Western Asset Government Money Market Fund

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FULL HOLDINGS as of Aug-31-2008
IDENTIFIERHOLDINGS (UNAUDITED)AMORTIZED COST*% OF PORTFOLIO
31398AMA7 FANNIE MAE $199,986,076.89 2.94
313588Q73 FNMA Disc Nts $189,845,784.85 2.79
313396F99 Federal Home Loan Mtg Disc Notes $188,469,389.76 2.77
313384S75 FEDERAL HOME LN BK CONS DSC NT $180,398,086.77 2.65
313588U78 Federal Natl Mtg Assn Disc Nts $143,936,485.70 2.11
313384H28 Federal Home Loan Bank Cons Dsc Note $134,812,725.03 1.98
3128X5Y69 Federal Home Loan Mtg Corp $124,994,606.78 1.83
313588F42 Federal Natl Mtg Assn Disc Notes $124,939,666.66 1.83
313384F46 FEDERAL HOME LN BK CONS DSC NT $105,268,448.66 1.55
313589BF9 Federal Natl Mtg Assn Disc Nts $104,023,417.93 1.53
3133XMTC5 Federal Home Ln Bank $100,001,362.68 1.47
31331YES5 Federal Farm Credit Bank $99,997,840.44 1.47
3133XPJL9 Federal Home Ln Bks $99,986,238.40 1.47
31331YYG9 Federal Farm Credit Bank $99,947,776.00 1.47
31331YZJ2 FEDERAL FARM CREDIT BANK AGY BONDS $99,946,734.08 1.47
313396H30 Freddie Mac Discount Note 0.0000% 09/25/08 $99,861,361.10 1.47
313384P52 FEDERAL HOME LN BK CONS DSC NT $99,511,052.12 1.46
313397DW8 FEDERAL HOME LN MTG DISC NTS $98,372,917.04 1.44
313588G33 Federal Natl Mtg Assn Disc Notes $91,161,072.63 1.34
313589CK7 FEDERAL NATL MTG ASSN DISC NTS $90,690,323.10 1.33
3133XHHU9 FEDERAL HOME LN $84,995,937.05 1.25
3133XPMX9 Federal Home Ln Bks $84,984,170.46 1.25
313397DS7 FRE DISCOUNT NT, 0.0000% Mat 03/20/2009 $82,672,623.20 1.21
313397BR1 FEDERAL HOME LN MTG DISC NTS $76,549,018.72 1.12
3133XPZ64 Federal Home Ln Bks $76,485,088.37 1.12
3128X7CM4 FREDDIE MAC $75,000,000.00 1.10
31398APE6 Federal Natl Mtg Assn $75,000,000.00 1.10
3133XMZC8 Federal Home Ln Bank $75,000,000.00 1.10
3133XMS93 FEDERAL HOME LOAN BANK $75,000,000.00 1.10
31331YPT1 FEDERAL FARM CREDIT BANK $75,000,000.00 1.10
31331XN81 Federal Farm Credit Bank $74,998,722.75 1.10
31331YHX1 FEDERAL FARM CREDIT BANK $74,997,854.14 1.10
313396F65 Fre Discount Nt 0.0000% 09/12/08 $74,947,500.00 1.10
313384L64 Federal Home Ln Bk Cons Dsc Nt $74,723,437.50 1.10
313396N66 FEDERAL HOME LN MTG DISC NTS $74,715,375.00 1.10
313397AV3 Federal Home Ln Mtg Disc Notes $74,179,444.36 1.09
31331YYK0 Federal Farm Credit Bank $73,899,698.77 1.08
313385AG1 FEDERAL HOME LN BK CONS DSC NT $69,466,917.83 1.02
313397BJ9 Fre Discount Note 0.0000% 02/02/09 $69,290,887.59 1.02
3133XLX99 FEDERAL HOME LN BKS $65,000,000.00 0.95
313396K69 Fre Discount Note 0.0000% 10/14/08 $64,837,658.28 0.95
313396T45 FEDERAL HOME LN MTG DISC NTS $64,511,777.58 0.95
313396S53 Federal Home Ln Mtg $62,046,491.24 0.91
313312R69 FEDERAL FARM CR BK DISC NTS, 0.0000% Mat 12/01/2004 $60,629,425.00 0.89
3137EAAA7 FEDERAL HOME LN MTG CORP $56,173,134.87 0.82
31331YF39 FEDERAL FARM CREDIT BANK $54,995,432.32 0.81
313589BT9 FEDERAL NATL MTG ASSN DISC NTS $53,235,124.73 0.78
31331YWT3 Federal Home Ln Bk Cons Dsc Nt $52,000,000.00 0.76
3128X7CP7 FEDERAL HOME LN MTG CORP $50,000,000.00 0.73
31331YDP2 FEDERAL FARM CREDIT BANK $50,000,000.00 0.73
31331YCB4 Federal Farm Credit Bank $50,000,000.00 0.73
31331YTC4 FEDERAL FARM CREDIT BANK $50,000,000.00 0.73
3133XPMW1 FHLB AGY BOND $50,000,000.00 0.73
31398AKZ4 FEDERAL NATL MTG ASSN $50,000,000.00 0.73
31398ASV5 FEDERAL NATL MTG ASSN $50,000,000.00 0.73
3136F8J22 FEDERAL NATL MTG ASSOC $50,000,000.00 0.73
3133XLZ30 Federal Home Loan Mtg Disc Notes $50,000,000.00 0.73
31331XYQ9 Federal Farm Credit Bank $49,996,511.63 0.73
31331XSV5 FEDERAL FARM CR BKS $49,992,210.13 0.73
313384G37 FEDERAL HOME LN BK CONS DSC NT $49,950,625.03 0.73
