2020 Legg Mason Tax Guide

IMPORTANT TAX INFORMATION REGARDING YOUR MUTUAL FUNDS

This guide is a summary of tax information for certain Legg Mason, Brandywine Global, ClearBridge Investments, Martin Currie, QS Investors and Western Asset closed-end,open-end and exchange-traded funds. This information may be useful to you, as an investor, in the preparation of your 2020 Federal and state income tax returns. We recommend that you consult your tax advisor for assistance with how this information will impact your specific tax situation.

Table of contents

Exempt interest income - Multi-state funds

2

Exempt interest income ‒ Single state funds

4

Income from Federal obligations

5

Foreign source income

6

Dividends Received Deduction for Corporations

7

Please see back cover for important disclosures

Click here

SECTION 1

In this section you will find information for the Western Asset multi-state funds that have paid income dividends which are tax- exempt for regular Federal income tax purposes. The percentages of income earned by the funds from each state or U.S. Territory are listed below.

See Footnotes after Section 5.

Exempt interest income - Multi-state funds

Western Asset

Western Asset Select

Western Asset

Western Asset

Western Asset

Short Duration

Western Asset

Tax Free Reserves and

Intermediate-Term

Managed

Municipal High Income

Municipal

SMASh Series TF

Western Asset Tax Free

Municipals Fund

Municipals Fund

Fund

Income Fund

Fund

Reserves

Alabama

1.83

%

5.64

%

8.88

%

2.57

%

3.99

%

0.30

%

Alaska

0.10

0.30

0.01

0.37

0.17

0.33

Arizona

2.43

2.55

3.98

5.11

6.90

3.35

Arkansas

-

-

-

-

-

-

California

12.39

14.37

10.68

0.73

12.80

1.55

Colorado

2.52

3.02

6.88

3.87

1.52

1.28

Connecticut

1.31

1.18

0.57

5.29

2.20

0.70

Delaware

0.25

0.60

2.32

0.03

0.10

1.34

District of Columbia

0.80

0.60

1.14

-

0.32

0.75

Florida

4.72

4.67

2.59

1.89

2.85

3.92

Georgia

1.44

1.21

0.71

2.02

1.88

4.29

Guam

-

-

-

-

-

-

Hawaii

-

-

-

0.75

-

-

Idaho

-

-

-

-

0.24

2.23

Illinois

13.52

11.92

11.31

13.54

12.78

4.60

Indiana

1.46

1.24

1.05

7.75

1.70

3.86

Iowa

0.21

0.07

0.05

0.13

0.09

-

Kansas

0.03

0.29

-

0.93

0.84

-

Kentucky

1.82

2.33

0.37

6.78

4.14

0.01

Louisiana

1.02

0.69

0.55

0.71

0.37

0.23

Maine

-

-

-

-

-

-

Maryland

0.39

0.43

3.14

0.33

0.30

-

Massachusetts

1.55

2.22

1.74

1.15

2.02

1.50

Michigan

3.52

2.38

2.24

1.08

2.90

2.43

Minnesota

0.04

0.20

0.49

-

0.01

1.17

Mississippi

0.22

0.14

-

0.03

0.04

1.16

Missouri

0.44

0.32

2.19

-

0.35

2.17

Montana

-

-

-

0.26

-

-

Nebraska

0.28

0.16

1.19

0.04

0.55

-

Nevada

0.23

0.52

0.81

1.02

0.44

-

New Hampshire

0.04

0.09

-

-

-

0.01

New Jersey

7.20

7.06

6.22

8.02

5.54

0.05

New Mexico

1.01

-

0.42

1.05

0.05

-

New York

8.32

8.67

2.82

7.06

6.28

34.82

North Carolina

0.81

1.42

0.34

0.78

0.95

1.06

North Dakota

-

-

-

-

-

-

Ohio

0.80

1.57

3.09

1.08

4.44

0.86

Oklahoma

-

-

0.37

1.02

0.48

-

Oregon

0.93

0.30

0.31

0.34

2.52

1.91

Pennsylvania

3.09

4.09

3.27

5.88

3.08

3.73

Puerto Rico

2.05

1.98

2.31

-

2.61

-

Rhode Island

0.25

0.12

-

-

-

-

South Carolina

0.49

0.36

-

5.16

0.11

-

South Dakota

-

0.06

-

-

0.06

0.81

Tennessee

5.21

1.95

0.27

2.34

1.38

-

Texas

11.24

9.81

12.43

5.24

7.59

10.24

U.S. Virgin Islands

0.74

0.73

2.38

-

1.17

-

Utah

0.38

0.56

0.54

0.01

1.77

1.01

Vermont

0.04

0.10

-

-

-

-

Virginia

1.67

1.11

0.14

2.35

0.86

0.11

Washington

1.62

1.78

0.18

1.41

0.76

4.26

West Virginia

0.36

0.10

0.08

0.67

0.14

-

Wisconsin

1.23

1.08

1.94

1.21

0.69

3.25

Wyoming

-

0.01

-

-

0.02

0.71

Alternative Minimum Tax Percentage:

6.31%

%

5.04

%

7.82

%

2.85

%

7.72

%

10.74

%

2020 Tax Guide

22

SECTION 1

In this section you will find information for the Western Asset multi-state funds that have paid income dividends which are tax- exempt for regular Federal income tax purposes. The percentages of income earned by the funds from each state or U.S. Territory are listed below.

See Footnotes after Section 5.

Exempt interest income - Multi-state funds

Western Asset

Western Asset

Western Asset

Municipal Defined

Western Asset

Western Asset

Intermediate

Managed Municipals

Opportunity

Municipal High

Municipal Partners

Muni Fund Inc.

Fund Inc.

Trust Inc.

Income Fund Inc.

Fund Inc.

(SBI)

(MMU)

(MTT)

(MHF)

(MNP)

