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0000930413-08-006539.txt : 20081107
0000930413-08-006539.hdr.sgml : 20081107
20081107171449
ACCESSION NUMBER: 0000930413-08-006539
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 10
CONFORMED PERIOD OF REPORT: 20080831
FILED AS OF DATE: 20081107
DATE AS OF CHANGE: 20081107
EFFECTIVENESS DATE: 20081107
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: N-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-05812
FILM NUMBER: 081172534
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
Citi Premium Liquid Reserves
C000024253
Class A
CIPXX
N-CSR
1
c55112_ncsr.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05812
Legg Mason Partners Premium Money Market Trust
(Exact name of registrant as specified in charter)
55 Water Street, New York, NY 10041
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
300 First Stamford Place,4th Fl.
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 451-2010
Date of fiscal year end: August 31
Date of reporting period: August 31, 2008
ITEM 1. REPORT
TO STOCKHOLDERS.
The Annual Report to Stockholders is filed herewith.
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![(LEGG MASON LOGO)](c55112001.jpg)
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ANNUAL REPORT / AUGUST 31, 2008
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CitiSM Premium Liquid Reserves
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Managed by WESTERN ASSET
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INVESTMENT
PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
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Letter from the chairman
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R. Jay Gerken,
CFA
Chairman, President and Chief
Executive Officer
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![(PHOTO OF R. JAY GERKEN)](c55112002.jpg)
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Dear Shareholder,
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Economic growth in the U.S.
was mixed during the 12-month reporting period ended August 31, 2008. Looking
back, third quarter 2007 U.S. gross domestic product (GDP)i growth
was a very strong 4.8%. However, continued weakness in the housing market, an
ongoing credit crunch and soaring oil and food prices then took their toll on
the economy, as fourth quarter 2007 GDP declined 0.2%. The economy then
expanded 0.9% during the first quarter of 2008, and second quarter 2008 GDP
growth was 2.8%. In recent months, the economy was supported by strong exports
and consumer spending, the latter of which was aided by the governments tax
rebate checks.
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While the economy may not
fall into a recession, it is a moot point for many Americans, as the job market
continues to weaken and energy prices remain elevated. In terms of the
employment picture, the U.S. Department of Labor reported that payroll
employment declined in each of the first eight months of 2008, and the
unemployment rate rose to 6.1% in August, its highest level since September
2003. After oil reached a record $147 a barrel on July 11, 2008, it fell to
$115 as of August 31, 2008. However, it continues to be well above the price of
$74 per barrel as of August 31, 2007.
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Ongoing issues related to the
housing and subprime mortgage markets and seizing credit markets prompted the
Federal Reserve Board (Fed)ii to take aggressive and,
in some cases, unprecedented actions. Beginning in September 2007, the Fed
reduced the federal funds rateiii from 5.25% to 4.75%. This marked
the first such reduction since June 2003. The Fed then reduced the federal
funds rate on six additional occasions through April 2008, bringing the federal
funds rate to 2.00%. The Fed then shifted gears in the face of mounting
inflationary prices and a weakening U.S. dollar. At its meetings in June,
August and September (after the reporting period ended), the Fed held rates
steady. In conjunction with its September meeting, the Fed stated: Strains in
financial markets have increased significantly and labor markets have weakened
further. Economic growth appears to have slowed recently, partly reflecting a
softening of household spending. Tight credit conditions, the ongoing housing
contraction, and some slowing in export growth are likely to weigh on economic
growth over the next few quarters.
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CitiSM Premium Liquid Reserves | I
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Letter from the chairman continued
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Then, on October 8, 2008, in
a global coordination effort with six central banks around the world, interest
rates were cut in an attempt to reduce the strains in the global financial
markets. At that time, the Fed lowered the federal funds rate from 2.00% to
1.50%.
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In addition to the interest
rate cuts, the Fed took several actions to improve liquidity in the credit
markets. In March 2008, the Fed established a new lending program allowing
certain brokerage firms, known as primary dealers, to also borrow from its
discount window. The Fed also increased the maximum term for discount window
loans from 30 to 90 days. Also in March, the Fed played a major role in
facilitating the purchase of Bear Stearns by JPMorgan Chase. Then, after the
close of the reporting period, in mid-September, it announced an $85 billion
rescue plan for ailing AIG and pumped $70 billion into the financial system as
Lehman Brothers bankruptcy and mounting troubles at other financial firms
roiled the markets. The U.S. Department of the Treasury also took an active
role in attempting to stabilize the financial system, as it orchestrated the
governments takeover of mortgage giants Fannie Mae and Freddie Mac in
September. In addition, the Treasury proposed a $700 billion rescue plan to
help financial institutions reduce their exposure to troubled mortgage-related
securities. After the House of Representatives initially rejected the plan on
September 29, 2008, a revamped version was approved by Congress and, on October
3, 2008, signed into law by the President of the United States.
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During the 12-month reporting
period ended August 31, 2008, both short-and long-term Treasury yields
experienced periods of extreme volatility. Investors were initially focused on
the subprime segment of the mortgage-backed market. These concerns broadened,
however, to include a wide range of financial institutions and markets. As a
result, other fixed-income instruments also experienced increased price
volatility. This turmoil triggered several flights to quality, causing
Treasury yields to move lower (and their prices higher), while riskier segments
of the market saw their yields move higher (and their prices lower). Treasury
yields then rose in April, May and early June 2008, as oil prices hit record
levels. However, an additional credit crunch in mid-June resulted in another
flight to quality, with Treasury yields again moving lower. Overall, during the
12 months ended August 31, 2008, two-year Treasury yields fell from 4.15% to
2.36%. Over the same time frame, 10-year Treasury yields moved from 4.54% to
3.83%.
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During the reporting period, the yields available from money
market instruments fluctuated and ultimately moved lower given the Feds
numerous rate cuts. The current market challenges have not affected the Funds
$1.00 share price. Additionally, we believe that the current situation should
not affect the Funds $1.00 share price, going forward. Over time, we also
believe that the Funds returns should remain competitive.
