WDI (NYSE) names team-based managers; Buchanan oversees $82.41B
Rhea-AI Filing Summary
Western Asset Diversified Income Fund updated its Prospectus and Statement of Additional Information to revise the Fund’s portfolio management team. Effective January 27, 2026, the Prospectus replaces the prior "Investment Management Team" section with a team-based description and lists seven named portfolio managers and their roles. The SAI (as of December 31, 2025) provides account counts and assets managed by each portfolio manager, including examples such as Michael C. Buchanan managing 61 other registered investment company accounts with $82.41 billion in assets and 273 other accounts with $79.61 billion.
Effective September 30, 2026, the Fund removes Christopher Kilpatrick from the Prospectus and SAI portfolio manager sections. Capitalized terms retain Prospectus definitions.
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Insights
Updates formalize a team-based management description and disclose manager-level account exposures.
The supplement replaces an individual-focused "Investment Management Team" description with a team approach, listing seven portfolio managers and binding the SAI tables to an December 31, 2025 reporting date. The SAI details numbers of accounts and assets managed by each professional, including performance-fee exposures where shown.
Separately, the later supplement deletes Christopher Kilpatrick from manager listings effective September 30, 2026. These are disclosure updates; timing and operational transition details beyond the effective dates are not provided in the excerpt.
Quantifies manager oversight at the portfolio-manager level for operational transparency.
The SAI tables list manager-level counts and asset totals: for example, Michael C. Buchanan oversees 61 registered fund accounts with $82.41 billion and 189 pooled vehicles with $47.17 billion. John Hwang shows 9 pooled vehicles with $2.10 billion, of which 6 are performance-fee accounts totaling $1.91 billion.
These figures provide granularity on other-account exposures; trustees and advisers will rely on subsequent filings for any operational or reallocation impacts.
Key Figures
Key Terms
Statement of Additional Information (SAI) regulatory
performance-based fee financial
collateralized loan obligation (CLO) financial
dollar range of securities beneficially owned regulatory
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FAQ
What management changes did WDI disclose in the April 23, 2026 supplement?
Which portfolio manager assets are largest under the updated SAI for WDI?
Does the supplement report any portfolio manager departures at WDI?
Are performance-fee account exposures disclosed for WDI managers?
What is the reporting date for the manager-level assets in WDI's SAI?
Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-283908
WESTERN ASSET DIVERSIFIED INCOME FUND
SUPPLEMENT DATED APRIL 23, 2026 TO THE
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 18, 2024
Portfolio Manager Updates Effective January 27, 2026
Effective as of January 27, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Fund’s Prospectus (“Prospectus”) and the section entitled “Portfolio Managers” in the Fund’s Statement of Additional Information (“SAI”):
Prospectus
The information contained in “Investment Management Team” in the “Management of the Fund” section of the Prospectus is removed entirely and replaced as follows:
Investment Management Team
Set forth below is information regarding the team of professionals at Western Asset responsible for overseeing the day-to-day operations of the Fund. Western Asset utilizes a team approach, with decisions derived from interaction among various investment management sector specialists. The sector teams are comprised of Western Asset’s senior portfolio managers, research analysts and an in-house economist. Under this team approach, management of client fixed income portfolios will reflect a consensus of interdisciplinary views.
| Name, Address and Title |
Principal Occupation(s) During Past 5 Years | |
| Michael C. Buchanan Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years; Managing Director and head of U.S. Credit Products from 2003-2005 at Credit Suisse Asset Management. | |
| Greg E. Handler Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; research analyst/portfolio manager at Western Asset since 2002. | |
| Christopher F. Kilpatrick Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years. | |
| Annabel Rudebeck Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Ms. Rudebeck joined Western Asset in 2016 as Head of Non-US Credit. Ms. Rudebeck has over 18 years of investment industry experience. Formerly Ms. Rudebeck was a Senior Partner and Head of Global Investment-Grade Credit for Rogge Global Partners and also served as a Credit Research Associate at J.P. Morgan Securities. | |
| Rafael Zielonka Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional since 2002. | |
| Name, Address and Title |
Principal Occupation(s) During Past 5 Years | |
| John Hwang Western Asset |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Mr. Hwang is a member of the high-yield desk and specializes in bank loans and corporate structured credit. Mr. Hwang co-manages all collateralized loan obligation (CLO) portfolios and is responsible for all corporate-structured credit investments within Western Asset. Mr. Hwang has over 24 years of investment industry experience. | |
| Ryan Kohan Western Asset |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Mr. Kohan is Head of Bank Loans and has been employed by Western Asset as an investment professional for at least the past five years. Mr. Kohan has over 17 years of investment industry experience. | |
Additional information about the portfolio managers’ compensation, other accounts managed by them and other information is provided in the SAI.
