# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001133228-26-008377
**Filing Date:** 2026-5
**Character Count:** 149719
**Document Hash:** ae4424226aa95f7fbd1798bcf6b3cca5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008377.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001133228-26-008377

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**EFFECTIVENESS DATE**: 20260526

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 261019369

**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 Pennsylvania Municipals Fund (Series ID: S000016637)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046463 | Class A      | SBPAX           |
| C000046465 | Class C      | SPALX           |
| C000046466 | Class I      | LPPIX           |

?xml version='1.0' encoding='ASCII'? 2026-04-20LMF5700_WesternAssetPennsylvaniaMunicipalsFund_ClassA_TSRAnnual

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, 17<sup>th</sup> 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: **March 31**

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

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Pennsylvania Municipals Fund**  | **Western Asset Pennsylvania Municipals Fund**  |
| Class A [SBPAX] | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Pennsylvania Municipals Fund for the period April 1, 2025, to March 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $79 | 0.77% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2026, Class A shares of Western Asset Pennsylvania Municipals Fund returned 4.28%. The Fund compares its performance to the Bloomberg Pennsylvania Municipal Bond Index, which returned 4.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Rates positioning |
| ↑ | Overweight water & sewer |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight housing and state general obligation bonds |
| ↓ | Issue selection within hospital |

---

Western Asset Pennsylvania Municipals Fund PAGE 1 7368-ATSR-0526

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,575 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 3/31/2016 — 3/31/2026

![image](ts7035img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.28 | 0.42 | 1.70 |
| **Class A (with sales charge)**  | 0.38 | -0.44 | 1.25 |
| **Bloomberg Municipal Bond Index**  | 4.29 | 0.84 | 2.16 |
| **Bloomberg Pennsylvania Municipal Bond Index**  | 4.13 | 0.86 | 2.35 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods beginning prior to August 15, 2022, reflects a higher maximum sales charge in effect at that time. Performance for periods beginning after August 15, 2022, reflects the current maximum sales charge.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $78679521 |
| **Total Number of Portfolio Holdings** | 73 |
| **Total Management Fee Paid** | $250381 |
| **Portfolio Turnover Rate** | 9% |

---

Western Asset Pennsylvania Municipals Fund PAGE 2 7368-ATSR-0526

------

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

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

![image](ts7035img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective as of August 1, 2025, "hospital and health care facility bonds risk" was added as a principal risk of the Fund.

This is a summary of certain changes to the Fund since March 31, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Western Asset Pennsylvania Municipals Fund PAGE 3 7368-ATSR-0526

95759584982910268105881109010613103621065710862113271000010015102821083511252118721134211371117261186912379100001001910320109381144412086115591153711944121141261425.722.021.28.25.95.53.53.22.11.01.7 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Pennsylvania Municipals Fund**  | **Western Asset Pennsylvania Municipals Fund**  |
| Class C [SPALX] | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Pennsylvania Municipals Fund for the period April 1, 2025, to March 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $137 | 1.34% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2026, Class C shares of Western Asset Pennsylvania Municipals Fund returned 3.79%. The Fund compares its performance to the Bloomberg Pennsylvania Municipal Bond Index, which returned 4.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Rates positioning |
| ↑ | Overweight water & sewer |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight housing and state general obligation bonds |
| ↓ | Issue selection within hospital |

---

Western Asset Pennsylvania Municipals Fund PAGE 1 7369-ATSR-0526

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 3/31/2016 — 3/31/2026

![image](ts7036img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.79 | -0.11 | 1.15 |
| **Class C (with sales charge)**  | 2.79 | -0.11 | 1.15 |
| **Bloomberg Municipal Bond Index**  | 4.29 | 0.84 | 2.16 |
| **Bloomberg Pennsylvania Municipal Bond Index**  | 4.13 | 0.86 | 2.35 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $78679521 |
| **Total Number of Portfolio Holdings** | 73 |
| **Total Management Fee Paid** | $250381 |
| **Portfolio Turnover Rate** | 9% |

---

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

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

![image](ts7036img005.jpg)

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

Western Asset Pennsylvania Municipals Fund PAGE 2 7369-ATSR-0526

------

**HOW HAS THE FUND CHANGED?**

Effective as of August 1, 2025, "hospital and health care facility bonds risk" was added as a principal risk of the Fund.

