# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001133228-26-006987
**Filing Date:** 2026-4
**Character Count:** 295703
**Document Hash:** 92086819f74a86ed18e59fb480257ea6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-006987.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001133228-26-006987

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**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:** 26909192

**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 Managed Municipals Fund (Series ID: S000016628)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046426 | Class A      | SHMMX           |
| C000046428 | Class C      | SMMCX           |
| C000046429 | Class I      | SMMYX           |
| C000046430 | Class 1      | SMMOX           |
| C000184045 | Class IS     | SSMMX           |

?xml version='1.0' encoding='ASCII'? 2026-03-18LMF4300_WesternAssetManagedMunicipalsFund_Class1_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, 17th Floor, New York, NY 10010**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: **February 28**

Date of reporting period: **February 28, 2026**

ITEM 1. REPORT TO STOCKHOLDERS

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

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Managed Municipals Fund**  | **Western Asset Managed Municipals Fund**  |
| Class 1 [SMMOX] | Annual Shareholder Report \| February 28, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Managed Municipals Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST 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 1 | $60 | 0.59% |

---

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

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

For the twelve months ended February 28, 2026, Class 1 shares of Western Asset Managed Municipals Fund returned 4.20%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight local general obligation securities |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Duration and yield curve positioning |
| ↓ | Underweight housing |
| ↓ | Issue selection of local general obligation securities |

---

Western Asset Managed Municipals Fund PAGE 1 7710-ATSR-0426

------

**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 1** 2/29/2016 — 2/28/2026

![image](ts6753img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class 1**  | 4.20 | 1.52 | 2.40 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

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

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

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

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

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2481945986 |
| **Total Number of Portfolio Holdings** | 649 |
| **Total Management Fee Paid** | $9909041 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6753img005.jpg)

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

† Certain categories may represent less than 0.1%.

Western Asset Managed Municipals Fund PAGE 2 7710-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 Managed Municipals Fund PAGE 3 7710-ATSR-0426

1000010038103281065811711117581181011096117651217112681100001002510276107011171311837117591115911764121121271320.919.111.010.29.79.57.24.24.02.51.00.40.00.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Managed Municipals Fund**  | **Western Asset Managed Municipals Fund**  |
| Class A [SHMMX] | Annual Shareholder Report \| February 28, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Managed Municipals Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST 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 | $73 | 0.72% |

---

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

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

For the twelve months ended February 28, 2026, Class A shares of Western Asset Managed Municipals Fund returned 4.03%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight local general obligation securities |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Duration and yield curve positioning |
| ↓ | Underweight housing |
| ↓ | Issue selection of local general obligation securities |

---

Western Asset Managed Municipals Fund PAGE 1 7005-ATSR-0426

------

**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 $** **10,000 INVESTMENT ($** **9,577 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6754img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.03 | 1.38 | 2.27 |
| **Class A (with sales charge)**  | 0.11 | 0.50 | 1.83 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

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

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

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

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

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

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2481945986 |
| **Total Number of Portfolio Holdings** | 649 |
| **Total Management Fee Paid** | $9909041 |
| **Portfolio Turnover Rate** | 6% |

---

Western Asset Managed Municipals Fund PAGE 2 7005-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6754img005.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 Managed Municipals Fund PAGE 3 7005-ATSR-0426

9577960598761017211167111981123410536111541152711991100001002510276107011171311837117591115911764121121271320.919.111.010.29.79.57.24.24.02.51.00.40.00.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Managed Municipals Fund**  | **Western Asset Managed Municipals Fund**  |
| Class C [SMMCX] | Annual Shareholder Report \| February 28, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Managed Municipals Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST 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 | $130 | 1.28% |

---

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

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

For the twelve months ended February 28, 2026, Class C shares of Western Asset Managed Municipals Fund returned 3.52%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight local general obligation securities |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Duration and yield curve positioning |
| ↓ | Underweight housing |
| ↓ | Issue selection of local general obligation securities |

---

Western Asset Managed Municipals Fund PAGE 1 7483-ATSR-0426

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6755img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.52 | 0.84 | 1.72 |
| **Class C (with sales charge)**  | 2.52 | 0.84 | 1.72 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

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

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

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

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

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2481945986 |
| **Total Number of Portfolio Holdings** | 649 |
| **Total Management Fee Paid** | $9909041 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6755img005.jpg)

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

† Certain categories may represent less than 0.1%.

Western Asset Managed Municipals Fund PAGE 2 7483-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 Managed Municipals Fund PAGE 3 7483-ATSR-0426

100009973101981044511403113731134510584111431145111855100001002510276107011171311837117591115911764121121271320.919.111.010.29.79.57.24.24.02.51.00.40.00.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Managed Municipals Fund**  | **Western Asset Managed Municipals Fund**  |
| Class I [SMMYX] | Annual Shareholder Report \| February 28, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Managed Municipals Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST 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 | $54 | 0.53% |

---

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

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

For the twelve months ended February 28, 2026, Class I shares of Western Asset Managed Municipals Fund returned 4.30%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight local general obligation securities |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Duration and yield curve positioning |
| ↓ | Underweight housing |
| ↓ | Issue selection of local general obligation securities |

---

Western Asset Managed Municipals Fund PAGE 1 7465-ATSR-0426

------

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

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

**VALUE OF A $** **1,000,000 INVESTMENT –** **Class I** 2/29/2016 — 2/28/2026

![image](ts6757img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 4.30 | 1.59 | 2.44 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

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

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

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

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

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2481945986 |
| **Total Number of Portfolio Holdings** | 649 |
| **Total Management Fee Paid** | $9909041 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6757img005.jpg)

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

† Certain categories may represent less than 0.1%.

Western Asset Managed Municipals Fund PAGE 2 7465-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 Managed Municipals Fund PAGE 3 7465-ATSR-0426

100000010037991032856106595011712451176786118262811116151178982122066512731201000000100253910276361070051117128911836831175872111593111763921211228127134120.919.111.010.29.79.57.24.24.02.51.00.40.00.3 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Managed Municipals Fund**  | **Western Asset Managed Municipals Fund**  |
| Class IS [SSMMX] | Annual Shareholder Report \| February 28, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Managed Municipals Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST 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 IS | $51 | 0.50% |

---

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

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

For the twelve months ended February 28, 2026, Class IS shares of Western Asset Managed Municipals Fund returned 4.26%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight local general obligation securities |
| ↑ | Issue selection within power |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Duration and yield curve positioning |
| ↓ | Underweight housing |
| ↓ | Issue selection of local general obligation securities |

---

Western Asset Managed Municipals Fund PAGE 1 7213-ATSR-0426

------

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

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

**VALUE OF A $** **1,000,000 INVESTMENT –** **Class IS** 3/16/2018 — 2/28/2026

![image](ts6756img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(3/16/2018)** |
| **Class IS**  | 4.26 | 1.60 | 2.68 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.70 |

---

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

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

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

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

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2481945986 |
| **Total Number of Portfolio Holdings** | 649 |
| **Total Management Fee Paid** | $9909041 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6756img005.jpg)

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

† Certain categories may represent less than 0.1%.

Western Asset Managed Municipals Fund PAGE 2 7213-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 Managed Municipals Fund PAGE 3 7213-ATSR-0426

10000001031505113397711396961145728107725211428771183634123405010000001037445113559811476151140042108192711405461174320123260120.919.111.010.29.79.57.24.24.02.51.00.40.00.3 ------

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

ITEM 2. CODE OF ETHICS.

&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;(c) N/A

&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;(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 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;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending February 28, 2025 and February 28, 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 $162,276 in February 28, 2025 and $163,899 in February 28, 2026.

&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 February 28, 2025 and $0 in February 28, 2026.

&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 $29,250 in February 28, 2025 and $29,250 in February 28, 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;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 February 28, 2025 and $0 in February 28, 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;(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;(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;(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;(f) Not applicable.

&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 February 28, 2025 and $344,935 in February 28, 2026.

&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;(i) Not applicable.

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

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

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

![](img1db03dad1.gif)

