2026-05-20LMF5600_WesternAssetOregonMunicipalsFund_ClassA



Western Asset Oregon Municipals Fund
Class A [SHORX]	Annual Shareholder Report \| April 30, 2026

This annual shareholder report contains important information about Western Asset Oregon Municipals Fund for the period May 1, 2025, to April 30, 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^*
Class A	$77	0.75%

*	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 April 30, 2026, Class A shares of Western Asset Oregon Municipals Fund returned 5.76%. The Fund compares its performance to the Bloomberg Oregon Municipal Bond Index, which returned 6.70% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Rates positioning
↑	Overweight education
↑	Issue selection within hospital


Top detractors from performance:
↓	Overweight leasing
↓	Issue selection within pre-refunded
↓	Issue selection within transportation

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $10,000 INVESTMENT ($9,575 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class A	5.76	0.51	1.60
Class A (with sales charge)	1.77	-0.36	1.16
Bloomberg Municipal Bond Index	6.34	0.90	2.20
Bloomberg Oregon Municipal Bond Index	6.70	0.62	2.04

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 April 30, 2026)


Total Net Assets	$39,659,455
Total Number of Portfolio Holdings	49
Total Management Fee Paid	$17,920
Portfolio Turnover Rate	5%


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

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



Western Asset Oregon Municipals Fund
Class C [SORLX]	Annual Shareholder Report \| April 30, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$133	1.30%

*	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 April 30, 2026, Class C shares of Western Asset Oregon Municipals Fund returned 5.20%. The Fund compares its performance to the Bloomberg Oregon Municipal Bond Index, which returned 6.70% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Rates positioning
↑	Overweight education
↑	Issue selection within hospital


Top detractors from performance:
↓	Overweight leasing
↓	Issue selection within pre-refunded
↓	Issue selection within transportation

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class C	5.20	-0.05	1.04
Class C (with sales charge)	4.20	-0.05	1.04
Bloomberg Municipal Bond Index	6.34	0.90	2.20
Bloomberg Oregon Municipal Bond Index	6.70	0.62	2.04

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 April 30, 2026)


Total Net Assets	$39,659,455
Total Number of Portfolio Holdings	49
Total Management Fee Paid	$17,920
Portfolio Turnover Rate	5%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING



Western Asset Oregon Municipals Fund
Class I [LMOOX]	Annual Shareholder Report \| April 30, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class I	$57	0.55%

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

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

For the twelve months ended April 30, 2026, Class I shares of Western Asset Oregon Municipals Fund returned 5.97%. The Fund compares its performance to the Bloomberg Oregon Municipal Bond Index, which returned 6.70% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Rates positioning
↑	Overweight education
↑	Issue selection within hospital


Top detractors from performance:
↓	Overweight leasing
↓	Issue selection within pre-refunded
↓	Issue selection within transportation

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $1,000,000 INVESTMENT – Class I 4/30/2016 — 4/30/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026


	1 Year	5 Year	10 Year
Class I	5.97	0.69	1.76
Bloomberg Municipal Bond Index	6.34	0.90	2.20
Bloomberg Oregon Municipal Bond Index	6.70	0.62	2.04

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 April 30, 2026)


Total Net Assets	$39,659,455
Total Number of Portfolio Holdings	49
Total Management Fee Paid	$17,920
Portfolio Turnover Rate	5%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

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

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

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.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending April 30, 2025 and April 30, 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 $30,725 in April 30, 2025 and $31,032 in April 30, 2026.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in April 30, 2025 and $0 in April 30, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $9,750 in April 30, 2025 and $9,750 in April 30, 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.

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in April 30, 2025 and $0 in April 30, 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.

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

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

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

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

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

(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 April 30, 2025 and $344,935 in April 30, 2026.

(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.