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II | CitiSM Premium Liquid Reserves
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A special note regarding recent market volatility
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In recent weeks, we have
experienced a series of events that have impacted the financial markets and
created concerns among both novice and seasoned investors alike. In particular,
we have witnessed the failure and consolidation of several storied financial
institutions, periods of heightened market volatility, and aggressive actions
by the U.S. federal government to steady the financial markets and restore
investor confidence. While we hope that the worst is over in terms of the issues
surrounding the credit and housing crises, it is likely that the fallout will
continue to impact the financial markets and the U.S. economy during the
remainder of the year and, perhaps, into 2009 as well.
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Like all asset management
firms, Legg Mason has not been immune to these difficult and, in some ways,
unprecedented times. However, todays challenges have only strengthened our
resolve to do everything we can to help you reach your financial goals. Now, as
always, we remain steadfast in our commitment to provide you with extraordinary
service and a full spectrum of investment choices. And rest assured, we will
continue to work hard to ensure that our investment managers do everything in
their power to deliver strong long-term results.
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The Fund participates in the
U.S. Treasury Departments Temporary Guarantee Program for money market funds.
Shareholders in the Fund as of the close of business on September 19, 2008 will
have a temporary U.S. Treasury guarantee on balances up to the amount held in
the Fund on that date. Legg Mason believes this program will provide support to
our shareholders as we manage through this market environment.
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We also remain committed to
supplementing the support you receive from your financial advisor. One way we
accomplish this is through our enhanced website,
www.leggmason.com/individualinvestors. Here you can gain immediate access to
many special features to help guide you through difficult times, including:
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Fund prices and performance,
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Market insights and commentaries from our portfolio managers, and
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A host of educational resources.
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During periods of market
unrest, it is especially important to work closely with your financial advisor
and remember that reaching ones investment goals unfolds over time and through
multiple market cycles. Time and again, history has shown that, over the long
run, the markets have eventually recovered and grown.
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CitiSM Premium Liquid
Reserves | III
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Letter from the chairman continued
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Information about your fund
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As you may be aware, several
issues in the mutual fund industry have come under the scrutiny of federal and
state regulators. Affiliates of the Funds manager have, in recent years,
received requests for information from various government
regulators regarding market timing, late trading, fees, and other mutual fund
issues in connection with various investigations. The regulators appear to be
examining, among other things, the Funds response to market timing and
shareholder exchange activity, including compliance with prospectus
disclosure related to these subjects. The Fund is not in a position to
predict the outcome of these requests and investigations.
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Please read on for a more
detailed look at prevailing economic and market conditions during the Funds
reporting period and to learn how those conditions have affected Fund
performance.
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Important information with regard
to recent regulatory developments that may affect the Fund is contained in
the Notes to Financial Statements included in this report.
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As always, thank you for your
confidence in our stewardship of your assets. We look forward to helping you
meet your financial goals.
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Sincerely,
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![-s- R. Jay Gerken](c55112003.jpg)
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R. Jay Gerken,
CFA
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Chairman, President and Chief
Executive Officer
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October 8, 2008
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Gross domestic
product (GDP) is the market value of all final goods and services produced
within a country in a given period of time.
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The Federal
Reserve Board (Fed) is responsible for the formulation of policies designed
to promote economic growth, full employment, stable prices, and a sustainable
pattern of international trade and payments.
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The federal
funds rate is the rate charged by one depository institution on an overnight
sale of immediately available funds (balances at the Federal Reserve) to
another depository institution; the rate may vary from depository institution
to depository institution and from day to day.
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IV | CitiSM Premium Liquid
Reserves
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Fund overview
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Q. What is the
Funds investment strategy?
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A. The Fund seeks to provide shareholders
with liquidity and as high a level of current income as is consistent with preservation of
capital. The Fund invests in securities through an underlying mutual fund, Liquid Reserves Portfolio (the Portfolio), which has the
same investment objective and strategies as the Fund. The Portfolio may invest in all types of high-quality, short-term money market
instruments denominated in U.S. dollars. The Portfolio may invest more than 25% of its assets in bank obligations, such as
certificates of deposit, fixed time deposits and bankers acceptances.
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The Portfolio may invest in instruments specifically structured so that they
are eligible for purchase by money market funds,
including securities that have demand, tender or put features, or interest rate reset features. These include instruments issued by
structured investment or special purpose vehicles or conduits, and may be asset-backed or mortgage-backed securities. Structured
instruments may take the form of participation interests or receipts in underlying securities or other assets and, in some cases, are
backed by a financial institution serving as a liquidity provider. Some of these instruments may have an interest rate swap feature
which substitutes a floating or variable interest rate for the fixed interest rate on an underlying security.
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Western Asset Management Company
(Western Asset), the Funds and the Portfolios subadviser, utilizes a
fixed-income team approach, with decisions derived from interaction among
various investment management sector specialists. The sector teams are
comprised of Western Assets senior portfolio managers, research analysts and
an in-house economist. Under this team approach, management of client
fixed-income portfolios will reflect a consensus of interdisciplinary views
within the Western Asset organization.
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Q. What were the
overall market conditions during the Funds reporting period?
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A. During
the fiscal year, the U.S. bond market experienced periods of increased
volatility. Changing perceptions regarding the economy, inflation and future
Federal Reserve Board (Fed)i monetary
policy caused bond prices to fluctuate. Two- and 10-year Treasury yields
began the reporting period at 4.15% and 4.54%, respectively. Treasury yields
then moved lower and their prices moved higher as concerns regarding the
subprime mortgage market and a severe credit crunch triggered a massive
flight to quality. Investors were drawn to the relative safety of
Treasuries, while increased risk aversion caused other segments of the bond
market to falter.
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As conditions in the credit market worsened in the summer of 2007,
central banks around the world took action by injecting
approximately $500 billion of liquidity into the financial system. Additionally, the Fed began lowering the
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CitiSM Premium Liquid Reserves 2008 Annual
Report | 1
Fund overview continued
federal funds rateii in September 2007. While this initially helped ease the
credit crunch, continued subprime mortgage write-offs
and weak economic data triggered additional flights to quality in November 2007 and the first quarter of 2008.
