Schedule of Investments (unaudited)
February 28, 2026
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 Western Asset Massachusetts Municipals Fund

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 96.3%
Education — 30.7%
Massachusetts State DFA Revenue:
Babson College, Refunding
4.000%
10/1/41
 $875,000
 $894,282
 
Babson College, Refunding
4.000%
10/1/44
700,000
697,680
 
Brandeis University, Series S, Refunding
5.000%
10/1/40
1,330,000
1,405,207
 
Foxborough Regional Charter School, Series B, Refunding
5.000%
7/1/37
600,000
606,552
 
Northeastern University Issue, Refunding
5.000%
10/1/44
1,250,000
1,349,622
 
Senior National Charter School Revolving Loan Fund, Social Bonds, Series C
4.000%
11/1/46
1,000,000
940,623
 
Smith College Issue, Refunding
4.000%
7/1/45
1,000,000
997,287
 
UMass Boston Student Housing
5.000%
10/1/31
600,000
604,305
 
Worcester Polytechnic Institute
4.000%
9/1/44
2,000,000
1,855,617
 
Total Education
9,351,175
Health Care — 27.5%
Massachusetts State DFA Revenue:
Beth Israel Lahey Health Inc., Series K, Refunding
5.000%
7/1/38
1,000,000
1,055,163
 
Mass General Brigham Issue, Series A-1
5.000%
1/31/30
2,000,000
2,181,688
 (a)(b)
Orchard Cove Obligation, Refunding
5.000%
10/1/39
250,000
257,429
 
Orchard Cove Obligation, Refunding
5.000%
10/1/49
700,000
701,537
 
Southcoast Health System, Series G, Refunding
4.000%
7/1/46
1,000,000
874,186
 
Southcoast Health System, Series G, Refunding
5.000%
7/1/50
1,500,000
1,504,374
 
Umass Memorial Health Care Inc., Series N-1, Refunding
5.250%
7/1/50
1,750,000
1,807,799
 
Total Health Care
8,382,176
Industrial Revenue — 4.9%
Massachusetts State DFA Revenue, Seven Hills Foundation and Affiliates Issue,
Refunding
4.000%
9/1/39
500,000
505,392
 
Massachusetts State DFA, Solid Waste Disposal Revenue, Waste Management Inc.
Project
1.250%
5/1/27
1,000,000
972,550
 (c)(d)
Total Industrial Revenue
1,477,942
Local General Obligation — 4.5%
Plymouth, MA, GO, Refunding
3.500%
5/1/44
1,500,000
1,374,622
 
Power — 3.0%
Massachusetts State Municipal Wholesale Electric Co. Revenue Bonds,
Project 2015A Issue, Series A
4.000%
7/1/51
1,000,000
923,379
 
Pre-Refunded/Escrowed to Maturity — 4.0%
Massachusetts State Special Obligation Dedicated Tax Revenue, Refunding, NATL
5.500%
1/1/34
1,025,000
1,214,104
 (e)
Special Tax Obligation — 11.8%
Massachusetts State Bay Transportation Authority, Senior Sales Tax Revenue,
Sustainability Bonds, Series B
5.250%
7/1/54
1,000,000
1,069,129
 
Massachusetts State DFA Revenue, Broad Institute Inc., Refunding
5.000%
4/1/37
1,500,000
1,542,538
 
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
71,000
68,182
 
CAB, Restructured, Series A-1
0.000%
7/1/46
720,000
258,992
 
Restructured, Series A-1
4.550%
7/1/40
30,000
30,201
 
Restructured, Series A-1
4.750%
7/1/53
260,000
253,532
 
Restructured, Series A-1
5.000%
7/1/58
90,000
88,337
 
See Notes to Schedule of Investments.
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Western Asset Massachusetts Municipals Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Massachusetts Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Special Tax Obligation — continued
Restructured, Series A-2
4.329%
7/1/40
 $290,000
 $290,600
 
Total Special Tax Obligation
3,601,511
State General Obligation — 1.4%
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
7,256
5,373
 
Restructured, Series A-1
5.625%
7/1/27
6,223
6,369
 
Restructured, Series A-1
5.625%
7/1/29
6,122
6,542
 
Restructured, Series A-1
5.750%
7/1/31
5,946
6,607
 
Restructured, Series A-1
4.000%
7/1/33
5,638
5,774
 
Restructured, Series A-1
4.000%
7/1/35
115,068
117,043
 
Restructured, Series A-1
4.000%
7/1/37
225,000
225,465
 
Restructured, Series A-1
4.000%
7/1/41
35,914
34,857
 
Restructured, Series A-1
4.000%
7/1/46
6,151
5,554
 
Subseries CW
0.000%
11/1/43
21,663
14,812
 (b)
Total State General Obligation
428,396
Transportation — 7.7%
Massachusetts State Port Authority Revenue, Series E
5.000%
7/1/46
1,250,000
1,289,910
 (d)
Massachusetts State Transportation Fund Revenue, Rail Enhancement Program,
Series A
5.000%
6/1/55
1,000,000
1,052,241
 
Total Transportation
2,342,151
Water & Sewer — 0.8%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien,
Series A, Refunding
5.000%
7/1/47
250,000
250,561
 (c)
 
Total Investments before Short-Term Investments (Cost — $30,454,172)
29,346,017
Short-Term Investments — 2.6%
Municipal Bonds — 2.6%
Education — 2.3%
Massachusetts State DFA Revenue, Boston University, Series U-6C, Refunding, LOC -
TD Bank N.A.
1.800%
10/1/42
700,000
700,000
 (f)(g)
Health Care — 0.3%
Massachusetts State DFA Revenue, Children Hospital Issue, Series U-1, Refunding,
LOC - TD Bank N.A.
0.950%
3/1/48
100,000
100,000
 (f)(g)
 
Total Short-Term Investments (Cost — $800,000)
800,000
Total Investments — 98.9% (Cost — $31,254,172)
30,146,017
Other Assets in Excess of Liabilities — 1.1%
332,131
Total Net Assets — 100.0%
$30,478,148
 
See Notes to Schedule of Investments.
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Western Asset Massachusetts Municipals Fund 2026 Quarterly Report
 Western Asset Massachusetts Municipals Fund
(a)
Maturity date shown represents the mandatory tender date.
(b)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(c)
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.
(d)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(e)
Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.
(f)
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.
(g)
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:
CAB
—
Capital Appreciation Bonds
DFA
—
Development Finance Agency
GO
—
General Obligation
LOC
—
Letter of Credit
NATL
—
National Public Finance Guarantee Corporation — Insured Bonds
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.
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Western Asset Massachusetts Municipals Fund 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Massachusetts 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. 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.
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Western Asset Massachusetts Municipals Fund 2026 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
Municipal Bonds†
—
 $29,346,017
—
 $29,346,017
Short-Term Investments†
—
800,000
—
800,000
Total Investments
—
$30,146,017
—
$30,146,017
 
†
See Schedule of Investments for additional detailed categorizations.
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Western Asset Massachusetts Municipals Fund 2026 Quarterly Report