UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-04254

Legg Mason Partners Income Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49 th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-721-1926

Date of fiscal year end: February 28

Date of reporting period: May 31, 2013

 

 

 


 

ITEM 1. SCHEDULE OF INVESTMENTS.


LEGG MASON PARTNERS INCOME TRUST

WESTERN ASSET CALIFORNIA MUNICIPALS FUND

FORM N-Q

MAY 31, 2013


WESTERN ASSET CALIFORNIA MUNICIPALS FUND

 

Schedule of Investments (unaudited)    May 31, 2013

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  
MUNICIPAL BONDS - 99.2%           

Education - 3.1%

          

California EFA Revenue, Occidental College

     5.300     10/1/38       $ 8,320,000       $ 9,258,829   

California Municipal Finance Authority Revenue, Biola University

     5.800     10/1/28         2,500,000         2,804,825   

California State School Finance Authority, Educational Facilities Revenue, New Designs Charter School

     5.250     6/1/32         4,000,000         4,037,080   

California State Statewide CDA, Student Housing Revenue, Provident Group-Pomona Properties LLC

     5.750     1/15/45         1,475,000         1,460,043   

California State University Revenue, Systemwide, AGM

     5.000     11/1/39         4,000,000         4,362,320   
          

 

 

 

Total Education

             21,923,097   
          

 

 

 

Health Care - 16.5%

          

ABAG Finance Authority for Nonprofit Corp., CA, Revenue, Sharp Healthcare

     6.250     8/1/39         7,500,000         8,691,300   

California Health Facilities Financing Authority Revenue:

          

Cedars-Sinai Medical Center

     5.000     8/15/39         3,000,000         3,234,630   

Providence Health & Services

     6.500     10/1/38         3,680,000         4,360,726   

Stanford Hospital & Clinics

     5.250     11/15/40         7,500,000         8,382,450   

California Statewide CDA Revenue:

          

Catholic Healthcare West

     5.500     7/1/30         4,940,000         5,475,941   

Catholic Healthcare West

     5.625     7/1/35         6,000,000         6,616,980   

Enloe Medical Center, CMI

     6.250     8/15/33         17,475,000         20,545,357   

FHA, Methodist Hospital Project

     6.750     2/1/38         8,930,000         10,649,471   

Health Facility Adventist Health System

     5.000     3/1/35         4,000,000         4,147,480   

Health Facility Los Angeles Jewish Home for the Aging, CMI

     5.000     11/15/37         6,035,000         6,366,865   

John Muir Health

     5.125     7/1/39         7,000,000         7,374,360   

Kaiser Permanente

     5.000     4/1/42         5,000,000         5,406,950   

St. Joseph Health System, NATL

     5.125     7/1/24         5,695,000         6,449,303   

Newport Beach, CA, Revenue, Hoag Memorial Hospital Presbyterian

     6.000     12/1/40         5,500,000         6,618,700   

Palomar, CA, Pomerado Health Care District, COP

     6.625     11/1/29         10,000,000         11,403,300   
          

 

 

 

Total Health Care

             115,723,813   
          

 

 

 

Housing - 0.1%

          

California Housing Finance Agency Revenue, MFH III, NATL

     5.850     8/1/17         665,000         665,472 (a)  
          

 

 

 

Industrial Revenue - 14.8%

          

California PCFA Revenue, San Diego Gas & Electric Co.

     6.800     6/1/15         1,500,000         1,632,015 (a)  

Chula Vista, CA, IDR, San Diego Gas & Electric Co.

     5.875     2/15/34         16,610,000         19,608,769   

Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue

     5.000     11/15/29         2,500,000         2,802,300   

Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue

     5.500     11/15/37         10,970,000         12,893,590   

M-S-R Energy Authority, CA, Gas Revenue

     6.500     11/1/39         35,000,000         46,210,150   

Southern California Public Power Authority, Project No. 1

     5.000     11/1/33         12,410,000         13,943,628   

Virgin Islands Public Finance Authority Revenue, Matching Fund Loan

     6.625     10/1/29         6,000,000         6,810,780   
          

 

 

 

Total Industrial Revenue

             103,901,232   
          

 

 

 

 

See Notes to Schedule of Investments.