Schedule of Investments

April 30, 2026

Western Asset Oregon Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Municipal Bonds — 93.8%
Education — 8.2%
Oregon State Health & Science University, Revenue, Series B, Refunding	5.000%	7/1/35	$850,000	$852,344
Oregon State University General Revenue:
Series A	4.250%	4/1/52	1,350,000	1,300,988
Series C, Refunding	5.000%	4/1/45	1,000,000	1,083,573
Total Education				3,236,905
Health Care — 14.2%
Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living, Willamette View Project, Refunding	5.000%	11/15/47	250,000	242,655
Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, Refunding	5.000%	8/15/45	500,000	515,451
Oregon State Facilities Authority Revenue:
Legacy Health Project, Series A, Refunding	5.000%	6/1/46	770,000	770,312
Providence Health & Services	5.000%	10/1/45	900,000	900,223
Salem, OR, Hospital Facility Authority Revenue:
Capital Manor Project	5.000%	5/15/43	630,000	633,990
Capital Manor Project, Refunding	4.000%	5/15/40	500,000	477,634
Multi Model Salem Health Project, Series A, Refunding	5.000%	5/15/36	2,000,000	2,089,678
Total Health Care				5,629,943
Industrial Revenue — 2.6%
Oregon State Business Development Commission Revenue, Recovery Zone Facility Bonds, Intel Corp. Project, Series 232	3.800%	6/15/28	1,000,000	1,012,490 (a)(b)
Leasing — 7.6%
Metro, OR, Dedicated Tax Revenue, Oregon Convention Center Hotel Project	5.000%	6/15/47	3,000,000	3,019,831
Local General Obligation — 35.2%
Clackamas County, OR, School District No 12, Molalla River, GO, Series 2018, School Bond Guaranty	5.000%	6/15/42	1,750,000	1,803,372
Clackamas County, OR, School District No 35, Molalla River, GO, Series 2024, School Bond Guaranty	4.000%	6/15/49	1,300,000	1,229,363
Clackamas County, OR, School District No 62, Oregon City, GO, Series B, School Bond Guaranty	5.000%	6/15/43	1,000,000	1,027,947
Lane County, OR, School District No 19, Springfield, GO, CAB, Series B, School Bond Guaranty	0.000%	6/15/35	2,435,000	1,794,823

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Schedule of Investments (cont’d)

April 30, 2026

Western Asset Oregon Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Local General Obligation — continued
Multnomah County, OR, School District No 40:
GO, CAB, Series A, School Board Guaranty	0.000%	6/15/30	$425,000	$372,581
GO, CAB, Series A, School Board Guaranty	0.000%	6/15/31	525,000	443,543
GO, CAB, Series A, School Board Guaranty	0.000%	6/15/32	750,000	609,433
Polk Marion & Benton Counties, OR, School District No 13J Central, GO, Deferred Interest, Series B, School Bond Guaranty	0.000%	6/15/33	2,000,000	1,552,967
Port of Morrow, OR, GO, Series D, Refunding	4.000%	12/1/37	1,395,000	1,320,390
Umatilla County, OR, City of Hermiston, GO, Full Faith & Credit Obligations, AG	4.000%	12/1/44	700,000	687,993
Washington & Clackamas Counties, OR, School District No 23J Tigard-Tualatin, GO, Series A, School Bond Guaranty	5.000%	6/15/38	2,000,000	2,107,987
Washington, Multnomah & Yamhill Counties, OR, School District No 1J, West Union, GO, Hillsboro, School Bond Guaranty	5.000%	6/15/38	1,000,000	1,017,506
Total Local General Obligation				13,967,905
Power — 5.6%
Eugene, OR, Electric Utility System Revenue	5.000%	8/1/53	2,150,000	2,232,761
Special Tax Obligation — 2.6%
Keizer, OR, Special Assessment, Keizer Station Area A	5.200%	6/1/31	390,000	390,743
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1	0.000%	7/1/27	43,000	41,451
CAB, Restructured, Series A-1	0.000%	7/1/46	450,000	161,207
Restructured, Series A-1	4.550%	7/1/40	20,000	20,030
Restructured, Series A-1	4.750%	7/1/53	200,000	191,300
Restructured, Series A-1	5.000%	7/1/58	90,000	87,714
Restructured, Series A-2	4.329%	7/1/40	130,000	128,851
Total Special Tax Obligation				1,021,296
State General Obligation — 7.0%
Oregon State, GO, Series A	4.000%	5/1/46	2,500,000	2,466,687
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1	0.000%	7/1/33	4,837	3,510
Restructured, Series A-1	5.625%	7/1/27	4,148	4,225
Restructured, Series A-1	5.625%	7/1/29	4,081	4,297
Restructured, Series A-1	5.750%	7/1/31	3,964	4,287
Restructured, Series A-1	4.000%	7/1/33	3,759	3,757
Restructured, Series A-1	4.000%	7/1/35	123,379	122,365