Alabama

1.44

%

7.66

%

9.18

%

7.44

%

2.27

%

Alaska

0.12

0.08

0.08

0.01

0.70

Arizona

2.72

4.38

6.17

4.02

2.25

Arkansas

-

-

-

-

-

California

17.42

12.58

11.11

9.78

12.94

Colorado

4.51

9.45

4.61

4.64

4.20

Connecticut

0.97

0.74

1.19

0.71

1.33

Delaware

-

-

0.24

1.47

0.26

District of Columbia

0.33

0.42

0.20

1.59

0.46

Florida

5.48

3.00

1.25

3.21

5.20

Georgia

0.52

0.98

0.41

0.12

0.43

Guam

-

-

-

-

-

Hawaii

-

0.92

-

-

-

Idaho

-

0.12

0.11

-

-

Illinois

14.42

12.74

11.84

11.40

11.45

Indiana

4.39

2.19

2.12

1.94

1.50

Iowa

0.07

0.06

0.06

-

0.06

Kansas

-

-

-

-

-

Kentucky

1.71

1.49

1.57

1.59

0.66

Louisiana

3.54

1.03

0.36

0.75

1.22

Maine

-

-

-

-

-

Maryland

0.02

0.02

0.65

3.02

0.01

Massachusetts

1.02

2.28

0.57

0.74

2.14

Michigan

2.50

3.50

2.87

1.37

2.03

Minnesota

-

0.19

-

-

-

Mississippi

-

-

0.01

-

0.02

Missouri

0.71

0.75

0.37

2.76

0.48

Montana

-

-

-

-

-

Nebraska

0.32

-

0.01

2.40

-

Nevada

-

0.16

-

0.58

-

New Hampshire

-

-

-

-

-

New Jersey

6.39

4.86

4.62

7.34

9.00

New Mexico

-

-

-

0.30

-

New York

8.64

8.02

19.65

2.53

10.95

North Carolina

0.67

0.66

0.72

0.31

2.76

North Dakota

-

-

-

-

-

Ohio

0.89

2.22

0.77

1.10

2.80

Oklahoma

-

0.07

0.01

0.35

-

Oregon

1.22

0.29

0.33

0.77

0.82

Pennsylvania

1.56

2.83

1.75

5.41

6.10

Puerto Rico

2.90

2.47

2.56

2.07

2.64

Rhode Island

-

-

-

-

-

South Carolina

0.23

0.21

0.20

-

0.21

South Dakota

-

0.06

-

-

0.08

Tennessee

1.61

0.91

0.61

0.26

1.81

Texas

5.52

7.92

7.12

12.23

7.19

U.S. Virgin Islands

0.84

0.66

1.29

2.33

0.68

Utah

0.27

0.99

1.23

0.62

0.25

Vermont

-

-

-

-

-

Virginia

2.84

1.38

1.50

2.78

0.58

Washington

0.38

0.62

1.36

0.13

1.34

West Virginia

0.11

0.09

0.10

0.03

0.10

Wisconsin

3.72

0.98

1.19

1.90

3.08

Wyoming

-

0.02

0.01

-

-

Other U.S. Territories

-

-

-

-

-

Alternative Minimum Tax Percentage:

19.49

%

11.89

%

13.84

%

12.98

%

14.16

%

2020 Tax Guide

33

X3A0T SECTION 2

In this section you will find information for the Western Asset single state funds that have paid income dividends which are tax-exempt for regular Federal income tax purposes.

See Footnotes after Section 5.

