Western Asset Institutional Cash Reserves

Western Asset Institutional Cash Reserves As of: Jul-31-2017 Weighted Average Maturity: 28 days Weighted Average Life: 55 days Net Assets: $22,231,901,572 % of Net Principal Amount Securities Description Rate CUSIP Value Assets Effective Maturity* Final Maturity Rule-2a-7 Category of Investment

Certificate of Deposit 300,000,000 Standard Chartered Bank 1.225% 85325TRW7 300,143,205.00 1.35% 2017-08-22 2017-09-22 Certificate of Deposit 290,000,000 Citibank N.A. 1.253% 17305TPR7 290,036,966.30 1.30% 2017-10-10 2017-10-10 Certificate of Deposit 248,500,000 BNP Paribas SA 1.432% 05582WZG2 248,519,721.00 1.12% 2018-01-16 2018-01-16 Certificate of Deposit 248,000,000 Bank of Tokyo-Mitsubishi UFJ Ltd. 1.265% 06538NQ67 248,071,887.80 1.12% 2017-10-26 2017-10-26 Certificate of Deposit 245,000,000 Mizuho Bank Ltd. 1.224% 60689D5X7 245,115,353.40 1.10% 2017-08-21 2017-09-21 Certificate of Deposit 243,000,000 Bank of Montreal 1.16% 06427KNZ6 243,020,431.40 1.09% 2017-08-07 2017-08-07 Certificate of Deposit 240,000,000 Royal Bank of Canada 1.383% 78009NX84 240,000,000.00 1.08% 2017-09-01 2018-03-01 Certificate of Deposit 239,000,000 Credit Suisse NY 1.395% 22549LDN2 239,024,597.90 1.08% 2017-08-29 2017-12-28 Certificate of Deposit 226,000,000 Standard Chartered Bank 1.437% 85325TTR6 225,983,863.60 1.02% 2017-08-10 2018-01-10 Certificate of Deposit 184,000,000 Sumitomo Mitsui Banking Corp. 1.371% 86564EXF8 184,019,621.80 0.83% 2017-08-02 2017-12-04 Certificate of Deposit 180,000,000 Royal Bank of Canada 1.222% 78009NS23 180,047,878.20 0.81% 2017-08-21 2017-09-20 Certificate of Deposit 180,000,000 Mizuho Bank Ltd. 1.174% 60689D4L4 180,042,564.60 0.81% 2017-08-17 2017-08-17 Certificate of Deposit 179,000,000 Credit Suisse NY 1.274% 22549V3D3 179,083,970.70 0.81% 2017-10-27 2017-10-27 Certificate of Deposit 179,000,000 Cooperatieve Rabobank UA 1.21% 21684BN91 179,075,106.60 0.81% 2017-08-11 2017-09-11 Certificate of Deposit 165,000,000 Mizuho Bank Ltd. 1.321% 60700AAP9 165,064,025.00 0.74% 2017-08-08 2017-11-08 Certificate of Deposit 160,000,000 Canadian Imperial Bank of Commerce 1.422% 13606BHG4 160,012,134.40 0.72% 2017-08-25 2018-05-25 Certificate of Deposit 150,000,000 Sumitomo Mitsui Banking Corp. 1.424% 86563YZA4 150,005,845.50 0.67% 2017-08-01 2018-02-01 Certificate of Deposit 149,000,000 Citibank N.A. 1.238% 17305TPB2 148,999,894.20 0.67% 2017-10-05 2017-10-05 Certificate of Deposit 145,000,000 Norinchukin Bank 1.229% 65602UQB7 145,068,202.20 0.65% 2017-08-25 2017-09-25 Certificate of Deposit 140,350,000 Sumitomo Mitsui Banking Corp. 1.429% 86564EZK5 140,351,743.20 0.63% 2017-08-07 2018-02-06 Certificate of Deposit 140,000,000 Lloyds Bank PLC 1.17% 53943NQ76 140,022,523.20 0.63% 2017-08-14 2017-08-14 Certificate of Deposit 139,000,000 Norinchukin Bank 1.244% 65602UTS7 139,009,005.80 0.63% 2017-10-06 2017-10-06 Certificate of Deposit 136,500,000 Mizuho Bank Ltd. 1.417% 60700ADB7 136,496,449.60 0.61% 2017-08-09 2018-01-09 Certificate of Deposit 128,000,000 Norinchukin Bank 1.196% 65602UPE2 128,043,814.40 0.58% 2017-08-01 2017-09-01 Certificate of Deposit 125,000,000 Landesbank Hessen-Thueringen 1.215% 51489NZT2 125,019,475.00 0.56% 2017-10-06 2017-10-06 Certificate of Deposit 124,000,000 UBS AG Stamford, CT 1.278% 90275DGL8 124,017,439.40 0.56% 2017-08-21 2017-10-20 Certificate of Deposit 118,000,000 Mitsubishi UFJ Trust & Banking Corp. 1.287% 60682A5T9 118,051,933.00 0.53% 2017-08-10 2017-10-10 Certificate of Deposit 112,500,000 Credit Suisse NY 