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LEGG MASON ETF INVESTMENT TRUST

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LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST

WESTERN ASSET FUNDS, INC.

SUPPLEMENT DATED JULY 31, 2020

TO THE SUMMARY PROSPECTUSES, PROSPECTUSES, AND

STATEMENTS OF ADDITIONAL INFORMATION (“SAI”)

OF THE FUNDS LISTED IN SCHEDULES A, B, AND C

For each Fund listed in Schedule A, the following disclosure replaces and supersedes the corresponding information included in the “Management” section of each Fund’s Summary Prospectus (as applicable) and Prospectus, the “More on fund management” section of each Fund’s Prospectus, and the “Investment Management and Service Provider Information” section of each Fund’s SAI:

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and the subadviser(s) became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended (the “1940 Act”), consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the fund prior to the transaction. The fund’s manager and subadviser(s) continue to provide uninterrupted services with respect to the fund pursuant to either new management and subadvisory agreements that were approved by fund shareholders or interim management and subadvisory agreements that were approved by the fund’s board for use while the fund continues to seek shareholder approval of the new agreements.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of June 30, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.4 trillion.

For each Fund listed in Schedule B, the following disclosure replaces and supersedes the corresponding information included in the “Management” section of each Fund’s Summary Prospectus and Prospectus, the “More on fund management” section of each Fund’s Prospectus, and the “Investment Management and Service Provider Information” section of each Fund’s SAI:

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, ClearBridge Investments, LLC (“ClearBridge”), Legg Mason Partners Fund Advisor, LLC (“LMPFA”), and Western Asset Management Company, LLC (“Western Asset”) became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended (the “1940 Act”), consummation of the transaction automatically terminated the management, sub-administration and subadvisory agreements that were in place for the fund prior to the transaction. The fund’s manager and subadviser(s) continue to provide uninterrupted services with respect to the fund pursuant to new management and subadvisory agreements that were approved by fund shareholders.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of June 30, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.4 trillion.

For the Fund listed in Schedule C, the following disclosure replaces and supersedes the corresponding information included in the “Management” section of the Fund’s Summary Prospectus and Prospectus, the “More on fund management” section of the Fund’s Prospectus, and the “Investment Management and Service Provider Information” section of the Fund’s SAI:

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Royce & Associates, LP (“Royce”), Legg Mason Partners Fund Advisor, LLC (“LMPFA”), and Western Asset Management Company, LLC (“Western Asset”) became subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended (the “1940 Act”), consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the fund prior to the transaction. The fund’s manager and subadviser(s) continue to provide uninterrupted services with respect to the fund pursuant to new management and subadvisory agreements that were approved by fund shareholders.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of June 30, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.4 trillion.

For each Fund listed in Schedules A and B, the following disclosure replaces and supersedes the corresponding information included in the “Distribution” subsection of the “More on fund management” section of each Fund’s Prospectus:

Legg Mason Investor Services, LLC (“LMIS”), an indirect, wholly-owned broker/dealer subsidiary of Franklin Resources, serves as the fund’s sole and exclusive distributor.

For each Fund listed in Schedules A, B, and C, the following disclosure replaces and supersedes the corresponding information included in the “Distributor” section of each Fund’s SAI:

Legg Mason Investor Services, LLC, an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources, located at 100 International Drive, Baltimore, Maryland 21202, serves as the sole and exclusive distributor of the Fund pursuant to a written agreement (as amended, the “Distribution Agreement”).

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SCHEDULE A

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SCHEDULE B

SCHEDULE C

Please retain this supplement for future reference.

LMFX605809

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