Exempt interest income - Single state funds

Percentage of

Percentage of

income from

Percentage of

income from

obligations of Puerto

income from

Specified state

obligations exempt

Rico, U.S. Virgin

obligations

Alternative Minimum

Fund Name

in specified state

Islands and Guam

of other states

Tax Percentage

Western Asset California Municipals Fund

California

96.31

%

3.68

%

0.01

%

2.97

%

Western Asset Intermediate Maturity California Municipals Fund

California

95.19

4.72

0.09

9.53

Western Asset Intermediate Maturity New York Municipals Fund

New York

96.00

4.00

-

15.57

Western Asset Massachusetts Municipals Fund

Massachusetts

96.69

3.13

0.18

1.49

Western Asset New Jersey Municipals Fund

New Jersey

96.88

3.03

0.09

5.65

Western Asset New York Municipals Fund

New York

95.84

4.16

-

5.00

Western Asset New York Tax Free Money Market Fund

New York

100.00

-

-

10.88

Western Asset Oregon Municipals Fund

Oregon

96.36

3.64

-

3.20

Western Asset Pennsylvania Municipals Fund

Pennsylvania

96.94

2.96

0.10

1.76

2020 Tax Guide

4

SECTION 3

Certain states may exempt the portion of dividends (reported in Box 1a on Form 1099-DIV) derived from assets backed by the full faith and credit of the U.S. Government.*

The table below provides the percentages of those dividends available for this exclusion. Only those Funds that appear in this section have distributed income that qualifies for this exclusion.

See Footnotes after Section 5.

Income from Federal obligations

Fund Name

Percentage

BrandywineGLOBAL - Global Income Opportunities Fund Inc. (BWG)

1.85

%

BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)

1.69

BrandywineGLOBAL - Global Unconstrained Bond Fund

7.92

QS Conservative Growth Fund

1.85

QS Defensive Growth Fund

3.88

QS Moderate Growth Fund

1.27

QS Strategic Real Return Fund

8.49

Western Asset Core Bond Fund

7.17

Western Asset Core Plus Bond Fund

7.40

Western Asset Global Corporate Defined Opportunity Fund Inc. (GDO)

(b)

2.17

Western Asset Global High Income Fund Inc. (EHI) (b)

1.98

Western Asset Government Reserves

79.89

Western Asset Inflation Indexed Plus Bond Fund **

80.82

Western Asset Inflation-Linked Income Fund (WIA) **

30.16

Western Asset Inflation-Linked Opportunities & Income Fund (WIW) **

(b)