313384G52 FEDERAL HOME LN BK CONS DSC NT $49,943,569.43 0.73
313396G80 FEDERAL HOME LN MTG DISC NTS $49,941,250.00 0.73
313396H71 FEDERAL HOME LN MTG DISC NTS $49,921,624.97 0.73
313396J61 FEDERAL HOME LN MTG DISC NTS $49,901,730.57 0.73
31331YTL4 FEDERAL FARM CREDIT BANK $49,899,899.83 0.73
313396N25 FEDERAL HOME LN MTG CORP $49,819,597.30 0.73
313396N90 FEDERAL HOME LN MTG DISC NTS $49,796,833.31 0.73
313384Q28 FEDERAL HOME LN BK CONS DSC NT $49,724,833.14 0.73
313396Q89 Federal Home Ln Mtg Disc Nts $49,707,166.59 0.73
313312T67 FEDERAL FARM CR BK DISC NTS $49,645,194.41 0.73
912795J77 United States Treasury Bills $49,635,312.31 0.73
313588V44 FEDERAL NATL MTG ASSN DISC NTS $49,581,666.81 0.73
313397AE1 FEDERAL HOME LN MTG DISC NTS $49,564,236.19 0.73
313589DP5 FNM DISCOUNT NT, 0.0000% Mat 03/27/2009 $49,380,569.51 0.72
313313AV0 FEDERAL FARM CR BK CONS DSC NT $49,328,310.19 0.72
313313FV5 FEDERAL FARM CR BK CONS DSC NT $49,158,610.95 0.72
313588Q24 FEDERAL NATL MTG ASSN DISC NTS $39,809,333.33 0.58
313588T47 FEDERAL NATL MTG ASSN DISC NTS $39,693,777.72 0.58
313396U35 Federal Home Loan Mtg Disc Notes $39,675,016.64 0.58
313385CK0 FEDERAL HOME LN BK CONS DSC NT $39,460,066.78 0.58
313396E41 FEDERAL HOME LN MTG DISC NTS $39,349,000.00 0.58
253999007 DEUTSCHE TRI PARTY REPO $38,341,000.00 0.56
31359MTQ6 FEDERAL NATL MTG ASSN $35,230,136.39 0.52
31331YK33 FEDERAL FARM CREDIT BANK $35,000,000.00 0.51
313312E63 FEDERAL FARM CR BK DISC NTS $34,995,625.00 0.51
313588H99 FEDERAL NATL MTG ASSN DISC NTS $33,270,435.81 0.49
313589BZ5 FEDERAL NATL MTG ASSN DISC NTS $30,841,227.21 0.45
313313FQ6 FEDERAL FARM CR BK CONS DSC NT $29,424,125.13 0.43
313589AG8 Federal Natl Mtg Assn Disc Notes $28,108,690.03 0.41
313396P98 Federal Home Ln Mtg Disc Nts $25,095,089.60 0.37
31331Y5F3 FEDERAL FARM CREDIT BANK $25,000,000.00 0.37
31331Y5H9 FEDERAL FARM CREDIT BANK $25,000,000.00 0.37
31331YRR3 FEDERAL FARM CREDIT BANK $24,999,582.23 0.37
313312J76 FEDERAL FARM CR BK DISC NTS $24,945,798.67 0.37
313588K79 FEDERAL NATL MTG ASSN DISC NTS $24,925,944.43 0.37
313588P33 Fannie Discount Note 0.0000% 11/12/08 $24,893,500.00 0.37
313396P80 FEDERAL HOME LN MTG DISC NTS $24,884,944.40 0.37
313588S22 FEDERAL NATL MTG ASSN DISC NTS $24,829,625.00 0.36
313588U37 Federal Natl Mtg Assn Disc Notes $24,826,147.22 0.36
313589AP8 FEDERAL NATL MTG ASSN DISC NTS $24,750,611.09 0.36
313313CA4 FEDERAL FARM CR BK CONS DSC NT $24,677,256.86 0.36
912795Q87 UNITED STATES TREAS BILLS $24,517,093.75 0.36
313397HE4 FEDERAL HOME LN MTG DISC NTS $24,399,757.01 0.36
313385CH7 FEDERAL HOME LN BK CONS DSC NT $20,595,569.79 0.30
313313CK2 FEDERAL FARM CR BK CONS DSC NT $19,740,911.15 0.29
313313GE2 FEDERAL FARM CR BK CONS DSC NT $19,639,091.67 0.29
313312G20 FEDERAL FARM CR BK DISC NTS $17,985,159.99 0.26
313312J84 FEDERAL FARM CR BK DISC NTS $14,967,000.01 0.22
313312K66 Federal Farm Cr Bk Disc Nts $14,961,674.97 0.22
313396M34 FRE DISCOUNT NT, 0.0000% Mat 10/27/2008 $9,962,569.47 0.15
313312G95 FEDERAL FARM CR BK DISC NTS $9,749,483.55 0.14
313313FA1 FEDERAL FARM CR BK CONS DSC NT $8,848,772.53 0.13
313312G46 FEDERAL FARM CR BK DISC NTS $8,783,143.11 0.13
313588S71 FEDERAL NATL MTG ASSN DISC NTS $6,703,129.69 0.10
313384E47 Federal Home Ln Bk Cons Dsc Nt $2,528,000.00 0.04
999USDZ92 US Dollar $741.35 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.

Prior to April 16, 2007, Western Asset Government Money Market Fund was known as Smith Barney Money Funds, 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

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