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Western Asset Oregon Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
State General Obligation — continued
Restructured, Series A-1	4.000%	7/1/37	$150,000	$146,124
Restructured, Series A-1	4.000%	7/1/41	8,943	8,380
Restructured, Series A-1	4.000%	7/1/46	4,100	3,574
Subseries CW	0.000%	11/1/43	14,442	9,839 (b)
Total State General Obligation				2,777,045
Transportation — 7.6%
Oregon State Department of Transportation Grant Anticipation Revenue, Social Bonds	5.000%	5/15/39	200,000	222,175
Port of Portland, OR, Airport Revenue:
International Airport, Series 28, Refunding	4.000%	7/1/47	2,000,000	1,788,079 (c)
Portland International Airport, Series 25B, Refunding	5.000%	7/1/49	1,000,000	1,008,593 (c)
Total Transportation				3,018,847
Water & Sewer — 3.2%
Eugene, OR, Water Utility System Revenue	5.000%	8/1/52	1,000,000	1,031,650
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A, Refunding	5.000%	7/1/47	250,000	248,568 (d)
Total Water & Sewer				1,280,218

Total Investments before Short-Term Investments (Cost — $38,014,480)				37,197,241
Short-Term Investments — 5.0%
Municipal Bonds — 5.0%
Health Care — 5.0%
Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, LOC - TD Bank N.A. (Cost — $2,000,000)	3.300%	8/1/34	2,000,000	2,000,000 (e)(f)
Total Investments — 98.8% (Cost — $40,014,480)				39,197,241
Other Assets in Excess of Liabilities — 1.2%				462,214
Total Net Assets — 100.0%				$39,659,455

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Schedule of Investments (cont’d)

April 30, 2026

Western Asset Oregon Municipals Fund

(a)	Maturity date shown represents the mandatory tender date.
(b)	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(c)	Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(d)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(e)	Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.
(f)	Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

Abbreviation(s) used in this schedule:
AG	—	Assured Guaranty — Insured Bonds
CAB	—	Capital Appreciation Bonds
GO	—	General Obligation
LOC	—	Letter of Credit

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Statement of Assets and Liabilities

April 30, 2026

Assets:
Investments, at value (Cost — $40,014,480)	$39,197,241
Cash	76,289
Interest receivable	516,639
Receivable for Fund shares sold	21,185
Prepaid expenses	6,749
Total Assets	39,818,103
Liabilities:
Fund accounting fees payable	44,760
Payable for Fund shares repurchased	44,754
Audit and tax fees payable	32,007
Investment management fee payable	9,035
Transfer agent fees payable	8,902
Shareholder reports payable	8,705
Distributions payable	4,211
Service and/or distribution fees payable	1,935
Trustees’ fees payable	97
Accrued expenses	4,242
Total Liabilities	158,648
Total Net Assets	$39,659,455
Net Assets:
Par value (Note 7)	$41
Paid-in capital in excess of par value	43,758,636
Total distributable earnings (loss)	(4,099,222 )
Total Net Assets	$39,659,455

