For Immediate Release For More Information: Media: Madelyn McHugh (212) 805‐6039 [email protected] Western Asset Update on Plan for Money Market Fund Offerings SEC Reforms Drive Proposed Changes to Product Lines Pasadena, Calif. – June 13, 2016 – Western Asset Management Company, an investment affiliate of Legg Mason, today announced an update to the preliminary plan for its money market mutual fund product suite’s compliance with the U.S. Securities and Exchange Commission (SEC) money market fund reform rules. The initial plans were announced in April 2015, and after further consultation with both investors and distribution partners, the firm can advise the following fund line‐up and floating net asset value strike times. U.S. Treasury and Government Money Market Funds Western Asset Institutional U.S. Treasury Reserves Western Asset Premium U.S. Treasury Reserves Western Asset U.S. Treasury Reserves Western Asset Institutional U.S. Treasury Obligations Money Market Fund Western Asset Institutional Government Reserves Western Asset Government Reserves Funds will continue to seek to transact at a $1.00 net asset value and already meet the new SEC requirement to invest at least 99.5 percent of their assets in cash, government securities, and/or repurchase agreements that are fully collateralized. Legg Mason Partners Fund Advisor, LLC and Western Asset have no current intention to recommend to the Board to institute liquidity fees or redemption gates on these funds. Retail Prime and Tax‐Exempt Money Market Funds Western Asset Prime Obligations Money Market Fund Western Asset Tax Free Reserves* Western Asset Institutional Tax Free Reserves* (to be renamed Western Asset Select Tax Free Reserves at a later date) Western Asset California Tax Free Money Market Fund* Western Asset New York Tax Free Money Market Fund* Funds will only be available to accounts beneficially owned by “natural persons.” Under the new SEC money market fund regulations, these funds will be permitted to continue to seek to transact at a $1.00 net asset value. The funds will adopt policies to impose liquidity fees (up to 2 percent of redemption proceeds), as well as provide for redemption gates in times of market stress, if the Board deems it to be in the best interests of a fund. *Prior to reform implementation, the funds will undertake to confirm that all existing shareholders meet the SEC definition of “natural person” or will notify ineligible shareholders that their shares will be involuntarily redeemed. Institutional Prime Money Market Funds Western Asset Institutional Cash Reserves Western Asset Institutional Liquid Reserves Western Asset Premium Liquid Reserves Western Asset Liquid Reserves On or about October 11, 2016, the funds will price and transact at a floating net asset value, which will reflect the current market‐based values of the portfolio securities it holds and will adopt required policies relating to liquidity fees and redemption gates. The floating net asset value price will be quoted to four decimal places e.g. $1.0001 and the funds will provide intraday liquidity by offering three net asset value strikes per day at 8:00a.m., 12:00p.m. and 3:00p.m. (Eastern time). Note: Fund end of day cutoff time will be 3:00p.m. (Eastern time). Although the key SEC money market fund reforms do not come into effect until October 14, 2016, there have been a number of reporting changes in order to provide shareholders with more current information. Beginning on April 14, 2016, all 2a‐7 money market funds were required to provide the following information via N‐MFP filings and also on the fund’s website: https://www.leggmason.com/en‐us/products/money‐markets.html The following information is uploaded on a daily basis and includes historic 6 month rolling data:  Current market based net asset value (NAV) rounded to the fourth decimal place  Daily and Weekly Liquid Assets  Net shareholder flows About Western Asset Management Company Western Asset Management Company is one of the world's leading fixed‐income managers with $436.4 billion in assets under management as of March 31, 2016. The firm is a wholly owned, independently operated subsidiary of Legg Mason, Inc. From offices in Pasadena, Hong Kong, London, Melbourne, New York, São Paulo, Singapore, Tokyo and Dubai, the company provides investment services for a wide variety of global clients, across an equally wide variety of mandates. To learn more about Western Asset, please visit www.westernasset.com. About Legg Mason Legg Mason is a global asset management firm with $718 billion in assets under management as of May 31, 2016. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM). 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. Before investing, carefully consider a Fund’s investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, which is available at www.leggmasonfunds.com. Please read it carefully. INVESTMENT PRODUCTS: NOT FDIC INSURED ‐ NO BANK GUARANTEE ‐ MAY LOSE VALUE Western Asset Constant Net Asset Value (CNAV) Money Market Funds
Name
Share Class
(Ticker)
CUSIP
BFDS /BNY
Fund Code
Cut-Off
(Eastern time)
Liquidity Fees
and Gates
U.S. Treasury and Government Money Market Funds
Western Asset Institutional U.S.
Treasury Reserves
Institutional (CIIXX)
Investors (LTRXX)
Administrative (LTAXX)
52470G841
52470G684
52470G619
348
4518
4116
2:00 pm1
No
Western Asset Premium U.S.
