0001193125-13-007686.txt : 20130109 0001193125-13-007686.hdr.sgml : 20130109 20130109085856 ACCESSION NUMBER: 0001193125-13-007686 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130109 DATE AS OF CHANGE: 20130109 EFFECTIVENESS DATE: 20130109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST CENTRAL INDEX KEY: 0000850628 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05812 FILM NUMBER: 13519576 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR NORTH CITY: NEW YORK STATE: NY ZIP: 10041 BUSINESS PHONE: 800-451-2010 MAIL ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR NORTH CITY: NEW YORK STATE: NY ZIP: 10041 FORMER COMPANY: FORMER CONFORMED NAME: CITIFUNDS PREMIUM TRUST DATE OF NAME CHANGE: 20051108 FORMER COMPANY: FORMER CONFORMED NAME: CITIFUNDS PREMIUM TRST DATE OF NAME CHANGE: 19981030 FORMER COMPANY: FORMER CONFORMED NAME: LANDMARK INSTITUTIONAL CASH RESERVES DATE OF NAME CHANGE: 19900102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST CENTRAL INDEX KEY: 0000850628 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-28844 FILM NUMBER: 13519577 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR NORTH CITY: NEW YORK STATE: NY ZIP: 10041 BUSINESS PHONE: 800-451-2010 MAIL ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 55 WATER STREET, 32ND FLOOR NORTH CITY: NEW YORK STATE: NY ZIP: 10041 FORMER COMPANY: FORMER CONFORMED NAME: CITIFUNDS PREMIUM TRUST DATE OF NAME CHANGE: 20051108 FORMER COMPANY: FORMER CONFORMED NAME: CITIFUNDS PREMIUM TRST DATE OF NAME CHANGE: 19981030 FORMER COMPANY: FORMER CONFORMED NAME: LANDMARK INSTITUTIONAL CASH RESERVES DATE OF NAME CHANGE: 19900102 0000850628 S000008923 Western Asset Premium Liquid Reserves C000024253 Western Asset Premium Liquid Reserves CIPXX 0000850628 S000008924 Western Asset Premium U.S. Treasury Reserves C000024254 Western Asset Premium U.S. Treasury Reserves CIMXX 0000850628 S000029009 Western Asset Premium Tax Free Reserves C000089066 Western Asset Premium Tax Free Reserves LPTXX 485BPOS 1 d445634d485bpos.htm LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST Legg Mason Partners Premium Money Market Trust

As filed with the U.S. Securities and Exchange Commission on January 9, 2013

Securities Act File No. 33-28844

Investment Company Act File No. 811-5812

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933   x
Pre-Effective Amendment No.   ¨
Post-Effective Amendment No. 38   x
and/or  

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940   x
Amendment No. 46  

(Check appropriate box or boxes)

 

 

Legg Mason Partners Premium Money

Market Trust*

(Exact Name of Registrant as Specified in Charter)

 

 

 

55 Water Street, New York, New York   10041
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, including Area Code (877) 721-1926

 

 

Robert I. Frenkel

Legg Mason Partners Premium Money Market Trust

100 First Stamford Place

Stamford, Connecticut 06902

(Name and Address of Agent for Service)

 

 

COPY TO:

Roger P. Joseph, Esq.

Bingham McCutchen LLP

One Federal Street

Boston, Massachusetts 02110

 

 

Continuous

(Approximate Date of Proposed Offering)

 

 

It is proposed that this filing will become effective:

 

  x immediately upon filing pursuant to paragraph (b)
  ¨ on             pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ on             pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on             pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

 

  ¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

* This filing relates solely to Western Asset Premium Liquid Reserves, Western Asset Premium U.S. Treasury Reserves and Western Asset Premium Tax Free Reserves.

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant, LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST, certifies that it meets all requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on this 9th day of January, 2013.

LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST, on behalf of its series:

Western Asset Premium Liquid Reserves

Western Asset Premium U.S. Treasury Reserves

Western Asset Premium Tax Free Reserves

 

By:  

/s/ R. Jay Gerken

  R. Jay Gerken
  President and Principal Executive Officer

WITNESS our hands on the date set forth below.

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated below on January 9, 2013.

