0001193125-13-086106.txt : 20130301 0001193125-13-086106.hdr.sgml : 20130301 20130301085108 ACCESSION NUMBER: 0001193125-13-086106 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130301 DATE AS OF CHANGE: 20130301 EFFECTIVENESS DATE: 20130301 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-96408 FILM NUMBER: 13654798 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 S000008975 Western Asset High Income Fund C000024383 Class A SHIAX C000024384 Class B SHIBX C000024385 Class C C000024386 Class I SHIYX C000071124 Class R C000081534 Class C1 SHICX 497 1 d479097d497.htm LMP INCOME TRUST - WESTERN ASSET HIGH INCOME FUND LMP INCOME TRUST - Western Asset High Income Fund

Bingham McCutchen LLP

One Federal Street

Boston, Massachusetts 02110

March 1, 2013

VIA EDGAR

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

 

Re: Western Asset High Income Fund (the “Fund”), a series of Legg Mason Partners Income Trust (the “Registrant”)
     Securities Act File No. 002-96408
     Investment Company Act File No. 811-04254

Ladies and Gentlemen:

On behalf of the Registrant and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing in interactive data format information that appears in a supplement dated February 15, 2013 to the Fund’s Prospectus dated November 28, 2012.

Any questions or comments on the filing should be directed to the undersigned at (617) 951-8267.

 

Sincerely,
/s/ Barry N. Hurwitz
Barry N. Hurwitz

Enclosures

EX-101.INS 2 lmpit35-20130215.xml XBRL INSTANCE DOCUMENT 0000764624 2011-11-29 2012-11-28 0000764624 lmpit35:S000008975Member 2011-11-29 2012-11-28 Other 2012-07-31 LEGG MASON PARTNERS INCOME TRUST 0000764624 false 2013-02-15 2013-02-15 2012-11-28 <p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 18px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>LEGG MASON PARTNERS INCOME TRUST</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>SUPPLEMENT DATED FEBRUARY 15, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>TO THE SUMMARY PROSPECTUS, PROSPECTUS AND</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>STATEMENT OF ADDITIONAL INFORMATION,</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>EACH DATED NOVEMBER 28, 2012, OF</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>WESTERN ASSET HIGH INCOME FUND</b></font></p><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>The last sentence of the legend on the cover of the fund&#146;s Summary Prospectus is deleted and replaced with the following:</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">The fund&#146;s Prospectus, dated November&nbsp;28, 2012, as supplemented on February&nbsp;15, 2013, and as may be amended or further supplemented, the fund&#146;s statement of additional information, dated November&nbsp;28, 2012, as supplemented on January&nbsp;23, 2013 and February&nbsp;15, 2013, and as may be amended or further supplemented, and the independent registered public accounting firm&#146;s report and financial statements in the fund&#146;s annual report to shareholders, dated July&nbsp;31, 2012, are incorporated by reference into this Summary Prospectus.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Effective May&nbsp;1, 2013, the fund will be renamed Western Asset Short Duration High Income Fund.</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">In connection with the new name of the fund, certain additional changes, including the following, will also take effect:</font></p><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the Fund&#146;s 80% investment policy will be revised to include a broader reference to investments in high yield debt.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the types of securities in which the fund may invest will be supplemented to include shorter duration high yield instruments as well as adjustable-rate bank loans, among others.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the management fee paid by the fund, and as a result total annual fund operating expenses, will be reduced.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the fund&#146;s Class I shares will be open to purchases by new investors and incoming exchanges.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the Fund&#146;s benchmark index will be changed.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective immediately, the Fund&#146;s sales charge structure will be revised to match that of other short-focused fixed income funds in the Legg Mason funds complex.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>The following supplements, and to the extent inconsistent therewith, replaces any inconsistent information in the fund&#146;s Summary Prospectus, Prospectus and Statement of Additional Information (&#147;SAI&#148;):</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the fund&#146;s Class I shares will be open to purchases by new investors and incoming exchanges.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the fund&#146;s benchmark index will change to Barclays U.S. High Yield 1-5 Yr Cash Pay 2% Constrained Index, which is generally comprised of shorter duration high yield securities than the fund&#146;s current benchmark index. The fund&#146;s Manager believes the new index will provide shareholders with a better tool for assessing the fund&#146;s performance in light of the changes to its investment strategy.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><b style="font-family: ARIAL; font-size: small;"><br/></b></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><b style="font-family: ARIAL; font-size: small;">Effective immediately, the following replaces any inconsistent information in the section titled &#147;Fees and expenses of the fund&#148; in the fund&#146;s Summary Prospectus and Prospectus:</b></p><p style="font-family: 'Times New Roman'; font-size: 10px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="47%"></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td></tr><tr><td valign="bottom" ><font size="1" style="font-family: ARIAL;"><b>Shareholder fees&nbsp;</b>(fees paid directly from your investment)<b></b></font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;B</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C<br/>(Class&nbsp;R1<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C1<br/>(Class&nbsp;C<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;R</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;I</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Maximum sales charge (load) imposed on purchases (as a % of offering price)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">2.25</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Maximum deferred sales charge (load)<br/>(as a % of the lower of net asset value at purchase or redemption)<br/>(may be reduced over time)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Generally,<br/>none</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">4.50</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.00</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Small account fee<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">1</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Effective May&nbsp;1, 2013, the following replaces any inconsistent information in the section titled &#147;Fees and expenses of the fund&#148; in the fund&#146;s Summary Prospectus and Prospectus:</b></font></p><p style="font-family: 'Times New Roman'; font-size: 10px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="52%"></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td></tr><tr><td valign="bottom" ><font size="1" style="font-family: ARIAL;"><b>Annual fund operating expenses&nbsp;</b>(expenses that you pay each year as a percentage of the value of your<br/>investment)&nbsp;<b>(%)</b><b></b></font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;B</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C<br/>(Class&nbsp;R1<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C1<br/>(Class&nbsp;C<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;R</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;I</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Management fees</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Distribution and service (12b-1) fees</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.25</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.75</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.00</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.70</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.50</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Other expenses</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.18</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.32</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.26<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">2</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.17</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.26<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">2</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.15</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Total annual fund operating expenses</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.98</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.62</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.81</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.42</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.31</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.70</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Fees waived and/or expenses reimbursed</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">&#151;<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">N/A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">(0.06)<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">N/A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">&#151;<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">&#151;<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Total annual fund operating expenses after waiving fees and/or reimbursing expenses</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.98</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.62</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.75</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.42</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.31</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.70</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;"></font><font size="1" style="font-family: ARIAL;"> 1&nbsp;</font><font size="2" style="font-family: ARIAL;"></font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">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&#146;s books and records.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;"></font><font size="1" style="font-family: ARIAL;"> 2&nbsp;</font><font size="2" style="font-family: ARIAL;"></font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">&#147;Other expenses&#148; for Class C (formerly Class R1) and Class R shares are estimated for the current fiscal year. Actual expenses may differ from estimates.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;"></font><font size="1" style="font-family: ARIAL;"> 3&nbsp;</font><font size="2" style="font-family: ARIAL;"></font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">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 1.00% for Class&nbsp;A shares, 1.75% for Class C (formerly Class R1) shares, 1.40% for Class R shares and 0.85% for Class I shares. These arrangements cannot be terminated prior to December&nbsp;31, 2014 without the Board of Trustees&#146; consent. The manager is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class&#146; total annual operating expenses have fallen to a level below the limits described above.