# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001133228-26-003981
**Filing Date:** 2026-3
**Character Count:** 133564
**Document Hash:** 27dede4bc9ce05c6ef6c2f00577ef2d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003981.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001133228-26-003981

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INCOME TRUST
- **CENTRAL INDEX KEY:** 0000764624

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 26789192

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS INCOME FUNDS
- **DATE OF NAME CHANGE:** 20060407

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY INCOME FUNDS
- **DATE OF NAME CHANGE:** 19941228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY SHEARSON INCOME FUNDS
- **DATE OF NAME CHANGE:** 19931015

## Series and Classes Contracts Data

### Western Asset Municipal High Income Fund (Series ID: S000008976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024387 | Class A      | STXAX           |
| C000024389 | Class C      | SMHLX           |
| C000024390 | Class I      | LMHIX           |

?xml version='1.0' encoding='ASCII'? 2026-02-18LMF5100_WesternAssetMunicipalHighIncomeFund_ClassA_TSRSemiAnnual

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)

**One Madison Avenue, 17th Floor, New York, NY 10010**

(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: **July 31**

Date of reporting period: **January 31, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Municipal High Income Fund**  | **Western Asset Municipal High Income Fund**  |
| Class A [STXAX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Municipal High Income Fund for the period August 1, 2025, to January 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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**<sup>†</sup>  |
| Class A | $44 | 0.84% |

---

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $261420136 |
| **Total Number of Portfolio Holdings** | 210 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6526img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Municipal High Income Fund PAGE 1 7187-STSR-0326

25.717.311.910.27.96.46.04.93.02.31.70.90.51.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Municipal High Income Fund**  | **Western Asset Municipal High Income Fund**  |
| Class C [SMHLX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Municipal High Income Fund for the period August 1, 2025, to January 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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**<sup>†</sup>  |
| Class C | $72 | 1.38% |

---

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $261420136 |
| **Total Number of Portfolio Holdings** | 210 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6527img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Municipal High Income Fund PAGE 1 7488-STSR-0326

25.717.311.910.27.96.46.04.93.02.31.70.90.51.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Municipal High Income Fund**  | **Western Asset Municipal High Income Fund**  |
| Class I [LMHIX] | Semi-Annual Shareholder Report \| January 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Municipal High Income Fund for the period August 1, 2025, to January 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class I | $32 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $261420136 |
| **Total Number of Portfolio Holdings** | 210 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6528img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Municipal High Income Fund PAGE 1 7470-STSR-0326

25.717.311.910.27.96.46.04.93.02.31.70.90.51.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

![](imgcaee0d571.gif)

**Western Asset**

**Municipal High Income Fund**

**Financial Statements and Other Important Information**

**Semi-Annual** \| January 31, 2026

![](imgd04b2ef12.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_SOI-Header-SOI-3213_1) | **1** |
| [Statement of Assets and Liabilities](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_SAL-Header-SAL-3213_1) | **17** |
| [Statement of Operations](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_SOP-Header-SOP-3213_1) | **18** |
| [Statements of Changes in Net Assets](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_SOC-Header-SOC-3213_1) | **19** |
| [Financial Highlights](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_FH-Header-Financialhighlights-3213_1) | **20** |
| [Notes to Financial Statements](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_NTF-Header-Notestofinancialstatements-3213_1) | **23** |
| [Changes in and Disagreements with Accountants](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_TSR-TOCTSRDisclosures-3213_1) | **33** |
| [Results of Meeting(s) of Shareholders](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_TSR-TOCTSRDisclosures-3213_1) | **33** |
| [Remuneration Paid to Directors, Officers and Others](#xx_55b8d91c-8bbd-4b9f-baaa-b25986026ac4_TSR-TOCTSRDisclosures-3213_1) | **33** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 95.9%** | **Municipal Bonds — 95.9%** | **Municipal Bonds — 95.9%** | **Municipal Bonds — 95.9%** | **Municipal Bonds — 95.9%** |
| Alabama — 5.1% | Alabama — 5.1% | Alabama — 5.1% | Alabama — 5.1% | Alabama — 5.1% |
| Black Belt Energy Gas District, AL, Gas Project <br> Revenue Bonds, Series D-1, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; $400000 | &nbsp;&nbsp; $424342<br> <sup>(a)(b)</sup><br>|
| Hoover, AL, IDA Revenue, United States Steel <br> Corp. Project, Series 2019  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 454414<br> <sup>(c)</sup><br>|
| Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3736688<br>|
| Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3118969<br>|
| Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2623968<br>|
| Mobile County, AL, IDA Revenue: |  |  |  |  |
| Solid Waste Disposal Facility, Calvert LLC <br> Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 587858<br> <sup>(c)</sup><br>|
| Solid Waste Disposal Facility, Calvert LLC <br> Project, Series B | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 464289<br> <sup>(c)</sup><br>|
| Southeast Alabama Gas Supply District, Gas <br> Supply Revenue, Project No 1, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 805517<br>|
| Southeast Energy Authority, AL, Cooperative <br> District, Energy Supply Revenue, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1111885<br> <sup>(a)(b)</sup><br>|
| Total Alabama | Total Alabama | Total Alabama | Total Alabama | &nbsp;&nbsp; 13327930 |
| Alaska — 0.2% | Alaska — 0.2% | Alaska — 0.2% | Alaska — 0.2% | Alaska — 0.2% |
| Anchorage, AK, Port Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 607068<br> <sup>(c)</sup><br>|
| Arizona — 6.3% | Arizona — 6.3% | Arizona — 6.3% | Arizona — 6.3% | Arizona — 6.3% |
| Chandler, AZ, IDA Revenue: |  |  |  |  |
| Intel Corp. Project | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506377<br> <sup>(a)(b)(c)</sup><br>|
| Intel Corp. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3061142<br> <sup>(a)(b)(c)</sup><br>|
| La Paz County, AZ, IDA Revenue: |  |  |  |  |
| Charter School Solutions, Harmony Public <br> School Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750463<br> <sup>(d)</sup><br>|
| Charter School Solutions, Harmony Public <br> School Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp; 3074312<br> <sup>(d)</sup><br>|
| Maricopa County, AZ, IDA Revenue, Legacy <br> Traditional Schools Project, Series 2019, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1422178<br> <sup>(d)</sup><br>|
| Navajo Nation, AZ, Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 851241<br> <sup>(d)</sup><br>|
| Phoenix, AZ, IDA Revenue, Basis School Inc., <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 6751687<br> <sup>(d)</sup><br>|
| Total Arizona | Total Arizona | Total Arizona | Total Arizona | &nbsp;&nbsp; 16417400 |

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Arkansas — 0.3% | Arkansas — 0.3% | Arkansas — 0.3% | Arkansas — 0.3% | Arkansas — 0.3% |
| Arkansas State Development Finance Authority, <br> Environmental Improvement Revenue, <br> United States Steel Corporation Project, Green <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $762623<br> <sup>(c)</sup><br>|
| California — 11.8% | California — 11.8% | California — 11.8% | California — 11.8% | California — 11.8% |
| California State Community Choice Financing <br> Authority Revenue: |  |  |  |  |
| Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3273325<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series <br> B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1163730<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 583394<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp; 2843101<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1112706<br>|
| Clean Energy Project, Green Bonds, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1207365<br> <sup>(a)(b)</sup><br>|
| California State Community Housing Agency, <br> Essential Housing Revenue, Stoneridge <br> Apartments, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1172324<br> <sup>(d)</sup><br>|
| California State MFA Revenue, Senior Lien, <br> LINXS APM Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2271635<br> <sup>(c)</sup><br>|
| California State PCFA Water Furnishing <br> Revenue, Poseidon Resources Desalination <br> Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7505953<br> <sup>(c)(d)</sup><br>|
| California State Public Finance Authority, Senior <br> Living Revenue: |  |  |  |  |
| Enso Village Project, Green Bond, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 448119<br> <sup>(d)</sup><br>|
| Enso Village Project, Green Bond, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 661928<br> <sup>(d)</sup><br>|
| M-S-R Energy Authority, CA, Natural Gas <br> Revenue, Series B  | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 4304078<br>|
| River Islands, CA, Public Financing Authority, <br> Special Tax Revenue: |  |  |  |  |
| Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269209<br>|
| Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516446<br>|
| Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1093671<br>|
| Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2461155<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 30888139 |
| Colorado — 3.7% | Colorado — 3.7% | Colorado — 3.7% | Colorado — 3.7% | Colorado — 3.7% |
| Colorado State High Performance Transportation <br> Enterprise Revenue, C-470 Express Lanes  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 492260<br>|

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Colorado — continued | Colorado — continued | Colorado — continued | Colorado — continued | Colorado — continued |
| North Range, CO, Metropolitan District No 2, <br> GO: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $500143<br>|
| Subordinated, Series B | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000024<br>|
| Public Authority for Colorado Energy, Natural <br> Gas Purchase Revenue  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 4450000 | &nbsp;&nbsp; 5429473<br>|
| Southern Ute Indian Tribe Reservation, CO, GO, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 664375<br> <sup>(d)</sup><br>|
| Village Metropolitan District, CO: |  |  |  |  |
| Limited & Special Revenue, Series 2020, <br> Refunding and Improvements | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501412<br>|
| Limited & Special Revenue, Series 2020, <br> Refunding and Improvements | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1141790<br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 9729477 |
| Florida — 4.2% | Florida — 4.2% | Florida — 4.2% | Florida — 4.2% | Florida — 4.2% |
| Broward County, FL, Port Facilities Revenue, <br> Senior Bonds, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 3824948<br> <sup>(c)</sup><br>|
| Florida State Development Finance Corp., <br> Educational Facilities Revenue: |  |  |  |  |
| Mater Academy Projects, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1014753<br>|
| Mater Academy Projects, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006324<br>|
| Miami-Dade County, FL, Seaport Revenue, <br> Senior Bonds, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1520913<br> <sup>(c)</sup><br>|
| Okaloosa County, FL, IDR, Air Force Enlisted <br> Village Inc. Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102340<br> <sup>(d)</sup><br>|
| Orange County, FL, Health Facilities Authority <br> Revenue: |  |  |  |  |
| Orlando Health Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508082<br>|
| Orlando Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/56 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 384279<br>|
| Palm Beach County, FL, Health Facilities <br> Authority Revenue: |  |  |  |  |
| Acts Retirement-Life Communities | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 756310<br>|
| Toby & Leon Cooperman Sinai Residences of <br> Boca Raton Expansion, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 228941<br>|
| Toby & Leon Cooperman Sinai Residences of <br> Boca Raton Expansion, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 926537<br>|
| Reunion, FL, East Community Development <br> District, Special Assessment Bond, Series A-2  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 4<br> \*<sup>(e)(f)(g)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Wildwood, FL, Village Community Development <br> District No 15, Special Assessment Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; $645000 | &nbsp;&nbsp; $659212<br> <sup>(d)</sup><br>|
| Total Florida | Total Florida | Total Florida | Total Florida | &nbsp;&nbsp; 10932643 |
| Georgia — 1.2% | Georgia — 1.2% | Georgia — 1.2% | Georgia — 1.2% | Georgia — 1.2% |
| Georgia State Municipal Electric Authority, <br> Power Revenue: |  |  |  |  |
| Plant Vogtle Units 3&4, Project M, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 823582<br>|
| Plant Vogtle Units 3&4, Project P, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 515790<br>|
| Main Street Natural Gas Inc., GA, Gas Project <br> Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1269480<br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 531704<br> <sup>(a)(b)</sup><br>|
| Total Georgia | Total Georgia | Total Georgia | Total Georgia | &nbsp;&nbsp; 3140556 |
| Hawaii — 0.3% | Hawaii — 0.3% | Hawaii — 0.3% | Hawaii — 0.3% | Hawaii — 0.3% |
| Honolulu, HI, City & County Wastewater System <br> Revenue, First Senior Bond Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 675646<br>|
| Illinois — 10.4% | Illinois — 10.4% | Illinois — 10.4% | Illinois — 10.4% | Illinois — 10.4% |
| Chicago, IL, Board of Education, Dedicated <br> Capital Improvement, Special Tax Revenue, <br> Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009522<br>|
| Chicago, IL, Board of Education, GO: |  |  |  |  |
| Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506655<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024337<br>|
| Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100701<br>|
| Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3102897<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2037637<br>|
| Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 716053<br>|
| Chicago, IL, GO, Chicago Works, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1278935<br>|
| Chicago, IL, O'Hare International Airport <br> Revenue: |  |  |  |  |
| Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000437<br> <sup>(c)</sup><br>|
| Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990863<br> <sup>(c)</sup><br>|
| Chicago, IL, Transit Authority, Sales Tax Receipts <br> Revenue, Second Lien, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 254389<br>|
| Illinois State Development Finance Authority, <br> Environmental Facilities Revenue, Citgo <br> Petroleum Corp. Project  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3255436<br> <sup>(c)</sup><br>|
| Illinois State Finance Authority Revenue: |  |  |  |  |
| Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 691937<br> <sup>(d)</sup><br>|
| Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 365598<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued |
| Surface Freight Transfer Facilities, <br> Centerpoint Joliet Terminal Railroad Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $780909<br> <sup>(a)(b)(c)(d)</sup><br>|
| Illinois State Sports Facilities Authority <br> Revenue, Sport Facilities Project, Series 2019, <br> Refunding, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 769024<br>|
| Illinois State, GO: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020263<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 3078430<br>|
| Metropolitan Pier & Exposition Authority, IL, <br> Revenue: |  |  |  |  |
| McCormick Place Expansion Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1124253<br>|
| McCormick Place Expansion Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 749290<br>|
| McCormick Place Expansion Project, Series B, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3360522<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 27218088 |
| Indiana — 1.7% | Indiana — 1.7% | Indiana — 1.7% | Indiana — 1.7% | Indiana — 1.7% |
| Indiana State Finance Authority Revenue: |  |  |  |  |
| BHI Senior Living Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1191758<br>|
| Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 444265<br>|
| Midwestern Disaster Relief, Ohio Valley <br> Electric Corp. Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517728<br>|
| Valparaiso, IN, Exempt Facilities Revenue, Pratt <br> Paper LLC Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2359877<br> <sup>(c)(d)</sup><br>|
| Total Indiana | Total Indiana | Total Indiana | Total Indiana | &nbsp;&nbsp; 4513628 |
| Kentucky — 0.8% | Kentucky — 0.8% | Kentucky — 0.8% | Kentucky — 0.8% | Kentucky — 0.8% |
| Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 425770<br> <sup>(a)(b)</sup><br>|
| Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1627444<br>|
| Total Kentucky | Total Kentucky | Total Kentucky | Total Kentucky | &nbsp;&nbsp; 2053214 |
| Louisiana — 0.9% | Louisiana — 0.9% | Louisiana — 0.9% | Louisiana — 0.9% | Louisiana — 0.9% |
| Louisiana State PFA, Lease Revenue: |  |  |  |  |
| Provident Group, Flagship Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1011534<br>|
| Provident Group, Flagship Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 947532<br>|
| Provident Group, Flagship Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 442655<br>|
| Total Louisiana | Total Louisiana | Total Louisiana | Total Louisiana | &nbsp;&nbsp; 2401721 |
| Maryland — 1.2% | Maryland — 1.2% | Maryland — 1.2% | Maryland — 1.2% | Maryland — 1.2% |
| Maryland State EDC Revenue: |  |  |  |  |
| Morgan State University Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 872397<br>|
| Seagirt Marine Terminal Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303840<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Maryland — continued | Maryland — continued | Maryland — continued | Maryland — continued | Maryland — continued |
| Seagirt Marine Terminal Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1002289<br> <sup>(c)</sup><br>|
| Maryland State Health & Higher EFA Revenue: |  |  |  |  |
| Frederick Health System, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 452111<br>|
| Frederick Health System, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 623736<br>|
| Total Maryland | Total Maryland | Total Maryland | Total Maryland | &nbsp;&nbsp; 3254373 |
| Massachusetts — 0.4% | Massachusetts — 0.4% | Massachusetts — 0.4% | Massachusetts — 0.4% | Massachusetts — 0.4% |
| Massachusetts State DFA Revenue, Boston <br> Medical Center, Sustainability Bonds, Series G, <br> Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982647<br>|
| Michigan — 1.0% | Michigan — 1.0% | Michigan — 1.0% | Michigan — 1.0% | Michigan — 1.0% |
| Michigan State Finance Authority Revenue: |  |  |  |  |
| Henry Ford Health System, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1109925<br>|
| The Henry Ford Health Detroit South Campus <br> Central Utility Plant Project, Green Bonds, <br> Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/28/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 471485<br>|
| Tobacco Settlement Asset Backed Senior <br> Bonds, Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 44948<br>|
| Michigan State Strategic Fund Ltd. Obligation <br> Revenue, I-75 Improvement Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 854017<br> <sup>(c)</sup><br>|
| Total Michigan | Total Michigan | Total Michigan | Total Michigan | &nbsp;&nbsp; 2480375 |
| Minnesota — 1.4% | Minnesota — 1.4% | Minnesota — 1.4% | Minnesota — 1.4% | Minnesota — 1.4% |
| Minneapolis & St. Paul, MN, Metropolitan <br> Airports Commission Revenue, Subordinated, <br> Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3568081<br> <sup>(c)</sup><br>|
| Missouri — 1.9% | Missouri — 1.9% | Missouri — 1.9% | Missouri — 1.9% | Missouri — 1.9% |
| Missouri State HEFA Revenue: |  |  |  |  |
| Lutheran Senior Services Projects, Series A, <br> Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1010056<br>|
| Lutheran Senior Services Projects, Series A, <br> Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002999<br>|
| St. Louis County, MO, IDA, Senior Living <br> Facilities Revenue, Friendship Village of Sunset <br> Hills, Series A  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3002245<br>|
| Total Missouri | Total Missouri | Total Missouri | Total Missouri | &nbsp;&nbsp; 5015300 |
| Nebraska — 1.3% | Nebraska — 1.3% | Nebraska — 1.3% | Nebraska — 1.3% | Nebraska — 1.3% |
| Central Plains Energy Project, NE, Gas Project <br> Revenue, Project No 3, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp; 3385646<br>|

