Western Asset Institutional Government Money Market Fund

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FULL HOLDINGS as of Oct-31-2008
IDENTIFIERHOLDINGS (UNAUDITED)AMORTIZED COST*% OF PORTFOLIO
253999007 DEUTSCHE TRI PARTY REPO $817,204,000.00 10.13
31398AMA7 FANNIE MAE $299,789,233.98 3.72
313384U49 Federal Home Ln Bk Cons $199,222,222.24 2.47
31331Y4E7 Federal Farm Credit Banks $149,035,742.94 1.85
313396U35 Federal Home Loan Mtg Disc Notes $139,516,669.26 1.73
313384R84 Federal Home Ln Bk Cons Dsc Note $126,835,715.50 1.57
313589BF9 Federal Natl Mtg Assn Disc Nts $110,848,934.43 1.37
313384N47 FEDERAL HOME LN BK CONS DSC NT $106,568,669.45 1.32
313397DW8 Federal Home Ln Mtg Disc Notes $100,377,453.37 1.24
313588N27 FEDERAL NATL MTG ASSN DISC NTS $100,000,000.00 1.24
3133XPJL9 Federal Home Ln Bks $99,988,762.72 1.24
3133XPMX9 Federal Home Ln Bks $99,984,782.98 1.24
31331YYG9 Federal Farm Credit Bank $99,956,208.00 1.24
31331YZJ2 FEDERAL FARM CREDIT BANK AGY BONDS $99,955,245.65 1.24
313396Q89 Federal Home Ln Mtg Disc Nts $99,843,861.09 1.24
313588U37 Federal Natl Mtg Assn Disc Notes $99,674,694.22 1.24
313396U76 FEDERAL HOME LN MTG DISC NTS $99,573,055.30 1.23
313397BJ9 Fre Discount Note 0.0000% 02/02/09 $99,398,894.53 1.23
313397BR1 FEDERAL HOME LN MTG DISC NTS $99,321,486.26 1.23
313397AV3 Federal Home Ln Mtg Disc Notes $97,968,083.25 1.21
313396P98 Federal Home Ln Mtg Disc Nts $97,897,916.65 1.21
313588T47 FEDERAL NATL MTG ASSN DISC NTS $92,840,758.27 1.15
313588U52 FEDERAL NATL MTG ASSN $92,771,162.32 1.15
313397CZ2 FEDERAL HOME LN MTG DISC NTS $89,566,337.67 1.11
313589DM2 FEDERAL NATL MTG ASSN DISC NTS $85,913,503.05 1.07
313588V44 FEDERAL NATL MTG ASSN DISC NTS $84,363,535.88 1.05
313396V26 Fre Discount Note 0.0000% 12/29/08 $82,270,876.35 1.02
31331YES5 Federal Farm Credit Bank $77,999,309.97 0.97
3128X7CM4 FREDDIE MAC $75,000,000.00 0.93
31331Y7F1 FEDERAL FARM CR BKS $75,000,000.00 0.93
3133XMZC8 Federal Home Ln Bank $75,000,000.00 0.93
3133XMS93 FEDERAL HOME LOAN BANK $75,000,000.00 0.93
31398APE6 Federal Natl Mtg Assn $75,000,000.00 0.93
3136F8J22 FEDERAL NATL MTG ASSOC $75,000,000.00 0.93
31331YWT3 Federal Home Ln Bk Cons Dsc Nt $75,000,000.00 0.93
31331YHX1 FEDERAL FARM CREDIT BANK $74,999,109.27 0.93
3133XPAY0 FEDERAL HOME LN BKS $74,995,904.52 0.93
3133XPZ64 Federal Home Ln Bks $74,987,905.53 0.93
313397EP2 FEDERAL HOME LN MTG DISC NTS $73,974,499.85 0.92
313385AG1 FEDERAL HOME LN BK CONS DSC NT $69,674,018.24 0.86
313589EB5 FEDERAL NATL MTG ASSN DISC NTS $69,342,416.56 0.86
313589BZ5 FEDERAL NATL MTG ASSN DISC NTS $68,256,602.03 0.85
313589AP8 FEDERAL NATL MTG ASSN DISC NTS $64,692,399.99 0.80
313312R69 FEDERAL FARM CR BK DISC NTS, 0.0000% Mat 12/01/2004 $59,886,600.00 0.74
313589BT9 FEDERAL NATL MTG ASSN DISC NTS $55,946,640.64 0.69
313588S22 FEDERAL NATL MTG ASSN DISC NTS $53,327,498.67 0.66
313397CV1 FEDERAL HOME LN MTG DISC NTS $51,680,783.37 0.64
3137EAAA7 FEDERAL HOME LN MTG CORP $50,336,094.09 0.62
3128X7CP7 FEDERAL HOME LN MTG CORP $50,000,000.00 0.62
31331YCB4 Federal Farm Credit Bank $50,000,000.00 0.62
31398ASV5 FEDERAL NATL MTG ASSN $50,000,000.00 0.62
31398AKZ4 FEDERAL NATL MTG ASSN $50,000,000.00 0.62
3133XSFM5 FEDERAL HOME LN BKS $50,000,000.00 0.62
3133XPMW1 FHLB AGY BOND $50,000,000.00 0.62
3133XLZ30 Federal Home Loan Mtg Disc Notes $50,000,000.00 0.62
313396N25 FEDERAL HOME LN MTG CORP $50,000,000.00 0.62
31331YTC4 FEDERAL FARM CREDIT BANK $50,000,000.00 0.62
31331YRR3 FEDERAL FARM CREDIT BANK $50,000,000.00 0.62
31331YDP2 FEDERAL FARM CREDIT BANK $50,000,000.00 0.62
31331XN81 Federal Farm Credit Bank $49,999,517.68 0.62
313384P52 FEDERAL HOME LN BK CONS DSC NT $49,964,593.76 0.62
313396P80 FEDERAL HOME LN MTG DISC NTS $49,957,611.11 0.62
313396S53 Federal Home Ln Mtg $49,883,333.30 0.62
313384T41 FEDERAL HOME LN BK CONS DSC NT $49,857,083.41 0.62
