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Mar. 24, 2017

LEGG MASON GLOBAL ASSET MANAGEMENT TRUST

LEGG MASON FUNDS TRUST

LEGG MASON PARTNERS EQUITY TRUST

LEGG MASON PARTNERS INCOME TRUST

WESTERN ASSET FUNDS, INC.

SUPPLEMENT DATED MARCH 24, 2017

TO THE SUMMARY PROSPECTUSES, PROSPECTUSES

AND STATEMENTS OF ADDITIONAL INFORMATION

OF THE FUNDS LISTED IN SCHEDULE A

 

 

THE FOLLOWING CHANGES ARE EFFECTIVE AS OF MARCH 31, 2017.

 

1. Class FI shares held by shareholders who invested directly with the fund through Legg Mason Investor Services, LLC prior to March 31, 2017 are exchanged for Class A shares. No sales charge will be imposed in connection with the exchange.

 

2. Class A, Class A2, Class B, Class C and Class C1 Shares (as applicable)

 

  a) For each fund that offers Class A, Class A2, Class B, Class C and/or Class C1 shares, the second paragraph in the section titled “Fees and expenses of the fund” in each fund’s summary prospectus (a “Summary Prospectus”) and prospectus (a “Prospectus”) is supplemented with the following:

More information about these and other discounts is available from your Service Agent, in the Prospectus under the heading “Sales charges,” in the appendix titled “Appendix: Waivers and Discounts Available from Certain Service Agents” and in the fund’s statement of additional information (“SAI”) under the heading “Sales Charge Waivers and Reductions.” “Service Agents” include banks, brokers, dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with Legg Mason Investor Services, LLC (“LMIS”) to sell shares of the fund.

 

  b) For each fund that offers Class A shares, the following footnote number 1 is added for Class A shares in the fee table included in the section titled “Fees and expenses of the fund” in each fund’s Summary Prospectus and Prospectus:

 

     Class A1,2
Maximum sales charge (load) imposed on purchases (as a % of offering price)
     

 

  1 
Shareholders purchasing Class A shares through certain Service Agents or in certain types of accounts may be eligible for a waiver of the sales charge.

 

  2
The sales charge is waived for shareholders purchasing Class A shares through accounts where LMIS is the broker-dealer of record (“LMIS Accounts”).

SCHEDULE A

 

Fund
    Date of
Prospectus		  
LEGG MASON FUNDS TRUST
   
ClearBridge Real Estate Opportunities Fund
      May 2, 2016  
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
   
ClearBridge International Growth Fund
      March 1, 2017  
ClearBridge Small Cap Fund
      March 1, 2017  
ClearBridge Value Trust
      March 1, 2017  
Legg Mason BW Absolute Return Opportunities Fund
      March 1, 2017  
Legg Mason BW Alternative Credit Fund
      March 1, 2017  
Legg Mason BW Diversified Large Cap Value Fund
      February 1, 2017  
Legg Mason BW Dynamic Large Cap Value Fund
      February 1, 2017  
Legg Mason BW Global Flexible Income Fund
      May 31, 2016  
Legg Mason BW Global High Yield Fund
      March 1, 2017  
Legg Mason BW Global Opportunities Bond Fund
      May 1, 2016  
Legg Mason BW International Opportunities Bond Fund
      May 1, 2016  
Martin Currie Emerging Markets Fund
      February 1, 2017  
Martin Currie International Unconstrained Equity Fund
      September 30, 2016  
QS Global Market Neutral Fund
      February 1, 2017  
QS International Equity Fund
      February 1, 2017  
QS Strategic Real Return Fund
      February 1, 2017  
QS U.S. Small Capitalization Equity Fund
      May 1, 2016  
RARE Global Infrastructure Value Fund
      February 1, 2017  
LEGG MASON PARTNERS EQUITY TRUST
   
