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0.0362 0.0149 0.0399 0.0157 0.0007 -0.0098 0.0656 0.0605 0.0483 WESTERN ASSET ULTRA-SHORT INCOME FUND Total returns (%) Before taxes N-1A Legg Mason Partners Income Trust 2026-10-01 Investment objective <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The fund seeks current income and capital preservation while maintaining liquidity. </div> Fees and expenses of the fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The accompanying table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">You may qualify for sales charge discounts. Information about such discounts is available from your Service Agent, in the fund’s Prospectus on page 30 under the heading “Additional information about each share class,” in the appendix titled “Appendix: Waivers and Discounts Available from Certain Service Agents” on page A-1 of the fund’s Prospectus and in the fund’s Statement of Additional Information (“SAI”) on page 85 under the heading “Waivers of Contingent Deferred Sales Charge.” “Service Agents” include banks, brokers, dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with Franklin Distributors, LLC (“Franklin Distributors” or the “Distributor”), the fund’s distributor, to sell shares of the fund. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">If you purchase Class I shares or Class IS shares through a Service Agent acting solely as an agent on behalf of its customers, that Service Agent may charge you a commission. Such commissions, if any, are not charged by the fund and are not reflected in the fee table or expense example below. </div> Shareholder fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0.0100 0 0 0 0 15 15 15 0 0 0 Annual fund operating expenses (%)(expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0.0030 0.0030 0.0030 0.0025 0.0100 0.0075 0.0050 0 0 0.0016 0.0015 0.0049 0.0029 0.0018 0.0009 0.0071 0.0145 0.0154 0.0109 0.0048 0.0039 -0.0006 -0.0016 -0.0010 -0.0004 0.0065 0.0145 0.0138 0.0109 0.0038 0.0035 Other expenses for Class R shares are estimated for the current fiscal year. Actual expenses may differ from estimates. December 31, 2027 Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">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: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">You invest $10,000 in the fund for the time periods indicated </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Your investment has a 5% return each year and the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date) </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">You reinvest all distributions and dividends without a sales charge </div> </td> </tr> </table><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> Number of years you own your shares ($) Number of years you own your shares ($) 66 66 221 221 389 389 877 877 248 459 793 1535 148 459 793 1535 140 140 470 470 824 824 1595 1595 111 111 346 346 601 601 1329 1329 39 39 144 144 259 259 594 594 36 36 122 122 216 216 490 490 Portfolio turnover. The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 48% of the average value of its portfolio. 0.48 Principal investment strategies <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Under normal circumstances, the fund will invest its assets in debt obligations, other fixed income securities and related investments. The fund may invest in all types of U.S. dollar denominated short-term debt instruments, including bank obligations, commercial paper and asset-backed securities, mortgage-backed securities (including U.S. government and privately issued mortgage-backed securities, collateralized mortgage obligations and mortgage-related derivative securities), U.S. government agency or instrumentality securities, corporate loans, corporate debt securities, structured instruments and repurchase agreements. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated, determined to be of comparable credit quality by the fund’s subadviser), but may invest up to 10% of its assets in below investment grade bonds (commonly known as “high yield” or “junk” bonds). </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Although the fund may invest in securities of any maturity, the fund normally expects to maintain a dollar-weighted average effective duration, as estimated by the subadviser of less than or equal to one year. 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). </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The fund may invest up to 25% of its assets in U.S. dollar-denominated securities of foreign issuers, including mortgage-backed securities and asset-backed securities issued by foreign entities. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options and futures contracts, and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The fund may use one or more types of these instruments without limit, subject to applicable regulatory requirements. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives” in the fund’s Prospectus. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">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. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The fund may borrow money to buy additional securities or for other purposes. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated, determined to be of comparable credit quality by the fund’s subadviser), but may invest up to 10% of its assets in below investment grade bonds (commonly known as “high yield” or “junk” bonds). </div>  You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or government agency. <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Market and interest rate risk.</span><span style="font-family:arial narrow"> The market prices of securities held by the fund may go up or down, sometimes rapidly or unpredictably. If the market prices of the fund’s securities fall, the value of your investment in the fund will decline. The market price of a security may fall due to general market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the fund. Recently, there have been inflationary price movements. As a result, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the fund invests. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The maturity of a security may be significantly longer than its duration. A security’s maturity and other features may be more relevant than its duration in determining the security’s sensitivity to other factors affecting the issuer or markets generally such as changes in credit quality or in the yield premium that the market may establish for certain types of securities. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Credit risk.</span><span style="font-family:arial narrow"> If an issuer or guarantor of a security held by the fund or a counterparty to a financial contract with the fund defaults or its credit is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Subordinated securities (meaning securities that rank below other securities with respect to claims on the issuer’s assets) are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">High yield (“junk”) bonds risk.</span><span style="font-family:arial narrow"> High yield bonds are generally subject to greater credit risks than higher-grade bonds, including the risk of default on the payment of interest or principal. High yield bonds are considered speculative, typically have lower liquidity and are more difficult to value than higher grade bonds. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments and may be difficult to sell at a desired price, or at all, during periods of uncertainty or market turmoil. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Derivatives risk.</span><span style="font-family:arial narrow"> Using derivatives can increase fund losses and reduce opportunities for gains, such as when market prices, interest rates, currencies, or the derivatives themselves, behave in a way not anticipated by the fund’s subadviser. Using derivatives also can have a leveraging effect and increase fund volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may not be available at the time or price desired, may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may have different tax consequences for the fund than an investment in the underlying asset, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and non-U.S. governments have adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Leverage risk. </span><span style="font-family:arial narrow">The value of your investment may be more volatile if the fund borrows or uses instruments, such as derivatives, that have a leveraging effect on the fund’s portfolio. Other risks described in the Prospectus also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations created by the use of leverage or derivatives. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund’s assets. In addition, the fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption, and losses will result if the value of the </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">fund’s assets declines between the time a redemption request is deemed to be received by the fund and the time the fund liquidates assets to meet redemption requests. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Illiquidity risk.</span><span style="font-family:arial narrow"> Some assets held by the fund may be or become impossible or difficult to sell and some assets that the fund wants to invest in may be impossible or difficult to purchase, particularly during times of market turmoil or due to adverse changes in the conditions of a particular issuer. These illiquid assets may also be volatile and difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the fund’s ability to buy or sell such securities. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the fund may be forced to sell at a substantial loss or may not be able to sell at all. The fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). The liquidity of certain assets, particularly of privately-issued and non-investment grade mortgage-backed securities, asset-backed securities and collateralized debt obligations, may be difficult to ascertain and may change over time. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Foreign investments and emerging markets risk.</span><span style="font-family:arial narrow"> The fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the fund’s entire investment in one or more countries. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in certain foreign markets, particularly emerging market countries, and shareholders may have limited legal remedies. To the extent the fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on fund performance relative to a more geographically diversified fund. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The fund may be unable or may choose not to hedge its foreign currency exposure. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. Settlement of trades in these markets can take longer than in other markets and the fund may not receive its proceeds from the sale of certain securities for an extended period (possibly several weeks or even longer). </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The risks of foreign investments are heightened when investing in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less developed and are less stable than those of more developed countries. Their economies tend to be less diversified than those of more developed countries. They typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic or a natural disaster. They are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Not a money market fund.</span><span style="font-family:arial narrow"> The fund is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. The fund also does not qualify for the special tax treatment or related accounting methods accorded money market funds under Treasury regulations. Under normal conditions, the fund’s investments may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to the fund’s investments. The fund does not attempt to maintain a stable net asset value. Therefore, the fund’s net asset value per share will fluctuate. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Prepayment or call risk.</span><span style="font-family:arial narrow"> Many issuers have a right to prepay their fixed income securities. Issuers may be more likely to prepay their securities if interest rates fall. If this happens, the fund may not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on prepaid securities. The fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Extension risk.</span><span style="font-family:arial narrow"> When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Valuation risk</span><span style="font-family:arial narrow">. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the fund’s investments involves subjective judgment, which may prove to be incorrect. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Market events risk. </span><span style="font-family:arial narrow">The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the fund’s investments may be negatively affected. Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant adverse impact on certain fund investments as well as fund performance and liquidity. Following Russia’s invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund’s investments. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the fund’s investments, impair the fund’s ability to satisfy redemption requests, and negatively impact the fund’s performance. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities or the broader U.S. or global economies. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the fund’s assets may go down. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Inflation risk.</span><span style="font-family:arial narrow"> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as prices go up and the purchasing power of money goes down. The market prices of debt securities generally fall as inflation increases because the purchasing power of the principal and income is expected to be less when paid. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Mortgage-backed and asset-backed securities risk.</span><span style="font-family:arial narrow"> When market interest rates increase, the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of the interest rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the fund. Conversely, when market interest rates decline, while the value of mortgage-backed securities may increase, the rate of prepayment of the underlying mortgages also tends to increase, which shortens the effective duration of these securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited, and therefore certain asset-backed securities present a heightened level of risk. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Portfolio management risk.</span><span style="font-family:arial narrow"> The value of your investment may decrease if the subadviser’s judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates or other market factors, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the subadviser. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the subadviser and could have an adverse effect on the value or performance of the fund. </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Redemption risk.</span><span style="font-family:arial narrow"> The fund may experience heavy redemptions that could cause the fund to liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the fund’s net asset value, performance, or ability to satisfy redemptions in a timely manner, which could cause the value of your investment to decline. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Cybersecurity risk.</span><span style="font-family:arial narrow"> Like other funds and business enterprises, the fund, the manager, the subadviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the fund, the manager, the subadviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The fund, the manager, and the subadviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund, the manager, and/or the subadviser. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">These and other risks are discussed in more detail in the Prospectus or in the Statement of Additional Information. </div> Performance <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The fund changed its name and revised its principal investment strategies as of April 22, 2020. Performance information shown below for periods prior to that date reflects the performance of the fund prior to these changes. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund and share class), or by calling the fund at 877-6LM-FUND/656-3863. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com/prospectus (select fund and share class) 877-6LM-FUND/656-3863 The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. <div style="margin-top:2pt;margin-bottom:0pt;margin-left:19%;font-size:10pt;font-family:arial narrow;"><span style="color:#47829e">Calendar Years ended December 31 </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:8.5pt;font-family:arial narrow;"><span style="font-weight:bold">Best Quarter </span>(06/30/2020): 4.63 <span style="font-weight:bold">Worst Quarter</span> (03/31/2020): (4.78) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8.5pt;font-family:arial narrow;">The year-to-date return as of the most recent calendar quarter, which ended June 30, 2026, was 1.95 </div> Best Quarter  2020-06-30 0.0463 Worst Quarter 2020-03-31 -0.0478 year-to-date return 2026-06-30 0.0195 Average annual total returns (%)1(for periods ended December 31, 2025) 0.0483 0.0326 0.0295 0.0324 0.0211 0.0193 0.0284 0.0200 0.0182 0.0301 0.0247 0.0233 0.0419 0.0267 0.0235 0.0512 0.0354 0.0320 0.0515 0.0359 0.0326 0.0730 -0.0036 0.0201 0.0418 0.0317 0.0218 <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">No one index is representative of the fund’s portfolio. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class A will vary from returns shown for Class A. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class A will vary from returns shown for Class A. The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Maximum deferred sales charge (load) may be reduced over time. The total returns include gains from the settlement of securities litigation. Without these gains, total returns would have been lower. If 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 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 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 the ratio of total annual fund operating expenses will not exceed 0.65% for Class A shares, 1.63% for Class C shares, 1.38% for Class C1 shares, 1.13% for Class R shares, 0.38% 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, 2027 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. Average annual returns for Class A shares do not reflect the initial sales charge of 2.25% that was charged in connection with the purchase of Class A shares prior to September 7, 2018.