PASADENA, Calif., June 13, 2016 /PRNewswire/ -- 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              CUSIP     BFDS /BNY           Cut-Off      Liquidity Fees
                                      (Ticker)                           Fund Code                        and Gates
                                                                                              (Eastern
                                                                                              time)
    ---                                                                                  ---                             ---

    U.S. Treasury and Government Money Market Funds


    Western Asset
     Institutional
     U.S.                             Institutional (CIIXX)    52470G841                 348  2:00 pm(1)   No
    Treasury Reserves
                                      Investors (LTRXX)        52470G684                4518

                                      Administrative (LTAXX)   52470G619                4116

    Western Asset
     Premium U.S.                     Premium (CIMXX)          52470M202                 351  2:00 pm(1)   No
    Treasury Reserves

    Western Asset
     U.S. Treasury
     Reserves                         N (CISXX)                52470R805                 241  2:00 pm(1)   No
                                      Service (LTSXX)          52470R532                4109

    Western Asset
     Institutional
     U.S.                             Institutional (LUIXX)    52470G551                5094  4:00 pm(1)   No
    Treasury Obligations Money Market Fund
                                      Investors (LIAXX)        52470G544                5095

                                      Administrative (LAOXX)   52470G536                5148

    Western Asset
     Institutional                    Institutional (INGXX)    52470G791                4512  4:00 pm(1)   No
    Government Reserves
                                      Investors (LGRXX)        52470G650                4517

                                      Administrative (LGAXX)   52470G585                4115

    Western Asset
     Government
     Reserves                         A (SMGXX)                52470R847            4524/980 4:00 pm(2)   No

                                      A2 (SMTXX)               52470R367                5204
                                                             52470R482                4108
                                      Service (LGSXX)


    Retail Prime and Tax-Exempt Money Market Funds


    Western Asset
     Prime
     Obligations                      A (POMXX)                52470R425           5191/5197 12:00 pm(2)  Yes
    Money Market Fund
                                      A2 (PGMXX)               52470R417                5192

                                      I (PGIXX)                52470R383                5194

                                      N (PGNXX)                52470R391                5193

                                      Service (PGSXX)          52470R375                5195

    Western Asset
     Institutional                    Institutional (CIFXX)    52470G858                 806  12:00 pm(2)  Yes
    Tax Free Reserves
    (to be renamed
     Western Asset
     Select                           Investors (LTFXX)        52470G676                4519
    Tax Free Reserves at a later date)
                                      Administrative (LFAXX)   52470G627                4117

    Western Asset
     Tax Free
     Reserves                         A (LWAXX)                52470R615           4526/5027 12:00 pm(2)  Yes

                                      B (LTBXX)(3)             52470R599                5031

                                      N (CIXXX)                52470R706                3217

                                      Service (LXSXX)          52470R540                4110

    Western Asset
     California                       A (LOAXX)                52470R573           4527/5028 12:00 pm(2)  Yes
    Tax Free Money Market Fund
                                      N (CFAXX)                52470R102                 350

                                      Service (LFSXX)          52470R524                4111

    Western Asset
     New York                         A (LNAXX)                52470R565           4528/5029 12:00 pm(2)  Yes
    Tax Free Money Market Fund
                                      N (CIYXX)                52470R607                 232

                                      Service (LNSXX)          52470R490                4107

(1)The fund may close early in certain circumstances, as described in the fund's current prospectus.

(2) 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.

© 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.

Western Asset Floating Net Asset Value (FNAV) Money Market Funds



    Name                     Share Class           CUSIP     BFDS       Cut-Off*      Strike Times     Liquidity Fees
                             (Ticker)                        Fund                                      and Gates
                                                              Code       (Eastern      (Eastern time)
                                                                         time)
    ---                                                             ---                                               ---

    Prime Money Market Funds

    Western
     Asset
     Institutional
     Liquid
     Reserves                Institutional (CILXX) 52470G882        349  3:00 pm(1)    8:00 am          Yes

                             Investors (LLRXX)                     4515                12:00 pm (noon)

                                                                                    3:00 pm

    Western
     Asset
     Liquid
     Reserves                A (LLAXX)             52470R441       5026  3:00 pm(1)    8:00 am          Yes

                             B (LLBXX)(2)          52470R433       5030                12:00 pm (noon)

                             C (LWCXX)             52470R623       5044                3:00 pm

                             N (CIRXX)             52470R021       3216

                             Service (LQSXX)       52470R557       4106

    Western
     Asset
     Premium
     Liquid
     Reserves                A (CIPXX)             52470M103        351  3:00 pm(1)    8:00 am          Yes

                                                                                    12:00 pm (noon)

                                                                                    3:00 pm

    Western
     Asset
     Institutional
     Cash
     Reserves                Institutional (CARXX) 52470G304        193  3:00 pm(1)    8:00 am          Yes

                             Investors (LCRXX)     52470G692       4516                12:00 pm (noon)

                             L (CFRXX)             52470G205        400                3:00 pm

                             S (CFSXX)             52470G403        234

*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

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SOURCE Western Asset Management Company