313312T67 FEDERAL FARM CR BK DISC NTS $49,852,722.21 0.62
313396V42 FEDERAL HOME LN MTG DISC NTS $49,831,236.13 0.62
313397AE1 Federal Home Ln Mtg Disc Notes $49,780,375.04 0.62
313385CX2 FEDERAL HOME LN BK CONS DSC NT $49,571,555.52 0.61
313397DC2 FEDERAL HOME LN MTG DISC NTS $49,565,902.70 0.61
313385DC7 FEDERAL HOME LN BK CONS DSC NT $49,543,736.11 0.61
313397EL1 FEDERAL HOME LN MTG DISC NTS $49,484,375.00 0.61
313589EJ8 FEDERAL NATL MTG ASSN DISC NTS $49,323,097.27 0.61
313385EG7 FEDERAL HOME LN BK CONS DSC NT $49,306,805.51 0.61
313313GY8 FEDERAL FARM CR BK SYSTEMWIDE $49,249,999.87 0.61
3133XQPB2 Federal Home Loan Banks $48,000,000.00 0.60
313313CJ5 FEDERAL FARM CR BK CONS DSC NT $47,578,333.29 0.59
3133XMS36 FEDERAL HOME LOAN BANK $46,889,455.43 0.58
313397BZ3 FEDERAL HOME LN MTG DISC NTS $41,954,996.58 0.52
313588Q24 FEDERAL NATL MTG ASSN DISC NTS $40,045,530.49 0.50
31331YK33 FEDERAL FARM CREDIT BANK $40,000,000.00 0.50
31331YF39 FEDERAL FARM CREDIT BANK $39,997,348.32 0.50
313313AV0 FEDERAL FARM CR BK CONS DSC NT $39,791,133.33 0.49
313385BB1 FEDERAL HOME LN BK CONS DSC NT $39,780,666.75 0.49
313313GX0 FEDERAL FARM CR BK CONS DSC NT $39,290,666.54 0.49
313397CF6 Federal Home Ln Mtg Disc Nts $37,662,475.45 0.47
313589BL6 FEDERAL NATL MTG ASSN DISC NTS $36,254,869.10 0.45
3133XLX99 FEDERAL HOME LN BKS $35,000,000.00 0.43
3133XSKF4 FEDERAL HOME LN BKS $35,000,000.00 0.43
313396T45 FEDERAL HOME LN MTG DISC NTS $34,893,833.29 0.43
313589AG8 Federal Natl Mtg Assn Disc Notes $34,836,145.85 0.43
313313FQ6 FEDERAL FARM CR BK CONS DSC NT $34,490,694.47 0.43
313313JD1 FEDERAL FARM CR BK CONS DSC NT $34,308,555.63 0.43
3134A4VH4 FEDERAL HOME LN MTG CORP $33,051,600.20 0.41
313589CK7 FNMA DISCOUNT $30,789,105.55 0.38
31331SNF6 FEDERAL FARM CR BKS $30,161,580.38 0.37
31331XR87 Federal Farm Credit Bank $29,999,236.46 0.37
313313BE7 FEDERAL FARM CR BK CONS DSC NT $29,817,300.00 0.37
313385CZ7 FEDERAL HOME LN BK CONS DSC NT $29,731,333.29 0.37
31331Y5F3 FEDERAL FARM CREDIT BANK $25,000,000.00 0.31
31331Y5H9 FEDERAL FARM CREDIT BANK $25,000,000.00 0.31
31331XYQ9 Federal Farm Credit Bank $24,998,679.89 0.31
313396N66 FEDERAL HOME LN MTG DISC NTS $24,994,250.00 0.31
313588P33 Fannie Discount Note 0.0000% 11/12/08 $24,986,500.00 0.31
313588R80 FEDERAL NATL MTG ASSN DISC NTS $24,948,958.38 0.31
313385BN5 FEDERAL HOME LN BK CONS DSC NT $24,795,486.15 0.31
313589CA9 FEDERAL NATL MTG ASSN DISC NTS $24,789,715.22 0.31
313313DC9 FEDERAL FARM CR BK CONS DSC NT $24,784,798.67 0.31
313589DP5 FNM DISCOUNT NT, 0.0000% Mat 03/27/2009 $24,781,000.03 0.31
313589CV3 FEDERAL NATL MTG ASSN DISC NTS $24,750,625.07 0.31
313397DZ1 FEDERAL HOME LN MTG DISC NTS $24,748,680.51 0.31
313385EL6 FED HOME LN BK CONS DISC NTS $24,742,187.50 0.31
313313EJ3 FEDERAL FARM CR BK CONS DSC NT $24,688,715.36 0.31
313313FV5 FEDERAL FARM CR BK CONS DSC NT $24,679,624.94 0.31
912795Q87 UNITED STATES TREAS BILLS $24,615,906.25 0.31
313397HE4 FEDERAL HOME LN MTG DISC NTS $24,526,770.89 0.30
313385JD9 FEDERAL HOME LN BK CONS DSC NT $24,421,444.54 0.30
313589LD3 FEDERAL NATL MTG ASSN DISC NTS $24,370,833.33 0.30
313396N90 Federal Home Ln Mtg Disc Notes $19,990,277.77 0.25
313313DN5 FEDERAL FARM CR BK CONS DSC NT $19,864,944.46 0.25
313313CK2 FEDERAL FARM CR BK CONS DSC NT $19,831,155.58 0.25
313589ER0 FEDERAL NATL MTG ASSN DISC NTS $19,723,277.74 0.24
313313LT3 FEDERAL FARM CR BK CONS DSC NT $19,494,400.00 0.24
313397MX6 FEDERAL HOME LN MTG DISC NTS $19,413,288.95 0.24
313588T62 FEDERAL NATL MTG ASSN DISC NTS $17,578,959.87 0.22
31359MEY5 Federal Natl Mtg Assn 6.625% 09/15/09 $15,496,027.06 0.19
313385CH7 FEDERAL HOME LN BK CONS DSC NT $14,872,700.03 0.18
313385CK0 FEDERAL HOME LN BK CONS DSC NT $13,572,547.27 0.17
313589KC6 FEDERAL NATL MTG ASSN $9,996,190.27 0.12
3133XLZN6 FEDERAL HOME LN MTG DISC NTS $3,497,077.31 0.04
999USDZ92 US Dollar $798.82 0.00



