497
4972020-12-01ActiveShares ETF Trust0001792795false2020-12-012020-12-01N-1A 0001792795 2020-12-01 2020-12-01 0001792795 aet:Cik0001645194Member aet:S000058077Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001645194Member aet:S000057207Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001645194Member aet:S000057702Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001645194Member aet:S000057700Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001645194Member aet:S000064209Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001645194Member aet:S000059365Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000053331Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000036166Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000036165Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000036164Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000043089Member 2020-12-01 2020-12-01 0001792795 aet:S000029727Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:S000047047Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:S000053934Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000037642Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000036894Member 2020-12-01 2020-12-01 0001792795 aet:S000031479Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:S000049068Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000051299Member 2020-12-01 2020-12-01 0001792795 aet:S000051512Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:S000036893Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:S000027987Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:S000036895Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016235Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016245Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016651Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016665Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000029827Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016247Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000004161Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016669Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000004162Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000039065Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016663Member 2020-12-01 2020-12-01 0001792795 aet:S000048737Member aet:Cik0000880366Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016241Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000039864Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000016668Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000004163Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000880366Member aet:S000022091Member 2020-12-01 2020-12-01 0001792795 aet:S000029718Member aet:Cik0000880366Member 2020-12-01 2020-12-01 0001792795 aet:S000016238Member aet:Cik0000880366Member 2020-12-01 2020-12-01 0001792795 aet:S000027197Member aet:Cik0001474103Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000764624Member aet:S000016627Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000764624Member aet:S000016642Member 2020-12-01 2020-12-01 0001792795 aet:S000016648Member aet:Cik0000764624Member 2020-12-01 2020-12-01 0001792795 aet:S000008972Member aet:Cik0000764624Member 2020-12-01 2020-12-01 0001792795 aet:S000016649Member aet:Cik0000764624Member 2020-12-01 2020-12-01 0001792795 aet:S000008975Member aet:Cik0000764624Member 2020-12-01 2020-12-01 0001792795 aet:S000016639Member aet:Cik0000764624Member 2020-12-01 2020-12-01 0001792795 aet:S000016624Member aet:Cik0000764624Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000863520Member aet:S000000713Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000863520Member aet:S000000714Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000863520Member aet:S000000716Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000863520Member aet:S000000715Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000863520Member aet:S000000711Member 2020-12-01 2020-12-01 0001792795 aet:Cik0000863520Member aet:S000041845Member 2020-12-01 2020-12-01 0001792795 aet:S000012738Member aet:Cik0000863520Member 2020-12-01 2020-12-01 0001792795 aet:Cik0001474103Member aet:S000065088Member 2020-12-01 2020-12-01
g99085g83h05.jpg
 
ACTIVESHARES ETF TRUST
LEGG MASON ETF INVESTMENT TRUST
LEGG MASON PARTNERS EQUITY TRUST
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
LEGG MASON PARTNERS INCOME TRUST
WESTERN ASSET FUNDS, INC.
SUPPLEMENT DATED DECEMBER 1, 2020
TO THE SUMMARY PROSPECTUSES AND
STATUTORY PROSPECTUSES
OF THE FUNDS LISTED IN
SCHEDULES A, B AND C
 
 
For each Fund marked with an asterisk in
Schedule A
, the following disclosure replaces the section in each Fund’s Summary Prospectus titled “Principal Risks- Redemptions by affiliated funds and by other significant investors”:
Redemptions by affiliated funds and by other significant investors.
The fund may be an investment option for mutual funds and ETFs that are managed by Legg Mason Partners Fund Advisor, LLC and its affiliates, including Franklin Templeton investment managers, as “funds of funds,” unaffiliated mutual funds and ETFs and other investors with substantial investments in the fund. As a result, from time to time, the fund may experience relatively large redemptions and could be required to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline.
For each Fund listed in
Schedule A
the following disclosure replaces the section in each Fund’s Statutory Prospectus titled “More on risks of investing in the fund- Redemptions by affiliated funds and by other significant investors”:
Redemptions by affiliated funds and by other significant investors.
The fund may be an investment option for mutual funds and ETFs that are managed by Legg Mason Partners Fund Advisor, LLC and its affiliates, including Franklin Templeton investment managers, as “funds of funds,” unaffiliated mutual funds and ETFs and other investors with substantial investments in the fund. As a result, from time to time, the fund may experience relatively large redemptions and could be required to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline.
For each Fund listed in Schedule B the following disclosure is added to the section in each Fund’s Statutory Prospectus titled “More on risks of investing in the fund”:
Redemptions by affiliated funds and by other significant investors.
The fund may be an investment option for mutual funds and ETFs that are managed by Legg Mason Partners Fund Advisor, LLC and its affiliates, including Franklin Templeton investment managers, as “funds of funds,” unaffiliated mutual funds and ETFs and other investors with substantial investments in the fund. As a result, from time to time, the fund may experience relatively large redemptions and could be required to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline.
For the Fund listed in
Schedule C
the following disclosure replaces the section in the Fund’s Summary Prospectus and Statutory Prospectus titled “Principal Risks- Redemptions by other funds and by other significant investors risk” and “More on risks of investing in the fund- Redemptions by other funds and by other significant investors risk”:
Redemptions by other funds and by other significant investors risk.
The fund may be an investment option for mutual funds and ETFs that are managed by Legg Mason Partners Fund Advisor, LLC and its affiliates, including Franklin Templeton investment managers, as “funds of funds,” unaffiliated mutual funds and ETFs and other investors with substantial investments in the fund. As a result, from time to time, the fund may experience relatively large redemptions and could be required to
liquidate some or all of its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. The fund may be unable to pursue its investment objective and may not be viable after one or more large redemptions and, as a result, may invest its remaining assets in cash or cash equivalents.
SCHEDULE A
 
