VGOF-P6 05/25
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
LEGG MASON PARTNERS INCOME TRUST
LEGG MASON PARTNERS INSTITUTIONAL TRUST
LEGG MASON PARTNERS INVESTMENT TRUST
LEGG MASON PARTNERS VARIABLE EQUITY TRUST
LEGG MASON PARTNERS VARIABLE INCOME TRUST
WESTERN ASSET FUNDS, INC.
SUPPLEMENT DATED MAY 27, 2025 TO THE
SUMMARY PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION (“SAI”)
OF EACH FUND LISTED IN SCHEDULE A
All references to prospectus@franklintempleton.com in the Summary Prospectus, as applicable, and the SAI of each fund listed in Schedule A are replaced with prospectus.us.franklintempleton@fisglobal.com.
SCHEDULE A
| Fund |
Date of Summary Prospectus | |
| LEGG MASON GLOBAL ASSET MANAGEMENT TRUST |
||
| BrandywineGLOBAL – Alternative Credit Fund |
March 1, 2025 | |
| BrandywineGLOBAL – Diversified US Large Cap Value Fund |
February 1, 2025 | |
| BrandywineGLOBAL – Flexible Bond Fund |
May 1, 2025 | |
| BrandywineGLOBAL – Global Opportunities Bond Fund |
May 1, 2025 | |
| Fund |
Date of Summary Prospectus | |
| BrandywineGLOBAL – Global Unconstrained Bond Fund |
March 1, 2025 | |
| ClearBridge Global Infrastructure Income Fund |
February 1, 2025 | |
| ClearBridge International Growth Fund |
March 1, 2025 | |
| ClearBridge Small Cap Fund |
March 1, 2025 | |
| ClearBridge Value Fund |
March 1, 2025 | |
| Franklin International Equity Fund |
February 1, 2025 | |
| Franklin U.S. Small Cap Equity Fund |
May 1, 2025 | |
| Martin Currie Emerging Markets Fund |
February 1, 2025 | |
| Martin Currie SMASh Series EM Fund |
December 1, 2024 | |
| LEGG MASON PARTNERS INCOME TRUST |
||
| Western Asset California Municipals Fund |
July 1, 2024 | |
| Western Asset Corporate Bond Fund |
May 1, 2025 | |
| Western Asset Income Fund |
December 1, 2024 | |
| Western Asset Intermediate Maturity California Municipals Fund |
April 1, 2025 | |
| Western Asset Intermediate Maturity New York Municipals Fund |
April 1, 2025 | |
| Western Asset Intermediate-Term Municipals Fund |
August 1, 2024 | |
| Western Asset Managed Municipals Fund |
July 1, 2024 | |
| Western Asset Massachusetts Municipals Fund |
April 1, 2025 | |
| Western Asset Mortgage Total Return Fund |
May 1, 2025 | |
| Western Asset Municipal High Income Fund |
December 1, 2024 | |
| Western Asset New Jersey Municipals Fund |
August 1, 2024 | |
| Western Asset New York Municipals Fund |
August 1, 2024 | |
| Western Asset Oregon Municipals Fund |
September 1, 2024 | |
| Western Asset Pennsylvania Municipals Fund |
August 1, 2024 | |
| Western Asset Short Duration High Income Fund |
December 1, 2024 | |
2
| Fund |
Date of Summary Prospectus | |
| Western Asset Short Duration Municipal Income Fund |
July 1, 2024 | |
| Western Asset Short-Term Bond Fund |
May 1, 2025 | |
| Western Asset Ultra-Short Income Fund |
October 1, 2024 | |
| LEGG MASON PARTNERS INSTITUTIONAL TRUST |
||
| Western Asset SMASh Series Core Completion Fund |
July 1, 2024 | |
| Western Asset SMASh Series Core Plus Completion Fund |
May 1, 2025 | |
| Western Asset SMASh Series C Fund |
July 1, 2024 | |
| Western Asset SMASh Series M Fund |
July 1, 2024 | |