**Western Asset**

**Managed Municipals Fund**

**Financial Statements and Other Important Information**

**Annual** \| February 28, 2026

![](imgc1833bf62.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_f0d4d7af-f602-4b78-825d-3657da2c4a2f_SOI-Header-SOI-3205_1) | **1** |
| [Statement of Assets and Liabilities](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_SAL-Header-SAL-3205_1) | **40** |
| [Statement of Operations](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_SOP-Header-SOP-3205_1) | **42** |
| [Statements of Changes in Net Assets](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_SOC-Header-SOC-3205_1) | **43** |
| [Financial Highlights](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_FH-Header-Financialhighlights-3205_1) | **44** |
| [Notes to Financial Statements](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_NTF-Header-Notestofinancialstatements-3205_1) | **49** |
| [Report of Independent Registered Public Accounting](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_RIRPAF-Header-Auditletter-3205_1) [Firm](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_RIRPAF-Header-Auditletter-3205_1) | **61** |
| [Important Tax Information](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_ITI-Header-Importanttaxinformation-3205_1) | **62** |
| [Changes in and Disagreements with Accountants](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_TSR-TOCTSRDisclosures-3205_1) | **63** |
| [Results of Meeting(s) of Shareholders](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_TSR-TOCTSRDisclosures-3205_1) | **63** |
| [Remuneration Paid to Directors, Officers and Others](#xx_f0d4d7af-f602-4b78-825d-3657da2c4a2f_TSR-TOCTSRDisclosures-3205_1) | **63** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** |
| Alabama — 3.3% | Alabama — 3.3% | Alabama — 3.3% | Alabama — 3.3% | Alabama — 3.3% |
| Alabama State Corrections Institution <br> Finance Authority Revenue, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; $10000000 | &nbsp;&nbsp; $10568773<br>|
| Baldwin County, AL, IDA Revenue, Solid <br> Waste Disposal Bonds, Novelis Corp. <br> Project, Series A  | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1613890<br> <sup>(a)(b)(c)(d)(e)</sup><br>|
| Black Belt Energy Gas District, AL, Gas <br> Project Revenue Bonds: |  |  |  |  |
| Project No 6, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 3470000 | &nbsp;&nbsp; 3502018<br> <sup>(c)(e)</sup><br>|
| Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 7222186<br> <sup>(c)(e)</sup><br>|
| Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1880000 | &nbsp;&nbsp; 2098965<br>|
| Series D-1, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3751874<br> <sup>(c)(e)</sup><br>|
| Hoover, AL, IDA Revenue, United States <br> Steel Corp. Project, Series 2019  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3348047<br> <sup>(b)</sup><br>|
| Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3266950<br>|
| Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2696928<br>|
| Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6326819<br>|
| Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp; 10079369<br>|
| Mobile County, AL, IDA Revenue: |  |  |  |  |
| Solid Waste Disposal Facility, <br> Calvert LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 5720000 | &nbsp;&nbsp; 5678181<br> <sup>(b)</sup><br>|
| Solid Waste Disposal Facility, <br> Calvert LLC Project, Series B | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4072933<br> <sup>(b)</sup><br>|
| Southeast Alabama Gas Supply District, <br> Gas Supply Revenue: |  |  |  |  |
| Project No 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2273030<br>|
| Project No 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 4495000 | &nbsp;&nbsp; 4900653<br>|
| Southeast Energy Authority, AL, <br> Cooperative District, Energy Supply <br> Revenue, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 9925000 | &nbsp;&nbsp; 10635795<br> <sup>(c)(e)</sup><br>|
| Total Alabama | Total Alabama | Total Alabama | Total Alabama | &nbsp;&nbsp; 82036411 |
| Alaska — 0.6% | Alaska — 0.6% | Alaska — 0.6% | Alaska — 0.6% | Alaska — 0.6% |
| Alaska State Housing Finance Corp. <br> Revenue: |  |  |  |  |
| State Capital Project II, Series B, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1505000 | &nbsp;&nbsp; 1607908<br>|
| State Capital Project II, Series B, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1225485<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Alaska — continued | Alaska — continued | Alaska — continued | Alaska — continued | Alaska — continued |
| State Capital Project II, Series B, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; $760000 | &nbsp;&nbsp; $807671<br>|
| Anchorage, AK, Port Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 4325000 | &nbsp;&nbsp; 4404748<br> <sup>(b)</sup><br>|
| Northern Tobacco Securitization Corp., AK, <br> Revenue: |  |  |  |  |
| Asset Backed Senior Bonds, Class 1, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 786754<br>|
| Asset Backed Senior Bonds, Class 1, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1957136<br>|
| Asset Backed Senior Bonds, Class 1, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2203053<br>|
| Asset Backed Senior Bonds, Class 1, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1028814<br>|
| Asset Backed Senior Bonds, Class 1, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 1899369<br>|
| Total Alaska | Total Alaska | Total Alaska | Total Alaska | &nbsp;&nbsp; 15920938 |
| Arizona — 2.2% | Arizona — 2.2% | Arizona — 2.2% | Arizona — 2.2% | Arizona — 2.2% |
| Arizona State IDA, Education Revenue: |  |  |  |  |
| Academies Math & Science Project, <br> Series A, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1360132<br>|
| Academies Math & Science Project, <br> Series S, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 985235<br>|
| Basis School Project, Credit Enhanced, <br> Series F, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1144786<br>|
| Basis School Project, Credit Enhanced, <br> Series F, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 761019<br>|
| Basis School Project, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 458306<br> <sup>(a)</sup><br>|
| Basis School Project, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 625990<br> <sup>(a)</sup><br>|
| Basis School Project, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp; 1829217<br> <sup>(a)</sup><br>|
| Arizona State IDA, Hospital Revenue, <br> Phoenix Children's Hospital, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 2674550<br>|
| Chandler, AZ, IDA Revenue: |  |  |  |  |
| Intel Corp. Project | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 7600000 | &nbsp;&nbsp; 7752589<br> <sup>(c)(e)</sup><br>|
| Intel Corp. Project | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp; 4434572<br> <sup>(b)(c)(e)</sup><br>|
| Intel Corp. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 11600000 | &nbsp;&nbsp; 11937116<br> <sup>(b)(c)(e)</sup><br>|
| Maricopa County, AZ, IDA, Education <br> Revenue: |  |  |  |  |
| Great Hearts Arizona Project, Series A, <br> Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 760438<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Arizona — continued | Arizona — continued | Arizona — continued | Arizona — continued | Arizona — continued |
| Great Hearts Arizona Project, Series C, <br> SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; $230000 | &nbsp;&nbsp; $234065<br>|
| Great Hearts Arizona Project, Series C, <br> SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 456151<br>|
| Legacy Traditional School Project, Series <br> A, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 547837<br>|
| Legacy Traditional School Project, Series <br> A, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 986163<br>|
| Navajo Nation, AZ, Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp; 3980869<br> <sup>(a)</sup><br>|
| Phoenix, AZ, IDA, Education Revenue, Great <br> Hearts Academies, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 985097<br>|
| Queen Creek, AZ, Excise Tax & State <br> Shared Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp; 1300510<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1558457<br>|
| Salt Verde, AZ, Financial Corp., Natural Gas <br> Revenue, Series 2007  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 9110000 | &nbsp;&nbsp; 9635277<br>|
| Total Arizona | Total Arizona | Total Arizona | Total Arizona | &nbsp;&nbsp; 54408376 |
| Arkansas — 0.1% | Arkansas — 0.1% | Arkansas — 0.1% | Arkansas — 0.1% | Arkansas — 0.1% |
| Arkansas State Development Finance <br> Authority, Environmental Improvement <br> Revenue, United States Steel Corp. Project, <br> Green Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3579044<br> <sup>(b)</sup><br>|
| California — 10.9% | California — 10.9% | California — 10.9% | California — 10.9% | California — 10.9% |
| Alameda, CA, Corridor Transportation <br> Authority Revenue: |  |  |  |  |
| Second Subordinated Lien, Series B, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 5125000 | &nbsp;&nbsp; 5190333<br>|
| Second Subordinated Lien, Series B, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1728398<br>|
| Bay Area Toll Authority, CA, Toll Bridge <br> Revenue, San Francisco Bay Area, Series A <br> (SIFMA Municipal Swap Index Yield + <br> 1.250%) | &nbsp;&nbsp; 3.130% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 15495000 | &nbsp;&nbsp; 15520460<br> <sup>(c)(e)</sup><br>|
| California State Community Choice <br> Financing Authority Revenue: |  |  |  |  |
| Clean Energy Project, Green Bonds, <br> Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp; 3532771<br> <sup>(c)(e)</sup><br>|
| Clean Energy Project, Green Bonds, <br> Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 29000000 | &nbsp;&nbsp; 30665667<br> <sup>(c)(e)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| California — continued | California — continued | California — continued | California — continued | California — continued |
| Clean Energy Project, Green Bonds, <br> Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; $10000000 | &nbsp;&nbsp; $10637908<br> <sup>(c)(e)</sup><br>|
| Clean Energy Project, Green Bonds, <br> Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4677689<br> <sup>(c)(e)</sup><br>|
| Clean Energy Project, Green Bonds, <br> Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 5845978<br> <sup>(c)(e)</sup><br>|
| Clean Energy Project, Green Bonds, <br> Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 27363445<br> <sup>(c)(e)</sup><br>|
| Clean Energy Project, Green Bonds, <br> Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 8900000 | &nbsp;&nbsp; 10032861<br>|
| Clean Energy Project, Green Bonds, <br> Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 10900000 | &nbsp;&nbsp; 12168583<br> <sup>(c)(e)</sup><br>|
| California State Health Facilities Financing <br> Authority Revenue: |  |  |  |  |
| Lucile Salter Packard Children's Hospital <br> at Stanford | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp; 5715460<br>|
| Lucile Salter Packard Children's Hospital <br> at Stanford | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1150834<br>|
| California State MFA Revenue, Senior Lien, <br> LINXS APM Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 15020000 | &nbsp;&nbsp; 15273051<br> <sup>(b)</sup><br>|
| California State MFA Special Facility <br> Revenue, United Airlines, Inc., Los Angeles <br> International Airport Project  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 928021<br> <sup>(b)</sup><br>|
| California State PCFA Water Furnishing <br> Revenue: |  |  |  |  |
| San Diego County Water Authority <br> Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1329953<br> <sup>(a)</sup><br>|
| San Diego County Water Authority <br> Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 5540000 | &nbsp;&nbsp; 5744541<br> <sup>(a)</sup><br>|
| San Diego County Water Authority <br> Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 6070000 | &nbsp;&nbsp; 6195778<br> <sup>(a)</sup><br>|
| Long Beach, CA, Bond Finance Authority <br> Revenue: |  |  |  |  |
| Natural Gas Purchase, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 2062574<br>|
| Natural Gas Purchase, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 2830000 | &nbsp;&nbsp; 3453387<br>|
| Los Angeles, CA, Department of Airports <br> Revenue: |  |  |  |  |
| Los Angeles International Airport, <br> Subordinated, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 2430000 | &nbsp;&nbsp; 2615522<br> <sup>(b)</sup><br>|
| Los Angeles International Airport, <br> Subordinated, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/44 | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp; 4422856<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| California — continued | California — continued | California — continued | California — continued | California — continued |
| Los Angeles International Airport, <br> Subordinated, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; $2275000 | &nbsp;&nbsp; $2382754<br> <sup>(b)</sup><br>|
| Los Angeles International Airport, <br> Subordinated, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1301175<br> <sup>(b)</sup><br>|
| Los Angeles International Airport, <br> Subordinated, Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 2675000 | &nbsp;&nbsp; 2465766<br> <sup>(b)</sup><br>|
| Los Angeles, CA, Department of Water & <br> Power, Power System Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp; 5766389<br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 778168<br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 4865000 | &nbsp;&nbsp; 4962008<br>|
| M-S-R Energy Authority, CA, Natural Gas <br> Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 5315000 | &nbsp;&nbsp; 6604637<br>|
| Series A | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 5515000 | &nbsp;&nbsp; 6908616<br>|
| Series B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 17615000 | &nbsp;&nbsp; 21889121<br>|
| Series B | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 5820000 | &nbsp;&nbsp; 7290688<br>|
| Series C | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 2910000 | &nbsp;&nbsp; 3095328<br>|
| Series C | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 1227642<br>|
| River Islands, CA, Public Financing <br> Authority, Special Tax Revenue: |  |  |  |  |
| Community Facilities District No 2020-1, <br> Series 2023, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2315534<br>|
| Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp; 1635757<br>|
| Roseville, CA, Natural Gas Financing <br> Authority Revenue, Series 2007  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3104714<br>|
| San Bernardino, CA, USD Revenue, COP, <br> 2019 School Financing Project, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1407725<br>|
| San Diego County, CA, Regional <br> Transportation Commission, Sales Tax <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 681721<br>|
| San Francisco, CA, City & County Airport <br> Commission, International Airport Revenue: |  |  |  |  |
| Second Series A, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3021524<br> <sup>(b)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp; 8389416<br> <sup>(b)</sup><br>|
| Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5199<br> <sup>(b)(f)</sup><br>|
| Series D, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 3410000 | &nbsp;&nbsp; 3449747<br> <sup>(b)</sup><br>|
| SFO Fuel Company LLC, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 916871<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| California — continued | California — continued | California — continued | California — continued | California — continued |
| SFO Fuel Company LLC, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; $1140000 | &nbsp;&nbsp; $1155349<br> <sup>(b)</sup><br>|
| Sanger, CA, USD Revenue, COP, Capital <br> Projects, Unrefunded, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 190070<br>|
| Tobacco Securitization Authority of <br> Southern California Revenue, Asset Backed <br> Refunding, San Diego County Tobacco <br> Asset Securitization Corp., Class 1, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp; 2155402<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 269357391 |
| Colorado — 2.8% | Colorado — 2.8% | Colorado — 2.8% | Colorado — 2.8% | Colorado — 2.8% |
| Base Village Metropolitan District No 2, CO, <br> GO, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 774000 | &nbsp;&nbsp; 774775<br>|
| Broadway Station Metropolitan District No <br> 3, CO, GO: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 615736<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 670583<br>|
| Colorado Springs, CO, Utilities System <br> Revenue, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp; 7263983<br>|
| Colorado State Educational & Cultural <br> Facilities Authority Revenue: |  |  |  |  |
| University of Denver Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 2810000 | &nbsp;&nbsp; 2851741<br>|
| University of Denver Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3720000 | &nbsp;&nbsp; 3755403<br>|
| Colorado State Health Facilities Authority <br> Revenue: |  |  |  |  |
| Adventhealth Obligated Group, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 8035000 | &nbsp;&nbsp; 8173719<br>|
| Commonspirit Health Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3721399<br>|
| Commonspirit Health Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3643813<br>|
| Commonspirit Health Project, Series A-2, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 3415000 | &nbsp;&nbsp; 3041870<br>|
| Improvement and Refunding Revenue, <br> Bethesda Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 3755000 | &nbsp;&nbsp; 3744961<br>|
| Colorado State High Performance <br> Transportation Enterprise Revenue: |  |  |  |  |
| C-470 Express Lanes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1140014<br>|
| C-470 Express Lanes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/51 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1214938<br>|
| Denver, CO, Airport System Revenue: |  |  |  |  |
| Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3319476<br> <sup>(b)</sup><br>|
| Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4780542<br> <sup>(b)</sup><br>|
| Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 4029054<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Colorado — continued | Colorado — continued | Colorado — continued | Colorado — continued | Colorado — continued |
| District of Vauxmont Metropolitan, CO, GO, <br> Series 2020, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; $1139000 | &nbsp;&nbsp; $1157890<br>|
| Public Authority for Colorado Energy, <br> Natural Gas Purchase Revenue  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 6375000 | &nbsp;&nbsp; 7896905<br>|
| Regional Transportation District, CO, Denver <br> Transit Partners Eagle P3 Project, Series A, <br> Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 709764<br>|
| Southern Ute Indian Tribe Reservation, CO, <br> GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp; 6278139<br> <sup>(a)</sup><br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 68784705 |
| Connecticut — 0.2% | Connecticut — 0.2% | Connecticut — 0.2% | Connecticut — 0.2% | Connecticut — 0.2% |
| Connecticut Airport Authority, Customer <br> Facility Charge Revenue, Ground <br> Transportation, Center Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1531068<br> <sup>(b)</sup><br>|
| Harbor Point, CT, Infrastructure <br> Improvement District, Special Obligation <br> Revenue, Harbor Point Project Ltd., <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp; 2964129<br> <sup>(a)</sup><br>|
| Total Connecticut | Total Connecticut | Total Connecticut | Total Connecticut | &nbsp;&nbsp; 4495197 |
| Delaware — 0.3% | Delaware — 0.3% | Delaware — 0.3% | Delaware — 0.3% | Delaware — 0.3% |
| Delaware State EDA Revenue: |  |  |  |  |
| Acts Retirement Communities, <br> Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2286993<br>|
| Acts Retirement Communities, <br> Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1521629<br>|
| Delaware State Health Facilities Authority <br> Revenue, Beebe Medical Center Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2219275<br>|
| Delaware State Transportation Authority <br> Revenue, US 301 Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp; 2331175<br>|
| Total Delaware | Total Delaware | Total Delaware | Total Delaware | &nbsp;&nbsp; 8359072 |
| District of Columbia — 1.2% | District of Columbia — 1.2% | District of Columbia — 1.2% | District of Columbia — 1.2% | District of Columbia — 1.2% |
| District of Columbia Revenue: |  |  |  |  |
| KIPP DC Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 7020000 | &nbsp;&nbsp; 7121253<br>|
| KIPP DC Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 5465000 | &nbsp;&nbsp; 5478237<br>|
| Metropolitan Washington, DC, Airports <br> Authority Aviation Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp; 7187526<br> <sup>(b)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 8180000 | &nbsp;&nbsp; 9069475<br> <sup>(b)</sup><br>|
| Total District of Columbia | Total District of Columbia | Total District of Columbia | Total District of Columbia | &nbsp;&nbsp; 28856491 |

