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Western Asset Massachusetts Municipals Fund
Class A [SLMMX]
Semi-Annual Shareholder Report \| May 31, 2024

This semi-annual shareholder report contains important information about Western Asset Massachusetts Municipals Fund for the period December 1, 2023, to May 31, 2024.
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 $10,000 investment	Costs paid as a percentage of a $10,000 investment^†,*
Class A	$38	0.75%

†	Annualized.

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

KEY FUND STATISTICS (as of May 31, 2024)


Total Net Assets	$54,495,283
Total Number of Portfolio Holdings*	62
Portfolio Turnover Rate	1%

*	Does not include derivatives, except purchased option contracts, if any.

WHAT DID THE FUND INVEST IN? (as of May 31, 2024)

Portfolio Composition*,^† (% of Total Investments)

*	Does not include derivatives, except purchased option contracts, if any.

†	Certain categories may represent less than 0.1%.


Western Asset Massachusetts Municipals Fund
Class C [SMALX]
Semi-Annual Shareholder Report \| May 31, 2024

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


Class Name	Costs of $10,000 investment	Costs paid as a percentage of a $10,000 investment^†,*
Class C	$65	1.30%

†	Annualized.

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

KEY FUND STATISTICS (as of May 31, 2024)


Total Net Assets	$54,495,283
Total Number of Portfolio Holdings*	62
Portfolio Turnover Rate	1%

*	Does not include derivatives, except purchased option contracts, if any.

WHAT DID THE FUND INVEST IN? (as of May 31, 2024)

Portfolio Composition*,^† (% of Total Investments)

*	Does not include derivatives, except purchased option contracts, if any.

†	Certain categories may represent less than 0.1%.


Western Asset Massachusetts Municipals Fund
Class I [LHMIX]
Semi-Annual Shareholder Report \| May 31, 2024

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


Class Name	Costs of $10,000 investment	Costs paid as a percentage of a $10,000 investment^†,*
Class I	$28	0.55%

†	Annualized.

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

KEY FUND STATISTICS (as of May 31, 2024)


Total Net Assets	$54,495,283
Total Number of Portfolio Holdings*	62
Portfolio Turnover Rate	1%

*	Does not include derivatives, except purchased option contracts, if any.

WHAT DID THE FUND INVEST IN? (as of May 31, 2024)

Portfolio Composition*,^† (% of Total Investments)

*	Does not include derivatives, except purchased option contracts, if any.

†	Certain categories may represent less than 0.1%.

ITEM 2.

CODE OF ETHICS.

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

Not applicable.

ITEM 7.

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

Schedule of Investments (unaudited)

May 31, 2024

Western Asset Massachusetts Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Municipal Bonds — 85.2%
Education — 21.7%
Massachusetts State College Building Authority Revenue, Series A, Refunding	4.000%	5/1/36	$250,000	$257,832
Massachusetts State DFA Revenue:
Babson College, Refunding	4.000%	10/1/41	875,000	866,893
Babson College, Refunding	4.000%	10/1/44	700,000	678,019
Brandeis University, Series S, Refunding	5.000%	10/1/40	1,330,000	1,404,540
Brandeis University, Series S-1, Refunding	5.000%	10/1/36	1,535,000	1,651,467
Foxborough Regional Charter School, Series B, Refunding	5.000%	7/1/37	600,000	597,163
Northeastern University Issue, Refunding	5.000%	10/1/44	1,250,000	1,348,914
Senior National Charter School Revolving Loan Fund, Social Bonds, Series C	4.000%	11/1/46	1,000,000	935,863
UMass Boston Student Housing	5.000%	10/1/31	600,000	613,445
Worcester Polytechnic Institute	4.000%	9/1/44	2,000,000	1,912,395
Worcester Polytechnic Institute, Series B, Refunding	5.000%	9/1/42	1,500,000	1,540,999
Total Education				11,807,530
Health Care — 22.0%
Massachusetts State DFA Revenue:
Beth Israel Lahey Health Inc., Series K, Refunding	5.000%	7/1/38	1,000,000	1,048,676
Beth Israel Lahey Health Inc., Series M	5.000%	7/1/32	750,000	833,293
Boston Medical Center, Sustainability Bonds, Series G, Refunding	5.250%	7/1/52	500,000	526,689
Mass General Brigham Issue, Series A-1	5.000%	1/31/30	2,000,000	2,149,256 (a)(b)
Milford Regional Medical Center, Series F, Refunding	5.625%	7/15/36	500,000	478,688
Orchard Cove Obligation, Refunding	5.000%	10/1/39	250,000	254,949
Orchard Cove Obligation, Refunding	5.000%	10/1/49	700,000	699,947
Southcoast Health System, Series G, Refunding	5.000%	7/1/37	1,000,000	1,066,834
Southcoast Health System, Series G, Refunding	4.000%	7/1/46	1,000,000	894,909
Southcoast Health System, Series G, Refunding	5.000%	7/1/50	1,500,000	1,532,204
UMass Memorial Health Care, Series I, Refunding	5.000%	7/1/46	2,500,000	2,505,020
Total Health Care				11,990,465
Industrial Revenue — 2.5%
Massachusetts State DFA Revenue, Seven Hills Foundation and Affiliates Issue, Refunding	4.000%	9/1/39	500,000	481,700
Massachusetts State DFA, Solid Waste Disposal Revenue, Waste Management Inc. Project	1.250%	5/1/27	1,000,000	897,548 (c)(d)
Total Industrial Revenue				1,379,248