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Nevada — 1.2% | Nevada — 1.2% | Nevada — 1.2% | Nevada — 1.2% | Nevada — 1.2% |
| State of Nevada Department of Business & <br> Industry Revenue: |  |  |  |  |
| Charter School Lease Revenue, Somerset <br> Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; $1295000 | &nbsp;&nbsp; $1295346<br> <sup>(d)</sup><br>|
| Charter School Lease Revenue, Somerset <br> Academy, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/45 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp; 1947350<br> <sup>(d)</sup><br>|
| Total Nevada | Total Nevada | Total Nevada | Total Nevada | &nbsp;&nbsp; 3242696 |
| New Hampshire — 1.5% | New Hampshire — 1.5% | New Hampshire — 1.5% | New Hampshire — 1.5% | New Hampshire — 1.5% |
| National Finance Authority, NH, Revenue: |  |  |  |  |
| Presbyterian Senior Living Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 706541<br>|
| Winston-Salem Sustainable Energy <br> Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1812708<br>|
| Winston-Salem Sustainable Energy <br> Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1515537<br>|
| Total New Hampshire | Total New Hampshire | Total New Hampshire | Total New Hampshire | &nbsp;&nbsp; 4034786 |
| New Jersey — 2.2% | New Jersey — 2.2% | New Jersey — 2.2% | New Jersey — 2.2% | New Jersey — 2.2% |
| New Jersey State EDA Revenue: |  |  |  |  |
| Provident Group - Rowan Properties LLC, <br> Rowan University Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1917370<br>|
| Special Facility, Port Newark Container <br> Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1171621<br> <sup>(c)</sup><br>|
| New Jersey State Transportation Trust Fund <br> Authority Revenue: |  |  |  |  |
| Transportation Program, Series CC | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2130415<br>|
| Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512807<br>|
| Total New Jersey | Total New Jersey | Total New Jersey | Total New Jersey | &nbsp;&nbsp; 5732213 |
| New Mexico — 0.6% | New Mexico — 0.6% | New Mexico — 0.6% | New Mexico — 0.6% | New Mexico — 0.6% |
| New Mexico State Municipal Energy Acquisition <br> Authority, Gas Supply Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 800178<br> <sup>(a)(b)</sup><br>|
| Santa Fe, NM, Retirement Facilities Revenue, EL <br> Castillo Retirement Residences Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 702954<br>|
| Total New Mexico | Total New Mexico | Total New Mexico | Total New Mexico | &nbsp;&nbsp; 1503132 |
| New York — 11.1% | New York — 11.1% | New York — 11.1% | New York — 11.1% | New York — 11.1% |
| Build NYC Resource Corp., NY, Revenue, East <br> Harlem Scholars Academy Charter School <br> Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/1/62 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 741568<br> <sup>(d)</sup><br>|
| MTA, NY, Transportation Revenue: |  |  |  |  |
| Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 453596<br>|
| Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076448<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New York — continued | New York — continued | New York — continued | New York — continued | New York — continued |
| New York City, NY, Industrial Development <br> Agency Revenue, Yankee Stadium Project, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $694733<br>|
| New York State Liberty Development Corp., <br> Revenue, 7 World Trade Center Project, Class 3, <br> Refunding  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1434442<br>|
| New York State Transportation Development <br> Corp., Special Facilities Revenue: |  |  |  |  |
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 885623<br> <sup>(c)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 743538<br> <sup>(c)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1894081<br> <sup>(c)</sup><br>|
| John F. Kennedy International Airport New <br> Terminal One Project, Green Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 9645000 | &nbsp;&nbsp; 9600765<br> <sup>(c)</sup><br>|
| John F. Kennedy International Airport New <br> Terminal One Project, Green Bonds, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 6125000 | &nbsp;&nbsp; 6124952<br> <sup>(c)</sup><br>|
| John F. Kennedy International Airport <br> Terminal Six Redevelopment Project, Green <br> Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304764<br> <sup>(c)</sup><br>|
| John F. Kennedy International Airport <br> Terminal Six Redevelopment Project, Green <br> Bonds, Series A, Refunding, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 659646<br> <sup>(c)</sup><br>|
| John F. Kennedy International Airport <br> Terminal Six Redevelopment Project, Green <br> Bonds, Series B, Refunding, AG, Step bond <br> (0.000% to 12/31/34 then 5.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 199560<br> <sup>(c)</sup><br>|
| LaGuardia Airport Terminal B Redevelopment <br> Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100190<br> <sup>(c)</sup><br>|
| LaGuardia Airport Terminal B Redevelopment <br> Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1199946<br> <sup>(c)</sup><br>|
| Port Authority of New York & New Jersey <br> Revenue: |  |  |  |  |
| Consolidated Series 221 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1371920<br> <sup>(c)</sup><br>|
| Consolidated Series 221 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 431433<br> <sup>(c)</sup><br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 28917205 |
| North Dakota — 0.2% | North Dakota — 0.2% | North Dakota — 0.2% | North Dakota — 0.2% | North Dakota — 0.2% |
| Grand Forks, ND, Health Care System Revenue, <br> Altru Health System, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 605727<br>|

