
|
Harris County, TX, Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toll Road
|
|
|
0.470
|
%
|
|
|
8/15/15
|
|
|
|
3,715,000
|
|
|
|
3,719,495
|
(b)
|
|
Toll Road
|
|
|
0.550
|
%
|
|
|
8/15/16
|
|
|
|
1,600,000
|
|
|
|
1,600,368
|
(b)
|
|
Toll Road
|
|
|
0.680
|
%
|
|
|
8/15/16
|
|
|
|
10,000,000
|
|
|
|
10,001,900
|
(b)(c)
|
|
Toll Road
|
|
|
0.670
|
%
|
|
|
8/15/17
|
|
|
|
5,500,000
|
|
|
|
5,498,295
|
(b)
|
|
Toll Road
|
|
|
0.820
|
%
|
|
|
8/15/18
|
|
|
|
4,500,000
|
|
|
|
4,509,720
|
(b)
|
|
Houston, TX, Airport System Revenue
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
8,715,000
|
|
|
|
9,545,801
|
(a)
|
|
Houston, TX, Airport System Revenue
|
|
|
5.000
|
%
|
|
|
7/1/17
|
|
|
|
10,000,000
|
|
|
|
11,200,100
|
(a)
|
See
Notes to Schedule of Investments.
12
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Katy, TX, ISD, GO, PSFG
|
|
|
5.000
|
%
|
|
|
8/15/17
|
|
|
$
|
3,475,000
|
|
|
$
|
3,968,624
|
(b)(c)
|
|
Love Field, TX, Airport Modernization Corp., Special Facilities Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest Airlines Co. Project
|
|
|
5.000
|
%
|
|
|
11/1/15
|
|
|
|
2,000,000
|
|
|
|
2,090,760
|
(a)
|
|
Southwest Airlines Co. Project
|
|
|
5.000
|
%
|
|
|
11/1/17
|
|
|
|
7,710,000
|
|
|
|
8,234,280
|
(a)
|
|
Lower Colorado River, TX, Authority Revenue
|
|
|
5.000
|
%
|
|
|
5/15/14
|
|
|
|
9,890,000
|
|
|
|
10,022,625
|
|
|
Lower Colorado River, TX, Authority Revenue
|
|
|
5.000
|
%
|
|
|
5/15/14
|
|
|
|
110,000
|
|
|
|
111,465
|
(d)
|
|
Mission, TX, Economic Development Corp., Solid Waste Disposal Revenue, Waste Management Inc. Project
|
|
|
1.500
|
%
|
|
|
8/1/14
|
|
|
|
5,000,000
|
|
|
|
5,019,500
|
(a)(b)(c)
|
|
San Antonio, TX, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Improvement
|
|
|
5.000
|
%
|
|
|
2/1/18
|
|
|
|
1,980,000
|
|
|
|
2,300,760
|
|
|
General Improvement
|
|
|
5.000
|
%
|
|
|
2/1/19
|
|
|
|
1,395,000
|
|
|
|
1,646,505
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas
|
|
|
5.000
|
%
|
|
|
10/1/17
|
|
|
|
1,000,000
|
|
|
|
1,140,890
|
|
|
Texas A & M University Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing System
|
|
|
5.000
|
%
|
|
|
5/15/17
|
|
|
|
1,625,000
|
|
|
|
1,858,431
|
|
|
Financing System
|
|
|
5.000
|
%
|
|
|
5/15/18
|
|
|
|
1,000,000
|
|
|
|
1,171,200
|
|
|
Financing System
|
|
|
5.000
|
%
|
|
|
5/15/19
|
|
|
|
2,250,000
|
|
|
|
2,679,592
|
|
|
Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue
|
|
|
5.625
|
%
|
|
|
12/15/17
|
|
|
|
38,325,000
|
|
|
|
43,036,292
|
|
|
Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue
|
|
|
5.000
|
%
|
|
|
12/15/15
|
|
|
|
2,700,000
|
|
|
|
2,868,129
|
|
|
Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue
|
|
|
5.000
|
%
|
|
|
12/15/16
|
|
|
|
3,265,000
|
|
|
|
3,558,850
|
|
|
Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, 1st Tier
|
|
|
5.000
|
%
|
|
|
12/15/17
|
|
|
|
4,000,000
|
|
|
|
4,395,160
|
|
|
Texas State Public Finance Authority Revenue, Unemployment Compensation
|
|
|
5.000
|
%
|
|
|
7/1/16
|
|
|
|
20,000,000
|
|
|
|
21,708,600
|
|
|
Texas State Transportation Commission Turnpike System Revenue
|
|
|
1.250
|
%
|
|
|
2/15/15
|
|
|
|
18,000,000
|
|
|
|
18,099,360
|
(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
218,518,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands - 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Lien
|
|
|
5.000
|
%
|
|
|
10/1/14
|
|
|
|
3,000,000
|
|
|
|
3,081,780
|
|
|
Subordinated Lien
|
|
|
5.000
|
%
|
|
|
10/1/14
|
|
|
|
3,250,000
|
|
|
|
3,338,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Virgin Islands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,420,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah - 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebo, UT, School District, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
School Board Guaranty
|
|
|
2.000
|
%
|
|
|
7/1/16
|
|
|
|
1,245,000
|
|
|
|
1,270,062
|
|
|
School Board Guaranty
|
|
|
2.000
|
%
|
|
|
7/1/17
|
|
|
|
1,000,000
|
|
|
|
1,016,450
|
|
|
School Board Guaranty
|
|
|
2.000
|
%
|
|
|
7/1/18
|
|
|
|
2,100,000
|
|
|
|
2,123,037
|
|
|
School Board Guaranty
|
|
|
2.000
|
%
|
|
|
7/1/19
|
|
|
|
2,195,000
|
|
|
|
2,208,675
|
|
|
Utah County, UT, Environmental Improvement Revenue, U.S. Steel Corp. Project
|
|
|
5.375
|
%
|
|
|
11/1/15
|
|
|
|
10,000,000
|
|
|
|
10,164,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utah
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,782,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henrico County, VA, EDA Revenue, Bon Secours Health Systems Inc.
