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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-04254

 

Legg Mason Partners Income Trust

(Exact name of registrant as specified in charter)

 

620 Eighth Avenue, 47th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

 

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 877-6LM-FUND/656-3863

 

Date of fiscal year end: February 28

 

Date of reporting period: February 28, 2025

 

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS

 

  (a) The Report to Shareholders is filed herewith

 

Western Asset California Municipals Fund
image
Class A [SHRCX]
Annual Shareholder Report | February 28, 2025
image
This annual shareholder report contains important information about Western Asset California Municipals Fund for the period March 1, 2024, to February 28, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$83
0.82%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2025, Class A shares of Western Asset California Municipals Fund returned 3.39%. The Fund compares its performance to the Bloomberg California Municipal Bond Index, which returned 2.59% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Issue selection within multiple sectors, led by power, education, and special tax
Overweight to industrial revenue
Overweight to lower investment-grade securities
Top detractors from performance:
Rates positioning
Underweight to local general obligation
Western Asset California Municipals Fund  PAGE 1  7044-ATSR-0425

 
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,575 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/28/2015 — 2/28/2025
image
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025
 
1 Year
5 Year
10 Year
Class A
3.39
0.07
1.80
Class A (with sales charge)
-0.50
-0.79
1.36
Bloomberg Municipal Bond Index
2.96
0.67
2.33
Bloomberg California Municipal Bond Index
2.59
0.59
2.28
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods beginning prior to August 15, 2022, reflects a higher maximum sales charge in effect at that time. Performance for periods beginning after August 15, 2022, reflects the current maximum sales charge.
For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2025)
Total Net Assets
$221,636,769
Total Number of Portfolio Holdings*
104
Total Management Fee Paid
$960,337
Portfolio Turnover Rate
27%
* Does not include derivatives, except purchased options, if any.
Western Asset California Municipals Fund  PAGE 2  7044-ATSR-0425

 
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
HOW HAS THE FUND CHANGED?
Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.
This is a summary of certain changes to the Fund since March 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or       
prospectus@franklintempleton.com.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
Western Asset California Municipals Fund  PAGE 3  7044-ATSR-0425
95759847982010038103571140411324113031056111068114441000010395104201068111123121791230612224116011223012592100001040010395106671107812160122331214111568122051252226.219.010.510.48.47.05.24.13.12.91.70.90.6

 
Western Asset California Municipals Fund
image
Class C [SCACX]
Annual Shareholder Report | February 28, 2025
image
This annual shareholder report contains important information about Western Asset California Municipals Fund for the period March 1, 2024, to February 28, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$137
1.35%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2025, Class C shares of Western Asset California Municipals Fund returned 2.78%. The Fund compares its performance to the Bloomberg California Municipal Bond Index, which returned 2.59% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Issue selection within multiple sectors, led by power, education, and special tax
Overweight to industrial revenue
Overweight to lower investment-grade securities
Top detractors from performance:
Rates positioning
Underweight to local general obligation
Western Asset California Municipals Fund  PAGE 1  7478-ATSR-0425

 
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/28/2015 — 2/28/2025
image
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025
 
1 Year
5 Year
10 Year
Class C
2.78
-0.47
1.23
Class C (with sales charge)
1.78
-0.47
1.23
Bloomberg Municipal Bond Index
2.96
0.67
2.33
Bloomberg California Municipal Bond Index
2.59
0.59
2.28
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2025)
Total Net Assets
$221,636,769
Total Number of Portfolio Holdings*
104
Total Management Fee Paid
$960,337
Portfolio Turnover Rate
27%
* Does not include derivatives, except purchased options, if any.
Western Asset California Municipals Fund  PAGE 2  7478-ATSR-0425

 
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
HOW HAS THE FUND CHANGED?
Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.
This is a summary of certain changes to the Fund since March 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or       
prospectus@franklintempleton.com.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
Western Asset California Municipals Fund  PAGE 3  7478-ATSR-0425
10000102221014210309105791157811441113491055211001113061000010395104201068111123121791230612224116011223012592100001040010395106671107812160122331214111568122051252226.219.010.510.48.47.05.24.13.12.91.70.90.6

 
Western Asset California Municipals Fund
image
Class I [LMCUX]
Annual Shareholder Report | February 28, 2025
image
This annual shareholder report contains important information about Western Asset California Municipals Fund for the period March 1, 2024, to February 28, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class I
$63
0.62%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2025, Class I shares of Western Asset California Municipals Fund returned 3.53%. The Fund compares its performance to the Bloomberg California Municipal Bond Index, which returned 2.59% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Issue selection within multiple sectors, led by power, education, and special tax
Overweight to industrial revenue
Overweight to lower investment-grade securities
Top detractors from performance:
Rates positioning
Underweight to local general obligation
Western Asset California Municipals Fund  PAGE 1  7463-ATSR-0425

 
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $1,000,000 INVESTMENT – Class I 2/28/2015 — 2/28/2025
image
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025
 
1 Year
5 Year
10 Year
Class I
3.53
0.24
1.96
Bloomberg Municipal Bond Index
2.96
0.67
2.33
Bloomberg California Municipal Bond Index
2.59
0.59
2.28
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2025)
Total Net Assets
$221,636,769
Total Number of Portfolio Holdings*
104
Total Management Fee Paid
$960,337
Portfolio Turnover Rate
27%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
Western Asset California Municipals Fund  PAGE 2  7463-ATSR-0425

 
HOW HAS THE FUND CHANGED?
Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.
This is a summary of certain changes to the Fund since March 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or       
prospectus@franklintempleton.com.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
Western Asset California Municipals Fund  PAGE 3  7463-ATSR-0425
10000001029791102826310527021088251120025511938411193501111708011730011214353100000010394721042014106809211123461217865123057412224061160140122300012591851000000103999610395481066722110779612160111223284121410711567951220479125215726.219.010.510.48.47.05.24.13.12.91.70.90.6

 
Western Asset California Municipals Fund
image
Class IS [SHRSX]
Annual Shareholder Report | February 28, 2025
image
This annual shareholder report contains important information about Western Asset California Municipals Fund for the period March 1, 2024, to February 28, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class IS
$60
0.59%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2025, Class IS shares of Western Asset California Municipals Fund returned 3.63%. The Fund compares its performance to the Bloomberg California Municipal Bond Index, which returned 2.59% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Issue selection within multiple sectors, led by power, education, and special tax
Overweight to industrial revenue
Overweight to lower investment-grade securities
Top detractors from performance:
Rates positioning
Underweight to local general obligation
Western Asset California Municipals Fund  PAGE 1  7274-ATSR-0425

