Citi California Tax Free Reserves

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FULL HOLDINGS as of Jul-31-2008
IDENTIFIERHOLDINGS (UNAUDITED)AMORTIZED COST*% OF PORTFOLIO
13033WF65 California Infrastructure & EC $12,000,000.00 4.87
74514LNL7 Puerto Rico Commonwealth $10,200,000.00 4.14
544646QF2 LOS ANGELES CALIF UNI SCH DIST $10,033,164.06 4.08
13078JLN6 California State Univ $10,000,000.00 4.06
4636324E6 IRVINE RANCH CA WTR DIST $10,000,000.00 4.06
13078UDK6 CA Stwde Comm Dev Auth $7,500,000.00 3.05
130534YS3 California Pollutn Ctl Fing $7,310,000.00 2.97
13077VK43 CALIFORNIA STATEWIDE CMNTY DEV $5,800,000.00 2.36
45287PAK9 Imperial Irgtn Dst Rv $5,350,000.00 2.17
797381AU4 San Diego Cnty & Sch Dist Nt $5,086,634.89 2.07
672240QC5 OAKLAND CA $5,068,413.46 2.06
544657HA0 Los Angeles Cnty CA $5,063,764.01 2.06
212219DX4 CONTRA COSTA CO NTS MUNI BOND $5,012,143.01 2.04
130175P89 CALIFORNIA EDL FACS AUTH REV $5,000,000.00 2.03
130534XA3 California Pollutn CTL FING $4,600,000.00 1.87
13077V5B4 CALIFORNIA STATEWIDE CMNTY DEV $4,560,000.00 1.85
357122JH4 Fremont CA Ctfs Partn $4,200,000.00 1.71
13077VX31 CALIFORNIA STATEWIDE CMNTY DEV $3,765,000.00 1.53
34461FCF2 FONTANA CA CTFS PARTN $3,726,091.86 1.51
728828AD6 Pleasanton CA Multifamily Rev $3,700,000.00 1.50
541482JP1 LOMA LINDA CA HOSP REV $3,600,000.00 1.46
592663ZX9 METROPOLITAN WTR DIST SOUTH CA $3,600,000.00 1.46
54485ULL6 MUNI IMPT CORP OF LA $3,550,000.00 1.44
4636083U1 IRVINE CA IMPT BD ACT 1915 $3,325,000.00 1.35
68428PAN5 ORANGE CNTY CA SANTN DIST CTFS $3,320,000.00 1.35
684265AV3 ORANGE CNTY CA IMPT ACT 1915 $3,315,000.00 1.35
219765BE3 CORONA NORCO CA UNI SCH DIST $3,300,000.00 1.34
13049EAA3 CALIFORNIA MUN FIN AUTH EXEMPT $3,200,000.00 1.30
42805GAP8 Hesperia Ca Pub Fing Auth Rev $3,105,000.00 1.26
684285BR9 ORANGE CNTY CA VAR SANTN DISTS $3,015,000.00 1.22
13033F3Q1 CALIFORNIA HEALTH FACS FING $3,000,000.00 1.22
13067JEM9 CALIFORNIA ST ECONOMIC RECOVER $3,000,000.00 1.22
13066YAU3 CALIFORNIA ST DEPT WTR RES $2,985,000.00 1.21
010839AN8 Alameda Contra Costa CA Schs $2,900,000.00 1.18
79765PCT8 SAN FRANCISCO CA CITY + CNTY $2,900,000.00 1.18
684285BS7 Orange County CA Var Santn Dists $2,900,000.00 1.18
797400FG8 SAN DIEGO CNTY CA TRANS COMMN $2,700,000.00 1.10
13066YAT6 CALIFORNIA ST DEPT WTR RES $2,500,000.00 1.02
79741LBW0 SAN DIEGO CNTY WTR ATH $2,500,000.00 1.02
592663H76 METROPOLITAN WTR DIST SOUTH CA $2,430,000.00 0.99
951255ET1 WEST BASIN CA MUN WTR $2,300,000.00 0.93
13033WK28 CALIFORNIA INFRASTRUCTURE + EC $2,200,000.00 0.89