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Ohio — 2.3% | Ohio — 2.3% | Ohio — 2.3% | Ohio — 2.3% | Ohio — 2.3% |
| Buckeye, OH, Tobacco Settlement Financing <br> Authority Revenue, Senior Bonds, Series B-2, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; $1300000 | &nbsp;&nbsp; $1070988<br>|
| Ohio State Air Quality Development Authority <br> Revenue: |  |  |  |  |
| American Electric Co. Project, Series B | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 963975<br> <sup>(a)(b)(c)</sup><br>|
| AMG Vanadium Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1851180<br> <sup>(c)(d)</sup><br>|
| Ohio State Private Activity Revenue, Portsmouth <br> Bypass Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1611958<br> <sup>(c)</sup><br>|
| Port of Greater Cincinnati Development <br> Authority Revenue, OH, Tax-Exempt Parking <br> Revenue, 3CDC Obligated Group Parking <br> Facilities, Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 407940<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 5906041 |
| Oklahoma — 0.8% | Oklahoma — 0.8% | Oklahoma — 0.8% | Oklahoma — 0.8% | Oklahoma — 0.8% |
| Tulsa County, OK, Industrial Authority, Senior <br> Living Community Revenue: |  |  |  |  |
| Montereau Inc. Project, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508266<br>|
| Montereau Inc. Project, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001406<br>|
| Tulsa, OK, Municipal Airport Trust Revenue: |  |  |  |  |
| American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 580948<br> <sup>(c)</sup><br>|
| American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 67476<br> <sup>(c)</sup><br>|
| Total Oklahoma | Total Oklahoma | Total Oklahoma | Total Oklahoma | &nbsp;&nbsp; 2158096 |
| Oregon — 0.5% | Oregon — 0.5% | Oregon — 0.5% | Oregon — 0.5% | Oregon — 0.5% |
| Clackamas County, OR, Hospital Facility <br> Authority Revenue, Senior Living, Willamette <br> View Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1174879<br>|
| Pennsylvania — 5.2% | Pennsylvania — 5.2% | Pennsylvania — 5.2% | Pennsylvania — 5.2% | Pennsylvania — 5.2% |
| Allegheny County, PA, HDA Revenue, University <br> of Pittsburgh Medical Center, Series A, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998054<br>|
| Lancaster County, PA, IDA Revenue, Willow <br> Valley Communities Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1690222<br>|
| Pennsylvania State Economic Development <br> Financing Authority Revenue: |  |  |  |  |
| Exempt Facilities Bonds, PPL Energy <br> Supply LLC Project, Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1708579<br> <sup>(a)(b)</sup><br>|
| Solid Waste Disposal Facility, Core Natural <br> Resources Inc. Project, Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 327666<br> <sup>(a)(b)(c)(d)</sup><br>|
| Tax-Exempt Private Activity, The Penndot <br> Major Bridges Package One Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2229353<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Tax-Exempt Private Activity, The Penndot <br> Major Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; $5400000 | &nbsp;&nbsp; $5457866<br> <sup>(c)</sup><br>|
| Philadelphia, PA, Authority for IDR, Charter <br> School Revenue, Philadelphia Performing Arts: A <br> String Theory Charter School Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1106561<br> <sup>(d)</sup><br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 13518301 |
| Puerto Rico — 5.6% | Puerto Rico — 5.6% | Puerto Rico — 5.6% | Puerto Rico — 5.6% | Puerto Rico — 5.6% |
| Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority Revenue, Senior Lien, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2580837<br> <sup>(d)</sup><br>|
| Puerto Rico Commonwealth, GO: |  |  |  |  |
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 60471 | &nbsp;&nbsp; 44329<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 51860 | &nbsp;&nbsp; 53035<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 51018 | &nbsp;&nbsp; 54223<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 49554 | &nbsp;&nbsp; 54734<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 46990 | &nbsp;&nbsp; 47524<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 442237 | &nbsp;&nbsp; 444432<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2124958<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 299287 | &nbsp;&nbsp; 281316<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 51258 | &nbsp;&nbsp; 45709<br>|
| Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 180531 | &nbsp;&nbsp; 118474<br> <sup>(b)</sup><br>|
| Puerto Rico Sales Tax Financing Corp., Sales Tax <br> Revenue: |  |  |  |  |
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 543000 | &nbsp;&nbsp; 518530<br>|
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3460000 | &nbsp;&nbsp; 1204945<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130220<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 5275000 | &nbsp;&nbsp; 5096144<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 1122587<br>|
| Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 716552<br>|
| Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | &nbsp;&nbsp; 14638549 |
| Rhode Island — 0.3% | Rhode Island — 0.3% | Rhode Island — 0.3% | Rhode Island — 0.3% | Rhode Island — 0.3% |
| Central Falls, RI, Detention Facility Corp., <br> Detention Facilities Revenue, Refunding  | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 382,200<br> \*<sup>(e)</sup><br>|
| Rhode Island State Health & Educational <br> Building Corp., Student Housing Revenue, Rhode <br> Island Properties LLC, Subordinated Series B, AG  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/65 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 410288<br>|
| Total Rhode Island | Total Rhode Island | Total Rhode Island | Total Rhode Island | &nbsp;&nbsp; 792488 |

