For the fund marked with an asterisk in Schedule A, the following replaces the fourth paragraph of the section titled “Contingent deferred sales charges- Class A and Class A2 shares” in the fund’s Prospectus until February 22, 2022:

If you redeem shares of a Legg Mason fund and pay a contingent deferred sales charge, you may, under certain circumstances, reinvest all or part of the redemption proceeds within 90 days in any other Legg Mason fund and receive pro rata credit for any contingent deferred sales charge imposed on the prior redemption. Please contact your Service Agent or the fund for additional information.

For the fund marked with an asterisk in Schedule A, the following replaces the section titled “Exchanging shares” in the fund’s Prospectus until February 22, 2022:

You may exchange shares of the fund for the same class of shares of other Legg Mason fund on any day that both the fund and the fund into which you are exchanging are open for business. Please note that, except for Classes A and A2, shares may be exchanged only for shares of the same class, if offered, of any other Western Asset money market fund made available to you. An exchange of shares of one fund for shares of another fund is generally a taxable transaction, but you will not have any gain or loss on an exchange so long as the fund whose shares you exchange maintains a net asset value of $1.00 per share.

For exchange purposes, Legg Mason funds include those that are series of Legg Mason Partners Investment Trust, Legg Mason Partners Income Trust, Legg Mason Partners Money Market Trust, Legg Mason Global Asset Management Trust and Western Asset Funds, Inc. Please contact your Service Agent or the fund for more information.

You may exchange shares at the final net asset value calculated on a fund business day after receipt by your Service Agent or the transfer agent of your exchange request in good order.

•  If you are a customer of a Service Agent, contact your Service Agent to learn which funds your Service Agent makes available to you for exchanges. Other shareholders should contact the fund at 1-877-721-1926 or 1-203-703-6002

•  Customers of certain Service Agents are permitted to exchange their shares only for shares of certain other Western Asset liquidity funds

•  Exchanges may be made only between accounts that have identical registrations

•  Not all funds offer all classes

•  Not all money market funds maintain a net asset value of $1.00 per share

•  Some funds are offered only in a limited number of states. Your Service Agent or the fund will provide information about the funds offered in your state

•  The exchange privilege may be changed or terminated at any time

Always be sure to read the prospectus of the fund into which you are exchanging shares.

•  Your shares may be subject to an initial sales charge at the time of the exchange

•  Your contingent deferred sales charge (if any) will continue to be measured from the date of your original purchase of shares subject to a contingent deferred sales charge, and you will be subject to the contingent deferred sales charge of the fund that you originally purchased (except for shares held through Distributor Accounts)

•  You will generally be required to meet the minimum investment requirement for the class of shares of the fund into which your exchange is made (except in the case of systematic exchange plans)

•  Your exchange will also be subject to any other requirements of the fund into which you are exchanging shares

You may place exchange orders by telephone if your account permits. Contact your Service Agent or, if you hold shares directly with the fund, call the fund at 1-877-721-1926 or 1-203-703-6002.

Contact your Service Agent or, if you hold shares directly with the fund, write to the fund at one of the following addresses:

BNY Mellon

Attn: Western Asset Money Market Funds

4400 Computer Drive

Westborough, MA 01581

If you hold Class A or A2 shares, you may be permitted to schedule automatic exchanges of shares of the fund for shares of other funds available for exchange. All requirements for exchanging shares described above apply to these exchanges. In addition:

•  Exchanges may be made monthly, every alternate month, quarterly, semi-annually or annually

•  Each exchange must meet the applicable investment minimums for systematic investment plans (see “Purchase and sale of fund shares”)

•  This feature may not be available for all share classes

For each of the funds listed in Schedule A, the following replaces the first bullet in the section titled “Other things to know about transactions – Medallion signature guarantees” in each fund’s Prospectus until February 22, 2022:

are redeeming shares and sending the proceeds to an address or bank account not currently on file or to an account in another Legg Mason fund with a different account registration

For each of the funds listed in Schedule A, the following replaces the second paragraph of the section titled “PURCHASE OF SHARES – Waivers of Contingent Deferred Sales Charge” in each fund’s SAI until February 22, 2022:

For each of the funds listed in Schedule A, the following replaces the section titled “EXCHANGE OF SHARES” in each fund’s SAI until February 22, 2022:

Fund

Date of
Prospectus and
SAI

LEGG MASON PARTNERS INSTITUTIONAL TRUST

Western Asset Institutional Government Reserves

Western Asset Institutional Liquid Reserves

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

Western Asset Institutional U.S. Treasury Reserves

Western Asset Premier Institutional Government Reserves

Western Asset Premier Institutional Liquid Reserves

Western Asset Premier Institutional U.S. Treasury Reserves

Western Asset Select Tax Free Reserves

LEGG MASON PARTNERS MONEY MARKET TRUST

Western Asset Government Reserves*