Schedule of Investments (unaudited)
May 31, 2025
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 96.1%
Education — 7.7%
California State Enterprise Development Authority Revenue:
Provident Group SDSU Properties LLC, M@College Project, Series A
5.000%
8/1/45
 $500,000
 $501,214
 
Provident Group SDSU Properties LLC, M@College Project, Series A
5.000%
8/1/55
600,000
585,050
 
California State Infrastructure & Economic Development Bank Revenue, UCSF
2130 Third Street
5.000%
5/15/42
2,000,000
2,041,031
 
California State MFA Revenue, CHF-Davis II, LLC, Orchard Park Student Housing
Project, Green Bonds, Series 2021, BAM
4.000%
5/15/46
2,000,000
1,847,299
 
California State School Finance Authority Revenue:
Classical Academies Oceanside Project, Series A, Refunding
5.000%
10/1/42
1,000,000
975,871
 (a)
Classical Academies Oceanside Project, Series A, Refunding
5.000%
10/1/52
2,000,000
1,862,323
 (a)
KIPP LA Project, Series A
5.000%
7/1/45
1,650,000
1,590,256
 (a)
KIPP LA Project, Series A
5.000%
7/1/47
1,750,000
1,674,090
 (a)
KIPP LA Project, Series A
4.000%
7/1/50
1,135,000
922,068
 (a)
California State University Revenue, Systemwide, Series C
4.000%
11/1/45
2,000,000
1,801,434
 
California Statewide CDA Revenue:
College Housing, NCCD Hooper Street LLC
5.250%
7/1/39
1,300,000
1,298,298
 (a)
College Housing, NCCD Hooper Street LLC
5.250%
7/1/49
1,000,000
955,590
 (a)
Total Education
16,054,524
Health Care — 6.5%
California State Health Facilities Financing Authority Revenue:
CommonSpirit Health, Series A, Refunding
4.000%
4/1/44
2,000,000
1,817,056
 
Lucile Salter Packard Children’s Hospital at Stanford
5.000%
11/15/49
2,500,000
2,418,891
 
California State MFA Revenue:
Goodwill Industries of Sacramento Valley & Northern Nevada, Series A,
Refunding
6.625%
1/1/32
1,000,000
971,984
 (a)
Goodwill Industries of Sacramento Valley & Northern Nevada, Series A,
Refunding
6.875%
1/1/42
1,500,000
1,398,636
 (a)
Humangood Obligated Group, Series A, Refunding
4.000%
10/1/39
750,000
704,085
 
Humangood Obligated Group, Series A, Refunding
4.000%
10/1/44
1,000,000
873,531
 
California State Public Finance Authority Revenue, Green Bonds, ENSO Village
Project, Series A
5.000%
11/15/46
500,000
453,709
 
California Statewide CDA Revenue:
Front Porch Communities & Services, Refunding
5.000%
4/1/47
1,300,000
1,270,124
 
John Muir Health, Series A, Refunding
5.000%
12/1/49
3,750,000
3,778,875
 
Total Health Care
13,686,891
Housing — 3.1%
California State MFA Revenue, Caritas Project, Social Bonds, Series A, Refunding
5.000%
8/15/54
1,800,000
1,788,336
 
California Statewide CDA Revenue:
CHF Irvine LLC, Refunding
5.000%
5/15/34
1,000,000
1,007,315
 
CHF Irvine LLC, Refunding
5.000%
5/15/35
1,000,000
1,006,439
 
CHF Irvine LLC, Refunding
5.000%
5/15/40
2,750,000
2,751,289
 
Total Housing
6,553,379
Industrial Revenue — 30.0%
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series A
5.000%
5/1/35
3,900,000
3,981,354
 (b)(c)
See Notes to Schedule of Investments.
1
Western Asset California Municipals Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
May 31, 2025
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Industrial Revenue — continued
Clean Energy Project, Green Bonds, Series A-1
4.000%
8/1/28
 $3,750,000
 $3,755,323
 (b)(c)
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
2,200,000
2,263,220
 (b)(c)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
2,900,000
3,015,665
 (b)(c)
Clean Energy Project, Green Bonds, Series B-1
4.000%
8/1/31
6,515,000
6,441,563
 (b)(c)
Clean Energy Project, Green Bonds, Series E-1
5.000%
3/1/31
1,500,000
1,569,069
 (b)(c)
California State Infrastructure & Economic Development Bank Revenue, Los
Angeles County Museum of Natural History Foundation, Refunding
4.000%
7/1/50
4,000,000
3,503,304
 
California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles
International Airport Project
4.000%
7/15/29
1,000,000
974,017
 (d)
California State PCFA Water Furnishing Revenue, Poseidon Resources
Desalination Project
5.000%
11/21/45
10,500,000
9,944,659
 (a)(d)
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Revenue,
Senior Asset-Backed Bonds, Series A-1, Refunding
5.000%
6/1/51
2,900,000
2,838,050
 
Long Beach, CA, Bond Finance Authority Revenue:
Natural Gas Purchase, Series A
5.000%
11/15/29
2,500,000
2,609,131
 
Natural Gas Purchase, Series A
5.500%
11/15/37
5,000,000
5,492,304
 
Northern California Energy Authority, Commodity Supply Revenue, Refunding
5.000%
8/1/30
7,350,000
7,681,738
 (b)(c)
San Francisco, CA, City & County Airport Commission, International Airport
Revenue, SFO Fuel Company LLC, Series A, Refunding
5.000%
1/1/36
1,000,000
1,020,340
 (d)
Southern California Public Power Authority, Natural Gas Revenue, Project No 1,
Series A
5.000%
11/1/33
4,805,000
5,038,195
 
Tobacco Securitization Authority of Southern California Revenue, Asset Backed
Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 2,
Series B
5.000%
6/1/48
2,880,000
2,740,221
 
Total Industrial Revenue
62,868,153
Leasing — 4.0%
California State Public Works Board, Lease Revenue, Various Capital Projects,
Series B
4.000%
3/1/45
1,000,000
920,401
 
San Mateo County, CA, Joint Powers Financing Authority, Lease Revenue:
Capital Project, Series A
5.000%
7/15/38
2,005,000
2,071,762
 
Capital Project, Series A
5.000%
7/15/43
2,000,000
2,031,405
 
Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AG
5.000%
6/1/45
2,000,000
2,039,525
 
South San Francisco, CA, Public Facilities Financing Authority, Lease Revenue,
Multiple Capital Projects, Series A
5.250%
6/1/46
1,250,000
1,307,464
 
Total Leasing
8,370,557
Local General Obligation — 3.3%
Folsom Cordova, CA, USD:
School Facilities Improvement District No 4, GO, Series A, Refunding
5.000%
10/1/38
1,410,000
1,554,911
 (e)
School Facilities Improvement District No 5, GO, Series B, Refunding
5.000%
10/1/39
2,630,000
2,878,537
 (e)
Gilroy, CA, USD, GO, Series 2021
4.000%
8/1/44
1,000,000
923,571
 
Local Public Schools Funding Authority, CA, School Improvement District
No 2016-1, GO, Series A, BAM
5.000%
8/1/46
1,600,000
1,616,460
 
Total Local General Obligation
6,973,479
Other — 1.9%
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
4,000,000
3,898,954
 (d)
Power — 5.7%
Los Angeles, CA, Department of Water & Power, Power System Revenue, Series C
5.000%
7/1/42
5,000,000
5,004,433
 
See Notes to Schedule of Investments.
2
Western Asset California Municipals Fund 2025 Quarterly Report
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Power — continued
Puerto Rico Electric Power Authority Revenue:
Series A
5.000%
7/1/42
 $1,050,000
 $511,875
 *(f)
Series A
5.050%
7/1/42
170,000
82,875
 *(f)
Series XX
5.250%
7/1/40
1,750,000
853,125
 *(f)
Series ZZ, Refunding
—
7/1/18
400,000
194,000
 *(g)
Sacramento Municipal Utility District, CA, Electric Revenue, Green Bonds, Series
M, Refunding
5.000%
11/15/54
5,000,000
5,189,114
 