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 18px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Example</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">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:</font></p><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">You invest $10,000 in the fund for the time periods indicated</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Your investment has a 5% return each year and the fund&#146;s operating expenses remain the same</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">You reinvest all distributions and dividends without a sales charge</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="1">&nbsp;</font></p><font size="2" style="font-family: ARIAL;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><p style="font-family: 'Times New Roman'; font-size: 10px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="60%"></td><td valign="bottom" width="3%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td><td valign="bottom" width="4%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td><td valign="bottom" width="4%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td><td valign="bottom" width="4%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td></tr><tr><td valign="bottom" ><font size="1" style="font-family: ARIAL;"><b>Number of years you own your shares ($)</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1&nbsp;year</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">3&nbsp;years</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">5&nbsp;years</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">10&nbsp;years</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;A (with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">323</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">531</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">755</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,400</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class B (with redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">615</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">811</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">981</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,751</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class B (without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">165</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">511</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">881</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,751</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class C (Class R1 prior to August&nbsp;1, 2012)<br/>(with redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">278</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">564</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">975</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">2,122</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class C (Class R1 prior to August&nbsp;1, 2012)<br/>(without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">178</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">564</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">975</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">2,122</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class C1 (Class C prior to August&nbsp;1, 2012)<br/>(with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">145</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">450</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">777</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,703</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class R (with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">133</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">414</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">717</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,578</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class I (with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">72</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">225</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">391</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">871</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Effective May&nbsp;1, 2013, the following text supplements, and to the extent inconsistent therewith replaces, information contained in the fund&#146;s Summary Prospectus, Prospectus and SAI:</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Under normal circumstances, the fund invests at least 80% of its assets in high yield debt securities. High yield securities are rated below investment grade (that is, securities rated below the Baa/BBB categories, or, if unrated, determined to be comparable credit quality by a subadviser) and are commonly known as &#147;junk bonds.&#148;</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">The fund&#146;s investments may include, but will not be limited to, high yield corporate debt securities and adjustable rate bank loans.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration, as estimated by the fund&#146;s subadviser, of three years or less. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Subject to its 80% investment policy, the fund may also invest in investment grade fixed income securities, including, but not limited to, corporate debt securities, mortgage- and asset-backed securities and securities issued by foreign issuers, including securities issued by issuers in emerging market countries. The fund&#146;s investments in foreign securities may either be denominated in U.S. dollars or foreign currencies.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">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. These instruments are taken into account when determining compliance with the fund&#146;s 80% policy.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">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.</font></p> <p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 18px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>LEGG MASON PARTNERS INCOME TRUST</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>SUPPLEMENT DATED FEBRUARY 15, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>TO THE SUMMARY PROSPECTUS, PROSPECTUS AND</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>STATEMENT OF ADDITIONAL INFORMATION,</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>EACH DATED NOVEMBER 28, 2012, OF</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>WESTERN ASSET HIGH INCOME FUND</b></font></p><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>The last sentence of the legend on the cover of the fund&#146;s Summary Prospectus is deleted and replaced with the following:</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">The fund&#146;s Prospectus, dated November&nbsp;28, 2012, as supplemented on February&nbsp;15, 2013, and as may be amended or further supplemented, the fund&#146;s statement of additional information, dated November&nbsp;28, 2012, as supplemented on January&nbsp;23, 2013 and February&nbsp;15, 2013, and as may be amended or further supplemented, and the independent registered public accounting firm&#146;s report and financial statements in the fund&#146;s annual report to shareholders, dated July&nbsp;31, 2012, are incorporated by reference into this Summary Prospectus.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Effective May&nbsp;1, 2013, the fund will be renamed Western Asset Short Duration High Income Fund.</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">In connection with the new name of the fund, certain additional changes, including the following, will also take effect:</font></p><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the Fund&#146;s 80% investment policy will be revised to include a broader reference to investments in high yield debt.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the types of securities in which the fund may invest will be supplemented to include shorter duration high yield instruments as well as adjustable-rate bank loans, among others.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the management fee paid by the fund, and as a result total annual fund operating expenses, will be reduced.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the fund&#146;s Class I shares will be open to purchases by new investors and incoming exchanges.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the Fund&#146;s benchmark index will be changed.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Effective immediately, the Fund&#146;s sales charge structure will be revised to match that of other short-focused fixed income funds in the Legg Mason funds complex.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>The following supplements, and to the extent inconsistent therewith, replaces any inconsistent information in the fund&#146;s Summary Prospectus, Prospectus and Statement of Additional Information (&#147;SAI&#148;):</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the fund&#146;s Class I shares will be open to purchases by new investors and incoming exchanges.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Effective May&nbsp;1, 2013, the fund&#146;s benchmark index will change to Barclays U.S. High Yield 1-5 Yr Cash Pay 2% Constrained Index, which is generally comprised of shorter duration high yield securities than the fund&#146;s current benchmark index. The fund&#146;s Manager believes the new index will provide shareholders with a better tool for assessing the fund&#146;s performance in light of the changes to its investment strategy.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><b style="font-family: ARIAL; font-size: small;"><br/></b></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><b style="font-family: ARIAL; font-size: small;">Effective immediately, the following replaces any inconsistent information in the section titled &#147;Fees and expenses of the fund&#148; in the fund&#146;s Summary Prospectus and Prospectus:</b></p><p style="font-family: 'Times New Roman'; font-size: 10px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="47%"></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td></tr><tr><td valign="bottom" ><font size="1" style="font-family: ARIAL;"><b>Shareholder fees&nbsp;</b>(fees paid directly from your investment)<b></b></font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;B</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C<br/>(Class&nbsp;R1<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C1<br/>(Class&nbsp;C<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;R</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;I</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Maximum sales charge (load) imposed on purchases (as a % of offering price)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">2.25</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Maximum deferred sales charge (load)<br/>(as a % of the lower of net asset value at purchase or redemption)<br/>(may be reduced over time)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Generally,<br/>none</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">4.50</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.00</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Small account fee<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">1</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">$15</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Effective May&nbsp;1, 2013, the following replaces any inconsistent information in the section titled &#147;Fees and expenses of the fund&#148; in the fund&#146;s Summary Prospectus and Prospectus:</b></font></p><p style="font-family: 'Times New Roman'; font-size: 10px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="52%"></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td><td valign="bottom"></td><td></td></tr><tr><td valign="bottom" ><font size="1" style="font-family: ARIAL;"><b>Annual fund operating expenses&nbsp;</b>(expenses that you pay each year as a percentage of the value of your<br/>investment)&nbsp;<b>(%)</b><b></b></font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;B</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C<br/>(Class&nbsp;R1<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;C1<br/>(Class&nbsp;C<br/>prior&nbsp;to<br/>August&nbsp;1,<br/>2012)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;R</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;I</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Management fees</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.55</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Distribution and service (12b-1) fees</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.25</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.75</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.00</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.70</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.50</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">None</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Other expenses</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.18</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.32</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.26<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">2</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.17</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.26<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">2</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.15</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Total annual fund operating expenses</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.98</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.62</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.81</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.42</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.31</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.70</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Fees waived and/or expenses reimbursed</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">&#151;<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">N/A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">(0.06)<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">N/A</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">&#151;<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">&#151;<sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">3</sup></font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Total annual fund operating expenses after waiving fees and/or reimbursing expenses</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.98</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.62</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.75</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.42</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1.31</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">0.70</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;"></font><font size="1" style="font-family: ARIAL;"> 1&nbsp;</font><font size="2" style="font-family: ARIAL;"></font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">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&#146;s books and records.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;"></font><font size="1" style="font-family: ARIAL;"> 2&nbsp;</font><font size="2" style="font-family: ARIAL;"></font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">&#147;Other expenses&#148; for Class C (formerly Class R1) and Class R shares are estimated for the current fiscal year. Actual expenses may differ from estimates.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;"></font><font size="1" style="font-family: ARIAL;"> 3&nbsp;</font><font size="2" style="font-family: ARIAL;"></font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">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 1.00% for Class&nbsp;A shares, 1.75% for Class C (formerly Class R1) shares, 1.40% for Class R shares and 0.85% for Class I shares. These arrangements cannot be terminated prior to December&nbsp;31, 2014 without the Board of Trustees&#146; consent. The manager is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class&#146; total annual operating expenses have fallen to a level below the limits described above.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 18px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Example</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">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:</font></p><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">You invest $10,000 in the fund for the time periods indicated</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">Your investment has a 5% return each year and the fund&#146;s operating expenses remain the same</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 4px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1">&nbsp;</font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: ARIAL;">&#9642;</font></td><td width="1%" valign="top"><font size="1">&nbsp;</font></td><td align="left" valign="top"><font size="2" style="font-family: ARIAL;">You reinvest all distributions and dividends without a sales charge</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="1">&nbsp;</font></p><font size="2" style="font-family: ARIAL;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><p style="font-family: 'Times New Roman'; font-size: 10px; margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="60%"></td><td valign="bottom" width="3%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td><td valign="bottom" width="4%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td><td valign="bottom" width="4%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td><td valign="bottom" width="4%"></td><td style="width: 0pt;"></td><td></td><td></td><td style="width: 0pt;"></td></tr><tr><td valign="bottom" ><font size="1" style="font-family: ARIAL;"><b>Number of years you own your shares ($)</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1&nbsp;year</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">3&nbsp;years</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">5&nbsp;years</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">10&nbsp;years</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class&nbsp;A (with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">323</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">531</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">755</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,400</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class B (with redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">615</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">811</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">981</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,751</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class B (without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">165</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">511</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">881</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,751</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class C (Class R1 prior to August&nbsp;1, 2012)<br/>(with redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">278</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">564</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">975</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">2,122</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class C (Class R1 prior to August&nbsp;1, 2012)<br/>(without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">178</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">564</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">975</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">2,122</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class C1 (Class C prior to August&nbsp;1, 2012)<br/>(with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">145</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">450</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">777</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,703</font></td></tr><tr><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class R (with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">133</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">414</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">717</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">1,578</font></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">Class I (with or without redemption at end of period)</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">72</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">225</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">391</font></td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(178, 178, 178);"><font size="1" style="font-family: ARIAL;">871</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;"><b>Effective May&nbsp;1, 2013, the following text supplements, and to the extent inconsistent therewith replaces, information contained in the fund&#146;s Summary Prospectus, Prospectus and SAI:</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 4px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Under normal circumstances, the fund invests at least 80% of its assets in high yield debt securities. High yield securities are rated below investment grade (that is, securities rated below the Baa/BBB categories, or, if unrated, determined to be comparable credit quality by a subadviser) and are commonly known as &#147;junk bonds.&#148;</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">The fund&#146;s investments may include, but will not be limited to, high yield corporate debt securities and adjustable rate bank loans.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration, as estimated by the fund&#146;s subadviser, of three years or less. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">Subject to its 80% investment policy, the fund may also invest in investment grade fixed income securities, including, but not limited to, corporate debt securities, mortgage- and asset-backed securities and securities issued by foreign issuers, including securities issued by issuers in emerging market countries. The fund&#146;s investments in foreign securities may either be denominated in U.S. dollars or foreign currencies.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">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. These instruments are taken into account when determining compliance with the fund&#146;s 80% policy.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 10px; margin-bottom: 0px;"><font size="2" style="font-family: ARIAL;">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.</font></p> EX-101.SCH 3 lmpit35-20130215.xsd XBRL TAXONOMY EXTENSION SCHEMA 000000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 000010 - Document - Risk/Return Supplement {Unlabeled} - Western Asset High Income Fund link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Summary {Unlabeled} - Western Asset High Income Fund link:presentationLink link:calculationLink link:definitionLink 000012 - Schedule - Shareholder Fees {- Western Asset High Income Fund} link:presentationLink link:calculationLink link:definitionLink 000013 - Schedule - Annual Fund Operating Expenses {- Western Asset High Income Fund} link:presentationLink link:calculationLink link:definitionLink 000014 - Schedule - Expense Example {Transposed} {- Western Asset High Income Fund} link:presentationLink link:calculationLink link:definitionLink 000015 - Schedule - Expense Example, No Redemption {Transposed} {- Western Asset High Income Fund} link:presentationLink link:calculationLink link:definitionLink 000016 - Schedule - Annual Total Returns - Western Asset High Income Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns {Transposed} {- Western Asset High Income Fund} link:presentationLink link:calculationLink link:definitionLink 000018 - Document - Risk/Return Detail {Unlabeled} - Western Asset High Income Fund link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - Western Asset High Income Fund link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 lmpit35-20130215_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 lmpit35-20130215_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 lmpit35-20130215_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 7 lmpit35-20130215_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; 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LEGG MASON PARTNERS INCOME TRUST