ClearBridge Aggressive Growth Fund
      December 28, 2016  
ClearBridge All Cap Value Fund
      February 1, 2017  
ClearBridge Appreciation Fund
      March 1, 2017  
ClearBridge Dividend Strategy Fund
      May 1, 2016  
ClearBridge Energy MLP & Infrastructure Fund
      March 1, 2017  
ClearBridge International Small Cap Fund
      February 1, 2017  
ClearBridge International Value Fund
      March 1, 2017  
ClearBridge Large Cap Value Fund
      March 1, 2017  
ClearBridge Mid Cap Fund
      March 1, 2017  
ClearBridge Mid Cap Growth Fund
      March 1, 2017  
ClearBridge Select Fund
      March 1, 2017  
ClearBridge Small Cap Growth Fund
      March 1, 2017  
ClearBridge Small Cap Value Fund
      February 1, 2017  
ClearBridge Sustainability Leaders Fund
      March 1, 2017  
ClearBridge Tactical Dividend Income Fund
      March 1, 2017  
EnTrustPermal Alternative Core Fund
      May 1, 2016  
QS Conservative Growth Fund
      June 1, 2016  
QS Defensive Growth Fund
      June 1, 2016  
QS Dynamic Multi-Strategy Fund
      June 1, 2016  
QS Global Dividend Fund
      February 1, 2017  
QS Global Equity Fund
      March 1, 2017  
QS Growth Fund
      June 1, 2016  
QS International Dividend Fund
      February 1, 2017  
QS Moderate Growth Fund
      June 1, 2016  
QS S&P 500 Index Fund
      February 1, 2017  
LEGG MASON PARTNERS INCOME TRUST
   
Western Asset Adjustable Rate Income Fund
      September 30, 2016  
Western Asset California Municipals Fund
     








 Summary
Prospectus and
Prospectus dated
June 30, 2016 and
Statement of
Additional
Information Dated
June 30, 2016, as
amended
February 28, 2017		  
 
 
 
 
 
 
 
 
 
Western Asset Corporate Bond Fund
      May 1, 2016  
Western Asset Emerging Markets Debt Fund
      June 30, 2016  
Western Asset Global High Yield Bond Fund
      May 1, 2016  
Western Asset Global Strategic Income Fund
      November 23, 2016  
Western Asset Intermediate-Term Municipals Fund
     

 August 1, 2016, as
amended
February 28, 2017		  
 
 
Western Asset Managed Municipals Fund
     

 June 30, 2016, as
amended
February 28, 2017		  
 
 
Western Asset Mortgage Backed Securities Fund
      May 1, 2016  
Western Asset Municipal High Income Fund
      November 23, 2016  
Western Asset New Jersey Municipals Fund
     








 Summary
Prospectus and
Prospectus dated
August 1, 2016 and
Statement of
Additional
Information dated
August 1, 2016, as
amended
February 28, 2017		  
 
 
 
 
 
 
 
 
 
Western Asset New York Municipals Fund
     








 Summary
Prospectus and
Prospectus dated
August 1, 2016 and
Statement of
Additional
Information dated
August 1, 2016, as
amended
February 28, 2017		  
 
 
 
 
 
 
 
 
 
Western Asset Oregon Municipals Fund
      September 30, 2016  
Western Asset Pennsylvania Municipals Fund
     








 Summary
Prospectus and
Prospectus dated
August 1, 2016 and
Statement of
Additional
Information dated
August 1, 2016, as
amended
February 28, 2017		  
 
 
 
 
 
 
 
 
 
Western Asset Short Duration High Income Fund
      November 23, 2016
Western Asset Short Duration Municipal Income Fund
      March 1, 2017
Western Asset Short-Term Bond Fund
      May 1, 2016
Western Asset Short Term Yield Fund
      November 23, 2016
WESTERN ASSET FUNDS, INC.
   
Western Asset Core Bond Fund
      May 1, 2016
Western Asset Core Plus Bond Fund
      May 1, 2016
Western Asset High Yield Fund
      September 30, 2016
Western Asset Inflation Indexed Plus Bond Fund
      May 1, 2016
Western Asset Intermediate Bond Fund
      September 30, 2016
Western Asset Macro Opportunities Fund
      March 1, 2017
Western Asset Total Return Unconstrained Fund
      September 30, 2016