December 28, 2012
Summary
Prospectus
Western Asset
Institutional
Cash
Reserves
Class : Ticker Symbol
Before you invest,
you may want to review the funds Prospectus, which contains more information about the fund and its risks. You can find the funds Prospectus and other information about the fund, including the funds statement of additional
information and shareholder reports, online at http://www.leggmason.com/individualinvestors/prospectuses (click on the name of the fund). You can also get this information at no cost by calling the fund at 1-877-721-1926 or 1-203-703-6002 or by
sending an e-mail request to prospectus@leggmason.com, or from your financial intermediary. The funds Prospectus, dated December 28, 2012 and as may be amended or supplemented, the funds statement of additional information, dated
December 28, 2012 and as may be amended or supplemented, and the independent registered public accounting firms report and financial statements in the funds annual report to shareholders, dated August 31, 2012, are incorporated by
reference into this Summary Prospectus.
INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE
VALUE
Investment objective
The funds investment objective is to provide shareholders with liquidity and as high a level of current income as is consistent with preservation of capital.
Fees and expenses of the fund
The
accompanying table describes the fees and expenses that you may pay if you buy and hold Class L shares of the fund.
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Shareholder fees
(fees paid directly from your investment)
(%)
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Maximum sales charge (load) imposed on purchases
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None
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Maximum deferred sales charge (load)
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None
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Annual fund operating expenses
(expenses that you pay each year as a percentage of the
value
of your investment)
(%)
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Management fees
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0.20
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Distribution and service (12b-1) fees
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0.10
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Other expenses
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0.03
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Total annual fund operating expenses
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0.33
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Fees waived and/or expenses reimbursed
1
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(0.03)
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Total annual fund operating expenses after waiving fees and/or reimbursing expenses
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0.30
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1
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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 0.30% for Class L shares. 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 class during the same fiscal year if the class total annual operating
expenses have fallen to a level below the limit described above.
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Example
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:
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You invest $10,000 in the fund for the time periods indicated
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Your investment has a 5% return each year and the funds operating expenses remain the same
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You reinvest all distributions and dividends without a sales charge
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Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Number of years you own your shares ($)
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1 year
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3 years
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5 years
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10 years
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Class L
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31
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100
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180
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413
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The fund invests in securities through an underlying fund: Prime Cash Reserves Portfolio. The information above
reflects the direct expenses of the fund and its allocated share of expenses of Prime Cash Reserves Portfolio.
Principal investment
strategies
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.
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 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.
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 funds subadviser or Board of Trustees (the Board) will decide whether a security should be held or sold in the event of credit downgrades or certain other events occurring after purchase.
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.
Additionally, you should be aware that a very small number of money market funds in other fund complexes
have, in the past, broken the buck, 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 funds 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.
There is no assurance that the fund will meet its investment objective.
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:
Market and interest rate
risk.
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.
Credit
risk.
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.
Yield risk.
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 funds expenses could
absorb all or a significant portion of the funds income. If interest rates increase, the funds yield may not increase proportionately. For example, the funds 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 funds yield.
Risk of increase in expenses.
Your actual costs of investing in the fund may be higher than the expenses shown in Annual fund operating expenses 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.
Structured securities risk.
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.
Risks associated with concentration in the banking industry.
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.
Foreign investments risk.
The funds 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 funds 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.
Prepayment or call risk.
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.
Extension risk.
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.
Portfolio selection risk.
The value of your investment may decrease if the subadvisers 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.
Redemption
risk.
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 funds ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations.
These risks are discussed in more detail in the funds Prospectus or in the statement of additional information (SAI).
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 funds performance from year to year for Class L shares.
The table shows the average annual total returns of each class of the funds shares offered through this Summary Prospectus that has been in operation for at least one full calendar year. Performance for classes other than those shown may vary
from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information available at the funds 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.
The funds past performance is not necessarily an indication of how the fund will
perform in the future.
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Total returns (%)
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Best quarter
(12/31/2006): 1.31
Worst quarter
(09/30/2011): 0.02
The year-to-date return as of the most recent calendar quarter, which ended
09/30/2012, was 0.11
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Average annual total returns
(for periods ended December 31, 2011)
(%)
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1 year
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5 years
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10 years
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Class L
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0.12
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1.78
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2.09
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Management
Investment manager:
Legg Mason Partners Fund Advisor, LLC
Subadviser:
Western Asset Management Company
Purchase and sale of fund shares
In general, you may purchase or redeem shares of the fund during fund business hours on any day on which both the New York Stock Exchange and the
Federal Reserve Bank of New York are open for business, subject to certain exceptions.
The funds initial and subsequent investment
minimums for Class L shares generally are as follows:
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Investment minimum initial/additional investments ($)
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Institutional Investors purchasing through financial intermediaries
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1 million/50
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Class L shares are available only through financial intermediaries.
Your financial intermediary may impose different investment minimums.
The fund normally calculates its net asset value as of each hour from 9:00 a.m. (Eastern time) until its close of business (normally 5:00 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).
Tax information
The fund intends to make distributions that may be taxed as ordinary
income or capital gains.
Payments to broker/dealers and other financial intermediaries
The funds related companies may pay broker/dealers or other financial intermediaries (such as a bank or an insurance company) for the sale of
fund shares and related services. These payments create a conflict of interest by influencing your broker/dealer or other intermediary or its employees or associated persons to recommend the fund over another investment. Ask your financial
adviser or salesperson or visit your financial intermediarys or salespersons website for more information.
WASX012147SP 12/12
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