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Statement of Operations

For the Year Ended April 30, 2026

Investment Income:
Interest	$1,361,954
Expenses:
Investment management fee (Note 2)	182,786
Fund accounting fees	66,543
Transfer agent fees (Notes 2 and 5)	41,314
Registration fees	38,802
Audit and tax fees	34,932
Service and/or distribution fees (Notes 2 and 5)	24,605
Shareholder reports	10,518
Legal fees	7,948
Trustees’ fees	1,950
Commitment fees (Note 8)	313
Insurance	286
Custody fees	251
Interest expense	(410 )
Miscellaneous expenses	10,057
Total Expenses	419,895
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(164,866 )
Net Expenses	255,029
Net Investment Income	1,106,925
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Loss From Investment Transactions	(120,269 )
Change in Net Unrealized Appreciation (Depreciation) From Investments	1,335,057
Net Gain on Investments	1,214,788
Increase in Net Assets From Operations	$2,321,713

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Statements of Changes in Net Assets

For the Years Ended April 30,	2026	2025
Operations:
Net investment income	$1,106,925	$1,147,781
Net realized loss	(120,269 )	(161,871 )
Change in net unrealized appreciation (depreciation)	1,335,057	5,161
Increase in Net Assets From Operations	2,321,713	991,071
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(1,095,247 )	(1,144,584 )
Decrease in Net Assets From Distributions to Shareholders	(1,095,247 )	(1,144,584 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	5,580,180	6,041,309
Reinvestment of distributions	1,044,868	1,094,342
Cost of shares repurchased	(10,135,410 )	(11,826,037 )
Decrease in Net Assets From Fund Share Transactions	(3,510,362 )	(4,690,386 )
Decrease in Net Assets	(2,283,896 )	(4,843,899 )
Net Assets:
Beginning of year	41,943,351	46,787,250
End of year	$39,659,455	$41,943,351

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended April 30:
Class A Shares1	2026	2025	2024	2023	2022
Net asset value, beginning of year	$9.44	$9.49	$9.59	$9.71	$10.63
Income (loss) from operations:
Net investment income	0.25	0.24	0.22	0.20	0.20
Net realized and unrealized gain (loss)	0.29	(0.05 )	(0.10 )	(0.12 )	(0.92 )
Total income (loss) from operations	0.54	0.19	0.12	0.08	(0.72)
Less distributions from:
Net investment income	(0.25 )	(0.24 )	(0.22 )	(0.20 )	(0.20 )
Total distributions	(0.25 )	(0.24 )	(0.22 )	(0.20 )	(0.20 )
Net asset value, end of year	$9.73	$9.44	$9.49	$9.59	$9.71
Total return2	5.76 %	1.94 %	1.31 %	0.89 %	(6.92 )%
Net assets, end of year (000s)	$14,116	$15,149	$17,324	$22,178	$27,728
Ratios to average net assets:
Gross expenses	1.10 %	1.08 %	1.00 %	1.01 %	0.95 %
Net expenses3,4	0.75	0.75	0.75	0.75	0.75
Net investment income	2.60	2.45	2.33	2.12	1.87
Portfolio turnover rate	5 %	18 %	6 %	6 %	7 %

1	Per share amounts have been calculated using the average shares method.
2	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.
3	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 0.75%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent.
4	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended April 30:
Class C Shares1	2026	2025	2024	2023	2022
Net asset value, beginning of year	$9.39	$9.44	$9.55	$9.66	$10.58
Income (loss) from operations:
Net investment income	0.20	0.18	0.17	0.15	0.14
Net realized and unrealized gain (loss)	0.28	(0.05 )	(0.11 )	(0.11 )	(0.92 )
Total income (loss) from operations	0.48	0.13	0.06	0.04	(0.78)
Less distributions from:
Net investment income	(0.19 )	(0.18 )	(0.17 )	(0.15 )	(0.14 )
Total distributions	(0.19 )	(0.18 )	(0.17 )	(0.15 )	(0.14 )
Net asset value, end of year	$9.68	$9.39	$9.44	$9.55	$9.66
Total return2	5.20 %	1.38 %	0.65 %	0.44 %	(7.48 )%
Net assets, end of year (000s)	$303	$605	$661	$903	$1,524
Ratios to average net assets:
Gross expenses	1.69 %	1.64 %	1.56 %	1.56 %	1.51 %
Net expenses3,4	1.30	1.30	1.30	1.30	1.30
Net investment income	2.09	1.91	1.77	1.56	1.32
Portfolio turnover rate	5 %	18 %	6 %	6 %	7 %