|
|
|
4.000
|
%
|
|
|
11/1/16
|
|
|
|
700,000
|
|
|
|
749,308
|
|
|
Virginia State Public School Authority, School Financing
|
|
|
5.000
|
%
|
|
|
8/1/14
|
|
|
|
15,000,000
|
|
|
|
15,356,100
|
|
|
Wise County, VA, IDA, Solid Waste and Sewer Disposal Revenue, Virginia Electric & Power Co.
|
|
|
2.375
|
%
|
|
|
11/1/15
|
|
|
|
10,000,000
|
|
|
|
10,213,700
|
(b)(c)
|
|
York County, VA, EDA, PCR, Virginia Electric & Power Co.
|
|
|
4.050
|
%
|
|
|
5/1/14
|
|
|
|
3,500,000
|
|
|
|
3,528,000
|
(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,847,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
13
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
Washington - 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chelan County, WA, Public Utility, District No. 1, Consolidated Revenue
|
|
|
5.250
|
%
|
|
|
7/1/14
|
|
|
$
|
6,000,000
|
|
|
$
|
6,110,580
|
(a)
|
|
Spokane, WA, Public Facilities District Revenue
|
|
|
5.000
|
%
|
|
|
12/1/18
|
|
|
|
1,130,000
|
|
|
|
1,304,190
|
|
|
Washington State Health Care Facilities Authority Revenue, PeaceHealth
|
|
|
5.000
|
%
|
|
|
11/1/14
|
|
|
|
1,550,000
|
|
|
|
1,597,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Washington
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,012,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia - 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia State, EDA, Solid Waste Disposal Facilities Revenue, Appalachian Power Co.
|
|
|
2.250
|
%
|
|
|
9/1/16
|
|
|
|
6,000,000
|
|
|
|
6,079,620
|
(a)(b)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Milwaukee County, WI, Airport Revenue
|
|
|
5.000
|
%
|
|
|
12/1/14
|
|
|
|
805,000
|
|
|
|
836,178
|
(a)
|
|
Wisconsin State Petroleum Inspection Fee Revenue
|
|
|
5.000
|
%
|
|
|
7/1/14
|
|
|
|
3,750,000
|
|
|
|
3,823,875
|
|
|
Wisconsin State Transportation Revenue
|
|
|
4.000
|
%
|
|
|
7/1/17
|
|
|
|
1,500,000
|
|
|
|
1,662,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,322,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $2,022,370,438)
|
|
|
|
|
|
|
|
|
|
|
|
2,047,895,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty County, FL, IDR, Georgia Pacific Corp. Project
|
|
|
0.300
|
%
|
|
|
10/1/28
|
|
|
|
400,000
|
|
|
|
400,000
|
(a)(g)(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire - 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire State Business Finance Authority, Lonza Biologies Inc. Project, LOC-Landesbank Hessen-Thuringen
|
|
|
0.290
|
%
|
|
|
11/1/20
|
|
|
|
12,700,000
|
|
|
|
12,700,000
|
(a)(g)(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York City, NY, GO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGM, SPA-Dexia Credit Local
|
|
|
0.300
|
%
|
|
|
11/1/26
|
|
|
|
250,000
|
|
|
|
250,000
|
(g)(h)
|
|
LIQ-Dexia Credit Local
|
|
|
0.310
|
%
|
|
|
4/1/35
|
|
|
|
12,100,000
|
|
|
|
12,100,000
|
(g)(h)
|
|
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second General Resolution, SPA-Dexia Credit Local
|
|
|
0.300
|
%
|
|
|
6/15/32
|
|
|
|
17,200,000
|
|
|
|
17,200,000
|
(g)(h)
|
|
SPA-Dexia Credit Local
|
|
|
0.300
|
%
|
|
|
6/15/32
|
|
|
|
1,375,000
|
|
|
|
1,375,000
|
(g)(h)
|
|
SPA-Dexia Credit Local
|
|
|
0.310
|
%
|
|
|
6/15/33
|
|
|
|
12,385,000
|
|
|
|
12,385,000
|
(g)(h)
|
|
New York City, NY, TFA Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Tax Secured, SPA-Dexia Credit Local
|
|
|
0.300
|
%
|
|
|
8/1/22
|
|
|
|
8,650,000
|
|
|
|
8,650,000
|
(g)(h)
|
|