1.466% 22549LDA0 112,515,800.60 0.51% 2018-01-04 2018-01-04 Certificate of Deposit 110,000,000 Societe Generale SA 1.17% 83369YLU8 110,016,842.10 0.49% 2017-08-14 2017-08-14 Certificate of Deposit 105,000,000 Sumitomo Mitsui Banking Corp. 1.254% 86564ERP3 105,034,980.80 0.47% 2017-08-07 2017-09-07 Certificate of Deposit 100,000,000 Norinchukin Bank 1.25% 65602UQQ4 100,049,329.00 0.45% 2017-08-10 2017-10-10 Certificate of Deposit 100,000,000 Lloyds Bank PLC 1.273% 53943NR42 100,026,275.00 0.45% 2017-08-29 2017-10-26 Certificate of Deposit 100,000,000 BNP Paribas NY 1.408% 05582WXX7 100,017,028.00 0.45% 2018-01-02 2018-01-02 Certificate of Deposit 100,000,000 KBC Bank NV 1.275% 4823TANK9 100,004,728.00 0.45% 2017-10-10 2017-10-10 Certificate of Deposit 100,000,000 KBC Bank NV 1.276% 4823TANM5 100,004,604.00 0.45% 2017-10-11 2017-10-11 Certificate of Deposit 100,000,000 Bank of Montreal 1.278% 06371EDQ7 100,003,871.00 0.45% 2017-10-06 2017-10-06 Certificate of Deposit 95,000,000 Norinchukin Bank 1.21% 65602UPR3 95,038,719.15 0.43% 2017-08-10 2017-09-11 Certificate of Deposit 95,000,000 KBC Bank NV 1.183% 4823TAPE1 94,999,982.90 0.43% 2017-08-02 2017-08-02 Certificate of Deposit 82,000,000 Credit Suisse NY 1.299% 22549V6D0 82,036,449.82 0.37% 2017-08-07 2017-11-07 Certificate of Deposit 80,000,000 Citibank N.A. 1.427% 17305TSJ2 79,989,264.00 0.36% 2018-01-25 2018-01-25 Certificate of Deposit 73,000,000 Sumitomo Mitsui Banking Corp. 1.37% 86564EXE1 73,007,940.21 0.33% 2017-08-30 2017-11-30 Certificate of Deposit 54,500,000 BNP Paribas NY 1.328% 05582WUS1 54,509,557.67 0.25% 2017-11-17 2017-11-17 Certificate of Deposit 50,000,000 Sumitomo Mitsui Banking Corp. 1.299% 86563YTU7 50,018,739.00 0.22% 2017-08-07 2017-10-06 Certificate of Deposit 50,000,000 Landesbank Hessen-Thueringen 1.171% 51489NB35 49,999,996.50 0.22% 2017-08-02 2017-08-02 Certificate of Deposit 50,000,000 Sumitomo Mitsui Banking Corp. 1.418% 86563YC43 49,993,515.50 0.22% 2017-08-29 2018-01-26 Certificate of Deposit 49,000,000 Royal Bank of Canada 1.409% 78009NU46 49,008,564.22 0.22% 2017-09-12 2018-06-12 Certificate of Deposit 47,000,000 National Australia Bank Ltd. 1.324% 63253TH68 47,064,053.48 0.21% 2017-08-08 2017-12-05 Certificate of Deposit 45,000,000 Natixis SA 1.275% 63873NBR1 45,014,202.90 0.20% 2017-08-22 2017-09-22 Certificate of Deposit 44,500,000 Oversea-Chinese Banking Corp. Ltd. 1.296% 69033LZN2 44,501,159.23 0.20% 2017-10-11 2017-10-11 Certificate of Deposit 40,000,000 Citibank N.A. 1.241% 17305TPE6 39,999,751.20 0.18% 2017-10-06 2017-10-06 Certificate of Deposit 38,540,000 Sumitomo Mitsui Banking Corp. 1.429% 86563YZL0 38,540,478.67 0.17% 2017-08-07 2018-02-06 Certificate of Deposit 35,000,000 Mizuho Bank Ltd. 1.295% 60700AAV6 35,005,421.15 0.16% 2017-11-17 2017-11-17 Certificate of Deposit 22,000,000 Credit Suisse NY 1.323% 22549VXM0 22,046,480.06 0.10% 2017-08-18 2017-11-17 Certificate of Deposit 22,000,000 BNP Paribas NY 1.311% 05582WHS6 22,037,502.52 0.10% 2017-08-22 2017-11-22 Certificate of Deposit 22,000,000 Bank of Montreal 1.311% 06427KHF7 22,030,554.48 0.10% 2017-08-22 2017-11-22 Certificate of Deposit 18,450,000 Mizuho Bank Ltd. 1.182% 60689D4S9 18,451,367.88 0.08% 2017-08-24 2017-08-24 Certificate of Deposit 12,600,000 Norinchukin Bank 1.206% 65602UNV6 12,601,597.68 0.06% 2017-09-05 2017-09-05 Certificate of Deposit 6,000,000 Sumitomo Mitsui Banking Corp. 1.39333% 86563YC92 6,000,000.00 0.03% 2017-08-31 2018-01-31 Certificate of Deposit TOTAL Certificate of Deposit 6,961,916,409.92 31.31%

