VGOF-P20 06/26
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LEGG
MASON PARTNERS INCOME TRUST
LEGG MASON PARTNERS INSTITUTIONAL TRUST
LEGG MASON PARTNERS VARIABLE
INCOME TRUST
WESTERN ASSET FUNDS, INC.
SUPPLEMENT DATED JUNE 12, 2026
TO
THE SUMMARY PROSPECTUS (AS APPLICABLE),
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
(“SAI”)
OF EACH FUND LISTED IN SCHEDULE A AND SCHEDULE B
(THE “FUNDS”)
Effective June 30, 2026, Western Asset Management Company Ltd (“Western Asset Japan”) will cease to serve as a subadviser to the Funds. Trading activities previously performed by Western Asset Japan will be allocated, as necessary, to Western Asset Management Company Pte. Ltd. (“Western Asset Singapore”), a subadviser to the Funds, or will be performed by Western Asset Management Company, LLC (“Western Asset”), a subadviser to the Funds. Accordingly, all references to, and information regarding, Western Asset Japan are deleted in their entirety effective June 30, 2026.
SCHEDULE A
Fund
| Date of Summary Prospectus, Prospectus and SAI
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LEGG MASON PARTNERS INCOME TRUST |
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Western Asset Income Fund | December 1, 2025 |
WESTERN ASSET FUNDS, INC. | |
Western Asset Total Return Unconstrained Fund | October 1, 2025 |
SCHEDULE B
Fund
| Date of Prospectus and SAI
|
LEGG MASON PARTNERS INSTITUTIONAL TRUST |
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Western Asset SMASh Series Core Plus Completion Fund | May 1, 2026 |
LEGG MASON PARTNERS VARIABLE INCOME TRUST |
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Western Asset Core Plus VIT Portfolio | May 1, 2026 |
WESTERN ASSET FUNDS, INC. | |
Western Asset Core Plus Bond Fund | May 1, 2026 |
Western Asset Inflation Indexed Plus Bond Fund | May 1, 2026 |
Please retain this supplement for future reference.