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

May 31, 2024

Western Asset Massachusetts Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Power — 4.9%
Massachusetts State Municipal Wholesale Electric Co. Revenue Bonds:
Cotton Solar Project Issue, Green Bonds, Series A	5.000%	7/1/44	$600,000	$644,770
Project 2015A Issue, Series A	4.000%	7/1/51	1,955,000	1,785,665
Puerto Rico Electric Power Authority Revenue:
Series A	5.000%	7/1/42	300,000	79,500 *(e)
Series A	5.050%	7/1/42	30,000	7,950 *(e)
Series XX	5.250%	7/1/40	320,000	84,800 *(e)
Series ZZ, Refunding	—	7/1/18	250,000	65,625 *(f)
Total Power				2,668,310
Special Tax Obligation — 8.8%
Massachusetts State DFA Revenue, Broad Institute Inc., Refunding	5.000%	4/1/37	1,500,000	1,555,133
Massachusetts State Special Obligation Dedicated Tax Revenue, Refunding, NATL	5.500%	1/1/34	2,025,000	2,264,473
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1	0.000%	7/1/27	100,000	89,168
CAB, Restructured, Series A-1	0.000%	7/1/46	720,000	230,618
Restructured, Series A-1	4.550%	7/1/40	30,000	30,214
Restructured, Series A-1	4.750%	7/1/53	260,000	258,367
Restructured, Series A-1	5.000%	7/1/58	90,000	90,029
Restructured, Series A-2	4.329%	7/1/40	290,000	289,093
Total Special Tax Obligation				4,807,095
State General Obligation — 6.6%
Massachusetts State, GO, Consolidated Loan, Series E	5.000%	9/1/38	3,000,000	3,159,653
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1	0.000%	7/1/24	914	911
CAB, Restructured, Series A-1	0.000%	7/1/33	7,256	4,819
Restructured, Series A-1	5.375%	7/1/25	6,280	6,335
Restructured, Series A-1	5.625%	7/1/27	6,223	6,507
Restructured, Series A-1	5.625%	7/1/29	6,122	6,589
Restructured, Series A-1	5.750%	7/1/31	5,946	6,628
Restructured, Series A-1	4.000%	7/1/33	5,638	5,638
Restructured, Series A-1	4.000%	7/1/35	115,068	113,043
Restructured, Series A-1	4.000%	7/1/37	225,000	218,295
Restructured, Series A-1	4.000%	7/1/41	35,914	33,383

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Western Asset Massachusetts 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%	7/1/46	$6,151	$5,563
Subseries CW	0.000%	11/1/43	24,929	15,488 (b)
Total State General Obligation				3,582,852
Transportation — 15.8%
Massachusetts State Port Authority Revenue:
Bosfuel Project, Series A, Refunding	5.000%	7/1/49	3,000,000	3,056,993 (d)
Series E	5.000%	7/1/46	3,340,000	3,465,743 (d)
Massachusetts State Transportation Fund Revenue:
Rail Enhancement & Accelerated Bridge Programs, Series A	5.000%	6/1/48	1,000,000	1,031,038
Rail Enhancement & Accelerated Bridge Programs, Series A	5.000%	6/1/49	1,000,000	1,039,099 (g)
Total Transportation				8,592,873
Water & Sewer — 2.9%
Massachusetts State Clean Water Trust, State Revolving Fund, Green Bonds, Series 25B	5.000%	2/1/41	1,200,000	1,332,591
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A, Refunding	5.000%	7/1/47	250,000	252,597 (c)
Total Water & Sewer				1,585,188

