CORRESP 1 filename1.htm LEGG MASON PARTNERS INCOME TRUST

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

October 1, 2019

VIA EDGAR

Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, DC 20549

Attention: Ken Ellington

 

Re:

The Registrants (the “Registrants”) and Fund (the “Funds”) Listed in Annex A

Dear Mr. Ellington:

On August 29, on behalf of the Registrants,1 we filed a letter responding to comments that you delivered by telephone on July 31, 2019 on behalf of the Staff (the “Staff”) of the Securities and Exchange Commission after the Staff’s review of the Funds’ annual reports to shareholders filed on Form N-CSR, in each case with respect to the fiscal year listed beside the name of the applicable Fund in Annex A hereto.

On September 6, 2019, you and Sally Samuel of the Staff reiterated the Staff’s view with respect to certain comments initially delivered on July 31, 2019 – specifically, comment 4 (relating to the Staff’s request that “global” Funds disclose the extent to which they invest their assets in investments that are tied economically to countries other than the United States) and comment 5 (relating to the Staff’s position that, for purposes of their concentration policies, Funds must assign an industry classification to each mortgage-related security or asset-backed security in which they invest).

The purpose of this letter is to confirm to the Staff that the Registrants understand the Staff’s positions with respect to the above-referenced matters and to advise the Staff that the Registrants are currently evaluating such matters.

Please contact the undersigned at 617-951-8267 with any questions or comments you might have regarding the above.

 

Sincerely,
/s/ Barry N. Hurwitz

 

 

1 

When used in the responses below, term “Fund” refers to the applicable Fund and the term “Registrant” refers to the Registrant listed beside the name of such Fund in Annex A.


Annex A

 

Registrant

   1940 Act
File No.
  

Fund

   Series Identifier    Fiscal Year
LEGG MASON PARTNERS INCOME TRUST    811-04254    Western Asset Income Fund    S000008972    7/31/2018
   Western Asset Municipal High Income Fund    S000008976    7/31/2018
   Western Asset Short Duration High Income Fund    S000008975    7/31/2018
   Western Asset Short Term Yield Fund    S000032916    7/31/2018
   Western Asset Short Duration Municipal Income Fund    S000016249    2/28/2019
   Western Asset Intermediate Maturity California Municipals Fund    S000016650    11/30/2018
   Western Asset Intermediate Maturity New York Municipals Fund    S000016625    11/30/2018
   Western Asset Massachusetts Municipals Fund    S000016629    11/30/2018
   Western Asset Corporate Bond Fund    S000016627    12/31/2018
   Western Asset Global High Yield Bond Fund    S000016648    12/31/2018
   Western Asset Mortgage Backed Securities Fund    S000016649    12/31/2018
   Western Asset Short-Term Bond Fund    S000016639    12/31/2018
LEGG MASON PARTNERS MONEY MARKET TRUST    811-04052    Western Asset Prime Obligations Money Market Fund    S000052041    8/31/2018
   Western Asset Government Reserves    S000016623    8/31/2018
   Western Asset New York Tax Free Money Market Fund    S000008928    8/31/2018
   Western Asset Tax Free Reserves    S000008929    8/31/2018
   Western Asset U.S. Treasury Reserves    S000008930    8/31/2018
LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST    811-05812    Western Asset Premium Liquid Reserves    S000008923    8/31/2018
   Western Asset Premium U.S. Treasury Reserves    S000008924    8/31/2018
LEGG MASON PARTNERS VARIABLE EQUITY TRUST    811-21128    ClearBridge Variable Aggressive Growth Portfolio    S000016933    12/31/2018
   ClearBridge Variable Appreciation Portfolio    S000017013    12/31/2018
   ClearBridge Variable Dividend Strategy Portfolio    S000008304    12/31/2018
   ClearBridge Variable Large Cap Growth Portfolio    S000016935    12/31/2018
   ClearBridge Variable Large Cap Value Portfolio    S000017019    12/31/2018
   ClearBridge Variable Mid Cap Portfolio    S000016937    12/31/2018


