Legg Mason Partners Income Trust

0001193125-12-305931.txt : 20120718 0001193125-12-305931.hdr.sgml : 20120718 20120718140803 ACCESSION NUMBER: 0001193125-12-305931 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120718 DATE AS OF CHANGE: 20120718 EFFECTIVENESS DATE: 20120718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS INCOME TRUST CENTRAL INDEX KEY: 0000764624 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-96408 FILM NUMBER: 12967558 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 800-451-2010 MAIL ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: LEGG MASON PARTNERS INCOME FUNDS DATE OF NAME CHANGE: 20060407 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY INCOME FUNDS DATE OF NAME CHANGE: 19941228 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY SHEARSON INCOME FUNDS DATE OF NAME CHANGE: 19931015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS INCOME TRUST CENTRAL INDEX KEY: 0000764624 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04254 FILM NUMBER: 12967559 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 800-451-2010 MAIL ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: LEGG MASON PARTNERS INCOME FUNDS DATE OF NAME CHANGE: 20060407 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY INCOME FUNDS DATE OF NAME CHANGE: 19941228 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY SHEARSON INCOME FUNDS DATE OF NAME CHANGE: 19931015

0000764624 S000016628 Legg Mason Western Asset Managed Municipals Fund

C000046426 Class A

C000046427 Class B

C000046428 Class C

C000046429 Class I

C000046430 Class 1

C000064957 CLass FI

0000764624 S000016642 Western Asset Emerging Markets Debt Portfolio

C000046484 Class I

C000064739 Class FI

C000074217 Class A

C000074218 Class C

C000074219 Class IS

C000116257 Class R

C000116258 Class R1

0000764624 S000016644 Legg Mason Western Asset California Municipals Fund

C000046486 Class B

C000046487 Class C

C000046488 Class I

C000046489 Class A

C000064958 Class FI

485BPOS 1 d366701d485bpos.htm LEGG MASON PARTNERS INCOME TRUST Legg Mason Partners Income Trust

As filed with the U.S. Securities and Exchange Commission on July 18, 2012

Securities Act File No. 2-96408

Investment Company Act File No. 811-04254

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A


		REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 194		x
		and/or
		REGISTRATION STATEMENT
		*UNDER*
		*THE INVESTMENT COMPANY ACT OF 1940*		x

Amendment No. 195

(Check appropriate box or boxes)

Legg Mason Partners Income Trust

(Exact Name of Registrant as Specified in Charter)


55 Water Street, New York, New York		10041
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, including Area Code (877) 721-1926

Robert I. Frenkel

Legg Mason Partners Income Trust

100 First Stamford Place

Stamford, Connecticut 06902

(Name and Address of Agent for Service)

COPY TO:

Roger P. Joseph, Esq.

Bingham McCutchen LLP

One Federal Street

Boston, Massachusetts 02110

Continuous

(Approximate Date of Proposed Offering)

It is proposed that this filing will become effective:

immediately upon filing pursuant to paragraph (b)

on pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This filing relates solely to Legg Mason Western Asset Managed Municipals Fund, Legg Mason Western Asset California Municipals Fund and Western Asset Emerging Markets Debt Fund.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant, LEGG MASON PARTNERS INCOME TRUST, hereby certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on this 18th day of July, 2012.

LEGG MASON PARTNERS INCOME TRUST, on behalf of its series:

Legg Mason Western Asset Managed Municipals Fund

Legg Mason Western Asset California Municipals Fund

Western Asset Emerging Markets Debt Fund


By:		/s/ R. Jay Gerken
		R. Jay Gerken
		President and Principal Executive Officer

WITNESS our hands on the date set forth below.

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated below on July 18, 2012.


