WESTERN ASSET MASSACHUSETTS MUNICIPALS FUND

Schedule of investments (unaudited) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MUNICIPAL BONDS - 89.7%
Education - 21.6%
Massachusetts State College Building Authority Revenue, Series A, Refunding		4.000	%		5/1/36	$	250,000	$	267,541
Massachusetts State DFA Revenue:
Babson College, Refunding		4.000	%		10/1/41		875,000		886,181
Babson College, Refunding		4.000	%		10/1/44		700,000		701,166
Brandeis University, Series S, Refunding		5.000	%		10/1/40		1,330,000		1,433,646
Brandeis University, Series S-1, Refunding		5.000	%		10/1/36		1,535,000		1,689,225
Foxborough Regional Charter School, Series B, Refunding		5.000	%		7/1/37		600,000		606,655
Northeastern University Issue, Refunding		5.000	%		10/1/44		1,250,000		1,399,100
Senior National Charter School Revolving Loan Fund, Social Bonds, Series C		4.000	%		11/1/46		1,000,000		975,222
UMass Boston Student Housing		5.000	%		10/1/31		600,000		615,855
Worcester Polytechnic Institute		4.000	%		9/1/44		2,000,000		1,966,654
Worcester Polytechnic Institute, Series B, Refunding		5.000	%		9/1/42		1,500,000		1,565,125
Total Education									12,106,370
Health Care - 21.9%
Massachusetts State DFA Revenue:
Beth Israel Lahey Health Inc., Series K, Refunding		5.000	%		7/1/38		1,000,000		1,065,364
Beth Israel Lahey Health Inc., Series M		5.000	%		7/1/32		750,000		866,962
Boston Medical Center, Sustainability Bonds, Series G, Refunding		5.250	%		7/1/52		500,000		539,726
Mass General Brigham Issue, Series A-1		5.000	%		1/31/30		2,000,000		2,242,453	(a)(b)
Milford Regional Medical Center, Series F, Refunding		5.625	%		7/15/36		500,000		499,957
Orchard Cove Obligation, Refunding		5.000	%		10/1/39		250,000		255,315
Orchard Cove Obligation, Refunding		5.000	%		10/1/49		700,000		700,256
Southcoast Health System, Series G, Refunding		5.000	%		7/1/37		1,000,000		1,079,095
Southcoast Health System, Series G, Refunding		4.000	%		7/1/46		1,000,000		936,711
Southcoast Health System, Series G, Refunding		5.000	%		7/1/50		1,500,000		1,560,813
UMass Memorial Health Care, Series I, Refunding		5.000	%		7/1/46		2,500,000		2,527,708
Total Health Care									12,274,360
Industrial Revenue - 2.5%
Massachusetts State DFA Revenue, Seven Hills Foundation and Affiliates Issue, Refunding		4.000	%		9/1/39		500,000		467,020
Massachusetts State DFA, Solid Waste Disposal Revenue, Waste Management Inc. Project		1.250	%		5/1/27		1,000,000		901,176	(c)(d)
Total Industrial Revenue									1,368,196

See Notes to Schedule of Investments.

Western Asset Massachusetts Municipals Fund 2024 Quarterly Report      1

WESTERN ASSET MASSACHUSETTS MUNICIPALS FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Power - 5.0%
Massachusetts State Municipal Wholesale Electric Co. Revenue Bonds:
Cotton Solar Project Issue, Green Bonds, Series A		5.000	%		7/1/44	$	600,000	$	656,136
Project 2015A Issue, Series A		4.000	%		7/1/51		1,955,000		1,916,806
Puerto Rico Electric Power Authority Revenue:
Series A		5.000	%		7/1/42		300,000		79,500	*(e)
Series A		5.050	%		7/1/42		30,000		7,950	*(e)
Series XX		5.250	%		7/1/40		320,000		84,800	*(e)
Series ZZ, Refunding		—			7/1/18		250,000		65,625	*(f)
Total Power									2,810,817
Special Tax Obligation - 8.8%
Massachusetts State DFA Revenue, Broad Institute Inc., Refunding		5.000	%		4/1/37		1,500,000		1,583,963
Massachusetts State Special Obligation Dedicated Tax Revenue, Refunding, NATL		5.500	%		1/1/34		2,025,000		2,361,558
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1		0.000	%		7/1/27		100,000		88,668
CAB, Restructured, Series A-1		0.000	%		7/1/46		720,000		234,408
Restructured, Series A-1		4.550	%		7/1/40		30,000		30,232
Restructured, Series A-1		4.750	%		7/1/53		260,000		260,149
Restructured, Series A-1		5.000	%		7/1/58		90,000		90,675
Restructured, Series A-2		4.329	%		7/1/40		290,000		288,674
Total Special Tax Obligation									4,938,327
State General Obligation - 6.5%
Massachusetts State, GO, Consolidated Loan, Series E		5.000	%		9/1/38		3,000,000		3,244,949
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1		0.000	%		7/1/24		914		902
CAB, Restructured, Series A-1		0.000	%		7/1/33		7,256		4,677
Restructured, Series A-1		5.375	%		7/1/25		6,280		6,376
Restructured, Series A-1		5.625	%		7/1/27		6,223		6,574
Restructured, Series A-1		5.625	%		7/1/29		6,122		6,640
Restructured, Series A-1		5.750	%		7/1/31		5,946		6,641
Restructured, Series A-1		4.000	%		7/1/33		5,638		5,539
Restructured, Series A-1		4.000	%		7/1/35		115,068		111,692
Restructured, Series A-1		4.000	%		7/1/37		225,000		214,893
Restructured, Series A-1		4.000	%		7/1/41		35,914		33,358

See Notes to Schedule of Investments.