 

Signature

   

Title

/s/ R. Jay Gerken

    President, Principal Executive Officer and Trustee
R. Jay Gerken   

/s/ Richard F. Sennett

    Principal Financial Officer
Richard F. Sennett   

/s/ Elliott J. Berv*

    Trustee
Elliott J. Berv   

/s/ A. Benton Cocanougher*

    Trustee
A. Benton Cocanougher   

/s/ Jane F. Dasher*

    Trustee
Jane F. Dasher   

/s/ Mark T. Finn*

    Trustee
Mark T. Finn   

/s/ Stephen R. Gross*

    Trustee
Stephen R. Gross   

/s/ Richard E. Hanson, Jr.*

    Trustee
Richard E. Hanson, Jr.   

/s/ Diana R. Harrington*

    Trustee
Diana R. Harrington   

/s/ Susan M. Heilbron*

    Trustee
Susan M. Heilbron   

/s/ Susan B. Kerley*

    Trustee
Susan B. Kerley   

/s/ Alan G. Merten*

    Trustee
Alan G. Merten   

/s/ R. Richardson Pettit*

    Trustee
R. Richardson Pettit   

 

*By:  

/s/ R. Jay Gerken

  R. Jay Gerken

 

 

* Attorney-in-Fact, pursuant to Power of Attorney.

Master Portfolio Trust has duly caused this Post-Effective Amendment to the Registration Statement on Form N-1A of Legg Mason Partners Premium Money Market Trust to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on this 9th day of January, 2013.

MASTER PORTFOLIO TRUST, on behalf of its series, Liquid Reserves Portfolio, U.S. Treasury Reserves Portfolio and Tax Free Reserves Portfolio.

 

By:  

/s/ R. Jay Gerken

  R. Jay Gerken
  President and Principal Executive Officer

WITNESS our hands on the date set forth below.

This Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated below on January 9, 2013.

 

Signature

   

Title

/s/ R. Jay Gerken

R. Jay Gerken

    President, Principal Executive Officer and Trustee

/s/ Richard F. Sennett

Richard F. Sennett

    Principal Financial Officer

/s/ Elliott J. Berv*

Elliott J. Berv

    Trustee

/s/ A. Benton Cocanougher*

A. Benton Cocanougher

    Trustee

/s/ Jane F. Dasher*

Jane F. Dasher

    Trustee

/s/ Mark T. Finn*

Mark T. Finn

    Trustee

/s/ Stephen R. Gross*

Stephen R. Gross

    Trustee

/s/ Richard E. Hanson, Jr.*

Richard E. Hanson, Jr.

    Trustee

/s/ Diana R. Harrington*

Diana R. Harrington

    Trustee

/s/ Susan M. Heilbron*

Susan M. Heilbron

    Trustee

/s/ Susan B. Kerley*

Susan B. Kerley

    Trustee

/s/ Alan G. Merten*

Alan G. Merten

    Trustee

/s/ R. Richardson Pettit*

R. Richardson Pettit

    Trustee

*By: /s/ R. Jay Gerken

R. Jay Gerken

   

 

 

* Attorney-in-Fact, pursuant to Power of Attorney.

EXHIBIT INDEX

 

Index No.

   