SUPPLEMENT DATED FEBRUARY 15, 2013

TO THE SUMMARY PROSPECTUS, PROSPECTUS AND

STATEMENT OF ADDITIONAL INFORMATION,

EACH DATED NOVEMBER 28, 2012, OF

WESTERN ASSET HIGH INCOME FUND

 

The last sentence of the legend on the cover of the fund’s Summary Prospectus is deleted and replaced with the following:

The fund’s Prospectus, dated November 28, 2012, as supplemented on February 15, 2013, and as may be amended or further supplemented, the fund’s statement of additional information, dated November 28, 2012, as supplemented on January 23, 2013 and February 15, 2013, and as may be amended or further supplemented, and the independent registered public accounting firm’s report and financial statements in the fund’s annual report to shareholders, dated July 31, 2012, are incorporated by reference into this Summary Prospectus.

Effective May 1, 2013, the fund will be renamed Western Asset Short Duration High Income Fund.

In connection with the new name of the fund, certain additional changes, including the following, will also take effect:

 

  Effective May 1, 2013, the Fund’s 80% investment policy will be revised to include a broader reference to investments in high yield debt.

 

  Effective May 1, 2013, the types of securities in which the fund may invest will be supplemented to include shorter duration high yield instruments as well as adjustable-rate bank loans, among others.

 

  Effective May 1, 2013, the management fee paid by the fund, and as a result total annual fund operating expenses, will be reduced.

 

  Effective May 1, 2013, the fund’s Class I shares will be open to purchases by new investors and incoming exchanges.

 

  Effective May 1, 2013, the Fund’s benchmark index will be changed.

 

  Effective immediately, the Fund’s sales charge structure will be revised to match that of other short-focused fixed income funds in the Legg Mason funds complex.

The following supplements, and to the extent inconsistent therewith, replaces any inconsistent information in the fund’s Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”):

Effective May 1, 2013, the fund’s Class I shares will be open to purchases by new investors and incoming exchanges.

Effective May 1, 2013, the fund’s benchmark index will change to Barclays U.S. High Yield 1-5 Yr Cash Pay 2% Constrained Index, which is generally comprised of shorter duration high yield securities than the fund’s current benchmark index. The fund’s Manager believes the new index will provide shareholders with a better tool for assessing the fund’s performance in light of the changes to its investment strategy.


Effective immediately, the following replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus:

 

Shareholder fees (fees paid directly from your investment)
  Class A Class B Class C
(Class R1
prior to
August 1,
2012)
 Class C1
(Class C
prior to
August 1,
2012)
 Class R Class I
Maximum sales charge (load) imposed on purchases (as a % of offering price) 2.25 None None None None None
Maximum deferred sales charge (load)
(as a % of the lower of net asset value at purchase or redemption)
(may be reduced over time)
 Generally,
none
 4.50 1.00 None None None
Small account fee1 $15 $15 $15 $15 None None

Effective May 1, 2013, the following replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus:

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your
investment) (%)
  Class A Class B Class C
(Class R1
prior to
August 1,
2012)
 Class C1
(Class C
prior to
August 1,
2012)
 Class R Class I
Management fees 0.55 0.55 0.55 0.55 0.55 0.55
Distribution and service (12b-1) fees 0.25 0.75 1.00 0.70 0.50 None
Other expenses 0.18 0.32 0.262 0.17 0.262 0.15
Total annual fund operating expenses 0.98 1.62 1.81 1.42 1.31 0.70
Fees waived and/or expenses reimbursed 3 N/A (0.06)3 N/A 3 3
Total annual fund operating expenses after waiving fees and/or reimbursing expenses 0.98 1.62 1.75 1.42 1.31 0.70

 

 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.

 

 “Other expenses” for Class C (formerly Class R1) and Class R 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 1.00% for Class A shares, 1.75% for Class C (formerly Class R1) shares, 1.40% for Class R shares and 0.85% for Class I shares. These arrangements cannot be terminated prior to December 31, 2014 without the Board of Trustees’ consent. The manager is permitted to recapture amounts waived and/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.