| Western Asset SMASh Series TF Fund |
July 1, 2024 | |
| LEGG MASON PARTNERS INVESTMENT TRUST |
||
| BrandywineGLOBAL – Corporate Credit Fund |
May 1, 2025 | |
| BrandywineGLOBAL – High Yield Fund |
May 1, 2025 | |
| ClearBridge Appreciation Fund |
March 1, 2025 | |
| ClearBridge Dividend Strategy Fund |
May 1, 2025 | |
| ClearBridge Growth Fund |
January 1, 2025 | |
| ClearBridge International Value Fund |
March 1, 2025 | |
| ClearBridge Large Cap Growth Fund |
April 1, 2025 | |
| ClearBridge Large Cap Value Fund |
March 1, 2025 | |
| ClearBridge Mid Cap Fund |
March 1, 2025 | |
| ClearBridge Mid Cap Growth Fund |
March 1, 2025 | |
| ClearBridge Select Fund |
March 1, 2025 | |
| ClearBridge Small Cap Growth Fund |
March 1, 2025 | |
| ClearBridge Sustainability Leaders Fund |
March 1, 2025 | |
| ClearBridge Tactical Dividend Income Fund |
March 1, 2025 | |
| Franklin Global Equity Fund |
March 1, 2025 | |
| Franklin Multi-Asset Conservative Growth Fund |
June 1, 2024 | |
| Franklin Multi-Asset Defensive Growth Fund |
June 1, 2024 | |
| Franklin Multi-Asset Growth Fund |
June 1, 2024 | |
3
| Fund |
Date of Summary Prospectus | |
| Franklin Multi-Asset Moderate Growth Fund |
June 1, 2024 | |
| Franklin S&P 500 Index Fund |
February 1, 2025 | |
| Franklin U.S. Large Cap Equity Fund |
April 1, 2025 | |
| LEGG MASON PARTNERS VARIABLE EQUITY TRUST |
||
| ClearBridge Variable Growth Portfolio |
May 1, 2025 | |
| ClearBridge Variable Appreciation Portfolio |
May 1, 2025 | |
| ClearBridge Variable Dividend Strategy Portfolio |
May 1, 2025 | |
| ClearBridge Variable Large Cap Growth Portfolio |
May 1, 2025 | |
| ClearBridge Variable Large Cap Value Portfolio |
May 1, 2025 | |
| ClearBridge Variable Mid Cap Portfolio |
May 1, 2025 | |
| ClearBridge Variable Small Cap Growth Portfolio |
May 1, 2025 | |
| Franklin Multi-Asset Variable Conservative Growth Fund |
May 1, 2025 | |
| Franklin Multi-Asset Variable Growth Fund |
May 1, 2025 | |
| Franklin Multi-Asset Variable Moderate Growth Fund |
May 1, 2025 | |
| Franklin Templeton Aggressive Model Portfolio |
May 1, 2025 | |
| Franklin Templeton Conservative Model Portfolio |
May 1, 2025 | |
| Franklin Templeton Moderate Model Portfolio |
May 1, 2025 | |
| Franklin Templeton Moderately Aggressive Model Portfolio |
May 1, 2025 | |
| Franklin Templeton Moderately Conservative Model Portfolio |
May 1, 2025 | |
4
| Fund |
Date of Summary Prospectus | |
| LEGG MASON PARTNERS VARIABLE INCOME TRUST |
||
| Western Asset Core Plus VIT Portfolio |
May 1, 2025 | |
| Western Asset Long Credit VIT |
May 1, 2025 | |
| Western Asset Variable Global High Yield Bond Portfolio |
May 1, 2025 | |
| WESTERN ASSET FUNDS, INC. |
||
| Western Asset Core Bond Fund |
May 1, 2025 | |
| Western Asset Core Plus Bond Fund |
May 1, 2025 | |
| Western Asset High Yield Fund |
October 1, 2024 | |
| Western Asset Inflation Indexed Plus Bond Fund |
May 1, 2025 | |
| Western Asset Intermediate Bond Fund |
October 1, 2024 | |
| Western Asset Total Return Unconstrained Fund |
October 1, 2024 | |
Please retain this supplement for future reference.
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