2026-06-18LMF3700_WesternAssetIntermediateMaturityCaliforniaMunicipalsFund_ClassA



Western Asset Intermediate Maturity California Municipals Fund
Class A [ITCAX]	Semi-Annual Shareholder Report \| May 31, 2026

This semi-annual shareholder report contains important information about Western Asset Intermediate Maturity California Municipals Fund for the period December 1, 2025, to May 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$45	0.90%

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

†	Annualized.

KEY FUND STATISTICS (as of May 31, 2026)


Total Net Assets	$68,322,844
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	1%

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

Portfolio Composition^* (% of Total Investments)



Western Asset Intermediate Maturity California Municipals Fund
Class C [SIMLX]	Semi-Annual Shareholder Report \| May 31, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class C	$75	1.50%

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

†	Annualized.

KEY FUND STATISTICS (as of May 31, 2026)


Total Net Assets	$68,322,844
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	1%

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

Portfolio Composition^* (% of Total Investments)



Western Asset Intermediate Maturity California Municipals Fund
Class I [SICYX]	Semi-Annual Shareholder Report \| May 31, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class I	$33	0.65%

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

†	Annualized.

KEY FUND STATISTICS (as of May 31, 2026)


Total Net Assets	$68,322,844
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	1%

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

Portfolio Composition^* (% of Total Investments)

Schedule of Investments (unaudited)

May 31, 2026

Western Asset Intermediate Maturity California Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Municipal Bonds — 95.8%
Education — 9.3%
California Enterprise Development Authority, Student Housing Revenue, M@College Project, Series A	5.000%	8/1/35	$400,000	$416,619
California State Infrastructure & Economic Development Bank Revenue, Colburn School, Refunding	1.750%	8/1/26	1,500,000	1,492,936 (a)(b)
California State MFA Revenue, CHF-Davis II, LLC, Orchard Park Student Housing Project, Green Bond, Series 2021, BAM	4.000%	5/15/41	550,000	553,216
California State School Finance Authority Revenue:
KIPP LA Project, Series A	5.000%	7/1/35	1,200,000	1,200,832 (c)
KIPP LA Project, Series A	5.000%	7/1/37	1,180,000	1,191,240 (c)
KIPP SoCal Project, Series A	4.000%	7/1/40	800,000	767,871 (c)
California Statewide CDA Revenue, College Housing, NCCD Hooper Street LLC	5.000%	7/1/29	700,000	711,804 (c)
Total Education				6,334,518
Health Care — 5.7%
California State MFA Revenue, Humangood Obligated Group, Series A, Refunding	4.000%	10/1/39	750,000	727,193
California State Public Finance Authority, Senior Living Revenue, Enso Village Project, Green Bonds, Series A	5.000%	11/15/36	250,000	253,209 (c)
California Statewide CDA Revenue:
Adventist Health System/West	5.000%	3/1/27	1,715,000	1,722,581 (a)(b)
Los Angeles Jewish Home for the Aging, Refunding, CMI	5.000%	11/15/30	1,100,000	1,177,593
Total Health Care				3,880,576
Housing — 1.7%
California State MFA Revenue, Caritas Project, Social Bonds, Series A, Refunding	5.000%	8/15/49	1,125,000	1,145,322
Industrial Revenue — 30.3%
California County Tobacco Securitization Agency, Tobacco Settlement Revenue:
Series A, Refunding	4.000%	6/1/34	300,000	301,346
Series A, Refunding	4.000%	6/1/35	235,000	235,235
Series A, Refunding	4.000%	6/1/36	275,000	274,148
Series A, Refunding	4.000%	6/1/37	275,000	272,049
Series A, Refunding	4.000%	6/1/38	275,000	269,490
Series A, Refunding	4.000%	6/1/39	750,000	727,162