Treasury
yields then moved higher in April, May and early June, as inflationary
pressures increased. Over this period, riskier fixed-income asset classes, such
as high-yield bonds and emerging market debt rallied. However, the credit
crunch resumed in mid-June, resulting in another flight to quality. This caused
Treasury yields to move lower during much of the remainder of the reporting
period.
At the end
of the fiscal year, two- and 10-year Treasury yields were 2.36% and 3.83%,
respectively. While the Fed attempted to stimulate growth by cutting short-term
interest rates from 5.25% to 2.00% from September 2007 through April 2008, it
has held rates steady at its most recent meetings.
Q.
How did we respond to these changing market conditions?
A. We responded to these changing market conditions and this challenging
new environment by gradually reducing our exposure to
asset-backed commercial paper and shifting a greater percentage of these funds into more traditional money market securities, such as
certificates of deposit, corporate commercial paper and U.S. government and agencies.
Performance
review
As of August 31, 2008, the seven-day current yield for CitiSM Premium
Liquid Reserves was 2.42% and its seven-day effective yield,
which reflects compounding, was 2.45%.1
Current expense reimbursements and/or fee waivers are voluntary and may be
reduced or terminated at any time. Absent current expense
reimbursements and/or fee waivers, the seven-day current yield would have been 2.30% and the seven-day effective yield would have
been 2.33%.
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The seven-day current yield reflects the amount of income generated
by the investment during that seven-day period and assumes that
the income is generated each week over a 365-day period. The yield is shown as a percentage of the investment. The seven-day
effective yield is calculated similarly to the seven-day current yield but, when annualized, the income earned by an investment in
the Fund is assumed to be reinvested. The effective yield typically will be slightly higher than the current yield because of the
compounding effect of the assumed reinvestment.
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2 | CitiSM Premium Liquid
Reserves 2008 Annual Report
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CITISM
PREMIUM LIQUID RESERVES Yields as of August
31, 2008 (unaudited)
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Seven-day current
yield1
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2.42
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Seven-day
effective yield1
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2.45
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The performance shown
represents past performance. Past performance is no guarantee of future results
and current performance may be higher or lower than the performance shown
above. Yields will fluctuate. To obtain performance data current to the most
recent month-end, please visit our website at
www.leggmason.com/individualinvestors.
Current expense
reimbursements and/or fee waivers are voluntary and may be reduced or
terminated at any time. Absent current expense reimbursements and/or fee
waivers, the seven-day current yield would have been 2.30% and the seven-day
effective yield would have been 2.33%.
An investment in the Fund is neither
insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) 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.
Q. What were the most significant factors
affecting Fund performance?
A. Maintaining
a long average maturity relative to our peers enabled us to lock in higher
yields for a longer period as the Fed aggressively eased monetary policy. Also,
as previously mentioned, over the course of the reporting period, we reduced
our exposure to certain sectors, such as asset-backed commercial paper. This
was done as a result of a uniquely challenging economic climate and
unprecedented investor concern.
Thank you for your investment in
CitiSM Premium Liquid Reserves. As always, we appreciate that
you have chosen us to manage your assets, and we remain focused on achieving
the Funds investment goals.
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Sincerely,
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Western Asset Management Company
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September 16, 2008
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1
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The seven-day
current yield reflects the amount of income generated by the investment
during that seven-day period and assumes that the income is generated each
week over a 365-day period. The yield is shown as a percentage of the
investment. The seven-day effective yield is calculated similarly to the
seven-day current yield but, when annualized, the income earned by an
investment in the Fund is assumed to be reinvested. The effective yield
typically will be slightly higher than the current yield because of the
compounding effect of the assumed reinvestment.
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CitiSM Premium Liquid Reserves 2008 Annual
Report | 3
Fund
overview continued
The
information provided is not intended to be a forecast of future events, a
guarantee of future results or investment advice. Views expressed may differ
from those of the firm as a whole.
RISKS: An investment in a money
market fund is neither insured nor guaranteed by the FDIC or any other
government agency. Although the Fund seeks to preserve the value of your
investment at one dollar per share, it is possible to lose money by investing
in the Fund. Investments in structured securities (such as those issued by
Structured Investment Vehicles, or SIVs) which are collateralized by
residential real estate mortgages are subject to certain credit and liquidity
risks. When market conditions result in an increase in default rates of the
underlying mortgages and the foreclosure values of underlying real estate
properties are materially below the outstanding amount of these underlying
mortgages, collection of the full amount of accrued interest and principal on
these investments may be doubtful. Such market conditions may significantly
impair the value of these investments resulting in a lack of correlation
between their credit ratings and values. Please see the Funds prospectus for
more information on these and other risks.
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The Federal Reserve Board (Fed)
is responsible for the formulation of policies designed to promote economic
growth, full employment, stable prices, and a sustainable pattern of
international trade and payments.
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ii
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The federal funds rate is the
rate charged by one depository institution on an overnight sale of
immediately available funds (balances at the Federal Reserve) to another
depository institution; the rate may vary from depository institution to
depository institution and from day to day.
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4 | CitiSM Premium
Liquid Reserves 2008 Annual Report
Portfolio at a glance (unaudited)
Liquid Reserves Portfolio
The Fund invests all of its
investable assets in Liquid Reserves Portfolio, the investment breakdown of
which is shown below.
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INVESTMENT
BREAKDOWN (%) As a percent of total investments
August 31, 2008
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![(BAR CHART)](c55112004.jpg)
CitiSM Premium Liquid Reserves 2008 Annual
Report | 5
Fund expenses (unaudited)
Example
As a
shareholder of the Fund, you may incur two types of costs: (1) transaction
costs and (2) ongoing costs, including management fees, distribution and/or
service (12b-1) fees and other Fund expenses. This example is intended to help
you understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested on March 1, 2008 and
held for the six months ended August 31, 2008.
