May 31, 2017
Fact Sheet
CUSIP: 52470R201
Ticker: CIRXX
Fund Code: 3216
Inception: 31 Aug 84
Western Asset Liquid Reserves
Fund Name
Class N Shares
Investment Objective
Investment Structure
Liquidity and as high a level of current income as is
consistent with the preservation of capital.
U.S. dollar-denominated, diversified open-end 2a-7 fund.
Fund Performance
Month End Current 7 Day Yield*
0.42%
Month End Current 30 Day Yield*
0.43%
May 17
0.43%
Apr 17
0.42%
Mar 17
0.33%
Feb 17
0.24%
Jan 17
0.21%
Dec 16
0.13%
Nov 16
0.13%
Oct 16
0.13%
Sep 16
0.13%
Aug 16
0.13%
Jul 16
0.13%
Jun 16
0.13%
Net Asset Value
Floating
$24,074.7 (mm)
30 Apr 17
31 May 17
Weighted Average
Maturity
5
4
Percentage (%)
U.S. 1 million dollars
None
Total Net Assets†
Average Annual Total Returns
3.51 3.50
18 days
Weighted Average Life
3
46 days
2
1
Minimum Investment
0.37 0.40
Weighted Maximum
Average Maturity
0.63 0.60
0.13 0.14
0.08 0.09
3 Year
5 Year
60 days
Fund Cut-Off Times (EST‡)
0
1 Year
10 Year
Since Inception
8:00 am, 12:00 noon, 3:00 pm
Advisor Profile
Total return data reflects a one-time special distribution paid, August 2016. Yield calculations were not impacted.
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. For performance data current to the most
recent month-end, please see our website at www.leggmason.com/wainstitutionalmoneymarket.
Total return figures include reinvestment of distributions at month-end. Fund performance data stated is net of all
fees and expenses. Absent reimbursements and/or fee waivers, performance would have been lower.
*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.
The 30-day yield is the average annualized net investment income per share and is subject to change. Yields for other share classes may
vary due to differences in sales charge structure and class expenses. The Fund’s yields reflect fee waivers, absent these reimbursements
and/or waivers, performance would have been lower. Without these fee waivers and/or reimbursements, the Fund’s most recent 7-day
and 30-day yields would have been -0.41% and -0.44% respectively.
†
The fund invests in securities through an underlying fund (hub), assets are reported at hub level.
‡
The fund may close early in certain circumstances, as described in the fund’s current prospectus. On days when the fund closes early, the
final NAV of the day will be calculated as of the early close.
INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Legg Mason Partners Fund
Advisor, LLC is the Fund’s
investment manager and
appointed Western Asset
Management as the subadvisor
to assume the day-to-day
management of the Fund.
May 31, 2017
Fact Sheet
Western Asset Liquid Reserves
Fund Name
Class N Shares
CUSIP: 52470R201
Ticker: CIRXX
Fund Code: 3216
Inception: 31 Aug 84
Investment Team
Portfolio Composition§
38.1% Certificate of Deposit
26.2% Non-Negotiable Time Deposit
25.7% Financial Company Commercial Paper
7.1% Repurchase Agreements
2.5% Non-Financial Company Commercial Paper
Western Asset manages
portfolios on a team basis.
The team is comprised
of dedicated investment
professionals with an
average of over 20 years
experience, focusing
on liquidity and cash
investments. Majority of
the team has been working
together since 2002.
Permissible
Investments
Effective Maturity
31.2%
7.3%
14.7%
18.4%
10.7%
15.2%
2.5%
1 day
2-7 days
8-30 days
31-60 days
61-90 days
91-180 days
181+ days
This material must be preceded or accompanied by a prospectus or summary prospectus. Investors should
consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The
prospectus or if available, summary prospectus contains this and other information about the Fund. Please
read it carefully before investing.
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell
your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee
upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below
required minimums because of market conditions or other factors. 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.
Percentages are based on total portfolio and are subject to change at any time. Does not include unsettled trades. Data may not sum to 100%.
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.
Any information,
statement orCompany,
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is general
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and LeggtoMason
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Inc. and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee
of future
results,statement
or a recommendation
any particular
or investment
strategy
orfinancial
type of situation
retirement
Any
information,
or opinion setwith
forthrespect
herein istogeneral
in nature,security
is not directed
to or based
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or account.
needs of
Investors
seeking
financial
advice
of investing
in any securities
investment
strategies
consult
any
particular
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and does
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constitute,the
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should not be construed
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events,should
a guarantee
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results, professional.
or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors
Westernfinancial
Asset Management
Company,
Legg Mason Partners
Fundin
Advisor,
LLC, andorLegg
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Investor Services,
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seeking
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should consult
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professional.
TN17-079
© 2017 Legg Mason Investor Services, LLC, Member FINRA, SIPC
§§
INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Investments in U.S. dollardenominated fixed-income
securities, including:
▪▪ Short-term U.S. Treasury
securities.
▪▪ Short-term obligations
of U.S. governmentsponsored agencies.
▪▪ Time deposits, CDs and
bankers’ acceptances.
▪▪ Commercial paper
▪▪ Obligations of U.S./nonU.S. banks.
▪▪ Repurchase agreements
from approved
counterparties