Financial Company Commercial Paper 450,000,000 J.P. Morgan Securities LLC 1.273% 46640CDK5 450,096,534.00 2.02% 2017-08-29 2017-10-26 Financial Company Commercial Paper 365,000,000 Canadian Imperial Bank of Commerce 1.161% 13608CAT9 365,040,755.90 1.64% 2017-08-08 2017-08-08 Financial Company Commercial Paper 214,000,000 Bank of Nova Scotia 1.378% 06417KAG4 212,615,646.80 0.96% 2018-01-16 2018-01-16 Financial Company Commercial Paper 207,150,000 Societe Generale SA 1.233% 83369BXX9 206,497,270.40 0.93% 2017-10-31 2017-10-31 Financial Company Commercial Paper 200,000,000 Mitsubishi UFJ Trust & Banking Corp. 1.343% 60682WZ68 199,044,978.00 0.90% 2017-12-06 2017-12-06 Financial Company Commercial Paper 196,000,000 DBS Bank Ltd. 1.193% 23305DWJ0 195,681,733.20 0.88% 2017-09-18 2017-09-18 Financial Company Commercial Paper 184,500,000 Oversea-Chinese Banking Corp. Ltd. 1.299% 69034AXD9 184,007,353.60 0.83% 2017-10-13 2017-10-13 Financial Company Commercial Paper 174,750,000 ABN AMRO Funding U.S.A LLC 1.461% 00084CC91 173,182,681.20 0.78% 2018-03-09 2018-03-09 Financial Company Commercial Paper 170,000,000 DBS Bank Ltd. 1.184% 23305DW50 169,798,720.00 0.76% 2017-09-05 2017-09-05 Financial Company Commercial Paper 163,875,000 ING U.S. Funding LLC 1.322% 44988KCA5 163,884,439.20 0.74% 2017-08-07 2017-12-07 Financial Company Commercial Paper 160,000,000 DBS Bank Ltd. 1.214% 23305DXD2 159,600,729.60 0.72% 2017-10-13 2017-10-13 Financial Company Commercial Paper 150,000,000 Swedbank AB 1.152% 87019RVQ6 149,884,800.00 0.67% 2017-08-24 2017-08-24 Financial Company Commercial Paper 147,570,000 ING U.S. Funding LLC 1.301% 44988KBY4 147,604,887.00 0.66% 2017-08-15 2017-11-15 Financial Company Commercial Paper 144,750,000 UBS AG/London 1.502% 90276JAD8 144,746,589.70 0.65% 2017-08-31 2018-05-31 Financial Company Commercial Paper 135,000,000 ABN AMRO Funding U.S.A. LLC 1.257% 00084BX66 134,684,178.30 0.61% 2017-10-06 2017-10-06 Financial Company Commercial Paper 126,000,000 United Overseas Bank Ltd. 1.195% 91127PWM9 125,782,510.10 0.57% 2017-09-21 2017-09-21 Financial Company Commercial Paper 125,000,000 HSBC USA, Inc. 1.334% 40434WBU4 125,039,327.50 0.56% 2017-08-15 2018-02-15 Financial Company Commercial Paper 125,000,000 ING U.S. Funding LLC 1.16% 44988KBJ7 125,013,423.80 0.56% 2017-08-07 2017-08-07 Financial Company Commercial Paper 121,500,000 United Overseas Bank Ltd. 1.213% 91127PXC0 121,201,147.70 0.55% 2017-10-12 2017-10-12 Financial Company Commercial Paper 112,000,000 National Bank of Canada 1.204% 63307LX30 111,760,270.70 0.50% 2017-10-03 2017-10-03 Financial Company Commercial Paper 99,000,000 ASB Finance Ltd. 1.121% 0020P2V86 98,975,338.11 0.45% 2017-08-08 2017-08-08 Financial Company Commercial Paper 99,000,000 BPCE SA 1.393% 05571BY80 98,616,925.44 0.44% 2017-11-08 2017-11-08 Financial Company Commercial Paper 98,000,000 J.P. Morgan Securities LLC 1.263% 46640PY15 97,680,250.50 0.44% 2017-11-01 2017-11-01 Financial Company Commercial Paper 97,750,000 Oversea-Chinese Banking Corp. Ltd. 1.265% 69034AW65 97,622,911.32 0.44% 2017-09-06 2017-09-06 Financial Company Commercial Paper 95,000,000 Landesbank Hessen-Thueringen 1.176% 51489GV87 94,975,173.65 0.43% 2017-08-08 2017-08-08 Financial Company Commercial Paper 84,250,000 Danske Corp. 1.409% 2363F6VE7 84,203,836.06 0.38% 2017-08-14 2017-08-14 Financial Company Commercial Paper 78,000,000 ANZ New Zealand Int'l Ltd. 1.384% 0018A3AQ7 77,469,235.74 0.35% 2018-01-24 2018-01-24 Financial Company Commercial Paper 71,875,000 ABN AMRO Funding U.S.A. LLC 1.235% 00084BW67 71,783,768.34 0.32% 2017-09-06 2017-09-06 Financial Company Commercial Paper 71,000,000 ANZ New Zealand Int'l Ltd. 1.422% 00182HFJ6 70,998,746.14 0.32% 2017-08-31 2018-05-29 Financial Company Commercial Paper 64,000,000 Toronto-Dominion Bank, NY 1.193% 89119AV47 63,991,516.16 0.29% 2017-08-04 2017-08-04 Financial Company Commercial Paper 60,000,000 ABN AMRO Funding U.S.A. LLC 1.195% 00084BV35 59,994,025.20 0.27% 2017-08-03 2017-08-03 Financial Company Commercial Paper 60,000,000 DBS Bank Ltd. 1.199% 23305DWT8 59,884,096.80 0.27% 2017-09-27 2017-09-27 Financial Company Commercial Paper 58,640,000 Credit Agricole Corporate and Investment Bank 1.18% 22533TV11 58,638,077.78 0.26% 2017-08-01 2017-08-01 Financial Company Commercial Paper