 

1


WESTERN ASSET CALIFORNIA MUNICIPALS FUND

 

Schedule of Investments (unaudited) (cont’d)    May 31, 2013

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Leasing - 6.9%

          

Anaheim, CA, COP, Regular Fixed Option Bonds, NATL

     6.200     7/16/23       $ 2,000,000       $ 2,002,620   

California State Public Works Board, Lease Revenue, Department of Corrections, NATL

     5.000     9/1/21         2,500,000         2,506,925   

Escondido, CA, Union High School District, COP, NATL/FGIC

     5.000     9/1/37         15,000         15,367   

Los Angeles, CA, Convention & Exhibition Center Authority, Lease Revenue

     5.125     8/15/22         4,000,000         4,518,760   

Lower Tule River, CA, Irrigation District Revenue, COP

     5.000     8/1/40         6,000,000         6,118,920   

Modesto, CA, Irrigation District, COP, Capital Improvements

     5.750     10/1/34         15,000,000         17,050,500   

Palm Springs, CA, Financing Authority, Lease Revenue, Convention Center Project, NATL

     5.500     11/1/29         4,500,000         4,681,980   

San Mateo County, CA, Joint Powers Financing Authority, Lease Revenue, Youth Services Campus

     5.000     7/15/36         2,000,000         2,196,120   

Santa Ana, CA Financing Authority, Lease Revenue, Police Administration & Holding Facility, NATL

     6.250     7/1/24         2,875,000         3,266,345   

Southern California Water Replenishment District Revenue, COP

     6.000     8/1/38         5,340,000         6,146,500   
          

 

 

 

Total Leasing

             48,504,037   
          

 

 

 

Local General Obligation - 1.5%

          

Corona-Norca, CA, USD, GO:

          

AGM

     0.000     8/1/39         18,000,000         4,971,780   

AGM

     5.500     8/1/39         5,000,000         5,637,700   
          

 

 

 

Total Local General Obligation

             10,609,480   
          

 

 

 

Other - 1.3%

          

California State MFA Revenue:

          

Goodwill Industries Sacramento Valley & Northern Nevada Project

     6.625     1/1/32         1,000,000         1,088,130   

Goodwill Industries Sacramento Valley & Northern Nevada Project

     6.875     1/1/42         2,000,000         2,174,460   

Pomona, CA, PFA Revenue, Merged Redevelopment Project, Tax Allocation, NATL

     5.000     2/1/21         5,550,000         5,411,916   
          

 

 

 

Total Other

             8,674,506   
          

 

 

 

Power - 3.3%

          

Imperial Irrigation District, CA, Electric Revenue

     5.125     11/1/38         7,690,000         8,459,308   

Imperial Irrigation District, CA, Electric Revenue

     5.500     11/1/41         6,000,000         6,652,800   

Puerto Rico Electric Power Authority, Power Revenue

     5.250     7/1/40         2,300,000         2,286,752   

Santa Clara, CA, Electric Revenue

     5.375     7/1/29         1,555,000         1,792,697   

Santa Clara, CA, Electric Revenue

     5.000     7/1/30         3,500,000         3,923,815   
          

 

 

 

Total Power

             23,115,372   
          

 

 

 

Pre-Refunded/Escrowed to Maturity - 20.3%

          

California Health Facilities Financing Authority Revenue, Providence Health & Services

     6.500     10/1/38         70,000         89,821 (b)  

Contra Costa County, CA, Home Mortgage Revenue, Mortgage-Backed Securities Program, GNMA-Collateralized

     7.750     5/1/22         220,000         282,234 (a)(c)  

Lodi, CA, Wastewater Systems Revenue, COP, NATL

     5.000     10/1/23         1,720,000         1,828,240 (b)  

Martinez, CA, Home Mortgage Revenue, UGRIC

     10.750     2/1/16         35,000         40,058 (c)  

 

See Notes to Schedule of Investments.

 

2


WESTERN ASSET CALIFORNIA MUNICIPALS FUND

 

Schedule of Investments (unaudited) (cont’d)    May 31, 2013

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Pre-Refunded/Escrowed to Maturity - continued

          

Ontario, CA, Redevelopment Financing Authority Revenue, Ontario Redevelopment Project No. 1, NATL

     5.800     8/1/23       $ 2,670,000       $ 3,148,491 (c)  

Pleasanton-Suisan City, CA, HFA Home Mortgage Revenue, Municipal Multiplier 1984, NATL

     0.000     10/1/16         6,000,000         5,868,120 (c)  

Redding, CA, Electric System Revenue, COP, Regular Linked SAVRS & RIBS, NATL

     6.368     7/1/22         1,670,000         2,034,795 (c)  

Riverside County, CA, Single-Family Revenue, Mortgage-Backed Securities Program, GNMA-Collateralized

     7.800     5/1/21         1,000,000         1,425,740 (a)(c)  

Sacramento County, CA, Single-Family Mortgage Revenue, Issue A, GNMA-Collateralized

     8.000     7/1/16         1,500,000         1,818,405 (a)(c)  

San Bernardino County, CA, COP, Capital Facilities Project

     6.875     8/1/24         2,000,000         2,753,400 (c)  

San Francisco, CA, Airport Improvement Corp., Lease Revenue, United Airlines Inc.