Actual
expenses
The table below titled Based on
Actual Total Return provides information about actual account values and
actual expenses. You may use the information provided in this table, together
with the amount you invested, to estimate the expenses that you paid over the
period. To estimate the expenses you paid on your account, divide your ending
account value by $1,000 (for example, an $8,600 ending account value divided by
$1,000 = 8.6), then multiply the result by the number under the heading
entitled Expenses Paid During the Period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASED
ON ACTUAL TOTAL RETURN1
|
|
|
ACTUAL
TOTAL
RETURN2
|
|
BEGINNING
ACCOUNT
VALUE
|
|
ENDING
ACCOUNT
VALUE
|
|
ANNUALIZED
EXPENSE
RATIO
|
|
EXPENSES
PAID DURING
THE PERIOD3
|
|
|
CitiSM Premium Liquid
Reserves
|
|
1.37%
|
|
$ 1,000.00
|
|
$ 1,013.70
|
|
0.40%
|
|
$ 2.02
|
|
|
|
1
|
For the six
months ended August 31, 2008.
|
|
|
2
|
Assumes
reinvestment of all distributions at net asset value. Total return is not
annualized, as it may not be representative of the total return for the year.
Performance figures may reflect fee waivers and/or expense
reimbursements. In the absence of fee
waivers and/or expense reimbursements, the total return would have been
lower. Past performance is no guarantee of future results.
|
|
|
3
|
Expenses (net
of fee waivers and/or expense reimbursements) are equal to the Funds
annualized expense ratio, multiplied by the average account value over the
period, multiplied by the number of days in the most recent fiscal half-year,
then divided by 366.
|
6 | CitiSM
Premium Liquid Reserves 2008 Annual Report
Hypothetical
example for comparison purposes
The table
below titled Based on Hypothetical Total Return provides information about
hypothetical account values and hypothetical expenses based on the actual
expense ratio and an assumed rate of return of 5.00% per year before expenses,
which is not the Funds actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use the information provided in this
table to compare the ongoing costs of investing in the Fund and other funds. To
do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00%
hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown
in the table below are meant to highlight your ongoing costs only and do not
reflect any transactional costs. Therefore, the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transaction costs were included,
your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASED ON HYPOTHETICAL TOTAL RETURN1
|
|
|
HYPOTHETICAL
ANNUALIZED
TOTAL RETURN
|
|
BEGINNING
ACCOUNT
VALUE
|
|
ENDING
ACCOUNT
VALUE
|
|
ANNUALIZED
EXPENSE
RATIO
|
|
EXPENSES
PAID DURING
THE PERIOD2
|
|
|
CitiSM Premium Liquid Reserves
|
|
5.00%
|
|
|
$ 1,000.00
|
|
|
$ 1,023.13
|
|
0.40%
|
|
|
$ 2.03
|
|
|
|
1
|
For the six months ended August 31, 2008.
|
|
|
2
|
Expenses (net of fee waivers and/or expense
reimbursements) are equal to the Funds annualized expense ratio, multiplied
by the average account value over the period, multiplied by the number of
days in most recent fiscal half-year, then divided by 366.
|
CitiSM
Premium Liquid Reserves 2008 Annual Report | 7
Fund performance (unaudited)
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURNS
|
ALL PERIODS ENDED AUGUST
31, 2008
|
|
ONE
YEAR
|
|
FIVE
YEARS*
|
|
TEN
YEARS*
|
|
|
CitiSM Premium
Liquid
Reserves
|
|
3.70
|
%
|
|
3.20
|
%
|
|
3.52
|
%
|
|
iMoneyNet, Inc. 1st Tier
Taxable Money
Market Funds Average
|
|
3.09
|
|
|
2.77
|
|
|
3.16
|
|
|
|
* Average
Annual Total Return.
|
|
|
|
|
|
|
|
|
|
|
|
7-DAY
YIELDS1
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
2.42
|
%
|
|
|
|
|
|
|
|
Effective
|
|
2.45
|
|
|
|
|
|
|
|
|
|
|
1
|
The seven-day current
yield reflects the amount of income generated by the investment during that
seven-day period and assumes that the income is generated each week over a
365-day period. The yield is shown as a percentage of the investment.
|
|
|
|
The
seven-day effective yield is calculated similarly to the seven-day current
yield but, when annualized, the income earned by an investment in the Fund is
assumed to be reinvested. The effective yield typically will be slightly
higher than the current yield because of the compounding effect of the
assumed reinvestment.
|
|
|
Note:
|
A money market funds
yield more closely reflects the current earnings of the fund than does the
total return.
|
|
|
|
Although money market
funds seek to maintain the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. Mutual fund shares are not
guaranteed or insured by the Federal Deposit Insurance Corporation or any
other government agency. Yields and total returns will fluctuate and past
performance is no guarantee of future results. Total return figures include
reinvestment of all distributions. Returns and yields may reflect certain fee
waivers and/or expense reimbursements. In the absence of fee waivers and/or
expense reimbursements, the Funds returns and yields would have been lower.
|
8 | CitiSM Premium
Liquid Reserves 2008 Annual Report
Historical performance (unaudited)
|
COMPARISON OF 7-DAY YIELDS FOR CITISM PREMIUM
LIQUID RESERVES VS. iMONEYNET, INC. 1st TIER TAXABLE MONEY MARKET FUNDS
AVERAGE September 2007
- August 2008
|
![(LINE GRAPH)](c55112005.jpg)
As illustrated, CitiSM Premium Liquid Reserves
provided an annualized seven-day yield similar to that of the iMoneyNet, Inc.
1st Tier Taxable Money Market Funds Average, as published in iMoneyNet, Inc.
Money Fund Report, for the one-year period.
Yields will fluctuate and past performance is no guarantee
of future results. Fund yields may reflect certain fee waivers and/or expense
reimbursements. In the absence of fee waivers and/or expense reimbursements,
the Funds yield would have been lower.
* Source:
iMoneyNet, Inc.