 
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $1,000,000 INVESTMENT – Class IS 8/9/2019 — 2/28/2025
image
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2025
 
1 Year
5 Year
Since Inception
(8/9/2019)
Class IS
3.63
0.32
0.97
Bloomberg Municipal Bond Index
2.96
0.67
1.24
Bloomberg California Municipal Bond Index
2.59
0.59
1.15
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2025)
Total Net Assets
$221,636,769
Total Number of Portfolio Holdings*
104
Total Management Fee Paid
$960,337
Portfolio Turnover Rate
27%
* Does not include derivatives, except purchased options, if any.
Western Asset California Municipals Fund  PAGE 2  7274-ATSR-0425

 
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
HOW HAS THE FUND CHANGED?
Effective March 1, 2024, the Fund’s named portfolio management team consists of Michael C. Buchanan, Robert E. Amodeo, Ryan K. Brist, David T. Fare and John Mooney.
This is a summary of certain changes to the Fund since March 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or       
prospectus@franklintempleton.com.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
Western Asset California Municipals Fund  PAGE 3  7274-ATSR-0425
10000001038676103549110348379695291018399105535310000001035623104643010394849865361039990107076010000001035013104120310333939846111038816106577926.219.010.510.48.47.05.24.13.12.91.70.90.6

 
  (b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

 

(c) N/A

 

(d) N/A

 

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

The Board of Trustees of the Registrant has determined that Robert Abeles, Jr., possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mr. Abeles, Jr. as the Audit Committee’s financial expert. Mr. Abeles, Jr. is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

 

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending February 29, 2024 and February 28, 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $151,676 in February 29, 2024 and $162,276 in February 28, 2025.

 

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in February 29, 2024 and $0 in February 28, 2025.

 

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $29,250 in February 29, 2024 and $29,250 in February 28, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

 

There were no fees billed for tax services by the Auditors to the Registrant’s investment manager and any entity controlling, controlled by, or under common control with the

 

 

investment manager that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

 

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in February 29, 2024 and $0 in February 28, 2025.

 

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

 

(e) Audit Committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

 

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by the Registrant’s investment manager or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Covered Service Providers”) if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

 

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

 

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

 

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f) Not applicable.

 

 

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $342,635 in February 29, 2024 and $334,889 in February 28, 2025.

 

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

 

(i) Not applicable.

 

(j) Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.

 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Western Asset
California Municipals Fund
Financial Statements and Other Important Information
Annual  | February 28, 2025

Table of Contents
1
9
11
12
13
17
30
31
32
32
32
franklintempleton.com
Financial Statements and Other Important Information — Annual

Schedule of Investments
February 28, 2025
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 97.8%
Education — 11.0%
California State Enterprise Development
Authority Revenue:
Provident Group SDSU Properties LLC,
M@College Project, Series A
5.000%
8/1/45
$500,000
$511,526
  
Provident Group SDSU Properties LLC,
M@College Project, Series A
5.000%
8/1/55
600,000
609,516
  
California State Infrastructure & Economic
Development Bank Revenue, UCSF
2130 Third Street
5.000%
5/15/42
6,105,000
6,377,288
  
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
1,980,729
  
California State School Finance Authority
Revenue:
Classical Academies Oceanside Project,
Series A, Refunding
5.000%
10/1/42
1,000,000
1,023,224
  (a)
Classical Academies Oceanside Project,
Series A, Refunding
5.000%
10/1/52
2,000,000
2,005,251
  (a)
KIPP LA Project, Series A
5.000%
7/1/45
1,650,000
1,651,521
  (a)
KIPP LA Project, Series A
5.000%
7/1/47
1,750,000
1,763,504
  (a)
KIPP LA Project, Series A
4.000%
7/1/50
1,135,000
1,018,802
  (a)
California State University Revenue,
Systemwide, Series C
4.000%
11/1/45
2,000,000
2,005,526
  
California Statewide CDA Revenue:
College Housing, NCCD Hooper Street LLC
5.250%
7/1/39
1,300,000
1,331,779
  (a)
College Housing, NCCD Hooper Street LLC
5.250%
7/1/49
1,000,000
1,010,639
  (a)
Pittsburg, CA, Unified School District Financing
Authority Revenue, GO, AGM
5.000%
9/1/47
3,000,000
3,105,463
  
Total Education
24,394,768
Health Care — 7.4%
California State Health Facilities Financing
Authority Revenue:
CommonSpirit Health, Series A, Refunding
4.000%
4/1/44
2,000,000
1,945,322
  
Lucile Salter Packard Children’s Hospital at
Stanford
5.000%
11/15/49
2,500,000
2,523,096
  
Lucile Salter Packard Children’s Hospital at
Stanford, Series B
5.000%
8/15/55
2,000,000
2,022,818
  
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

1

Schedule of Investments(cont’d)
February 28, 2025
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Health Care — continued
California State MFA Revenue:
Goodwill Industries of Sacramento Valley &
Northern Nevada, Series A, Refunding
6.625%
1/1/32
$1,000,000
$992,865
  (a)
Goodwill Industries of Sacramento Valley &
Northern Nevada, Series A, Refunding
6.875%
1/1/42
1,500,000
1,454,434
  (a)
Humangood Obligated Group, Series A,
Refunding
4.000%
10/1/39
750,000
751,109
  
Humangood Obligated Group, Series A,
Refunding
4.000%
10/1/44
1,000,000
959,716
  
California State Public Finance Authority
Revenue, Green Bonds, ENSO Village Project,
Series A
5.000%
11/15/46
500,000
490,607
  
California Statewide CDA Revenue:
Front Porch Communities & Services,
Refunding
5.000%
4/1/47
1,300,000
1,315,449
  
John Muir Health, Series A, Refunding
5.000%
12/1/49
3,750,000
4,044,573
  
Total Health Care
16,499,989
Housing — 3.0%
California State MFA Revenue, Caritas Project,
Social Bonds, Series A, Refunding
5.000%
8/15/54
1,800,000
1,883,755
  
California Statewide CDA Revenue:
CHF Irvine LLC, Refunding
5.000%
5/15/34
1,000,000
1,018,398
  
CHF Irvine LLC, Refunding
5.000%
5/15/35
1,000,000
1,017,692
  
CHF Irvine LLC, Refunding
5.000%
5/15/40
2,750,000
2,785,834
  
Total Housing
6,705,679
Industrial Revenue — 27.7%
California State Community Choice Financing
Authority Revenue:
Clean Energy Project, Green Bonds, Series A-1
4.000%
8/1/28
3,750,000
3,796,695
  (b)(c)
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
2,200,000
2,342,959
  (b)(c)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
2,900,000
3,079,523
  (b)(c)
Clean Energy Project, Green Bonds, Series B-1
4.000%
8/1/31
6,515,000
6,581,920
  (b)(c)
Clean Energy Project, Green Bonds, Series E-1
5.000%
3/1/31
1,500,000
1,604,894
  (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
3,868,846
  
California State MFA Special Facility Revenue,
United Airlines, Inc., Los Angeles International
Airport Project
4.000%
7/15/29
1,000,000
999,167
  (d)
See Notes to Financial Statements.

2
Western Asset California Municipals Fund 2025 Annual Report

 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Industrial Revenue — continued
California State PCFA Water Furnishing
Revenue, Poseidon Resources Desalination
Project
5.000%
11/21/45
$10,500,000
$10,506,817
  (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
3,009,226
  
Long Beach, CA, Bond Finance Authority
Revenue:
Natural Gas Purchase, Series A
5.000%
11/15/29
2,500,000
2,645,224
  
Natural Gas Purchase, Series A
5.500%
11/15/37
5,000,000
5,828,283
  
Northern California Energy Authority, Commodity
Supply Revenue, Refunding
5.000%
8/1/30
7,350,000
7,875,346
  (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
1,044,599
  (d)
Southern California Public Power Authority,
Natural Gas Revenue, Project No 1, Series A
5.000%
11/1/33
4,805,000
5,174,051
  
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
2,922,643
  
Total Industrial Revenue
61,280,193
Leasing — 3.9%
California State Public Works Board, Lease
Revenue, Various Capital Projects, Series B
4.000%
3/1/45
1,000,000
1,004,306
  (e)
San Mateo County, CA, Joint Powers Financing
Authority, Lease Revenue:
Capital Project, Series A
5.000%
7/15/38
2,005,000
2,127,747
  
Capital Project, Series A
5.000%
7/15/43
2,000,000
2,090,731
  
Sanger, CA, USD Revenue, COP, Capital Projects,
Refunding, AGM
5.000%
6/1/45
2,000,000
2,089,544
  
South San Francisco, CA, Public Facilities
Financing Authority, Lease Revenue, Multiple
Capital Projects, Series A
5.250%
6/1/46
1,250,000
1,340,416
  
Total Leasing
8,652,744
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
1,613,749
  (f)
School Facilities Improvement District No 5,
GO, Series B, Refunding
5.000%
10/1/39
2,630,000
2,991,934
  (f)
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

3

Schedule of Investments(cont’d)
February 28, 2025
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Local General Obligation — continued
Gilroy, CA, USD, GO, Series 2021
4.000%
8/1/44
$1,000,000
$1,000,400
  
Local Public Schools Funding Authority, CA,
School Improvement District No 2016-1, GO,
Series A, BAM
5.000%
8/1/46
1,600,000
1,638,318
  
Total Local General Obligation
7,244,401
Other — 1.8%
California State MFA Revenue, Senior Lien,
LINXS APM Project, Series A
5.000%
12/31/43
4,000,000
4,050,165
  (d)
Power — 5.5%
Los Angeles, CA, Department of Water & Power,
Power System Revenue, Series C
5.000%
7/1/42
5,000,000
5,090,593
  
Puerto Rico Electric Power Authority Revenue:
Series A
5.000%
7/1/42
1,050,000
511,875
  *(g)
Series A
5.050%
7/1/42
170,000
82,875
  *(g)
Series XX
5.250%
7/1/40
1,750,000
853,125
  *(g)
Series ZZ, Refunding
7/1/18
400,000
194,000
  *(h)
Sacramento Municipal Utility District, CA,
Electric Revenue, Green Bonds, Series M,
Refunding
5.000%
11/15/54
5,000,000
5,456,729
  
Total Power
12,189,197
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
422,616
  
CAB, Restructured, Series A-1
0.000%
7/1/46
2,860,000
963,935
  
Restructured, Series A-1
4.550%
7/1/40
110,000
110,293
  
Restructured, Series A-1
4.750%
7/1/53
1,030,000
1,024,930
  
Restructured, Series A-1
5.000%
7/1/58
420,000
421,770
  
Restructured, Series A-2
4.329%
7/1/40
1,190,000
1,187,028
  
River Islands, CA, Public Financing Authority,
Special Tax Revenue:
Community Facilities District No 2003-1
5.750%
9/1/52
600,000
634,041
  
Community Facilities District No 2003-1,
Series A-1, Refunding, AGM
5.250%
9/1/52
750,000
801,340
  
Community Facilities District No 2023-1
4.500%
9/1/44
650,000
643,637
  
Community Facilities District No 2023-1
5.000%
9/1/48
1,650,000
1,683,375
  
Community Facilities District No 2023-1
5.625%
9/1/53
1,600,000
1,692,893
  
Total Special Tax Obligation
9,585,858
See Notes to Financial Statements.

4
Western Asset California Municipals Fund 2025 Annual Report

 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
State General Obligation — 0.9%
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
$26,607
$18,876
  
Restructured, Series A-1
5.375%
7/1/25
11,497
11,561
  
Restructured, Series A-1
5.625%
7/1/27
22,818
23,873
  
Restructured, Series A-1
5.625%
7/1/29
22,448
24,196
  
Restructured, Series A-1
5.750%
7/1/31
21,803
24,359
  
Restructured, Series A-1
4.000%
7/1/33
20,675
20,844
  
Restructured, Series A-1
4.000%
7/1/35
408,584
409,929
  
Restructured, Series A-1
4.000%
7/1/37
1,225,000
1,218,620
  
Restructured, Series A-1
4.000%
7/1/41
196,686
189,579
  
Restructured, Series A-1
4.000%
7/1/46
22,553
20,582
  
Subseries CW
0.000%
11/1/43
85,317
53,750
  (c)
Total State General Obligation
2,016,169
Transportation — 20.1%
Alameda, CA, Corridor Transportation Authority
Revenue:
Convertible CAB, Series C, AGM
5.000%
10/1/52
2,750,000
2,926,590
  