     8.000     7/1/13         20,000         20,111 (c)  

San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue:

          

Senior Lien

     0.000     1/1/16         60,000,000         59,022,000 (c)  

Senior Lien

     0.000     1/1/17         17,500,000         16,839,375 (c)  

Senior Lien

     0.000     1/1/18         25,000,000         23,669,250 (c)  

Senior Lien

     0.000     1/1/19         20,000,000         18,422,400 (c)  

San Marcos, CA, PFA, Public Facilities Revenue

     0.000     1/1/19         4,310,000         3,911,196 (c)  

Sequoia, CA, Hospital District Revenue

     5.375     8/15/23         1,250,000         1,423,037 (c)  
          

 

 

 

Total Pre-Refunded/Escrowed to Maturity

             142,596,673   
          

 

 

 

Special Tax Obligation - 10.8%

          

Corona-Norco, CA, USD, Special Tax, Community Facilities District No. 98-1, NATL

     5.500     9/1/33         5,000,000         5,006,850   

La Quinta, CA, RDA, Tax Allocation, Redevelopment Project, Area No. 1, AMBAC

     5.125     9/1/32         6,500,000         6,541,730   

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue

     5.750     8/1/37         5,000,000         5,349,100   

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue

     5.000     8/1/40         5,000,000         5,277,050   

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue

     5.250     8/1/41         4,950,000         5,156,217   

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue

     5.500     8/1/42         10,000,000         10,551,400   

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue

     5.000     8/1/46         2,000,000         2,103,780   

Rancho Cucamonga, CA, RDA, Tax Allocation, Rancho Development Project, AGM, Refunding

     5.250     9/1/20         1,500,000         1,503,360   

Riverside County, CA, Transportation Commission Sales Tax Revenue, Ltd. Tax

     5.000     6/1/32         20,000,000         21,703,600   

Sacramento, CA, Area Flood Control Agency, Consolidated Capital Assessment District, BHAC

     5.625     10/1/37         10,000,000         11,245,300   

Santa Margarita-Dana Point, CA, Authority Revenue, Water Improvement Districts 3, 3A, 4, & 4A, NATL

     7.250     8/1/14         1,500,000         1,585,545   
          

 

 

 

Total Special Tax Obligation

             76,023,932   
          

 

 

 

Transportation - 18.2%

          

Bay Area Toll Authority, CA, Toll Bridge Revenue:

          

San Francisco Bay Area

     1.220     4/1/24         2,000,000         2,014,220 (d)(e)  

San Francisco Bay Area

     5.000     4/1/34         4,175,000         4,642,224   

San Francisco Bay Area

     5.000     4/1/39         15,815,000         17,396,184   

Fresno, CA, Airport Revenue, AGM

     5.500     7/1/30         1,250,000         1,252,325   

Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport

     5.000     5/15/40         17,500,000         19,187,925   

 

See Notes to Schedule of Investments.

 

3


WESTERN ASSET CALIFORNIA MUNICIPALS FUND

 

Schedule of Investments (unaudited) (cont’d)    May 31, 2013

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Transportation - continued

          

Los Angeles, CA, Harbor Department Revenue

     5.250     8/1/39       $ 16,000,000       $ 18,250,240   

Sacramento County, CA, Airport System Revenue:

          

AGM

     5.750     7/1/24         5,000,000         5,741,250 (a)  

PFC, Grant

     6.000     7/1/35         20,000,000         22,793,000   

San Diego County, CA, Regional Airport Authority Revenue

     5.000     7/1/40         10,000,000         10,782,800   

San Francisco, CA, City & County Airports Commission, International Airport Revenue

     5.250     5/1/32         10,000,000         11,412,400   

San Jose, CA, Airport Revenue:

          

AMBAC

     5.000     3/1/33         8,635,000         9,066,232   

AMBAC

     5.000     3/1/37         5,000,000         5,198,150   
          

 

 

 

Total Transportation

             127,736,950   
          

 

 

 

Water & Sewer - 2.4%

          

California State PCFA, Water Furnishing Revenue

     5.000     11/21/45         11,000,000         11,039,380 (a)(f)  

Clovis, CA, Sewer Revenue, NATL

     5.200     8/1/28         6,000,000         6,017,160   
          

 

 

 

Total Water & Sewer

             17,056,540   
          

 

 

 

TOTAL INVESTMENTS - 99.2%
(Cost - $594,295,270#)

             696,531,104   

Other Assets in Excess of Liabilities - 0.8%

             5,647,331   
          

 

 

 

TOTAL NET ASSETS - 100.0%

           $ 702,178,435   
          

 

 

 

 

(a) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

 

(b) Pre-Refunded bonds are escrowed with U.S. government obligations and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if issuer has not applied for new ratings.