CitiSM
Premium Liquid Reserves 2008 Annual Report | 9
Statement of assets and liabilities
August 31, 2008
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investment in Liquid Reserves
Portfolio, at value
|
|
$
|
545,759,834
|
|
Receivable for Fund shares sold
|
|
|
75
|
|
Prepaid expenses
|
|
|
14,681
|
|
|
|
|
|
|
Total Assets
|
|
|
545,774,590
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
Distributions payable
|
|
|
746,801
|
|
Payable for Fund shares
repurchased
|
|
|
291,603
|
|
Investment management fee
payable
|
|
|
116,910
|
|
Distribution fees payable
|
|
|
46,764
|
|
Trustees fees payable
|
|
|
722
|
|
Accrued expenses
|
|
|
107,042
|
|
|
|
|
|
|
Total Liabilities
|
|
|
1,309,842
|
|
|
|
|
|
|
TOTAL NET ASSETS
|
|
$
|
544,464,748
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
Par value (Note 3)
|
|
$
|
5,461
|
|
Paid-in capital in excess of par
value
|
|
|
546,126,310
|
|
Undistributed net investment
income
|
|
|
4,233
|
|
Accumulated net realized loss on
investments
|
|
|
(189,739
|
)
|
Net unrealized depreciation on
investments
|
|
|
(1,481,517
|
)
|
|
|
|
|
|
TOTAL NET ASSETS
|
|
$
|
544,464,748
|
|
|
|
|
|
|
Shares Outstanding
|
|
|
546,131,771
|
|
|
|
|
|
|
Net Asset Value
|
|
$
|
1.00
|
|
|
|
|
|
|
See Notes to Financial Statements.
10 | CitiSM Premium Liquid Reserves 2008 Annual Report
Statement of operations
For the Year Ended August 31, 2008
|
|
|
|
|
|
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
Income from Liquid Reserves
Portfolio
|
|
$
|
22,854,559
|
|
Allocated net expenses from Liquid
Reserves Portfolio
|
|
|
(429,285
|
)
|
|
|
|
|
|
Total Investment
Income
|
|
|
22,425,274
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
Investment management fee (Note
2)
|
|
|
1,388,473
|
|
Distribution fees (Note 2)
|
|
|
555,389
|
|
Legal fees
|
|
|
67,929
|
|
Shareholder reports
|
|
|
44,300
|
|
Transfer agent fees
|
|
|
38,071
|
|
Registration fees
|
|
|
27,835
|
|
Insurance
|
|
|
19,414
|
|
Audit and tax
|
|
|
19,067
|
|
Trustees fees
|
|
|
7,366
|
|
Miscellaneous expenses
|
|
|
5,496
|
|
|
|
|
|
|
Total Expenses
|
|
|
2,173,340
|
|
Less: Fee waivers and/or expense
reimbursements (Note 2)
|
|
|
(508,096
|
)
|
|
|
|
|
|
Net Expenses
|
|
|
1,665,244
|
|
|
|
|
|
|
NET INVESTMENT INCOME
|
|
|
20,760,030
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS FROM
LIQUID RESERVES PORTFOLIO (NOTE 1):
|
|
|
|
|
Net Realized Loss
|
|
|
(90,433
|
)
|
Net Unrealized Depreciation
|
|
|
(1,481,517
|
)
|
|
|
|
|
|
NET LOSS FROM LIQUID RESERVES
PORTFOLIO
|
|
|
(1,571,950
|
)
|
|
|
|
|
|
INCREASE IN NET ASSETS FROM
OPERATIONS
|
|
$
|
19,188,080
|
|
|
|
|
|
|
See Notes to Financial Statements.
CitiSM
Premium Liquid Reserves 2008 Annual Report | 11
Statements
of changes in net assets
|
|
|
|
|
|
|
|
FOR THE YEARS ENDED AUGUST 31,
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income
|
|
$
|
20,760,030
|
|
$
|
26,602,068
|
|
Net realized gain (loss)
|
|
|
(90,433
|
)
|
|
28,607
|
|
Net unrealized depreciation
|
|
|
(1,481,517
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Increase
in Net Assets From Operations
|
|
|
19,188,080
|
|
|
26,630,675
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 1
AND 4):
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(20,756,943
|
)
|
|
(26,602,068
|
)
|
|
|
|
|
|
|
|
|
Decrease
in Net Assets From Distributions to Shareholders
|
|
|
(20,756,943
|
)
|
|
(26,602,068
|
)
|
|
|
|
|
|
|
|
|
FUND SHARE TRANSACTIONS (NOTE 3):
|
|
|
|
|
|
|
|
Net proceeds from sale of shares
|
|
|
4,229,170,777
|
|
|
2,540,248,052
|
|
Reinvestment of distributions
|
|
|
7,869,211
|
|
|
14,656,608
|
|
Cost of shares repurchased
|
|
|
(4,185,001,478
|
)
|
|
(2,579,264,553
|
)
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Net Assets From Fund
Share Transactions
|
|
|
52,038,510
|
|
|
(24,359,893
|
)
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS
|
|
|
50,469,647
|
|
|
(24,331,286
|
)
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
493,995,101
|
|
|
518,326,387
|
|
|
|
|
|
|
|
|
|
End of year*
|
|
$
|
544,464,748
|
|
$
|
493,995,101
|
|
|
|
|
|
|
|
|
|
* Includes undistributed net investment
income of:
|
|
$
|
4,233
|
|
$
|
1,146
|
|
See Notes to Financial Statements.