Second Subordinated Lien, Series B,
Refunding
5.000%
10/1/34
6,500,000
6,631,496
  
Foothill-Eastern Transportation Corridor Agency,
CA, Toll Road Revenue, Senior Lien, Series A
4.000%
1/15/46
1,000,000
982,182
  
Long Beach, CA, Marina System Revenue,
Alamitos Bay Marina Project
5.000%
5/15/45
2,085,000
2,085,805
  
Los Angeles, CA, Department of Airports
Revenue:
Los Angeles International Airport,
Subordinated, Series C
5.000%
5/15/44
4,000,000
4,047,371
  (d)
Los Angeles International Airport,
Subordinated, Series F, Refunding
5.000%
5/15/34
3,300,000
3,476,088
  (d)
Los Angeles, CA, Harbor Department Revenue:
Series A-1, Refunding
5.000%
8/1/34
2,000,000
2,242,424
  (d)
Series A-1, Refunding
5.000%
8/1/35
2,000,000
2,234,060
  (d)
San Diego County, CA, Regional Airport
Authority Revenue, Series B
5.000%
7/1/46
5,250,000
5,452,011
  (d)
San Francisco, CA, City & County Airport
Commission, International Airport Revenue:
Series A, Refunding
5.000%
5/1/36
2,900,000
3,111,943
  (d)
Series D, Unrefunded
5.000%
5/1/48
3,000,000
3,036,770
  (d)
Series E, Refunding
5.000%
5/1/35
4,750,000
4,984,857
  (d)
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

5

Schedule of Investments(cont’d)
February 28, 2025
 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Transportation — continued
Stockton, CA, Public Financing Authority
Revenue, Refunding
5.000%
3/1/47
$3,250,000
$3,218,565
  
Total Transportation
44,430,162
Water & Sewer — 8.9%
California State Infrastructure & Economic
Development Bank Revenue, Green Bonds, Clean
Water State Revolving Fund, Series B
5.000%
10/1/48
4,000,000
4,157,463
  
Fillmore, CA, Wastewater Revenue, Refunding,
AGM
5.000%
5/1/47
4,500,000
4,597,545
  
Mountain House Public Financing Authority, CA,
Utility Systems Revenue, Green Bonds, Series A,
BAM
4.000%
12/1/45
3,000,000
3,006,178
  
Puerto Rico Commonwealth Aqueduct & Sewer
Authority Revenue, Senior Lien, Series A,
Refunding
5.000%
7/1/47
1,150,000
1,167,772
  (a)
San Francisco, CA, City & County Public Utilities
Commission Revenue, Green Bonds, Series C,
Refunding
4.000%
11/1/41
1,500,000
1,546,760
  
Southern California Water Replenishment
District Financing Authority, Replenishment
Revenue:
Series 2018
5.000%
8/1/43
3,000,000
3,154,570
  
Series 2018
5.000%
8/1/48
2,000,000
2,088,605
  
Total Water & Sewer
19,718,893
 
Total Municipal Bonds (Cost — $215,835,576)
216,768,218
Municipal Bonds Deposited in Tender Option Bond Trust(i) — 7.2%
Leasing — 7.2%
Los Angeles County, CA, Public Works Financing
Authority, Lease Revenue, Series H
(Cost — $15,956,478)
5.000%
12/1/49
14,500,000
15,952,779
  
 
Total Investments before Short-Term Investments (Cost — $231,792,054)
232,720,997
Short-Term Investments — 0.6%
Municipal Bonds — 0.6%
Education — 0.1%
University of California Revenue, Series AL-3,
Refunding
2.750%
5/15/48
300,000
300,000
  (j)(k)
Housing — 0.3%
California Statewide CDA, MFH Revenue, David
Avenue Apartments, Series WW, LIQ - FHLMC
3.310%
12/1/42
580,000
580,000
  (d)(j)(k)
See Notes to Financial Statements.

6
Western Asset California Municipals Fund 2025 Annual Report

 Western Asset California Municipals Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Industrial Revenue — 0.2%
California State MFA Revenue, Chevron USA Inc.
Project, Series A
2.650%
11/1/35
$415,000
$415,000
  (j)(k)
 
Total Short-Term Investments (Cost — $1,295,000)
1,295,000
Total Investments — 105.6% (Cost — $233,087,054)
234,015,997
TOB Floating Rate Notes — (4.4)%
(9,665,000
)
Other Liabilities in Excess of Other Assets — (1.2)%
(2,714,228
)
Total Net Assets — 100.0%
$221,636,769
*
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)
All or a portion of this security is held at the broker as collateral for open futures contracts. 
(f)
Securities traded on a when-issued or delayed delivery basis.
(g)
The coupon payment on this security is currently in default as of February 28, 2025.
(h)
The maturity principal is currently in default as of February 28, 2025.
(i)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (TOB) trust
(Note 1).
(j)
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.
(k)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

7

Schedule of Investments(cont’d)
February 28, 2025
 Western Asset California Municipals Fund
Abbreviation(s) used in this schedule:
AGM
Assured Guaranty Municipal Corporation — Insured Bonds
BAM
Build America Mutual — Insured Bonds
CAB
Capital Appreciation Bonds
CDA
Communities Development Authority
COP
Certificates of Participation
FHLMC
Federal Home Loan Mortgage Corporation
GO
General Obligation
LIQ
Liquidity Facility
MFA
Municipal Finance Authority
MFH
Multi-Family Housing
PCFA
Pollution Control Financing Authority
USD
Unified School District
At February 28, 2025, 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
60
6/25
$7,249,016
$7,447,500
$198,484
See Notes to Financial Statements.

