<SEC-DOCUMENT>0001193125-24-194597.txt : 20240910
<SEC-HEADER>0001193125-24-194597.hdr.sgml : 20240910
<ACCEPTANCE-DATETIME>20240806111357
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-194597
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEGG MASON PARTNERS INCOME TRUST
		CENTRAL INDEX KEY:			0000764624
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		LEGG MASON & CO., LLC
		STREET 2:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		1-877-721-1926

	MAIL ADDRESS:	
		STREET 1:		LEGG MASON & CO., LLC
		STREET 2:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEGG MASON PARTNERS INCOME FUNDS
		DATE OF NAME CHANGE:	20060407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INCOME FUNDS
		DATE OF NAME CHANGE:	19941228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY SHEARSON INCOME FUNDS
		DATE OF NAME CHANGE:	19931015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Asset Diversified Income Fund (WDI)
		CENTRAL INDEX KEY:			0001819559
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		FRANKLIN TEMPLETON C/O MITCHELL O'BRIEN
		STREET 2:		280 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		12128056026

	MAIL ADDRESS:	
		STREET 1:		FRANKLIN TEMPLETON C/O MITCHELL O'BRIEN
		STREET 2:		280 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Asset Diversified Income Fund
		DATE OF NAME CHANGE:	20200729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME FUND II INC.
		CENTRAL INDEX KEY:			0001058239
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH INCOME FUND II INC
		DATE OF NAME CHANGE:	19980421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH YIELD BOND FUND IN
		DATE OF NAME CHANGE:	19980319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEGG MASON PARTNERS INVESTMENT TRUST
		CENTRAL INDEX KEY:			0000880366
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		LEGG MASON & CO., LLC
		STREET 2:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		1-877-721-1926

	MAIL ADDRESS:	
		STREET 1:		LEGG MASON & CO., LLC
		STREET 2:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEGG MASON PARTNERS EQUITY TRUST
		DATE OF NAME CHANGE:	20070412

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEGG MASON PARTNERS INVESTMENT TRUST
		DATE OF NAME CHANGE:	20060407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INVESTMENT TRUST
		DATE OF NAME CHANGE:	19950831

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEGG MASON PARTNERS INSTITUTIONAL TRUST
		CENTRAL INDEX KEY:			0000889512
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		LEGG MASON & CO., LLC
		STREET 2:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		1-877-721-1926

	MAIL ADDRESS:	
		STREET 1:		LEGG MASON & CO., LLC
		STREET 2:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CITIFUNDS INSTITUTIONAL TRUST
		DATE OF NAME CHANGE:	19981030
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Multi-Registrant</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Morgan, Lewis&nbsp;&amp; Bockius LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">One Federal Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boston, MA
02110 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">August&nbsp;6, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VIA EDGAR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Christina DiAngelo Fettig </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>The Registrants (the &#147;Registrants&#148;) and Funds (the &#147;Funds&#148;) Listed in Annex A</U>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Fettig: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of the
Registrants,<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> we are filing this letter to respond to the comments you delivered by telephone on June&nbsp;10, 2024 on behalf of the Staff (the &#147;Staff&#148;) of the Securities and Exchange
Commission after the Staff&#146;s review of certain filings made by the Funds, in each case with respect to the fiscal year listed beside the name of the applicable Fund in Annex A hereto. For convenience of reference, summaries of the comments of
the Staff have been included herein.<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Comment</U> (Western Asset Intermediate Maturity
California Municipals Fund, Western Asset SMASh Series Core Plus Completion Fund, Western Asset SMASh Series C Fund): Each of these Funds is classified as a <FONT STYLE="white-space:nowrap">&#147;non-diversified</FONT> company&#148; within the
meaning of Section&nbsp;5(b)(1) of the 1940 Act. If any of the Funds has been operating as a diversified company for over three years, please confirm that the Fund will obtain shareholder approval before reverting to operating as a <FONT
STYLE="white-space:nowrap">non-diversified</FONT> company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> The Registrant acknowledges that Western Asset SMASh Series
Core Plus Completion Fund and Western Asset SMASh Series C Fund have operated as diversified investment companies for over three years and expects both Funds to continue to operate as diversified investment companies going forward. The Registrant
confirms that it will obtain approval from shareholders of SMASh Series Core Plus Completion Fund or Western Asset SMASh Series C Fund (as applicable) before operating the Fund as a <FONT STYLE="white-space:nowrap">non-diversified</FONT> investment
company. The Registrant intends to identify Western Asset SMASh Series Core Plus Completion Fund and Western Asset SMASh Series C Fund as operating as diversified investment companies in each Fund&#146;s next semi-annual report. The Registrant
further confirms that Western Asset Intermediate Maturity California Municipals Fund continues to operate as a <FONT STYLE="white-space:nowrap">non-diversified</FONT> investment company. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">When used in the responses below, term &#147;Fund&#148; refers to the applicable Fund and the term
&#147;Registrant&#148; refers to the applicable Registrant listed beside the name of such Fund in Annex A. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless otherwise indicated, any reference to a &#147;Section&#148; or a &#147;Rule&#148; relates, as
applicable, to a section of the Investment Company Act of 1940, as amended, or to a rule thereunder. </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Comment</U> (Franklin Multi-Asset Funds): On page 29 of the Funds&#146; Form
<FONT STYLE="white-space:nowrap">N-CSR</FONT> filing, the Schedule of Investments is identified as being that of Franklin Multi-Asset Moderate Growth Fund, when that schedule may actually be that of Franklin Multi-Asset Conservative Growth Fund.