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| South Carolina — 0.4% | South Carolina — 0.4% | South Carolina — 0.4% | South Carolina — 0.4% | South Carolina — 0.4% |
| South Carolina State Jobs-EDA Hospital <br> Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $922395<br>|
| Tennessee — 0.3% | Tennessee — 0.3% | Tennessee — 0.3% | Tennessee — 0.3% | Tennessee — 0.3% |
| Metropolitan Government of Nashville & <br> Davidson County, TN, Sports Authority Revenue, <br> Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 785880<br>|
| Texas — 5.6% | Texas — 5.6% | Texas — 5.6% | Texas — 5.6% | Texas — 5.6% |
| Arlington, TX, Higher Education Finance Corp., <br> Education Revenue, Basis Texas Charter <br> Schools Inc., Refunding  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/65 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 758911<br> <sup>(d)</sup><br>|
| Austin, TX, Airport System Revenue, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 756239<br> <sup>(c)</sup><br>|
| Central Texas Regional Mobility Authority <br> Revenue: |  |  |  |  |
| CAB, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 1984462<br>|
| CAB, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1271165<br>|
| CAB, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 1225476<br>|
| Galveston, TX, Wharves & Terminal Revenue, <br> Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1641038<br> <sup>(c)</sup><br>|
| Houston, TX, Airport System Revenue, Special <br> Facilities, United Airlines Inc., Terminal <br> Improvement Project, Series B-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 922273<br> <sup>(c)</sup><br>|
| Love Field, TX, Airport Modernization Corp., <br> General Airport Revenue: |  |  |  |  |
| Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111224<br> <sup>(c)</sup><br>|
| Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110950<br> <sup>(c)</sup><br>|
| Mission, TX, EDC, Solid Waste Disposal <br> Revenue, Graphic Packaging International, LLC <br> Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259493<br> <sup>(a)(b)(c)</sup><br>|
| New Hope Cultural Education Facilities Finance <br> Corp., TX: |  |  |  |  |
| Retirement Facility Revenue, Westminster <br> Manor Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1019314<br>|
| Student Housing Revenue, Collegiate Housing <br> College Station, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499993<br>|
| Newark, TX, Higher Education Finance Corp., <br> Education Revenue, TLC Academy, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 692163<br>|
| Port Beaumont, TX, Navigation District Dock and <br> Wharf Facility Revenue, Jefferson Gulf Coast <br> Energy Project, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 169070<br> <sup>(c)(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Tarrant County, TX, Cultural Education Facilities <br> Finance Corp., Retirement Facility Revenue: |  |  |  |  |
| Buckner Retirement Services Inc. Project, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1015170<br>|
| Buckner Retirement Services Inc. Project, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1162556<br>|
| Texas State Private Activity Bond Surface <br> Transportation Corp. Revenue: |  |  |  |  |
| Senior Lien, LBJ Infrastructure Group LLC, <br> I-635 Managed Lanes Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/37 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 519431<br>|
| Senior Lien, NTE Mobility Partners Segments <br> 3 LLC, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 636547<br> <sup>(c)</sup><br>|
| Total Texas | Total Texas | Total Texas | Total Texas | &nbsp;&nbsp; 14755475 |
| Utah — 1.3% | Utah — 1.3% | Utah — 1.3% | Utah — 1.3% | Utah — 1.3% |
| Utah State Charter School Finance Authority, <br> Charter School Revenue: |  |  |  |  |
| Summit Academy Inc., Series A, Refunding, <br> UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/39 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 361793<br>|
| Summit Academy Inc., Series A, Refunding, <br> UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/44 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 633083<br>|
| Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/42 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750807<br>|
| Utah State Infrastructure Agency <br> Telecommunication Revenue, Series A  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1167885<br>|
| Utah State Infrastructure Agency, <br> Telecommunication Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 470566<br>|
| Total Utah | Total Utah | Total Utah | Total Utah | &nbsp;&nbsp; 3384134 |
| Virginia — 0.5% | Virginia — 0.5% | Virginia — 0.5% | Virginia — 0.5% | Virginia — 0.5% |
| Virginia State Small Business Financing <br> Authority Revenue: |  |  |  |  |
| National Senior Campuses, Inc., Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526647<br>|
| Senior Lien, I-495 HOT Lanes Project, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 751026<br> <sup>(c)</sup><br>|
| Total Virginia | Total Virginia | Total Virginia | Total Virginia | &nbsp;&nbsp; 1277673 |
| Washington — 0.4% | Washington — 0.4% | Washington — 0.4% | Washington — 0.4% | Washington — 0.4% |
| Washington State Health Care Facilities <br> Authority Revenue, Commonspirit Health, Series <br> A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1146944<br>|

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| West Virginia — 0.1% | West Virginia — 0.1% | West Virginia — 0.1% | West Virginia — 0.1% | West Virginia — 0.1% |
| West Virginia State EDA Revenue, Solid Waste <br> Disposal Facility, Commercial Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $255832<br> <sup>(a)(b)(c)</sup><br>|
| Wisconsin — 1.7% | Wisconsin — 1.7% | Wisconsin — 1.7% | Wisconsin — 1.7% | Wisconsin — 1.7% |
| Public Finance Authority, WI, Revenue, The <br> Carmelite System Inc. Obligated Group, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301064<br>|
| Public Finance Authority, WI, Student Housing <br> Revenue: |  |  |  |  |
| Beyond Boone LLC, Appalachian State <br> University Project, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 617536<br>|
| CHF Wilmington LLC, University of North <br> Carolina at Wilmington Project, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2470000 | &nbsp;&nbsp; 2470017<br>|
| University of Hawai'i Foundation Project, <br> Green Bonds, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp; 588680<br> <sup>(d)</sup><br>|
| Wisconsin State HEFA Revenue, Bellin Memorial <br> Hospital Inc., Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532361<br>|
| Total Wisconsin | Total Wisconsin | Total Wisconsin | Total Wisconsin | &nbsp;&nbsp; 4509658 |
| **Total Municipal Bonds (Cost — $252,847,683)** | **Total Municipal Bonds (Cost — $252,847,683)** | **Total Municipal Bonds (Cost — $252,847,683)** | **Total Municipal Bonds (Cost — $252,847,683)** | &nbsp;&nbsp; **250616659** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(h)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(h)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(h)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(h)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(h)</sup> **— 4.4%** |
| New York — 4.4% | New York — 4.4% | New York — 4.4% | New York — 4.4% | New York — 4.4% |
| New York City, NY, Municipal Water Finance <br> Authority, Water & Sewer System Revenue, <br> Second General Resolution Fiscal 2023, <br> Subseries AA-1  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 3055000 | &nbsp;&nbsp; 3209909<br>|
| New York State Dormitory Authority, State <br> Personal Income Tax Revenue, General Purpose <br> Bonds, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 4755000 | &nbsp;&nbsp; 4549631<br>|
| New York State Urban Development Corp., State <br> Sales Tax Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/49 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp; 3835009<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $11,681,388)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $11,681,388)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $11,681,388)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $11,681,388)** | &nbsp;&nbsp; **11594549** |
| **Total Investments before Short-Term Investments (Cost — $264,529,071)** | **Total Investments before Short-Term Investments (Cost — $264,529,071)** | **Total Investments before Short-Term Investments (Cost — $264,529,071)** | **Total Investments before Short-Term Investments (Cost — $264,529,071)** | &nbsp;&nbsp; **262211208** |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Municipal Bonds — 1.3%** | **Municipal Bonds — 1.3%** | **Municipal Bonds — 1.3%** | **Municipal Bonds — 1.3%** | **Municipal Bonds — 1.3%** |
| Mississippi — 0.3% | Mississippi — 0.3% | Mississippi — 0.3% | Mississippi — 0.3% | Mississippi — 0.3% |
| Mississippi State Business Finance Corp., Gulf <br> Opportunity Zone, IDR: |  |  |  |  |
| Chevron USA Inc. Project, Series E | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000<br> <sup>(i)(j)</sup><br>|
| Chevron USA Inc. Project, Series L | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 445000<br> <sup>(i)(j)</sup><br>|
| Total Mississippi | Total Mississippi | Total Mississippi | Total Mississippi | &nbsp;&nbsp; 945000 |

