Definitive Materials Filed by Investment Companies. (497)

  

Morgan, Lewis & Bockius LLP 

101 Park Avenue 

New York, NY 10178-0060 

  

  

April 17, 2020 

VIA EDGAR 

Securities and Exchange Commission 

Division of Investment Management 

100 F Street, NE 

Washington, DC 20549 

Re:	Legg Mason ETF Investment Trust (File Nos. 333-206784 and 811-23096)

Legg Mason Global Asset Management Trust (File Nos. 333-162441 and 811-22338) 

Legg Mason Partners Equity Trust (File Nos. 33-43446 and 811-06444) 

Legg Mason Partners Income Trust (File Nos. 2-96408 and 811-04254) 

Legg Mason Partners Institutional Trust (File Nos. 33-49552 and 811-6740) 

Legg Mason Partners Money Market Trust (File Nos. 2-91556 and 811-4052) 

Legg Mason Partners Premium Money Market Trust (File Nos. 33-28844 and 811-5812) 

Legg Mason Partners Variable Income Trust (File Nos. 33-40603 and 811-06310) 

Western Asset Funds, Inc. (File Nos. 33-34929 and 811-06110) 

(the “Registrants”),  

with respect to the funds listed in Schedule A (each a “Fund”) 

Ladies and Gentlemen: 

On behalf of the Registrants and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing on behalf of each Fund are exhibits containing in interactive data format the risk/return summary information that appears in a supplement dated April 1, 2020 to the summary prospectus and prospectus of the Fund. 

  

Please call the undersigned at [phone] with any comments or questions relating to the filing. 

  

Sincerely, 

  

/s/ Elizabeth L. Belanger 

  

Elizabeth L. Belanger 

  

 

Schedule A 

  

LEGG MASON ETF INVESTMENT TRUST

Legg Mason Emerging Markets Low Volatility High Dividend ETF

Legg Mason Global Infrastructure ETF

Legg Mason International Low Volatility High Dividend ETF

Legg Mason Low Volatility High Dividend ETF

Legg Mason Small-Cap Quality Value ETF

ClearBridge All Cap Growth ETF

ClearBridge Dividend Strategy ESG ETF

ClearBridge Large Cap Growth ESG ETF

Western Asset Short Duration Income ETF

Western Asset Total Return ETF

LEGG MASON GLOBAL ASSET MANAGEMENT TRUST

ClearBridge International Growth Fund

ClearBridge Global Infrastructure Income Fund

ClearBridge Small Cap Fund

ClearBridge Value Trust

BrandywineGLOBAL — Alternative Credit Fund

BrandywineGLOBAL — Diversified US Large Cap Value Fund

BrandywineGLOBAL — Dynamic US Large Cap Value Fund

BrandywineGLOBAL — Global Flexible Income Fund

BrandywineGLOBAL — Global High Yield Fund

BrandywineGLOBAL — Global Opportunities Bond Fund

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

BrandywineGLOBAL — Global Unconstrained Bond Fund

BrandywineGLOBAL — International Opportunities Bond Fund

Martin Currie Emerging Markets Fund

Martin Currie International Unconstrained Equity Fund

Martin Currie SMASh Series EM Fund

QS Global Market Neutral Fund

QS International Equity Fund

QS Strategic Real Return Fund

QS U.S. Small Capitalization Equity Fund

LEGG MASON PARTNERS EQUITY TRUST

ClearBridge Aggressive Growth Fund

ClearBridge All Cap Value Fund

ClearBridge Appreciation Fund

ClearBridge Dividend Strategy Fund

ClearBridge International Small Cap Fund

ClearBridge International Value Fund

ClearBridge Large Cap Growth Fund

ClearBridge Large Cap Value Fund

ClearBridge Mid Cap Fund

ClearBridge Mid Cap Growth Fund

ClearBridge Select Fund

ClearBridge Small Cap Growth Fund

ClearBridge Small Cap Value Fund

ClearBridge Sustainability Leaders Fund

ClearBridge Tactical Dividend Income Fund

QS Conservative Growth Fund

QS Defensive Growth Fund

QS Global Dividend Fund

QS Global Equity Fund

QS Growth Fund

QS Moderate Growth Fund

QS S&P 500 Index Fund

QS U.S. Large Cap Equity Fund

LEGG MASON PARTNERS INCOME TRUST

Western Asset Adjustable Rate Income Fund

Western Asset California Municipals Fund

Western Asset Corporate Bond Fund

Western Asset Emerging Markets Debt Fund

Western Asset Global High Yield Bond Fund

Western Asset Income Fund

Western Asset Intermediate Maturity California Municipals Fund

Western Asset Intermediate Maturity New York Municipals Fund

Western Asset Intermediate-Term Municipals Fund

Western Asset Managed Municipals Fund

Western Asset Massachusetts Municipals Fund

Western Asset Mortgage Total Return Fund

Western Asset Municipal High Income Fund

Western Asset New Jersey Municipals Fund

Western Asset New York Municipals Fund

Western Asset Oregon Municipals Fund

Western Asset Pennsylvania Municipals Fund

Western Asset Short Duration High Income Fund

Western Asset Short Duration Municipal Income Fund

Western Asset Short-Term Bond Fund

LEGG MASON PARTNERS INSTITUTIONAL TRUST

Western Asset Institutional Government Reserves

Western Asset Institutional Liquid Reserves

Western Asset Institutional U.S. Treasury Obligations Money Market Fund

Western Asset Institutional U.S. Treasury Reserves

Western Asset Premier Institutional Government Reserves

Western Asset Premier Institutional Liquid Reserves

Western Asset Premier Institutional U.S. Treasury Reserves

Western Asset Select Tax Free Reserves

Western Asset SMASh Series EC Fund

Western Asset SMASh Series C Fund

Western Asset SMASh Series M Fund

Western Asset SMASh Series TF Fund

LEGG MASON PARTNERS MONEY MARKET TRUST

Western Asset Government Reserves

Western Asset New York Tax Free Money Market Fund

Western Asset Prime Obligations Money Market Fund

Western Asset Tax Free Reserves

Western Asset U.S. Treasury Reserves

LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST

Western Asset Premium Liquid Reserves

Western Asset Premium U.S. Treasury Reserves

LEGG MASON PARTNERS VARIABLE INCOME TRUST

Western Asset Core Plus VIT Portfolio

Western Asset Variable Global High Yield Bond Portfolio

WESTERN ASSET FUNDS, INC.

Western Asset Core Bond Fund

Western Asset Core Plus Bond Fund

Western Asset High Yield Fund

Western Asset Inflation Indexed Plus Bond Fund

Western Asset Intermediate Bond Fund

Western Asset Macro Opportunities Fund

Western Asset Total Return Unconstrained Fund