This is a summary of certain changes to the Fund since March 31, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Western Asset Pennsylvania Municipals Fund PAGE 3 7369-ATSR-0526

1000099551015310557108281127210742104281066510801112101000010015102821083511252118721134211371117261186912379100001001910320109381144412086115591153711944121141261425.722.021.28.25.95.53.53.22.11.01.7 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Pennsylvania Municipals Fund**  | **Western Asset Pennsylvania Municipals Fund**  |
| Class I [LPPIX] | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Pennsylvania Municipals Fund for the period April 1, 2025, to March 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class I | $56 | 0.55% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2026, Class I shares of Western Asset Pennsylvania Municipals Fund returned 4.51%. The Fund compares its performance to the Bloomberg Pennsylvania Municipal Bond Index, which returned 4.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Rates positioning |
| ↑ | Overweight water & sewer |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight housing and state general obligation bonds |
| ↓ | Issue selection within hospital |

---

Western Asset Pennsylvania Municipals Fund PAGE 1 7441-ATSR-0526

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **1,000,000 INVESTMENT –** **Class I** 3/31/2016 — 3/31/2026

![image](ts7037img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 4.51 | 0.65 | 1.89 |
| **Bloomberg Municipal Bond Index**  | 4.29 | 0.84 | 2.16 |
| **Bloomberg Pennsylvania Municipal Bond Index**  | 4.13 | 0.86 | 2.35 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $78679521 |
| **Total Number of Portfolio Holdings** | 73 |
| **Total Management Fee Paid** | $250381 |
| **Portfolio Turnover Rate** | 9% |

---

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

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

![image](ts7037img005.jpg)

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

Western Asset Pennsylvania Municipals Fund PAGE 2 7441-ATSR-0526

------

**HOW HAS THE FUND CHANGED?**

Effective as of August 1, 2025, "hospital and health care facility bonds risk" was added as a principal risk of the Fund.

This is a summary of certain changes to the Fund since March 31, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Western Asset Pennsylvania Municipals Fund PAGE 3 7441-ATSR-0526

10000001002438102950810774121113874116787711204971096165112975611541141206193100000010015431028172108353411252391187223113416111370901172641118694112378911000000100188510319771093835114437712086391155918115371711943821211392126136425.722.021.28.25.95.53.53.22.11.01.7 ------

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

ITEM 2. CODE OF ETHICS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending March 31, 2025 and March 31, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $158,365 in March 31, 2025 and $159,949 in March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in March 31, 2025 and $0 in March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $39,000 in March 31, 2025 and $39,000 in March 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in March 31, 2025 and $0 in March 31, 2026.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $334,889 in March 31, 2025 and $344,935 in March 31, 2026.

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

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

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

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

![](imgb7b4fe5d1.gif)

**Western Asset**

**Pennsylvania Municipals Fund**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img1b33775f2.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_29360c20-88f3-4ceb-8198-17427d5fc2ed_SOI-Header-SOI-3219_1) | **1** |
| [Statement of Assets and Liabilities](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_SAL-Header-SAL-3219_1) | **7** |
| [Statement of Operations](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_SOP-Header-SOP-3219_1) | **8** |
| [Statements of Changes in Net Assets](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_SOC-Header-SOC-3219_1) | **9** |
| [Financial Highlights](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_FH-Header-Financialhighlights-3219_1) | **10** |
| [Notes to Financial Statements](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_NTF-Header-Notestofinancialstatements-3219_1) | **13** |
| [Report of Independent Registered Public Accounting](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_RIRPAF-Header-Auditletter-3219_1) [Firm](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_RIRPAF-Header-Auditletter-3219_1) | **24** |
| [Important Tax Information](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_ITI-Header-Importanttaxinformation-3219_1) | **25** |
| [Changes in and Disagreements with Accountants](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_TSR-TOCTSRDisclosures-3219_1) | **26** |
| [Results of Meeting(s) of Shareholders](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_TSR-TOCTSRDisclosures-3219_1) | **26** |
| [Remuneration Paid to Directors, Officers and Others](#xx_29360c20-88f3-4ceb-8198-17427d5fc2ed_TSR-TOCTSRDisclosures-3219_1) | **26** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Western Asset Pennsylvania Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 97.3%** | **Municipal Bonds — 97.3%** | **Municipal Bonds — 97.3%** | **Municipal Bonds — 97.3%** | **Municipal Bonds — 97.3%** |
| Education — 5.4% | Education — 5.4% | Education — 5.4% | Education — 5.4% | Education — 5.4% |
| Montgomery County, PA, IDA, School Revenue: |  |  |  |  |
| Germantown Academy Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; $450000 | &nbsp;&nbsp; $428632<br>|
| Germantown Academy Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 400857<br>|
| Germantown Academy Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 534932<br>|
| Germantown Academy Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 645833<br>|
| Pennsylvania State Higher EFA Revenue, Widener <br> University, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 1894453<br>|
| Philadelphia, PA, Authority for IDR, Charter School <br> Revenue, Philadelphia Performing Arts: A String <br> Theory Charter School Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 366670<br> <sup>(a)</sup><br>|
| Total Education | Total Education | Total Education | Total Education | &nbsp;&nbsp; 4271377 |
| Health Care — 25.5% | Health Care — 25.5% | Health Care — 25.5% | Health Care — 25.5% | Health Care — 25.5% |
| Berks County, PA, IDA, Healthcare Facilities <br> Revenue: |  |  |  |  |
| Highlands at Wyomissing, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501226<br>|
| Highlands at Wyomissing, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 586449<br>|
| Bucks County, PA, IDA, Hospital Authority Revenue: |  |  |  |  |
| St. Luke's University Health Network | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 533351<br>|
| St. Luke's University Health Network | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp; 788611<br>|
| St. Luke's University Health Network | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501475<br>|
| Cumberland County, PA, Municipal Authority <br> Revenue: |  |  |  |  |
| Diakon Lutheran Social Ministries Project, <br> Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 190214<br>|
| Diakon Lutheran Social Ministries, Series A, <br> Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 288669<br>|
| Penn State Health, Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1173272<br>|
| Lancaster County, PA, Hospital Authority Revenue: |  |  |  |  |
| Health Center, Landis Homes Retirement <br> Community Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2884574<br>|
| Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1264525<br>|
| Lancaster, PA, IDA Revenue, Willow Valley <br> Communities Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991601<br>|

---

See Notes to Financial Statements.

