VGOF-P4 02/24
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
LEGG MASON PARTNERS INCOME TRUST
LEGG MASON PARTNERS INVESTMENT TRUST
WESTERN ASSET FUNDS, INC.
SUPPLEMENT DATED FEBRUARY 16, 2024 TO THE
PROSPECTUS OF EACH FUND LISTED IN SCHEDULE A
For each of the funds listed in Schedule A, the following disclosure replaces and supersedes the corresponding disclosure in each fund’s Prospectus in the appendix titled “Appendix: Waivers and Discounts Available from Certain Service Agents”:
MERRILL LYNCH
Purchases or sales of front-end (i.e., Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this fund’s Prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.
It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.
Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.
Front-end Sales Load Waivers Available at Merrill
• | Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• | Shares purchased through a Merrill investment advisory program |
• | Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account |
• | Shares purchased through the Merrill Edge Self-Directed platform |
• | Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account |
• | Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement |
• | Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement) |
• | Shares purchased by eligible persons associated with the fund as defined in this Prospectus (e.g., the fund’s officers or trustees) |
• | Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided: (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date; and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement |
Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill
• | Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22e(3)) |
• | Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement |
• | Shares sold due to return of excess contributions from an IRA account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation |
• | Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund |
Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent
• | Breakpoint discounts, as described in this Prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement |
• | Rights of Accumulation (“ROA”), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household |
• | Letters of Intent (“LOI”), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement |
SCHEDULE A
Fund |
Date of Prospectus | |
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST |
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BrandywineGLOBAL – Alternative Credit Fund |
March 1, 2023 | |
BrandywineGLOBAL – Diversified US Large Cap Value Fund |
January 31, 2024 | |
BrandywineGLOBAL – Flexible Bond Fund |
May 1, 2023 | |
BrandywineGLOBAL – Global Opportunities Bond Fund |
May 1, 2023 | |
BrandywineGLOBAL – Global Opportunities Bond Fund (USD Hedged) |
May 1, 2023 | |
BrandywineGLOBAL – Global Unconstrained Bond Fund |
March 1, 2023 | |
BrandywineGLOBAL – Small Cap Value Fund |
May 1, 2023 | |
ClearBridge Global Infrastructure Income Fund |
January 31, 2024 | |
ClearBridge International Growth Fund |
March 1, 2023 | |
ClearBridge Small Cap Fund |
March 1, 2023 | |
ClearBridge Value Trust |
March 1, 2023 | |
Franklin International Equity Fund |
January 31, 2024 | |
Franklin Strategic Real Return Fund |
January 31, 2024 | |
Franklin U.S. Small Cap Equity Fund |
May 1, 2023 | |
Martin Currie Emerging Markets Fund |
January 31, 2024 |
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Fund |
Date of Prospectus | |
LEGG MASON PARTNERS INCOME TRUST |
||
Western Asset California Municipals Fund |
June 29, 2023 | |
Western Asset Corporate Bond Fund |
May 1, 2023 | |
Western Asset Income Fund |
December 1, 2023 | |
Western Asset Intermediate Maturity California Municipals Fund |
March 31, 2023 | |
Western Asset Intermediate Maturity New York Municipals Fund |
March 31, 2023 | |
Western Asset Intermediate-Term Municipals Fund |
August 1, 2023 | |
Western Asset Managed Municipals Fund |
June 29, 2023 | |
Western Asset Massachusetts Municipals Fund |
March 31, 2023 | |
Western Asset Mortgage Total Return Fund |
May 1, 2023 | |
Western Asset Municipal High Income Fund |
December 1, 2023 | |
Western Asset New Jersey Municipals Fund |
August 1, 2023 | |
Western Asset New York Municipals Fund |
August 1, 2023 | |
Western Asset Oregon Municipals Fund |
August 30, 2023 | |
Western Asset Pennsylvania Municipals Fund |
August 1, 2023 | |
Western Asset Short Duration High Income Fund |
December 1, 2023 | |
Western Asset Short Duration Municipal Income Fund |
June 29, 2023 | |
Western Asset Short-Term Bond Fund |
May 1, 2023 | |
Western Asset Ultra-Short Income Fund |
September 29, 2023 | |
LEGG MASON PARTNERS INVESTMENT TRUST |
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BrandywineGLOBAL – Corporate Credit Fund |
May 1, 2023 | |
BrandywineGLOBAL – High Yield Fund |
May 1, 2023 | |
ClearBridge Aggressive Growth Fund |
December 29, 2023 | |
ClearBridge All Cap Value Fund |
January 31, 2024 | |
ClearBridge Appreciation Fund |
March 1, 2023 | |
ClearBridge Dividend Strategy Fund |
May 1, 2023 | |
ClearBridge International Value Fund |
March 1, 2023 | |
ClearBridge Large Cap Growth Fund |
March 31, 2023 | |
ClearBridge Large Cap Value Fund |
March 1, 2023 | |
ClearBridge Mid Cap Fund |
March 1, 2023 | |
ClearBridge Mid Cap Growth Fund |
March 1, 2023 | |
ClearBridge Select Fund |
March 1, 2023 | |
ClearBridge Small Cap Growth Fund |
March 1, 2023 | |
ClearBridge Small Cap Value Fund |
January 31, 2024 | |
ClearBridge Sustainability Leaders Fund |
March 1, 2023 | |
ClearBridge Tactical Dividend Income Fund |
March 1, 2023 | |
Franklin Global Dividend Fund |
January 31, 2024 | |
Franklin Global Equity Fund |
March 1, 2023 | |
Franklin Multi-Asset Conservative Growth Fund |
May 31, 2023 | |
Franklin Multi-Asset Defensive Growth Fund |
May 31, 2023 | |
Franklin Multi-Asset Growth Fund |
May 31, 2023 | |
Franklin Multi-Asset Moderate Growth Fund |
May 31, 2023 | |
Franklin U.S. Large Cap Equity Fund |
March 31, 2023 | |
WESTERN ASSET FUNDS, INC. |
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Western Asset Core Bond Fund |
May 1, 2023 | |
Western Asset Core Plus Bond Fund |
May 1, 2023 | |
Western Asset High Yield Fund |
September 29, 2023 | |
Western Asset Inflation Indexed Plus Bond Fund |
May 1, 2023 | |
Western Asset Intermediate Bond Fund |
September 29, 2023 | |
Western Asset Macro Opportunities Fund |
March 1, 2023 | |
Western Asset Total Return Unconstrained Fund |
September 29, 2023 |
Please retain this supplement for future reference.
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