|
12 | CitiSM Premium
Liquid Reserves
2008 Annual Report
|
Financial
highlights
|
FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING THROUGHOUT EACH YEAR ENDED AUGUST 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEGINNING OF YEAR
|
|
$
|
1.000
|
|
$
|
1.000
|
|
$
|
1.000
|
|
$
|
1.000
|
|
$
|
1.000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
0.036
|
|
|
0.050
|
|
|
0.041
|
|
|
0.022
|
|
|
0.008
|
|
Net realized and
unrealized gain (loss)1
|
|
|
(0.000
|
)
|
|
0.000
|
|
|
(0.000
|
)
|
|
0.000
|
|
|
0.000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
income from operations
|
|
|
0.036
|
|
|
0.050
|
|
|
0.041
|
|
|
0.022
|
|
|
0.008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
(0.036
|
)
|
|
(0.050
|
)
|
|
(0.041
|
)
|
|
(0.022
|
)
|
|
(0.008
|
)
|
Net realized
gains
|
|
|
|
|
|
|
|
|
|
|
|
(0.000
|
)1
|
|
(0.000
|
)1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions
|
|
|
(0.036
|
)
|
|
(0.050
|
)
|
|
(0.041
|
)
|
|
(0.022
|
)
|
|
(0.008
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF YEAR
|
|
$
|
1.000
|
|
$
|
1.000
|
|
$
|
1.000
|
|
$
|
1.000
|
|
$
|
1.000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
return2
|
|
|
3.70
|
%3
|
|
5.09
|
%
|
|
4.21
|
%
|
|
2.25
|
%
|
|
0.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF YEAR (MILLIONS)
|
|
$
|
544
|
|
$
|
494
|
|
$
|
518
|
|
$
|
501
|
|
$
|
950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS TO AVERAGE NET ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross expenses4
|
|
|
0.50
|
%
|
|
0.51
|
%5
|
|
0.54
|
%
|
|
0.52
|
%
|
|
0.50
|
%
|
Net expenses4,6,7
|
|
|
0.38
|
|
|
0.39
|
5
|
|
0.39
|
|
|
0.40
|
|
|
0.40
|
|
Net investment income
|
|
|
3.74
|
|
|
4.97
|
|
|
4.13
|
|
|
2.10
|
|
|
0.78
|
|
|
|
1
|
Amount represents less than $0.0005 per share.
|
|
|
2
|
Performance figures may reflect fee waivers and/or expense
reimbursements. In the absence of fee waivers and/or expense reimbursements,
the total return would have been lower. Past performance is no guarantee of
future results.
|
|
|
3
|
If the portfolio had not entered into the Letter and Capital
Support Agreements, the total return would have been lower.
|
|
|
4
|
Includes the Funds share of Liquid Reserves Portfolios
allocated expenses.
|
|
|
5
|
Included in the expense ratios are certain non-recurring
restructuring (and reorganization, if applicable) fees that were incurred by
the Fund during the period. Without these fees, the gross and net expense
ratios would not have changed.
|
|
|
6
|
As a result of a voluntary expense limitation, the ratio of
expenses, other than interest, brokerage, taxes and extraordinary expenses,
to average net assets of shares will not exceed 0.40%.
|
|
|
7
|
Reflects fee waivers and/or expense reimbursements.
|
See Notes to Financial Statements.
|
CitiSM Premium Liquid
Reserves 2008 Annual Report | 13
|
Notes to financial statements
1. Organization and significant accounting policies
CitiSM Premium
Liquid Reserves (the Fund) is a separate diversified investment series of
Legg Mason Partners Premium Money Market Trust (the Trust). The Trust, a
Maryland business trust, is registered under the Investment Company Act of
1940, as amended (the 1940 Act), as an open-end management investment
company. The Fund invests all of its investable assets in Liquid Reserves
Portfolio (the Portfolio), a separate investment series of Master Portfolio
Trust, that has the same objective as the Fund.
The financial statements of the
Portfolio, including the schedule of investments, are contained elsewhere in
this report and should be read in conjunction with the Funds financial
statements.
The
following are significant accounting policies consistently followed by the Fund
and are in conformity with U.S. generally accepted accounting principles
(GAAP). Estimates and assumptions are required to be made regarding assets, liabilities
and changes in net assets resulting from operations when financial statements
are prepared. Changes in the economic environment, financial markets and any
other parameters used in determining these estimates could cause actual results
to differ.
(a) Investment valuation. The Fund records its
investment in the Portfolio at value. The value of such investment in the
Portfolio reflects the Funds proportionate interest (1.0% at August 31, 2008)
in the net assets of the Portfolio. Valuation of securities held by the
Portfolio is discussed in Note 1(a) of the Portfolios Notes to Financial
Statements, which are included elsewhere in this report. As of the date of this
report, the Portfolio continued to meet the requirements of Rule 2a-7 that
permit the Portfolio to utilize amortized cost to value its securities, except
that certain investments in structured securities (such as those issued by
Structured Investment Vehicles or SIVs) are carried at fair value in the
Schedule of Investments for the Portfolio. When prices are not readily
available, or are determined not to reflect fair value, such as when the value
of a security has been significantly affected by an event, the Portfolio may
value these securities at fair value as determined in accordance with the
procedures approved by the Board of Trustees. Certain SIVs were subject to
specific events of default or insolvency which triggered the use of fair value.
Concurrently, the Portfolio recognized the fair value of the related Letter
Agreement and Credit Support Agreements (see Note 3 of the Portfolios Notes to
Financial Statements) entered into between the Portfolio and affiliates of the
Portfolio.
(b) Investment income. The Fund earns income, net
of Portfolio expenses, daily based on its investment in the Portfolio.
(c) Credit and market risk. The portfolio holds
investments in structured securities (such as those issued by SIVs) which are
collateralized by residential real estate mortgages are subject to certain
credit and liquidity risks. These risks flow through to the Fund from its
investment in the Portfolio. When market conditions result in an increase in
default rates of the underlying mortgages and
14 | CitiSM Premium Liquid Reserves 2008 Annual Report
the
foreclosure values of underlying real estate properties are materially below
the outstanding amount of these underlying mortgages, collection of the full
amount of accrued interest and principal on these investments may be doubtful.
Such market conditions may significantly impair the value of these investments
resulting in a lack of correlation between their credit ratings and values.
(d) Expenses. The Fund bears all costs of its operations other than
expenses specifically assumed by the manager. Expenses incurred by the Trust
with respect to any two or more funds in the series are allocated in proportion
to the net assets of each fund, except when allocations of direct expenses to
each fund can otherwise be made fairly. Expenses directly attributable to a
fund are charged to that fund. The Funds share of the Portfolios expenses is
charged against and reduces the amount of the Funds investment in the
Portfolio.