8
Western Asset California Municipals Fund 2025 Annual Report

Statement of Assets and Liabilities
February 28, 2025
Assets:
Investments, at value (Cost — $233,087,054)
$234,015,997
Cash
2,125
Interest receivable
2,625,581
Receivable for securities sold
424,200
Receivable from brokers — net variation margin on open futures contracts
43,125
Receivable for Fund shares sold
23,816
Deposits with brokers for open futures contracts
917
Prepaid expenses
28,264
Total Assets
237,164,025
Liabilities:
TOB Floating Rate Notes(Note 1)
9,665,000
Payable for securities purchased
5,000,721
Payable for Fund shares repurchased
546,344
Interest and commitment fees payable
75,518
Investment management fee payable
62,889
Distributions payable
25,700
Service and/or distribution fees payable
22,621
Trustees’ fees payable
851
Accrued expenses
127,612
Total Liabilities
15,527,256
Total Net Assets
$221,636,769
Net Assets:
Par value(Note 7)
$157
Paid-in capital in excess of par value
230,200,962
Total distributable earnings (loss)
(8,564,350
)
Total Net Assets
$221,636,769
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

9

Statement of Assets and Liabilities (cont’d)
February 28, 2025
Net Assets:
Class A
$184,169,332
Class C
$2,494,005
Class I
$30,413,474
Class IS
$4,559,958
Shares Outstanding:
Class A
13,059,530
Class C
177,359
Class I
2,156,895
Class IS
323,717
Net Asset Value:
Class A(and redemption price)
$14.10
Class C*
$14.06
Class I(and redemption price)
$14.10
Class IS(and redemption price)
$14.09
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)
$14.65
*
Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within
one year from purchase payment (Note 2).
See Notes to Financial Statements.

10
Western Asset California Municipals Fund 2025 Annual Report

Statement of Operations
For the Year Ended February 28, 2025
Investment Income:
Interest
$9,028,192
Expenses:
Investment management fee(Note 2)
1,053,784
Service and/or distribution fees (Notes 2 and 5)
313,919
Transfer agent fees (Notes 2 and 5)
186,998
Interest expense (Note 1)
166,490
Fund accounting fees
69,584
Registration fees
63,592
Audit and tax fees
38,839
Shareholder reports
22,475
Legal fees
13,409
Trustees’ fees
6,205
Commitment fees(Note 8)
2,116
Insurance
1,933
Custody fees
642
Miscellaneous expenses 
14,671
Total Expenses
1,954,657
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
(93,447
)
Net Expenses
1,861,210
Net Investment Income
7,166,982
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):
Net Realized Loss From:
Investment transactions
(852,730
)
Futures contracts
(393,695
)
Net Realized Loss
(1,246,425
)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments
1,665,723
Futures contracts
107,104
Change in Net Unrealized Appreciation (Depreciation)
1,772,827
Net Gain on Investments and Futures Contracts
526,402
Increase in Net Assets From Operations
$7,693,384
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

11

Statements of Changes in Net Assets
For the Year Ended February 28, 2025
and the Year Ended February 29, 2024
2025
2024
Operations:
Net investment income
$7,166,982
$7,884,507
Net realized loss
(1,246,425
)
(2,367,899
)
Change in net unrealized appreciation (depreciation)
1,772,827
6,681,524
Increase in Net Assets From Operations
7,693,384
12,198,132
Distributions to Shareholders From(Notes 1 and 6):
Total distributable earnings
(7,072,373
)
(7,810,332
)
Decrease in Net Assets From Distributions to Shareholders
(7,072,373
)
(7,810,332
)
Fund Share Transactions(Note 7):
Net proceeds from sale of shares
21,767,678
35,574,520
Reinvestment of distributions
6,742,826
7,460,553
Cost of shares repurchased
(53,494,773
)
(93,665,561
)
Decrease in Net Assets From Fund Share Transactions
(24,984,269
)
(50,630,488
)
Decrease in Net Assets
(24,363,258
)
(46,242,688
)
Net Assets:
Beginning of year
246,000,027
292,242,715
End of year
$221,636,769
$246,000,027
See Notes to Financial Statements.

12
Western Asset California Municipals Fund 2025 Annual Report

Financial Highlights
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class A Shares1
2025
20242
2023
2022
2021
Net asset value, beginning of year
$14.06
$13.81
$15.20
$15.76
$16.55
Income (loss) from operations:
Net investment income
0.43
0.40
0.36
0.36
0.42
Net realized and unrealized gain (loss)
0.03
0.25
(1.36
)
(0.38
)
(0.55
)
Total income (loss) from operations
0.46
0.65
(1.00)
(0.02)
(0.13)
Less distributions from:
Net investment income
(0.42
)
(0.40
)
(0.36
)
(0.35
)
(0.41
)
Net realized gains
(0.03
)
(0.19
)
(0.25
)
Total distributions
(0.42
)
(0.40
)
(0.39
)
(0.54
)
(0.66
)
Net asset value, end of year
$14.10
$14.06
$13.81
$15.20
$15.76
Total return3
3.39
%
4.81
%
(6.57
)%
(0.19
)%
(0.70
)%
Net assets, end of year (millions)
$184
$204
$241
$290
$318
Ratios to average net assets:
Gross expenses
0.85
%
0.75
%
0.77
%
0.77
%
0.77
%
Net expenses4
0.82
0.74
0.76
0.76
0.77
Net investment income
3.04
2.93
2.59
2.25
2.64
Portfolio turnover rate
27
%
4
%
21
%
17
%
16
%
1
Per share amounts have been calculated using the average shares method.
2
For the year ended February 29.
3
Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers
and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or
expense reimbursements, the total return would have been lower. Past performance is no guarantee of future
results. 
4
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

13

Financial Highlights (cont’d)
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class C Shares1
2025
20242
2023
2022
2021
Net asset value, beginning of year
$14.02
$13.77
$15.15
$15.72
$16.50
Income (loss) from operations:
Net investment income
0.35
0.33
0.29
0.27
0.33
Net realized and unrealized gain (loss)
0.03
0.25
(1.36
)
(0.38
)
(0.53
)
Total income (loss) from operations
0.38
0.58
(1.07)
(0.11)
(0.20)
Less distributions from:
Net investment income
(0.34
)
(0.33
)
(0.28
)
(0.27
)
(0.33
)
Net realized gains
(0.03
)
(0.19
)
(0.25
)
Total distributions
(0.34
)
(0.33
)
(0.31
)
(0.46
)
(0.58
)
Net asset value, end of year
$14.06
$14.02
$13.77
$15.15
$15.72
Total return3
2.78
%
4.26
%
(7.02
)%
(0.81
)%
(1.18
)%
Net assets, end of year (000s)
$2,494
$3,626
$7,378
$11,708
$17,351
Ratios to average net assets:
Gross expenses
1.38
%
1.28
%
1.31
%
1.31
%
1.32
%
Net expenses4
1.35
1.27
1.29
1.31
1.32
Net investment income
2.50
2.38
2.04
1.70
2.10
Portfolio turnover rate
27
%
4
%
21
%
17
%
16
%
1
Per share amounts have been calculated using the average shares method.
2
For the year ended February 29.
3
Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or
expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense
reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
4
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.

14
Western Asset California Municipals Fund 2025 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class I Shares1
2025
20242
2023
2022
2021
Net asset value, beginning of year
$14.06
$13.81
$15.20
$15.76
$16.55
Income (loss) from operations:
Net investment income
0.45
0.43
0.39
0.38
0.45
Net realized and unrealized gain (loss)
0.04
0.25
(1.37
)
(0.37
)
(0.55
)
Total income (loss) from operations
0.49
0.68
(0.98)
0.01
(0.10)
Less distributions from:
Net investment income
(0.45
)
(0.43
)
(0.38
)
(0.38
)
(0.44
)
Net realized gains
(0.03
)
(0.19
)
(0.25
)
Total distributions
(0.45
)
(0.43
)
(0.41
)
(0.57
)
(0.69
)
Net asset value, end of year
$14.10
$14.06
$13.81
$15.20
$15.76
Total return3
3.53
%
5.01
%
(6.41
)%
(0.03
)%
(0.53
)%
Net assets, end of year (000s)
$30,413
$34,358
$43,979
$72,278
$55,204
Ratios to average net assets:
Gross expenses
0.71
%
0.61
%
0.63
%
0.63
%
0.63
%
Net expenses4,5
0.62
0.55
0.59
0.60
0.60
Net investment income
3.23
3.11
2.74
2.41
2.82
Portfolio turnover rate
27
%
4
%
21
%
17
%
16
%
1
Per share amounts have been calculated using the average shares method.
2
For the year ended February 29.
3
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense
reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense
reimbursements, the total return would have been lower. Past performance is no guarantee of future results. 
4
As a result of an expense limitation arrangement, effective December 1, 2022, the ratio of total annual fund
operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and
expenses, to average net assets of Class I shares did not exceed 0.55%. Total annual fund operating expenses,
after waiving and/or reimbursing expenses, exceeded the expense limitation as a result of interest expense. This
expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’
consent. Prior to December 1, 2022, the expense limitation was 0.60%.
5
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Western Asset California Municipals Fund 2025 Annual Report

15

Financial Highlights (cont’d)
For a share of each class of beneficial interest outstanding throughout each year ended February 28,
unless otherwise noted:
Class IS Shares1
2025
20242
2023
2022
2021
Net asset value, beginning of year
$14.04
$13.79
$15.17
$15.76
$16.55
Income (loss) from operations:
Net investment income
0.46
0.45
0.40
0.39
0.47
Net realized and unrealized gain (loss)
0.04
0.23
(1.36
)
(0.39
)
(0.53
)
Total income (loss) from operations
0.50
0.68
(0.96)
0.00
(0.06)
Less distributions from:
Net investment income
(0.45
)
(0.43
)
(0.39
)
(0.40
)
(0.48
)
Net realized gains
(0.03
)
(0.19
)
(0.25
)
Total distributions
(0.45
)
(0.43
)
(0.42
)
(0.59
)
(0.73
)
Net asset value, end of year
$14.09
$14.04
$13.79
$15.17
$15.76
Total return3
3.63
%
5.04
%
(6.31
)%
(0.07
)%
(0.30
)%
Net assets, end of year (000s)
$4,560
$3,519
$158
$68
$70
Ratios to average net assets:
Gross expenses
0.62
%
0.54
%
0.59
%
0.59
%
0.47
%
Net expenses4,5
0.59
0.52
0.54
0.55
0.47
Net investment income
3.28
3.23
2.84
2.46
3.00
Portfolio turnover rate
27
%
4
%
21
%
17
%
16
%
1
Per share amounts have been calculated using the average shares method.
2
For the year ended February 29.
3
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results.
4
As a result of an expense limitation arrangement, effective December 1, 2022,the ratio of total annual fund
operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and
expenses, to average net assets of Class IS shares did not exceed 0.52%. Total annual fund operating expenses,
after waiving and/or reimbursing expenses, exceeded the expense limitation as a result of interest expense. In
addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total
annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated
prior to December 31, 2026 without the Board of Trustees’ consent. Prior to December 1, 2022, the expense
limitation was 0.55%.
5
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.

16
Western Asset California Municipals Fund 2025 Annual Report

Notes to Financial Statements
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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(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
Western Asset California Municipals Fund 2025 Annual Report

17

Notes to Financial Statements(cont’d)
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.
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.

18
Western Asset California Municipals Fund 2025 Annual Report

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
$216,768,218
$216,768,218
Municipal Bonds Deposited in
Tender Option Bond Trust
15,952,779
15,952,779
Total Long-Term Investments
232,720,997
232,720,997
Short-Term Investments†
1,295,000
1,295,000
Total Investments
$234,015,997
$234,015,997
Other Financial Instruments:
Futures Contracts††
$198,484
$198,484
Total
$198,484
$234,015,997
$234,214,481
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
(b) Tender option bonds.The Fund may enter into tender option bond (“TOB”) transactions and may invest in inverse floating rate instruments (“Inverse Floaters”) issued in TOB transactions. The Fund may participate either in structuring an Inverse Floater or purchasing an Inverse Floater in the secondary market. When structuring an Inverse Floater, the Fund deposits securities (typically municipal bonds or other municipal securities) (the “Underlying Bonds”) into a special purpose entity, referred to as a TOB trust. The TOB trust generally issues floating rate notes (“Floaters”) to third parties and residual interest, Inverse Floaters, to the Fund. The Floaters issued by the TOB trust have interest rates which reset weekly and provide the holders of the Floaters the option to tender their notes back to the TOB trust for redemption at par at each reset date. The net proceeds of the sale of the Floaters, after expenses, are received by the Fund and may be invested in additional securities. The Inverse Floaters are inverse floating rate debt instruments, as the return on those bonds is inversely related to changes in a specified interest rate. Distributions on any Inverse Floaters paid to the Fund will be reduced or, in the extreme, eliminated as short-term interest rates rise and will increase when such interest rates fall. Floaters issued by a TOB trust may be senior to the Inverse Floaters held by the Fund. The value and market for Inverse Floaters can be volatile, and Inverse Floaters can have limited liquidity.
An investment in an Inverse Floater structured by the Fund is accounted for as a secured borrowing. The Underlying Bonds deposited into the TOB trust are included in the Fund’s Schedule of Investments and a liability for Floaters (TOB floating rate notes) issued by the TOB trust is recognized in the Fund’s Statement of Assets and Liabilities. The carrying amount of the TOB trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. Interest income, including amortization,
Western Asset California Municipals Fund 2025 Annual Report

19

Notes to Financial Statements(cont’d)
on the Underlying Bonds is recognized in the Fund’s Statements of Operations. Interest paid to holders of the Floaters, as well as other expenses related to administration, liquidity, remarketing and trustee services of the TOB trust, are recognized in Interest expense in the Fund’s Statement of Operations. For the year ended February 28, 2025, based on the number of days during the reporting period that the Fund had TOB floating rate notes outstanding, the average daily amount of floating rate notes outstanding was $9,665,000 and weighted average interest rate was 3.44%.
(c) Futures contracts.The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(d) Securities traded on a when-issued and delayed delivery basis.The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, 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.
(e) Fund concentration.Since the Fund invests primarily in obligations of issuers within California, it is subject to possible risks associated with economic, political, credit or legal developments or industrial or regional matters specifically affecting California.
(f) Counterparty risk and credit-risk-related contingent features of derivative instruments.The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of

20
Western Asset California Municipals Fund 2025 Annual Report

default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.
With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (OTC) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.
Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.
Western Asset California Municipals Fund 2025 Annual Report

21

Notes to Financial Statements(cont’d)
As of February 28, 2025, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.
(g) Security transactions and investment income.Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
(h) Distributions to shareholders.Distributions from net investment income of the Fund are declared each business day to shareholders of record and are paid monthly. The Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from federal and certain state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Fund. Distributions of net realized gains, if any, are taxable and are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
(i) Share class accounting.Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.
(j) Compensating balance arrangements.The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.
(k) Federal and other taxes.It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.
Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of February 28, 2025, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

22
Western Asset California Municipals Fund 2025 Annual Report

(l) Reclassification.GAAP requires that certain components of net assets be reclassifiedto reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.
2. Investment management agreement and other transactions with affiliates
Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Western Asset Management Company, LLC (“Western Asset”) is the Fund’s subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. “Franklin Resources”).
Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.45% of the Fund’s average daily net assets.
FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.
As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I and Class IS shares did not exceed 0.55% and 0.52%, respectively.  Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation for Class I and Class IS shares as a result of interest expense. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of the total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board’s consent.
During the year ended February 28, 2025, fees waived and/or expenses reimbursed amounted to $93,447.
FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.
Western Asset California Municipals Fund 2025 Annual Report

23

Notes to Financial Statements(cont’d)
Pursuant to these arrangements, at February 28, 2025, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:
 
Class A
Class C
Class I
Class IS
Expires February 28, 2026
$36,747
$971
$22,598
$213
Expires February 28, 2027
63,982
967
27,211
1,287
Total fee waivers/expense reimbursements subject to
recapture
$100,729
$1,938
$49,809
$1,500
For the year ended February 28, 2025, FTFA did not recapture any fees.
Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (Investor Services) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the year ended February 28, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $1,260 was earned by Investor Services.
There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $250,000 in the aggregate. These purchases do not incur an initial sales charge. 
For the year ended February 28, 2025, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:
 
Class A
Sales charges
$4,579
CDSCs
917
All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.
The Fund is permitted to purchase or sell short-term variable rate demand obligations from or to certain other affiliated funds or portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another fund or portfolio that

24
Western Asset California Municipals Fund 2025 Annual Report

is, or could be considered, an affiliate by virtue of having a common investment manager or subadviser (or affiliated investment manager or subadviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended February 28, 2025, such purchase and sale transactions (excluding accrued interest) were $27,790,000 and $32,450,000, respectively.
3. Investments
During the year ended February 28, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows: 
Purchases
$65,503,004
Sales
70,410,617
At February 28, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
 
Cost*
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
Securities
$222,359,062
$6,774,200
$(4,782,265)
$1,991,935
Futures contracts
198,484
198,484
*
Cost of investments for federal income tax purposes includes the value of Inverse Floaters issued in TOB
transactions (Note 1).
4. Derivative instruments and hedging activities
Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at February 28, 2025.
ASSET DERIVATIVES1
 
Interest
Rate Risk
Futures contracts2
$198,484
1
Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for
liability derivatives is payables/net unrealized depreciation.
2
Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of
Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of
Assets and Liabilities.
Western Asset California Municipals Fund 2025 Annual Report

25

Notes to Financial Statements(cont’d)
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended February 28, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
 
Interest
Rate Risk
Futures contracts
$(393,695
)

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
 
Interest
Rate Risk
Futures contracts
$107,104
During the year ended February 28, 2025, the volume of derivative activity for the Fund was as follows:
 
Average Market
Value
Futures contracts (to buy)
$7,530,144
5. Class specific expenses, waivers and/or expense reimbursements
The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A and Class C shares calculated at the annual rate of 0.15% and 0.70% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.
For the year ended February 28, 2025, class specific expenses were as follows:
 
Service and/or
Distribution Fees
Transfer Agent
Fees
Class A
$293,230
$157,875
Class C
20,689
1,745
Class I
27,354
Class IS
24
Total
$313,919
$186,998

26
Western Asset California Municipals Fund 2025 Annual Report

For the year ended February 28, 2025, waivers and/or expense reimbursements by class were as follows:
 
Waivers/Expense
Reimbursements
Class A
$63,982
Class C
967
Class I
27,211
Class IS
1,287
Total
$93,447
6. Distributions to shareholders by class
 
Year Ended
February 28, 2025
Year Ended
February 29, 2024
Net Investment Income:
Class A
$5,855,557
$6,360,747
Class C
72,591
136,062
Class I
1,018,952
1,277,934
Class IS
125,273
35,589
Total
$7,072,373
$7,810,332
7. Shares of beneficial interest
At February 28, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.
Transactions in shares of each class were as follows:
 
Year Ended
February 28, 2025
Year Ended
February 29, 2024
 
Shares
Amount
Shares
Amount
Class A
Shares sold
1,117,970
$15,719,472
1,235,794
$17,052,283
Shares issued on reinvestment
399,869
5,618,508
443,312
6,124,731
Shares repurchased
(3,004,231
)
(42,174,429
)
(4,569,880
)
(63,154,647
)
Net decrease
(1,486,392
)
$(20,836,449
)
(2,890,774
)
$(39,977,633
)
Class C
Shares sold
19,779
$277,325
19,151
$262,181
Shares issued on reinvestment
5,067
70,938
9,501
130,879
Shares repurchased
(106,129
)
(1,489,932
)
(305,981
)
(4,217,418
)
Net decrease
(81,283
)
$(1,141,669
)
(277,329
)
$(3,824,358
)
Western Asset California Municipals Fund 2025 Annual Report

27

Notes to Financial Statements(cont’d)
 
Year Ended
February 28, 2025
Year Ended
February 29, 2024
 
Shares
Amount
Shares
Amount
Class I
Shares sold
298,283
$4,187,142
1,084,455
$14,883,749
Shares issued on reinvestment
66,062
928,107
84,703
1,169,560
Shares repurchased
(651,483
)
(9,140,453
)
(1,910,748
)
(26,116,323
)
Net decrease
(287,138
)
$(4,025,204
)
(741,590
)
$(10,063,014
)
Class IS
Shares sold
113,265
$1,583,739
249,672
$3,376,307
Shares issued on reinvestment
8,925
125,273
2,526
35,383
Shares repurchased
(49,059
)
(689,959
)
(13,088
)
(177,173
)
Net increase
73,131
$1,019,053
239,110
$3,234,517
8. Redemption facility
The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.
Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the year ended February 28, 2025.
9. Income tax information and distributions to shareholders
The tax character of distributions paid during the fiscal years ended February 28 and February 29, respectively, was as follows:
 
2025
2024
Distributions paid from:
Tax-exempt income
$7,066,713
$7,808,469
Ordinary income
5,660
1,863
Total distributions paid
$7,072,373
$7,810,332

28
Western Asset California Municipals Fund 2025 Annual Report

As of February 28, 2025, the components of distributable earnings (loss) on a tax basis were as follows:
Undistributed tax-exempt income — net
$489,068
Deferred capital losses*
(11,019,651)
Other book/tax temporary differences(a)
(224,186)
Unrealized appreciation (depreciation)(b)
2,190,419
Total distributable earnings (loss) — net
$(8,564,350)
*
These capital losses have been deferred in the current year as either short-term or long-term losses. The losses
will be deemed to occur on the first day of the next taxable year in the same character as they were originally
deferred and will be available to offset future taxable capital gains.
(a)
Other book/tax temporary differences are attributable to book/tax differences in the timing of the deductibility of
various expenses.
(b)
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax
deferral of losses on wash sales; difference between book and tax accretion methods for market discount on
fixed income securities and the book/tax differences in the accrual of interest income on securities in default
and other book/tax basis adjustments.
10. Operating segments
The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund’s financial position or results of operations.
The Fund operates as a single operating segment, which is an investment portfolio. The Fund’s Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.
Western Asset California Municipals Fund 2025 Annual Report

29

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Legg Mason Partners Income Trust and Shareholders of Western Asset California Municipals Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset California Municipals Fund (one of the funds constituting Legg Mason Partners Income Trust, referred to hereafter as the Fund) as of February 28, 2025, the related statement of operations for the year ended February 28, 2025, the statement of changes in net assets for each of the two years in the period ended February 28, 2025, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2025 and the financial highlights for each of the five years in the period ended February 28, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2025 by correspondence with the custodian, brokers and the administrative agent for the tender option bond trust; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Baltimore, Maryland
April 17, 2025
We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

30
Western Asset California Municipals Fund 2025 Annual Report

Important Tax Information (unaudited)
By mid-February, tax information related to a shareholder’s proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.
The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.
The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended February 28, 2025:
 
Pursuant to:
Amount Reported
Exempt-Interest Dividends Distributed
§852(b)(5)(A)
$7,066,713
Qualified Net Interest Income (QII)
§871(k)(1)(C)
$5,660
Section 163(j) Interest Earned
§163(j)
$106,773
Interest Earned from Federal Obligations
Note (1)
$268
Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.
Western Asset California Municipals Fund

31

Changes in and Disagreements with Accountants
For the period covered by this report
Not applicable.
 
Results of Meeting(s) of Shareholders
For the period covered by this report
Not applicable.
 
Remuneration Paid to Directors, Officers and Others
For the period covered by this report
Refer to the financial statements included herein.

32
Western Asset California Municipals Fund

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Western Asset
California Municipals Fund
Trustees
Robert Abeles, Jr.
Jane F. Dasher
Anita L. DeFrantz
Susan B. Kerley
Michael Larson
Ronald L. Olson
Avedick B. Poladian
William E.B. Siart
Chair
Jaynie M. Studenmund
Peter J. Taylor
Jane Trust
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
Western Asset Management Company, LLC
Distributor
Franklin Distributors, LLC
Custodian
The Bank of New York Mellon
Transfer agent
Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Independent registered
public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
Western Asset California Municipals Fund
The Fund is a separate investment series of Legg Mason Partners Income Trust, a Maryland statutory trust. 
Western Asset California Municipals Fund
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.
This report is submitted for the general information of the shareholders of Western Asset California Municipals Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.
www.franklintempleton.com
© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

Franklin Templeton Funds Privacy and Security Notice


Your Privacy Is Our Priority
Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.
Information We Collect
When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:
Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.
Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.
Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).
Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.
Other general information that we may obtain about you such as demographic information.
Disclosure Policy
To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.
NOT PART OF THE ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice 
(cont’d)
We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.
Confidentiality and Security
Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.
At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.
*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:
Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans
Franklin Advisers, Inc.
Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan
Franklin Mutual Advisers, LLC
Franklin, Templeton and Mutual Series Funds
Franklin Templeton Institutional, LLC
Franklin Templeton Investments Corp., Canada
Franklin Templeton Investments Management, Limited UK
Legg Mason Funds
Templeton Asset Management, Limited
Templeton Global Advisors, Limited
Templeton Investment Counsel, LLC
If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.
NOT PART OF THE ANNUAL REPORT


90014-AFSOI4/25
© 2025 Franklin Templeton. All rights reserved.

 

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. 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 period covered by this report that have materially affected or are likely to materially affect the Registrant’s internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

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, there unto duly authorized.

 

Legg Mason Partners Income Trust  
     
By: /s/ Jane Trust  
  Jane Trust  
  Chief Executive Officer  
     
Date: April 21, 2025  

 

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/ Jane Trust  
  Jane Trust  
  Chief Executive Officer  
     
Date: April 21, 2025  

 

By: /s/ Christopher Berarducci  
  Christopher Berarducci  
  Principal Financial Officer  
     
Date: April 21, 2025