Rule 2a-7 of the Investment Company Act of 1940 provides that money market funds may not acquire any security other than a “weekly liquid asset” unless, immediately following such purchase, at least 30% of its total assets would be invested in weekly liquid assets. In addition, the Rule provides that taxable money market funds may not acquire any security other than a “daily liquid asset” unless, immediately following such purchase, at least 10% of its total assets would be invested in daily liquid assets.
Daily Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business Day. May include the effect of receivables from pending sales and payables from pending purchases.
Weekly Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; (iii) U.S. Government securities issued by a person controlled or supervised by and acting as an instrumentality of the U.S. Government pursuant to authority granted by the U.S. Congress, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business Days. May include the effect of receivables from pending sales and payables from pending purchases.
Shadow NAV is the market-based net asset value per share of a fund calculated based on current market factors, before applying the amortized cost method.The Funds do not use a market-based NAV for purchase and sale transactions in Fund shares.
- Seeks to provide liquidity and as high a level of current income from U.S. government obligations as is consistent with preservation of capital.
- Typically invests all of its assets in direct obligations of the U.S. Treasury.
- The portfolio is diversified among a wide array of U.S. Treasury securities, including U.S. Treasury bills, notes and bonds.
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One of the world’s leading global fixed income managers. Founded in 1971, the firm is known for team management, proprietary research and long-term fundamental value approach.
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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.
What I Should Know
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The Fund's yield may be affected by changes in interest rates and changes in credit ratings. Please see the Fund's prospectus for additional fund specific risks.
IMPORTANT PERFORMANCE INFORMATION: The performance data quoted represents past performance, which is no guarantee of future results, and current performance may be higher or lower than the performance shown. Average annual total returns and calendar year returns assuming reinvestment of all distributions at net asset value and the deduction of all fund expenses. Performance would have been lower if fees had not been reimbursed or waived in various periods. Performance for other share classes will vary due to differences in sales charge structure and class expenses. All classes of shares are not available through all distribution channels.
The Current SEC 7-day yield represents net interest income generated by the investments for the past 7 days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current fund earnings than does total returns. Yields for other share classes may vary due to differences in sales charge structure and class expenses. The Fund's yields reflect expense reimbursements or fee waivers, if any; absent these expense reimbursements and/or fee waivers, performance would have been lower.
Click here for historical Shadow NAV data.
**Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) N & Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2019 without Board consent.
Characteristics and holdings weightings are based on total portfolio, are subject to change at any time, and are provided for informational purposes only. Not to be construed as a recommendation to purchase or sell any security.
The fund invests in securities through an underlying fund (hub), assets are reported at hub level.
IMPORTANT HOLDINGS INFORMATION: The information shown above relates to U.S. Treasury Reserves Portfolio ("the Portfolio"), the registered investment company in which the Fund invests all of its investable assets. The Funds utilize a master/feeder structure by investing all of their assets in a master portfolio. Assets are reported at the master portfolio level. As of the period ended April 30, 2016, the data in the “Value” column represents the market value of the Portfolio’s investments. For those periods prior to April 30, 2016, the data in the “Value” column represents the amortized cost value.
The Portfolio's 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 Portfolio's use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act. The Portfolio continues to meet the requirements of Rule 2a-7 that permit it to utilize amortized cost to value its securities.
Portfolio holdings are subject to change at any time. Percentages are based on total investments. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security.
Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.
CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor's Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2016 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.
Weighted Average Maturity (WAM) is a weighted average of all the maturities of the securities held in a fund. WAM for money market funds can be used as a measure of sensitivity to interest rate changes. Generally, the longer the maturity, the greater the sensitivity. Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. However, unlike WAM, WAL does not include interest rate resets in its calculation. Effective Maturity is a measure of a bond's maturity which takes into consideration the possibility that the issuer may call the bond before its maturity date.
IMPORTANT DISTRIBUTION INFORMATION: The fund's policy is to declare daily, and pay monthly, dividends from net investment income. Each day on which the fund declares a dividend distribution is ex date.
The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated payable dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Account Services. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.
Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the "promotion or marketing" of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
IMPORTANT INFORMATION: All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.
Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call the Legg Mason Sales Desk 1-800-822-5544 or your Legg Mason Sales contact for more information.
An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.
Legg Mason Partners Fund Advisor, LLC is the investment manager and Western Asset Management Company is the subadviser of the Fund and Portfolio. Legg Mason Investor Services, LLC, Legg Mason Partners Fund Advisor, LLC and Western Asset Management Company are subsidiaries of Legg Mason, Inc.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov/edgar.shtml.