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% |
| Missouri State Health Senior Living Facilities <br> Revenue, Saint Louis University, Series B-2, <br> Refunding, LOC - Wells Fargo Bank N.A. | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; $700000 | &nbsp;&nbsp; $700000<br> <sup>(i)(j)</sup><br>|
| New York — 0.7% | New York — 0.7% | New York — 0.7% | New York — 0.7% | New York — 0.7% |
| New York City, NY, GO, Subseries E-5, LOC - TD <br> Bank N.A.  | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000<br> <sup>(i)(j)</sup><br>|
| New York City, NY, Municipal Water Finance <br> Authority, Water & Sewer System Revenue, <br> Second General Resolution Fiscal 2023, <br> Subseries BB-2, Refunding, SPA - Mizuho Bank <br> Ltd.  | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1650000<br> <sup>(i)(j)</sup><br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 1850000 |
| **Total Short-Term Investments (Cost — $3,495,000)** | **Total Short-Term Investments (Cost — $3,495,000)** | **Total Short-Term Investments (Cost — $3,495,000)** | **Total Short-Term Investments (Cost — $3,495,000)** | &nbsp;&nbsp; **3495000** |
| **Total Investments — 101.6% (Cost — $268,024,071)** | **Total Investments — 101.6% (Cost — $268,024,071)** | **Total Investments — 101.6% (Cost — $268,024,071)** | **Total Investments — 101.6% (Cost — $268,024,071)** | &nbsp;&nbsp; **265706208** |
| TOB Floating Rate Notes — (2.4)% | TOB Floating Rate Notes — (2.4)% | TOB Floating Rate Notes — (2.4)% | TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp; (6265000)<br>|
| Other Assets in Excess of Other Liabilities — 0.8% | Other Assets in Excess of Other Liabilities — 0.8% | Other Assets in Excess of Other Liabilities — 0.8% | Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp; 1978928 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$261420136** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

 **Western Asset Municipal High Income Fund**

\* Non-income producing security.

<sup>(a)</sup> Maturity date shown represents the mandatory tender date.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). 

<sup>(d)</sup> 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. 

<sup>(e)</sup> The coupon payment on this security is currently in default as of January 31, 2026.

<sup>(f)</sup> Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

<sup>(g)</sup> Security is valued using significant unobservable inputs (Note 1).

<sup>(h)</sup> Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust (Note 1). 

<sup>(i)</sup> 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. 

<sup>(j)</sup> Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset Municipal High Income Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM | —  | Build America Mutual — Insured Bonds |
| CAB | —  | Capital Appreciation Bonds |
| CSCE | —  | Charter School Credit Enhancement |
| DFA | —  | Development Finance Agency |
| EDA | —  | Economic Development Authority |
| EDC | —  | Economic Development Corporation |
| EFA | —  | Educational Facilities Authority |
| GO | —  | General Obligation |
| HDA | —  | Housing Development Authority |
| HEFA | —  | Health & Educational Facilities Authority |
| IDA | —  | Industrial Development Authority |
| IDR | —  | Industrial Development Revenue |
| LOC | —  | Letter of Credit |
| MFA | —  | Municipal Finance Authority |
| MTA | —  | Metropolitan Transportation Authority |
| PCFA | —  | Pollution Control Financing Authority |
| PEA | —  | Public Energy Authority |
| PFA | —  | Public Facilities Authority |
| SPA | —  | Standby Bond Purchase Agreement — Insured Bonds |

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $268,024,071) | &nbsp;&nbsp; $265706208 |
| Cash | &nbsp;&nbsp; 1067 |
| Interest receivable | &nbsp;&nbsp; 2651833 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 149836 |
| Prepaid expenses | &nbsp;&nbsp; 32727 |
| **Total Assets** | &nbsp;&nbsp; **268541671** |
| **Liabilities:** |  |
| TOB Floating Rate Notes (Note 1) | &nbsp;&nbsp; 6265000 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 388550 |
| Distributions payable | &nbsp;&nbsp; 124129 |
| Investment management fee payable | &nbsp;&nbsp; 94447 |
| Interest and commitment fees payable | &nbsp;&nbsp; 61768 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 24151 |
| Trustees' fees payable | &nbsp;&nbsp; 1243 |
| Accrued expenses | &nbsp;&nbsp; 162247 |
| **Total Liabilities** | &nbsp;&nbsp; **7121535** |
| **Total Net Assets** | &nbsp;&nbsp; **$261420136** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $204 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 289037910 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (27617978)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$261420136** |
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $171896282 |
| Class C | &nbsp;&nbsp; $3703311 |
| Class I | &nbsp;&nbsp; $85820543 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 13358929 |
| Class C | &nbsp;&nbsp; 289341 |
| Class I | &nbsp;&nbsp; 6705286 |
| **Net Asset Value:** |  |
| Class A (and redemption price) | &nbsp;&nbsp; $12.87 |
| Class C\*  | &nbsp;&nbsp; $12.80 |
| Class I (and redemption price) | &nbsp;&nbsp; $12.80 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 3.75%) | &nbsp;&nbsp; $13.37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| **Interest** | &nbsp;&nbsp; **$6403583** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 611248 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 148439 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 107516 |
| Interest expense (Note 1)  | &nbsp;&nbsp; 96364 |
| Registration fees | &nbsp;&nbsp; 36013 |
| Fund accounting fees | &nbsp;&nbsp; 35357 |
| Audit and tax fees | &nbsp;&nbsp; 23842 |
| Shareholder reports | &nbsp;&nbsp; 9321 |
| Legal fees | &nbsp;&nbsp; 9318 |
| Trustees' fees | &nbsp;&nbsp; 3768 |
| Custody fees | &nbsp;&nbsp; 1274 |
| Commitment fees (Note 8) | &nbsp;&nbsp; 1184 |
| Insurance | &nbsp;&nbsp; 1018 |
| Miscellaneous expenses  | &nbsp;&nbsp; 5356 |
| **Total Expenses** | &nbsp;&nbsp; **1090018** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (36078)<br>|
| **Net Expenses** | &nbsp;&nbsp; **1053940** |
| **Net Investment Income** | &nbsp;&nbsp; **5349643** |
| **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** | **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** |
| **Net Realized Loss From Investment Transactions**  | &nbsp;&nbsp; **(368966)**<br>|
| **Change in Net Unrealized Appreciation (Depreciation) From Investments**  | &nbsp;&nbsp; **12660765** |
| **Net Gain on Investments**  | &nbsp;&nbsp; **12291799** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$17641442** |