Description of Exhibit

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
 EX-101.INS 3 lmpp-20121213.xml XBRL INSTANCE DOCUMENT 0000850628 lmpp:S000008923Member 2011-12-29 2012-12-28 0000850628 lmpp:S000029009Member 2011-12-29 2012-12-28 0000850628 2011-12-29 2012-12-28 0000850628 lmpp:S000008924Member 2011-12-29 2012-12-28 0000850628 lmpp:S000029009Member lmpp:C000089066Member 2011-12-29 2012-12-28 0000850628 lmpp:S000008923Member lmpp:C000024253Member 2011-12-29 2012-12-28 0000850628 lmpp:S000008924Member lmpp:C000024254Member 2011-12-29 2012-12-28 pure iso4217:USD <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesWesternAssetPremiumLiquidReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesWesternAssetPremiumLiquidReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedWesternAssetPremiumLiquidReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAverageAnnualTotalReturnsTransposedWesternAssetPremiumLiquidReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesWesternAssetPremiumTaxFreeReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesWesternAssetPremiumTaxFreeReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedWesternAssetPremiumTaxFreeReserves column period compact * ~</div> 485BPOS 2012-08-31 LEGG MASON PARTNERS PREMIUM MONEY MARKET TRUST 0000850628 false 2012-12-28 <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesWesternAssetPremiumU.S.TreasuryReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesWesternAssetPremiumU.S.TreasuryReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedWesternAssetPremiumU.S.TreasuryReserves column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAverageAnnualTotalReturnsTransposedWesternAssetPremiumU.S.TreasuryReserves column period compact * ~</div> 2012-12-13 Western Asset Premium Tax Free Reserves 2012-12-28 Investment objective The fund&#8217;s investment objectives are to provide shareholders with high levels of current income exempt from federal income taxes, preservation of capital and liquidity. Fees and expenses of the fund The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. Western Asset Premium Liquid Reserves 0 The fund&#8217;s investment objective is to provide shareholders with liquidity and as high a level of current income as is consistent with preservation of capital. 0 Investment objective Fees and expenses of the fund The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Shareholder fees </b>(fees paid directly from your investment)<b> (%)</b> <b>Shareholder fees </b>(fees paid directly from your investment)<b> (%)</b> 0 <b>Annual fund operating expenses </b>(expenses that you pay each year as a percentage of the value of<br>your investment)<b> (%)</b> 0 0.003 0.001 0.0005 0.0035 0.0045 0.001 0.0005 0.005 -0.0005 0.0045 <b>Annual fund operating expenses </b>(expenses that you pay each year as a percentage of the value of <br/>your investment)<b> (%)</b> <b>Example </b> <b>Example </b> 0 0 0.0035 0.001 0.0005 0.005 -0.0005 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:<ul type="square"><li style="margin-left:-20px"><blockquote>You invest $10,000 in the fund for the time periods indicated</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Your investment has a 5% return each year and the fund&#8217;s operating expenses remain the same</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>You reinvest all distributions and dividends without a sales charge</blockquote></li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 150 <b>Number of years you own your shares ($)</b> 269 619 46 150 0.0001 269 0.0109 619 0.0151 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:<ul type="square"><li style="margin-left:-20px"><blockquote>You invest $10,000 in the fund for the time periods indicated</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Your investment has a 5% return each year and the fund&#8217;s operating expenses remain the same</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>You reinvest all distributions and dividends without a sales charge</blockquote></li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund invests in securities through an underlying fund: Liquid Reserves Portfolio. The information above reflects the direct expenses of the fund and its allocated share of expenses of Liquid Reserves Portfolio. 46 144 Western Asset Premium U.S. Treasury Reserves Principal investment strategies Investment objective <b>Number of years you own your shares ($)</b> The fund&#8217;s investment objective is to provide shareholders with liquidity and as high a level of current income from U.S. government obligations as is consistent with preservation of capital. The fund is a money market fund which invests in high quality, U.S. dollar-denominated short-term debt securities that, at the time of purchase, are rated by one or more rating agencies in the highest short-term rating category or, if not rated, are determined by the subadviser to be of equivalent quality.<br/><br/>The fund may invest in all types of money market instruments, including bank obligations, commercial paper and asset-backed securities, structured investments, repurchase agreements and other short-term debt securities. These instruments may be issued or guaranteed by all types of issuers, including U.S. and foreign banks and other private issuers, the U.S. government or any of its agencies or instrumentalities, U.S. states and municipalities, or foreign governments. These securities may pay interest at fixed, floating or adjustable rates, or may be issued at a discount. The fund may invest without limit in bank obligations, such as certificates of deposit, fixed time deposits and bankers&#8217; acceptances. The fund generally limits its investments in foreign securities to U.S. dollar denominated obligations of issuers, including banks and foreign governments, located in the major industrialized countries, although with respect to bank obligations, the branches of the banks issuing the obligations may be located in The Bahamas or the Cayman Islands.