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

May 31, 2026

Western Asset Intermediate Maturity California Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Industrial Revenue — continued
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series A	5.000%	5/1/35	$1,350,000	$1,391,608 (a)(b)
Clean Energy Project, Green Bonds, Series A-1	4.000%	8/1/28	1,500,000	1,518,173 (a)(b)
Clean Energy Project, Green Bonds, Series B	5.000%	12/1/32	800,000	823,678 (a)(b)
Clean Energy Project, Green Bonds, Series B-1	5.000%	8/1/29	1,100,000	1,149,591 (a)(b)
Clean Energy Project, Green Bonds, Series B-1	4.000%	8/1/31	2,500,000	2,537,945 (a)(b)
California State MFA Special Facility Revenue, United Airlines Inc., Los Angeles International Airport Project	4.000%	7/15/29	2,000,000	2,017,354 (d)
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Revenue, Senior Asset-Backed Bonds, Series A-1, Refunding	5.000%	6/1/51	1,100,000	1,099,673
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B	6.125%	11/1/29	3,310,000	3,484,829
Northern California Energy Authority, Commodity Supply Revenue, Refunding	5.000%	8/1/30	2,500,000	2,652,838 (a)(b)
Southern California Public Power Authority, Natural Gas Project Revenue, Project Number 1, Series A	5.250%	11/1/26	1,000,000	1,008,561
Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corp., Class 2, Series B	5.000%	6/1/48	990,000	977,708
Total Industrial Revenue				20,741,388
Leasing — 5.1%
California State Public Works Board, Various Capital Projects, Series C	5.000%	11/1/47	2,000,000	2,145,823
San Mateo, CA, Foster City PFA Revenue:
Street and Flood Control Project, Series A	4.000%	5/1/39	300,000	302,571
Street and Flood Control Project, Series A	4.000%	5/1/40	400,000	402,616
Tahoe-Truckee, CA, USD, COP, School Financing Project, BAM	4.000%	6/1/37	610,000	610,086
Total Leasing				3,461,096
Local General Obligation — 1.9%
Rincon Valley, CA, Union School District, Sonomo County, GO, Series A	4.000%	8/1/49	1,375,000	1,301,134
Other — 3.4%
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A	5.000%	12/31/33	1,250,000	1,287,260 (d)

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Western Asset Intermediate Maturity California Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Other — continued
Senior Lien, LINXS APM Project, Series A	5.000%	12/31/34	$1,000,000	$1,028,196 (d)
Total Other				2,315,456
Power — 3.1%
Sacramento Municipal Utility District, CA, Electric Revenue, Green Bonds, Series M, Refunding	5.000%	11/15/49	2,000,000	2,130,780
Special Tax Obligation — 6.0%
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1	0.000%	7/1/27	322,000	311,303
Restructured, Series A-1	4.550%	7/1/40	50,000	50,111
Restructured, Series A-2	4.329%	7/1/40	80,000	79,773
Restructured, Series A-2A	4.550%	7/1/40	2,000,000	2,004,427
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1	5.500%	9/1/37	250,000	266,224
Community Facilities District No 2023-1	5.500%	9/1/43	400,000	425,306
Community Facilities District No 2023-1	4.500%	9/1/44	1,000,000	977,384
Total Special Tax Obligation				4,114,528
State General Obligation — 1.1%
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1	0.000%	7/1/33	12,094	8,827
Restructured, Series A-1	5.625%	7/1/27	10,372	10,537
Restructured, Series A-1	5.625%	7/1/29	10,203	10,726
Restructured, Series A-1	5.750%	7/1/31	9,910	10,734
Restructured, Series A-1	4.000%	7/1/33	9,398	9,420
Restructured, Series A-1	4.000%	7/1/35	163,447	163,053
Restructured, Series A-1	4.000%	7/1/37	435,000	430,009
Restructured, Series A-1	4.000%	7/1/41	74,857	71,346
Restructured, Series A-1	4.000%	7/1/46	10,251	9,092
Subseries CW	0.000%	11/1/43	36,106	24,958 (b)
Total State General Obligation				748,702
Transportation — 19.5%
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding	5.000%	10/1/34	2,700,000	2,715,066
California State MFA Revenue, SFMTA Potrero Yard Modernization Project, Series A	5.250%	9/1/51	750,000	798,179
Foothill-Eastern Transportation Corridor Agency, CA, Toll Road Revenue, Senior Lien, Series A	4.000%	1/15/46	500,000	486,025

