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 (212) 309-6353 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 

  

  

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