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LEGG MASON PARTNERS INCOME TRUST

SUPPLEMENT DATED NOVEMBER 28, 2012

TO THE SUMMARY PROSPECTUS AND PROSPECTUS,

EACH DATED JULY 1, 2012, OF

WESTERN ASSET MANAGED MUNICIPALS 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 July 1, 2012, as supplemented on July 1, 2012, August 31, 2012 and November 28, 2012, and as may be amended or further supplemented, the fund’s statement of additional information, dated July 1, 2012, as supplemented on July 1, 2012 and August 31, 2012, 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 February 29, 2012, are incorporated by reference into this Summary Prospectus.

Effective as of January 1, 2013, the following text 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 1

Maximum sales charge (load) imposed on purchases (as a % of offering price) (%)

  N/A

Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) (%)

  None

Small account fee 1

  $15

 

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of
your investment) (%)

Management fees

  0.44

Distribution and service (12b-1) fees

  None

Other expenses

  0.18

Total annual fund operating expenses

  0.62

Fees waived and/or expenses reimbursed

  — 2

Total annual fund operating expenses after waiving fees and/or reimbursing expenses

  0.62

 

  1  

If your shares are held in a direct account and the value of your account is below $1,000, the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records.

 

  2  

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 for Class 1 shares are not expected to exceed total annual operating expenses for Class A shares. This arrangement cannot be terminated prior to December 31, 2014 without the Board of Trustees’ consent.

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

 

1

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 1 (with or without redemption at end of period)

  

63

  

198

  

345

   774

Effective as of January 1, 2013, the following text replaces any inconsistent information in the section titled “More on fund management – Expense limitation” in the fund’s Prospectus:

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 for Class 1 shares are not expected to exceed total annual operating expenses for Class A shares, subject to recapture as described below. This arrangement is expected to continue until December 31, 2014, may be terminated prior to that date by agreement of the manager and the Board, and may be terminated at any time after that date by the manager.

Please retain this supplement for future reference.

 

WASX015113

 

2

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