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

May 31, 2026

Western Asset Intermediate Maturity California Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Transportation — continued
Los Angeles, CA, Harbor Department Revenue:
Series A-2, Refunding	5.000%	8/1/36	$500,000	$552,364 (d)
Series A-2, Refunding	5.000%	8/1/37	500,000	549,312 (d)
Series A-2, Refunding	5.000%	8/1/38	300,000	327,957 (d)
San Francisco, CA, City & County Airport Commission, International Airport Revenue:
Series A, Refunding	5.000%	5/1/36	2,100,000	2,233,544 (d)
Series E, Refunding	5.000%	5/1/35	3,600,000	3,764,019 (d)
Stockton, CA, PFA Parking Revenue:
Refunding	5.000%	3/1/34	885,000	910,698
Refunding	5.000%	3/1/36	975,000	998,952
Total Transportation				13,336,116
Water & Sewer — 8.7%
California State PCFA Water Furnishing Revenue:
San Diego County Water Authority Desalination Project, Refunding	5.000%	7/1/29	750,000	770,605 (c)
San Diego County Water Authority Desalination Project, Refunding	5.000%	7/1/39	1,000,000	1,025,636 (c)
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A, Refunding	5.000%	7/1/47	500,000	501,678 (c)
San Francisco, CA, City & County Public Utilities Commission Revenue, Green Bonds, Subseries C, Refunding	4.000%	11/1/40	1,500,000	1,559,327
Stockton, CA, PFA Revenue, Green Bonds, Series A, Refunding, BAM	5.000%	10/1/33	2,000,000	2,103,096
Total Water & Sewer				5,960,342

Total Municipal Bonds (Cost — $65,624,743)				65,469,958
Municipal Bonds Deposited in Tender Option Bond Trust(e) — 8.6%
Leasing — 8.6%
Los Angeles County, CA, Public Works Financing Authority, Lease Revenue, Series H (Cost — $5,994,562)	5.000%	12/1/49	5,500,000	5,835,863
Total Investments — 104.4% (Cost — $71,619,305)				71,305,821
TOB Floating Rate Notes — (5.4)%				(3,665,000 )
Other Assets in Excess of Other Liabilities — 1.0%				682,023
Total Net Assets — 100.0%				$68,322,844

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Western Asset Intermediate Maturity California 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)	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.
(d)	Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(e)	Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust (Note 1).

Abbreviation(s) used in this schedule:
BAM	—	Build America Mutual — Insured Bonds
CAB	—	Capital Appreciation Bonds
CDA	—	Communities Development Authority
CMI	—	California Mortgage Insurance Program — Insured Bonds
COP	—	Certificates of Participation
GO	—	General Obligation
MFA	—	Municipal Finance Authority
PCFA	—	Pollution Control Financing Authority
PFA	—	Public Facilities Authority
USD	—	Unified School District

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

May 31, 2026

Assets:
Investments, at value (Cost — $71,619,305)	$71,305,821
Interest receivable	901,280
Receivable for Fund shares sold	55,133
Prepaid expenses	32,642
Total Assets	72,294,876
Liabilities:
TOB Floating Rate Notes (Note 1)	3,665,000
Payable for Fund shares repurchased	71,779
Due to custodian	65,583
Interest and commitment fees payable	54,779
Distributions payable	13,682
Investment management fee payable	11,266
Service and/or distribution fees payable	7,886
Trustees’ fees payable	55
Accrued expenses	82,002
Total Liabilities	3,972,032
Total Net Assets	$68,322,844
Net Assets:
Par value (Note 6)	$84
Paid-in capital in excess of par value	83,034,749
Total distributable earnings (loss)	(14,711,989 )
Total Net Assets	$68,322,844
Net Assets:
Class A	$50,341,556
Class C	$2,162,734
Class I	$15,818,554
Shares Outstanding:
Class A	6,167,800
Class C	265,553
Class I	1,930,652
Net Asset Value:
Class A (and redemption price)	$8.16
Class C (and redemption price)	$8.14
Class I (and redemption price)	$8.19
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 2.25%)	$8.35

