Form 497 LEGG MASON PARTNERS INCO
SUPPLEMENT DATED SEPTEMBER 17, 2021
TO THE SUMMARY PROSPECTUS AND PROSPECTUS,
EACH DATED JUNE 30, 2021 , OF
WESTERN ASSET SHORT DURATION MUNICIPAL INCOME FUND (THE “FUND”)
I. | The following replaces in its entirety the corresponding information in the section of the Fund’s Prospectus and Summary Prospectus titled “Fees and expenses of the fund”: |
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Class A | Class C | Class FI | Class I | Class IS | |||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) |
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Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)3 |
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Small account fee5 |
$ |
$ |
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Class A | Class C | Class FI | Class I | Class IS | |||||||||||||||||||||
Management fees |
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Distribution and/or service (12b‑1) fees |
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Other expenses |
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Total annual fund operating expenses |
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Fees waived and/or expenses reimbursed7 |
( |
( |
( |
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Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
1 | |
2 | |
3 | |
4 | |
5 | |
6 | |
7 | |
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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date) |
• | 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:
1 year | 3 years | 5 years | 10 years | |||||||||||||||||
Class A (with or without redemption at end of period) |
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Class C (with or without redemption at end of period) |
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Class FI (with or without redemption at end of period) |
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Class I (with or without redemption at end of period) |
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Class IS (with or without redemption at end of period) |
II. | The following replaces in its entirety the section of the Fund’s Prospectus titled “More on fund management – Expense limitation”: |
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 the ratio of total annual fund operating expenses will not exceed 0.55% for Class A shares, 1.05% for Class C shares, 0.75% for Class FI shares, 0.40% for Class I shares and 0.35% for Class IS shares, subject to recapture as described below. In addition, the ratio of total annual fund operating expenses for Class IS shares will not exceed the ratio of total annual fund operating expenses for Class I shares, subject to recapture as described below. These arrangements are expected to continue until December 31, 2022, 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. These arrangements, however, may be modified by the manager to decrease total annual fund operating expenses at any time. The manager is also permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which the manager earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will the manager recapture any amount that would result, on any particular business day of the fund, in the class’ total annual fund operating expenses exceeding the applicable limits described above or any other lower limit then in effect. The manager has agreed to waive the fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. This management fee waiver is not subject to recapture.
Please retain this supplement for future reference.
WASX659859
2
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