SAI
The information contained in the table in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:
The following tables set forth certain additional information with respect to the fund’s investment professionals for the Fund. Unless noted otherwise, all information is provided as of December 31, 2025.
The table below identifies the number of accounts (other than the Fund) for which the Fund’s investment professionals have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets in the accounts where fees are based on performance is also indicated.
| Name of PM |
Type of Account |
Number of |
Total Assets |
Number of Accounts Managed for which Advisory Fee is Performance Based |
Assets Advisory Fee is Performance- | |||||
| Michael C. Buchanan‡ |
Other Registered Investment Companies | 61 | $82.41 billion | None | None | |||||
| Other Pooled Vehicles | 189 | $47.17 billion | 16 | $3.01 billion | ||||||
| Other Accounts | 273 | $79.61 billion | 11 | $6.20 billion | ||||||
| Greg E. Handler‡ |
Other Registered Investment Companies | 11 | $3.60 billion | None | None | |||||
| Other Pooled Vehicles | 7 | $546 million | 3 | $389 million | ||||||
| Other Accounts | 13 | $820 million | None | None | ||||||
| Christopher F. Kilpatrick‡ |
Other Registered Investment Companies | 4 | $3.11 billion | None | None | |||||
| Other Pooled Vehicles | 6 | $1.61 billion | None | None | ||||||
| Other Accounts | 4 | $692 million | None | None | ||||||
| Annabel Rudebeck‡ |
Other Registered Investment Companies | 4 | $2.35 billion | None | None | |||||
| Other Pooled Vehicles | 10 | $2.60 billion | None | None | ||||||
| Other Accounts | 17 | $6.56 billion | None | None |
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| Name of PM |
Type of Account |
Number of |
Total Assets |
Number of Accounts Managed for which Advisory Fee is Performance Based |
Assets Advisory Fee is Performance- | |||||
| Rafael Zielonka‡ |
Other Registered Investment Companies | 4 | $1.26 billion | None | None | |||||
| Other Pooled Vehicles | 10 | $2.32 billion | None | None | ||||||
| Other Accounts | 2 | $772 million | 2 | $772 million | ||||||
| John Hwang‡* |
Other Registered Investment Companies | None | None | None | None | |||||
| Other Pooled Vehicles | 9 | $2.10 billion | 6 | 1.91 billion | ||||||
| Other Accounts | 2 | $445 million | None | None | ||||||
| Ryan Kohan‡* |
Other Registered Investment Companies | 3 | $915 million | None | None | |||||
| Other Pooled Vehicles |
22 | $8.22 billion | 9 | $2.30 billion | ||||||
| Other Accounts |
13 | $1.98 billion | None | None |
| ‡ | The numbers above reflect the overall number of portfolios managed by employees of Western Asset Management Company, LLC (“Western Asset”). Western Asset’s investment discipline emphasizes a team approach that combines the efforts of groups of specialists working in different market sectors. They are responsible for overseeing implementation of Western Asset’s overall investment ideas and coordinating the work of the various sector teams. This structure ensures that client portfolios benefit from a consensus that draws on the expertise of all team members. |
| * | Information for John Hwang and Ryan Kohan is as of March 31, 2026. |
The information contained in “Portfolio Manager Securities Ownership” in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:
Portfolio Manager Securities Ownership
The table below identifies the dollar range of securities beneficially owned by each investment professional as of December 31, 2025.
| Portfolio Manager |
Dollar Range of Securities Beneficially Owned ($) | |
| Michael C. Buchanan | E | |
| Greg E. Handler | A | |
| Christopher F. Kilpatrick | A | |
| Annabel Rudebeck | A | |
| Rafael Zielonka | A | |
| John Hwang* | B | |
| Ryan Kohan* | A |
| * | Information for John Hwang and Ryan Kohan is as of March 31, 2026. |
Dollar Range ownership is as follows:
A: none
B: $1 - $10,000
C: 10,001 - $50,000
D: $50,001 - $100,000
E: $100,001 - $500,000
F: $500,001 - $1 million
G: over $1 million
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Portfolio Manager Updates Effective September 30, 2026
Effective as of September 30, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Prospectus and the section entitled “Portfolio Managers” in the SAI:
Prospectus
The information relating to Christopher Kilpatrick is deleted in its entirety from the “Management of the Fund” section of the Prospectus
SAI
The information relating to Christopher Kilpatrick is deleted in its entirety from the “Portfolio Managers” section of the SAI.
Capitalized terms not defined herein have the meanings assigned to them in the Prospectus.
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