*The Fund's portfolio investments are valued at amortized cost, which approximates market value, in accordance with Rule 2a-7 under the Investment Company Act of 1940. The amortized cost method of valuation involves valuing portfolio securities at their cost and thereafter assuming a constant amortization to maturity of any discount or premium.

The Fund's use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act. The Fund continues to meet the requirements of Rule 2a-7 that permit it to utilize amortized cost to value its securities.

Investments in structured securities (such as those issued by Structured Investment Vehicles, or SIVs) which are collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value of these investments resulting in a lack of correlation between their credit ratings and values.

Please note that the fair value of the Fund's securities may be different than the amortized cost value that is reported in the Schedule of Investments above.



Portfolio holdings are subject to change at any time without notice. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security. Does not include trade date activity.

Prior to April 16, 2007, Western Asset Institutional Government Money Market Fund was known as Smith Barney Institutional Cash Management Fund Inc. – government Portfolio.

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.

Please note that an investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

This site is intended for U.S. investors only. The products and services described on this site are generally not available to non-U.S. investors.


Legg Mason Investor Services, LLC, and Western Asset Management Company are subsidiaries of Legg Mason, Inc.

INVESTMENT PRODUCTS: NOT FDIC INSURED / NO BANK GUARANTEE / MAY LOSE VALUE

Copyright © 2008 Legg Mason Investor Services, LLC. Member FINRASIPC