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Pennsylvania Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care — continued | Health Care — continued | Health Care — continued | Health Care — continued | Health Care — continued |
| Montgomery County, PA, IDA, Retirement <br> Communities Revenue: |  |  |  |  |
| Acts Retirement-Life Communities, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; $1315000 | &nbsp;&nbsp; $1321805<br>|
| Acts Retirement-Life Communities, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1011920<br>|
| Pennsylvania State Economic Development <br> Financing Authority Revenue: |  |  |  |  |
| Presbyterian Senior Living Project, Series B-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250724<br>|
| University of Pittsburgh Medical Centre, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1675307<br>|
| Pennsylvania State Higher EFA Revenue: |  |  |  |  |
| University of Pennsylvania Health Systems, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2510880<br>|
| University of Pennsylvania Health Systems, <br> Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1699846<br>|
| Southcentral, PA, General Authority Revenue, <br> Wellspan Health Obligated Group, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp; 1856354<br>|
| Total Health Care | Total Health Care | Total Health Care | Total Health Care | &nbsp;&nbsp; 20030803 |
| Industrial Revenue — 2.1% | Industrial Revenue — 2.1% | Industrial Revenue — 2.1% | Industrial Revenue — 2.1% | Industrial Revenue — 2.1% |
| Commonwealth Financing Authority, PA, Tobacco <br> Master Settlement Payment Revenue, Tobacco <br> Master Settlement Payment | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031821<br>|
| Pennsylvania State Economic Development <br> Financing Authority Revenue: |  |  |  |  |
| Exempt Facilities Bonds, PPL Energy Supply LLC <br> Project, Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500938<br> <sup>(b)(c)</sup><br>|
| Solid Waste Disposal Facility, Core Natural <br> Resources Inc. Project, Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108734<br> <sup>(a)(b)(c)(d)</sup><br>|
| Total Industrial Revenue | Total Industrial Revenue | Total Industrial Revenue | Total Industrial Revenue | &nbsp;&nbsp; 1641493 |
| Leasing — 8.1% | Leasing — 8.1% | Leasing — 8.1% | Leasing — 8.1% | Leasing — 8.1% |
| Pennsylvania State Economic Development <br> Financing Authority Revenue: |  |  |  |  |
| Tax-Exempt Private Activity, The Penndot Major <br> Bridges Package One Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1455323<br> <sup>(d)</sup><br>|
| Tax-Exempt Private Activity, The Penndot Major <br> Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299880<br> <sup>(d)</sup><br>|
| Philadelphia, PA, Authority for IDR, City Service <br> Agreement Revenue | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2070511<br>|
| Philadelphia, PA, Energy Authority City Service <br> Agreement Revenue: |  |  |  |  |
| Philadelphia Street Lighting Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1065764<br>|

---

See Notes to Financial Statements.

------

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

------

 **Western Asset Pennsylvania Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Leasing — continued | Leasing — continued | Leasing — continued | Leasing — continued | Leasing — continued |
| Philadelphia Street Lighting Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; $700000 | &nbsp;&nbsp; $741860<br>|
| State Public School Building Authority, PA, Lease <br> Revenue, Philadelphia SD Project, Series A, <br> Refunding, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 759536<br>|
| Total Leasing | Total Leasing | Total Leasing | Total Leasing | &nbsp;&nbsp; 6392874 |
| Local General Obligation — 5.8% | Local General Obligation — 5.8% | Local General Obligation — 5.8% | Local General Obligation — 5.8% | Local General Obligation — 5.8% |
| North Allegheny, PA, SD, GO, State Aid Withholding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 966457<br>|
| Philadelphia, PA, GO, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1565539<br>|
| Wilkes-Barre Area SD, PA, GO, BAM, State Aid <br> Withholding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2041547<br>|
| Total Local General Obligation | Total Local General Obligation | Total Local General Obligation | Total Local General Obligation | &nbsp;&nbsp; 4573543 |
| Power — 3.2% | Power — 3.2% | Power — 3.2% | Power — 3.2% | Power — 3.2% |
| Philadelphia, PA, Gas Works Revenue, 1998 General <br> Ordinance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2517077<br>|
| Special Tax Obligation — 3.4% | Special Tax Obligation — 3.4% | Special Tax Obligation — 3.4% | Special Tax Obligation — 3.4% | Special Tax Obligation — 3.4% |
| Guam Government, Business Privilege Tax Revenue, <br> Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148179<br>|
| Philadelphia, PA, IDA Revenue, Rebuild Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1064367<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; 143000 | &nbsp;&nbsp; 137519<br>|
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 401459<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49862<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 387013<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 176143<br>|
| Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 325594<br>|
| Total Special Tax Obligation | Total Special Tax Obligation | Total Special Tax Obligation | Total Special Tax Obligation | &nbsp;&nbsp; 2690136 |
| State General Obligation — 1.0% | State General Obligation — 1.0% | State General Obligation — 1.0% | State General Obligation — 1.0% | State General Obligation — 1.0% |
| Puerto Rico Commonwealth, GO: |  |  |  |  |
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 12094 | &nbsp;&nbsp; 8791<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 10372 | &nbsp;&nbsp; 10573<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 10203 | &nbsp;&nbsp; 10776<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 9910 | &nbsp;&nbsp; 10825<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 9398 | &nbsp;&nbsp; 9387<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 178447 | &nbsp;&nbsp; 175964<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 410752<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 74857 | &nbsp;&nbsp; 69359<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 10251 | &nbsp;&nbsp; 8809<br>|