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended May 31, 2026

Investment Income:
Interest	$1,341,609
Expenses:
Investment management fee (Note 2)	138,257
Interest expense (Note 1)	52,435
Service and/or distribution fees (Notes 2 and 4)	47,107
Transfer agent fees (Notes 2 and 5)	35,594
Fund accounting fees	33,797
Registration fees	25,494
Audit and tax fees	18,020
Shareholder reports	9,145
Legal fees	4,597
Trustees’ fees	1,456
Fees recaptured by investment manager (Note 2)	564
Insurance	300
Commitment fees (Note 7)	290
Custody fees	164
Miscellaneous expenses	4,772
Total Expenses	371,992
Less: Fee waivers and/or expense reimbursements (Notes 2 and 4)	(72,812 )
Net Expenses	299,180
Net Investment Income	1,042,429
Realized and Unrealized Loss on Investments (Notes 1 and 3):
Net Realized Loss From Investment Transactions	(6,749 )
Change in Net Unrealized Appreciation (Depreciation) From Investments	(100,756 )
Net Loss on Investments	(107,505 )
Increase in Net Assets From Operations	$934,924

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended May 31, 2026 (unaudited) and the Year Ended November 30, 2025	2026	2025
Operations:
Net investment income	$1,042,429	$2,121,123
Net realized loss	(6,749 )	(556,552 )
Change in net unrealized appreciation (depreciation)	(100,756 )	407,690
Increase in Net Assets From Operations	934,924	1,972,261
Distributions to Shareholders From (Notes 1 and 5):
Total distributable earnings	(1,036,701 )	(2,102,085 )
Decrease in Net Assets From Distributions to Shareholders	(1,036,701 )	(2,102,085 )
Fund Share Transactions (Note 6):
Net proceeds from sale of shares	6,277,576	9,990,549
Reinvestment of distributions	956,975	1,955,271
Cost of shares repurchased	(9,158,059 )	(24,458,698 )
Decrease in Net Assets From Fund Share Transactions	(1,923,508 )	(12,512,878 )
Decrease in Net Assets	(2,025,285 )	(12,642,702 )
Net Assets:
Beginning of period	70,348,129	82,990,831
End of period	$68,322,844	$70,348,129