Fund
   
Date of Summary
Prospectus and
Statutory
Prospectus
LEGG MASON ETF INVESTMENT TRUST
   
Legg Mason Small
-
Cap Quality
 Value
 ETF
    November 25, 2020
ClearBridge All Cap Growth ETF
    February 1, 2020, as
revised July 1, 2020
ClearBridge Dividend Strategy ESG ETF
    March 31, 2020, as
revised July 1, 2020
ClearBridge Large Cap Growth ESG ETF
    March 31, 2020 as
revised July 1, 2020
Western Asset Short Duration Income ETF
    November 25, 2020
Western Asset Total Return ETF
    May 1, 2020, as
revised July 1, 2020
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
     
ClearBridge Global Infrastructure Income Fund
    February 1, 2020
ClearBridge International Growth Fund
    March 1, 2020
ClearBridge Small Cap Fund
    March 1, 2020
ClearBridge Value Trust
    March 1, 2020
BrandywineGLOBAL – Alternative Credit Fund
    March 1, 2020
BrandywineGLOBAL – Diversified US Large Cap Value Fund
    February 1, 2020
BrandywineGLOBAL – Dynamic US Large Cap Value Fund
    February 1, 2020
BrandywineGLOBAL – Flexible Bond Fund
    May 1, 2020
BrandywineGLOBAL – Global High Yield Fund
    February 1, 2020
BrandywineGLOBAL – Global Opportunities Bond Fund
    May 1, 2020
BrandywineGLOBAL – Global Unconstrained Bond Fund
    March 1, 2020
BrandywineGLOBAL – International Opportunities Bond Fund
    May 1, 2020
Martin Currie Emerging Markets Fund
    February 1, 2020
Martin Currie International Unconstrained Equity Fund
    September 30, 2020
QS Global Market Neutral Fund
    February 1, 2020
QS International Equity Fund
    February 1, 2020
QS Strategic Real Return Fund
    February 1, 2020
QS U.S. Small Capitalization Equity Fund
    May 1, 2020
LEGG MASON PARTNERS EQUITY TRUST
   
ClearBridge Aggressive Growth Fund
    December 27, 2019
ClearBridge All Cap Value Fund
    February 1, 2020
ClearBridge Appreciation Fund
    March 1, 2020
ClearBridge Dividend Strategy Fund
    May 1, 2020
ClearBridge International Small Cap Fund
    February 1, 2020
ClearBridge International Value Fund
    March 1, 2020
ClearBridge Large Cap Growth Fund
    March 31, 2020
ClearBridge Large Cap Value Fund
    March 1, 2020
ClearBridge Mid Cap Fund
    March 1, 2020
ClearBridge Mid Cap Growth Fund
    March 1, 2020
ClearBridge Select Fund
    March 1, 2020
ClearBridge Small Cap Growth Fund
    March 1, 2020
ClearBridge Small Cap Value Fund
    February 1, 2020
ClearBridge Sustainability Leaders Fund
    March 1, 2020
ClearBridge Tactical Dividend Income Fund
    March 1, 2020
 
2
Fund
   
Date of Summary
Prospectus and
Statutory
Prospectus
QS Global Dividend Fund
    February 1, 2020
QS Global Equity Fund
    March 1, 2020
QS S&P 500 Index Fund
    February 1, 2020
QS U.S. Large Cap Equity Fund
    March 31, 2020
LEGG MASON PARTNERS INCOME TRUST
   
Western Asset Corporate Bond Fund*
    May 1, 2020
Western Asset Emerging Markets Debt Fund*
    June 30, 2020
Western Asset Global High Yield Bond Fund*
    May 1, 2020
Western Asset Income Fund
    November 25, 2020
Western Asset Mortgage Total Return Fund*
    May 1, 2020
Western Asset Short Duration High Income Fund
    November 25, 2020
Western Asset Short-Term Bond Fund*
    May 1, 2020
Western Asset Ultra-Short Income Fund
    September 30, 2020
WESTERN ASSET FUNDS, INC.
     
Western Asset Core Bond Fund
    May 1, 2020
Western Asset Core Plus Bond Fund
    May 1, 2020
Western Asset High Yield Fund
    September 30, 2020
Western Asset Inflation Indexed Plus Bond Fund
    May 1, 2020
Western Asset Intermediate Bond Fund
    September 30, 2020
Western Asset Macro Opportunities Fund
    March 1, 2020
Western Asset Total Return Unconstrained Fund
    September 30, 2020
SCHEDULE B
 
Fund
   
Date of Summary
Prospectus,
Prospectus, and
SAI
ACTIVESHARES ETF TRUST
   
ClearBridge Focus Value ETF
    April 9, 2020
LEGG MASON ETF INVESTMENT TRUST
   
Legg Mason Global Infrastructure ETF
    March 1, 2020, as
revised July 1, 2020
Legg Mason International Low Volatility High Dividend ETF
    March 1, 2020, as
revised July 1, 2020
Legg Mason Low Volatility High Dividend ETF
    March 1, 2020, as
revised July 1, 2020
SCHEDULE C
 
Fund
   
Date of Summary
Prospectus,
Prospectus, and
SAI
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
   
BrandywineGLOBAL – Global Opportunities Bond Fund (USD Hedged)
    May 1, 2020
Please retain this supplement for future reference.
 
LMFX629806
 
3