Total Power
11,835,422
Special Tax Obligation — 4.3%
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
460,000
423,382
 
CAB, Restructured, Series A-1
0.000%
7/1/46
2,860,000
918,158
 
Restructured, Series A-1
4.550%
7/1/40
110,000
104,943
 
Restructured, Series A-1
4.750%
7/1/53
1,030,000
943,269
 
Restructured, Series A-1
5.000%
7/1/58
420,000
394,613
 
Restructured, Series A-2
4.329%
7/1/40
1,190,000
1,111,240
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1
5.750%
9/1/52
600,000
613,892
 
Community Facilities District No 2003-1, Series A-1, Refunding, AG
5.250%
9/1/52
750,000
766,176
 
Community Facilities District No 2023-1
4.500%
9/1/44
650,000
600,974
 
Community Facilities District No 2023-1
5.000%
9/1/48
1,650,000
1,594,609
 
Community Facilities District No 2023-1
5.625%
9/1/53
1,600,000
1,634,193
 
Total Special Tax Obligation
9,105,449
State General Obligation — 0.9%
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
26,607
18,035
 
Restructured, Series A-1
5.375%
7/1/25
11,497
11,505
 
Restructured, Series A-1
5.625%
7/1/27
22,818
23,423
 
Restructured, Series A-1
5.625%
7/1/29
22,448
23,531
 
Restructured, Series A-1
5.750%
7/1/31
21,803
23,343
 
Restructured, Series A-1
4.000%
7/1/33
20,675
19,892
 
Restructured, Series A-1
4.000%
7/1/35
408,584
385,970
 
Restructured, Series A-1
4.000%
7/1/37
1,225,000
1,132,261
 
Restructured, Series A-1
4.000%
7/1/41
196,686
168,642
 
Restructured, Series A-1
4.000%
7/1/46
22,553
18,549
 
Subseries CW
0.000%
11/1/43
85,317
51,297
 (c)
Total State General Obligation
1,876,448
Transportation — 19.6%
Alameda, CA, Corridor Transportation Authority Revenue:
Convertible CAB, Series C, AG
5.000%
10/1/52
2,750,000
2,806,878
 
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
6,500,000
6,584,297
 
Foothill-Eastern Transportation Corridor Agency, CA, Toll Road Revenue, Senior
Lien, Series A
4.000%
1/15/46
1,000,000
940,933
 
Los Angeles, CA, Department of Airports Revenue:
Los Angeles International Airport, Subordinated, Series C
5.000%
5/15/44
4,000,000
3,961,142
 (d)
Los Angeles International Airport, Subordinated, Series F, Refunding
5.000%
5/15/34
3,300,000
3,407,745
 (d)
See Notes to Schedule of Investments.
3
Western Asset California Municipals Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
May 31, 2025
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Transportation — continued
Los Angeles, CA, Harbor Department Revenue:
Series A-1, Refunding
5.000%
8/1/34
 $2,000,000
 $2,187,755
 (d)
Series A-1, Refunding
5.000%
8/1/35
2,000,000
2,172,329
 (d)
San Diego County, CA, Regional Airport Authority Revenue, Series B
5.000%
7/1/46
5,250,000
5,215,975
 (d)
San Francisco, CA, City & County Airport Commission, International Airport
Revenue:
Series A, Refunding
5.000%
5/1/36
2,900,000
3,010,215
 (d)
Series D, Unrefunded
5.000%
5/1/48
3,000,000
2,939,297
 (d)
Series E, Refunding
5.000%
5/1/35
4,750,000
4,893,206
 (d)
Stockton, CA, Public Financing Authority Revenue, Refunding
5.000%
3/1/47
3,250,000
3,003,812
 
Total Transportation
41,123,584
Water & Sewer — 9.1%
California State Infrastructure & Economic Development Bank Revenue, Green
Bonds, Clean Water State Revolving Fund, Series B
5.000%
10/1/48
4,000,000
4,074,082
 
Fillmore, CA, Wastewater Revenue, Refunding, AG
5.000%
5/1/47
4,500,000
4,543,515
 