Example

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:

 

  You invest $10,000 in the fund for the time periods indicated

 

  Your investment has a 5% return each year and the fund’s operating expenses remain the same

 

  You reinvest all distributions and dividends without a sales charge

 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

Number of years you own your shares ($)      
   1 year  3 years  5 years  10 years
Class A (with or without redemption at end of period)  323  531  755  1,400
Class B (with redemption at end of period)  615  811  981  1,751
Class B (without redemption at end of period)  165  511  881  1,751
Class C (Class R1 prior to August 1, 2012)
(with redemption at end of period)
  278  564  975  2,122
Class C (Class R1 prior to August 1, 2012)
(without redemption at end of period)
  178  564  975  2,122
Class C1 (Class C prior to August 1, 2012)
(with or without redemption at end of period)
  145  450  777  1,703
Class R (with or without redemption at end of period)  133  414  717  1,578
Class I (with or without redemption at end of period)  72  225  391  871

Effective May 1, 2013, the following text supplements, and to the extent inconsistent therewith replaces, information contained in the fund’s Summary Prospectus, Prospectus and SAI:

Under normal circumstances, the fund invests at least 80% of its assets in high yield debt securities. High yield securities are rated below investment grade (that is, securities rated below the Baa/BBB categories, or, if unrated, determined to be comparable credit quality by a subadviser) and are commonly known as “junk bonds.”

The fund’s investments may include, but will not be limited to, high yield corporate debt securities and adjustable rate bank loans.

Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration, as estimated by the fund’s subadviser, of three years or less. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).

Subject to its 80% investment policy, the fund may also invest in investment grade fixed income securities, including, but not limited to, corporate debt securities, mortgage- and asset-backed securities and securities issued by foreign issuers, including securities issued by issuers in emerging market countries. The fund’s investments in foreign securities may either be denominated in U.S. dollars or foreign currencies.

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. 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.

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XML 12 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName LEGG MASON PARTNERS INCOME TRUST
Prospectus Date rr_ProspectusDate Nov. 28, 2012
Supplement [Text Block] lmpit35_SupplementTextBlock

LEGG MASON PARTNERS INCOME TRUST

SUPPLEMENT DATED FEBRUARY 15, 2013

TO THE SUMMARY PROSPECTUS, PROSPECTUS AND

STATEMENT OF ADDITIONAL INFORMATION,

EACH DATED NOVEMBER 28, 2012, OF

WESTERN ASSET HIGH INCOME FUND

 

The last sentence of the legend on the cover of the fund’s Summary Prospectus is deleted and replaced with the following:

The fund’s Prospectus, dated November 28, 2012, as supplemented on February 15, 2013, and as may be amended or further supplemented, the fund’s statement of additional information, dated November 28, 2012, as supplemented on January 23, 2013 and February 15, 2013, and as may be amended or further supplemented, and the independent registered public accounting firm’s report and financial statements in the fund’s annual report to shareholders, dated July 31, 2012, are incorporated by reference into this Summary Prospectus.

Effective May 1, 2013, the fund will be renamed Western Asset Short Duration High Income Fund.

In connection with the new name of the fund, certain additional changes, including the following, will also take effect:

 

  Effective May 1, 2013, the Fund’s 80% investment policy will be revised to include a broader reference to investments in high yield debt.

 

  Effective May 1, 2013, the types of securities in which the fund may invest will be supplemented to include shorter duration high yield instruments as well as adjustable-rate bank loans, among others.

 

  Effective May 1, 2013, the management fee paid by the fund, and as a result total annual fund operating expenses, will be reduced.

 

  Effective May 1, 2013, the fund’s Class I shares will be open to purchases by new investors and incoming exchanges.

 

  Effective May 1, 2013, the Fund’s benchmark index will be changed.

 

  Effective immediately, the Fund’s sales charge structure will be revised to match that of other short-focused fixed income funds in the Legg Mason funds complex.

The following supplements, and to the extent inconsistent therewith, replaces any inconsistent information in the fund’s Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”):

Effective May 1, 2013, the fund’s Class I shares will be open to purchases by new investors and incoming exchanges.

Effective May 1, 2013, the fund’s benchmark index will change to Barclays U.S. High Yield 1-5 Yr Cash Pay 2% Constrained Index, which is generally comprised of shorter duration high yield securities than the fund’s current benchmark index. The fund’s Manager believes the new index will provide shareholders with a better tool for assessing the fund’s performance in light of the changes to its investment strategy.


