Legg Mason Partners Institutional Trust

04/17/2026 | Press release | Distributed by Public on 04/17/2026 07:08

Prospectus by Investment Company (Form 497)

WSMAS-P2 04/26

LEGG MASON PARTNERS INSTITUTIONAL TRUST
SUPPLEMENT DATED APRIL 17, 2026
TO THE PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION ("SAI")
DATED JULY 1, 2025, OF
WESTERN ASSET SMASH SERIES CORE COMPLETION FUND (THE "FUND")

All changes described below are effective May 1, 2026.

I. The following replaces the reference to Ryan K. Brist in the section titled "Management - Investment professionals" in the Fund's Prospectus:

Investment professional

Title

Investment
professional of
the fund since

Mark S. Lindbloom

Deputy CIO, Portfolio Manager

May 2026

Amit Chopra

Portfolio Manager

May 2026

Nicholas Mastroianni

Portfolio Manager

May 2026

Rafael Zielonka

Portfolio Manager

May 2026

II. The following replaces the reference to Ryan K. Brist in 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

Investment professional

Title and recent
biography

Investment
professional of
the fund since

Mark S. Lindbloom

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

May 2026

Amit Chopra

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

May 2026

Nicholas Mastroianni

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

May 2026

Rafael Zielonka

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

May 2026

III. The following replaces the reference to Ryan K. Brist in the table in the section titled "Investment Professionals - Other Accounts Managed by the Investment Professionals" in the Fund's SAI:

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) ($)

Amit

Chopra*

Registered Investment Companies

9

7.14

None

None

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) ($)

Other Pooled Investment Vehicles

4

0.53

None

None

Other Accounts

37

16.46

None

None

Mark S.

Lindbloom*

Registered Investment Companies

13

9.91

None

None

Other Pooled Investment Vehicles

11

2.52

None

None

Other Accounts

53

20.04

None

None

Nicholas

Mastroianni*

Registered Investment Companies

13

9.28

None

None

Other Pooled Investment Vehicles

4

0.53

None

None

Other Accounts

32

13.43

None

None

Rafael

Zielonka*

Registered Investment Companies

5

4.11

None

None

Other Pooled Investment Vehicles

5

1.45

None

None

Other Accounts

4

0.73

None

None

* The information is as of March 31, 2026.

IV. The following replaces the reference to Ryan K. Brist in the table in the section titled "Investment Professionals - Investment Professional Securities Ownership" in the

Fund's SAI:

Investment Professionals

Dollar Range of Ownership of Securities ($) 

Amit Chopra*

None

Mark S. Lindbloom*

None

Nicholas Mastroianni*

None

Rafael Zielonka*

None

* The information is as of March 31, 2026.

V. The following footnote is added following each reference to Christopher Kilpatrick and Julien Scholnick in the Fund's Prospectus and SAI:

* Effective September 30, 2026, Christopher Kilpatrick and Julien Scholnick will each step down as a member of the investment professional team for the fund.

Please retain this supplement for future reference.

Legg Mason Partners Institutional Trust published this content on April 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 17, 2026 at 13:08 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]