Please consider whether a correction is necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U>&nbsp;The Registrant has confirmed that both the final version of the
annual report that was printed and mailed to shareholders and the version posted on the Funds&#146; website correctly identifies the Schedule of Investments on page 29 as being that of Franklin Multi-Asset Conservative Growth Fund.&nbsp;The
Registrant has determined that there was a printer error in the html conversion of the annual report, which resulted in the typographical error identified by the Staff.&nbsp;Nevertheless, in light of the fact that the correct document was delivered
to shareholders and is available on the Funds&#146; website, the Registrant&#146;s view is that it is not necessary to amend the Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Comment</U> (Western Asset Short Duration Municipal Income Fund): On page 29 of the Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSR</FONT>
filing, the financial highlights for Class&nbsp;C shares disclose a payment by an affiliate for reimbursement of an error during the year ended February&nbsp;28, 2022. The Fund&#146;s financial statements for that year do not include any detail
regarding that payment. Please explain in correspondence the details relating to that payment, where it is disclosed in the financial statements and, if it is not disclosed, whether any financial statement disclosures were considered necessary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that the error was discovered during a routine review of invoices that an unaffiliated
financial intermediary had incorrectly sent to the Fund for recordkeeping services relating to client accounts maintained on the records of such financial intermediary over an extended period.&nbsp;The error was due to the intermediary failing to
change the applicable fee rate for shares that were no longer subject to a contingent deferred sales charge.&nbsp;The matter was discussed with the Fund&#146;s board, amounts believed to have been incorrectly paid by the Fund during the period were
identified, and the Fund was reimbursed for such amounts.&nbsp;Management also did a look-back review of charges incurred by the Fund in connection with recordkeeping services provided by other financial intermediaries and determined that this was
an isolated incident related to one unaffiliated financial intermediary.&nbsp;As of February&nbsp;28, 2022, Class&nbsp;C shares of the Fund had $90,990,000 in assets under management.&nbsp;The impact of the overpayment on the class was 0.066%, which
exceeded the Registrant&#146;s internal materiality threshold, triggering footnote disclosure in the Financial Highlights for Class&nbsp;C, while the overall balance sheet impact to the Fund was only 0.007%.&nbsp;That level of overall balance sheet
impact was determined to be immaterial to the financial statements of the Fund as a whole resulting in no further disclosure.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Comment</U> (Western
Asset Intermediate Maturity California Municipals Fund): Please discuss in correspondence the circumstances that allowed the Fund&#146;s manager to recapture expenses that had been waived while also waiving expenses in the same fiscal period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: During the fiscal year ended November&nbsp;30, 2021, Franklin Templeton Fund Adviser, LLC (&#147;FTFA&#148;)
waived/reimbursed class-specific expenses (not management fees) with respect to Classes A and C that were subject to possible recapture as described in the Fund&#146;s prospectus and shareholder reports.&nbsp;Over the course of the fiscal year ended
November&nbsp;30, 2023, FTFA waived a portion of its fees as reported in the Fund&#146;s financial statements.&nbsp;On days when the total annual operating expense ratios of Classes A and C fell below the level in its
</P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
expense cap agreement with the Fund, FTFA recouped amounts<B>,</B> drawing on the balance of class-specific <FONT STYLE="white-space:nowrap">(non-management</FONT> fee) expenses that had been
waived and/or reimbursed during the fiscal year ended November&nbsp;30, 2021.&nbsp;FTFA did not recapture any amounts that resulted, on any business day of the Fund, in the total annual fund operating expenses of Class&nbsp;A or C shares exceeding
any expense cap in effect at the times amounts were waived/reimbursed to the Fund or subsequently when such amounts were recaptured by FTFA. Class&nbsp;I shares were in waiver only during the year ended November&nbsp;30, 2023 (no amounts were
recaptured). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Comment</U> (BrandywineGLOBAL&#151;High Yield Fund, BrandywineGLOBAL&#151;Corporate Credit Fund): When there is a change of
accountants in connection with shell reorganizations, the Staff expects disclosure of the type contemplated by Dear CFO letter <FONT STYLE="white-space:nowrap">1998-04,</FONT> such as checking the applicable box in Form <FONT
STYLE="white-space:nowrap">N-CEN</FONT> and including disclosure in annual and semiannual reports. Please confirm that the Funds&#146; manager will cause this information to be provided in connection with future shell reorganizations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant acknowledges the Staff&#146;s comment and confirms that it will provide such disclosure in connection with
future shell reorganizations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Comment</U> (Western Asset Diversified Income Fund, Western Asset High Income Fund II Inc.): With reference to Rule <FONT
STYLE="white-space:nowrap">8b-16,</FONT> the Staff observed that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">i. Disclosure on page 80 of the Fund&#146;s Form <FONT