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended November 30, unless otherwise noted:
Class A Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$8.17	$8.17	$7.97	$7.96	$8.94	$8.90
Income (loss) from operations:
Net investment income	0.12	0.23	0.21	0.19	0.16	0.16
Net realized and unrealized gain (loss)	(0.01 )	(0.00 )3	0.20	0.01 4	(0.98 )	0.04
Total income (loss) from operations	0.11	0.23	0.41	0.20	(0.82)	0.20
Less distributions from:
Net investment income	(0.12 )	(0.23 )	(0.21 )	(0.19 )	(0.16 )	(0.16 )
Total distributions	(0.12 )	(0.23 )	(0.21 )	(0.19 )	(0.16 )	(0.16 )
Net asset value, end of period	$8.16	$8.17	$8.17	$7.97	$7.96	$8.94
Total return5	1.36 %	2.87 %	5.21 %	2.55 %	(9.16 )%	2.28 %
Net assets, end of period (000s)	$50,342	$52,239	$59,403	$63,635	$71,245	$86,806
Ratios to average net assets:
Gross expenses6	1.09 %7,8	1.06 %	0.91 %7	0.82 %7	0.86 %	0.84 %
Net expenses6,9,10	0.90 7,8	0.90	0.79 7	0.75 7	0.75	0.75
Net investment income	2.98 8	2.85	2.61	2.40	1.99	1.81
Portfolio turnover rate	1 %	6 %	26 %	7 %	10 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended May 31, 2026 (unaudited).
3	Amount represents less than $0.005 or greater than $(0.005) per share.
4	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
5	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
6	Includes expenses related to borrowings of 0.15%, 0.16%, 0.04%, less than 0.005%, less than 0.005% and less than 0.005% for the six months ended May 31, 2026 and years ended November 30, 2025, 2024, 2023, 2022 and 2021, respectively.
7	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
8	Annualized.
9	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%. 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.
10	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended November 30, unless otherwise noted:
Class C Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$8.16	$8.15	$7.95	$7.95	$8.93	$8.88
Income (loss) from operations:
Net investment income	0.10	0.18	0.16	0.14	0.11	0.11
Net realized and unrealized gain (loss)	(0.02 )	0.01 3	0.20	0.01 3	(0.98 )	0.05
Total income (loss) from operations	0.08	0.19	0.36	0.15	(0.87)	0.16
Less distributions from:
Net investment income	(0.10 )	(0.18 )	(0.16 )	(0.15 )	(0.11 )	(0.11 )
Total distributions	(0.10 )	(0.18 )	(0.16 )	(0.15 )	(0.11 )	(0.11 )
Net asset value, end of period	$8.14	$8.16	$8.15	$7.95	$7.95	$8.93
Total return4	1.08 %	2.40 %	4.62 %	1.84 %	(9.72 )%	1.79 %
Net assets, end of period (000s)	$2,163	$2,610	$7,032	$11,552	$18,182	$40,303
Ratios to average net assets:
Gross expenses5	1.70 %6,7	1.64 %	1.51 %6	1.42 %6	1.42 %	1.39 %
Net expenses5,8,9	1.50 6,7	1.48	1.39 6	1.35 6	1.35	1.35
Net investment income	2.37 7	2.26	2.00	1.79	1.37	1.20
Portfolio turnover rate	1 %	6 %	26 %	7 %	10 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended May 31, 2026 (unaudited).
3	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Includes expenses related to borrowings of 0.15%, 0.16%, 0.04%, less than 0.005%, less than 0.005% and less than 0.005% for the six months ended May 31, 2026 and years ended November 30, 2025, 2024, 2023, 2022 and 2021, respectively.
6	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
7	Annualized.
8	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 1.35%. 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.
9	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended November 30, unless otherwise noted:
Class I Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$8.20	$8.20	$8.00	$7.99	$8.97	$8.93
Income (loss) from operations:
Net investment income	0.13	0.25	0.23	0.21	0.18	0.18
Net realized and unrealized gain (loss)	(0.01 )	(0.00 )3	0.20	0.01 4	(0.98 )	0.04
Total income (loss) from operations	0.12	0.25	0.43	0.22	(0.80)	0.22
Less distributions from:
Net investment income	(0.13 )	(0.25 )	(0.23 )	(0.21 )	(0.18 )	(0.18 )
Total distributions	(0.13 )	(0.25 )	(0.23 )	(0.21 )	(0.18 )	(0.18 )
Net asset value, end of period	$8.19	$8.20	$8.20	$8.00	$7.99	$8.97
Total return5	1.49 %	3.12 %	5.45 %	2.79 %	(8.99 )%	2.43 %
Net assets, end of period (000s)	$15,819	$15,499	$16,556	$19,124	$25,389	$38,126
Ratios to average net assets:
Gross expenses6	0.96 %7	0.93 %	0.76 %	0.68 %	0.73 %	0.71 %
Net expenses6,8,9	0.65 7	0.66	0.54	0.50	0.60	0.60
Net investment income	3.23 7	3.09	2.85	2.64	2.13	1.96
Portfolio turnover rate	1 %	6 %	26 %	7 %	10 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended May 31, 2026 (unaudited).
3	Amount represents less than $0.005 or greater than $(0.005) per share.
4	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
5	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
6	Includes expenses related to borrowings of 0.15%, 0.16%, 0.04%, less than 0.005%, less than 0.005% and less than 0.005% for the six months ended May 31, 2026 and years ended November 30, 2025, 2024, 2023, 2022 and 2021, respectively.
7	Annualized.
8	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 0.50%. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation as a result of interest expense. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. Prior to December 1, 2022, the expense limitation was 0.60%.
9	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