55.59

Western Asset Institutional Government Reserves

80.82

Western Asset Institutional Liquid Reserves

8.58

Western Asset Institutional U.S. Treasury Obligations Money Market Fund

74.70

Western Asset Institutional U.S. Treasury Reserves **

100.00

Western Asset Intermediate Bond Fund

15.03

Western Asset Macro Opportunities Fund

14.72

Western Asset Premier Bond Fund (WEA)

1.88

Western Asset Premier Institutional Government Reserves

52.66

Western Asset Premier Institutional Liquid Reserves

8.75

Western Asset Premier Institutional U.S. Treasury Reserves

100.00

Western Asset Premium Liquid Reserves

10.37

Western Asset Premium U.S. Treasury Reserves **

100.00

Western Asset Short-Term Bond Fund

7.90

Western Asset SMASh Series Core Completion Fund

7.71

Western Asset SMASh Series Core Plus Completion Fund (c)

8.28

Western Asset SMASh Series M Fund

10.43

Western Asset Total Return ETF

1.91

Western Asset Ultra-Short Income Fund (d)

2.82

Western Asset U.S. Treasury Reserves **

100.00

  • Includes U.S. Treasury Bills, U.S. Treasury Notes, U.S. Treasury Bonds, and obligations issued by the Federal Home Loan Bank, Federal Credit Banks and the Student Loan Marketing Association.
  • These Funds have met the quarterly asset requirements for California, Connecticut and New York resident shareholders.

2020 Tax Guide

5

X5A0T SECTION 4

This information is provided for those shareholders electing to take the foreign tax credit for Federal income tax purposes.

Shareholders taking an itemized deduction for foreign taxes paid: Include the amount shown in Box 6 on Form 1099-DIV as an itemized deduction on Schedule A (Form 1040).

Shareholders electing to claim the Foreign Tax Credit on either Form 1116 ("Foreign Tax Credit") for individuals, or Form 1118 ("Foreign Tax Credit -corporations") for corporate shareholders: Please note that shareholders claiming a foreign tax credit on income passed through from a mutual fund are no longer required to report foreign source income and foreign taxes paid on a country-by-countrybasis. Corporate shareholders, please refer to the 2020 Distribution Reclassifications which may be found in the Tax Center of the Legg Mason website for the per share amount of the Foreign Withholding Taxes paid. Please refer to the instructions for Form 1116 or 1118 and consult your tax advisor for further assistance.

See Footnotes after Section 5.

Foreign source income

Fund Name

ClearBridge Global Infrastructure Income Fund (e)

ClearBridge International Growth Fund

ClearBridge International Small Cap Fund

ClearBridge International Value Fund

Legg Mason Global Infrastructure ETF (INFR)

Percentage of

Percentage of

Income from

Payable Date

Income from

Foreign Source

Foreign Sources

Dividends (3)

Quarterly

92.66

%

(2)

92.66

%

March - September

12/18/2020

69.03

(2)

65.73

12/22/2020

99.80

(1)

99.80

12/22/2020

100.00

(1)

100.00

12/07/2020

96.13

(1)

96.13

Quarterly

61.26

(2)

61.26

April - October

Quarterly

100.00

(2)

93.10

Legg Mason International Low Volatility High Dividend ETF

(LVHI)

March - September

12/08/2020

100.00

(2)

87.52

Martin Currie Emerging Markets Fund

12/22/2020

100.00

(1)

100.00

Martin Currie International Unconstrained Equity Fund

12/04/2020

63.26

(2)

63.26

12/22/2020

63.25

(2)

63.25

Martin Currie SMASh Series EM Fund

12/15/2020

100.00

(1)

83.06

QS Conservative Growth Fund

03/31/2020

1.78

(2)

1.78

Quarterly

3.04

(2)

3.04

June - December

QS Defensive Growth Fund

03/31/2020

0.99

(2)

0.99

Quarterly

1.72

(2)

1.72

June - December

QS Growth Fund

06/18/2020

3.38

(2)

3.38

12/31/2020

23.44

(2)

23.44

QS International Equity Fund

12/04/2020

99.11

(1)