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — 4.3% | Florida — 4.3% | Florida — 4.3% | Florida — 4.3% | Florida — 4.3% |
| Broward County, FL, Airport System <br> Revenue: |  |  |  |  |
| Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; $2655000 | &nbsp;&nbsp; $2703748<br> <sup>(b)</sup><br>|
| Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 2545000 | &nbsp;&nbsp; 2564658<br> <sup>(b)</sup><br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1209451<br> <sup>(b)</sup><br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 15007713<br> <sup>(b)</sup><br>|
| Broward County, FL, Port Facilities Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; 1675996<br> <sup>(b)</sup><br>|
| Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3141493<br> <sup>(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 6535000 | &nbsp;&nbsp; 6929168<br> <sup>(b)</sup><br>|
| Cape Coral, FL, Water & Sewer Revenue: |  |  |  |  |
| Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3895978<br>|
| Refunding, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2667244<br>|
| Capital Trust Authority Revenue, FL, AIDS <br> Healthcare Foundation Obligated Group, <br> Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1361412<br>|
| Cityplace, FL, Community Development <br> District, Special Assessment Revenue, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 516645<br>|
| FAU Finance Corporation Florida Capital <br> Improvement Revenue: |  |  |  |  |
| Student Housing Project, Refunding, <br>Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3226544<br>|
| Student Housing Project, Refunding, <br>Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3204386<br>|
| Student Housing Project, Refunding, <br>Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 2000344<br>|
| Fort Pierce, FL, Utilities Authority Revenue, <br> Series A, Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 2768091<br>|
| Greater Orlando, FL, Aviation Authority, <br> Airport Facilities Revenue: |  |  |  |  |
| Priority Subordinated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 3605000 | &nbsp;&nbsp; 3678416<br> <sup>(b)</sup><br>|
| Priority Subordinated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp; 2850684<br> <sup>(b)</sup><br>|
| Hillsborough County, FL, Aviation Authority <br> Revenue, Tampa International Airport, <br> Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 4025000 | &nbsp;&nbsp; 4131599<br> <sup>(b)</sup><br>|
| Miami-Dade County, FL, Aviation Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp; 1289994<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 5505000 | &nbsp;&nbsp; 5560333<br>|
| Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2321773<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Miami-Dade County, FL, Health Facilities <br> Authority, Hospital Revenue, Nicklaus <br> Children's Hospital, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; $4935000 | &nbsp;&nbsp; $4989805<br>|
| Miami-Dade County, FL, Seaport Revenue, <br> Senior Bonds, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 8765000 | &nbsp;&nbsp; 8923099<br> <sup>(b)</sup><br>|
| Okaloosa County, FL, IDR, Air Force Enlisted <br> Village Inc. Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 564935<br> <sup>(a)</sup><br>|
| Orange County, FL, Health Facilities <br> Authority Revenue: |  |  |  |  |
| Orlando Health Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp; 4849747<br>|
| Orlando Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/56 | &nbsp;&nbsp; 3775000 | &nbsp;&nbsp; 3676636<br>|
| Palm Beach County, FL, Health Facilities <br> Authority Revenue: |  |  |  |  |
| Acts Retirement-Life Communities | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1346620<br>|
| Toby & Leon Cooperman Sinai <br> Residences of Boca Raton Expansion, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 712402<br>|
| Toby & Leon Cooperman Sinai <br> Residences of Boca Raton Expansion, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 914355<br>|
| Toby & Leon Cooperman Sinai <br> Residences of Boca Raton, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1512874<br>|
| Reunion, FL, East Community Development <br> District, Special Assessment Bond, Series <br> A-2  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 6<br> \*<sup>(g)(h)(i)</sup><br>|
| Sarasota County, FL, Public Hospital Board <br> Revenue, Sarasota Memorial Hospital, <br> Series B, Refunding, NATL  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp; 2059849<br>|
| Tampa, FL, Hospital Revenue, H. Lee Moffitt <br> Cancer Center Project, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1058983<br>|
| Tampa, FL, Sports Authority Revenue, <br> Tampa Bay Arena Project, NATL  | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151814<br>|
| Wildwood, FL, Village Community <br> Development District No 15, Special <br> Assessment Revenue: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1511535<br> <sup>(a)</sup><br>|
| Series 2024 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp; 1411553<br> <sup>(a)</sup><br>|
| Total Florida | Total Florida | Total Florida | Total Florida | &nbsp;&nbsp; 106389883 |
| Georgia — 1.7% | Georgia — 1.7% | Georgia — 1.7% | Georgia — 1.7% | Georgia — 1.7% |
| Atlanta, GA, Water & Wastewater <br> Revenue, Series A, NATL  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 342852<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Georgia — continued | Georgia — continued | Georgia — continued | Georgia — continued | Georgia — continued |
| Brookhaven, GA, Development Authority <br> Revenue: |  |  |  |  |
| Children's Healthcare of Atlanta, Inc., <br> Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; $1140000 | &nbsp;&nbsp; $1141946<br>|
| Children's Healthcare of Atlanta, Inc., <br> Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 5315000 | &nbsp;&nbsp; 4993232<br>|
| Cobb County, GA, Kennestone Hospital <br> Authority Revenue, Wellstar Health System, <br> Inc. Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 3640000 | &nbsp;&nbsp; 3697678<br>|
| Cobb-Marietta Counties, GA, Coliseum & <br> Exhibit Hall Authority Revenue, Refunding, <br> NATL  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116862<br>|
| Fulton County, GA, Development Authority <br> Revenue, Wellstar Health System, Inc. <br> Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp; 2189375<br>|
| Georgia State Higher Education Facilities <br> Authority Revenue: |  |  |  |  |
| USG Real Estate Foundation II LLC <br> Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 894402<br>|
| USG Real Estate Foundation II LLC <br> Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 811638<br>|
| Georgia State Municipal Electric Authority, <br> Power Revenue: |  |  |  |  |
| Plant Vogtle Units 3&4 Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1527231<br>|
| Plant Vogtle Units 3&4, Project J, Series <br> A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 682463<br>|
| Plant Vogtle Units 3&4, Project M, Series <br> A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4141058<br>|
| Plant Vogtle Units 3&4, Project M, Series <br> A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 682463<br>|
| Plant Vogtle Units 3&4, Project P, Series <br> A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 2437676<br>|
| Project One, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1737320<br>|
| Project One, Subordinated, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1532697<br>|
| Main Street Natural Gas Inc., GA, Gas <br> Project Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp; 7692457<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1603857<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1516395<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Georgia — continued | Georgia — continued | Georgia — continued | Georgia — continued | Georgia — continued |
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; $4850000 | &nbsp;&nbsp; $5238140<br> <sup>(c)(e)</sup><br>|
| Total Georgia | Total Georgia | Total Georgia | Total Georgia | &nbsp;&nbsp; 42979742 |
| Guam — 0.1% | Guam — 0.1% | Guam — 0.1% | Guam — 0.1% | Guam — 0.1% |
| Guam Government, Business Privilege Tax <br> Revenue: |  |  |  |  |
| Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 805034<br>|
| Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp; 2707408<br>|
| Total Guam | Total Guam | Total Guam | Total Guam | &nbsp;&nbsp; 3512442 |
| Hawaii — 0.4% | Hawaii — 0.4% | Hawaii — 0.4% | Hawaii — 0.4% | Hawaii — 0.4% |
| Honolulu, HI, City & County Wastewater <br> System Revenue: |  |  |  |  |
| First Senior Bond Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 6790000 | &nbsp;&nbsp; 6291995<br>|
| First Senior Bond Resolution, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2959267<br>|
| Total Hawaii | Total Hawaii | Total Hawaii | Total Hawaii | &nbsp;&nbsp; 9251262 |
| Illinois — 11.3% | Illinois — 11.3% | Illinois — 11.3% | Illinois — 11.3% | Illinois — 11.3% |
| Chicago, IL, Board of Education, Dedicated <br> Capital Improvement, Special Tax Revenue: |  |  |  |  |
| Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1234833<br>|
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 927682<br>|
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp; 3371688<br>|
| Series 2023 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1597558<br>|
| Chicago, IL, Board of Education, GO: |  |  |  |  |
| Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 618193<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp; 2864710<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3506852<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2583809<br>|
| Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 609077<br>|
| Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1314057<br>|
| Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1141549<br>|
| Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3010000 | &nbsp;&nbsp; 2862996<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 7870000 | &nbsp;&nbsp; 8086671<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp; 4751863<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp; 2147718<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 16040000 | &nbsp;&nbsp; 16171706<br>|
| Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp; 1977195<br>|
| Series C, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp; 3225826<br>|
| Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3225000 | &nbsp;&nbsp; 3067496<br>|
| Chicago, IL, GO, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 3955000 | &nbsp;&nbsp; 3974993<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued |
| Chicago, IL, O'Hare International Airport <br> Revenue: |  |  |  |  |
| Senior Lien, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; $7305000 | &nbsp;&nbsp; $7353822<br>|
| Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1254397<br> <sup>(b)</sup><br>|
| Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1157068<br> <sup>(b)</sup><br>|
| TrIPS Obligated Group | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp; 2936616<br> <sup>(b)</sup><br>|
| Chicago, IL, Transit Authority, Sales Tax <br> Receipts Revenue: |  |  |  |  |
| Second Lien | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp; 3350870<br>|
| Second Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 1481377<br>|
| Second Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 3260000 | &nbsp;&nbsp; 2935706<br>|
| Second Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp; 1838269<br>|
| Chicago, IL, Wastewater Transmission <br> Revenue: |  |  |  |  |
| Second Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1221191<br>|
| Second Lien, Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/53 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4449669<br>|
| Second Lien, Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/58 | &nbsp;&nbsp; 6365000 | &nbsp;&nbsp; 6647543<br>|
| Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 3055000 | &nbsp;&nbsp; 3114514<br>|
| Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 772625<br>|
| Chicago, IL, Waterworks Revenue: |  |  |  |  |
| Second Lien, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 792674<br>|
| Second Lien, Series 2017-2, Refunding, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 791592<br>|
| Second Lien, Series 2017-2, Refunding, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp; 4729101<br>|
| Second Lien, Series 2017-2, Refunding, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1616055<br>|
| Cook County, IL, Sales Tax Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp; 2107678<br>|
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp; 2864939<br>|
| Illinois State Finance Authority Revenue: |  |  |  |  |
| Benedictine University, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 750743<br>|
| Benedictine University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp; 497044<br>|
| Northshore University Healthsystem, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/39 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp; 2929818<br>|
| Northshore University Healthsystem, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp; 1270329<br>|
| OSF Healthcare System, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 4180000 | &nbsp;&nbsp; 3649356<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued |
| Surface Freight Transfer Facilities, <br> Centerpoint Joliet Terminal Railroad <br> Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; $6700000 | &nbsp;&nbsp; $7038420<br> <sup>(a)(b)(c)(e)</sup><br>|
| University of Illinois at Urbana, Academic <br> Facilities Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 785423<br>|
| University of Illinois at Urbana, Academic <br> Facilities Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 927974<br>|
| University of Illinois at Urbana, Academic <br> Facilities Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 772974<br>|
| University of Illinois, Health Services <br> Facilities Lease Revenue Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1494597<br>|
| Illinois State Finance Authority, Student <br> Housing & Academic Facilities Revenue: |  |  |  |  |
| CHF Chicago LLC, University of Illinois <br> Chicago Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1486022<br>|
| CHF Chicago LLC, University of Illinois <br> Chicago Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 363351<br>|
| Illinois State Sports Facilities Authority <br> Revenue: |  |  |  |  |
| Sport Facilities Project, Series 2019, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1583152<br>|
| Sport Facilities Project, Series 2019, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1609733<br>|
| Sport Facilities Project, Series 2019, <br> Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 997309<br>|
| Sport Facilities Project, Series 2019, <br> Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1860000 | &nbsp;&nbsp; 1991343<br>|
| Illinois State Toll Highway Authority <br> Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp; 4816917<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 17075000 | &nbsp;&nbsp; 17631754<br>|
| Illinois State University Revenue: |  |  |  |  |
| Auxiliary Facilities System, Refunding, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 597909<br>|
| Auxiliary Facilities System, Refunding, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 397804<br>|
| Auxiliary Facilities System, Refunding, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 593372<br>|
| Illinois State, GO: |  |  |  |  |
| Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1903308<br>|
| Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1425326<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued |
| Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; $985000 | &nbsp;&nbsp; $1007905<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2202785<br>|
| Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp; 4004132<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2344501<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 7855000 | &nbsp;&nbsp; 8054350<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp; 3910041<br>|
| Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3560142<br>|
| Series B | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 5108447<br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4844583<br>|
| Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 29275000 | &nbsp;&nbsp; 30544431<br>|
| Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 5940782<br>|
| Metropolitan Pier & Exposition Authority, IL, <br> Revenue: |  |  |  |  |
| McCormick Place Expansion Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 759882<br>|
| McCormick Place Expansion Project, <br> Series A, BAM-TCRS | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/56 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 1751522<br>|
| McCormick Place Expansion Project, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 5730000 | &nbsp;&nbsp; 5662026<br>|
| McCormick Place Expansion Project, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 14600000 | &nbsp;&nbsp; 12808942<br>|
| McCormick Place Expansion Project, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; 9031292<br>|
| McCormick Place Expansion Project, <br> Series B-1, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 382525<br>|
| Regional Transportation Authority, IL, GO, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 6890000 | &nbsp;&nbsp; 6449213<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 281333657 |
| Indiana — 1.1% | Indiana — 1.1% | Indiana — 1.1% | Indiana — 1.1% | Indiana — 1.1% |
| Ball State University, IN, Board of Student <br> Fee Bonds, Series S, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1400176<br>|
| Indiana State Finance Authority Revenue: |  |  |  |  |
| CWA Authority Project, Green Bonds, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp; 7234841<br>|
| CWA Authority Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1305850<br>|
| CWA Authority Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1510602<br>|
| CWA Authority Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1716193<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Indiana — continued | Indiana — continued | Indiana — continued | Indiana — continued | Indiana — continued |
| CWA Authority Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; $1400000 | &nbsp;&nbsp; $1532781<br>|
| Indiana University Health, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2778536<br>|
| Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3447904<br>|
| Midwestern Disaster Relief, Ohio Valley <br> Electric Corp. Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp; 3844697<br>|
| Northern Indiana Commuter Transportation <br> District, Industrial Revenue, Limited <br> Obligation Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1904161<br>|
| Total Indiana | Total Indiana | Total Indiana | Total Indiana | &nbsp;&nbsp; 26675741 |
| Iowa — 0.1% | Iowa — 0.1% | Iowa — 0.1% | Iowa — 0.1% | Iowa — 0.1% |
| Iowa State Tobacco Settlement Authority <br> Revenue, Asset Backed Senior Bonds, Class <br> 1, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp; 1962686<br>|
| Kansas — 0.4% | Kansas — 0.4% | Kansas — 0.4% | Kansas — 0.4% | Kansas — 0.4% |
| Sedgwick County, KS, Public Building <br> Commission Revenue: |  |  |  |  |
| Series 3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 3305000 | &nbsp;&nbsp; 3310670<br>|
| Series 3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2278759<br>|
| Wyandotte County/Kansas City, KS, Unified <br> Government Utility System Revenue: |  |  |  |  |
| Improvement, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1521418<br>|
| Improvement, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2276439<br>|
| Total Kansas | Total Kansas | Total Kansas | Total Kansas | &nbsp;&nbsp; 9387286 |
| Kentucky — 1.0% | Kentucky — 1.0% | Kentucky — 1.0% | Kentucky — 1.0% | Kentucky — 1.0% |
| Kentucky State Economic Development <br> Finance Authority Revenue, Louisville <br> Arena, Louisville Arena Authority Inc., <br> Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2960000 | &nbsp;&nbsp; 3002057<br>|
| Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 4054282<br> <sup>(c)(e)</sup><br>|
| Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; 15401575<br>|
| Louisville/Jefferson County, KY, <br> Metropolitan Government Health System <br> Revenue: |  |  |  |  |
| Norton Healthcare Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1595000 | &nbsp;&nbsp; 1688203<br>|
| Norton Healthcare Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1202882<br>|
| Norton Healthcare Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 764790<br>|
| Total Kentucky | Total Kentucky | Total Kentucky | Total Kentucky | &nbsp;&nbsp; 26113789 |