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

The 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

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

•

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

•

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

•

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

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

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (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
Long-Term Investments†:
Municipal Bonds	—	$65,469,958	—	$65,469,958
Municipal Bonds Deposited in Tender Option Bond Trust	—	5,835,863	—	5,835,863
Total Investments	—	$71,305,821	—	$71,305,821

†	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 Fund’s Statement of Operations. For the six months ended May 31, 2026, the average daily amount of floating rate notes outstanding was $3,665,000 and weighted average interest rate was 2.83%.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

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

(d) 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.

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.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

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

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

(e) 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.

(f) 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.

(g) 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.

(h) 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.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of November 30, 2025, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

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

2. Investment management agreement and other transactions with affiliates

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

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.40% 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 and Class I shares did not exceed 0.75%, 1.35% and 0.50%, respectively. Total annual fund operating expenses, after waiving and/or reimbursing expenses, exceeded the expense limitation for each class 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 six months ended May 31, 2026, fees waived and/or expenses reimbursed amounted to $72,812.

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 Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

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

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

	Class A	Class C	Class I
Expires November 30, 2026	$70,289	$10,595	$40,079
Expires November 30, 2027	84,757	8,460	41,764
Expires November 30, 2028	47,141	2,107	23,564
Total fee waivers/expense reimbursements subject to recapture	$202,187	$21,162	$105,407

For the six months ended May 31, 2026, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

	Class A	Class C
FTFA recaptured	$440	$124

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended May 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $532 was earned by Investor Services.

There is a maximum initial sales charge of 2.25% for Class A shares. In certain cases, Class A shares have a 0.50% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $250,000 in the aggregate. These purchases do not incur an initial sales charge.

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

	Class A
Sales charges	$1,473
CDSCs	282

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

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

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 six months ended May 31, 2026, such purchase and sale transactions (excluding accrued interest) were $3,860,000 and $4,600,000, respectively. There was no realized gain or loss recognized as a result of these transactions.

3. Investments

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

Purchases	$792,555
Sales	1,069,790

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

	Cost*	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
Securities	$68,006,848	$905,199	$(1,271,226)	$(366,027)

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

4. 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 0.75% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

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

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$38,503	$25,224
Class C	8,604	1,036
Class I	—	9,334
Total	$47,107	$35,594

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

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

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

	Waivers/Expense Reimbursements
Class A	$47,141
Class C	2,107
Class I	23,564
Total	$72,812

5. Distributions to shareholders by class

	Six Months Ended May 31, 2026	Year Ended November 30, 2025
Net Investment Income:
Class A	$760,484	$1,498,778
Class C	27,442	119,199
Class I	248,775	484,108
Total	$1,036,701	$2,102,085

6. Shares of beneficial interest

At May 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Six Months Ended May 31, 2026		Year Ended November 30, 2025
	Shares	Amount	Shares	Amount
Class A
Shares sold	508,405	$4,147,727	786,391	$6,340,414
Shares issued on reinvestment	90,553	739,698	181,673	1,458,554
Shares repurchased	(822,722 )	(6,706,224 )	(1,851,445 )	(14,887,720 )
Net decrease	(223,764 )	$(1,818,799 )	(883,381 )	$(7,088,752 )
Class C
Shares sold	1,248	$10,194	9,088	$72,159
Shares issued on reinvestment	3,365	27,442	14,896	119,152
Shares repurchased	(59,024 )	(480,638 )	(567,036 )	(4,571,454 )
Net decrease	(54,411 )	$(443,002 )	(543,052 )	$(4,380,143 )

Western Asset Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

	Six Months Ended May 31, 2026		Year Ended November 30, 2025
	Shares	Amount	Shares	Amount
Class I
Shares sold	258,817	$2,119,655	444,432	$3,577,976
Shares issued on reinvestment	23,150	189,835	46,854	377,565
Shares repurchased	(240,427 )	(1,971,197 )	(622,089 )	(4,999,524 )
Net increase (decrease)	41,540	$338,293	(130,803 )	$(1,043,983 )

7. Redemption facility

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

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended May 31, 2026.