      ClearBridge Variable Small Cap Growth Portfolio    S000017007    12/31/2018
   QS Legg Mason Dynamic Multi-Strategy VIT Portfolio    S000034620    12/31/2018
   QS Variable Conservative Growth    S000017009    12/31/2018
   QS Variable Growth    S000017011    12/31/2018
   QS Variable Moderate Growth    S000017010    12/31/2018
LEGG MASON PARTNERS VARIABLE INCOME TRUST    811-06310    Western Asset Core Plus VIT Portfolio    S000016930    12/31/2018
   Western Asset Variable Global High Yield Bond Portfolio    S000017004    12/31/2018
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.    811-21343    Western Asset Emerging Markets Debt Fund Inc.    CEF0000891    12/31/2018
WESTERN ASSET FUNDS INC.    811-06110    Western Asset Macro Opportunities Fund    S000041845    10/31/2018
   Western Asset Core Bond Fund    S000000713    12/31/2018
   Western Asset Core Plus Bond Fund    S000000714    12/31/2018
   Western Asset Inflation Indexed Plus Bond Fund    S000000715    12/31/2018
WESTERN ASSET HIGH YIELD DEFINED OPPORTUNITY FUND INC.    811-22444    Western Asset High Yield Defined Opportunity Fund Inc.    CEF0001407    8/31/2018
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.    811-07920    Western Asset High Income Opportunity Fund Inc.    CEF0000463    9/30/2018
WESTERN ASSET VARIABLE RATE STRATEGIC FUND INC.    811-21609    Western Asset Variable Rate Strategic Fund Inc.    CEF0001014    9/30/2018
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.    811-22334    Western Asset Global Corporate Defined Opportunity Fund Inc.    CEF0001347    10/31/2018
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.    811-05497    Western Asset Municipal High Income Fund Inc.    CEF0000134    10/31/2018
WESTERN ASSET INTERMEDIATE MUNI FUND INC.    811-06506    Western Asset Intermediate Muni Fund Inc.    CEF0000302    11/30/2018
WESTERN ASSET INVESTMENT GRADE DEFINED OPPORTUNITY TRUST INC.    811-22294    Western Asset Investment Grade Defined Opportunity Trust Inc.    CEF0001329    11/30/2018
WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.    811-22265    Western Asset Municipal Defined Opportunity Trust Inc.    CEF0001309    11/30/2018


WESTERN ASSET MUNICIPAL PARTNERS FUND INC.    811-07362    Western Asset Municipal Partners Fund Inc.    CEF0000388    11/30/2018
WESTERN ASSET INFLATION-LINKED INCOME FUND    811-21403    Western Asset Inflation-Linked Income Fund    CEF0000929    11/30/2018
WESTERN ASSET INFLATION-LINKED OPPORTUNITIES & INCOME FUND    811-21477    Western Asset Inflation-Linked Opportunities & Income Fund    CEF0000953    11/30/2018
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.    811-02351    Western Asset Investment Grade Income Fund Inc.    CEF0000022    12/31/2018
WESTERN ASSET MORTGAGE DEFINED OPPORTUNITY FUND INC.    811-22369    Western Asset Mortgage Defined Opportunity Fund Inc.    CEF0001363    12/31/2018
WESTERN ASSET PREMIER BOND FUND    811-10603    Western Asset Premier Bond Fund    CEF0000741    12/31/2018
CLEARBRIDGE AMERICAN ENERGY MLP FUND INC.    811-22805    Clearbridge American Energy MLP Fund Inc.       Liquidated
ClearBridge MLP & Midstream Fund Inc.    811-22405    ClearBridge MLP & Midstream Fund Inc.       11/30/2018
ClearBridge Energy Midstream Opportunity Fund Inc.    811-22546    ClearBridge Energy Midstream Opportunity Fund Inc.       11/30/2018
ClearBridge MLP & Midstream Total Return Fund Inc.    811-22693    ClearBridge MLP & Midstream Total Return Fund Inc.       11/30/2018
LEGG MASON ETF INVESTMENT TRUST    811-23096    Legg Mason Developed ex-US Diversified Core ETF    S000051683    Liquidated
   Legg Mason Emerging Markets Diversified Core ETF    S000051684    Liquidated
   Legg Mason International Low Volatility High Dividend ETF    S000054583    10/31/2018
   Legg Mason Low Volatility High Dividend ETF    S000051686    10/31/2018
   Legg Mason US Diversified Core ETF    S000051685    Liquidated
LEGG MASON FUNDS TRUST    811-23107    Clearbridge Real Estate Opportuntities Fund    S000053074    Liquidated
LEGG MASON GLOBAL ASSET    811-22338    BrandywineGLOBAL - Global Flexible Income Fund    S000053934    12/31/2018
   QS Global Market Neutral Fund    S000051512    9/30/2018