1	Per share amounts have been calculated using the average shares method.
2	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.
3	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 1.30%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent.
4	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended April 30:
Class I Shares1	2026	2025	2024	2023	2022
Net asset value, beginning of year	$9.44	$9.49	$9.60	$9.71	$10.63
Income (loss) from operations:
Net investment income	0.27	0.26	0.24	0.22	0.21
Net realized and unrealized gain (loss)	0.29	(0.06 )	(0.11 )	(0.11 )	(0.92 )
Total income (loss) from operations	0.56	0.20	0.13	0.11	(0.71)
Less distributions from:
Net investment income	(0.27 )	(0.25 )	(0.24 )	(0.22 )	(0.21 )
Total distributions	(0.27 )	(0.25 )	(0.24 )	(0.22 )	(0.21 )
Net asset value, end of year	$9.73	$9.44	$9.49	$9.60	$9.71
Total return2	5.97 %	2.14 %	1.40 %	1.17 %	(6.78 )%
Net assets, end of year (000s)	$25,240	$26,190	$28,802	$26,798	$26,636
Ratios to average net assets:
Gross expenses	0.99 %	0.96 %	0.90 %	0.89 %	0.83 %
Net expenses3,4	0.55	0.55	0.55	0.58	0.60
Net investment income	2.80	2.66	2.53	2.29	2.03
Portfolio turnover rate	5 %	18 %	6 %	6 %	7 %

1	Per share amounts have been calculated using the average shares method.
2	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.
3	As a result of an expense limitation arrangement, effective December 1, 2022, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.55%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. Prior to December 1, 2022, the expense limitation was 0.60%.
4	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Oregon Municipals Fund 2026 Annual Report

Notes to Financial Statements

1. Organization and significant accounting policies

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

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

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

Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

Western Asset Oregon Municipals Fund 2026 Annual Report

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

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

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

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

•

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

•

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

•

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

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

Western Asset Oregon Municipals Fund 2026 Annual Report

Notes to Financial Statements (cont’d)

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

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Municipal Bonds†	—	$37,197,241	—	$37,197,241
Short-Term Investments†	—	2,000,000	—	2,000,000
Total Investments	—	$39,197,241	—	$39,197,241

†	See Schedule of Investments for additional detailed categorizations.

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

(c) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(d) 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.

(e) 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.

(f) 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, as amended (the “Code”), 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.

Western Asset Oregon Municipals Fund 2026 Annual Report

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of April 30, 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.

(g) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.

2. Investment management agreement and other transactions with affiliates

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

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

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

As a result of 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 and Class I shares did not exceed 0.75%, 1.30% and 0.55%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board’s consent.

During the year ended April 30, 2026, fees waived and/or expenses reimbursed amounted to $164,866.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Western Asset Oregon Municipals Fund 2026 Annual Report

Notes to Financial Statements (cont’d)

Pursuant to these arrangements, at April 30, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

	Class A	Class C	Class I
Expires April 30, 2027	$53,448	$2,276	$114,597
Expires April 30, 2028	50,434	1,636	112,796
Total fee waivers/expense reimbursements subject to recapture	$103,882	$3,912	$227,393

For the year ended April 30, 2026, FTFA did not recapture any fees.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the year ended April 30, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $1,062 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 April 30, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A
Sales charges	$55
CDSCs	2,425

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

Western Asset Oregon Municipals Fund 2026 Annual Report

procedures, each transaction is effected at the current market price. For the year ended April 30, 2026, such purchase and sale transactions (excluding accrued interest) were $7,800,000 and $6,300,000, respectively. There was no realized gain or loss recognized as a result of these transactions.