8. Deferred capital losses

As of November 30, 2025, the Fund had deferred capital losses of $14,533,345, which have no expiration date, that will be available to offset future taxable capital gains.

9. 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 Intermediate Maturity California Municipals Fund 2026 Semi-Annual Report

Board Approval of Management and

Subadvisory Agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the “Executive and Contracts Committee”) considered the Management Agreement between the Trust and Franklin Templeton Fund Adviser, LLC (“FTFA”) with respect to the Fund and the subadvisory agreement between FTFA and Western Asset Management Company, LLC (“Western Asset” or the “Subadviser”, and together with FTFA, the “Advisers”) with respect to the Fund (collectively, the “Agreements”) at a meeting held on April 22, 2026. At an in-person meeting held on May 19, 2026, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the “Performance Universe”) and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund’s performance and other relevant matters and related discussions with the Advisers’ personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time.

As part of their review, the Trustees examined FTFA’s ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadviser’s ability to provide high quality investment management services to the Fund. The Trustees considered the experience of FTFA’s personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA’s senior management and staff. The Trustees also considered the investment philosophy and research and decision-making processes of the Subadviser; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadviser to attract and retain capable research and advisory personnel; the risks to the Advisers associated with

Western Asset Intermediate Maturity California Municipals Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA’s and the Subadviser’s risk management processes; the capability and integrity of the Advisers’ senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers’ services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers’ ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Trustees concluded that the Subadviser’s investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of FTFA’s and Western Asset’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1-, 3-, 5- and 10-year periods ended December 31, 2025. The information comparing the Fund’s performance to that of its Performance Universe, consisting of all funds (including the Fund) classified as retail and institutional California intermediate municipal debt funds by Broadridge, showed, among other data, that the Fund’s performance for the 1- and 3-year periods ended December 31, 2025 was above the median and that the Fund’s performance for the 5- and 10-year periods ended December 31, 2025 was below the median. The Board noted that the Fund’s performance exceeded that of its benchmark index for the 3-year period ended December 31, 2025 and trailed that of its benchmark index for the 1-, 5- and 10-year periods ended December 31, 2025. The Board considered the factors involved in the Fund’s performance relative to the performance of its investment benchmark and Performance Universe. The Board discussed the reasons for the Fund’s underperformance and the steps the Advisers were taking to improve the Fund’s performance.

The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadviser. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset’s other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to the Subadviser because FTFA pays the Subadviser for services

Western Asset Intermediate Maturity California Municipals Fund

provided to the Fund out of the management fee FTFA receives from the Fund. The information comparing the Fund’s Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of institutional California intermediate municipal debt funds (including the Fund) chosen by Broadridge to be comparable to the Fund, showed that the Fund’s Contractual Management Fee and Actual Management Fee were below the median. The Board noted that the Fund’s actual total expense ratio was above the median. The Board also considered that the current limitation on the Fund’s expenses is expected to continue through December 2027.

The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the “fallout benefits,” such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.

Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Board noted that the Fund’s Contractual Management Fee and Actual Management Fee were below the median of the peer group. The Board also noted the small size of the Fund.

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.

Western Asset Intermediate Maturity California Municipals Fund

Western Asset

Intermediate Maturity California 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 Intermediate Maturity California Municipals Fund

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

Western Asset Intermediate Maturity California 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 Intermediate Maturity California 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.

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:	July 24, 2026

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

Date:	July 24, 2026

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

Date:	July 24, 2026


	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

Schedule of Investments	1
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	12
Changes in and Disagreements with Accountants	22
Results of Meeting(s) of Shareholders	22
Remuneration Paid to Directors, Officers and Others	22
Board Approval of Management and Subadvisory Agreements	23