---

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Six Months Ended January 31, 2026 (unaudited) <br>and the Year Ended July 31, 2025<br>| 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $5349643 | $12069996 |
| Net realized gain (loss)  | &nbsp;&nbsp; (368966)<br>| 2156654 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 12660765 | (19572477)<br>|
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **17641442** | **(5345827)**<br>|
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (5336951)<br>| (11983506)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(5336951)**<br>| **(11983506)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 17881358 | 47245279 |
| Reinvestment of distributions | &nbsp;&nbsp; 4579876 | 10400770 |
| Cost of shares repurchased  | &nbsp;&nbsp; (46866343)<br>| (101411433)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(24405109)**<br>| **(43765384)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(12100618)**<br>| **(61094717)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 273520754 | 334615471 |
| **End of period** | &nbsp;&nbsp; **$261420136** | **$273520754** |

---

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class A Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $12.30 | &nbsp;&nbsp; $13.04 | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $14.73 | &nbsp;&nbsp; $14.07 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.25 | 0.50 | 0.51 | 0.49 | 0.42 | 0.46 |
| Net realized and unrealized gain (loss) | 0.57 | &nbsp;&nbsp; (0.75)<br>| 0.33 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.58)<br>| 0.65 |
| **Total income (loss) from operations** | **0.82** | &nbsp;&nbsp; **(0.25)** | **0.84** | **0.04** | &nbsp;&nbsp; **(1.16)** | **1.11** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.45)<br>|
| **Total distributions** | **(0.25)**<br>| &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp; **(0.50)**<br>| &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp; **(0.45)**<br>|
| **Net asset value, end of period** | $12.87 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $13.04 | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $14.73 |
| **Total return**<sup>3</sup> <br>| **6.68%**<br>| &nbsp;&nbsp; **(1.91)%**<br>| **6.73%**<br>| **0.42%**<br>| &nbsp;&nbsp; **(7.96)%**<br>| **7.98%**<br>|
| **Net assets, end of period (millions)** | $172 | &nbsp;&nbsp; $178 | &nbsp;&nbsp; $213 | &nbsp;&nbsp; $213 | &nbsp;&nbsp; $236 | &nbsp;&nbsp; $284 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.84 %<sup>4</sup><br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net expenses | 0.84 <br><sup>4</sup><br>| 0.82 | 0.81 | 0.80 <br><sup>5</sup><br>| 0.83 | 0.82 <br><sup>5</sup><br>|
| Net investment income | 3.88 <br><sup>4</sup><br>| 3.86 | 4.03 | 3.91 | 3.03 | 3.19 |
| **Portfolio turnover rate** | **2%**<br>| &nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp; **20%**<br>| &nbsp;&nbsp; **20%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **21%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> 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. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class C Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $12.23 | &nbsp;&nbsp; $12.97 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $14.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.21 | 0.42 | 0.44 | 0.42 | 0.34 | 0.38 |
| Net realized and unrealized gain (loss) | 0.57 | &nbsp;&nbsp; (0.74)<br>| 0.32 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.56)<br>| 0.63 |
| **Total income (loss) from** <br> **operations**<br>| **0.78** | &nbsp;&nbsp; **(0.32)** | **0.76** | &nbsp;&nbsp; **(0.02)** | &nbsp;&nbsp; **(1.22)** | **1.01** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Total distributions** | **(0.21)**<br>| &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp; **(0.43)**<br>| &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp; **(0.34)**<br>| &nbsp;&nbsp; **(0.37)**<br>|
| **Net asset value, end of period** | $12.80 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $12.97 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $14.64 |
| **Total return**<sup>3</sup> <br>| **6.41%**<br>| &nbsp;&nbsp; **(2.47)%**<br>| **6.07%**<br>| &nbsp;&nbsp; **(0.08)%**<br>| &nbsp;&nbsp; **(8.40)%**<br>| **7.34%**<br>|
| **Net assets, end of period (000s)** | $3703 | &nbsp;&nbsp; $4533 | &nbsp;&nbsp; $6513 | &nbsp;&nbsp; $9148 | &nbsp;&nbsp; $12926 | &nbsp;&nbsp; $23250 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.38 %<sup>4</sup><br>| 1.36<br> %<br>| 1.37<br> %<br>| 1.36<br> %<br>| 1.39<br> %<br>| 1.38<br> %<br>|
| Net expenses | 1.38 <br><sup>4</sup><br>| 1.36 | 1.37 | 1.36 <br><sup>5</sup><br>| 1.39 | 1.38 |
| Net investment income | 3.33 <br><sup>4</sup><br>| 3.31 | 3.47 | 3.34 | 2.46 | 2.64 |
| **Portfolio turnover rate** | **2%**<br>| &nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp; **20%**<br>| &nbsp;&nbsp; **20%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **21%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> 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. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended July 31,** <br>**unless otherwise noted:** |
| Class I Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of** <br> **period**<br>| $12.23 | &nbsp;&nbsp; $12.97 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $14.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.26 | 0.52 | 0.53 | 0.51 | 0.44 | 0.48 |
| Net realized and unrealized gain <br> (loss)<br>| 0.57 | &nbsp;&nbsp; (0.74)<br>| 0.32 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.57)<br>| 0.65 |
| **Total income (loss) from** <br> **operations**<br>| **0.83** | &nbsp;&nbsp; **(0.22)** | **0.85** | **0.07** | &nbsp;&nbsp; **(1.13)** | **1.13** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.48)<br>|
| **Total distributions** | **(0.26)**<br>| &nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp; **(0.44)**<br>| &nbsp;&nbsp; **(0.48)**<br>|
| **Net asset value, end of period** | $12.80 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $12.97 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $14.65 |
| **Total return**<sup>3</sup> <br>| **6.82%**<br>| &nbsp;&nbsp; **(1.74)%**<br>| **6.86%**<br>| **0.67%**<br>| &nbsp;&nbsp; **(7.79)%**<br>| **8.18%**<br>|
| **Net assets, end of period (000s)** | $85821 | &nbsp;&nbsp; $91117 | &nbsp;&nbsp; $114866 | &nbsp;&nbsp; $100763 | &nbsp;&nbsp; $128154 | &nbsp;&nbsp; $182567 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.70 %<sup>4</sup><br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.67<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.62 <br><sup>4</sup><br>| 0.62 | 0.63 | 0.62 | 0.66 | 0.65 |
| Net investment income | 4.09 <br><sup>4</sup><br>| 4.06 | 4.21 | 4.08 | 3.19 | 3.35 |
| **Portfolio turnover rate** | **2%**<br>| &nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp; **20%**<br>| &nbsp;&nbsp; **20%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **21%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended January 31, 2026 (unaudited).

<sup>3</sup> 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. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> As a result of an expense limitation arrangement, effective November 30, 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, 2027 without the Board of Trustees' consent. Prior to November 30, 2022, the expense limitation was 0.65%. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset Municipal High Income Fund (the "Fund") is a separate 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. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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.

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $250616655 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $250616659 |
| Municipal Bonds Deposited in <br> Tender Option Bond Trusts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11594549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11594549 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 262211204 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 262211208 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 3495000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3495000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$265706204** | &nbsp;&nbsp; **$4** | &nbsp;&nbsp; **$265706208** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedule of Investments for additional detailed categorizations.

**(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, 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

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

Fund's Statement of Operations. For the six months ended January 31, 2026, the average daily amount of floating rate notes outstanding was $6,265,000 and weighted average interest rate was 3.00%.