Effective immediately, the following replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus:

 

Shareholder fees (fees paid directly from your investment)
  Class A Class B Class C
(Class R1
prior to
August 1,
2012)
 Class C1
(Class C
prior to
August 1,
2012)
 Class R Class I
Maximum sales charge (load) imposed on purchases (as a % of offering price) 2.25 None None None None None
Maximum deferred sales charge (load)
(as a % of the lower of net asset value at purchase or redemption)
(may be reduced over time)
 Generally,
none
 4.50 1.00 None None None
Small account fee1 $15 $15 $15 $15 None None

Effective May 1, 2013, the following replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus:

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your
investment) (%)
  Class A Class B Class C
(Class R1
prior to
August 1,
2012)
 Class C1
(Class C
prior to
August 1,
2012)
 Class R Class I
Management fees 0.55 0.55 0.55 0.55 0.55 0.55
Distribution and service (12b-1) fees 0.25 0.75 1.00 0.70 0.50 None
Other expenses 0.18 0.32 0.262 0.17 0.262 0.15
Total annual fund operating expenses 0.98 1.62 1.81 1.42 1.31 0.70
Fees waived and/or expenses reimbursed 3 N/A (0.06)3 N/A 3 3
Total annual fund operating expenses after waiving fees and/or reimbursing expenses 0.98 1.62 1.75 1.42 1.31 0.70

 

 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.

 

 “Other expenses” for Class C (formerly Class R1) and Class R 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 1.00% for Class A shares, 1.75% for Class C (formerly Class R1) shares, 1.40% for Class R shares and 0.85% for Class I shares. These arrangements cannot be terminated prior to December 31, 2014 without the Board of Trustees’ consent. The manager is permitted to recapture amounts waived and/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.

Example

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:

 

  You invest $10,000 in the fund for the time periods indicated

 

  Your investment has a 5% return each year and the fund’s operating expenses remain the same

 

  You reinvest all distributions and dividends without a sales charge

 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

Number of years you own your shares ($)      
   1 year  3 years  5 years  10 years
Class A (with or without redemption at end of period)  323  531  755  1,400
Class B (with redemption at end of period)  615  811  981  1,751
Class B (without redemption at end of period)  165  511  881  1,751
Class C (Class R1 prior to August 1, 2012)
(with redemption at end of period)
  278  564  975  2,122
Class C (Class R1 prior to August 1, 2012)
(without redemption at end of period)
  178  564  975  2,122
Class C1 (Class C prior to August 1, 2012)
(with or without redemption at end of period)
  145  450  777  1,703
Class R (with or without redemption at end of period)  133  414  717  1,578
Class I (with or without redemption at end of period)  72  225  391  871

Effective May 1, 2013, the following text supplements, and to the extent inconsistent therewith replaces, information contained in the fund’s Summary Prospectus, Prospectus and SAI:

Under normal circumstances, the fund invests at least 80% of its assets in high yield debt securities. High yield securities are rated below investment grade (that is, securities rated below the Baa/BBB categories, or, if unrated, determined to be comparable credit quality by a subadviser) and are commonly known as “junk bonds.”

The fund’s investments may include, but will not be limited to, high yield corporate debt securities and adjustable rate bank loans.

Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration, as estimated by the fund’s subadviser, of three years or less. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).

Subject to its 80% investment policy, the fund may also invest in investment grade fixed income securities, including, but not limited to, corporate debt securities, mortgage- and asset-backed securities and securities issued by foreign issuers, including securities issued by issuers in emerging market countries. The fund’s investments in foreign securities may either be denominated in U.S. dollars or foreign currencies.

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. 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.

Western Asset High Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] lmpit35_SupplementTextBlock

LEGG MASON PARTNERS INCOME TRUST

SUPPLEMENT DATED FEBRUARY 15, 2013

TO THE SUMMARY PROSPECTUS, PROSPECTUS AND

STATEMENT OF ADDITIONAL INFORMATION,

EACH DATED NOVEMBER 28, 2012, OF

WESTERN ASSET HIGH INCOME FUND

 

The last sentence of the legend on the cover of the fund’s Summary Prospectus is deleted and replaced with the following:

The fund’s Prospectus, dated November 28, 2012, as supplemented on February 15, 2013, and as may be amended or further supplemented, the fund’s statement of additional information, dated November 28, 2012, as supplemented on January 23, 2013 and February 15, 2013, and as may be amended or further supplemented, and the independent registered public accounting firm’s report and financial statements in the fund’s annual report to shareholders, dated July 31, 2012, are incorporated by reference into this Summary Prospectus.

Effective May 1, 2013, the fund will be renamed Western Asset Short Duration High Income Fund.

In connection with the new name of the fund, certain additional changes, including the following, will also take effect:

 

  Effective May 1, 2013, the Fund’s 80% investment policy will be revised to include a broader reference to investments in high yield debt.

 

  Effective May 1, 2013, the types of securities in which the fund may invest will be supplemented to include shorter duration high yield instruments as well as adjustable-rate bank loans, among others.

 

  Effective May 1, 2013, the management fee paid by the fund, and as a result total annual fund operating expenses, will be reduced.

 

  Effective May 1, 2013, the fund’s Class I shares will be open to purchases by new investors and incoming exchanges.

 

  Effective May 1, 2013, the Fund’s benchmark index will be changed.