(e) Method of allocation. All the net investment
income and realized and unrealized gains and losses of the Portfolio are
allocated pro rata, based on respective ownership interests, among the Fund and
other investors in the Portfolio at the time of such determination.
(f) Distributions to shareholders. Distributions from net
investment income on the shares of the Fund are declared as of 4:00 p.m.
Eastern Time, each business day to shareholders of record, and are paid
monthly. Distributions of net realized gains, if any, are declared at least
annually. Distributions are recorded on the ex-dividend date and are determined
in accordance with income tax regulations, which may differ from GAAP.
(g) Federal and other taxes. It is the Funds policy to
comply with the federal income and excise tax requirements of the Internal
Revenue Code of 1986, as amended, applicable to regulated investment companies.
Accordingly, the Fund intends to distribute substantially all of its taxable
income and net realized gains, if any, to shareholders each year. Therefore, no
federal income tax provision is required in the Funds financial statements.
Management
has analyzed the Funds tax positions taken on federal income tax returns for
all open tax years and has concluded that as of August 31, 2008, no provision
for income tax would be required in the Funds financial statements. The Funds
federal and state income and federal excise tax returns for tax years for which
the applicable statutes of limitations have not expired are subject to
examination by the Internal Revenue Service and state departments of revenue.
(h) Reclassification. GAAP requires that certain components
of net assets be adjusted to reflect permanent differences between financial
and tax reporting. These reclassifications have no effect on net assets or net
asset values per share. During the current year, the Fund had no
reclassifications.
CitiSM Premium Liquid Reserves 2008 Annual
Report | 15
Notes to financial statements continued
2.
Investment management agreement and other transactions with affiliates
Legg Mason
Partners Fund Advisor, LLC (LMPFA) is the Funds and the Portfolios
investment manager and Western Asset Management Company (Western Asset) is
the Funds and the Portfolios subadviser. LMPFA and Western Asset are
wholly-owned subsidiaries of Legg Mason, Inc. (Legg Mason).
Under the
investment management agreements, the Fund and the Portfolio pay an investment
management fee, calculated daily and paid monthly, at an annual rate of 0.25%
and 0.10% of the Funds and the Portfolios average daily net assets,
respectively.
LMPFA
provides administrative and certain oversight services to the Fund. LMPFA
delegates to the subadviser the day-to-day portfolio management of the Fund.
For its services, LMPFA pays Western Asset 70% of the net management fee it
receives from the Fund.
During the
year ended August 31, 2008, the Fund had a voluntary expense limitation in
place of 0.40% of the Funds average daily net assets.
During the year ended
August 31, 2008, LMPFA waived a portion of its fee in the amount of $508,096.
Effective January 1, 2008, the manager is permitted to recapture amounts previously
voluntarily forgone or reimbursed by the manager to the Fund during the same
fiscal year if the Funds total annual operating expenses have fallen to a
level below the voluntary fee waiver/reimbursement (expense cap) shown in the
fee table of the Funds prospectus. In no case will the manager recapture any
amount that would result, on any particular business day of the Fund, in the
Funds total annual operating expenses exceeding the expense cap.
Effective
December 1, 2007, Legg Mason Investor Services, LLC (LMIS), a wholly-owned
broker-dealer subsidiary of Legg Mason, serves as the Funds sole and exclusive
distributor. Prior to December 1, 2007, Citigroup Global Markets Inc. (CGM)
and LMIS served as co-distributors of the Fund.
The Fund adopted a Rule 12b-1
distribution and service plan under the 1940 Act, and under that plan, the Fund
pays a monthly fee at an annual rate not to exceed 0.10% of the Funds average
daily net assets. Distribution and service fees are accrued daily and paid monthly.
For the year ended August 31, 2008, the distribution fees paid amounted to
$555,389.
Certain
officers and one Trustee of the Trust are employees of Legg Mason or its
affiliates and do not receive compensation from the Trust.
16 | CitiSM Premium Liquid Reserves 2008 Annual Report
3. Shares of beneficial interest
The Declaration of Trust permits the Trustees to issue an unlimited number of full
and fractional shares of beneficial interest with a par value $0.00001 per
share.
Because the
Fund has maintained a $1.00 net asset value per share from inception, the
number of shares sold, shares issued in reinvestment of dividends declared, and
shares repurchased, is equal to the dollar amount shown in the Statements of
Changes in Net Assets for the corresponding capital share transactions.
4. Income tax information and distributions to shareholders
Subsequent to the fiscal year end, the Fund has made the following distribution:
|
|
RECORD DATE
PAYABLE DATE
|
CLASS A
|
|
|
Daily
|
|
9/30/2008
|
$0.001952
|
|
|
The tax
character of distributions paid during the fiscal years ended August 31, was as
follows:
|
|
|
|
|
|
|
|
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
Distributions
Paid From:
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
20,756,943
|
|
$
|
26,602,068
|
|
|
|
|
|
|
|
|
|
As of
August 31, 2008, the components of accumulated earnings on a tax basis were as
follows:
|
|
|
|
|
|
|
|
|
|
Capital loss carryforward *
|
|
$
|
(76,303
|
)
|
Other book/tax temporary
differences a
|
|
|
(991,765
|
)
|
Unrealized
appreciation/(depreciation) b
|
|
|
(598,955
|
)
|
|
|
|
|
|
Total accumulated
earnings/(losses) net
|
|
$
|
(1,667,023
|
)
|
|
|
|
|
|
|
|
*
|
During the taxable year ended August 31,
2008, the Fund utilized $23,003 of its capital loss carryover available from
prior years. As of August 31, 2008, the Fund had the following net capital
loss carryforwards remaining:
|
|
|
|
|
|
YEAR OF EXPIRATION
|
|
AMOUNT
|
|
|
8/31/2015
|
|
$
|
(76,303
|
)
|
|
|
|
|
This amount will be available to offset any future taxable capital
gains.
|
|
|
a
|
Other book/tax temporary differences
are attributable primarily to the deferral of post-October capital losses for
tax purposes and book/tax differences in the timing of the deductibility of
various expenses.
|
|
|
b
|
The difference between book-basis
and tax-basis unrealized appreciation/(depreciation) is attributable primarily
to book/tax differences in the treatment of the securities subject to credit
arrangements referenced in Liquid Reserves Portfolio Note 3.
|
CitiSM Premium Liquid Reserves 2008 Annual
Report | 17
Notes to financial statements continued
5.