STYLE="white-space:nowrap">N-CSR</FONT> states that the Fund may enter into reverse repurchase agreements so long as it has covered its commitments under those instruments. Please update this disclosure as it appears outdated and does not take into
account the treatment of repurchase agreements under the new Derivatives Rule (Rule <FONT STYLE="white-space:nowrap">18f-4).</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that it will update this disclosure in future Form <FONT
STYLE="white-space:nowrap">N-CSR</FONT> filings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ii. Page 77 of the Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for Western Asset
High Income Fund II Inc. makes reference to information included in the Fund&#146;s 2008 registration statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> even though the fund filed a registration statement on <FONT
STYLE="white-space:nowrap">N-2</FONT> in 2022. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that this disclosure was
updated in the Fund&#146;s most recent Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Comment</U> (Western Asset Diversified Income
Fund): In the Schedule of Investments in the Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSR,</FONT> subordinated tranches of CLOs are disclosed as paying an interest rate of 0.000%. In future filings, please disclose an estimate of the
yield and include a footnote discussing the nature of the estimate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that it will update
this disclosure in future Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Comment</U> (Western Asset Diversified Income Fund, Western
Asset High Income Fund II Inc.): The Section&nbsp;906 certification filed as an exhibit to each Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filings refer to Section&nbsp;15(d) of the Securities Exchange Act. The template also
includes reference to Section&nbsp;13(a) of the Securities Exchange Act. Please explain why the reference to Section&nbsp;13(a) was omitted. If the reference to Section&nbsp;13(a) should have been included, please file an amended Form <FONT
STYLE="white-space:nowrap">N-CSR</FONT> for each Fund to correct the certificate. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that on August&nbsp;5, 2024 it filed an amended
form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for each Fund to correct the certificate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>Comment</U> (Western Asset High Income Fund II Inc.):
The Staff refers to Dear CFO letter <FONT STYLE="white-space:nowrap">2023-01.</FONT> The Fund offers securities on a delayed or continuous basis pursuant to a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> and, as an
&#147;A.2 Qualified&#148; registrant, the Fund is permitted to use forward incorporation to include information in the registration statement, including by reference to the Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filing. Item
4 of Form <FONT STYLE="white-space:nowrap">N-2</FONT> requires financial highlights for the past ten fiscal years. However, the Fund&#146;s annual report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> includes only five years of financial
highlights. Please include financial highlights for the sixth through tenth past fiscal years into the registration statement either by amending the annual report on form <FONT STYLE="white-space:nowrap">N-CSR</FONT> or by filing a supplemental
prospectus under Rule 424(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that, on behalf of the Fund, it filed a supplemental
prospectus under Rule 424(b) containing the requested financial highlights on August&nbsp;1, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Comment</U> (Western Asset Diversified Income
Fund): Disclosure on page 61 of the Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> refers to federal income taxes attributable to calendar year 2022 and notes that the fund anticipates being subject to an excise tax for the calendar
year 2023. Please explain in correspondence the reason for these taxes, and also explain where the $383,450 of federal income taxes attributable to calendar year 2022 is reflected in the Fund&#146;s financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Response: The Registrant advises the Staff that the $383,450 of federal income taxes attributable to calendar year 2022 were an excise tax
relating to the amount of required distributions paid to shareholders.&nbsp;These $383,450 of federal income taxes are reflected in the Increase in accrued expenses in the Statement of Cash Flows.&nbsp;In the Form
<FONT STYLE="white-space:nowrap">N-CSR</FONT> for the period ended December&nbsp;31, 2022, this amount was included in the Statement of Operations, and in Accrued Expenses on the Statement of Assets and Liabilities. The anticipated excise tax for
calendar year 2023 relates to the amount of required distributions paid to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. <U>Comment</U> (Western Asset High Income Fund II Inc.): The
market price and net asset value disclosure on page 60 does not appear to meet the requirements on Item 8.5(b) of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> which requires disclosure of the premium or discount with respect to each quoted
market price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that this disclosure has been updated in the Fund&#146;s most recently
filed Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. <U>Comment</U> (Western Asset High Income Fund II Inc.): The following comments relate to
page 59 of the Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filing: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">i. Please explain why the sales load of 1.00% or
