Western Asset Short Duration Municipal Income Fund
Data updated: 2026-07-22
C000152114 — Western Asset Short Duration Municipal Income Fund. Intermediate Municipal - National Bond. Holdings, fees, performance and SEC filings.
C000152114 Fund Overview
Western Asset Short Duration Municipal Income Fund is a US mutual fund managed by Legg Mason Partners Income Trust, categorised as Intermediate Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Legg Mason Partners Income Trust
- Category: Intermediate Municipal - National Bond
- Assets under management: $274.92M
- 1-year return: 3.1%
- SEC CIK: 0000764624
- SEC series ID: S000016249
- Share class ID: C000152114
C000152114 Investment Objective and Strategy
Western Asset Short Duration Municipal Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Legg Mason Partners Income Trust.
Investment objective
The fund seeks to generate high current income exempt from regular federal income tax while preserving capital.
Principal investment strategy
Under normal circumstances, the fund invests at least 80% of its assets in municipal securities and in participation or other interests in municipal securities issued by banks, insurance companies or other financial institutions. Municipal securities are securities and other investments with similar economic characteristics the interest on which is exempt from regular federal income tax. The funds 80% policy may not be changed without a shareholder vote. Interest on municipal securities may be subject to the federal alternative minimum tax. Municipal securities include debt obligations issued by or on behalf of the states, territories and possessions of the United States, and the District of Columbia, and their political subdivisions, agencies and public authorities, and other qualifying issuers.
These securities include participation or other interests in municipal securities issued or backed by banks, insurance companies and other financial institutions. Some municipal securities, such as general obligation issues, are backed by the issuers taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself. Although the fund seeks to minimize risk by investing in municipal securities from a number of different states and localities, the fund may, from time to time, invest over 25% of its assets in municipal securities from one state or region. The fund attempts to minimize the volatility in its net asset value per share, although there can be no assurance that this will be the case.
The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated or deemed to be unrated by the subadviser, determined to be of comparable credit quality by the subadviser), but may invest up to 20% of its assets in below investment grade bonds (commonly known as high yield or junk bonds). Although the fund may invest in securities of any maturity, the fund normally expects to maintain a dollar-weighted average effective duration, as estimated by the subadviser, of three years or less. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer). The fund may also invest in securities of other open-end or closed-end investment companies, including exchange-traded funds (ETFs), that invest primarily in municipal securities.
Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options, futures contracts and inverse floating rate instruments issued in tender option bond transactions and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The fund may use one or more types of these instruments without limit, subject to applicable regulatory requirements. The funds investments in derivative instruments and other investments that provide exposure to the investment focus indicated in the funds 80% policy are included in the funds 80% basket. For additional information regarding derivatives, see More on the funds investment strategies, investments and risksDerivatives in the Prospectus.
The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes. The fund may leverage its assets by investing proceeds received through tender option bond transactions, which is considered a form of borrowing. See More on the funds investment strategies, investments and risksTender option bonds in the Prospectus.
C000152114 Holdings
Top 10 holdings of Western Asset Short Duration Municipal Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Indianapolis Local Public Improvement Bond Bank (in) | 2.68% |
| Connecticut (ct), State Of | 2.64% |
| Denver (co), City And County Of | 2.47% |
| Triborough Brdg & Tunl Auth N Y | 2.41% |
| New Jersey Transportation Trust Fund Authority (nj) | 2.02% |
| Long Is Pwr Auth N Y | 1.89% |
| San Francisco City And County Airport Commission (ca) | 1.89% |
| New Jersey Economic Development Authority (nj) | 1.86% |
| Marathon Oil Corp. | 1.80% |
| Los Angeles City Department Of Airports (ca) | 1.77% |
C000152114 Portfolio Allocation
Asset-class allocation of Western Asset Short Duration Municipal Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.4% |
C000152114 Performance
Total returns for C000152114 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.1% |
C000152114 Risk Information
Risk metrics for C000152114, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.6%
C000152114 Costs and Fees
C000152114 costs about $64 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.64%
- Gross expense ratio: 0.64%
- Portfolio turnover: 25%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000152114 Cashflows
Over the 12 months to 2026-05, Western Asset Short Duration Municipal Income Fund had net outflows of $41.77M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | −$10.48M |
| 2026-04 | −$474.26K |
| 2026-03 | −$2.20M |
| 2026-02 | −$3.07M |
| 2026-01 | −$2.24M |
| 2025-12 | −$3.21M |
C000152114 Debt Constituents
Largest debt holdings of Western Asset Short Duration Municipal Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Indianapolis Local Public Improvement Bond Bank (in) | 2.68% |
| Connecticut (ct), State Of | 2.64% |
| Denver (co), City And County Of | 2.47% |
| Triborough Brdg & Tunl Auth N Y | 2.41% |
| New Jersey Transportation Trust Fund Authority (nj) | 2.02% |
| Long Is Pwr Auth N Y | 1.89% |
| San Francisco City And County Airport Commission (ca) | 1.89% |
| New Jersey Economic Development Authority (nj) | 1.86% |
| Marathon Oil Corp. | 1.80% |
| Los Angeles City Department Of Airports (ca) | 1.77% |
C000152114 Prospectus and SEC Filings
Official Western Asset Short Duration Municipal Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-06-23
- Prospectus (485BPOS) — filed 2025-06-24
- Prospectus (485BPOS) — filed 2024-06-25
- Portfolio holdings (N-PORT) — filed 2026-07-22
- Portfolio holdings (N-PORT) — filed 2026-04-24
- Portfolio holdings (N-PORT) — filed 2026-01-26
- Annual census (N-CEN) — filed 2026-05-06
- Annual census (N-CEN) — filed 2025-05-07
Related Funds
Other Intermediate Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.