Western Asset Funds Inc.

05/01/2024 | Press release | Distributed by Public on 05/01/2024 14:15

Summary Prospectus by Investment Company - Form 497K

Western Asset Inflation Indexed Plus Bond Fund

VGOF-P27 05/24

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 MAY 1, 2024

TO THE SUMMARY PROSPECTUS, PROSPECTUS AND

STATEMENT OF ADDITIONAL INFORMATION ("SAI")

OF EACH FUND LISTED IN SCHEDULE A

Effective May 1, 2024, John Bellows is no longer a portfolio manager of the funds referenced in Schedule A below. All references to Mr. Bellows in the Summary Prospectus, Prospectus and SAI are deleted in their entirety.

SCHEDULE A

Fund

Date of Summary
Prospectus,
Prospectus and SAI

LEGG MASON ETF INVESTMENT TRUST

Western Asset Total Return ETF

August 1, 2023

LEGG MASON PARTNERS INCOME TRUST

Western Asset Short-Term Bond Fund

May 1, 2024

Western Asset Ultra-Short Income Fund

September 29, 2023

LEGG MASON PARTNERS INSTITUTIONAL TRUST

Western Asset SMASh Series C Fund

June 29, 2023

Western Asset SMASh Series Core Completion Fund

June 29, 2023

Western Asset SMASh Series Core Plus Completion Fund

May 1, 2024

Fund

Date of Summary
Prospectus,
Prospectus and SAI

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 Total Return Unconstrained Fund

September 29, 2023

Please retain this supplement for future reference.