99.11

QS Moderate Growth Fund

06/18/2020

0.31

%

(2)

0.31

12/30/2020

13.09

(2)

13.09

  1. To determine your share of the Fund's foreign source income, multiply the total foreign source percentage indicated by the amount shown in Box 1a of Form 1099-DIV.
  2. To determine your share of the Fund's foreign source income, multiply the total foreign source percentage indicated by the distribution received on the indicated date. Do not multiply this percentage by the amount shown on Box 1a of Form 1099-DIV.
  3. As a result of lower tax rates on qualified dividends, in computing your foreign tax credit, you may need to make certain adjustments based on your foreign source qualified dividends. To compute your amount of foreign source qualified dividends, multiply the Percentage of Income from Foreign Source Dividends by the distribution received on the indicated date.

2020 Tax Guide

6

SECTION 5

The list below provides corporate shareholders with the percentages of their gross ordinary dividends that qualify for the dividends received deduction for corporations. Only those Funds that appear in this section have distributed income that qualifies for this deduction.

See Footnotes after Section 5.

Dividends Received Deduction for Corporations

Fund Name

BrandywineGLOBAL - Diversified US Large Cap Value Fund BrandywineGLOBAL - Dynamic US Large Cap Value Fund ClearBridge Aggressive Growth Fund

ClearBridge All Cap Growth ETF (CACG)

ClearBridge All Cap Value Fund

ClearBridge Appreciation Fund

Clearbridge Dividend Strategy ESG ETF (YLDE)

Clearbridge Dividend Strategy Fund

ClearBridge Focus Value ETF (CFCV)

ClearBridge Global Infrastructure Income Fund (e) ClearBridge Large Cap Growth ESG ETF (LRGE) ClearBridge Large Cap Growth Fund Clearbridge Large Cap Value Fund

ClearBridge Mid Cap Fund

ClearBridge Small Cap Fund

ClearBridge Small Cap Value Fund

ClearBridge Sustainability Leaders Fund

ClearBridge Tactical Dividend Income Fund (f)

ClearBridge Value Trust

Legg Mason Global Infrastructure ETF (INFR)

Legg Mason Low Volatility High Dividend ETF (LVHD)

Legg Mason Small-Cap Quality Value ETF Fund (SQLV) LMP Capital and Income Fund Inc. (SCD) (f)

Martin Currie Emerging Markets Fund

QS Conservative Growth Fund

QS Defensive Growth Fund

Payable Date

12/04/2020

12/04/2020

12/22/2020

12/31/2020

12/07/2020

12/04/2020

Quarterly

March - December

Quarterly

March - December

09/30/2020

Quarterly

March - September

12/31/2020

12/22/2020

Quarterly

March - December

12/22/2020

06/18/2020

12/07/2020

12/04/2020

Quarterly

March - September

12/04/2020

Quarterly

April - October

Quarterly

February - August

01/05/2021

Quarterly

March - December

Quarterly

March - September

12/22/2020

03/31/2020

03/31/2020

Qualifying

Payable Date

Percentage

100.00

%

-

100.00

-

100.00

-

100.00

-

100.00

-

100.00

-

100.00

-

100.00

-

41.2012/31/2020

17.6612/18/2020

100.00

-

100.00

-

100.00

-

100.00

-

100.0012/22/2020

100.00

-

39.39

-

100.0012/18/2020

100.00-

82.9812/31/2020

95.3811/10/2020

73.18

-

100.00

-

100.0012/31/2020

7.99-

  1. Quarterly
    June - December
  1. Quarterly
    June - December

Qualifying Percentage

50.13

14.96

100.00

65.00 %

49.17

94.06

45.00

27.15

12.57

2020 Tax Guide

7

SECTION 5

The list below provides corporate shareholders with the percentages of their gross ordinary dividends that qualify for the dividends received deduction for corporations. Only those Funds that appear in this section have distributed income that qualifies for this deduction.

See Footnotes after Section 5.