3. Investments

During the year ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$1,815,340
Sales	6,826,605

At April 30, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
Securities	$40,024,401	$184,783	$(1,011,943)	$(827,160)

4. Derivative instruments and hedging activities

During the year ended April 30, 2026, the Fund did not invest in derivative instruments.

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

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

For the year ended April 30, 2026, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$21,651	$11,122
Class C	2,954	490
Class I	—	29,702
Total	$24,605	$41,314

For the year ended April 30, 2026, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$50,434
Class C	1,636
Class I	112,796
Total	$164,866

Western Asset Oregon Municipals Fund 2026 Annual Report

Notes to Financial Statements (cont’d)

6. Distributions to shareholders by class

	Year Ended April 30, 2026	Year Ended April 30, 2025
Net Investment Income:
Class A	$372,068	$396,648
Class C	8,522	12,780
Class I	714,657	735,156
Total	$1,095,247	$1,144,584

7. Shares of beneficial interest

At April 30, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Year Ended April 30, 2026		Year Ended April 30, 2025
	Shares	Amount	Shares	Amount
Class A
Shares sold	89,031	$865,386	145,580	$1,384,415
Shares issued on reinvestment	37,223	357,643	39,522	379,763
Shares repurchased	(280,692 )	(2,686,159 )	(405,920 )	(3,900,430 )
Net decrease	(154,438 )	$(1,463,130 )	(220,818 )	$(2,136,252 )
Class C
Shares sold	10,247	$97,719	17,228	$166,988
Shares issued on reinvestment	876	8,346	1,324	12,666
Shares repurchased	(44,193 )	(420,572 )	(24,131 )	(228,186 )
Net decrease	(33,070 )	$(314,507 )	(5,579 )	$(48,532 )
Class I
Shares sold	478,890	$4,617,075	467,363	$4,489,906
Shares issued on reinvestment	70,615	678,879	73,029	701,913
Shares repurchased	(730,599 )	(7,028,679 )	(800,913 )	(7,697,421 )
Net decrease	(181,094 )	$(1,732,725 )	(260,521 )	$(2,505,602 )

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.

Western Asset Oregon Municipals Fund 2026 Annual Report

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the year ended April 30, 2026.

9. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended April 30, was as follows:

	2026	2025
Distributions paid from:
Tax-exempt income	$1,095,247	$1,144,584

As of April 30, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed ordinary income — net	$59,729
Deferred capital losses*	(3,327,579)
Other book/tax temporary differences(a)	(4,212)
Unrealized appreciation (depreciation)(b)	(827,160)
Total distributable earnings (loss) — net	$(4,099,222)

*	These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains.
(a)	Other book/tax temporary differences are attributable to the current year dividend payable.
(b)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, and the difference between book and tax amortization methods for premium on fixed income securities.

10. Operating segments

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

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

Western Asset Oregon 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 Oregon 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 Oregon Municipals Fund (one of the funds constituting Legg Mason Partners Income Trust, referred to hereafter as the “Fund”) as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 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 April 30, 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 April 30, 2026 and the financial highlights for each of the five years in the period ended April 30, 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 April 30, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
June 17, 2026

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

Western Asset Oregon 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 April 30, 2026:

	Pursuant to:	Amount Reported
Exempt-Interest Dividends Distributed	§852(b)(5)(A)	$1,095,247
Interest Earned from Federal Obligations	Note (1)	$39

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 Oregon Municipals Fund

Western Asset

Oregon Municipals Fund

Trustees

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Avedick B. Poladian

William E.B. Siart
Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

Western Asset Management Company, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313

Independent registered
public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

Western Asset Oregon Municipals Fund

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

Western Asset Oregon 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 Oregon 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

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

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

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.

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.

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.

Net Assets:
Class A	$14,116,267
Class C	$303,145
Class I	$25,240,043
Shares Outstanding:
Class A	1,450,709
Class C	31,304
Class I	2,592,838
Net Asset Value:
Class A (and redemption price)	$9.73
Class C*	$9.68
Class I (and redemption price)	$9.73
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)	$10.11

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.

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	June 23, 2026

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	June 23, 2026

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	June 23, 2026