Mountain House Public Financing Authority, CA, Utility Systems Revenue, Green
Bonds, Series A, BAM
4.000%
12/1/45
3,000,000
2,797,887
 
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien,
Series A, Refunding
5.000%
7/1/47
1,150,000
1,091,239
 (a)
San Francisco, CA, City & County Public Utilities Commission Revenue, Green
Bonds, Series C, Refunding
4.000%
11/1/41
1,500,000
1,445,371
 
Southern California Water Replenishment District Financing Authority,
Replenishment Revenue:
Series 2018
5.000%
8/1/43
3,000,000
3,063,685
 
Series 2018
5.000%
8/1/48
2,000,000
2,028,408
 
Total Water & Sewer
19,044,187
 
Total Municipal Bonds (Cost — $207,883,355)
201,391,027
Municipal Bonds Deposited in Tender Option Bond Trust(h) — 7.1%
Leasing — 7.1%
Los Angeles County, CA, Public Works Financing Authority, Lease Revenue, Series
H (Cost — $15,925,349)
5.000%
12/1/49
14,500,000
14,936,272
 
 
Total Investments before Short-Term Investments (Cost — $223,808,704)
216,327,299
Short-Term Investments — 2.5%
Municipal Bonds — 2.5%
Education — 0.1%
California State, GO, Series C-1, LOC - TD Bank N.A.
0.750%
5/1/33
160,000
160,000
 (i)(j)
Health Care — 1.9%
Regents of the University of California Medical Center Pooled Revenue, Series
O-2, Refunding
2.450%
5/15/45
4,000,000
4,000,000
 (i)(j)
Transportation — 0.5%
San Francisco Bay Area, CA, Toll Authority Bridge Revenue, Series H, LOC - Bank
of America N.A.
2.550%
4/1/59
400,000
400,000
 (i)(j)
San Francisco, CA, City & County Airport Commission of International Airport
Revenue, Second Series B, LOC - Barclays Bank PLC
1.000%
5/1/58
700,000
700,000
 (i)(j)
See Notes to Schedule of Investments.
4
Western Asset California Municipals Fund 2025 Quarterly Report
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Transportation — continued
Total Transportation
1,100,000
 
Total Short-Term Investments (Cost — $5,260,000)
5,260,000
Total Investments — 105.7% (Cost — $229,068,704)
221,587,299
TOB Floating Rate Notes — (4.6)%
(9,665,000
)
Other Liabilities in Excess of Other Assets — (1.1)%
(2,213,485
)
Total Net Assets — 100.0%
$209,708,814
 
*
Non-income producing security.
(a)
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.
(b)
Maturity date shown represents the mandatory tender date.
(c)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(d)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(e)
Securities traded on a when-issued or delayed delivery basis.
(f)
The coupon payment on this security is currently in default as of May 31, 2025.
(g)
The maturity principal is currently in default as of May 31, 2025.
(h)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust..
(i)
Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no
more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the
remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official
documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The
SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s
Short-term Obligation Rate Transparency System.
(j)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — Insured Bonds
BAM
—
Build America Mutual — Insured Bonds
CAB
—
Capital Appreciation Bonds
CDA
—
Communities Development Authority
COP
—
Certificates of Participation
GO
—
General Obligation
LOC
—
Letter of Credit
MFA
—
Municipal Finance Authority
PCFA
—
Pollution Control Financing Authority
USD
—
Unified School District
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
5
Western Asset California Municipals Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset California Municipals Fund (the “Fund”) is a separate non-diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).  
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
6
Western Asset California Municipals Fund 2025 Quarterly Report
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Municipal Bonds
—
 $201,391,027
—
 $201,391,027
Municipal Bonds Deposited in Tender Option Bond Trust
—
14,936,272
—
14,936,272
Total Long-Term Investments
—
216,327,299
—
216,327,299
Short-Term Investments†
—
5,260,000
—
5,260,000
Total Investments
—
$221,587,299
—
$221,587,299
 
†
See Schedule of Investments for additional detailed categorizations.
7
Western Asset California Municipals Fund 2025 Quarterly Report