Page 1 of 2 Western Asset Institutional Cash Reserves As of: Jul-31-2017 Weighted Average Maturity: 28 days Weighted Average Life: 55 days Net Assets: $22,231,901,572 % of Net Principal Amount Securities Description Rate CUSIP Value Assets Effective Maturity* Final Maturity Rule-2a-7 Category of Investment 56,410,000 HSBC USA, Inc. 1.42% 40434RBG6 55,964,987.72 0.25% 2018-02-16 2018-02-16 Financial Company Commercial Paper 50,000,000 DBS Bank Ltd. 1.15% 23305DV77 49,988,819.50 0.22% 2017-08-07 2017-08-07 Financial Company Commercial Paper 50,000,000 ABN AMRO Funding U.S.A. LLC 1.271% 00084BXL3 49,857,012.50 0.22% 2017-10-20 2017-10-20 Financial Company Commercial Paper 45,000,000 ABN AMRO Funding U.S.A. LLC 1.284% 00084BY24 44,849,129.85 0.20% 2017-11-02 2017-11-02 Financial Company Commercial Paper 44,500,000 BNP Paribas Fortis SA 1.186782% 09659JWF6 44,433,188.15 0.20% 2017-09-15 2017-09-15 Financial Company Commercial Paper 44,250,000 ASB Finance Ltd. 1.12% 0020P2V78 44,240,363.24 0.20% 2017-08-07 2017-08-07 Financial Company Commercial Paper 42,900,000 Abbey National Treasury Services PLC 1.185% 00280NV15 42,898,587.73 0.19% 2017-08-01 2017-08-01 Financial Company Commercial Paper 42,390,000 ABN AMRO Funding U.S.A. LLC 1.2% 00084BV76 42,380,109.14 0.19% 2017-08-07 2017-08-07 Financial Company Commercial Paper 40,450,000 Oversea-Chinese Banking Corp. Ltd. 1.275% 69034AWM0 40,375,504.45 0.18% 2017-09-21 2017-09-21 Financial Company Commercial Paper 40,000,000 DBS Bank Ltd. 1.2% 23305DWV3 39,920,000.00 0.18% 2017-09-29 2017-09-29 Financial Company Commercial Paper 38,000,000 Landesbank Hessen-Thueringen 1.172% 51489GV20 37,997,525.82 0.17% 2017-08-02 2017-08-02 Financial Company Commercial Paper 36,040,000 BNP Paribas Fortis SA 1.16% 09659JV18 36,038,838.79 0.16% 2017-08-01 2017-08-01 Financial Company Commercial Paper 27,700,000 ABN AMRO Funding U.S.A LLC 1.46% 00084CC83 27,452,854.51 0.12% 2018-03-08 2018-03-08 Financial Company Commercial Paper 25,000,000 United Overseas Bank Ltd. 1.211% 91127PXA4 24,940,291.00 0.11% 2017-10-10 2017-10-10 Financial Company Commercial Paper 24,000,000 DBS Bank Ltd. 1.213% 23305DXC4 23,940,967.44 0.11% 2017-10-12 2017-10-12 Financial Company Commercial Paper 22,000,000 Westpac Banking Corp. 1.304% 9612C4UH2 22,027,682.16 0.10% 2017-08-17 2017-11-17 Financial Company Commercial Paper 22,000,000 Commonwealth Bank of Australia 1.309% 20272AUT1 22,018,347.56 0.10% 2017-09-05 2017-11-27 Financial Company Commercial Paper 17,000,000 Bank of Nova Scotia 1.335% 06417LCR6 17,013,316.10 0.08% 2017-08-22 2017-11-22 Financial Company Commercial Paper 11,050,000 Sumitomo Mitsui Banking Corp. 1.198% 86562KVM3 11,042,277.93 0.05% 2017-08-21 2017-08-21 Financial Company Commercial Paper TOTAL Financial Company Commercial Paper 5,377,381,681.53 24.19%