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Louisiana — 0.9% | Louisiana — 0.9% | Louisiana — 0.9% | Louisiana — 0.9% | Louisiana — 0.9% |
| Lafayette Parish, LA, School Board Sales <br> Tax Revenue: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; $2400000 | &nbsp;&nbsp; $2291875<br>|
| Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp; 2635738<br>|
| Louisiana State PFA, Lease Revenue, <br> Provident Group, Flagship Property, <br> Louisiana University Nicholson Gateway  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3605000 | &nbsp;&nbsp; 3606494<br>|
| Shreveport, LA, Water & Sewer Revenue, <br> Series A, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp; 1824823<br>|
| St. John the Baptist Parish, LA, State <br> Revenue: |  |  |  |  |
| Marathon Oil Corp. Project, Series B-2, <br> Refunding | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 3775000 | &nbsp;&nbsp; 3771877<br> <sup>(c)(e)</sup><br>|
| Marathon Oil Corp. Project, Series C, <br> Refunding | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 8750000 | &nbsp;&nbsp; 8904315<br> <sup>(c)(e)</sup><br>|
| Total Louisiana | Total Louisiana | Total Louisiana | Total Louisiana | &nbsp;&nbsp; 23035122 |
| Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% |
| Baltimore, MD, Water Project Revenue, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 4365000 | &nbsp;&nbsp; 4118508<br>|
| Maryland State EDC, EDR: |  |  |  |  |
| Transportation Facilities Project, Series <br> A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 796343<br>|
| Transportation Facilities Project, Series <br> A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1578986<br>|
| Maryland State EDC, Student Housing <br> Revenue, University of Maryland, College <br> Park Project, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 762107<br>|
| Maryland State Stadium Authority, Built to <br> Learn Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 5235000 | &nbsp;&nbsp; 5098671<br>|
| Total Maryland | Total Maryland | Total Maryland | Total Maryland | &nbsp;&nbsp; 12354615 |
| Massachusetts — 1.5% | Massachusetts — 1.5% | Massachusetts — 1.5% | Massachusetts — 1.5% | Massachusetts — 1.5% |
| Massachusetts State DFA Revenue: |  |  |  |  |
| Boston Medical Center, Sustainability <br> Bonds, Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4493668<br>|
| Foxborough Regional Charter, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 1825678<br>|
| Seven Hills Foundation, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 929687<br>|
| UMass Boston Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp; 2961450<br>|
| UMass Memorial Health Care, Series I, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp; 1465607<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Massachusetts — continued | Massachusetts — continued | Massachusetts — continued | Massachusetts — continued | Massachusetts — continued |
| WGBH Educational Foundation, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; $1670000 | &nbsp;&nbsp; $1682149<br>|
| Worcester Polytechnic Institute, Series <br> B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 6735000 | &nbsp;&nbsp; 6855334<br>|
| Massachusetts State Municipal Wholesale <br> Electric Co. Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1476266<br>|
| Massachusetts State Port Authority <br> Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 3165000 | &nbsp;&nbsp; 3377068<br> <sup>(b)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 3155000 | &nbsp;&nbsp; 3356127<br> <sup>(b)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 561721<br> <sup>(b)</sup><br>|
| Massachusetts State Water Resources <br> Authority Revenue, General, Series C, <br> Green Bond, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 8540000 | &nbsp;&nbsp; 8556000<br>|
| Total Massachusetts | Total Massachusetts | Total Massachusetts | Total Massachusetts | &nbsp;&nbsp; 37540755 |
| Michigan — 0.8% | Michigan — 0.8% | Michigan — 0.8% | Michigan — 0.8% | Michigan — 0.8% |
| Great Lakes, MI, Water Authority, Water <br> Supply System Revenue: |  |  |  |  |
| Senior Lien, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1417172<br>|
| Senior Lien, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3166630<br>|
| Michigan State Finance Authority Revenue: |  |  |  |  |
| Henry Ford Health System, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp; 1651887<br>|
| Henry Ford Health System, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp; 2182580<br>|
| The Henry Ford Health Detroit South <br> Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2119296<br>|
| The Henry Ford Health Detroit South <br> Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/28/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1894904<br>|
| Tobacco Settlement Asset Backed Senior <br> Bonds, Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 290974<br>|
| Trinity Health Credit Group, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1793634<br>|
| Michigan State Strategic Fund Ltd. <br> Obligation Revenue, I-75 Improvement <br> Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 5845000 | &nbsp;&nbsp; 5933878<br> <sup>(b)</sup><br>|
| Total Michigan | Total Michigan | Total Michigan | Total Michigan | &nbsp;&nbsp; 20450955 |
| Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% |
| Cape Girardeau County, MO, IDA, Health <br> Facilities Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 727403<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Missouri — continued | Missouri — continued | Missouri — continued | Missouri — continued | Missouri — continued |
| Kansas City, MO, IDA, Airport System <br> Revenue, Kansas City International Airport <br> Terminal Modernization Project, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; $3415000 | &nbsp;&nbsp; $3575728<br> <sup>(b)</sup><br>|
| Missouri State HEFA Revenue, Senior Living <br> Facilities, Lutheran Senior Services <br> Projects, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp; 2168536<br>|
| Total Missouri | Total Missouri | Total Missouri | Total Missouri | &nbsp;&nbsp; 6471667 |
| Nebraska — 0.5% | Nebraska — 0.5% | Nebraska — 0.5% | Nebraska — 0.5% | Nebraska — 0.5% |
| Douglas County, NE, Hospital Authority No <br> 2, Revenue Bonds: |  |  |  |  |
| Children's Hospital Obligated Group, <br> Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 808295<br>|
| Children's Hospital Obligated Group, <br> Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 924720<br>|
| Children's Hospital Obligated Group, <br> Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 689583<br>|
| Nebraska State Public Power District <br> Revenue, Series D, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3036670<br>|
| Omaha, NE, Public Power District, Electric <br> System Revenue, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 5890000 | &nbsp;&nbsp; 5784443<br>|
| Total Nebraska | Total Nebraska | Total Nebraska | Total Nebraska | &nbsp;&nbsp; 11243711 |
| Nevada — 0.6% | Nevada — 0.6% | Nevada — 0.6% | Nevada — 0.6% | Nevada — 0.6% |
| Clark County, NV, GO, Stadium <br> Improvements, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 13780000 | &nbsp;&nbsp; 14101161<br>|
| New Hampshire — 1.3% | New Hampshire — 1.3% | New Hampshire — 1.3% | New Hampshire — 1.3% | New Hampshire — 1.3% |
| National Finance Authority, NH, Revenue: |  |  |  |  |
| Winston-Salem Sustainable Energy <br> Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 15200000 | &nbsp;&nbsp; 17489093<br>|
| Winston-Salem Sustainable Energy <br> Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 14750000 | &nbsp;&nbsp; 14790667<br>|
| Total New Hampshire | Total New Hampshire | Total New Hampshire | Total New Hampshire | &nbsp;&nbsp; 32279760 |
| New Jersey — 4.5% | New Jersey — 4.5% | New Jersey — 4.5% | New Jersey — 4.5% | New Jersey — 4.5% |
| New Brunswick, NJ, Parking Authority <br> Revenue, Series 2017, AG, Municipal <br> Government GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1749696<br>|
| New Jersey State EDA Revenue: |  |  |  |  |
| Private Activity-The Goethals Bridge <br> Replacement Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1902466<br> <sup>(b)</sup><br>|
| Private Activity-The Goethals Bridge <br> Replacement Project, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1146489<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued |
| Private Activity-The Goethals Bridge <br> Replacement Project, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; $760000 | &nbsp;&nbsp; $763909<br> <sup>(b)</sup><br>|
| School Facilities Construction, Series <br> QQQ | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1830835<br>|
| School Facilities Construction, Series <br> QQQ | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1407743<br>|
| School Facilities Construction, Series <br> SSS, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1186398<br>|
| Special Facility Revenue, Continental <br> Airlines Inc., Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp; 5717120<br> <sup>(b)</sup><br>|
| Special Facility Revenue, United Airlines <br> Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3806305<br> <sup>(b)</sup><br>|
| Special Facility, Continental Airlines Inc. <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1410457<br> <sup>(b)</sup><br>|
| Special Facility, Port Newark Container <br> Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 775163<br> <sup>(b)</sup><br>|
| Special Facility, Port Newark Container <br> Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1522504<br> <sup>(b)</sup><br>|
| New Jersey State EDA, Lease Revenue, <br> State House Project, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/43 | &nbsp;&nbsp; 2555000 | &nbsp;&nbsp; 2663854<br>|
| New Jersey State EFA Revenue, Stevens <br> Institute of Technology, Green Bonds, Series <br> A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp; 2720498<br>|
| New Jersey State Health Care Facilities <br> Financing Authority Revenue: |  |  |  |  |
| Hackensack Meridian Health, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1368256<br>|
| RWJ Barnabas Health Obligation Group, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 5315000 | &nbsp;&nbsp; 5346559<br>|
| University Hospital, Series A, Refunding, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3801294<br>|
| New Jersey State Transportation Trust Fund <br> Authority Revenue: |  |  |  |  |
| Transportation Program, Series AA | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 2730000 | &nbsp;&nbsp; 2823101<br>|
| Transportation Program, Series AA | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp; 6894914<br>|
| Transportation Program, Series AA, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4480810<br>|
| Transportation Program, Series AA, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 11900000 | &nbsp;&nbsp; 13264402<br>|
| Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 5880000 | &nbsp;&nbsp; 6034005<br>|
| Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 655655<br>|
| Transportation Program, Series BB | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 6830000 | &nbsp;&nbsp; 7055729<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued |
| Transportation Program, Series CC | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; $9000000 | &nbsp;&nbsp; $8680921<br>|
| Transportation Program, Series CC | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 11713443<br>|
| Transportation System, CAB, Series C, <br> NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2420000 | &nbsp;&nbsp; 2077871<br>|
| Transportation System, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3141988<br>|
| Transportation System, Series A, <br> Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 4596908<br>|
| Tobacco Settlement Financing Corp., NJ, <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 1715000 | &nbsp;&nbsp; 1727491<br>|
| Total New Jersey | Total New Jersey | Total New Jersey | Total New Jersey | &nbsp;&nbsp; 112266784 |
| New Mexico — 0.3% | New Mexico — 0.3% | New Mexico — 0.3% | New Mexico — 0.3% | New Mexico — 0.3% |
| New Mexico State Municipal Energy <br> Acquisition Authority, Gas Supply Revenue, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 6900000 | &nbsp;&nbsp; 7480098<br> <sup>(c)(e)</sup><br>|
| New York — 15.8% | New York — 15.8% | New York — 15.8% | New York — 15.8% | New York — 15.8% |
| Build NYC Resource Corp., NY, Revenue, <br> East Harlem Scholars Academy Charter <br> School Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/1/62 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1428322<br> <sup>(a)</sup><br>|
| MTA, NY, Dedicated Tax Fund Revenue: |  |  |  |  |
| Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp; 5749819<br>|
| Green Bonds, Subseries B-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 15860000 | &nbsp;&nbsp; 14721287<br>|
| MTA, NY, Transportation Revenue: |  |  |  |  |
| Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp; 2491082<br>|
| Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1951086<br>|
| Green Bonds, Series C-2A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1141882<br>|
| Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1884622<br>|
| Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 6450000 | &nbsp;&nbsp; 6058881<br>|
| Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 6905000 | &nbsp;&nbsp; 7483954<br> <sup>(c)(e)</sup><br>|
| New York City, NY, GO: |  |  |  |  |
| Subseries A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 3555000 | &nbsp;&nbsp; 3777070<br>|
| Subseries A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp; 4608747<br>|
| Subseries A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 6415000 | &nbsp;&nbsp; 6662297<br>|
| Subseries B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp; 2304123<br>|
| New York City, NY, HDC, Impact Revenue, <br> Sustainable Development Bonds, Series A, <br> HUD Section 8  | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/1/53 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4026229<br>|
| New York City, NY, Industrial Development <br> Agency Revenue: |  |  |  |  |
| Yankee Stadium Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp; 1872703<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New York — continued | New York — continued | New York — continued | New York — continued | New York — continued |
| Yankee Stadium Project, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; $3985000 | &nbsp;&nbsp; $3918064<br>|
| New York City, NY, Municipal Water <br> Finance Authority, Water & Sewer System <br> Revenue: |  |  |  |  |
| Second General Resolution Fiscal 2022, <br> Series AA, Subseries AA-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 17460000 | &nbsp;&nbsp; 16223441<br>|
| Second General Resolution Fiscal 2026, <br> Series BB | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3193741<br>|
| New York City, NY, TFA, Future Tax Secured <br> Revenue: |  |  |  |  |
| Subordinated, Series B, Subseries B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3529203<br>|
| Subordinated, Subseries F-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 10550000 | &nbsp;&nbsp; 10768638<br>|
| Subordinated, Subseries A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1944332<br>|
| Subordinated, Subseries B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 5935000 | &nbsp;&nbsp; 5790137<br>|
| Subordinated, Subseries C-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp; 2588532<br>|
| Subordinated, Subseries C-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp; 24065404<br>|
| Subordinated, Subseries F-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; 10941080<br>|
| New York State Dormitory Authority <br> Revenue: |  |  |  |  |
| Bidding Group 3, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp; 7875621<br>|
| Bidding Group 4, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp; 1623490<br>|
| Non-State Supported Debt SD Program, <br> Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10705<br> <sup>(f)</sup><br>|
| Non-State Supported Debt SD Program, <br> Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5353<br> <sup>(f)</sup><br>|
| Non-State Supported Debt SD Program, <br> Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5353<br> <sup>(f)</sup><br>|
| Non-State Supported Debt, Memorial <br> Sloan-Kettering Cancer Center, Series <br> B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 6750000 | &nbsp;&nbsp; 6290698<br>|
| Non-State Supported Debt, SD, Series A, <br> Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5352<br> <sup>(f)</sup><br>|
| New York State Dormitory Authority, State <br> Personal Income Tax Revenue: |  |  |  |  |
| Bidding Group 3, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10401<br> <sup>(f)</sup><br>|
| Bidding Group 3, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10401<br> <sup>(f)</sup><br>|
| Bidding Group 3, Series B, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 7040000 | &nbsp;&nbsp; 7228511<br>|
| Bidding Group 4, Series D, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 12815000 | &nbsp;&nbsp; 12989308<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New York — continued | New York — continued | New York — continued | New York — continued | New York — continued |
| New York State Thruway Authority General <br> Revenue, Junior Indebtedness Obligations, <br> Junior Lien, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; $4615000 | &nbsp;&nbsp; $4484509<br>|
| New York State Transportation <br> Development Corp., Special Facilities <br> Revenue: |  |  |  |  |
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1414949<br> <sup>(b)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 11055000 | &nbsp;&nbsp; 11441598<br> <sup>(b)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 842419<br> <sup>(b)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 8250000 | &nbsp;&nbsp; 9210235<br> <sup>(b)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 6650000 | &nbsp;&nbsp; 7120658<br> <sup>(b)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport <br> Terminals C & D Redevelopment Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 4365000 | &nbsp;&nbsp; 4212197<br> <sup>(b)</sup><br>|
| John F. Kennedy International Airport <br> New Terminal One Project, Green Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/54 | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp; 7715782<br> <sup>(b)</sup><br>|
| John F. Kennedy International Airport <br> New Terminal One Project, Green Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 17500000 | &nbsp;&nbsp; 17574548<br> <sup>(b)</sup><br>|
| John F. Kennedy International Airport <br> New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 17750000 | &nbsp;&nbsp; 17925347<br> <sup>(b)</sup><br>|
| John F. Kennedy International Airport <br> Terminal Four Project, Series C, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 2410549<br>|
| John F. Kennedy International Airport <br> Terminal Four Project, Series C, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1523416<br>|
| John F. Kennedy International Airport <br> Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2883646<br> <sup>(b)</sup><br>|
| John F. Kennedy International Airport <br> Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp; 6184089<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New York — continued | New York — continued | New York — continued | New York — continued | New York — continued |
| John F. Kennedy International Airport <br> Terminal Six Redevelopment Project, <br> Green Bonds, Series B, Refunding, AG, <br> Step bond (0.000% to 12/31/34 then <br> 5.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; $2800000 | &nbsp;&nbsp; $1891219<br> <sup>(b)</sup><br>|
| LaGuardia Airport Terminal B <br> Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp; 1642425<br> <sup>(b)</sup><br>|
| LaGuardia Airport Terminal B <br> Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 16120000 | &nbsp;&nbsp; 16135275<br> <sup>(b)</sup><br>|
| LaGuardia Airport Terminal B <br> Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 22380000 | &nbsp;&nbsp; 22388887<br> <sup>(b)</sup><br>|
| New York State Urban Development Corp. <br> Revenue: |  |  |  |  |
| Personal Income Tax, Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 5560000 | &nbsp;&nbsp; 5426960<br>|
| Personal Income Tax, Series C, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 4680000 | &nbsp;&nbsp; 3583125<br>|
| Port Authority of New York & New Jersey <br> Revenue: |  |  |  |  |
| Consolidated Series 218 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 8630000 | &nbsp;&nbsp; 8101249<br> <sup>(b)</sup><br>|
| Consolidated Series 221 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/55 | &nbsp;&nbsp; 4495000 | &nbsp;&nbsp; 4070777<br> <sup>(b)</sup><br>|
| Consolidated Series 226, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2433437<br> <sup>(b)</sup><br>|
| Consolidated Series 226, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1417369<br> <sup>(b)</sup><br>|
| Triborough Bridge & Tunnel Authority, NY, <br> Revenue: |  |  |  |  |
| General-MTA Bridges & Tunnels, Series <br> A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 18325000 | &nbsp;&nbsp; 19116391<br>|
| General-MTA Bridges & Tunnels, Series <br> A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp; 3008590<br>|
| General-MTA Bridges & Tunnels, Series <br> C-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 7810000 | &nbsp;&nbsp; 8073000<br>|
| MTA Bridges & Tunnels, Senior Lien, <br> Series A-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 4870000 | &nbsp;&nbsp; 5055491<br>|
| MTA Bridges & Tunnels, Senior Lien, <br> Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp; 7715454<br>|
| Troy, NY, Capital Resource Corp. Revenue: |  |  |  |  |
| Rensselaer Polytechnic Institute Project, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 820028<br>|
| Rensselaer Polytechnic Institute Project, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp; 2072351<br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 393075839 |

