Western Asset Massachusetts Municipal Money Market Fund

Investment Objective

The Fund seeks to provide income exempt from both regular federal income tax and Massachusetts personal income tax from a portfolio of high quality short-term municipal obligations selected for liquidity and stability of principal.

Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its assets in short-term high quality "Massachusetts municipal securities." Massachusetts municipal securities include debt obligations issued by the Commonwealth of Massachusetts and its political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) or other qualifying issuers, participation or other interests in these securities and other structured securities. Although municipal securities are issued by qualifying issuers, payments of principal and interest on municipal securities may be derived solely from revenues from certain facilities, mortgages or private industries, and may not be backed by the issuers themselves.

The interest paid on Massachusetts municipal securities is excluded from gross income for regular federal income tax and Massachusetts personal income tax purposes, although it may be subject to the federal alternative minimum tax. As a result, the rate of interest paid on these securities normally is lower than the rate of interest paid on fully taxable securities.

Subject to the Fund's 80% policy, the Fund may purchase other municipal securities whose interest is subject to Massachusetts personal income taxes and other high quality securities that pay interest that is subject to federal and/or state income taxes.

Investment Risks

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.

The Fund's yield may be affected by changes in interest rates and changes in credit ratings. Because the Fund concentrates its holdings in a specific state, economic and political developments in that state may adversely affect the Fund. Certain investors may be subject to the Federal Alternative Minimum Tax (AMT), and state and local taxes may apply. Capital gains, if any, are fully taxable. Please see the Fund's prospectus for additional fund specific risks.

Investment Management

Managed By Western Asset

• Best known as an active fixed-income manager offering products spanning the yield curve and the globe.
• Founded in 1971, the Firm's philosophy centers upon a team approach that unites groups of specialists dedicated to different market sectors.