Non-Financial Company Commercial Paper 316,000,000 Bank Nederlandse Gemeenten NV 1.2% 62944GV75 315,926,267.70 1.42% 2017-08-07 2017-08-07 Non-Financial Company Commercial Paper 190,000,000 NRW Bank 1.15% 62939LV97 189,945,375.00 0.85% 2017-08-09 2017-08-09 Non-Financial Company Commercial Paper 150,000,000 NRW Bank 1.201% 62939LWM7 149,739,783.00 0.67% 2017-09-21 2017-09-21 Non-Financial Company Commercial Paper 150,000,000 Swedish Export Credit 1.18% 87030JYU7 149,410,000.50 0.67% 2017-11-28 2017-11-28 Non-Financial Company Commercial Paper 99,700,000 Automatic Data Processing, Inc. 1.065% 0530A2V31 99,691,151.63 0.45% 2017-08-03 2017-08-03 Non-Financial Company Commercial Paper 96,000,000 Swedish Export Credit 1.071% 87030JV89 95,977,152.00 0.43% 2017-08-08 2017-08-08 Non-Financial Company Commercial Paper 59,000,000 Bank Nederlandse Gemeenten NV 1.193% 62944GV18 58,998,044.74 0.27% 2017-08-01 2017-08-01 Non-Financial Company Commercial Paper TOTAL Non-Financial Company Commercial Paper 1,059,687,774.57 4.77%