Signature		Title

/s/ R. Jay Gerken R. Jay Gerken		President, Principal Executive Officer and Trustee

/s/ Richard F. Sennett Richard F. Sennett		Principal Financial Officer

Elliott J. Berv* Elliott J. Berv		Trustee

A. Benton Cocanougher* A. Benton Cocanougher		Trustee

Jane F. Dasher* Jane F. Dasher		Trustee

Mark T. Finn* Mark T. Finn		Trustee

Stephen R. Gross* Stephen R. Gross		Trustee

Richard E. Hanson, Jr.* Richard E. Hanson, Jr.		Trustee


Diana R. Harrington* Diana R. Harrington		Trustee

Susan M. Heilbron* Susan M. Heilbron		Trustee

Susan B. Kerley* Susan B, Kerley		Trustee

Alan G. Merten* Alan G. Merten		Trustee

R. Richardson Pettit* R. Richardson Pettit		Trustee


*By:		/s/ R. Jay Gerken
		R. Jay Gerken

*	Attorney-in-Fact, pursuant to Power of Attorney.

EXHIBIT INDEX


Index No.		Description of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 3 lmpit12-20120620.xml XBRL INSTANCE DOCUMENT 0000764624 lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046426Member lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046427Member lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046428Member lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000064957Member lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046429Member lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046430Member lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046489Member lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046487Member lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000064958Member lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046488Member lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046486Member lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000074217Member lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000116258Member lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000074218Member lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000064739Member lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000116257Member lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046484Member lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000074219Member lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 2011-07-02 2012-07-01 0000764624 lmpit12:C000046489Member rr:AfterTaxesOnDistributionsMember lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046489Member rr:AfterTaxesOnDistributionsAndSalesMember lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:BarclaysCapitalCaliforniaMunicipalBondIndexMember lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:LipperCaliforniaMunicipalDebtFundsCategoryAverageMember lmpit12:S000016644Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046426Member rr:AfterTaxesOnDistributionsMember lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046426Member rr:AfterTaxesOnDistributionsAndSalesMember lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:BarclaysCapitalMunicipalBondIndexMember lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:LipperGeneralMunicipalDebtFundsCategoryAverageMember lmpit12:S000016628Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046484Member rr:AfterTaxesOnDistributionsMember lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:C000046484Member rr:AfterTaxesOnDistributionsAndSalesMember lmpit12:S000016642Member 2011-07-02 2012-07-01 0000764624 lmpit12:JpMorganEmergingMarketsBondIndexGlobalMember lmpit12:S000016642Member 2011-07-02 2012-07-01 pure iso4217:USD Legg Mason Western Asset Managed Municipals Fund Legg Mason Western Asset California Municipals Fund <a name="tx366701_1"></a>Investment objective <a name="tx366707_1"></a>Investment objective <a name="tx340686_1"></a>Investment objective Western Asset Emerging Markets Debt Fund The fund seeks to provide California investors with as high a level of current income exempt from federal income taxes and California state personal income taxes as is consistent with the preservation of capital. <a name="tx366701_2"></a>Fees and expenses of the fund The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 21 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 65 under the heading “Sales Charge Waivers and Reductions.” The fund seeks to maximize current interest income that is excluded from gross income for regular federal income tax purposes to the extent consistent with prudent investment management and preservation of capital. <a name="tx366707_2"></a>Fees and expenses of the fund The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 22 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 65 under the heading “Sales Charge Waivers and Reductions.” The fund seeks to maximize total return. <a name="tx340686_2"></a>Fees and expenses of the fund Shareholder fees (fees paid directly from your investment) The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 25 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 69 under the heading “Sales Charge Waivers and Reductions.” Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment (%)) <a name="tx366701_1"></a>Example Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) (%) Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) (%) Example Shareholder fees (fees paid directly from your investment) <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesLeggMasonWesternAssetCaliforniaMunicipalsFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesLeggMasonWesternAssetCaliforniaMunicipalsFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesWesternAssetEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesWesternAssetEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesLeggMasonWesternAssetManagedMunicipalsFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesLeggMasonWesternAssetManagedMunicipalsFund column period compact * ~</div> Example <a name="tx366701_3"></a>Principal investment strategies Under normal circumstances, the fund invests at least 80% of its assets in California municipal securities and other investments with similar economic characteristics, the interest on which is exempt from regular federal income tax and California state personal income tax but which may be subject to the alternative minimum tax. The fund’s 80% policy may not be changed without a shareholder vote. California municipal securities include debt obligations issued by the State of California and its political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers. These securities include participation or other interests in municipal securities issued or backed by banks, insurance companies and other financial institutions. The fund normally invests in intermediate-term and long-term municipal securities that have remaining maturities from one to more than thirty years at the time of purchase. The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated, determined to be of comparable credit quality by the subadviser) but may invest up to 20% of its assets in below investment grade bonds (commonly known as “junk bonds”). Some municipal securities, such as general obligation issues, are backed by the issuer’s taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself. Instead of investing directly in particular securities, the fund may use instruments such as derivatives, including futures contracts, and synthetic instruments that are intended to provide economic exposure to the securities or the issuer. The fund may use one or more types of these instruments to the extent consistent with its 80% policy. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives.” These instruments are taken into account when determining compliance with the fund’s 80% policy. The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes. The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. <a name="tx366701_4"></a>Certain risks Number of years you own your shares ($) <a name="tx340686_3"></a>Principal investment strategies Under normal circumstances, the fund invests at least 80% of its assets in fixed income securities issued by governments, government-related entities and corporations located in emerging markets and related investments. The fund may invest without limit in high yield debt securities and related investments rated below investment grade (that is, securities rated below the Baa/BBB categories), or, if unrated, determined to be of comparable credit quality by a subadviser. Below investment grade securities are commonly referred to as “junk bonds.” The fund may invest up to 50% of its assets in non-U.S. dollar denominated fixed income securities. These investments include, but are not limited to, instruments designed to restructure outstanding emerging market debt such as participations in loans between governments and financial institutions. The portfolio managers invest in at least three emerging market countries, which are countries that, at the time of investment, are represented in the JPMorgan Emerging Markets Bond Index Global or categorized by the World Bank in its annual categorization as middle- or low-income. The fund may invest in securities of any maturity. The portfolio managers attempt to maintain the dollar-weighted average effective duration of the fund’s portfolio, as estimated by the fund’s subadvisers, within a range of 20% (above or below) of the duration of the JPMorgan Emerging Markets Bond Index Global. Instead of investing directly in particular securities, the fund may use instruments such as derivatives, including credit default swaps and futures contracts, and synthetic instruments that are intended to provide economic exposure to the securities or the issuer. The fund may use one or more types of these instruments without limit. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives.” These instruments are taken into account when determining compliance with the fund’s 80% policy. The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes. The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. <a name="tx340686_4"></a>Certain risks This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:<ul type="square"><li style="margin-left:-20px">     You invest $10,000 in the fund for the time periods indicated </li></ul><ul type="square"><li style="margin-left:-20px">     Your investment has a 5% return each year and the fund’s operating expenses remain the same </li></ul><ul type="square"><li style="margin-left:-20px">     You reinvest all distributions and dividends without a sales charge </li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: Number of years you own your shares ($) This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:<ul type="square"><li style="margin-left:-20px">     You invest $10,000 in the fund for the time periods indicated </li></ul><ul type="square"><li style="margin-left:-20px">     Your investment has a 5% return each year and the fund’s operating expenses remain the same</li></ul><ul type="square"><li style="margin-left:-20px">     You reinvest all distributions and dividends without a sales charge </li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: Number of years you own your shares ($) Number of years you own your shares ($) Portfolio turnover. Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund. Market and interest rate risk. The market prices of the fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment will go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund’s investments may be negatively affected by the countries experiencing the difficulties. In addition, legislation recently enacted in the U.S. is changing many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be fully known for some time. Credit risk. If an issuer or guarantor of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. Derivatives risk. Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. Credit default swap contracts involve special risks and may result in losses to the fund. Credit default swaps may be illiquid and difficult to value, and they increase credit risk since the fund has exposure to both the issuer whose credit is the subject of the swap and the counterparty to the swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the fund. Foreign securities and emerging market risk. Foreign securities are subject to a number of additional risks, including nationalization or expropriation of assets, imposition of currency controls or restrictions, confiscatory taxation, political or financial instability and other adverse economic or political developments. Lack of information and less market regulation may also affect the value of these securities. Risks are greater for investments in emerging markets. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more advanced countries. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Currency risk. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. Leveraging risk. The value of your investment may be more volatile if the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund’s portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations. Liquidity risk. Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. Risk of increase in expenses. Your actual costs of investing in the fund may be higher than the expenses shown in “Annual fund operating expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. Prepayment or call risk. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund may also lose any premium it paid on the security. Extension risk. If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer. Risk of investing in fewer issuers. The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a small number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund. Valuation risk. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology. Cash management and defensive investing risk. Money market instruments or short-term debt securities held by the fund for cash management or defensive investing purposes can fluctuate in value. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, it will be subject to the credit risk of the depository institution holding the cash. If the fund holds cash uninvested, the fund will not earn income on the cash and the fund’s yield will go down. If a significant amount of the fund’s assets are used for cash management or defensive investing purposes, it will be more difficult for the fund to achieve its investment objective. Portfolio selection risk. The value of your investment may decrease if the portfolio managers’ judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector, country or region, or about interest rates, is incorrect. These risks are discussed in more detail later in this Prospectus or in the SAI. <a name="tx366707_3"></a>Principal investment strategies Under normal circumstances, the fund invests at least 80% of its assets in municipal securities and other investments with similar economic characteristics, the interest on which is exempt from regular federal income tax but which may be subject to the federal alternative minimum tax. The fund’s 80% policy may not be changed without a shareholder vote. Municipal securities include debt obligations issued by any of the 50 states and certain other municipal issuers and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers. These securities include participation or other interests in municipal securities issued or backed by banks, insurance companies and other financial institutions. The fund normally invests in intermediate-term and long-term municipal securities that have remaining maturities from one to more than thirty years at the time of purchase. The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated, determined to be of comparable credit quality by the subadviser) but may invest up to 20% of its assets in below investment grade bonds (commonly known as “junk bonds”). Some municipal securities, such as general obligation issues, are backed by the issuer’s taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself. Instead of investing directly in particular securities, the fund may use instruments such as derivatives, including futures contracts, and synthetic instruments that are intended to provide economic exposure to the securities or the issuer. The fund may use one or more types of these instruments to the extent consistent with its 80% policy. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives.” These instruments are taken into account when determining compliance with the fund’s 80% policy. The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes. <a name="tx366707_4"></a>Certain risks Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund. Market and interest rate risk. The market prices of the fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment will go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, legislation recently enacted in the U.S. is changing many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be fully known for some time. Credit risk. If an issuer or guarantor of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Junk bonds have a higher risk of default, and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. Derivatives risk. Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. Leveraging risk. The value of your investment may be more volatile if the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund’s portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations. Liquidity risk. Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. Risk of increase in expenses. Your actual costs of investing in the fund may be higher than the expenses shown in “Annual fund operating expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. Tax risk. The income on the fund’s municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. Prepayment or call risk. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. Extension risk. If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer. Risk of investing in fewer issuers. To the extent the fund invests its assets in a small number of issuers, the fund will be more susceptible to negative events affecting those issuers. Risks relating to investments in municipal securities. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. Valuation risk. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology. Cash management and defensive investing risk. Money market instruments or short-term debt securities held by the fund for cash management or defensive investing purposes can fluctuate in value. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, it will be subject to the credit risk of the depository institution holding the cash. If the fund holds cash uninvested, the fund will not earn income on the cash and the fund’s yield will go down. If a significant amount of the fund’s assets are used for cash management or defensive investing purposes, it will be more difficult for the fund to achieve its investment objective. Portfolio selection risk. The value of your investment may decrease if the portfolio managers' judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect. These risks are discussed in more detail later in this Prospectus or in the SAI. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:<ul type="square"><li style="margin-left:-20px">     You invest $10,000 in the fund for the time periods indicated </li></ul><ul type="square"><li style="margin-left:-20px">     Your investment has a 5% return each year and the fund’s operating expenses remain the same</li></ul><ul type="square"><li style="margin-left:-20px">     You reinvest all distributions and dividends without a sales charge </li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedLeggMasonWesternAssetManagedMunicipalsFund column period compact * ~</div> The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 9% of the average value of its portfolio. The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio. <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleNoRedemptionTransposedLeggMasonWesternAssetManagedMunicipalsFund column period compact * ~</div> Portfolio turnover. Number of years you own your shares ($) The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 16% of the average value of its portfolio. Number of years you own your shares ($) Portfolio turnover. <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedLeggMasonWesternAssetCaliforniaMunicipalsFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleNoRedemptionTransposedLeggMasonWesternAssetCaliforniaMunicipalsFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedWesternAssetEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleNoRedemptionTransposedWesternAssetEmergingMarketsDebtFund column period compact * ~</div> <a name="tx366701_5"></a>Performance The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark and an average. The fund makes updated performance information available at the fund’s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. 0.0425 0 0 0 0 0.045 0.01 0 0 0 0 15 15 15 Average annual total returns (for periods ended December 31, 2011) (%) <a name="tx340686_5"></a>Performance The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark. The fund makes updated performance information available at the fund’s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Total returns (before taxes) (%) The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. 0.0425 0 0 0 0 0.01 0 0 0.045 0 <a name="tx366707_5"></a>Performance Total returns (before taxes) (%) Average annual total returns (for periods ended December 31, 2011) (%) The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark and an average. The fund makes updated performance information available at the fund’s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. <center>Calendar Years ended December 31</center>Best quarter (6/30/2009): 19.40 Worst quarter (12/31/2008): (12.15) The year-to-date return as of the most recent calendar quarter, which ended 03/31/2012, was 5.68. The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns for classes other than Class A will vary from returns shown for Class A. <center>Calendar Years ended December 31</center>Best quarter (09/30/2009): 9.19 Worst quarter (12/31/2008): (5.02) The year-to-date return as of the most recent calendar quarter, which ended 03/31/2012 was 3.15 0.0425 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 <center>Calendar Years ended December 31</center>Best quarter (09/30/2009): 9.73 Worst quarter (12/31/2008): (6.61) The year-to-date return as of the most recent calendar quarter, which ended 03/31/2012, was 3.64 The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns for classes other than Class A will vary from returns shown for Class A. Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund. Market and interest rate risk. The market prices of the fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment will go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, legislation recently enacted in the U.S. is changing many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be fully known for some time. Credit risk. If an issuer or guarantor of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Junk bonds have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. Derivatives risk. Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. Leveraging risk. The value of your investment may be more volatile if the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund’s portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations. Liquidity risk. Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. Risk of increase in expenses. Your actual costs of investing in the fund may be higher than the expenses shown in “Annual fund operating expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. Tax risk. The income on the fund’s municipal securities could become subject to regular federal income or California state personal income taxes due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. Prepayment or call risk. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. Extension risk. If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer. Risk of investing in fewer issuers. The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a small number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund. Also, the fund may be more volatile than a more geographically diverse fund. Risks relating to investments in municipal securities. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. Risks associated with focusing on investments in California municipal securities. The fund focuses its investments on California municipal securities. The fund may be affected significantly by adverse economic, political or other events affecting California municipal issuers. The recent economic downturn has had a severe and negative impact on the State of California, causing a significant deterioration in California’s economic base. California’s economic and fiscal problems heighten the risks of investing in California municipal securities, including the risks of downgrades, market illiquidity and issuer defaults. Valuation risk. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology. Cash management and defensive investing risk. Money market instruments or short-term debt securities held by the fund for cash management or defensive investing purposes can fluctuate in value. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, it will be subject to the credit risk of the depository institution holding the cash. If the fund holds cash uninvested, the fund will not earn income on the cash and the fund’s yield will go down. If a significant amount of the fund’s assets are used for cash management or defensive investing purposes, it will be more difficult for the fund to achieve its investment objective. Portfolio selection risk. The value of your investment may decrease if the portfolio managers’ judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect. These risks are discussed in more detail later in this Prospectus or in the SAI. Total returns (before taxes) (%) <div style="display:none">~ http://www.leggmason.com/Role/ScheduleAnnualTotalReturnsLeggMasonWesternAssetManagedMunicipalsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/Role/ScheduleAnnualTotalReturnsWesternAssetEmergingMarketsDebtFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAverageAnnualTotalReturnsTransposedWesternAssetEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/Role/ScheduleAnnualTotalReturnsLeggMasonWesternAssetCaliforniaMunicipalsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAverageAnnualTotalReturnsTransposedLeggMasonWesternAssetManagedMunicipalsFund column period compact * ~</div> Average annual total returns (for periods ended December 31, 2011) (%) <div style="display:none">~ http://www.leggmason.com/role/ScheduleAverageAnnualTotalReturnsTransposedLeggMasonWesternAssetCaliforniaMunicipalsFund column period compact * ~</div> 0 0 15 0.0049 0.0049 0.0049 0.0049 0.0049 0.0015 0.0065 0.007 0.0025 0 0.0007 0.003 0.0009 0.001 0.0071 0.0144 0.0128 0.0093 0.0059 0.0071 0.0144 0.0128 0.0085 0.0059 0.0044 0.0044 0.0044 0.0044 0.0044 0.0044 0.0015 0.0065 0.007 0.0025 0 0 0.0017 0.0006 0.0007 0.0007 0.0018 -0.0008 0.0019 0.0017 0.0065 0.0126 0.0121 0.0086 0.0051 0.0062 -0.0001 -0.0012 0.0065 0.0126 0.0121 0.0085 0.0051 0.005 494 597 230 87 60 15 15 0 0 15 15 15 15 0 0 0 0 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.01 0.007 0.0025 0.005 0 0 0.004 0.004 0.0053 0.0025 0.004 0.0025 0.002 0.014 0.0215 0.0198 0.0125 0.0165 0.01 0.0095 -0.0015 -0.0015 -0.0028 -0.0005 -0.0015 -0.0005 -0.0015 0.0125 0.02 0.017 0.012 0.015 0.0095 0.008 2012-07-01 642 756 405 289 189 803 701 507 330 888 1269 1527 1544 1137 739 494 147 130 87 60 642 456 405 289 189 803 788 701 507 330 1269 1527 1544 1137 739 489 578 223 87 52 51 186 163 273 384 699 624 771 791 665 475 284 333 1200 1353 1465 1059 639 762 489 128 123 52 87 51 624 399 384 273 163 186 771 691 665 475 333 284 1200 1353 1465 1059 639 762 0.0742 0.0742 0.0645 0.0691 0.1226 0.1172 0.038 0.0389 0.0405 0.0504 0.0359 0.14 0.041 0.0409 0.0413 0.0412 0.0532 0.0437 0.048 0.0619 0.0467 0.0188 0.0298 0.0628 0.0388 -0.0877 0.1643 0.0172 0.1222 0.0381 0.106 0.0413 0.0397 0.1236 2007-03-02 December 31, 2013 0.16 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. 