Western Asset Funds Inc.

01/27/2026 | Press release | Distributed by Public on 01/27/2026 08:30

Prospectus by Investment Company (Form 497)

90203-P1 01/26

WESTERN ASSET FUNDS, INC.
SUPPLEMENT DATED JANUARY 27, 2026
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION ("SAI")
EACH DATED MAY 1, 2025 OF
WESTERN ASSET INFLATION INDEXED PLUS BOND FUND (THE "FUND")

The following changes are made to the Fund's Summary Prospectus, Prospectus and SAI:

a. The following is added to the section titled "Management - Investment professionals" in the Fund's Summary Prospectus and Prospectus.

Investment professional

Title

Investment
professional of
the fund since

Nicholas Mastroianni

Portfolio Manager

January 2026

b. The following is added to the section titled "More on fund management - Investment professionals" in the Fund's Prospectus:

Investment professional

Title and recent
biography

Investment
professional of
the fund since

Nicholas Mastroianni

Portfolio Manager and has been employed by Western Asset as an investment professional for at least the past five years.

January 2026

c. The following is added to the section titled "Investment Professionals - Other Accounts Managed by the Investment Professionals" in the Fund's SAI with respect to the Fund:

Investment
Professionals

Type of

Account

Number of
Accounts
Managed

Total Assets
Managed
(Billions) ($)

Number of
Accounts
Managed for
which Advisory
Fee is
Performance-
Based

Assets
Managed for
which Advisory
Fee is
Performance-
Based
(Billions) ($)

Nicholas

Mastroianni*

Registered Investment Companies

4

0.82

None

None

Other Pooled Investment Vehicles

3

0.49

None

None

Other Accounts

32

13.83

None

None

* The information is as of December 31, 2025, and does not reflect additional accounts for which Mr. Mastroianni joined the portfolio management team effective January 27, 2026.

d. The following is added to the section titled "Investment Professionals - Investment Professional Securities Ownership" in the Fund's SAI with respect to the Fund:

Investment Professionals

Dollar Range of Ownership of Securities ($) 

Nicholas Mastroianni*

None

* The information is as of December 31, 2025.

Please retain this supplement for future reference.

Western Asset Funds Inc. published this content on January 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 27, 2026 at 14:31 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]