Total Investments before Short-Term Investments (Cost — $48,881,479)				46,413,561
Short-Term Investments — 13.5%
Municipal Bonds — 13.5%
Education — 10.4%
Massachusetts State DFA Revenue:
Boston University, Series U-6C, Refunding, LOC - TD Bank N.A.	3.950%	10/1/42	3,990,000	3,990,000 (h)(i)
Boston University, Series U-6E, Refunding, LOC - TD Bank N.A.	4.000%	10/1/42	1,700,000	1,700,000 (h)(i)
Total Education				5,690,000
Health Care — 3.1%
Massachusetts State DFA Revenue, Partners Healthcare System Inc., Series K-1, SPA - Wells Fargo Bank N.A.	3.250%	7/1/46	400,000	400,000 (h)(i)

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

May 31, 2024

Western Asset Massachusetts Municipals Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Health Care — continued
Massachusetts State HEFA Revenue:
Baystate Medical Center, Series J-2, Refunding, LOC - TD Bank N.A.	4.000%	7/1/44	$1,000,000	$1,000,000 (h)(i)
Partners Healthcare System Inc., Series P-2, SPA - JPMorgan Chase & Co.	3.250%	7/1/27	300,000	300,000 (h)(i)
Total Health Care				1,700,000

Total Short-Term Investments (Cost — $7,390,000)				7,390,000
Total Investments — 98.7% (Cost — $56,271,479)				53,803,561
Other Assets in Excess of Liabilities — 1.3%				691,722
Total Net Assets — 100.0%				$54,495,283

*	Non-income producing security.
(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)	The coupon payment on this security is currently in default as of May 31, 2024.
(f)	The maturity principal is currently in default as of May 31, 2024.
(g)	All or a portion of this security is held at the broker as collateral for open futures contracts.
(h)	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.
(i)	Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Western Asset Massachusetts Municipals Fund

Abbreviation(s) used in this schedule:
CAB	—	Capital Appreciation Bonds
DFA	—	Development Finance Agency
GO	—	General Obligation
HEFA	—	Health & Educational Facilities Authority
LOC	—	Letter of Credit
NATL	—	National Public Finance Guarantee Corporation — Insured Bonds
SPA	—	Standby Bond Purchase Agreement — Insured Bonds

At May 31, 2024, the Fund had the following open futures contracts:

	Number of Contracts	Expiration Date	Notional Amount	Market Value	Unrealized Depreciation
Contracts to Buy:
U.S. Treasury Ultra Long-Term Bonds	14	9/24	$1,738,308	$1,714,125	$(24,183 )

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

May 31, 2024

Assets:
Investments, at value (Cost — $56,271,479)	$53,803,561
Cash	38,853
Interest receivable	744,635
Receivable for Fund shares sold	12,087
Receivable from brokers — net variation margin on open futures contracts	9,188
Deposits with brokers for open futures contracts	103
Prepaid expenses	13,123
Total Assets	54,621,550
Liabilities:
Payable for Fund shares repurchased	52,446
Fund accounting fees payable	20,867
Audit and tax fees payable	17,250
Distributions payable	11,216
Investment management fee payable	8,082
Transfer agent fees payable	7,519
Service and/or distribution fees payable	4,375
Trustees’ fees payable	289
Accrued expenses	4,223
Total Liabilities	126,267
Total Net Assets	$54,495,283
Net Assets:
Par value (Note 7)	$48
Paid-in capital in excess of par value	63,956,248
Total distributable earnings (loss)	(9,461,013 )
Total Net Assets	$54,495,283
Net Assets:
Class A	$29,396,250
Class C	$1,031,875
Class I	$24,067,158
Shares Outstanding:
Class A	2,591,753
Class C	90,988
Class I	2,121,028
Net Asset Value:
Class A (and redemption price)	$11.34
Class C*	$11.34
Class I (and redemption price)	$11.35
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)	$11.78

*	Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2).