Future Tax Secured, SPA-Dexia Credit Local
|
|
|
0.300
|
%
|
|
|
8/1/23
|
|
|
|
1,900,000
|
|
|
|
1,900,000
|
(g)(h)
|
|
New York City Recovery Project Revenue, Subordinated, LIQ-Dexia Credit Local
|
|
|
0.300
|
%
|
|
|
11/1/22
|
|
|
|
1,000,000
|
|
|
|
1,000,000
|
(g)(h)
|
|
New York, NY, GO, Subordinated, LOC-Dexia Credit Local
|
|
|
0.300
|
%
|
|
|
3/1/34
|
|
|
|
800,000
|
|
|
|
800,000
|
(g)(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,660,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercer County, PA, GO
|
|
|
0.270
|
%
|
|
|
10/1/31
|
|
|
|
800,000
|
|
|
|
800,000
|
(g)(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost - $69,560,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,560,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
14
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VALUE
|
|
|
TOTAL INVESTMENTS - 99.5%
(Cost - $2,091,930,438#)
|
|
|
|
|
|
|
|
$
|
2,117,455,255
|
|
|
Other Assets in Excess of Liabilities - 0.5%
|
|
|
|
|
|
|
|
|
10,896,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
|
|
|
$
|
2,128,351,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
|
|
(b)
|
Variable rate security. Interest rate disclosed is as of the most recent information available.
|
|
(c)
|
Maturity date shown represents the mandatory tender date.
|
|
(d)
|
Bonds are escrowed to maturity by government securities and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if issuer
has not applied for new ratings.
|
|
(e)
|
Pre-Refunded bonds are escrowed with U.S. government obligations and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if
issuer has not applied for new ratings.
|
|
(f)
|
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, unless otherwise noted.
|
|
(g)
|
Variable rate demand obligations 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.
|
|
(h)
|
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
|
|
#
|
Aggregate cost for federal income tax purposes is substantially the same.
|
|
|
|
|
|
Abbreviations used in this schedule:
|
|
|
|
|
ABAG
|
|
— Association of Bay Area Governments
|
|
AGM
|
|
— Assured Guaranty Municipal Corporation - Insured Bonds
|
|
AICUP
|
|
— Association of Independent Colleges and Universities of Pennsylvania
|
|
BAN
|
|
— Bond Anticipation Notes
|
|
CDA
|
|
— Communities Development Authority
|
|
COP
|
|
— Certificates of Participation
|
|
CSD
|
|
— Central School District
|
|
DFA
|
|
— Development Finance Agency
|
|
EDA
|
|
— Economic Development Authority
|
|
EDR
|
|
— Economic Development Revenue
|
|
EFA
|
|
— Educational Facilities Authority
|
|
FHA
|
|
— Federal Housing Administration
|
|
GO
|
|
— General Obligation
|
|
HDC
|
|
— Housing Development Corporation
|
|
HEFA
|
|
— Health & Educational Facilities Authority
|
|
IDA
|
|
— Industrial Development Authority
|
|
IDB
|
|
— Industrial Development Board
|
|
IDR
|
|
— Industrial Development Revenue
|
|
ISD
|
|
— Independent School District
|
|
LIQ
|
|
— Liquidity Facility
|
|
LOC
|
|
— Letter of Credit
|
|
NATL
|
|
— National Public Finance Guarantee Corporation - Insured Bonds
|
|
PCR
|
|
— Pollution Control Revenue
|
|
PFA
|
|
— Public Facilities Authority
|
|
PSFG
|
|
— Permanent School Fund Guaranty
|
|
SPA
|
|
— Standby Bond Purchase Agreement - Insured Bonds
|
|
TAN
|
|
— Tax Anticipation Notes
|
|
TFA
|
|
— Transitional Finance Authority
|
|
USD
|
|
— Unified School District
|
See
Notes to Schedule of Investments.