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| North Carolina — 0.5% | North Carolina — 0.5% | North Carolina — 0.5% | North Carolina — 0.5% | North Carolina — 0.5% |
| Charlotte, NC, Airport Revenue: |  |  |  |  |
| Charlotte Douglas International Airport, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; $1250000 | &nbsp;&nbsp; $1258111<br>|
| Charlotte Douglas International Airport, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp; 1698036<br> <sup>(b)</sup><br>|
| North Carolina State Turnpike Authority, <br> Monroe Expressway Toll Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 948290<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp; 2088097<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 6410000 | &nbsp;&nbsp; 6415845<br>|
| North Carolina State Turnpike Authority, <br> Triangle Expressway System Revenue, <br> Senior Lien, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 851166<br>|
| Total North Carolina | Total North Carolina | Total North Carolina | Total North Carolina | &nbsp;&nbsp; 13259545 |
| North Dakota — 0.4% | North Dakota — 0.4% | North Dakota — 0.4% | North Dakota — 0.4% | North Dakota — 0.4% |
| Grand Forks, ND, Health Care System <br> Revenue, Altru Health System, Refunding, <br> AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 11710000 | &nbsp;&nbsp; 9126690<br>|
| Ohio — 1.8% | Ohio — 1.8% | Ohio — 1.8% | Ohio — 1.8% | Ohio — 1.8% |
| Allen County, OH, Hospital Facilities <br> Authority Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1920000 | &nbsp;&nbsp; 1927797<br>|
| American Municipal Power Inc., OH, <br> Revenue, AMP Fremont Energy Center <br> Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1960066<br>|
| Buckeye, OH, Tobacco Settlement Financing <br> Authority Revenue: |  |  |  |  |
| Senior Bonds, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp; 2299424<br>|
| Senior Bonds, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 764151<br>|
| Senior Bonds, Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 7960000 | &nbsp;&nbsp; 6583103<br>|
| Franklin County, OH, Revenue, Trinity Health <br> Group, Series 2017  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3036205<br>|
| Indian Creek, OH, Local SD, GO, Series A, <br> SD Credit Program  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1027814<br>|
| Ohio State Air Quality Development <br> Authority Revenue: |  |  |  |  |
| American Electric Co. Project, Series B | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1104527<br> <sup>(b)(c)(e)</sup><br>|
| American Electric Co. Project, Series D, <br> Refunding | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2810000 | &nbsp;&nbsp; 2845545<br> <sup>(b)</sup><br>|
| American Electric Power Co. Project, <br> Series A, Refunding | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp; 1305462<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued |
| AMG Vanadium Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; $8960000 | &nbsp;&nbsp; $8357801<br> <sup>(a)(b)</sup><br>|
| Duke Energy Corp. Project, Series B, <br> Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3985000 | &nbsp;&nbsp; 4050746<br> <sup>(b)(c)(e)</sup><br>|
| Ohio State Higher Educational Facility <br> Commission College & University Revenue: |  |  |  |  |
| University of Dayton 2018 Project, Series <br> B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 435567<br>|
| University of Dayton 2018 Project, Series <br> B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 793715<br>|
| Ohio State Hospital Revenue, University <br> Hospitals Health Systems Inc., Series E, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/41 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 1005965<br>|
| Ohio State Private Activity Revenue: |  |  |  |  |
| Portsmouth Bypass Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/39 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1785572<br> <sup>(b)</sup><br>|
| Portsmouth Bypass Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1249906<br> <sup>(b)</sup><br>|
| Port of Greater Cincinnati Development <br> Authority Revenue, OH: |  |  |  |  |
| Tax-Exempt Parking Revenue, 3CDC <br> Obligated Group Parking Facilities, Series <br> A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2068774<br>|
| Tax-Exempt Parking Revenue, 3CDC <br> Obligated Group Parking Facilities, Series <br> A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1284825<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 43886965 |
| Oklahoma — 0.2% | Oklahoma — 0.2% | Oklahoma — 0.2% | Oklahoma — 0.2% | Oklahoma — 0.2% |
| Tulsa, OK, Municipal Airport Trust Revenue: |  |  |  |  |
| American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp; 5588521<br> <sup>(b)</sup><br>|
| American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 643472<br> <sup>(b)</sup><br>|
| Total Oklahoma | Total Oklahoma | Total Oklahoma | Total Oklahoma | &nbsp;&nbsp; 6231993 |
| Oregon — 0.6% | Oregon — 0.6% | Oregon — 0.6% | Oregon — 0.6% | Oregon — 0.6% |
| Medford, OR, Hospital Facilities Authority <br> Revenue, Asante Project, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2361757<br>|
| Oregon State Business Development <br> Commission Revenue, Recovery Zone <br> Facility Bonds, Intel Corp. Project, Series <br> 232  | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 9150000 | &nbsp;&nbsp; 9338864<br> <sup>(c)(e)</sup><br>|
| Oregon State University General Revenue, <br> Series A  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1228560<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oregon — continued | Oregon — continued | Oregon — continued | Oregon — continued | Oregon — continued |
| Portland, OR, International Airport Revenue, <br> Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; $835000 | &nbsp;&nbsp; $884169<br> <sup>(b)</sup><br>|
| Total Oregon | Total Oregon | Total Oregon | Total Oregon | &nbsp;&nbsp; 13813350 |
| Pennsylvania — 4.0% | Pennsylvania — 4.0% | Pennsylvania — 4.0% | Pennsylvania — 4.0% | Pennsylvania — 4.0% |
| Allegheny County, PA, HDA Revenue: |  |  |  |  |
| University of Pittsburgh Medical Center, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 3415000 | &nbsp;&nbsp; 3455505<br>|
| University of Pittsburgh Medical Center, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp; 4207836<br>|
| Commonwealth Financing Authority, PA, <br> Tobacco Master Settlement Payment <br> Revenue Bonds: |  |  |  |  |
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1600571<br>|
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1399108<br>|
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 797204<br>|
| Cumberland County, PA, Municipal <br> Authority Revenue: |  |  |  |  |
| Diakon Lutheran Social Ministries <br> Project, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 2555000 | &nbsp;&nbsp; 2557083<br>|
| Penn State Health | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 773810<br>|
| Penn State Health | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1535420<br>|
| General Authority of Southcentral <br> Pennsylvania Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 3585000 | &nbsp;&nbsp; 3291241<br>|
| Lancaster County, PA, Hospital Authority <br> Revenue, Penn State Health, Series 2021  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 11385000 | &nbsp;&nbsp; 11611029<br>|
| Montgomery County, PA, IDA, Retirement <br> Communities Revenue, Acts Retirement-Life <br> Communities, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1163788<br>|
| Pennsylvania State Economic Development <br> Financing Authority Revenue: |  |  |  |  |
| Exempt Facilities Bonds, PPL Energy <br> Supply LLC Project, Series C, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1506387<br> <sup>(c)(e)</sup><br>|
| Presbyterian Senior Living Project, Series <br> B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1025118<br>|
| Presbyterian Senior Living Project, Series <br> B-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 2082376<br>|
| Tax-Exempt Private Activity, The Penndot <br> Major Bridges Package One Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 8600000 | &nbsp;&nbsp; 9102926<br> <sup>(b)</sup><br>|
| Tax-Exempt Private Activity, The Penndot <br> Major Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 22300000 | &nbsp;&nbsp; 22692850<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Pennsylvania State Turnpike Commission <br> Revenue: |  |  |  |  |
| Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; $8160000 | &nbsp;&nbsp; $8389356<br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4224350<br>|
| Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1256095<br>|
| Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2065620<br>|
| Philadelphia, PA, Airport Revenue, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1529501<br> <sup>(b)</sup><br>|
| Philadelphia, PA, GO: |  |  |  |  |
| School District, Series A, State Aid <br> Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 911525<br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1628121<br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 1940580<br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1819748<br>|
| Philadelphia, PA, Water & Wastewater <br> Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3938496<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp; 3086351<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 99591995 |
| Puerto Rico — 5.5% | Puerto Rico — 5.5% | Puerto Rico — 5.5% | Puerto Rico — 5.5% | Puerto Rico — 5.5% |
| Puerto Rico Commonwealth Aqueduct & <br> Sewer Authority Revenue: |  |  |  |  |
| Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 636472<br> <sup>(a)</sup><br>|
| Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 428146<br> <sup>(a)</sup><br>|
| Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 10625000 | &nbsp;&nbsp; 11339607<br> <sup>(a)</sup><br>|
| Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 10895000 | &nbsp;&nbsp; 11456777<br> <sup>(a)</sup><br>|
| Senior Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 12145000 | &nbsp;&nbsp; 11796346<br> <sup>(a)</sup><br>|
| Senior Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2211222<br> <sup>(a)</sup><br>|
| Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 36355000 | &nbsp;&nbsp; 36436519<br> <sup>(a)</sup><br>|
| Puerto Rico Commonwealth, GO: |  |  |  |  |
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 256303 | &nbsp;&nbsp; 189778<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 219802 | &nbsp;&nbsp; 224954<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 216236 | &nbsp;&nbsp; 231056<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 210028 | &nbsp;&nbsp; 233389<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 199162 | &nbsp;&nbsp; 203977<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 4779020 | &nbsp;&nbsp; 4861050<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 12810518 | &nbsp;&nbsp; 12836988<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1508900 | &nbsp;&nbsp; 1464498<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 217253 | &nbsp;&nbsp; 196146<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Puerto Rico — continued | Puerto Rico — continued | Puerto Rico — continued | Puerto Rico — continued | Puerto Rico — continued |
| Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; $765160 | &nbsp;&nbsp; $523178<br> <sup>(e)</sup><br>|
| Puerto Rico Sales Tax Financing Corp., <br> Sales Tax Revenue: |  |  |  |  |
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 3308000 | &nbsp;&nbsp; 3176692<br>|
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 16775000 | &nbsp;&nbsp; 6034145<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 918000 | &nbsp;&nbsp; 924151<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 17117000 | &nbsp;&nbsp; 16691177<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 7008000 | &nbsp;&nbsp; 6878552<br>|
| Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 5658000 | &nbsp;&nbsp; 5669703<br>|
| Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 759000 | &nbsp;&nbsp; 760570<br>|
| Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | &nbsp;&nbsp; 135405093 |
| Rhode Island — 0.4% | Rhode Island — 0.4% | Rhode Island — 0.4% | Rhode Island — 0.4% | Rhode Island — 0.4% |
| Rhode Island State Health & Educational <br> Building Corp. Revenue: |  |  |  |  |
| Hospital Financing Lifespan Obligated <br> Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1221759<br>|
| Hospital Financing Lifespan Obligated <br> Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3051883<br>|
| Public School Program, Series F, State <br> Aid Withholding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 2885000 | &nbsp;&nbsp; 2732560<br>|
| Rhode Island State Health & Educational <br> Building Corp., Student Housing Revenue: |  |  |  |  |
| RI Properties LLC, Senior Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1264261<br>|
| RI Properties LLC, Senior Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1307792<br>|
| Total Rhode Island | Total Rhode Island | Total Rhode Island | Total Rhode Island | &nbsp;&nbsp; 9578255 |
| South Carolina — 0.7% | South Carolina — 0.7% | South Carolina — 0.7% | South Carolina — 0.7% | South Carolina — 0.7% |
| Patriots Energy Group Financing Agency, <br> SC, Gas Supply Revenue, Subseries B-2, <br> Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.359% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3899709<br> <sup>(c)(e)</sup><br>|
| South Carolina State Jobs, EDA Hospital <br> Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 5820000 | &nbsp;&nbsp; 5482700<br>|
| South Carolina State Ports Authority <br> Revenue: |  |  |  |  |
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 589938<br> <sup>(b)</sup><br>|
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1254620<br> <sup>(b)</sup><br>|
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3095651<br> <sup>(b)</sup><br>|
| Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp; 2098693<br> <sup>(b)</sup><br>|
| Total South Carolina | Total South Carolina | Total South Carolina | Total South Carolina | &nbsp;&nbsp; 16421311 |