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended May 31, 2024

Investment Income:
Interest	$917,753
Expenses:
Investment management fee (Note 2)	123,574
Fund accounting fees	32,995
Service and/or distribution fees (Notes 2 and 5)	26,681
Registration fees	25,933
Transfer agent fees (Notes 2 and 5)	25,863
Audit and tax fees	16,275
Shareholder reports	6,095
Legal fees	3,706
Trustees’ fees	733
Commitment fees (Note 8)	252
Insurance	220
Miscellaneous expenses	3,172
Total Expenses	265,499
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(79,950 )
Net Expenses	185,549
Net Investment Income	732,204
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions	51,356
Futures contracts	(37,191 )
Net Realized Gain	14,165
Change in Net Unrealized Appreciation (Depreciation) From:
Investments	167,492
Futures contracts	(24,183 )
Change in Net Unrealized Appreciation (Depreciation)	143,309
Net Gain on Investments and Futures Contracts	157,474
Increase in Net Assets From Operations	$889,678

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended May 31, 2024 (unaudited) and the Year Ended November 30, 2023	2024	2023
Operations:
Net investment income	$732,204	$1,688,533
Net realized gain	14,165	41,829
Change in net unrealized appreciation (depreciation)	143,309	268,662
Increase in Net Assets From Operations	889,678	1,999,024
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(751,225 )	(1,680,690 )
Decrease in Net Assets From Distributions to Shareholders	(751,225 )	(1,680,690 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	7,761,745	9,106,544
Reinvestment of distributions	686,920	1,549,276
Cost of shares repurchased	(12,212,530 )	(22,628,681 )
Decrease in Net Assets From Fund Share Transactions	(3,763,865 )	(11,972,861 )
Decrease in Net Assets	(3,625,412 )	(11,654,527 )
Net Assets:
Beginning of period	58,120,695	69,775,222
End of period	$54,495,283	$58,120,695

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 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	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.33	$11.27	$12.95	$12.88	$12.80	$12.25
Income (loss) from operations:
Net investment income	0.15	0.30	0.23	0.23	0.30	0.36
Net realized and unrealized gain (loss)	0.01	0.06	(1.68 )	0.07	0.08	0.56
Total income (loss) from operations	0.16	0.36	(1.45)	0.30	0.38	0.92
Less distributions from:
Net investment income	(0.15 )	(0.30 )	(0.23 )	(0.23 )	(0.30 )	(0.37 )
Total distributions	(0.15 )	(0.30 )	(0.23 )	(0.23 )	(0.30 )	(0.37 )
Net asset value, end of period	$11.34	$11.33	$11.27	$12.95	$12.88	$12.80
Total return3	1.41 %	3.21 %	(11.21 )%	2.37 %	3.01 %	7.57 %
Net assets, end of period (000s)	$29,396	$30,734	$38,181	$52,483	$55,386	$54,585
Ratios to average net assets:
Gross expenses	1.01 %4	0.97 %	0.95 %	0.91 %	0.93 %	0.97 %
Net expenses5,6	0.75 4	0.75	0.75	0.75	0.75	0.75
Net investment income	2.58 4	2.64	1.98	1.81	2.35	2.88
Portfolio turnover rate	1 %	6 %	28 %	26 %	15 %	15 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended May 31, 2024 (unaudited).
3	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.
4	Annualized.
5	Reflects fee waivers and/or expense reimbursements.
6	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, 2025 without the Board of Trustees’ consent.

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 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	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.33	$11.27	$12.94	$12.87	$12.79	$12.24
Income (loss) from operations:
Net investment income	0.12	0.24	0.17	0.17	0.23	0.30
Net realized and unrealized gain (loss)	0.01	0.05	(1.67 )	0.06	0.08	0.55
Total income (loss) from operations	0.13	0.29	(1.50)	0.23	0.31	0.85
Less distributions from:
Net investment income	(0.12 )	(0.23 )	(0.17 )	(0.16 )	(0.23 )	(0.30 )
Total distributions	(0.12 )	(0.23 )	(0.17 )	(0.16 )	(0.23 )	(0.30 )
Net asset value, end of period	$11.34	$11.33	$11.27	$12.94	$12.87	$12.79
Total return3	1.14 %	2.64 %	(11.62 )%	1.81 %	2.45 %	6.98 %
Net assets, end of period (000s)	$1,032	$1,171	$1,014	$1,798	$3,322	$4,524
Ratios to average net assets:
Gross expenses	1.56 %4	1.53 %	1.51 %	1.45 %	1.48 %	1.51 %
Net expenses5,6	1.30 4	1.30	1.30	1.30	1.30	1.30
Net investment income	2.04 4	2.09	1.41	1.30	1.81	2.37
Portfolio turnover rate	1 %	6 %	28 %	26 %	15 %	15 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended May 31, 2024 (unaudited).
3	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	Reflects fee waivers and/or expense reimbursements.
6	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, 2025 without the Board of Trustees’ consent.