<br/><br/>As a money market fund, the fund tries to maintain a share price of $1.00, and must follow strict rules as to the credit quality, liquidity, diversification and maturity of its investments. Where required by these rules, the fund&#8217;s subadviser or Board of Trustees (the &#8220;Board&#8221;) will decide whether a security should be held or sold in the event of credit downgrades or certain other events occurring after purchase. Fees and expenses of the fund Certain risks The fund invests in securities through an underlying fund: Tax Free Reserves Portfolio. The information above reflects the direct expenses of the fund and its allocated share of expenses of Tax Free Reserves Portfolio. The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Shareholder fees </b>(fees paid directly from your investment) <b>(%)</b> <a name="tx445634_34"></a>Principal investment strategies <b>Annual fund operating expenses</b> (expenses that you pay each year as a percentage of the value of<br>your investment)<b> (%)</b> <b>Example </b> The fund is a money market fund which, under normal market conditions, invests at least 80% of its assets in short-term high quality municipal obligations and interests in municipal obligations that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. Municipal securities include debt obligations issued by any of the 50 states and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers. These securities include participation or other interests in municipal securities and other structured securities such as variable rate demand obligations, tender option bonds, partnership interests and swap-based securities, many of which may be issued or backed by U.S. or non-U.S. banks.<br/><br/>Some municipal securities, such as general obligation issues, are backed by the issuer&#8217;s taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself. The fund invests in securities that, at the time of purchase, are rated by one or more rating agencies in the highest short-term rating category (or, with respect to not more than 3% of its total assets, in the second highest category) or, if not rated, are determined by the subadviser to be of equivalent quality.<br/><br/>Under normal circumstances, the fund may invest up to 20% of its assets in investments that pay interest that may be subject to regular federal income tax and/or the federal alternative minimum tax, although for temporary or defensive purposes, the fund may invest an unlimited amount in such securities.<br/><br/>As a money market fund, the fund tries to maintain a share price of $1.00, and must follow strict rules as to the credit quality, liquidity, diversification and maturity of its investments. Where required by these rules, the fund&#8217;s subadviser or Board of Trustees (the &#8220;Board&#8221;) will decide whether a security should be held or sold in the event of credit downgrades or certain other events occurring after purchase. <a name="tx445634_35"></a>Certain risks This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:<ul type="square"><li style="margin-left:-20px"><blockquote>You invest $10,000 in the fund for the time periods indicated</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Your investment has a 5% return each year and the fund&#8217;s operating expenses remain the same</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>You reinvest all distributions and dividends without a sales charge</blockquote></li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund invests in securities through an underlying fund: U.S. Treasury Reserves Portfolio. The information above reflects the direct expenses of the fund and its allocated share of expenses of U.S. Treasury Reserves Portfolio. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the 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.<br/><br/>Additionally, you should be aware that a very small number of money market funds in other fund complexes have, in the past, &#8220;broken the buck,&#8221; which means that investors did not receive $1.00 per share for their investment in those funds, and any money market fund may do so in the future. You should also be aware that the fund&#8217;s manager and its affiliates are under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. You should not invest in the fund with the expectation that any such action will be taken.<br/><br/>There is no assurance that the fund will meet its investment objective.<br/><br/>The fund could underperform other short-term debt instruments or money market funds, or you could lose money, as a result of risks such as:<br/><br/><b>Market and interest rate risk.</b> There may be changes in interest rates, lack of liquidity or other disruptions in the bond markets or other adverse market events and conditions. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.<br/><br/><b>Credit risk.</b> An issuer or obligor of a security held by the fund or a counterparty to a financial contract with the fund may default or its credit may be downgraded, or the value of assets underlying a security may decline.<br/><br/><b>Yield risk.</b> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund&#8217;s expenses could absorb all or a significant portion of the fund&#8217;s income. If interest rates increase, the fund&#8217;s yield may not increase proportionately. For example, the fund&#8217;s manager may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed. In addition, the recent adoption of more stringent regulations governing the management of money market funds could have a negative effect on the fund&#8217;s yield.