Form 497 LEGG MASON PARTNERS INCO

 VGOF-P20 06/26

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

SCHEDULE B

Please retain this supplement for future reference.

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