Dividends Received Deduction for Corporations

Fund Name

Payable Date

QS Global Dividend Fund

Quarterly

March - September

QS Global Equity Fund

12/04/2020

QS Growth Fund

06/18/2020

QS Moderate Growth Fund

06/18/2020

QS S&P 500 Index Fund

12/04/2020

QS Strategic Real Return Fund

12/22/2020

QS U.S. Large Cap Equity Fund

06/18/2020

QS U.S. Small Capitalization Equity Fund

06/18/2020

Western Asset Global Corporate Defined

Monthly

Opportunity Fund Inc. (GDO) (f)

January - October

Western Asset Global High Income Fund Inc. (EHI)

(f)

Monthly

January - May

Western Asset High Income Fund II Inc. (HIX) (f)

Monthly

January - April

Western Asset High Income Opportunity

Monthly

Fund Inc. (HIO) (f)

January - September

Western Asset High Yield Defined Opportunity

Monthly

Fund Inc. (HYI) (f)

January - May

Western Asset Investment Grade Income Fund (PAI)

02/03/2020

Western Asset Investment Grade Defined

Monthly

Opportunity Trust Inc. (IGI)

January - December

Western Asset Macro Opportunities Fund

12/22/2020

Western Asset Premier Bond Fund (WEA)

02/03/2020

Western Asset Short-Term Bond Fund

01/31/2020

Qualifying

Payable Date

Percentage

57.32

%

12/18/2020

100.00

-

6.90

12/30/2020

1.03

12/30/2020

100.0012/22/2020

2.85-

  1. 12/22/2020
  1. 12/22/2020
  1. Monthly

November - December

  1. Monthly
    June - December
  1. Monthly
    May - December
  1. Monthly

October - December

  1. Monthly
    June - December
  1. Monthly

March - December

4.0912/31/2020

31.39-

3.09Monthly

Feburary - December

0.34Monthly

Feburary - December

Qualifying Percentage

61.73 %

60.06

43.85

100.00

100.00

100.00

5.29

1.30

2.79

1.40

1.31

1.42

1.42

2.79

1.14

Monthly

1.02

12/31/2020

2.61

January - October

Western Asset Ultra-Short Income Fund

(d)

11/30/2020

2.54

-

Western Asset Variable Rate Strategic

Monthly

29.22

-

Fund Inc. (GFY) (f)

January - October

2020 Tax Guide

8

Footnotes

  1. Effective July 7, 2020, the Fund changed its name from BranywineGLOBAL - Global Flexible Income Fund.
  2. The Fund has made certain reclassifications affecting the tax character of the distributions paid. The Percentage of Income from Federal Obligations is expressed as a percentage of the Ordinary Income per Share after these reclassifications as disclosed in the Fund's Form 8937 - Report of Organizational Actions Affecting the Basis of Securities which may be found in the Tax Center of the Legg Mason website. In order to compute the amount of income from Federal Obligations, a shareholder should multiply the Percentage listed above by the product of the Ordinary Income per share on the Fund's Form 8937 and the number of shares held on the record date
    of the distribution.
  3. Effective August 8, 2020, the Fund changed its name from Western Asset SMASh Series EC Fund.
  4. Effective April 20, 2020, the Fund changed its name from Western Asset Adjustable Rate Income Fund.
  5. Effective February 1, 2020, the Fund changed its name from RARE Global Infrastructure Income Fund.
  6. The Fund has made certain reclassifications affecting the tax character of the distributions paid. The Qualifying Percentage is expressed as a percentage of the Ordinary Income per Share after these reclassifications as disclosed in the Fund's Form 8937 - Report of Organizational Actions Affecting the Basis of Securities which may be found in the Tax Center of the Legg Mason website. In
    order to compute the amount of dividends qualfying for the dividends received deduction, a shareholder should multiply the Qualifying Percentage by the product of the Ordinary Income per Share on the Fund's Form 8937 and the number of shares held on the record date of the distribution.

2020 Legg Mason Tax Guide

1-800-822-5544

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Western Asset Investment Grade Income Fund Inc. published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 17:23:01 UTC.