Treasury Reserves
Premium (CIMXX)
52470M202
351
2:00 pm1
No
Western Asset U.S. Treasury Reserves
N (CISXX)
Service (LTSXX)
52470R805
52470R532
241
4109
2:00 pm1
No
Western Asset Institutional U.S.
Treasury Obligations Money Market Fund
Institutional (LUIXX)
Investors (LIAXX)
Administrative (LAOXX)
52470G551
52470G544
52470G536
5094
5095
5148
4:00 pm1
No
Western Asset Institutional
Government Reserves
Institutional (INGXX)
Investors (LGRXX)
Administrative (LGAXX)
52470G791
52470G650
52470G585
4512
4517
4115
4:00 pm1
No
Western Asset Government Reserves
A (SMGXX)
A2 (SMTXX)
Service (LGSXX)
52470R847
52470R367
52470R482
4524/980
5204
4108
4:00 pm2
No
Retail Prime and Tax-Exempt Money Market Funds
Western Asset Prime Obligations
Money Market Fund
A (POMXX)
A2 (PGMXX)
I (PGIXX)
N (PGNXX)
Service (PGSXX)
52470R425
52470R417
52470R383
52470R391
52470R375
5191/5197
5192
5194
5193
5195
12:00 pm2
Yes
Western Asset Institutional
Tax Free Reserves
(to be renamed Western Asset Select
Tax Free Reserves at a later date)
Institutional (CIFXX)
Investors (LTFXX)
Administrative (LFAXX)
52470G858
52470G676
52470G627
806
4519
4117
12:00 pm2
Yes
Western Asset Tax Free Reserves
A (LWAXX)
B (LTBXX)3
N (CIXXX)
Service (LXSXX)
52470R615
52470R599
52470R706
52470R540
4526/5027
5031
3217
4110
12:00 pm2
Yes
Western Asset California
Tax Free Money Market Fund
A (LOAXX)
N (CFAXX)
Service (LFSXX)
52470R573
52470R102
52470R524
4527/5028
350
4111
12:00 pm2
Yes
Western Asset New York
Tax Free Money Market Fund
A (LNAXX)
N (CIYXX)
Service (LNSXX)
52470R565
52470R607
52470R490
4528/5029
232
4107
12:00 pm 2
Yes
1
The fund may close early in certain circumstances, as described in the fund’s current prospectus.
The fund normally calculates its net asset value as of 12:00 noon (Eastern time) and as of the time it closes for business (normally 4:00 p.m. (Eastern time) on each fund business day. The fund
may close early under certain circumstances. For more information, please contact your financial intermediary, or contact the fund by phone (1-877-721-1926 or 1-203-703-6002). If your request is
received after 12:00pm (Eastern time) on a day the fund is open for business, your redemption proceeds normally will be sent the next business day.
3
All outstanding Class B shares of the fund will be converted into Class A shares of the fund as soon as practicable on or about June 30, 2016.
2
Western Asset Floating Net Asset Value (FNAV) Money Market Funds
Name
Share Class
(Ticker)
CUSIP
BFDS
Fund Code
Cut-Off*
(Eastern time)
Strike Times
(Eastern time)
Liquidity Fees
and Gates
3:00 pm1
8:00 am
12:00 pm (noon)
3:00 pm
Yes
Prime Money Market Funds
Western Asset Institutional
Liquid Reserves
Institutional (CILXX)
Investors (LLRXX)
52470G882
349
4515
Western Asset Liquid
Reserves
A (LLAXX)
B (LLBXX)2
C (LWCXX)
N (CIRXX)
Service (LQSXX)
52470R441
52470R433
52470R623
52470R021
52470R557
5026
5030
5044
3216
4106
3:00 pm1
8:00 am
12:00 pm (noon)
3:00 pm
Yes
Western Asset Premium
Liquid Reserves
A (CIPXX)
52470M103
255
3:00 pm1
8:00 am
12:00 pm (noon)
3:00 pm
Yes
Western Asset Institutional
Cash Reserves
Institutional (CARXX)
Investors (LCRXX)
L (CFRXX)
S (CFSXX)
52470G304
52470G692
52470G205
52470G403
193
4516
400
234
3:00 pm1
8:00 am
12:00 pm (noon)
3:00 pm
Yes
*Effective on or about October 11, 2016.
1
The fund may close early in certain circumstances, as described in the fund’s current prospectus.
2
All outstanding Class B shares of the fund will be converted into Class A shares of the fund as soon as practicable on or about June 30, 2016.
© Western Asset Management Company 2016
Past results are not indicative of future investment results. This presentation is for informational purposes only and reflects the current opinions of Western Asset
Management. Information contained herein is believed to be accurate, but cannot be guaranteed. This presentation has been prepared without taking into account your objectives,
financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation or needs. It is your
responsibility to be aware of and observe the applicable laws and regulations of your country of residence.
© 2016 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and Western Asset Management Company are subsidiaries of Legg Mason, Inc.
TN16-236