---

See Notes to Financial Statements.

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Pennsylvania Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| State General Obligation — continued | State General Obligation — continued | State General Obligation — continued | State General Obligation — continued | State General Obligation — continued |
| Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; $36106 | &nbsp;&nbsp; $24236<br> <sup>(c)</sup><br>|
| Total State General Obligation | Total State General Obligation | Total State General Obligation | Total State General Obligation | &nbsp;&nbsp; 739472 |
| Transportation — 21.8% | Transportation — 21.8% | Transportation — 21.8% | Transportation — 21.8% | Transportation — 21.8% |
| Delaware River, PA & NJ, Joint Toll Bridge <br> Commission, Bridge System Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1268224<br>|
| Pennsylvania State Turnpike Commission Oil <br> Franchise Tax Revenue, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5126100<br>|
| Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2029183<br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3647025<br>|
| Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1037788<br>|
| Philadelphia, PA, Airport Revenue, Series B, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3023429<br> <sup>(d)</sup><br>|
| Pittsburgh & Allegheny County, PA, Sports & <br> Exhibition Authority, Parking System Revenue | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018694<br>|
| Total Transportation | Total Transportation | Total Transportation | Total Transportation | &nbsp;&nbsp; 17150443 |
| Water & Sewer — 21.0% | Water & Sewer — 21.0% | Water & Sewer — 21.0% | Water & Sewer — 21.0% | Water & Sewer — 21.0% |
| Bucks County, PA, Water and Sewer Authority, <br> Sewer System Revenue, Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 757416<br>|
| Erie County, PA, Sewer Authority Revenue, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017947<br>|
| Pennsylvania State Economic Development <br> Financing Authority, Sewage Sludge Disposal <br> Revenue: |  |  |  |  |
| Philadelphia Biosolids Facility, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp; 1600927<br>|
| Philadelphia Biosolids Facility, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 914643<br>|
| Philadelphia Biosolids Facility, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 816862<br>|
| Philadelphia, PA, Water & Wastewater Revenue, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 3335000 | &nbsp;&nbsp; 3431125<br>|
| Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority Revenue, Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 491241<br> <sup>(a)</sup><br>|
| Westmoreland County, PA, Municipal Authority <br> Revenue, CAB, Series B, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 8830000 | &nbsp;&nbsp; 7503162<br>|
| Total Water & Sewer | Total Water & Sewer | Total Water & Sewer | Total Water & Sewer | &nbsp;&nbsp; 16533323 |
| **Total Investments before Short-Term Investments (Cost — $78,737,923)** | **Total Investments before Short-Term Investments (Cost — $78,737,923)** | **Total Investments before Short-Term Investments (Cost — $78,737,923)** | **Total Investments before Short-Term Investments (Cost — $78,737,923)** | &nbsp;&nbsp; **76540541** |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Municipal Bonds — 1.6%** | **Municipal Bonds — 1.6%** | **Municipal Bonds — 1.6%** | **Municipal Bonds — 1.6%** | **Municipal Bonds — 1.6%** |
| Health Care — 1.1% | Health Care — 1.1% | Health Care — 1.1% | Health Care — 1.1% | Health Care — 1.1% |
| Northampton County, PA, General Purpose Authority, <br> Hospital Revenue, St. Luke's University Health <br> Network Project, Series B, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000<br> <sup>(e)(f)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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 **Western Asset Pennsylvania Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care — continued | Health Care — continued | Health Care — continued | Health Care — continued | Health Care — continued |
| Philadelphia, PA, Authority for IDR, The Children's <br> Hospital of Philadelphia Project, Series B-1, SPA - <br> JPMorgan Chase & Co. | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; $600000 | &nbsp;&nbsp; $600000<br> <sup>(e)(f)</sup><br>|
| Total Health Care | Total Health Care | Total Health Care | Total Health Care | &nbsp;&nbsp; 900000 |
| Transportation — 0.5% | Transportation — 0.5% | Transportation — 0.5% | Transportation — 0.5% | Transportation — 0.5% |
| Pennsylvania State Turnpike Commission Revenue, <br> Series B, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.410% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000<br> <sup>(e)(f)</sup><br>|
| **Total Short-Term Investments (Cost — $1,300,000)** | **Total Short-Term Investments (Cost — $1,300,000)** | **Total Short-Term Investments (Cost — $1,300,000)** | **Total Short-Term Investments (Cost — $1,300,000)** | &nbsp;&nbsp; **1300000** |
| **Total Investments — 98.9% (Cost — $80,037,923)** | **Total Investments — 98.9% (Cost — $80,037,923)** | **Total Investments — 98.9% (Cost — $80,037,923)** | **Total Investments — 98.9% (Cost — $80,037,923)** | &nbsp;&nbsp; **77840541** |
| Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp; 838980 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$78679521** |