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 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	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.34	$11.28	$12.96	$12.88	$12.81	$12.25
Income (loss) from operations:
Net investment income	0.16	0.32	0.25	0.25	0.32	0.38
Net realized and unrealized gain (loss)	0.01	0.06	(1.68 )	0.08	0.07	0.57
Total income (loss) from operations	0.17	0.38	(1.43)	0.33	0.39	0.95
Less distributions from:
Net investment income	(0.16 )	(0.32 )	(0.25 )	(0.25 )	(0.32 )	(0.39 )
Total distributions	(0.16 )	(0.32 )	(0.25 )	(0.25 )	(0.32 )	(0.39 )
Net asset value, end of period	$11.35	$11.34	$11.28	$12.96	$12.88	$12.81
Total return3	1.51 %	3.41 %	(11.06 )%	2.61 %	3.08 %	7.81 %
Net assets, end of period (000s)	$24,067	$26,215	$30,580	$51,178	$38,463	$32,384
Ratios to average net assets:
Gross expenses	0.89 %4	0.84 %	0.84 %	0.79 %	0.80 %	0.82 %
Net expenses5,6	0.55 4	0.55	0.60	0.60	0.60	0.60
Net investment income	2.80 4	2.84	2.11	1.93	2.50	3.03
Portfolio turnover rate	1 %	6 %	28 %	26 %	15 %	15 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended May 31, 2024 (unaudited).
3	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.
4	Annualized.
5	Reflects fee waivers and/or expense reimbursements.
6	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, 2025 without the Board of Trustees’ consent. Prior to December 1, 2022, the expense limitation was 0.60%.

See Notes to Financial Statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

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

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

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

Pursuant to policies adopted by the Board of Trustees, 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

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

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

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, 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 of Trustees 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)

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

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

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

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

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Municipal Bonds†	—	$46,413,561	—	$46,413,561
Short-Term Investments†	—	7,390,000	—	7,390,000
Total Investments	—	$53,803,561	—	$53,803,561
LIABILITIES
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Other Financial Instruments:
Futures Contracts††	$24,183	—	—	$24,183

†	See Schedule of Investments for additional detailed categorizations.
††	Reflects the unrealized appreciation (depreciation) of the instruments.

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

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

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

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

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

(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 Massachusetts Municipals Fund 2024 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, 2024, 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 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) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(i) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Western Asset Massachusetts Municipals Fund 2024 Semi-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 November 30, 2023, 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 tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

2. Investment management agreement and other transactions with affiliates

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

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.45% of the Fund’s 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, 2025 without the Board of Trustees’ consent.

During the six months ended May 31, 2024, fees waived and/or expenses reimbursed amounted to $79,950.

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 Massachusetts Municipals Fund 2024 Semi-Annual Report

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

Pursuant to these arrangements, at May 31, 2024, 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, 2024	$90,024	$2,876	$91,066
Expires November 30, 2025	71,552	2,246	82,213
Expires November 30, 2026	38,702	1,530	39,718
Total fee waivers/expense reimbursements subject to recapture	$200,278	$6,652	$212,997

For the six months ended May 31, 2024, FTFA did not recapture any fees.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended May 31, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $325 was earned by Investor Services.

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

For the six months ended May 31, 2024, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A
Sales charges	$229
CDSCs	17

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 of Trustees. The procedures have been designed to

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

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, 2024, such purchase and sale transactions (excluding accrued interest) were $6,700,000 and $8,300,000, respectively.

3. Investments

During the six months ended May 31, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$654,852
Sales	10,579,401

At May 31, 2024, 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	$56,271,479	$739,302	$(3,207,220)	$(2,467,918)
Futures contracts	—	—	(24,183)	(24,183)

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at May 31, 2024.

LIABILITY DERIVATIVES1
	Interest Rate Risk
Futures contracts2	$24,183

1	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.
2	Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the six months ended May 31, 2024. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.

AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk
Futures contracts	$(37,191 )

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk
Futures contracts	$(24,183 )

During the six months ended May 31, 2024, the volume of derivative activity for the Fund was as follows:

	Average Market Value
Futures contracts (to buy)	$1,071,973

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 six months ended May 31, 2024, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$22,661	$12,133
Class C	4,020	491
Class I	—	13,239
Total	$26,681	$25,863

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

For the six months ended May 31, 2024, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$38,702
Class C	1,530
Class I	39,718
Total	$79,950

6. Distributions to shareholders by class

	Six Months Ended May 31, 2024	Year Ended November 30, 2023
Net Investment Income:
Class A	$402,321	$868,714
Class C	12,164	20,216
Class I	336,740	791,760
Total	$751,225	$1,680,690

7. Shares of beneficial interest

At May 31, 2024, 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, 2024		Year Ended November 30, 2023
	Shares	Amount	Shares	Amount
Class A
Shares sold	92,312	$1,059,827	133,449	$1,501,185
Shares issued on reinvestment	29,874	343,605	66,444	749,091
Shares repurchased	(242,759 )	(2,801,594 )	(874,174 )	(9,920,408 )
Net decrease	(120,573 )	$(1,398,162 )	(674,281 )	$(7,670,132 )
Class C
Shares sold	6,859	$79,466	42,662	$483,471
Shares issued on reinvestment	1,052	12,103	1,783	20,099
Shares repurchased	(20,328 )	(234,208 )	(31,015 )	(348,145 )
Net increase (decrease)	(12,417 )	$(142,639 )	13,430	$155,425

Western Asset Massachusetts Municipals Fund 2024 Semi-Annual Report

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

	Six Months Ended May 31, 2024		Year Ended November 30, 2023
	Shares	Amount	Shares	Amount
Class I
Shares sold	575,132	$6,622,452	626,189	$7,121,888
Shares issued on reinvestment	28,796	331,212	69,209	780,086
Shares repurchased	(795,482 )	(9,176,728 )	(1,094,218 )	(12,360,128 )
Net decrease	(191,554 )	$(2,223,064 )	(398,820 )	$(4,458,154 )

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 $2.675 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 31, 2025.

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, 2024.

9. Deferred capital losses

As of November 30, 2023, the Fund had deferred capital losses of $7,099,990, which have no expiration date, that will be available to offset future taxable capital gains.

Western Asset Massachusetts Municipals Fund 2024 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”) (formerly known as Legg Mason Partners Fund Advisor, LLC) 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 30, 2024. At an in-person meeting held on May 16, 2024, 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

Western Asset Massachusetts Municipals Fund

capable research and advisory personnel; the risks to the Advisers associated with 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 one-, three-, five- and ten-year periods ended December 31, 2023. 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 Massachusetts municipal debt funds by Broadridge, showed, among other data, that the Fund’s performance for the 1-, 3- and 10- year periods ended December 31, 2023 was above the median and that its performance for the 5-year period ended December 31, 2023 was below the median. The Board noted that the Fund’s performance exceed the performance of its benchmark index for the 1-year period ended December 31, 2023 and trailed the performance of its benchmark index for the 3-, 5- and 10-year periods ended December 31, 2023. The Board considered the factors involved in the Fund’s performance relative to the performance of its investment benchmark and Performance Universe.

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 Massachusetts Municipals Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

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 Massachusetts municipal debt funds (including the Fund) chosen by Broadridge to be comparable to the Fund, showed that the Fund’s Contractual Management Fee and the Actual Management Fee were below the median. The Board noted that the Fund’s actual total expense ratio was below the median. The Board also considered that the current limitation on the Fund’s expenses is expected to continue through December 2025.

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 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 Massachusetts Municipals Fund

Western Asset

Massachusetts Municipals Fund

Trustees

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart
Chairman

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 Massachusetts Municipals Fund

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

Western Asset Massachusetts Municipals Fund
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018

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 Massachusetts 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

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.

Information We Collect

When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:

•

Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.

•

Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.

•

Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

•

Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

•

Other general information that we may obtain about you such as demographic information.

Disclosure Policy

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

NOT PART OF THE SEMI-ANNUAL REPORT

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

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.

Western Asset Massachusetts Municipals Fund
NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE	PAGE 1	7041-STSR-0724

Western Asset Massachusetts Municipals Fund
NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE	PAGE 1	7484-STSR-0724

Western Asset Massachusetts Municipals Fund
NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE	PAGE 1	7466-STSR-0724

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

Date:	July 25, 2024

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

Date:	July 25, 2024


	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	23
Results of Meeting(s) of Shareholders	23
Remuneration Paid to Directors, Officers and Others	23
Board Approval of Management and Subadvisory Agreements	24

	(a) (2)	Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.CERT

	(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.906CERT

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

Date:	July 25, 2024