VGOF-P32 08/24
LEGG MASON ETF INVESTMENT TRUST
LEGG MASON PARTNERS INCOME TRUST
LEGG MASON PARTNERS INSTITUTIONAL TRUST
LEGG MASON PARTNERS VARIABLE INCOME TRUST
WESTERN ASSET FUNDS, INC.
SUPPLEMENT DATED AUGUST 21, 2024
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF EACH FUND LISTED IN SCHEDULE A
Effective August 21, 2024, the following supersedes any and all disclosure to the contrary in the fund’s Summary Prospectus (as applicable), Prospectus and SAI:
| a. | The investment professionals primarily responsible for the day-to-day management of Western Asset Total Return ETF are Messrs. Michael C. Buchanan, Mark S. Lindbloom, Frederick R. Marki, Nicholas Mastroianni, and Julien A. Scholnick. |
| b. | The investment professionals primarily responsible for the day-to-day management of Western Asset Short-Term Bond Fund and Western Asset Intermediate Bond Fund are Messrs. Michael C. Buchanan, Mark S. Lindbloom, Frederick R. Marki, Nicholas Mastroianni, and Julien A. Scholnick. |
| c. | The investment professionals primarily responsible for the day-to-day management of Western Asset SMASh Series Core Completion Fund are Messrs. Michael C. Buchanan, Ryan K. Brist, Kevin J. Ritter, and Julien A. Scholnick. |
| d. | The investment professionals primarily responsible for the day-to-day management of Western Asset SMASh Series Core Plus Completion Fund are Messrs. Michael C. Buchanan, Ryan K. Brist, Kevin J. Ritter, Walter E. Kilcullen, and Julien A. Scholnick. |
| e. | The investment professionals primarily responsible for the day-to-day management of Western Asset Core Plus VIT Portfolio, Western Asset Core Bond Fund and Western Asset Core Plus Bond Fund are Messrs. Michael C. Buchanan, Mark S. Lindbloom, Frederick R. Marki, and Julien A. Scholnick. |
| f. | The investment professionals primarily responsible for the day-to-day management of Western Asset Inflation Indexed Plus Bond Fund are Messrs. Michael C. Buchanan, Amit Chopra, and Frederick R. Marki. |
| g. | The investment professionals primarily responsible for the day-to-day management of Western Asset Macro Opportunities Fund are Messrs. Gordon Brown, Michael C. Buchanan, Prashant Chandran, Amit Chopra, and Mark S. Lindbloom. |
| h. | The investment professionals primarily responsible for the day-to-day management of Western Asset Total Return Unconstrained Fund are Messrs. Michael C. Buchanan, Mark S. Lindbloom, Frederick R. Marki, and Julien A. Scholnick. |
SCHEDULE A
| Fund |
Date of Summary | |
| LEGG MASON ETF INVESTMENT TRUST |
||
| Western Asset Total Return ETF |
August 1, 2024 | |
| LEGG MASON PARTNERS INCOME TRUST |
||
| Western Asset Short-Term Bond Fund |
May 1, 2024 | |
| LEGG MASON PARTNERS INSTITUTIONAL TRUST |
||
| Western Asset SMASh Series Core Completion Fund |
July 1, 2024 | |
| Western Asset SMASh Series Core Plus Completion Fund |
May 1, 2024 | |
| LEGG MASON PARTNERS VARIABLE INCOME TRUST |
||
| Western Asset Core Plus VIT Portfolio |
May 1, 2024 | |
| WESTERN ASSET FUNDS, INC. |
||
| Western Asset Core Bond Fund |
May 1, 2024 | |
| Western Asset Core Plus Bond Fund |
May 1, 2024 | |
| Western Asset Inflation Indexed Plus Bond Fund |
May 1, 2024 | |
| Western Asset Intermediate Bond Fund |
September 29, 2023 | |
| Western Asset Macro Opportunities Fund |
March 1, 2024 | |
| Western Asset Total Return Unconstrained Fund |
September 29, 2023 | |
Please retain this supplement for future reference.
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