130907CX4 CALIFORNIA STWDE CMNTYS DEV $2,150,000.00 0.87
13077HAK9 CALIFORNIA STATEWIDE CMNTYS $2,100,000.00 0.85
79765TBS3 SAN FRANCISCO CA CITY + CNTY $2,100,000.00 0.85
13033TBW9 CALIFORNIA INFRASTRUCTURE + EC $2,070,000.00 0.84
00037CEY2 ABAG FIN AUTH FOR NONPROFIT $2,060,000.00 0.84
130178CK0 CALIFORNIA EDL FACS AUTH REV $2,050,000.00 0.83
777807AQ1 ROSEVILLE CA ELEC SYS REV $2,045,000.00 0.83
13066YLL1 California St Dept Wtr Res Pwr $2,010,000.00 0.82
79772PGM0 SF CNTY TRANS AUTH $2,000,000.00 0.81
745272BJ2 Puerto Rico Indl Tourist Edl $1,900,000.00 0.77
951255EU8 WEST BASIN CA MUN WTR DIST REV $1,800,000.00 0.73
130534XX3 CALIFORNIA POLLUTN CTL FING $1,700,000.00 0.69
271014LX8 East Bay CA Mun Util Wtr Sys $1,700,000.00 0.69
544393CD1 LOS ANGELES CA CMNTY REDEV AGY $1,700,000.00 0.69
592663ZY7 METROPOLITAN WTR DIST SOUTH CA $1,700,000.00 0.69
13049TAA0 California Mun Fin Auth $1,560,000.00 0.63
276771HB1 EASTERN MUN WTR DIST CA REV $1,485,000.00 0.60
00037CGT1 ABAG FIN AUTH FOR NONPROFIT CO $1,395,000.00 0.57
544358P73 LOS ANGELES CA CTFS PARTN $1,380,000.00 0.56
00037CJM3 ABAG FIN AUTH FOR NONPROFIT CO $1,300,000.00 0.53
35823HAC7 Fresna CA Rev $1,300,000.00 0.53
130534XD7 CALIFORNIA POLLUTN CTL FING $1,300,000.00 0.53
702236BU3 PASADENA CA CMNTY DEV CMNTY $1,200,000.00 0.49
900188BS1 TURLOCK CA IRR DIST $1,160,000.00 0.47
13067JEQ0 CALIFORNIA ST ECONOMIC RECOVER $1,100,000.00 0.45
74514LUA3 PUERTO RICO COMWLTH $1,100,000.00 0.45
688818AV5 OTAY CA WTR DIST CTFS PARTN $1,100,000.00 0.45
537900AF9 LIVERMORE CA MULTIFAMILY REV $1,070,000.00 0.43
010839AB4 ALAMEDA CONTRA COSTA CA SCHS $1,005,000.00 0.41
13067JER8 CALIFORNIA ST ECONOMIC RECOVRY $1,000,000.00 0.41
72834PAC9 PLEASANT HILL CA REDEV AGY $1,000,000.00 0.41
544631AC8 LOS ANGELES CA SINGLE FAMILY $1,000,000.00 0.41
13062PE73 CALIFORNIA ST $900,000.00 0.37
130795UC9 CALIFORNIA STATEWIDE CMNTYS DE $800,000.00 0.32
544628DQ0 Los Angeles CA Regl Arpt Lease $600,000.00 0.24
13066YAQ2 CALIFORNIA ST DEPT WTR RES PWR $500,000.00 0.20
592663XH6 METROPOLITAN WTR DIST SOUTH CA $200,000.00 0.08
4636323U1 IRVINE RANCH CA WTR DIST $100,000.00 0.04
999USDZ92 US Dollar ($88,085.56) -0.04



*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.

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.

"Citi" is a service mark of Citigroup, licensed for use by Legg Mason as the name of funds. Legg Mason and its affiliates, as well as the Funds' investment manager, are not affiliated with Citigroup.

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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