offering expenses of 0.23% were not factored into the hypothetical expense example. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that this information has been
updated in the Fund&#146;s most recently filed Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ii. With reference to Footnote 6,
please add disclosure to clarify that other expenses are estimated based on amounts incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The
Registrant advises the Staff that the disclosure has been updated in the Fund&#146;s most recently filed Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">iii. With regard to the use of the terms &#147;leverage&#148; and &#147;borrowings,&#148; Footnote 5 states that the Fund has utilized
&#147;Borrowings&#148; in an aggregate amount of 33% of its total assets. It appears that that might not be accurate, given that the Fund also creates leverage from the use of reverse repurchase agreements. In addition, please confirm whether the
term &#147;Managed Assets&#148; (Footnote 4) on which the management fee is charged includes reverse repurchase agreements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that the disclosure has been updated in the Fund&#146;s most recently filed
Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <U>Comment</U> (Western Asset High Income Fund II Inc.): With reference to page 61 of the
Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filing, in future filings please include all required disclosure regarding the senior securities table, specifically those mentioned in Instructions 1 and 5 to Item 4.3 of Form <FONT
STYLE="white-space:nowrap">N-2.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant advises the Staff that the disclosure has been updated in the
Fund&#146;s most recently filed Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact the undersigned at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">617-951-8267</FONT></FONT> with any questions or comments you might have regarding the above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Barry N. Hurwitz</TD></TR>
</TABLE></DIV>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex A </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Registrant</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>1940 Act</B><br><B>File No.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal Year<BR>Reviewed</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legg Mason Partners Income Trust</P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD ROWSPAN="3" NOWRAP VALIGN="top">&nbsp;</TD>
<TD ROWSPAN="3" NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">811-04254</FONT></TD>
<TD ROWSPAN="3" NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset Intermediate Maturity California Municipals Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11/30/2023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset Short Duration Municipal Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2/29/2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset Oregon Municipals Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4/30/2023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legg Mason Partners Institutional Trust</P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD ROWSPAN="3" NOWRAP VALIGN="top">&nbsp;</TD>
<TD ROWSPAN="3" NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">811-06740</FONT></TD>
<TD ROWSPAN="3" NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset SMASh Series Core Plus Completion Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12/31/2023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset SMASh Series M Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2/29/2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset SMASh Series C Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2/29/2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="6"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legg Mason Partners Investment Trust</P></TD>
<TD VALIGN="bottom" ROWSPAN="6">&nbsp;&nbsp;</TD>
<TD ROWSPAN="6" NOWRAP VALIGN="top">&nbsp;</TD>
<TD ROWSPAN="6" NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">811-06444</FONT></TD>
<TD ROWSPAN="6" NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Franklin Multi-Asset Conservative Growth Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1/31/2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Franklin Multi-Asset Growth Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1/31/2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Franklin Multi-Asset Defensive Growth Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1/31/2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Franklin Multi-Asset Moderate Growth Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1/31/2024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BrandywineGLOBAL - High Yield Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12/31/2023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BrandywineGLOBAL - Corporate Credit Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12/31/2023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Western Asset Diversified Income Fund</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">811-23598</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset Diversified Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12/31/2023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Western Asset High Income Fund II Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">811-08709</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Western Asset High Income Fund II Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4/30/2023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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