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| South Dakota — 0.1% | South Dakota — 0.1% | South Dakota — 0.1% | South Dakota — 0.1% | South Dakota — 0.1% |
| South Dakota State HEFA Revenue, <br> Regional Health | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; $2105000 | &nbsp;&nbsp; $2142564<br>|
| Tennessee — 1.8% | Tennessee — 1.8% | Tennessee — 1.8% | Tennessee — 1.8% | Tennessee — 1.8% |
| Clarksville, TN, Water, Sewer & Gas <br> Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 9368912<br>|
| Knox County, TN, Health, Educational & <br> Housing Facility Board Revenue, University <br> Health System Inc., Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 4745000 | &nbsp;&nbsp; 4856721<br>|
| Metropolitan Government of Nashville & <br> Davidson County, TN, GO, Series C, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 18205000 | &nbsp;&nbsp; 18314166<br>|
| Metropolitan Government of Nashville & <br> Davidson County, TN, Sports Authority <br> Revenue: |  |  |  |  |
| Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6417915<br>|
| Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 2001816<br>|
| Metropolitan Government of Nashville & <br> Davidson County, TN, Water & Sewer <br> Revenue, Subordinated, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3040212<br>|
| Metropolitan Nashville, TN, Airport <br> Authority Revenue, Subordinated, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1408791<br> <sup>(b)</sup><br>|
| Total Tennessee | Total Tennessee | Total Tennessee | Total Tennessee | &nbsp;&nbsp; 45408533 |
| Texas — 6.8% | Texas — 6.8% | Texas — 6.8% | Texas — 6.8% | Texas — 6.8% |
| Arlington, TX, Higher Education Finance <br> Corp., Education Revenue: |  |  |  |  |
| Basis Texas Charter Schools Inc., <br> Refunding | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/65 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3566963<br> <sup>(a)</sup><br>|
| Uplift Education, Series A, Refunding, <br> PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1801043<br>|
| Austin, TX, Airport System Revenue: |  |  |  |  |
| Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 3615000 | &nbsp;&nbsp; 3844184<br> <sup>(b)</sup><br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 2390000 | &nbsp;&nbsp; 2601733<br> <sup>(b)</sup><br>|
| Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3167773<br> <sup>(b)</sup><br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1501824<br> <sup>(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2149732<br> <sup>(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp; 2736210<br> <sup>(b)</sup><br>|
| Bexar County, TX, Hospital District, GO, <br> Certificates of Obligation  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 2578824<br>|
| Castleberry, TX, ISD, GO, Series B, PSF - <br> GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 3090000 | &nbsp;&nbsp; 2943423<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Central Texas Regional Mobility Authority <br> Revenue, Senior Lien, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; $3795000 | &nbsp;&nbsp; $3428454<br>|
| Central Texas Turnpike System Revenue: |  |  |  |  |
| Second Tier, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1232070<br>|
| Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4734954<br>|
| Dallas, TX, Hotel Occupancy Tax Revenue: |  |  |  |  |
| Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/36 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp; 1979724<br>|
| Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1502998<br>|
| Denton, TX, GO, Certificates of Obligation  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 5710000 | &nbsp;&nbsp; 5503614<br>|
| Elgin, TX, ISD, GO, Unlimited Tax School <br> Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 10600000 | &nbsp;&nbsp; 10081245<br>|
| Grand Parkway Transportation Corp., TX, <br> System Toll Revenue, Convertible CAB, <br> Series B  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 4070673<br>|
| Gulf Coast IDA, Texas Solid Waste Disposal <br> Revenue, Citgo Petroleum Project  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3801280<br> <sup>(b)</sup><br>|
| Harris County, TX, Cultural Education <br> Facilities Finance Corp. Revenue, <br> Series 2021, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp; 7598398<br>|
| Hays, TX, ISD, GO, Unlimited Tax School <br> Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 4875000 | &nbsp;&nbsp; 4717892<br>|
| Houston, TX, GO, Series A  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/51 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3782251<br>|
| Houston, TX, Airport System Revenue: |  |  |  |  |
| Special Facilities, United Airlines Inc., <br> Airport Terminal E Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3592460<br> <sup>(b)</sup><br>|
| Special Facilities, United Airlines Inc., <br> Technical Operations Center Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 5615000 | &nbsp;&nbsp; 5826470<br> <sup>(b)</sup><br>|
| Special Facilities, United Airlines Inc., <br> Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1485690<br> <sup>(b)</sup><br>|
| Special Facilities, United Airlines Inc., <br> Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2685855<br> <sup>(b)</sup><br>|
| Special Facilities, United Airlines Inc., <br> Terminal Improvement Project, Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3592128<br> <sup>(b)</sup><br>|
| Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1350152<br> <sup>(b)</sup><br>|
| Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1513517<br> <sup>(b)</sup><br>|
| Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1505550<br> <sup>(b)</sup><br>|
| Houston, TX, Combined Utility System <br> Revenue, First Lien, Series D, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2277279<br>|
| Joshua, TX, ISD, GO, Unlimited Tax School <br> Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp; 4299967<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Longview, TX, ISD, GO, Unlimited Tax <br> School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; $7500000 | &nbsp;&nbsp; $7144230<br>|
| Love Field, TX, Airport Modernization Corp., <br> General Airport Revenue: |  |  |  |  |
| Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 547558<br> <sup>(b)</sup><br>|
| Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 546435<br> <sup>(b)</sup><br>|
| Love Field, TX, Airport Modernization Corp., <br> Special Facilities Revenue, Southwest <br> Airlines Co. Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 1627877<br> <sup>(b)</sup><br>|
| Matagorda County, TX, Navigation District <br> No 1, PCR, Central Power and Light <br> Company Project, Series A, Refunding  | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3744936<br>|
| Melissa, TX, ISD, GO, Unlimited Tax School <br> Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 4565000 | &nbsp;&nbsp; 4214595<br>|
| Metropolitan Transit Advanced <br> Transportation District, TX, Sales Tax <br> Revenue, Bexar County  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4612980<br>|
| Mission, TX, EDC, Solid Waste Disposal <br> Revenue, Graphic Packaging International, <br> LLC Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp; 2673880<br> <sup>(b)(c)(e)</sup><br>|
| New Hope Cultural Education Facilities <br> Finance Corp., TX, Educational Facilities <br> Revenue, Texas A&M University, Cain Hall <br> Redevelopment Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp; 4176867<br>|
| Newark, TX, Higher Education Finance <br> Corp., Education Revenue: |  |  |  |  |
| TLC Academy, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 695039<br>|
| TLC Academy, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1190743<br>|
| Port Beaumont, TX, Navigation District Dock <br> & Wharf Facility Revenue, Jefferson Gulf <br> Coast Energy Project, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1225825<br> <sup>(a)(b)</sup><br>|
| Tarrant County, TX, Cultural Education <br> Facilities Finance Corp., Hospital Revenue: |  |  |  |  |
| Methodist Hospitals of Dallas | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1543030<br>|
| Methodist Hospitals of Dallas | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp; 2892308<br>|
| Texas State Private Activity Bond Surface <br> Transportation Corp. Revenue: |  |  |  |  |
| NTE Mobility Partners Segments 3 LLC, <br> Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1968904<br> <sup>(b)</sup><br>|
| NTE Mobility Partners Segments 3 LLC, <br> Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2324102<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Senior Lien, LBJ Infrastructure <br> Group LLC, I-635 Managed Lanes Project, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; $2765000 | &nbsp;&nbsp; $2823054<br>|
| Senior Lien, LBJ Infrastructure <br> Group LLC, I-635 Managed Lanes Project, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/37 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 769848<br>|
| Senior Lien, NTE Mobility Partners <br> Segments 3 LLC, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1384169<br> <sup>(b)</sup><br>|
| Van Alstyne, TX, ISD, GO, Unlimited Tax <br> School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 9250000 | &nbsp;&nbsp; 8567101<br>|
| West Harris County, TX, Regional Water <br> Authority Revenue, Series 2019, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp; 2621714<br>|
| Whitesboro, TX, ISD, GO, Unlimited Tax <br> School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4630866<br>|
| Total Texas | Total Texas | Total Texas | Total Texas | &nbsp;&nbsp; 169380391 |
| Utah — 1.1% | Utah — 1.1% | Utah — 1.1% | Utah — 1.1% | Utah — 1.1% |
| Salt Lake City, UT, Airport Revenue: |  |  |  |  |
| Salt Lake City International Airport, <br> Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7854014<br> <sup>(b)</sup><br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3645000 | &nbsp;&nbsp; 3733786<br> <sup>(b)</sup><br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp; 2715484<br> <sup>(b)</sup><br>|
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2739934<br> <sup>(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp; 1208477<br>|
| Utah State Charter School Finance <br> Authority, Charter School Revenue: |  |  |  |  |
| Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/42 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1331138<br>|
| Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/47 | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp; 2845829<br>|
| Utah Charter Academies Inc., UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/43 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 883626<br>|
| Utah Charter Academies Inc., UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/48 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 913089<br>|
| Utah State Infrastructure Agency, <br> Telecommunications Revenue: |  |  |  |  |
| Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1570018<br>|
| Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 770276<br>|
| Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1326727<br>|
| Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/45 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 575381<br>|
| Total Utah | Total Utah | Total Utah | Total Utah | &nbsp;&nbsp; 28467779 |
| Vermont — 0.2% | Vermont — 0.2% | Vermont — 0.2% | Vermont — 0.2% | Vermont — 0.2% |
| University of Vermont & State Agricultural <br> College, Green Bonds, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1957834<br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Vermont — continued | Vermont — continued | Vermont — continued | Vermont — continued | Vermont — continued |
| Vermont State Educational & Health <br> Buildings Financing Agency Revenue, <br> Middlebury College Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2136461<br>|
| Total Vermont | Total Vermont | Total Vermont | Total Vermont | &nbsp;&nbsp; 4094295 |
| Virginia — 0.9% | Virginia — 0.9% | Virginia — 0.9% | Virginia — 0.9% | Virginia — 0.9% |
| Arlington County, VA, IDA Revenue: |  |  |  |  |
| Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1276567<br>|
| Virginia Hospital Center, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 785495<br>|
| Virginia Hospital Center, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1470000 | &nbsp;&nbsp; 1586613<br>|
| Virginia Hospital Center, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 662847<br>|
| Isle of Wight County, VA, EDA Revenue: |  |  |  |  |
| Riverside Health System, Series 2023, <br> AG | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4045135<br>|
| Riverside Health System, Series 2023, <br> AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1835955<br>|
| Virginia State Small Business Financing <br> Authority Revenue: |  |  |  |  |
| Senior Lien, 95 Express Lanes LLC <br> Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 3374494<br> <sup>(b)</sup><br>|
| Senior Lien, I-495 HOT Lanes Project, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 5465000 | &nbsp;&nbsp; 5551215<br> <sup>(b)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp; 1337271<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp; 2184055<br>|
| Total Virginia | Total Virginia | Total Virginia | Total Virginia | &nbsp;&nbsp; 22639647 |
| Washington — 1.3% | Washington — 1.3% | Washington — 1.3% | Washington — 1.3% | Washington — 1.3% |
| Port of Seattle, WA, Intermediate Lien <br> Revenue: |  |  |  |  |
| Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1840084<br> <sup>(b)</sup><br>|
| Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3118203<br> <sup>(b)</sup><br>|
| Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2719306<br> <sup>(b)</sup><br>|
| Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5936397<br> <sup>(b)</sup><br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 6450000 | &nbsp;&nbsp; 6539118<br> <sup>(b)</sup><br>|
| Washington State Health Care Facilities <br> Authority Revenue: |  |  |  |  |
| Commonspirit Health, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3600112<br>|
| Commonspirit Health, Series A-1, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 534575<br>|
| Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1739584<br>|
| Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 3915000 | &nbsp;&nbsp; 3978839<br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Washington — continued | Washington — continued | Washington — continued | Washington — continued | Washington — continued |
| Washington State HFC Revenue, <br> Presbyterian Retirement Communities North <br> West Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; $2465000 | &nbsp;&nbsp; $2291159<br> <sup>(a)</sup><br>|
| Total Washington | Total Washington | Total Washington | Total Washington | &nbsp;&nbsp; 32297377 |
| West Virginia — 0.2% | West Virginia — 0.2% | West Virginia — 0.2% | West Virginia — 0.2% | West Virginia — 0.2% |
| West Virginia State EDA Revenue: |  |  |  |  |
| Solid Waste Disposal Facility, <br> Commercial Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 2214493<br> <sup>(b)(c)(e)</sup><br>|
| Solid Waste Disposal Facility, Core <br> Natural Resources Inc. Project, <br> Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp; 2137665<br> <sup>(a)(b)(c)(e)</sup><br>|
| Total West Virginia | Total West Virginia | Total West Virginia | Total West Virginia | &nbsp;&nbsp; 4352158 |
| Wisconsin — 1.0% | Wisconsin — 1.0% | Wisconsin — 1.0% | Wisconsin — 1.0% | Wisconsin — 1.0% |
| Public Finance Authority, WI, Hospital <br> Revenue Bonds: |  |  |  |  |
| Renown Regional Medical Center <br> Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1437206<br>|
| Renown Regional Medical Center <br> Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 2015311<br>|
| Public Finance Authority, WI, Retirement <br> Communities Revenue, Acts Retirement Life <br> Communities, Inc., Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1391925<br>|
| Public Finance Authority, WI, Revenue, The <br> Carmelite System Inc. Obligated Group, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2301503<br>|
| Public Finance Authority, WI, Student <br> Housing Revenue: |  |  |  |  |
| PRG - Oxford Properties LLC Project, <br> Series A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044456<br>|
| PRG - Oxford Properties LLC Project, <br> Series A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2296619<br>|
| Village of Mount Pleasant, WI, Tax <br> Increment Revenue, Series A, Moral <br> Obligations  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 9110000 | &nbsp;&nbsp; 9269746<br>|
| Wisconsin State HEFA Revenue, Bellin <br> Memorial Hospital, Inc., Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4816106<br>|
| Total Wisconsin | Total Wisconsin | Total Wisconsin | Total Wisconsin | &nbsp;&nbsp; 24572872 |
| **Total Municipal Bonds (Cost — $2,380,586,259)** | **Total Municipal Bonds (Cost — $2,380,586,259)** | **Total Municipal Bonds (Cost — $2,380,586,259)** | **Total Municipal Bonds (Cost — $2,380,586,259)** | &nbsp;&nbsp; **2394375393** |

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 5.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 5.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 5.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 5.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 5.0%** |
| Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% |
| Black Belt Energy Gas District, AL, Gas <br> Project Revenue Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; $8000000 | &nbsp;&nbsp; $8671035<br>|
| New York — 4.7% | New York — 4.7% | New York — 4.7% | New York — 4.7% | New York — 4.7% |
| New York City, NY, Municipal Water <br> Finance Authority, Water & Sewer System <br> Revenue: |  |  |  |  |
| Second General Resolution Fiscal 2023, <br> Subseries AA-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 17015000 | &nbsp;&nbsp; 17972988<br>|
| Second General Resolution Fiscal 2023, <br> Subseries AA-3, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 11695000 | &nbsp;&nbsp; 12328787<br>|
| New York State Dormitory Authority, State <br> Personal Income Tax Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25323793<br>|
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 24337725<br>|
| New York State Urban Development Corp.: |  |  |  |  |
| State Sales Tax Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; 31500797<br>|
| State Sales Tax Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/49 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp; 4393182<br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 115857272 |
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $122,940,065)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $122,940,065)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $122,940,065)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts** <br> **(Cost — $122,940,065)** | &nbsp;&nbsp; **124528307** |
| **Total Investments before Short-Term Investments (Cost — $2,503,526,324)** | **Total Investments before Short-Term Investments (Cost — $2,503,526,324)** | **Total Investments before Short-Term Investments (Cost — $2,503,526,324)** | **Total Investments before Short-Term Investments (Cost — $2,503,526,324)** | &nbsp;&nbsp; **2518903700** |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Municipal Bonds — 0.3%** | **Municipal Bonds — 0.3%** | **Municipal Bonds — 0.3%** | **Municipal Bonds — 0.3%** | **Municipal Bonds — 0.3%** |
| Colorado — 0.1% | Colorado — 0.1% | Colorado — 0.1% | Colorado — 0.1% | Colorado — 0.1% |
| Colorado State Health Facilities Authority <br> Revenue, Children's Hospital, Refunding, <br> LOC - TD Bank N.A.  | &nbsp;&nbsp; 0.900% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000<br> <sup>(k)(l)</sup><br>|
| University of Colorado Hospital Authority <br> Revenue, Series C, Refunding, SPA - TD <br> Bank N.A.  | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp; 830000<br> <sup>(k)(l)</sup><br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 930000 |
| Illinois — 0.0%†† | Illinois — 0.0%†† | Illinois — 0.0%†† | Illinois — 0.0%†† | Illinois — 0.0%†† |
| Illinois State Finance Authority Revenue, <br> University of Chicago Medical Center, <br> Series B, LOC - TD Bank N.A. | &nbsp;&nbsp; 0.800% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 510000<br> <sup>(k)(l)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Indiana — 0.0%†† | Indiana — 0.0%†† | Indiana — 0.0%†† | Indiana — 0.0%†† | Indiana — 0.0%†† |
| Indiana State Finance Authority <br> Environmental Facilities Revenue, Series <br> A-5, Refunding, LOC - Sumitomo Mitsui <br> Banking | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000<br> <sup>(k)(l)</sup><br>|
| Massachusetts — 0.0%†† | Massachusetts — 0.0%†† | Massachusetts — 0.0%†† | Massachusetts — 0.0%†† | Massachusetts — 0.0%†† |
| Massachusetts State DFA Revenue, <br> Partners HealthCare System, Mass General <br> Brigham Inc., Series K-1, SPA - Wells Fargo <br> Bank N.A. | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000<br> <sup>(k)(l)</sup><br>|
| Missouri — 0.0%†† | Missouri — 0.0%†† | Missouri — 0.0%†† | Missouri — 0.0%†† | Missouri — 0.0%†† |
| Missouri State HEFA Revenue, Saint Louis <br> University, Series B-2, Refunding, LOC - <br> Wells Fargo Bank N.A. | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150000<br> <sup>(k)(l)</sup><br>|
| New York — 0.2% | New York — 0.2% | New York — 0.2% | New York — 0.2% | New York — 0.2% |
| MTA, NY, Dedicated Tax Fund Revenue, <br> Series A-1, Refunding, LOC - TD Bank N.A.  | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000<br> <sup>(k)(l)</sup><br>|
| New York City, NY, GO: |  |  |  |  |
| Series A, SPA - Bank of Montreal | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000<br> <sup>(k)(l)</sup><br>|
| Subseries F-6, SPA - JPMorgan Chase & <br> Co. | &nbsp;&nbsp; 0.900% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000<br> <sup>(k)(l)</sup><br>|
| New York City, NY, TFA, Future Tax Secured <br> Revenue: |  |  |  |  |
| Series H-2, SPA - TD Bank N.A. | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 11/1/54 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1800000<br> <sup>(k)(l)</sup><br>|
| Subordinated, Subseries A-4, SPA - <br> Mizuho Bank Ltd. | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000<br> <sup>(k)(l)</sup><br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 3500000 |
| Ohio — 0.0%†† | Ohio — 0.0%†† | Ohio — 0.0%†† | Ohio — 0.0%†† | Ohio — 0.0%†† |
| Franklin County, OH, Hospital Revenue, <br> Nationwide Children's Hospital Project, <br> Series B, Refunding, SPA - JPMorgan Chase <br> & Co. | &nbsp;&nbsp; 0.900% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000<br> <sup>(k)(l)</sup><br>|
| Oregon — 0.0%†† | Oregon — 0.0%†† | Oregon — 0.0%†† | Oregon — 0.0%†† | Oregon — 0.0%†† |
| Oregon State Facilities Authority Revenue, <br> Peacehealth, Series B, Refunding, LOC - TD <br> Bank N.A. | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000<br> <sup>(k)(l)</sup><br>|
| Pennsylvania — 0.0%†† | Pennsylvania — 0.0%†† | Pennsylvania — 0.0%†† | Pennsylvania — 0.0%†† | Pennsylvania — 0.0%†† |
| Northampton County, PA, General Purpose <br> Authority, Hospital Revenue, St. Luke's <br> University Health Network Project, Series B, <br> LOC - TD Bank N.A.  | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Philadelphia, PA, Authority for IDR, The <br> Children's Hospital of Philadelphia Project, <br> Series B-1, SPA - JPMorgan Chase & Co.  | &nbsp;&nbsp; 0.850% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $500000<br> <sup>(k)(l)</sup><br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 800000 |
| West Virginia — 0.0%†† | West Virginia — 0.0%†† | West Virginia — 0.0%†† | West Virginia — 0.0%†† | West Virginia — 0.0%†† |
| West Virginia State Hospital Finance <br> Authority Revenue, West Virginia University <br> Health System Obligated Group, Series C, <br> Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 1.870% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| **Total Short-Term Investments (Cost — $7,590,000)** | **Total Short-Term Investments (Cost — $7,590,000)** | **Total Short-Term Investments (Cost — $7,590,000)** | **Total Short-Term Investments (Cost — $7,590,000)** | &nbsp;&nbsp; **7590000** |
| **Total Investments — 101.8% (Cost — $2,511,116,324)** | **Total Investments — 101.8% (Cost — $2,511,116,324)** | **Total Investments — 101.8% (Cost — $2,511,116,324)** | **Total Investments — 101.8% (Cost — $2,511,116,324)** | &nbsp;&nbsp; **2526493700** |
| TOB Floating Rate Notes — (2.7)% | TOB Floating Rate Notes — (2.7)% | TOB Floating Rate Notes — (2.7)% | TOB Floating Rate Notes — (2.7)% | &nbsp;&nbsp; (66595000)<br>|
| Other Assets in Excess of Other Liabilities — 0.9% | Other Assets in Excess of Other Liabilities — 0.9% | Other Assets in Excess of Other Liabilities — 0.9% | Other Assets in Excess of Other Liabilities — 0.9% | &nbsp;&nbsp; 22047286 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2481945986** |