MANAGEMENT TRUST       RARE Global Infrastructure Value Fund    S000053331    9/30/2018
   BrandywineGLOBAL - Diversified US Large Cap Value Fund    S000029727    9/30/2018
   BrandywineGLOBAL - Dynamic US Large Cap Value Fund    S000047047    9/30/2018
   Martin Currie Emerging Markets Fund    S000049068    9/30/2018
   QS International Equity Fund    S000036893    9/30/2018
   QS Strategic Real Return Fund    S000027987    9/30/2018
   BrandywineGLOBAL - Alternative Credit Fund    S000043089    10/31/2018
   BrandywineGLOBAL - Global High Yield Fund    S000037642    9/30/2018
   BrandywineGLOBAL - Global Unconstrained Bond Fund    S000031479    10/31/2018
   ClearBridge International Growth Fund    S000036166    10/31/2018
   ClearBridge Small Cap Fund    S000036165    10/31/2018
   ClearBridge Value Trust    S000036164    10/31/2018
   BrandywineGLOBAL - Global Opportunities Bond Fund    S000036894    12/31/2018
   BrandywineGLOBAL - International Opportunities Bond Fund    S000027197    12/31/2018
   QS U.S. Small Capitalization Equity Fund    S000036895    12/31/2018
LEGG MASON PARTNERS EQUITY TRUST    811-06444    ClearBridge Global Health Care Innovations Fund    S000053237    Liquidated
   ClearBridge Aggressive Growth Fund    S000016235    8/31/2018
   ClearBridge All Cap Value Fund    S000016245    9/30/2018
   ClearBridge International Small Cap Fund    S000029827    9/30/2018
   ClearBridge Small Cap Value Fund    S000016238    9/30/2018
   QS Global Dividend Fund    S000039864    9/30/2018
   QS International Dividend Fund    S000039863    Liquidated
   QS S&P 500 Index Fund    S000004163    9/30/2018
   ClearBridge Appreciation Fund    S000016651    10/31/2018
   ClearBridge Energy MLP & Infrastructure Fund    S000041698    10/31/2018
   ClearBridge International Value Fund    S000016247    10/31/2018
   ClearBridge Large Cap Value Fund    S000016669    10/31/2018
   ClearBridge Mid Cap Fund    S000004162    10/31/2018
   ClearBridge Mid Cap Growth Fund    S000029718    10/31/2018
   ClearBridge Select Fund    S000039065    10/31/2018
   ClearBridge Small Cap Growth Fund    S000016663    10/31/2018
   ClearBridge Sustainability Leaders Fund    S000048737    10/31/2018
   ClearBridge Tactical Dividend Income Fund    S000016241    10/31/2018
   QS Global Equity Fund    S000016668    10/31/2018
   ClearBridge Large Cap Growth Fund    S000004161    11/30/2018
   QS U.S. Large Cap Equity Fund    S000022091    11/30/2018
      ClearBridge Dividend Strategy Fund    S000016665    12/31/2018
   EnTrust Global - Alternative Core Fund    S000025317    12/31/2018


LEGG MASON PARTNERS INSTITUTIONAL TRUST    811-06740    Western Asset Institutional Government Reserves    S000016858    8/31/2018
   Western Asset Institutional Liquid Reserves    S000008908    8/31/2018
   Western Asset Institutional U.S. Treasury Obligations Money Market Fund    S000041891    8/31/2018
   Western Asset Institutional U.S. Treasury Reserves    S000008910    8/31/2018
   Western Asset Select Tax Free Reserves    S000008909    8/31/2018
   Western Asset SMASh Series C Fund    S000014682    2/28/2019
   Western Asset SMASh Series EC Fund    S000014683    2/28/2019
   Western Asset SMASh Series M Fund    S000014681    2/28/2019