<br/><br/><b>Risk of increase in expenses.</b> Your actual costs of investing in the fund may be higher than the expenses shown in &#8220;Annual fund operating expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease, or if a fee limitation is changed or terminated.<br/><br/><b>Structured securities risk.</b> The payment and credit qualities of structured securities derive from their underlying assets, and they may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund.<br/><br/><b>Risks associated with concentration in the banking industry.</b> The fund may invest a significant portion of its assets in obligations that are issued or backed by U.S. and non-U.S. banks, and thus will be more susceptible to negative events affecting the worldwide banking industry.<br/><br/><b>Foreign investments risk.</b> The fund&#8217;s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund&#8217;s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities.<br/><br/><b>Prepayment or call risk.</b> Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security.<br/><br/><b>Extension risk.</b> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.<br/><br/><b>Portfolio selection risk.</b> The value of your investment may decrease if the subadviser&#8217;s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or sector, or about interest rates generally, is incorrect.<br/><br/><b>Redemption risk.</b> The fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value and that could affect the fund&#8217;s ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations.<br/><br/>These risks are discussed in more detail later in this Prospectus or in the statement of additional information (&#8220;SAI&#8221;). <b>Number of years you own your shares ($)</b> Principal investment strategies Performance The fund is a money market fund which invests all of its assets in direct obligations of the U.S. Treasury, including U.S. Treasury bills, notes and bonds. The fund will not enter into repurchase agreements, but may enter into reverse repurchase agreements to satisfy redemption requests or for other temporary or emergency purposes. Although the fund invests in U.S. government obligations, an investment in the fund is neither insured nor guaranteed by the U.S. government.<br/><br/>As a money market fund, the fund tries to maintain a share price of $1.00, and must follow strict rules as to the credit quality, liquidity, diversification and maturity of its investments. Where required by these rules, the fund&#8217;s subadviser or Board of Trustees (the &#8220;Board&#8221;) will decide whether a security should be held or sold in the event of credit downgrades or certain other events occurring after purchase. The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund&#8217;s performance from year to year. The table shows the average annual total returns of the fund. The fund makes updated performance information available at the fund&#8217;s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926 or 1-203-703-6002.<br/><br/>The fund&#8217;s past performance is not necessarily an indication of how the fund will perform in the future. <b>Total returns (%)</b> Certain risks An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the 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.<br/><br/>Additionally, you should be aware that a very small number of money market funds in other fund complexes have, in the past, &#8220;broken the buck,&#8221; which means that investors did not receive $1.00 per share for their investment in those funds, and any money market fund may do so in the future. You should also be aware that the fund&#8217;s manager and its affiliates are under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. You should not invest in the fund with the expectation that any such action will be taken.<br/><br/>There is no assurance that the fund will meet its investment objective.<br/><br/>The fund could underperform other short-term municipal debt instruments or money market funds, or you could lose money, as a result of risks such as:<br/><br/><b>Market and interest rate risk.</b> There may be changes in interest rates, lack of liquidity or other disruptions in the bond markets or other adverse market events and conditions. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.<br/><br/><b>Credit risk.</b> An issuer or obligor of a security held by the fund or a counterparty to a financial contract with the fund may default or its credit may be downgraded, or the value of assets underlying a security may decline.<br/><br/><b>Yield risk.</b> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund&#8217;s expenses could absorb all or a significant portion of the fund&#8217;s income. If interest rates increase, the fund&#8217;s yield may not increase proportionately. For example, the fund&#8217;s manager may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed. In addition, the recent adoption of more stringent regulations governing the management of money market funds could have a negative effect on the fund&#8217;s yield.<br/><br/><b>Risk of increase in expenses.</b> Your actual costs of investing in the fund may be higher than the expenses shown in &#8220;Annual fund operating expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets are lower than estimated, or if a fee limitation is changed or terminated.<br/><br/><b>Tax risk.</b> The income on the fund&#8217;s municipal securities could become subject to federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities.<br/><br/><b>Structured securities risk.</b> The payment and credit qualities of structured securities derive from their underlying assets, and they may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund.<br/><br/><b>Risks associated with concentration in the banking industry.</b> The fund may invest a significant portion of its assets in municipal securities and interests in municipal securities that are issued or backed by U.S. and non-U.S. banks, and thus will be more susceptible to negative events affecting the worldwide banking industry.<br/><br/><b>Risks relating to investments in municipal securities.</b> Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors.<br/><br/><b>Prepayment or call risk.</b> Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security.<br/><br/><b>Extension risk.</b> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.<br/><br/><b>Portfolio selection risk. </b> The value of your investment may decrease if the subadviser&#8217;s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or sector, or about interest rates generally, is incorrect.<br/><br/><b>Redemption risk.</b> The fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value and that could affect the fund&#8217;s ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations.<br/><br/>These risks are discussed in more detail later in this Prospectus or in the statement of additional information (&#8220;SAI&#8221;).<br/><br/>The fund is classified as &#8220;non-diversified,&#8221; which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. However, the fund intends to comply with the diversification requirements applicable to money market funds which limit the fund&#8217;s ability to invest in the obligations of a single issuer. 0.0165 0.0086 0.0106 0.0295 0.047 0.0502 0.0286 0.0047 0.0001 0.0001 The fund could underperform other short-term municipal debt instruments or money market funds, or you could lose money The fund is classified as &#8220;non-diversified,&#8221; which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. However, the fund intends to comply with the diversification requirements applicable to money market funds which limit the fund&#8217;s ability to invest in the obligations of a single issuer. Additionally, you should be aware that a very small number of money market funds in other fund complexes have, in the past, &#8220;broken the buck,&#8221; which means that investors did not receive $1.00 per share for their investment in those funds, and any money market fund may do so in the future. You should also be aware that the fund&#8217;s manager and its affiliates are under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. You should not invest in the fund with the expectation that any such action will be taken. <a name="tx445634_36"></a>Performance The fund is newly offered. Once the fund has a performance record of at least one calendar year, the fund&#8217;s performance will be included in its Prospectus. The fund makes updated performance information available at the fund&#8217;s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926 or 1-203-703-6002. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the 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.<br/><br/>Additionally, you should be aware that a very small number of money market funds in other fund complexes have, in the past, &#8220;broken the buck,&#8221; which means that investors did not receive $1.00 per share for their investment in those funds, and any money market fund may do so in the future. You should also be aware that the fund&#8217;s manager and its affiliates are under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. You should not invest in the fund with the expectation that any such action will be taken.<br/><br/>There is no assurance that the fund will meet its investment objective.<br/><br/>The fund could underperform other short-term debt instruments or money market funds, or you could lose money, as a result of risks such as:<br/><br/><b>Market and interest rate risk. </b>There may be changes in interest rates, lack of liquidity or other disruptions in the bond markets or other adverse market events and conditions. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.<br/><br/><b>Credit risk. </b>An issuer or obligor of a security held by the fund or a counterparty to a financial contract with the fund may default or its credit may be downgraded, or the value of assets underlying a security may decline.<br/><br/><b>Yield risk. </b>The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund&#8217;s expenses could absorb all or a significant portion of the fund&#8217;s income. If interest rates increase, the fund&#8217;s yield may not increase proportionately. For example, the fund&#8217;s manager may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed. In addition, the recent adoption of more stringent regulations governing the management of money market funds could have a negative effect on the fund&#8217;s yield.<br/><br/><b>Risk of increase in expenses. </b>Your actual costs of investing in the fund may be higher than the expenses shown in &#8220;Annual fund operating expenses&#8221; for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease, or if a fee limitation is changed or terminated.<br/><br/><b>Portfolio selection risk. </b>The value of your investment may decrease if the subadviser&#8217;s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or sector, or about interest rates generally, is incorrect.<br/><br/><b>Redemption risk. </b>The fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value and that could affect the fund&#8217;s ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations.<br/><br/>These risks are discussed in more detail later in this Prospectus or in the statement of additional information (&#8220;SAI&#8221;). Performance The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund&#8217;s performance from year to year. The table shows the average annual total returns of the fund. The fund makes updated performance information available at the fund&#8217;s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926 or 1-203-703-6002. <br/><br/>The fund&#8217;s past performance is not necessarily an indication of how the fund will perform in the future. <b>Total returns (%)</b> The fund is newly offered. Once the fund has a performance record of at least one calendar year, the fund&#8217;s performance will be included in its Prospectus. Calendar Years ended December 31<br/><br/>Best quarter<br/>(12/31/2006): 1.26<br/><br/>Worst quarter<br/>(03/31/2011): 0.00<br/><br/>The year-to-date return as of the most recent calendar quarter, which ended 09/30/2012, was 0.01 1-877-721-1926 or 1-203-703-6002 http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) <b>Average annual total returns </b>(for periods ended December 31, 2011)<b> (%)</b> 0.0001 0.0165 0.0194 <b>Risks associated with concentration in the banking industry.</b> The fund may invest a significant portion of its assets in municipal securities and interests in municipal securities that are issued or backed by U.S. and non-U.S. banks, and thus will be more susceptible to negative events affecting the worldwide banking industry. Calendar Years ended December 31<br/><br/>Best quarter<br/>(12/31/2006): 1.16<br/><br/>Worst quarter<br/>(03/31/2011): 0.00<br/><br/>The year-to-date return as of the most recent calendar quarter, which ended 09/30/2012, was 0.01 <b>Average annual total returns </b>(for periods ended December 31, 2011)<b> (%)</b> 0.0131 0.0063 0.0082 0.0257 0.0433 0.0417 0.0132 0.0002 0.0001 0.0001 December 31, 2014 Although the 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 year-to-date return as of the most recent calendar quarter 2012-09-30 0.0001 Best quarter 2006-12-31 0.0116 Worst quarter Additionally, you should be aware that a very small number of money market funds in other fund complexes have, in the past, &#8220;broken the buck,&#8221; which means that investors did not receive $1.00 per share for their investment in those funds, and any money market fund may do so in the future. You should also be aware that the fund&#8217;s manager and its affiliates are under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. You should not invest in the fund with the expectation that any such action will be taken. 2011-03-31 0 An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. December 31, 2014 The bar chart shows changes in the fund&#8217;s performance from year to year. Although the 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. 1-877-721-1926 or 1-203-703-6002 http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) &#8220;Other expenses&#8221; are estimated for the current fiscal year. Actual expenses may differ from estimates. Best quarter 2006-12-31 0.0126 Worst quarter 2011-03-31 0 The year-to-date return as of the most recent calendar quarter 2012-09-30 Additionally, you should be aware that a very small number of money market funds in other fund complexes have, in the past, &#8220;broken the buck,&#8221; which means that investors did not receive $1.00 per share for their investment in those funds, and any money market fund may do so in the future. You should also be aware that the fund&#8217;s manager and its affiliates are under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. You should not invest in the fund with the expectation that any such action will be taken. 0.0001 An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart shows changes in the fund&#8217;s performance from year to year. 1-877-721-1926 or 1-203-703-6002 http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) The fund&#8217;s past performance is not necessarily an indication of how the fund will perform in the future. 0.0045 The fund invests in securities through an underlying fund: Liquid Reserves Portfolio. The information above reflects the direct expenses of the fund and its allocated share of expenses of Liquid Reserves Portfolio. <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualTotalReturnsWesternAssetPremiumU.S.TreasuryReservesBarChart column period compact * ~</div> The fund invests in securities through an underlying fund: U.S. Treasury Reserves Portfolio. The information above reflects the direct expenses of the fund and its allocated share of expenses of U.S. Treasury Reserves Portfolio. <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualTotalReturnsWesternAssetPremiumLiquidReservesBarChart column period compact * ~</div> The fund invests in securities through an underlying fund: Tax Free Reserves Portfolio. The information above reflects the direct expenses of the fund and its allocated share of expenses of Tax Free Reserves Portfolio. <b>Risks associated with concentration in the banking industry.</b> The fund may invest a significant portion of its assets in obligations that are issued or backed by U.S. and non-U.S. banks, and thus will be more susceptible to negative events affecting the worldwide banking industry. The fund&#8217;s past performance is not necessarily an indication of how the fund will perform in the future. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. "Other expenses" are estimated for the current fiscal year. Actual expenses may differ from estimates. The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 0.45%. This arrangement cannot be terminated prior to December 31, 2014 without the Board of Trustees' consent. Additional amounts may be voluntarily waived and/or reimbursed from time to time. The manager is permitted to recapture any such amounts waived and/or reimbursed to the fund during the same fiscal year if the fund's total annual operating expenses have fallen to a level below the limit described above. 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