Non-Negotiable Time Deposit 997,342,000 Skandinaviska Enskilda Banken AB 1.095% 997,342,000.00 4.49% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 907,000,000 Nordea Bank Finland PLC 1.085% 907,000,000.00 4.08% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 892,000,000 DNB Bank ASA 1.085% 892,000,000.00 4.01% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 843,524,000 Credit Agricole Corporate and Investment Bank 1.085% 843,524,000.00 3.79% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 778,000,000 Swedbank AB 1.085% 778,000,000.00 3.50% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 737,750,000 Natixis SA 1.095% 737,750,000.00 3.32% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 667,814,000 Svenska Handelsbanken 1.075% 667,814,000.00 3.00% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 347,000,000 Canadian Imperial Bank of Commerce 1.085% 347,000,000.00 1.56% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 319,000,000 BNP Paribas NY 1.085% 319,000,000.00 1.43% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 296,000,000 Bank of New York Mellon 1.095% 296,000,000.00 1.33% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit 283,600,000 National Bank of Canada 1.075% 283,600,000.00 1.28% 2017-08-01 2017-08-01 Non-Negotiable Time Deposit TOTAL Non-Negotiable Time Deposit 7,069,030,000.00 31.80%

Other Instrument 100,000,000 Bank of America NA 1.60722% 06053PUD7 100,000,000.00 0.45% 2017-08-01 2017-08-01 Other Instrument TOTAL Other Instrument 100,000,000.00 0.45%

Other Repurchase Agreement, if any collateral falls outside Treasury, Government Agency and cash Other Repurchase Agreement, if any collateral falls 750,000,000 Bank of America Corp. 1.34% 750,000,000.00 3.37% 2017-08-01 2017-09-04 outside Treasury, Government Agency and cash Other Repurchase Agreement, if any collateral falls 300,000,000 Wells Fargo Bank NA 1.26% 300,000,000.00 1.35% 2017-08-01 2017-08-01 outside Treasury, Government Agency and cash Other Repurchase Agreement, if any collateral falls 200,000,000 RBC Capital Markets LLC 1.51% 200,000,000.00 0.90% 2017-08-01 2017-09-04 outside Treasury, Government Agency and cash Other Repurchase Agreement, if any collateral falls 200,000,000 Mitsubishi UFJ Trust & Banking Corp. 1.43% 200,000,000.00 0.90% 2017-08-01 2017-09-04 outside Treasury, Government Agency and cash Other Repurchase Agreement, if any collateral falls 150,000,000 RBC Capital Markets LLC 1.46% 150,000,000.00 0.67% 2017-08-01 2017-08-07 outside Treasury, Government Agency and cash Other Repurchase Agreement, if any collateral falls 100,000,000 Bank of Tokyo-Mitsubishi UFJ Ltd. 1.43% 100,000,000.00 0.45% 2017-08-01 2017-09-04 outside Treasury, Government Agency and cash TOTAL Other Repurchase Agreement, if any collateral falls outside Treasury, 1,700,000,000.00 7.65% Government Agency and cash

TOTAL INVESTMENTS 22,268,015,866.02 100.16%

For those periods prior to August 29, 2016, the information shown above relates to Prime Cash Reserves Portfolio ("the Portfolio"), the registered investment company in which the Fund invests all of its investable assets. As of August 29, 2016, the information shown above relates to Liquid 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. 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. 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, ©2017 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association. 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. 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 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.

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 - a measure of a bond's maturity which takes into consideration the possibility that the issuer may call the bond before its maturity date.

You could lose money by investing in a money market fund. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Because the share price of certain money market funds will fluctuate when you sell your shares in those funds, they may be worth less than what you originally paid for them. A money market fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if a fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A money market 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. Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.

Western Asset Management Company and Legg Mason Investor Services, LLC, are subsidiaries of Legg Mason, Inc.

INVESTMENT PRODUCTS: NOT FDIC INSURED. NO BANK GUARANTEE. MAY LOSE VALUE.

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