    2  Western Asset Massachusetts Municipals Fund 2024 Quarterly Report

WESTERN ASSET MASSACHUSETTS MUNICIPALS FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
State General Obligation - (continued)
Restructured, Series A-1		4.000	%		7/1/46	$	6,151	$	5,559
Subseries CW		0.000	%		11/1/43		24,929		14,615	(b)
Total State General Obligation									3,662,415
Transportation - 20.5%
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series A, Refunding		5.000	%		1/1/35		2,500,000		2,741,207
Massachusetts State Port Authority Revenue:
Bosfuel Project, Series A, Refunding		5.000	%		7/1/49		3,000,000		3,090,368	(d)
Series E		5.000	%		7/1/46		3,340,000		3,515,446	(d)
Massachusetts State Transportation Fund Revenue:
Rail Enhancement & Accelerated Bridge Programs, Series A		5.000	%		6/1/48		1,000,000		1,047,557
Rail Enhancement & Accelerated Bridge Programs, Series A		5.000	%		6/1/49		1,000,000		1,057,038	(g)
Total Transportation									11,451,616
Water & Sewer - 2.9%
Massachusetts State Clean Water Trust, State Revolving Fund, Green Bonds, Series 25B		5.000	%		2/1/41		1,200,000		1,377,655
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A, Refunding		5.000	%		7/1/47		250,000		252,412	(c)
Total Water & Sewer									1,630,067
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $51,665,609)									50,242,168
SHORT-TERM INVESTMENTS - 9.4%
MUNICIPAL BONDS - 9.4%
Education - 7.5%
Massachusetts State DFA Revenue, Boston University, Series U-6C, Refunding, LOC - TD Bank N.A.		3.550	%		10/1/42		4,190,000		4,190,000	(h)(i)

See Notes to Schedule of Investments.

Western Asset Massachusetts Municipals Fund 2024 Quarterly Report      3

WESTERN ASSET MASSACHUSETTS MUNICIPALS FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care - 1.9%
Massachusetts State HEFA Revenue:
Baystate Medical Center, Series J-2, LOC - TD Bank N.A.		3.650	%		7/1/44	$	800,000	$	800,000	(h)(i)
Partners Healthcare System Inc., Series P-2, SPA - JPMorgan Chase & Co.		3.250	%		7/1/27		300,000		300,000	(h)(i)
Total Health Care									1,100,000
TOTAL SHORT-TERM INVESTMENTS (Cost - $5,290,000)									5,290,000
TOTAL INVESTMENTS - 99.1% (Cost - $56,955,609)									55,532,168
Other Assets in Excess of Liabilities - 0.9%									491,198
TOTAL NET ASSETS - 100.0%								$	56,023,366

* Non-income producing security.

(a) Maturity date shown represents the mandatory tender date.

(b) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(c) 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) The coupon payment on this security is currently in default as of February 29, 2024.

(f) The maturity principal is currently in default as of February 29, 2024.

(g) All or a portion of this security is held at the broker as collateral for open futures contracts.

(h) 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.

(i) Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

See Notes to Schedule of Investments.

    4  Western Asset Massachusetts Municipals Fund 2024 Quarterly Report

WESTERN ASSET MASSACHUSETTS MUNICIPALS FUND

Schedule of investments (unaudited) (cont’d) February 29, 2024

Abbreviation(s) used in this schedule:

CAB	— Capital Appreciation Bonds
DFA	— Development Finance Agency
GO	— General Obligation
HEFA	— Health & Educational Facilities Authority
LOC	— Letter of Credit
NATL	— National Public Finance Guarantee Corporation - Insured Bonds
SPA	— Standby Bond Purchase Agreement - Insured Bonds

At February 29, 2024, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
U.S. Treasury Ultra Long-Term Bonds		12		6/24	$	1,515,967	$	1,534,500	$	18,533

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.

Western Asset Massachusetts Municipals Fund 2024 Quarterly Report      5

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. 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.

Pursuant to policies adopted by the Board of Trustees, 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 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.

    6  Western Asset Massachusetts Municipals Fund 2024 Quarterly Report

Notes to Schedule of Investments (unaudited) (continued)

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 – 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.

Western Asset Massachusetts Municipals Fund 2024 Quarterly Report      7

Notes to Schedule of Investments (unaudited) (continued)

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†		—	$	50,242,168		—	$	50,242,168
Short-Term Investments†		—		5,290,000		—		5,290,000
Total Investments		—	$	55,532,168		—	$	55,532,168
Other Financial Instruments:
Futures Contracts††	$	18,533		—		—	$	18,533
Total	$	18,533	$	55,532,168		—	$	55,550,701

† See Schedule of Investments for additional detailed categorizations.

†† Reflects the unrealized appreciation (depreciation) of the instruments.

    8  Western Asset Massachusetts Municipals Fund 2024 Quarterly Report