15
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND
|
|
|
|
|
Schedule of investments (unaudited) (cont’d)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
Summary of Investments by Industry*
|
|
|
|
|
|
Transportation
|
|
|
19.6
|
%
|
|
Industrial Revenue
|
|
|
18.3
|
|
|
State General Obligation
|
|
|
11.1
|
|
|
Health Care
|
|
|
8.4
|
|
|
Special Tax Obligation
|
|
|
7.7
|
|
|
Local General Obligation
|
|
|
6.5
|
|
|
Leasing
|
|
|
6.1
|
|
|
Education
|
|
|
6.0
|
|
|
Power
|
|
|
5.9
|
|
|
Water & Sewer
|
|
|
3.2
|
|
|
Solid Waste/Resource Recovery
|
|
|
1.7
|
|
|
Pre-Refunded/Escrowed to Maturity
|
|
|
1.0
|
|
|
Housing
|
|
|
0.7
|
|
|
Other
|
|
|
0.5
|
|
|
Short-Term Investments
|
|
|
3.3
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
*
|
As a percentage of total investments. Please note that Fund holdings are as of January 31, 2014 and are subject to change.
|
|
|
|
|
|
|
|
Ratings Table†
|
|
|
|
|
|
Standard & Poor’s/Moody’s/Fitch‡
|
|
|
|
|
|
AAA/Aaa
|
|
|
6.0
|
%
|
|
AA/Aa
|
|
|
31.7
|
|
|
A
|
|
|
45.5
|
|
|
BBB/Baa
|
|
|
9.4
|
|
|
BB/Ba
|
|
|
2.9
|
|
|
B/B
|
|
|
0.3
|
|
|
A-1/VMIG 1
|
|
|
3.3
|
|
|
NR
|
|
|
0.9
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
†
|
As a percentage of total investments.
|
|
‡
|
The ratings shown are based on each portfolio security’s rating as determined by Standard & Poor’s, Moody’s or Fitch, each a Nationally
Recognized Statistical Rating Organization (“NRSRO”). These ratings are the opinions of the NRSRO and are not measures of quality or guarantees of performance. Securities may be rated by other NRSROs, and these ratings may be higher or
lower. In the event that a security is rated by multiple NRSROs and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from a NRSRO.
|
See
Notes to Schedule of Investments.
16
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Short Duration Municipal Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland
statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(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 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. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. 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 of Trustees is responsible for the valuation process and
has delegated the supervision of the daily valuation process to the Legg Mason North American Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is
responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by
the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible
methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or
fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the
issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions;
information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable
companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued
pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation
occurrences are reported to the Board of Trustees quarterly.
The Fund uses valuation techniques to measure fair value that are consistent
with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable
securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a
disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
|
|
•
|
|
Level 1 – quoted prices in active markets for identical investments
|
17
Notes to Schedule of Investments (unaudited) (continued)
|
|
•
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DESCRIPTION
|
|
QUOTED PRICES
(LEVEL 1)
|
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
|
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
|
|
|
TOTAL
|
|
|
Municipal bonds†
|
|
|
—
|
|
|
$
|
2,047,895,255
|
|
|
|
—
|
|
|
$
|
2,047,895,255
|
|
|
Short-term investments†
|
|
|
—
|
|
|
|
69,560,000
|
|
|
|
—
|
|
|
|
69,560,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
|
—
|
|
|
$
|
2,117,455,255
|
|
|
|
—
|
|
|
$
|
2,117,455,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
(b) Securities traded on a when-issued basis.
The Fund may trade securities on a when-issued basis. In a when-issued transaction, 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) Security transactions.
Security transactions are accounted for on a trade date basis.
2. Investments
At
January 31, 2014, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
31,740,551
|
|
|
Gross unrealized depreciation
|
|
|
(6,215,734
|
)
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
25,524,817
|
|
|
|
|
|
|
|
3. Derivative instruments and hedging activities
GAAP requires enhanced disclosure about an entity’s derivative and hedging activities.
During the period ended January 31, 2014, the Fund did not invest in any derivative instruments.
18
|
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
|
|
(a)
|
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on
their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
|
|
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
|
Certifications
pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Legg Mason Partners Income Trust
|
|
|
|
|
By
|
|
/s/ K
ENNETH
D.
F
ULLER
|
|
|
|
Kenneth D. Fuller
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date:
|
|
March 24, 2014
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report
has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
By
|
|
/s/ K
ENNETH
D.
F
ULLER
|
|
|
|
Kenneth D. Fuller
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date:
|
|
March 24, 2014
|
|
|
|
|
By
|
|
/s/ R
ICHARD
F.
S
ENNETT
|
|
|
|
Richard F. Sennett
|
|
|
|
Principal Financial Officer
|
|
|
|
|
Date:
|
|
March 24, 2014
|
Spirits Time (PK) (USOTC:SRSG)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Spirits Time (PK) (USOTC:SRSG)
Gráfica de Acción Histórica
De May 2023 a May 2024