---

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

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Schedule of Investments (cont'd)

February 28, 2026

 **Western Asset Managed Municipals Fund**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax <br> ("AMT").<br>|
| <sup>(c)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(d)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(e)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(f)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency <br> securities.<br>|
| <sup>(g)</sup> | The coupon payment on this security is currently in default as of February 28, 2026. |
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust <br> (Note 1).<br>|
| <sup>(k)</sup> | Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to <br> the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or <br> weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a <br> formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association <br> ("SIFMA") Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets <br> of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate <br> Transparency System.<br>|
| <sup>(l)</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 Managed Municipals Fund 2026 Annual Report

------

 **Western Asset Managed 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 |
| COP | —  | Certificates of Participation |
| CSCE | —  | Charter School Credit Enhancement |
| CWA | —  | Clean Water Act |
| DFA | —  | Development Finance Agency |
| EDA | —  | Economic Development Authority |
| EDC | —  | Economic Development Corporation |
| EDR | —  | Economic Development Revenue |
| EFA | —  | Educational Facilities Authority |
| GO | —  | General Obligation |
| GTD | —  | Guaranteed |
| HDA | —  | Housing Development Authority |
| HDC | —  | Housing Development Corporation |
| HEFA | —  | Health & Educational Facilities Authority |
| HFC | —  | Housing Finance Commission |
| HUD | —  | Housing & Urban Development |
| IDA | —  | Industrial Development Authority |
| IDR | —  | Industrial Development Revenue |
| ISD | —  | Independent School District |
| LOC | —  | Letter of Credit |
| MFA | —  | Municipal Finance Authority |
| MTA | —  | Metropolitan Transportation Authority |
| NATL | —  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA | —  | Pollution Control Financing Authority |
| PCR | —  | Pollution Control Revenue |
| PEA | —  | Public Energy Authority |
| PFA | —  | Public Facilities Authority |
| PSF | —  | Permanent School Fund |
| SD | —  | School District |
| SIFMA | —  | Securities Industry and Financial Markets Association |
| SOFR | —  | Secured Overnight Financing Rate |
| SPA | —  | Standby Bond Purchase Agreement — Insured Bonds |
| TCRS | —  | Transferable Custodial Receipts |
| TFA | —  | Transitional Finance Authority |
| USD | —  | Unified School District |

---

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Statement of Assets and Liabilities

February 28, 2026

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $2,511,116,324) | &nbsp;&nbsp; $2526493700 |
| Cash | &nbsp;&nbsp; 474 |
| Interest receivable | &nbsp;&nbsp; 29076104 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 587040 |
| Prepaid expenses | &nbsp;&nbsp; 50581 |
| **Total Assets** | &nbsp;&nbsp; **2556207899** |
| **Liabilities:** |  |
| TOB Floating Rate Notes (Note 1) | &nbsp;&nbsp; 66595000 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 3307146 |
| Payable for securities purchased | &nbsp;&nbsp; 1600000 |
| Investment management fee payable | &nbsp;&nbsp; 740256 |
| Interest and commitment fees payable | &nbsp;&nbsp; 622378 |
| Distributions payable | &nbsp;&nbsp; 618852 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 195321 |
| Trustees' fees payable | &nbsp;&nbsp; 59 |
| Accrued expenses | &nbsp;&nbsp; 582901 |
| **Total Liabilities** | &nbsp;&nbsp; **74261913** |
| **Total Net Assets** | &nbsp;&nbsp; **$2481945986** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $1641 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 2621431252 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (139486907)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$2481945986** |

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class 1 | &nbsp;&nbsp; $11671966 |
| Class A | &nbsp;&nbsp; $1620735443 |
| Class C | &nbsp;&nbsp; $17126200 |
| Class I | &nbsp;&nbsp; $609590226 |
| Class IS | &nbsp;&nbsp; $222822151 |
| **Shares Outstanding:** |  |
| Class 1 | &nbsp;&nbsp; 773015 |
| Class A | &nbsp;&nbsp; 107188364 |
| Class C | &nbsp;&nbsp; 1131550 |
| Class I | &nbsp;&nbsp; 40252862 |
| Class IS | &nbsp;&nbsp; 14715492 |
| **Net Asset Value:** |  |
| Class 1 (and redemption price) | &nbsp;&nbsp; $15.10 |
| Class A (and redemption price) | &nbsp;&nbsp; $15.12 |
| Class C\*  | &nbsp;&nbsp; $15.14 |
| Class I (and redemption price) | &nbsp;&nbsp; $15.14 |
| Class IS (and redemption price) | &nbsp;&nbsp; $15.14 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 3.75%) | &nbsp;&nbsp; $15.71 |

---

&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 Managed Municipals Fund 2026 Annual Report

------

Statement of Operations

For the Year Ended February 28, 2026

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| **Interest** | &nbsp;&nbsp; **$110888317** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 10418480 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 2710761 |
| Interest expense (Note 1)  | &nbsp;&nbsp; 2120119 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 1849127 |
| Legal fees | &nbsp;&nbsp; 123634 |
| Registration fees | &nbsp;&nbsp; 121345 |
| Fund accounting fees | &nbsp;&nbsp; 101314 |
| Audit and tax fees | &nbsp;&nbsp; 81906 |
| Trustees' fees | &nbsp;&nbsp; 74620 |
| Shareholder reports | &nbsp;&nbsp; 68207 |
| Insurance | &nbsp;&nbsp; 18592 |
| Custody fees | &nbsp;&nbsp; 18500 |
| Commitment fees (Note 8) | &nbsp;&nbsp; 17813 |
| Miscellaneous expenses  | &nbsp;&nbsp; 22420 |
| **Total Expenses** | &nbsp;&nbsp; **17746838** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (509439)<br>|
| **Net Expenses** | &nbsp;&nbsp; **17237399** |
| **Net Investment Income** | &nbsp;&nbsp; **93650918** |
| **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; (20404944)<br>|
| Futures contracts | &nbsp;&nbsp; 2800585 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(17604359)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments | &nbsp;&nbsp; 18530555 |
| Futures contracts | &nbsp;&nbsp; (2567439)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **15963116** |
| **Net Loss on Investments and Futures Contracts**  | &nbsp;&nbsp; **(1641243)**<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$92009675** |

---

See Notes to Financial Statements.

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Years Ended February 28, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $93650918 | $105260995 |
| Net realized loss  | &nbsp;&nbsp; (17604359)<br>| (367479)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 15963116 | (1599136)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **92009675** | **103294380** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (92207764)<br>| (104551998)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(92207764)**<br>| **(104551998)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 309416923 | 475234520 |
| Reinvestment of distributions | &nbsp;&nbsp; 84072106 | 95625112 |
| Cost of shares repurchased  | &nbsp;&nbsp; (832222849)<br>| (811608525)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(438733820)**<br>| **(240748893)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(438931909)**<br>| **(242006511)**<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2920877895 | 3162884406 |
| **End of year** | &nbsp;&nbsp; **$2481945986** | **$2920877895** |

---

See Notes to Financial Statements.

Western Asset Managed 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 February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** |
| Class 1 Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | 2024<sup>2</sup> <br>| &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $15.00 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $16.08 | &nbsp;&nbsp; $16.42 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.54 | 0.52 | 0.52 | 0.46 | 0.42 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.01)<br>| 0.34 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Total income (loss) from operations** | **0.61** | **0.51** | **0.86** | &nbsp;&nbsp; **(0.97)** | **0.08** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.51)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Total distributions** | **(0.51)**<br>| &nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp; **(0.42)**<br>|
| **Net asset value, end of year** | $15.10 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $16.08 |
| **Total return**<sup>3</sup> <br>| **4.20%**<br>| **3.45%**<br>| **6.03%**<br>| &nbsp;&nbsp; **(6.04)%**<br>| **0.44%**<br>|
| **Net assets, end of year (000s)** | $11672 | &nbsp;&nbsp; $12873 | &nbsp;&nbsp; $13244 | &nbsp;&nbsp; $13750 | &nbsp;&nbsp; $16397 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.60<br> %<br>| 0.62<br> %<br>| 0.56<br> %<br>| 0.54<br> %<br>| 0.50<br> %<br>|
| Net expenses<sup>4</sup> <br>| 0.59 <br><sup>5</sup><br>| 0.62 <br><sup>5</sup><br>| 0.56 <br><sup>5</sup><br>| 0.53 <br><sup>5</sup><br>| 0.50 |
| Net investment income | 3.67 | 3.44 | 3.52 | 3.08 | 2.55 |
| **Portfolio turnover rate** | **6%**<br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp; **33%** <br><sup>6</sup><br>| &nbsp;&nbsp; **11%**<br>|

---

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

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

<sup>2</sup> For the year ended February 29.

<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, the ratio of total annual fund operating expenses for Class 1 shares did not exceed the ratio of total annual fund operating expenses for Class A shares. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. 

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

<sup>6</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

------

Western Asset Managed 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 February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** |
| Class A Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | 2024<sup>2</sup> <br>| &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $15.05 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $14.70 | &nbsp;&nbsp; $16.14 | &nbsp;&nbsp; $16.48 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.52 | 0.50 | 0.50 | 0.43 | 0.40 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp; (0.01)<br>| 0.34 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Total income (loss) from operations** | **0.58** | **0.49** | **0.84** | &nbsp;&nbsp; **(1.00)** | **0.06** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.51)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.40)<br>|
| **Total distributions** | **(0.51)**<br>| &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp; **(0.44)**<br>| &nbsp;&nbsp; **(0.40)**<br>|
| **Net asset value, end of year** | $15.12 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $14.70 | &nbsp;&nbsp; $16.14 |
| **Total return**<sup>3</sup> <br>| **4.03%**<br>| **3.34%**<br>| **5.87%**<br>| &nbsp;&nbsp; **(6.21)%**<br>| **0.32%**<br>|
| **Net assets, end of year (millions)** | $1621 | &nbsp;&nbsp; $1897 | &nbsp;&nbsp; $2024 | &nbsp;&nbsp; $2042 | &nbsp;&nbsp; $3447 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.73<br> %<br>| 0.74<br> %<br>| 0.70<br> %<br>| 0.68<br> %<br>| 0.63<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 0.72 | 0.73 | 0.70 | 0.67 | 0.63 |
| Net investment income | 3.53 | 3.33 | 3.38 | 2.88 | 2.41 |
| **Portfolio turnover rate** | **6%**<br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp; **33%** <br><sup>6</sup><br>| &nbsp;&nbsp; **11%**<br>|

---

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

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

<sup>2</sup> For the year ended February 29.

<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> As a result of an expense limitation arrangement, 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 A shares did not exceed 0.77%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. 

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

<sup>6</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

Western Asset Managed 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 February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** |
| Class C Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | 2024<sup>2</sup> <br>| &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $15.06 | &nbsp;&nbsp; $15.06 | &nbsp;&nbsp; $14.71 | &nbsp;&nbsp; $16.15 | &nbsp;&nbsp; $16.49 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.44 | 0.42 | 0.42 | 0.36 | 0.31 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.01)<br>| 0.34 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Total income (loss) from operations** | **0.51** | **0.41** | **0.76** | &nbsp;&nbsp; **(1.08)** | &nbsp;&nbsp; **(0.03)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Total distributions** | **(0.43)**<br>| &nbsp;&nbsp; **(0.41)**<br>| &nbsp;&nbsp; **(0.41)**<br>| &nbsp;&nbsp; **(0.36)**<br>| &nbsp;&nbsp; **(0.31)**<br>|
| **Net asset value, end of year** | $15.14 | &nbsp;&nbsp; $15.06 | &nbsp;&nbsp; $15.06 | &nbsp;&nbsp; $14.71 | &nbsp;&nbsp; $16.15 |
| **Total return**<sup>3</sup> <br>| **3.52%**<br>| **2.76%**<br>| **5.28%**<br>| &nbsp;&nbsp; **(6.71)%**<br>| &nbsp;&nbsp; **(0.24)%**<br>|
| **Net assets, end of year (000s)** | $17126 | &nbsp;&nbsp; $27060 | &nbsp;&nbsp; $40655 | &nbsp;&nbsp; $58420 | &nbsp;&nbsp; $98239 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 1.28<br> %<br>| 1.30<br> %<br>| 1.26<br> %<br>| 1.22<br> %<br>| 1.19<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 1.28 | 1.30 | 1.26 | 1.21 | 1.19 |
| Net investment income | 2.97 | 2.76 | 2.81 | 2.36 | 1.86 |
| **Portfolio turnover rate** | **6%**<br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp; **33%** <br><sup>6</sup><br>| &nbsp;&nbsp; **11%**<br>|

---

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

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

<sup>2</sup> For the year ended February 29.

<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> As a result of an expense limitation arrangement, 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 C shares did not exceed 1.32%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. 

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

<sup>6</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

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Western Asset Managed Municipals Fund 2026 Annual Report

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** |
| Class I Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | 2024<sup>2</sup> <br>| &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $15.07 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $16.16 | &nbsp;&nbsp; $16.50 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.55 | 0.53 | 0.53 | 0.47 | 0.43 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp; (0.01)<br>| 0.34 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Total income (loss) from operations** | **0.61** | **0.52** | **0.87** | &nbsp;&nbsp; **(0.97)** | **0.09** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.54)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Total distributions** | **(0.54)**<br>| &nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp; **(0.47)**<br>| &nbsp;&nbsp; **(0.43)**<br>|
| **Net asset value, end of year** | $15.14 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $16.16 |
| **Total return**<sup>3</sup> <br>| **4.30%**<br>| **3.54%**<br>| **6.06%**<br>| &nbsp;&nbsp; **(6.01)%**<br>| **0.49%**<br>|
| **Net assets, end of year (millions)** | $610 | &nbsp;&nbsp; $693 | &nbsp;&nbsp; $745 | &nbsp;&nbsp; $717 | &nbsp;&nbsp; $1114 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.60<br> %<br>| 0.61<br> %<br>| 0.57<br> %<br>| 0.52<br> %<br>| 0.50<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 0.53 | 0.54 | 0.51 | 0.47 | 0.46 |
| Net investment income | 3.73 | 3.52 | 3.56 | 3.11 | 2.59 |
| **Portfolio turnover rate** | **6%**<br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp; **33%** <br><sup>6</sup><br>| &nbsp;&nbsp; **11%**<br>|

---

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

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

<sup>2</sup> For the year ended February 29.

<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, 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 0.45%. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation as a result of interest expense. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. 