100000 0.0731 0.0601 0.0235 0.0306 0.0649 0.0418 -0.0934 0.2343 0.0007 0.129 0.081 0.081 0.0691 0.077 0.1126 0.1304 0.1302 0.107 0.1059 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. 100000 0.0475 0.0472 0.0499 0.0507 0.0582 0.0477 0.0522 0.0377 0.0489 0.0489 0.0484 0.049 0.0476 0.0552 0.0488 0.0538 0.0437 0.09 82 97 153 273 303 547 122 836 659 391 595 506 313 288 511 547 883 681 1145 1141 1042 1152 1219 1943 1506 2284 2021 2470 547 173 203 122 153 82 97 836 659 391 595 506 313 288 511 547 883 681 1042 1145 1141 1152 1219 1943 1506 2284 2470 2021 0.1199 0.3233 0.1299 0.1358 0.0869 0.0765 -0.1933 0.4301 0.1304 0.0541 December 31, 2013 0.0541 0.0349 0.0349 0.005 0.0373 0.0846 0.0808 0.0568 0.0596 0.1183 0.0775 0.0789 0.1104 0.04 0.0558 0.0475 0.0815 2010-09-02 2010-01-13 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. December 31, 2013 485BPOS LEGG MASON PARTNERS INCOME TRUST 0000764624 2012-06-20 2012-07-01 false You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark and an average. 1-877-721-1926 http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Best quarter 2009-09-30 0.0919 Worst quarter 2008-12-31 -0.0502 year-to-date return The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2012-03-31 0.0315 After-tax returns for classes other than Class A will vary from returns shown for Class A. “Other expenses” for Class R1, R and IS shares are estimated for the current fiscal year. Actual expenses may differ from estimates. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark. 1-877-721-1926 http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. Best quarter 2009-06-30 0.194 Worst quarter 2008-12-31 -0.1215 year-to-date return 2012-03-31 0.0568 “Other expenses” for Class FI shares are estimated for the current fiscal year. Actual expenses may differ from estimates. Best quarter 2009-09-30 0.0973 You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. Worst quarter 2008-12-31 -0.0661 The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark and an average. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns for classes other than Class A will vary from returns shown for Class A. http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) 1-877-721-1926 The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark and an average. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark. 2012-02-28 100000 “Other expenses” for Class FI shares are estimated for the current fiscal year. Actual expenses may differ from estimates. year-to-date return 2012-03-31 0.0364 The fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. The fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. 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. "Other expenses" for Class FI shares are estimated for the current fiscal year. Actual expenses may differ from estimates. The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 0.85% for Class FI shares and 0.60% for Class I shares. In addition, total annual fund operating expenses for Class 1 shares are not expected to exceed total annual fund operating expenses for Class A shares less the 12b-1 differential of 0.15%. These arrangements cannot be terminated prior to December 31, 2013 without the Board of Trustees' consent. The manager is permitted to recapture amounts waived or reimbursed to a class during the same fiscal year if the class' total annual operating expenses have fallen to a level below the limits described above. Generally, For Class I shares, for the period from March 31, 2007 to December 31, 2011, the average annual total return of the Barclays Capital California Municipal Bond Index was 5.13%. For Class I shares, for the period from March 31, 2007 to December 31, 2011, the average annual total return of the Lipper California Municipals Debt Funds Category Average was 3.64%. If your shares are held in a direct account and the value of your account is below $1,000 ($250 for retirement plans that are not employer-sponsored), 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. N/A "Other expenses" for Class R1, R and IS shares are estimated for the current fiscal year. Actual expenses may differ from estimates. The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 1.25% for Class A shares, 2.00% for Class R1 shares, 1.70% for Class C shares, 1.20% for Class FI shares, 1.50% for Class R shares, 0.95% for Class I shares and 0.80% for Class IS shares. These arrangements cannot be terminated prior to December 31, 2013 without the Board of Trustees' consent. The manager is permitted to recapture amounts waived or reimbursed to a class during the same fiscal year if the class' total annual operating expenses have fallen to a level below the limits described above. For Class A shares, for the period from January 13, 2010 to December 31, 2011, the average annual total return of the JPMorgan Emerging Markets Bond Index Global was 9.72%. For Class C shares, for the period from September 2, 2010 to December 31, 2011, the average annual total return of the JPMorgan Emerging Markets Bond Index Global was 5.98%. The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 0.85% for Class FI shares and 0.60% for Class I shares. These arrangements cannot be terminated prior to December 31, 2013 without the Board of Trustees' consent. The manager is permitted to recapture amounts waived or reimbursed to a class during the same fiscal year if the class' total annual operating expenses have fallen to a level below the limit described above. 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