---

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

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

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

<sup>(e)</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>(f)</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 Pennsylvania Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Pennsylvania Municipals 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 |
| EFA | —  | Educational Facilities Authority |
| GO | —  | General Obligation |
| IDA | —  | Industrial Development Authority |
| IDR | —  | Industrial Development Revenue |
| LOC | —  | Letter of Credit |
| SD | —  | School District |
| SPA | —  | Standby Bond Purchase Agreement — Insured Bonds |

---

See Notes to Financial Statements.

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $80,037,923) | &nbsp;&nbsp; $77840541 |
| Cash | &nbsp;&nbsp; 30472 |
| Interest receivable | &nbsp;&nbsp; 1074788 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 11201 |
| Other assets | &nbsp;&nbsp; 554 |
| Prepaid expenses | &nbsp;&nbsp; 6977 |
| **Total Assets** | &nbsp;&nbsp; **78964533** |
| **Liabilities:** |  |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 137304 |
| Fund accounting fees payable | &nbsp;&nbsp; 39428 |
| Audit and tax fees payable | &nbsp;&nbsp; 33156 |
| Investment management fee payable | &nbsp;&nbsp; 24861 |
| Distributions payable | &nbsp;&nbsp; 18037 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 9223 |
| Trustees' fees payable | &nbsp;&nbsp; 18 |
| Accrued expenses | &nbsp;&nbsp; 22985 |
| **Total Liabilities** | &nbsp;&nbsp; **285012** |
| **Total Net Assets** | &nbsp;&nbsp; **$78679521** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $67 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 91201472 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (12522018)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$78679521** |
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $62341095 |
| Class C | &nbsp;&nbsp; $1994510 |
| Class I | &nbsp;&nbsp; $14343916 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 5317431 |
| Class C | &nbsp;&nbsp; 170799 |
| Class I | &nbsp;&nbsp; 1223884 |
| **Net Asset Value:** |  |
| Class A (and redemption price) | &nbsp;&nbsp; $11.72 |
| Class C\*  | &nbsp;&nbsp; $11.68 |
| Class I (and redemption price) | &nbsp;&nbsp; $11.72 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 3.75%) | &nbsp;&nbsp; $12.18 |

---

&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 Pennsylvania Municipals Fund 2026 Annual Report

------

Statement of Operations

For the Year Ended March 31, 2026

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| **Interest** | &nbsp;&nbsp; **$2957562** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 360053 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 111886 |
| Fund accounting fees | &nbsp;&nbsp; 67094 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 56702 |
| Registration fees | &nbsp;&nbsp; 41096 |
| Audit and tax fees | &nbsp;&nbsp; 36081 |
| Shareholder reports | &nbsp;&nbsp; 11901 |
| Legal fees | &nbsp;&nbsp; 9672 |
| Trustees' fees | &nbsp;&nbsp; 3003 |
| Commitment fees (Note 8) | &nbsp;&nbsp; 627 |
| Custody fees | &nbsp;&nbsp; 570 |
| Insurance | &nbsp;&nbsp; 548 |
| Miscellaneous expenses  | &nbsp;&nbsp; 10236 |
| **Total Expenses** | &nbsp;&nbsp; **709469** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (109672)<br>|
| **Net Expenses** | &nbsp;&nbsp; **599797** |
| **Net Investment Income** | &nbsp;&nbsp; **2357765** |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions | &nbsp;&nbsp; (439335)<br>|
| Futures contracts | &nbsp;&nbsp; 82803 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(356532)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments | &nbsp;&nbsp; 1446389 |
| Futures contracts | &nbsp;&nbsp; (32903)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **1413486** |
| **Net Gain on Investments and Futures Contracts**  | &nbsp;&nbsp; **1056954** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$3414719** |

---

See Notes to Financial Statements.