 

(c) Bonds are escrowed to maturity by government securities and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if issuer has not applied for new ratings.

 

(d) Variable rate security. Interest rate disclosed is as of the most recent information available.

 

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

 

(f) 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, unless otherwise noted.

 

# Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

ABAG   

— Association of Bay Area Governments

AGM   

— Assured Guaranty Municipal Corporation - Insured Bonds

AMBAC   

— American Municipal Bond Assurance Corporation - Insured Bonds

BHAC   

— Berkshire Hathaway Assurance Corporation - Insured Bonds

CDA   

— Communities Development Authority

CMI   

— California Mortgage Insurance Program - Insured Bonds

COP   

— Certificates of Participation

EFA   

— Educational Facilities Authority

FGIC   

— Financial Guaranty Insurance Company - Insured Bonds

FHA   

— Federal Housing Administration

GNMA   

— Government National Mortgage Association

GO   

— General Obligation

HFA   

— Housing Finance Authority

IDR   

— Industrial Development Revenue

MFA   

— Municipal Finance Authority

MFH   

— Multi-Family Housing

NATL   

— National Public Finance Guarantee Corporation - Insured Bonds

PCFA   

— Pollution Control Financing Authority

PFA   

— Public Facilities Authority

PFC   

— Public Facilities Corporation

RDA   

— Redevelopment Agency

RIBS   

— Residual Interest Bonds

SAVRS   

— Selected Auction Variable Rate Securities

UGRIC   

— United Guaranty Residential Insurance Company - Insured Bonds

USD   

— Unified School District

 

See Notes to Schedule of Investments.

 

4


WESTERN ASSET CALIFORNIA MUNICIPALS FUND

 

Schedule of Investments (unaudited) (cont’d)    May 31, 2013

 

Ratings Table*

Standard & Poor’s/Moody’s/Fitch**

 

AAA/Aaa

     17.4

AA/Aa

     32.2   

A

     43.4   

BBB/Baa

     5.5   

NR

     1.5   

 

 
     100.0

 

 

 

* As a percentage of total investments.

 

** The ratings shown are based on each portfolio security’s rating as determined by Standard & Poor’s, Moody’s or Fitch, each a Nationally Recognized Statistical Rating Organization (“NRSRO”). These ratings are the opinions of the NRSRO and are not measures of quality or guarantees of performance. Securities may be rated by other NRSROs, and these ratings may be higher or lower. In the event that a security is rated by multiple NRSROs and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from a NRSRO.

 

See Notes to Schedule of Investments.

 

5


Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset California Municipals Fund (the “Fund”) is a separate non-diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 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. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. 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 of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North American Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

   

Level 1 – 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.)

 

6


Notes to Schedule of Investments (unaudited) (continued)

 

 

   

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

ASSETS

 

DESCRIPTION

   QUOTED PRICES
(LEVEL 1)
     OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
     SIGNIFICANT
UNOBSERVABLE
INPUTS

(LEVEL 3)
     TOTAL  

Municipal bonds†

     —         $ 696,531,104         —         $ 696,531,104   

 

See Schedule of Investments for additional detailed categorizations.

(b) 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.

(c) Futures contracts. The Fund may use 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 cash equivalents 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.

Futures contracts involve, to varying degrees, risk of loss. 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) Security transactions. Security transactions are accounted for on a trade date basis.

2. Investments

At May 31, 2013, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

   $ 102,437,702   

Gross unrealized depreciation

     (201,868
  

 

 

 

Net unrealized appreciation

   $ 102,235,834   
  

 

 

 

3. Derivative instruments and hedging activities

GAAP requires enhanced disclosure about an entity’s derivative and hedging activities.

At May 31, 2013, the Fund did not have any derivative instruments outstanding.

During the period ended May 31, 2013, the volume of derivative activity for the Fund was as follows:

 

     Average Market Value  

Futures contracts (to sell) †

   $ 24,591,000   

 

At May 31, 2013, there were no open positions held in this derivative.

 

7


 

ITEM 2. 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 registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.


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, thereunto duly authorized.

 

Legg Mason Partners Income Trust
By   /s/    K ENNETH D. F ULLER        
  Kenneth D. Fuller
  Chief Executive Officer
Date: July 25, 2013

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/    K ENNETH D. F ULLER        
  Kenneth D. Fuller
  Chief Executive Officer
Date: July 25, 2013
By   /s/    R ICHARD F. S ENNETT        
  Richard F. Sennett
  Principal Financial Officer
Date: July 25, 2013
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