**(c) Credit and market risk.** The Fund invests in high-yield instruments that are subject to certain credit and market risks. The yields of high-yield obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

**(d) 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.

**(e) 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.

**(f) 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.

**(g) 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 July 31, 2025, no provision for income tax is required

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**(h) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**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 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 an expense limitation arrangement 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 shares did not exceed 0.55%. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation for Class I shares as a result of interest expense. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board's consent.

During the six months ended January 31, 2026, fees waived and/or expenses reimbursed amounted to $36,078.

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 Municipal High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

Pursuant to these arrangements, at January 31, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

---

| | |
|:---|:---|
|  | Class I |
| Expires July 31, 2026 | &nbsp;&nbsp; $58374 |
| Expires July 31, 2027 | &nbsp;&nbsp; 69395 |
| Expires July 31, 2028 | &nbsp;&nbsp; 36078 |
| **Total fee waivers/expense reimbursements subject to recapture** | &nbsp;&nbsp; **$163847** |

---

For the six months ended January 31, 2026, 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 six months ended January 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $1,045 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 six months ended January 31, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

---

| | | |
|:---|:---|:---|
|  | Class A | Class C |
| Sales charges | &nbsp;&nbsp; $2100 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; 3867 | &nbsp;&nbsp; $141 |

---

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

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

that any purchase or sale of securities by the Fund from or to another fund or portfolio that 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 six months ended January 31, 2026, such purchase and sale transactions (excluding accrued interest) were $6,945,000 and $11,445,000, respectively. There was no realized gain or loss recognized as a result of these transactions.

**3. Investments**

During the six months ended January 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $4313073 |
| Sales | &nbsp;&nbsp; 31853772 |

---

At January 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost\* | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $262283757 | &nbsp;&nbsp; $6429444 | &nbsp;&nbsp; $(9271993) | &nbsp;&nbsp; $(2842549) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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**

During the six months ended January 31, 2026, the Fund did not invest in derivative instruments.

**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.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

For the six months ended January 31, 2026, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class A | &nbsp;&nbsp; $133626 | &nbsp;&nbsp; $66793 |
| Class C | &nbsp;&nbsp; 14813 | &nbsp;&nbsp; 1466 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 39257 |
| **Total** | &nbsp;&nbsp; **$148439** | &nbsp;&nbsp; **$107516** |

---

For the six months ended January 31, 2026, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class A | &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp; $36078 |
| **Total** | &nbsp;&nbsp; **$36078** |

---

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>January 31, 2026<br>| Year Ended <br>July 31, 2025<br>|
| **Net Investment Income:** |  |  |
| Class A | &nbsp;&nbsp; $3443737 | &nbsp;&nbsp; $7599211 |
| Class C | &nbsp;&nbsp; 70167 | &nbsp;&nbsp; 185405 |
| Class I | &nbsp;&nbsp; 1823047 | &nbsp;&nbsp; 4198890 |
| **Total** | &nbsp;&nbsp; **$5336951** | &nbsp;&nbsp; **$11983506** |

---

**7. Shares of beneficial interest**

At January 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>January 31, 2026 | Six Months Ended <br>January 31, 2026 | Year Ended <br>July 31, 2025 | Year Ended <br>July 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 648292 | &nbsp;&nbsp;&nbsp; $8268571 | &nbsp;&nbsp;&nbsp; 1683823 | &nbsp;&nbsp;&nbsp; $21517453 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 250048 | &nbsp;&nbsp;&nbsp; 3186519 | &nbsp;&nbsp;&nbsp; 549699 | &nbsp;&nbsp;&nbsp; 7043505 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (2000688)<br>| &nbsp;&nbsp;&nbsp; (25460150)<br>| &nbsp;&nbsp;&nbsp; (4130574)<br>| &nbsp;&nbsp;&nbsp; (52889311)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(1102348)**<br>| &nbsp;&nbsp;&nbsp; **$(14005060)**<br>| &nbsp;&nbsp;&nbsp; **(1897052)**<br>| &nbsp;&nbsp;&nbsp; **$(24328353)**<br>|

---

------

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> January 31, 2026 | Six Months Ended<br> January 31, 2026 | Year Ended<br> July 31, 2025 | Year Ended<br> July 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 4901 | &nbsp;&nbsp;&nbsp; $62098 | &nbsp;&nbsp;&nbsp; 49305 | &nbsp;&nbsp;&nbsp; $627691 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 5395 | &nbsp;&nbsp;&nbsp; 68351 | &nbsp;&nbsp;&nbsp; 13802 | &nbsp;&nbsp;&nbsp; 175913 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (91500)<br>| &nbsp;&nbsp;&nbsp; (1155047)<br>| &nbsp;&nbsp;&nbsp; (194886)<br>| &nbsp;&nbsp;&nbsp; (2471840)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(81204)**<br>| &nbsp;&nbsp;&nbsp; **$(1024598)**<br>| &nbsp;&nbsp;&nbsp; **(131779)**<br>| &nbsp;&nbsp;&nbsp; **$(1668236)**<br>|
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 755503 | &nbsp;&nbsp;&nbsp; $9550689 | &nbsp;&nbsp;&nbsp; 1979549 | &nbsp;&nbsp;&nbsp; $25100135 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 104564 | &nbsp;&nbsp;&nbsp; 1325006 | &nbsp;&nbsp;&nbsp; 249618 | &nbsp;&nbsp;&nbsp; 3181352 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1602440)<br>| &nbsp;&nbsp;&nbsp; (20251146)<br>| &nbsp;&nbsp;&nbsp; (3640782)<br>| &nbsp;&nbsp;&nbsp; (46050282)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(742373)**<br>| &nbsp;&nbsp;&nbsp; **$(9375451)**<br>| &nbsp;&nbsp;&nbsp; **(1411615)**<br>| &nbsp;&nbsp;&nbsp; **$(17768795)**<br>|

---

**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 29, 2027.

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 six months ended January 31, 2026.

**9. Deferred capital losses**

As of July 31, 2025, the Fund had deferred capital losses of $26,818,272, which have no expiration date, that will be available to offset future taxable capital gains.

**10. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

Western Asset Municipal High Income Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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 Municipal High Income Fund 2026 Semi-Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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. | Refer to the financial statements included herein. |

---

Western Asset Municipal High Income Fund

------

(This page intentionally left blank.)

------

(This page intentionally left blank.)

------

(This page intentionally left blank.)

------

Western Asset

Municipal High Income 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 Municipal High Income Fund**

The Fund is a separate investment series of Legg Mason Partners Income Trust, a Maryland statutory trust.

Western Asset Municipal High Income Fund

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

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 Municipal High Income 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© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img7127a98f3.jpg)

**90018-SFSOI 3/26**© 2026 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](wamhif-efp23253_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](wamhif-efp23253_ex99906cert.htm)

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** | **Legg Mason Partners Income Trust** |
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | March 25, 2026 |

---

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: | March 25, 2026 |
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | March 25, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 25, 2026 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 25, 2026 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Chief Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Legg Mason Partners Income Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **January 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer** | **Principal Financial Officer** |
| Legg Mason Partners Income Trust | Legg Mason Partners Income Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: March 25, 2026 | Date: March 25, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.