 

  Effective immediately, the Fund’s sales charge structure will be revised to match that of other short-focused fixed income funds in the Legg Mason funds complex.

The following supplements, and to the extent inconsistent therewith, replaces any inconsistent information in the fund’s Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”):

Effective May 1, 2013, the fund’s Class I shares will be open to purchases by new investors and incoming exchanges.

Effective May 1, 2013, the fund’s benchmark index will change to Barclays U.S. High Yield 1-5 Yr Cash Pay 2% Constrained Index, which is generally comprised of shorter duration high yield securities than the fund’s current benchmark index. The fund’s Manager believes the new index will provide shareholders with a better tool for assessing the fund’s performance in light of the changes to its investment strategy.


Effective immediately, the following replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus:

 

Shareholder fees (fees paid directly from your investment)
  Class A Class B Class C
(Class R1
prior to
August 1,
2012)
 Class C1
(Class C
prior to
August 1,
2012)
 Class R Class I
Maximum sales charge (load) imposed on purchases (as a % of offering price) 2.25 None None None None None
Maximum deferred sales charge (load)
(as a % of the lower of net asset value at purchase or redemption)
(may be reduced over time)
 Generally,
none
 4.50 1.00 None None None
Small account fee1 $15 $15 $15 $15 None None

Effective May 1, 2013, the following replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus:

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your
investment) (%)
  Class A Class B Class C
(Class R1
prior to
August 1,
2012)
 Class C1
(Class C
prior to
August 1,
2012)
 Class R Class I
Management fees 0.55 0.55 0.55 0.55 0.55 0.55
Distribution and service (12b-1) fees 0.25 0.75 1.00 0.70 0.50 None
Other expenses 0.18 0.32 0.262 0.17 0.262 0.15
Total annual fund operating expenses 0.98 1.62 1.81 1.42 1.31 0.70
Fees waived and/or expenses reimbursed 3 N/A (0.06)3 N/A 3 3
Total annual fund operating expenses after waiving fees and/or reimbursing expenses 0.98 1.62 1.75 1.42 1.31 0.70

 

 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.

 

 “Other expenses” for Class C (formerly Class R1) and Class R 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 1.00% for Class A shares, 1.75% for Class C (formerly Class R1) shares, 1.40% for Class R shares and 0.85% for Class I shares. These arrangements cannot be terminated prior to December 31, 2014 without the Board of Trustees’ consent. The manager is permitted to recapture amounts waived and/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.

Example

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:

 

  You invest $10,000 in the fund for the time periods indicated

 

  Your investment has a 5% return each year and the fund’s operating expenses remain the same

 

  You reinvest all distributions and dividends without a sales charge

 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

Number of years you own your shares ($)      
   1 year  3 years  5 years  10 years
Class A (with or without redemption at end of period)  323  531  755  1,400
Class B (with redemption at end of period)  615  811  981  1,751
Class B (without redemption at end of period)  165  511  881  1,751
Class C (Class R1 prior to August 1, 2012)
(with redemption at end of period)
  278  564  975  2,122
Class C (Class R1 prior to August 1, 2012)
(without redemption at end of period)
  178  564  975  2,122
Class C1 (Class C prior to August 1, 2012)
(with or without redemption at end of period)
  145  450  777  1,703
Class R (with or without redemption at end of period)  133  414  717  1,578
Class I (with or without redemption at end of period)  72  225  391  871

Effective May 1, 2013, the following text supplements, and to the extent inconsistent therewith replaces, information contained in the fund’s Summary Prospectus, Prospectus and SAI:

Under normal circumstances, the fund invests at least 80% of its assets in high yield debt securities. High yield securities are rated below investment grade (that is, securities rated below the Baa/BBB categories, or, if unrated, determined to be comparable credit quality by a subadviser) and are commonly known as “junk bonds.”

The fund’s investments may include, but will not be limited to, high yield corporate debt securities and adjustable rate bank loans.

Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration, as estimated by the fund’s subadviser, of three years or less. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).

Subject to its 80% investment policy, the fund may also invest in investment grade fixed income securities, including, but not limited to, corporate debt securities, mortgage- and asset-backed securities and securities issued by foreign issuers, including securities issued by issuers in emerging market countries. The fund’s investments in foreign securities may either be denominated in U.S. dollars or foreign currencies.

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. 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.

XML 13 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Nov. 28, 2012
Risk/Return:  
Document Type Other
Document Period End Date Jul. 31, 2012
Registrant Name LEGG MASON PARTNERS INCOME TRUST
Central Index Key 0000764624
Amendment Flag false
Document Creation Date Feb. 15, 2013
Document Effective Date Feb. 15, 2013
Prospectus Date Nov. 28, 2012
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName LEGG MASON PARTNERS INCOME TRUST
Prospectus Date rr_ProspectusDate Nov. 28, 2012
Document Creation Date dei_DocumentCreationDate Feb. 15, 2013
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