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

<sup>6</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

Western Asset Managed Municipals Fund 2026 Annual Report

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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 February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended February 28,** <br>**unless otherwise noted:** |
| Class IS Shares<sup>1</sup> <br>| 2026 | &nbsp;&nbsp; 2025 | 2024<sup>2</sup> <br>| &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 |
| **Net asset value, beginning of year** | $15.07 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $16.16 | &nbsp;&nbsp; $16.50 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.55 | 0.53 | 0.53 | 0.48 | 0.43 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.35 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Total income (loss) from operations** | **0.62** | **0.53** | **0.88** | &nbsp;&nbsp; **(0.97)** | **0.10** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.55)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.44)<br>|
| **Total distributions** | **(0.55)**<br>| &nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp; **(0.47)**<br>| &nbsp;&nbsp; **(0.44)**<br>|
| **Net asset value, end of year** | $15.14 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $16.16 |
| **Total return**<sup>4</sup> <br>| **4.26%**<br>| **3.57%**<br>| **6.09%**<br>| &nbsp;&nbsp; **(5.98)%**<br>| **0.53%**<br>|
| **Net assets, end of year (000s)** | $222822 | &nbsp;&nbsp; $291762 | &nbsp;&nbsp; $340515 | &nbsp;&nbsp; $245287 | &nbsp;&nbsp; $117624 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.51<br> %<br>| 0.52<br> %<br>| 0.49<br> %<br>| 0.45<br> %<br>| 0.42 %<sup>5</sup><br>|
| Net expenses<sup>6</sup> <br>| 0.50 <br><sup>7</sup><br>| 0.51 <br><sup>7</sup><br>| 0.48 <br><sup>7</sup><br>| 0.44 <br><sup>7</sup><br>| 0.42 <br><sup>5</sup><br>|
| Net investment income | 3.75 | 3.54 | 3.60 | 3.25 | 2.61 |
| **Portfolio turnover rate** | **6%**<br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp; **33%** <br><sup>8</sup><br>| &nbsp;&nbsp; **11%**<br>|

---

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

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

<sup>2</sup> For the year ended February 29. 

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</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>5</sup> Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.

<sup>6</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.42%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation as a result of interest expense. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

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Western Asset Managed Municipals Fund 2026 Annual Report

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Notes to Financial Statements

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

**1. Organization and significant accounting policies** 

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

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

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

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

Western Asset Managed Municipals Fund 2026 Annual Report

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Notes to Financial Statements (cont'd)

manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

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Western Asset Managed 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $2394375387 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $2394375393 |
| Municipal Bonds Deposited <br> in Tender Option Bond <br> Trusts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 124528307 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124528307 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2518903694 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2518903700 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7590000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2526493694** | &nbsp;&nbsp; **$6** | &nbsp;&nbsp; **$2526493700** |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Tender option bonds.** The Fund may enter into tender option bond ("TOB") transactions and may invest in inverse floating rate instruments ("Inverse Floaters") issued in TOB transactions. The Fund may participate either in structuring an Inverse Floater or purchasing an Inverse Floater in the secondary market. When structuring an Inverse Floater, the Fund deposits securities (typically municipal bonds or other municipal securities) (the "Underlying Bonds") into a special purpose entity, referred to as a TOB trust. The TOB trust generally issues floating rate notes ("Floaters") to third parties and residual interest, Inverse Floaters, to the Fund. The Floaters issued by the TOB trust have interest rates which reset weekly and provide the holders of the Floaters the option to tender their notes back to the TOB trust for redemption at par at each reset date. The net proceeds of the sale of the Floaters, after expenses, are received by the Fund and may be invested in additional securities. The Inverse Floaters are inverse floating rate debt instruments, as the return on those bonds is inversely related to changes in a specified interest rate. Distributions on any Inverse Floaters paid to the Fund will be reduced or, in the extreme, eliminated as short-term interest rates rise and will increase when such interest rates fall. Floaters issued by a TOB trust may be senior to the Inverse Floaters held by the Fund. The value and market for Inverse Floaters can be volatile, and Inverse Floaters can have limited liquidity.

An investment in an Inverse Floater structured by the Fund is accounted for as a secured borrowing. The Underlying Bonds deposited into the TOB trust are included in the Fund's Schedule of Investments and a liability for Floaters (TOB floating rate notes) issued by the TOB trust is recognized in the Fund's Statement of Assets and Liabilities. The carrying amount of the TOB trust's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. Interest income, including amortization, on the Underlying Bonds is recognized in the Fund's Statements of Operations. Interest paid to holders of the Floaters, as well as other expenses related to administration, liquidity, remarketing and trustee services of the TOB trust, are recognized in Interest expense in the

Western Asset Managed Municipals Fund 2026 Annual Report

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Notes to Financial Statements (cont'd)

Fund's Statement of Operations. For the year ended February 28, 2026, the average daily amount of floating rate notes outstanding was $66,595,000 and weighted average interest rate was 3.13%.

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

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

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

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

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

**(e) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of 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.

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Western Asset Managed Municipals Fund 2026 Annual Report

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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.

As of February 28, 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

Western Asset Managed Municipals Fund 2026 Annual Report

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Notes to Financial Statements (cont'd)

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 February 28, 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.

**(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.

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Western Asset Managed Municipals Fund 2026 Annual Report

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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 0.40% of the Fund's average daily net assets.

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

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class I and Class IS shares did not exceed 0.77%, 1.32%, 0.45% and 0.42%, respectively. In addition, the ratio of total annual fund operating expenses for Class 1 shares did not exceed the ratio of total annual fund operating expenses for Class A shares and the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation for Class I and Class IS shares as a result of interest expense. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's consent.

During the year ended February 28, 2026, fees waived and/or expenses reimbursed amounted to $509,439.

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 February 28, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class 1 | Class A | Class C | Class I | Class IS |
| Expires February 28, 2027 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $39018 | &nbsp;&nbsp; $668 | &nbsp;&nbsp; $485121 | &nbsp;&nbsp; $7374 |
| Expires February 29, 2028 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 80515 | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 415549 | &nbsp;&nbsp; 11797 |
| **Total fee waivers/expense reimbursements** <br> **subject to recapture**<br>| &nbsp;&nbsp; **$826** | &nbsp;&nbsp; **$119533** | &nbsp;&nbsp; **$1679** | &nbsp;&nbsp; **$900670** | &nbsp;&nbsp; **$19171** |

---

For the year ended February 28, 2026, FTFA did not recapture any fees.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Notes to Financial Statements (cont'd)

Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the year ended February 28, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $11,263 was earned by Investor Services.

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

For the year ended February 28, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

---

| | | |
|:---|:---|:---|
|  | Class A | Class C |
| Sales charges | &nbsp;&nbsp; $53300 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; 85422 | &nbsp;&nbsp; $288 |

---

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 February 28, 2026, such purchase and sale transactions (excluding accrued interest) were $160,355,000 and $131,730,000, respectively. There was no realized gain or loss recognized as a result of these transactions.

------

Western Asset Managed Municipals Fund 2026 Annual Report

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

**3. Investments**

During the year ended February 28, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $163422495 |
| Sales | &nbsp;&nbsp; 586478981 |

---

At February 28, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost\* | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $2437689474 | &nbsp;&nbsp; $62392286 | &nbsp;&nbsp; $(40183060) | &nbsp;&nbsp; $22209226 |

---

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

\* Cost of investments for federal income tax purposes includes the value of Inverse Floaters issued in TOB transactions (Note 1).

**4. Derivative instruments and hedging activities** 

At February 28, 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 February 28, 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.

---

| | |
|:---|:---|
| **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; $2800585 |

---

---

| | |
|:---|:---|
| **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; $(2567439)<br>|

---

During the year ended February 28, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $14668788 |

---

&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 February 28, 2026, there were no open positions held in this derivative.

Western Asset Managed Municipals Fund 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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

**5. Class specific expenses, waivers and/or expense reimbursements**

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A and Class C shares calculated at the annual rate of 0.15% and 0.70% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the year ended February 28, 2026, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; $10723 |
| Class A | &nbsp;&nbsp; $2560646 | &nbsp;&nbsp; 1248659 |
| Class C | &nbsp;&nbsp; 150115 | &nbsp;&nbsp; 16947 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 572291 |
| Class IS | &nbsp;&nbsp; — | &nbsp;&nbsp; 507 |
| **Total** | &nbsp;&nbsp; **$2710761** | &nbsp;&nbsp; **$1849127** |

---

For the year ended February 28, 2026, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class 1 | &nbsp;&nbsp; $567 |
| Class A | &nbsp;&nbsp; 80515 |
| Class C | &nbsp;&nbsp; 1011 |
| Class I | &nbsp;&nbsp; 415549 |
| Class IS | &nbsp;&nbsp; 11797 |
| **Total** | &nbsp;&nbsp; **$509439** |

---

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>February 28, 2026<br>| Year Ended <br>February 28, 2025<br>|
| **Net Investment Income:** |  |  |
| Class 1 | &nbsp;&nbsp; $412303 | &nbsp;&nbsp; $446913 |
| Class A | &nbsp;&nbsp; 59383902 | &nbsp;&nbsp; 65197299 |
| Class C | &nbsp;&nbsp; 625695 | &nbsp;&nbsp; 922556 |
| Class I | &nbsp;&nbsp; 22936633 | &nbsp;&nbsp; 25619951 |
| Class IS | &nbsp;&nbsp; 8849231 | &nbsp;&nbsp; 12365279 |
| **Total** | &nbsp;&nbsp; **$92207764** | &nbsp;&nbsp; **$104551998** |

---

**7. Shares of beneficial interest**

At February 28, 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

------

Western Asset Managed Municipals Fund 2026 Annual Report

------

rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>February 28, 2026 | Year Ended <br>February 28, 2026 | Year Ended <br>February 28, 2025 | Year Ended <br>February 28, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class 1** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 28081 | &nbsp;&nbsp;&nbsp; $412127 | &nbsp;&nbsp;&nbsp; 29844 | &nbsp;&nbsp;&nbsp; $446842 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (113329)<br>| &nbsp;&nbsp;&nbsp; (1665349)<br>| &nbsp;&nbsp;&nbsp; (54641)<br>| &nbsp;&nbsp;&nbsp; (818599)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(85248)**<br>| &nbsp;&nbsp;&nbsp; **$(1253222)**<br>| &nbsp;&nbsp;&nbsp; **(24797)**<br>| &nbsp;&nbsp;&nbsp; **$(371757)**<br>|
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 7743126 | &nbsp;&nbsp;&nbsp; $114057875 | &nbsp;&nbsp;&nbsp; 13286083 | &nbsp;&nbsp;&nbsp; $199809293 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 3823363 | &nbsp;&nbsp;&nbsp; 56202948 | &nbsp;&nbsp;&nbsp; 4097987 | &nbsp;&nbsp;&nbsp; 61549816 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (30422647)<br>| &nbsp;&nbsp;&nbsp; (446618316)<br>| &nbsp;&nbsp;&nbsp; (25843046)<br>| &nbsp;&nbsp;&nbsp; (388323466)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(18856158)**<br>| &nbsp;&nbsp;&nbsp; **$(276357493)**<br>| &nbsp;&nbsp;&nbsp; **(8458976)**<br>| &nbsp;&nbsp;&nbsp; **$(126964357)**<br>|
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 110697 | &nbsp;&nbsp;&nbsp; $1628097 | &nbsp;&nbsp;&nbsp; 149345 | &nbsp;&nbsp;&nbsp; $2250548 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 38860 | &nbsp;&nbsp;&nbsp; 571184 | &nbsp;&nbsp;&nbsp; 54541 | &nbsp;&nbsp;&nbsp; 819765 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (814627)<br>| &nbsp;&nbsp;&nbsp; (11969231)<br>| &nbsp;&nbsp;&nbsp; (1106602)<br>| &nbsp;&nbsp;&nbsp; (16645526)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(665070)**<br>| &nbsp;&nbsp;&nbsp; **$(9769950)**<br>| &nbsp;&nbsp;&nbsp; **(902716)**<br>| &nbsp;&nbsp;&nbsp; **$(13575213)**<br>|
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 10199744 | &nbsp;&nbsp;&nbsp; $149326646 | &nbsp;&nbsp;&nbsp; 11754231 | &nbsp;&nbsp;&nbsp; $176836999 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 1260544 | &nbsp;&nbsp;&nbsp; 18559499 | &nbsp;&nbsp;&nbsp; 1426784 | &nbsp;&nbsp;&nbsp; 21464256 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (17165970)<br>| &nbsp;&nbsp;&nbsp; (251669149)<br>| &nbsp;&nbsp;&nbsp; (16632603)<br>| &nbsp;&nbsp;&nbsp; (250421388)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(5705682)**<br>| &nbsp;&nbsp;&nbsp; **$(83783004)**<br>| &nbsp;&nbsp;&nbsp; **(3451588)**<br>| &nbsp;&nbsp;&nbsp; **$(52120133)**<br>|
| **Class IS** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 3013448 | &nbsp;&nbsp;&nbsp; $44404305 | &nbsp;&nbsp;&nbsp; 6398003 | &nbsp;&nbsp;&nbsp; $96337680 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 565806 | &nbsp;&nbsp;&nbsp; 8326348 | &nbsp;&nbsp;&nbsp; 754028 | &nbsp;&nbsp;&nbsp; 11344433 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (8226282)<br>| &nbsp;&nbsp;&nbsp; (120300804)<br>| &nbsp;&nbsp;&nbsp; (10387586)<br>| &nbsp;&nbsp;&nbsp; (155399546)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(4647028)**<br>| &nbsp;&nbsp;&nbsp; **$(67570151)**<br>| &nbsp;&nbsp;&nbsp; **(3235555)**<br>| &nbsp;&nbsp;&nbsp; **$(47717433)**<br>|

---

**8. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of

Western Asset Managed Municipals Fund 2026 Annual Report

------

Notes to Financial Statements (cont'd)

fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the year ended February 28, 2026.

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

The tax character of distributions paid during the fiscal years ended February 28, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Distributions paid from:** |  |  |
| Tax-exempt income | &nbsp;&nbsp; $92169269 | &nbsp;&nbsp; $104419835 |
| Ordinary income | &nbsp;&nbsp; 38495 | &nbsp;&nbsp; 132163 |
| **Total distributions paid** | &nbsp;&nbsp; **$92207764** | &nbsp;&nbsp; **$104551998** |

---

As of February 28, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income — net | &nbsp;&nbsp; $5042783 |
| Deferred capital losses\* | &nbsp;&nbsp; (166120063) |
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; (618853) |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 22209226 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(139486907)** |

---

&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 current year Dividend Payable.

<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, the difference between book and tax accretion methods for market discount on fixed income securities and book/tax differences in the accrual of interest income on securities in default. 

**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 Managed Municipals Fund 2026 Annual Report

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Legg Mason Partners Income Trust and Shareholders of Western Asset Managed 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 Managed Municipals Fund (one of the funds constituting Legg Mason Partners Income Trust, referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 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 February 28, 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 February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 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 February 28, 2026 by correspondence with the custodian, broker and the administrative agent for the tender option bond trust. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

April 20, 2026

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

Western Asset Managed Municipals Fund 2026 Annual Report

------

Important Tax Information (unaudited)

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

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

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended February 28, 2026:

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

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Exempt-Interest Dividends Distributed | §852(b)(5)(A) | $92169269 |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $41737 |
| Section 163(j) Interest Earned | §163(j) | $850610 |
| Interest Earned from Federal Obligations | Note (1) | $2192 |

---

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 Managed Municipals Fund

------

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

---

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

---

Western Asset Managed Municipals Fund

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Western Asset

Managed Municipals Fund

**Trustees**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadviser**

Western Asset Management Company, LLC

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

Franklin Templeton Investor

Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

**Independent registered**

**public accounting firm**

PricewaterhouseCoopers LLP

Baltimore, MD

**Western Asset Managed Municipals Fund**

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

Western Asset Managed 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 Managed 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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![](imge24ab4b83.jpg)

**90002-AFSOI 4/26**© 2026 Franklin Templeton. All rights reserved.

------

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

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

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](wammf-efp23625_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](wammf-efp23625_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](wammf-efp23625_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 |
|  | Principal Executive Officer |
| Date: | April 27, 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 |
|  | Principal Executive Officer |
| Date: | April 27, 2026 |
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | April 27, 2026 |

---

## Ex-99.Codeeth

**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.

---

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

---

---

| |
|:---|
| **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: | April 27, 2026 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Principal 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: | April 27, 2026 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Principal 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 **February 28, 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.

---

| | |
|:---|:---|
| **Principal 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: April 27, 2026 | Date: April 27, 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.