Form 497K LEGG MASON PARTNERS INCO

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”:

(fees paid directly from your investment)

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

Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)³

Small account fee⁵

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

Management fees

Distribution and/or service (12b-1) fees

Other expenses

Total annual fund operating expenses

Fees waived and/or expenses reimbursed⁷

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

The sales charge is waived for shareholders purchasing Class A shares through accounts where Franklin Distributors is the broker-dealer of record (“Distributor Accounts”).

Shareholders purchasing Class A shares through certain Service Agents or in certain types of accounts may be eligible for a waiver of the sales charge. For additional information, see “Additional information about each share class — Sales charges” in the Prospectus.

Maximum deferred sales charge (load) may be reduced over time.

You may buy Class A shares in amounts of $250,000 or more at net asset value (without an initial sales charge), but if you redeem those shares within 18 months of their purchase, you will pay a contingent deferred sales charge of 0.50%.

If 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 by the fund or your Service Agent (with an annual maximum of $15.00 per account). Please contact your Service Agent or the fund for more information.

“Other expenses” for Class FI shares are estimated for the current fiscal year. Actual expenses may differ from estimates.

The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that 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 cannot be terminated prior to December 31, 2022 without the Board of Trustees’ consent. The manager is 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. In addition, 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 the recapture provision discussed above.

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

Class A (with or without redemption at end of period)

Class C (with or without redemption at end of period)

Class FI (with or without redemption at end of period)

Class I (with or without redemption at end of period)

Class IS (with or without redemption at end of period)

The following replaces in its entirety the section of the Fund’s Prospectus titled “More on fund management – Expense limitation”: