WSMAS-P1 10/23
LEGG MASON PARTNERS INSTITUTIONAL TRUST
SUPPLEMENT DATED OCTOBER 13, 2023
TO THE PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”),
EACH DATED JUNE 29, 2023, OF
WESTERN ASSET SMASH SERIES M FUND (THE “FUND”)
| I. | The following changes are made to the Fund’s Prospectus: |
| a) | The table in the section titled “Management – Investment professionals” is deleted in its entirety and replaced with the following: |
| Investment professional |
Title |
Investment professional of the fund since | ||
| S. Kenneth Leech |
Co-Chief Investment Officer | 2014* | ||
| Ion G. Dan |
Portfolio Manager | 2021 | ||
| Greg E. Handler |
Portfolio Manager | 2019 | ||
| Julien A. Scholnick |
Portfolio Manager | 2017 |
| * | In addition, Mr. Leech had previously served as a member of the portfolio management team of the fund. |
| b) | The table related to the Fund in the section titled “More on fund management – Investment professionals” is deleted in its entirety and replaced with the following: |
| Investment professional |
Title and recent biography |
Investment professional of the fund since | ||
| S. Kenneth Leech |
Co-Chief Investment Officer and has been employed by Western Asset as an investment professional for at least the past five years. | 2014* | ||
| Ion G. Dan |
Portfolio Manager and has been employed by Western Asset as an investment professional since 2019. | 2021 | ||
| Greg E. Handler |
Portfolio Manager and has been employed by Western Asset as an investment professional for at least the past five years. | 2019 | ||
| Julien A. Scholnick |
Portfolio Manager and has been employed by Western Asset as an investment professional for at least the past five years. | 2017 | ||
| * | In addition, Mr. Leech had previously served as a member of the portfolio management team of the fund. |
| II. | The following changes are made to the Fund’s SAI: |
| a) | The table related to the Fund in the section titled “Investment Professionals – Other Accounts Managed by the Investment Professionals” is deleted in its entirety and replaced with the following: |
| Investment |
Type of Account |
Number of Accounts Managed |
Total Assets Managed (Billions) ($) |
Number of Accounts Managed for which Advisory Fee is Performance- Based |
Assets | |||||
| Ion G. Dan | Registered Investment Companies | 1 | 0.52 | None | None | |||||
| Other Pooled Investment Vehicles | 2 | 2.28 | None | None | ||||||
| Other Accounts | 2 | 0.90 | None | None | ||||||
| Greg E. Handler | Registered Investment Companies | 4 | 1.96 | None | None | |||||
| Other Pooled Investment Vehicles | 16 | 3.91 | 4 | 0.23 | ||||||
| Other Accounts | 7 | 2.60 | 2 | 0.90 | ||||||
| S. Kenneth Leech | Registered Investment Companies | 95 | 151.99 | None | None | |||||
| Other Pooled Investment Vehicles | 315 | 70.81 | 27 | 2.78 | ||||||
| Other Accounts | 637 | 184.08 | 25 | 14.79 | ||||||
| Julien A. Scholnick | Registered Investment Companies | 24 | 55.11 | None | None | |||||
| Other Pooled Investment Vehicles | 22 | 12.34 | None | None | ||||||
| Other Accounts | 174 | 53.15 | 6 | 3.67 | ||||||
| b) | The table related to the Fund in the section titled “Investment Professionals – Investment Professional Securities Ownership” is deleted in its entirety and replaced with the following: |
| Investment Professional |
Dollar Range of Ownership of Securities ($) | |
| Ion G. Dan |
None | |
| Greg E. Handler |
None | |
| S. Kenneth Leech |
None | |
| Julien A. Scholnick |
None |
Please retain this supplement for future reference.
2