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2357765 | $2495499 |
| Net realized loss  | &nbsp;&nbsp; (356532)<br>| (289328)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1413486 | (394064)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **3414719** | **1812107** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2346053)<br>| (2486312)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2346053)**<br>| **(2486312)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 9672505 | 6980260 |
| Reinvestment of distributions | &nbsp;&nbsp; 2126606 | 2253466 |
| Cost of shares repurchased  | &nbsp;&nbsp; (15676615)<br>| (22145161)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(3877504)**<br>| **(12911435)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(2808838)**<br>| **(13585640)**<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 81488359 | 95073999 |
| **End of year** | &nbsp;&nbsp; **$78679521** | **$81488359** |

---

See Notes to Financial Statements.

Western Asset Pennsylvania Municipals Fund 2026 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 March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** |
| Class A Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $11.57 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $13.09 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.34 | 0.33 | 0.32 | 0.29 | 0.28 |
| Net realized and unrealized gain (loss) | 0.15 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Total income (loss) from operations** | **0.49** | **0.22** | **0.32** | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; **(0.55)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Total distributions** | **(0.34)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.29)**<br>| &nbsp;&nbsp; **(0.28)**<br>|
| **Net asset value, end of year** | $11.72 | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $12.26 |
| **Total return**<sup>3</sup> <br>| **4.28%**<br>| **1.93%**<br>| **2.84%**<br>| &nbsp;&nbsp; **(2.37)%**<br>| &nbsp;&nbsp; **(4.30)%**<br>|
| **Net assets, end of year (000s)** | $62341 | &nbsp;&nbsp; $66246 | &nbsp;&nbsp; $75466 | &nbsp;&nbsp; $86524 | &nbsp;&nbsp; $104625 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.90<br> %<br>| 0.88<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>| 0.78<br> %<br>|
| Net expenses | 0.77 <br><sup>4</sup><br>| 0.77 <br><sup>4</sup><br>| 0.76 <br><sup>4</sup><br>| 0.80 <br><sup>4</sup><br>| 0.78 |
| Net investment income | 2.92 | 2.78 | 2.79 | 2.52 | 2.15 |
| **Portfolio turnover rate** | **9%**<br>| &nbsp;&nbsp; **1%**<br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **18%**<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> Amount represents less than $0.005 or greater than $(0.005) per share.

<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. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** |
| Class C Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $11.52 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp; $13.03 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.27 | 0.26 | 0.25 | 0.23 | 0.21 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp; (0.11)<br>| 0.02 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Total income (loss) from operations** | **0.43** | **0.15** | **0.27** | &nbsp;&nbsp; **(0.37)** | &nbsp;&nbsp; **(0.60)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Total distributions** | **(0.27)**<br>| &nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp; **(0.23)**<br>| &nbsp;&nbsp; **(0.21)**<br>|
| **Net asset value, end of year** | $11.68 | &nbsp;&nbsp; $11.52 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $12.22 |
| **Total return**<sup>3</sup> <br>| **3.79%**<br>| **1.28%**<br>| **2.27%**<br>| &nbsp;&nbsp; **(2.92)%**<br>| &nbsp;&nbsp; **(4.71)%**<br>|
| **Net assets, end of year (000s)** | $1995 | &nbsp;&nbsp; $2725 | &nbsp;&nbsp; $3699 | &nbsp;&nbsp; $5387 | &nbsp;&nbsp; $8686 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 1.47<br> %<br>| 1.43<br> %<br>| 1.40<br> %<br>| 1.35<br> %<br>| 1.33<br> %<br>|
| Net expenses | 1.34 <br><sup>4</sup><br>| 1.33 <br><sup>4</sup><br>| 1.32 <br><sup>4</sup><br>| 1.35 <br><sup>4</sup><br>| 1.33 |
| Net investment income | 2.36 | 2.23 | 2.22 | 1.96 | 1.61 |
| **Portfolio turnover rate** | **9%**<br>| &nbsp;&nbsp; **1%**<br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **18%**<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> Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund. 

<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. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Pennsylvania Municipals Fund 2026 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 March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended March 31:** |
| Class I Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $11.57 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $13.08 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.37 | 0.35 | 0.34 | 0.32 | 0.31 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp; (0.10)<br>| 0.01 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Total income (loss) from operations** | **0.51** | **0.25** | **0.35** | &nbsp;&nbsp; **(0.27)** | &nbsp;&nbsp; **(0.52)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Total distributions** | **(0.36)**<br>| &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp; **(0.30)**<br>|
| **Net asset value, end of year** | $11.72 | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $12.26 |
| **Total return**<sup>3</sup> <br>| **4.51%**<br>| **2.16%**<br>| **3.06%**<br>| &nbsp;&nbsp; **(2.17)%**<br>| &nbsp;&nbsp; **(4.06)%**<br>|
| **Net assets, end of year (000s)** | $14344 | &nbsp;&nbsp; $12517 | &nbsp;&nbsp; $15910 | &nbsp;&nbsp; $21710 | &nbsp;&nbsp; $31403 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.73<br> %<br>| 0.70<br> %<br>| 0.66<br> %<br>| 0.65<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 0.55 | 0.55 | 0.55 | 0.59 | 0.60 |
| Net investment income | 3.15 | 3.00 | 3.00 | 2.73 | 2.33 |
| **Portfolio turnover rate** | **9%**<br>| &nbsp;&nbsp; **1%**<br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **18%**<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> Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund. 

