0000764624
2011-05-02
2012-05-01
0000764624
lmpit4:S000016627Member
2011-05-02
2012-05-01
Other
false
0000764624
LEGG MASON PARTNERS INCOME TRUST
2012-05-01
2011-12-31
2012-05-31
<p style="MARGIN-TOP: 10px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>LEGG MASON PARTNERS INCOME TRUST </b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>SUPPLEMENT DATED MAY 31, 2012 </b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>TO THE SUMMARY PROSPECTUS AND PROSPECTUS, EACH DATED MAY 1, 2012, OF </b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>LEGG MASON WESTERN ASSET CORPORATE BOND FUND </b></font></p><br/><p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>The following supplements, and to the extent inconsistent therewith, supersedes the information contained in the fund’s Summary Prospectus and Prospectus. </i></b></font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Effective August 1, 2012, the fund will be renamed Western Asset Corporate Bond Fund. </font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Effective August 1, 2012, Class C shares will be reclassified as Class C1 shares. Except as noted below, all references to Class C shares in the fund’s Summary Prospectus and Prospectus shall instead be read as referring to Class C1 shares. Following the reclassification, Class C1 shares will not be available for purchase by new or existing investors (except for certain retirement plan programs authorized by LMIS prior to August 1, 2012). Class C1 shares will continue to be available for dividend reinvestment and incoming exchanges. </font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Effective August 1, 2012, Class R1 shares will be reclassified as new Class C shares. All references to Class R1 shares in the fund’s Summary Prospectus and Prospectus shall instead be read as referring to Class C shares. In addition, all existing references to Class C shares in the section of the fund’s Prospectus titled “Choosing a class of shares to buy” shall refer to new Class C shares. </font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August 1, 2012, the following amends anything to the contrary in the section of the fund’s Summary Prospectus and Prospectus titled “Fees and expenses of the fund”: </i></font></p><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="0" width="76%" align="center"> <tr> <td width="57%"></td> <td valign="bottom" width="10%"></td> <td width="33%"></td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" height="5" colspan="3"> </td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" colspan="3"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder fees</b> (fees paid directly from your investment)</font></td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"> <font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Class C (Class R1 prior to<br/>August 1, 2012)</font></td></tr> <tr> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Maximum sales charge (load) imposed on purchases (as a % of offering price) (%)</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">None</font></td></tr> <tr> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (%)</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">1.00</font></td></tr> <tr> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Small account fee</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"></font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">$15</font></td></tr> <tr> <td valign="top" colspan="3"> <p style="MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"></font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"> If your shares are held in a direct account and the value of your account is below $1,000, the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records.</font></p></td></tr></table>
<p style="MARGIN-TOP: 10px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>LEGG MASON PARTNERS INCOME TRUST </b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>SUPPLEMENT DATED MAY 31, 2012 </b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>TO THE SUMMARY PROSPECTUS AND PROSPECTUS, EACH DATED MAY 1, 2012, OF </b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><b>LEGG MASON WESTERN ASSET CORPORATE BOND FUND </b></font></p><br/><p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>The following supplements, and to the extent inconsistent therewith, supersedes the information contained in the fund’s Summary Prospectus and Prospectus. </i></b></font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Effective August 1, 2012, the fund will be renamed Western Asset Corporate Bond Fund. </font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Effective August 1, 2012, Class C shares will be reclassified as Class C1 shares. Except as noted below, all references to Class C shares in the fund’s Summary Prospectus and Prospectus shall instead be read as referring to Class C1 shares. Following the reclassification, Class C1 shares will not be available for purchase by new or existing investors (except for certain retirement plan programs authorized by LMIS prior to August 1, 2012). Class C1 shares will continue to be available for dividend reinvestment and incoming exchanges. </font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Effective August 1, 2012, Class R1 shares will be reclassified as new Class C shares. All references to Class R1 shares in the fund’s Summary Prospectus and Prospectus shall instead be read as referring to Class C shares. In addition, all existing references to Class C shares in the section of the fund’s Prospectus titled “Choosing a class of shares to buy” shall refer to new Class C shares. </font></p> <p style="MARGIN-TOP: 10px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Effective August 1, 2012, the following amends anything to the contrary in the section of the fund’s Summary Prospectus and Prospectus titled “Fees and expenses of the fund”: </i></font></p><br/><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="0" width="76%" align="center"> <tr> <td width="57%"></td> <td valign="bottom" width="10%"></td> <td width="33%"></td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" height="5" colspan="3"> </td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" colspan="3"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Shareholder fees</b> (fees paid directly from your investment)</font></td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr bgcolor="#cccccc"> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom"> <font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Class C (Class R1 prior to<br/>August 1, 2012)</font></td></tr> <tr> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Maximum sales charge (load) imposed on purchases (as a % of offering price) (%)</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">None</font></td></tr> <tr> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (%)</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">1.00</font></td></tr> <tr> <td style="BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" height="5"> </td> <td style="BORDER-RIGHT: #000000 1px solid" height="5" colspan="2"> </td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"><font style="FONT-FAMILY: Times New Roman" size="2">Small account fee</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"></font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">$15</font></td></tr> <tr> <td valign="top" colspan="3"> <p style="MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"></font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"> If your shares are held in a direct account and the value of your account is below $1,000, the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records.</font></p></td></tr></table>
2012-05-31