<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. 

<sup>4</sup> As a result of an expense limitation arrangement, effective December 1, 2022 the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.55%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. Prior to December 1, 2022, the expense limitation was 0.60%. 

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

See Notes to Financial Statements.

------

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

------

Notes to Financial Statements

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

**1. Organization and significant accounting policies** 

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

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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Notes to Financial Statements (cont'd)

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.

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 |
| Municipal Bonds† | &nbsp;&nbsp; — | &nbsp;&nbsp; $76540541 | &nbsp;&nbsp; — | &nbsp;&nbsp; $76540541 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1300000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$77840541** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$77840541** |

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

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Securities traded on a when-issued and delayed delivery basis.** The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(d) Fund concentration.** Since the Fund invests primarily in obligations of issuers within Pennsylvania, it is subject to possible risks associated with economic, political, credit or legal developments or industrial or regional matters specifically affecting Pennsylvania.

**(e) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks.

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Notes to Financial Statements (cont'd)

The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund's net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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As of March 31, 2026, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

**(f) 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.

**(g) 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.

**(h) 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.

**(i) Compensating balance arrangements.** The Fund had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, any cash on deposit with the bank will earn interest and be recognized as interest income on the Statement of Operations.

**(j) 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 March 31, 2026, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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Notes to Financial Statements (cont'd)

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

**(k) 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. During the current year, the Fund had no reclassifications.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager and Western Asset Management Company, LLC ("Western Asset") is the Fund's subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.45% of the Fund's average daily net assets.

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.

As a result of 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%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board's consent.

During the year ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $109,672.

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.

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

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| | | | |
|:---|:---|:---|:---|
|  | Class A | Class C | Class I |
| Expires March 31, 2027 | &nbsp;&nbsp; $74551 | &nbsp;&nbsp; $3264 | &nbsp;&nbsp; $26836 |
| Expires March 31, 2028 | &nbsp;&nbsp; 80407 | &nbsp;&nbsp; 2915 | &nbsp;&nbsp; 26350 |
| **Total fee waivers/expense reimbursements subject to recapture** | &nbsp;&nbsp; **$154958** | &nbsp;&nbsp; **$6179** | &nbsp;&nbsp; **$53186** |

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For the year ended March 31, 2026, FTFA did not recapture any fees.

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the year ended March 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $2,870 was earned by Investor Services.

There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $250,000 in the aggregate. These purchases do not incur an initial sales charge.

For the year ended March 31, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

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| | | |
|:---|:---|:---|
|  | Class A | Class C |
| Sales charges | &nbsp;&nbsp; $1656 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; 149 | &nbsp;&nbsp; $628 |

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All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

The Fund is permitted to purchase or sell short-term variable rate demand obligations from or to certain other affiliated funds or portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another fund or portfolio that is, or could be considered, an affiliate by virtue of having a common investment manager or subadviser (or affiliated investment manager or subadviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended March 31, 2026, such purchase and sale transactions (excluding accrued interest) were $10,230,000 and $18,015,000, respectively. There was no realized gain or loss recognized as a result of these transactions.

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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Notes to Financial Statements (cont'd)

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

**3. Investments**

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

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $6975410 |
| Sales | &nbsp;&nbsp; 11305324 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $80019629 | &nbsp;&nbsp; $558311 | &nbsp;&nbsp; $(2737399) | &nbsp;&nbsp; $(2179088) |

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**4. Derivative instruments and hedging activities** 

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

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| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $82803 |

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| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(32903)<br>|

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During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

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| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $216288 |

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

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

**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

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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Class C shares calculated at the annual rate of 0.15% and 0.70% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the year ended March 31, 2026, class specific expenses were as follows:

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| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class A | &nbsp;&nbsp; $95695 | &nbsp;&nbsp; $45820 |
| Class C | &nbsp;&nbsp; 16191 | &nbsp;&nbsp; 2053 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 8829 |
| **Total** | &nbsp;&nbsp; **$111886** | &nbsp;&nbsp; **$56702** |

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For the year ended March 31, 2026, waivers and/or expense reimbursements by class were as follows:

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| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class A | &nbsp;&nbsp; $80407 |
| Class C | &nbsp;&nbsp; 2915 |
| Class I | &nbsp;&nbsp; 26350 |
| **Total** | &nbsp;&nbsp; **$109672** |

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**6. Distributions to shareholders by class**

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| | | |
|:---|:---|:---|
|  | Year Ended <br>March 31, 2026<br>| Year Ended <br>March 31, 2025<br>|
| **Net Investment Income:** |  |  |
| Class A | &nbsp;&nbsp; $1856373 | &nbsp;&nbsp; $1976718 |
| Class C | &nbsp;&nbsp; 54159 | &nbsp;&nbsp; 69281 |
| Class I | &nbsp;&nbsp; 435521 | &nbsp;&nbsp; 440313 |
| **Total** | &nbsp;&nbsp; **$2346053** | &nbsp;&nbsp; **$2486312** |

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**7. Shares of beneficial interest**

At March 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.

Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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Notes to Financial Statements (cont'd)

Transactions in shares of each class were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 304019 | &nbsp;&nbsp;&nbsp; $3523047 | &nbsp;&nbsp;&nbsp; 381687 | &nbsp;&nbsp;&nbsp; $4473174 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 144006 | &nbsp;&nbsp;&nbsp; 1674173 | &nbsp;&nbsp;&nbsp; 153395 | &nbsp;&nbsp;&nbsp; 1793730 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (856121)<br>| &nbsp;&nbsp;&nbsp; (9934879)<br>| &nbsp;&nbsp;&nbsp; (1273741)<br>| &nbsp;&nbsp;&nbsp; (14914681)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(408096)**<br>| &nbsp;&nbsp;&nbsp; **$(4737659)**<br>| &nbsp;&nbsp;&nbsp; **(738659)**<br>| &nbsp;&nbsp;&nbsp; **$(8647777)**<br>|
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 42418 | &nbsp;&nbsp;&nbsp; $492001 | &nbsp;&nbsp;&nbsp; 22201 | &nbsp;&nbsp;&nbsp; $259632 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 4537 | &nbsp;&nbsp;&nbsp; 52505 | &nbsp;&nbsp;&nbsp; 5691 | &nbsp;&nbsp;&nbsp; 66251 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (112629)<br>| &nbsp;&nbsp;&nbsp; (1300343)<br>| &nbsp;&nbsp;&nbsp; (109487)<br>| &nbsp;&nbsp;&nbsp; (1276773)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(65674)**<br>| &nbsp;&nbsp;&nbsp; **$(755837)**<br>| &nbsp;&nbsp;&nbsp; **(81595)**<br>| &nbsp;&nbsp;&nbsp; **$(950890)**<br>|
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 490234 | &nbsp;&nbsp;&nbsp; $5657457 | &nbsp;&nbsp;&nbsp; 192405 | &nbsp;&nbsp;&nbsp; $2247454 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 34373 | &nbsp;&nbsp;&nbsp; 399928 | &nbsp;&nbsp;&nbsp; 33663 | &nbsp;&nbsp;&nbsp; 393485 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (382943)<br>| &nbsp;&nbsp;&nbsp; (4441393)<br>| &nbsp;&nbsp;&nbsp; (507210)<br>| &nbsp;&nbsp;&nbsp; (5953707)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **141664** | &nbsp;&nbsp;&nbsp; **$1615992** | &nbsp;&nbsp;&nbsp; **(281142)**<br>| &nbsp;&nbsp;&nbsp; **$(3312768)**<br>|

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**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 year ended March 31, 2026.

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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

**9. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended March 31, was as follows:

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| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Distributions paid from:** |  |  |
| Tax-exempt income | &nbsp;&nbsp; $2345926 | &nbsp;&nbsp; $2485586 |
| Ordinary income | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 726 |
| **Total distributions paid** | &nbsp;&nbsp; **$2346053** | &nbsp;&nbsp; **$2486312** |

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As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income — net | &nbsp;&nbsp; $282690 |
| Deferred capital losses\* | &nbsp;&nbsp; (10607584) |
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; (18036) |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; (2179088) |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(12522018)** |

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

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> Other book/tax temporary differences are attributable to the current year dividend payable and book/tax differences in the timing of the deductibility of various expenses. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and difference between book and tax accretion methods for market discount on fixed income securities. 

**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.

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 Pennsylvania Municipals Fund 2026 Annual Report

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Legg Mason Partners Income Trust and Shareholders of Western Asset Pennsylvania Municipals Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Pennsylvania Municipals Fund (one of the funds constituting Legg Mason Partners Income Trust, referred to hereafter as the "Fund") as of March 31, 2026, the related statement of operations for the year ended March 31, 2026, the statement of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 20, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

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Western Asset Pennsylvania Municipals Fund 2026 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

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

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| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Exempt-Interest Dividends Distributed | §852(b)(5)(A) | $2345926 |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $856 |
| Section 163(j) Interest Earned | §163(j) | $856 |

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Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.

Western Asset Pennsylvania Municipals Fund

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

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| | |
|:---|:---|
| **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. |

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Western Asset Pennsylvania Municipals Fund

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Western Asset

Pennsylvania Municipals Fund

**Trustees**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

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 Pennsylvania Municipals Fund**

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

Western Asset Pennsylvania Municipals 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 Pennsylvania Municipals Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](imgc3d4155b3.jpg)

**90078-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and
 Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in
 the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the
 Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required
 designation.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](wapmf-efp24591_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.](wapmf-efp24591_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.](wapmf-efp24591_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**

---

| | |
|:---|:---|
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | May 26, 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: | May 26, 2026 |
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | May 26, 2026 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

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| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

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| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: | May 26, 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: | May 26, 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 **March 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.

---

| | |
|:---|:---|
| **Cheif 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: May 26, 2026 | Date: May 26, 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.