Legal matters
Beginning
in June 2004, class action lawsuits alleging violations of the federal
securities laws were filed against CGM, a former distributor of the Fund, and
other affiliated funds (collectively, the Funds) and a number of its then
affiliates, including Smith Barney Fund Management, LLC (SBFM) and Salomon
Brothers Asset Management Inc (SBAM), which were then investment adviser or
manager to certain of the Funds (the Managers), substantially all of the
mutual funds then managed by the Managers (the Defendant Funds), and Board
members of the Defendant Funds (collectively, the Defendants). The complaints
alleged, among other things, that CGM created various undisclosed incentives
for its brokers to sell Smith Barney and Salomon Brothers funds. In addition,
according to the complaints, the Managers caused the Defendant Funds to pay
excessive brokerage commissions to CGM for steering clients towards proprietary
funds. The complaints also alleged that the Defendants breached their fiduciary
duty to the Defendant Funds by improperly charging Rule 12b-1 fees and by
drawing on fund assets to make undisclosed payments of soft dollars and
excessive brokerage commissions. The complaints also alleged that the Defendant
Funds failed to adequately disclose certain of the allegedly wrongful conduct.
The complaints sought injunctive relief and compensatory and punitive damages,
rescission of the Defendant Funds contracts with the Managers, recovery of all
fees paid to the Managers pursuant to such contracts and an award of attorneys
fees and litigation expenses.
On December
15, 2004, a consolidated amended complaint (the Complaint) was filed alleging
substantially similar causes of action. On May 27, 2005, all of the Defendants
filed motions to dismiss the Complaint. On July 26, 2006, the court issued a
decision and order (1) finding that plaintiffs lacked standing to sue on behalf
of the shareholders of the Funds in which none of the plaintiffs had invested
and dismissing those Funds from the case (although stating that they could be
brought back into the case if standing as to them could be established), and
(2) other than one stayed claim, dismissing all of the causes of action against
the remaining Defendants, with prejudice, except for the cause of action under
Section 36(b) of the 1940 Act, which the court granted plaintiffs leave to
repeal as a derivative claim.
On October
16, 2006, plaintiffs filed their Second Consolidated Amended Complaint (Second
Amended Complaint) which alleges derivative claims on behalf of nine funds
identified in the Second Amended Complaint, under Section 36(b) of the 1940
Act, against Citigroup Asset Management (CAM), SBAM and SBFM as investment
advisers to the identified funds, as well as CGM as a distributor for the
identified funds (collectively, the Second Amended Complaint Defendants). The
Fund was not identified in the Second Amended Complaint. The Second Amended
Complaint alleges no claims against any of the funds or any of their Board
Members. Under Section 36(b), the Second Amended Complaint alleges similar
facts and seeks similar relief against the Second Amended Complaint Defendants
as the Complaint.
18 | CitiSM Premium Liquid Reserves 2008 Annual Report
On December
3, 2007, the court granted the Defendants motion to dismiss, with prejudice.
On January 2, 2008, the plaintiffs filed a notice of appeal to the Second
Circuit Court of Appeals.
Additional
lawsuits arising out of these circumstances and presenting similar allegations
and requests for relief may be filed in the future.
* * *
Beginning
in August 2005, five class action lawsuits alleging violations of federal
securities laws and state law were filed against CGM and SBFM, (collectively,
the Defendants) based on the May 31, 2005 settlement order issued against the
Defendants by the U.S. Securities and Exchange Commission (SEC) as previously
described. The complaints seek injunctive relief and compensatory and punitive
damages, removal of SBFM as the investment manager for the Smith Barney family
of funds, rescission of the funds management and other contracts with SBFM,
recovery of all fees paid to SBFM pursuant to such contracts, and an award of
attorneys fees and litigation expenses. The five actions were subsequently
consolidated, and a consolidated complaint was filed.
On September 26, 2007,
the United States District Court for the Southern District of New York issued
an order dismissing the consolidated complaint, and judgment was later entered.
An appeal has been filed and is pending before the U.S. Court of Appeals for
the Second Circuit.
6. Other matters
On or about
May 30, 2006, John Halebian, a purported shareholder of CitiSM New York
Tax Free Reserves, a series of Legg Mason Partners Money Market Trust, formerly
a series of CitiFunds Trust III (the Subject Trust), filed a complaint in the
United States District Court for the Southern District of New York against the
independent trustees of the Subject Trust (Elliott J. Berv, Donald M. Carlton,
A. Benton Cocanougher, Mark T. Finn, Stephen Randolph Gross, Diana R.
Harrington, Susan B. Kerley, Alan G. Merten and R. Richardson Pettit).
The
Subject Trust is also named in the complaint as a nominal defendant. The
complaint alleges both derivative claims on behalf of the Subject Trust and
class claims on behalf of a putative class of shareholders of the Subject Trust
in connection with the 2005 sale of Citigroups asset management business to
Legg Mason and the related approval of new investment advisory agreements by
the trustees and shareholders. In the derivative claim, the plaintiff alleges,
among other things, that the independent trustees breached their fiduciary duty
to the Subject Trust and its shareholders by failing to negotiate lower fees or
seek competing bids from other qualified investment advisers in connection with
Citigroups sale to Legg Mason. In the claims brought on behalf of the putative
class of shareholders, the plaintiff alleges that the independent trustees
violated the proxy solicitation requirements of the 1940 Act, and breached
their fiduciary duty to shareholders, by virtue of the voting procedures, including
echo voting,
CitiSM Premium Liquid Reserves 2008 Annual
Report | 19
Notes to financial statements continued
used to
obtain approval of the new investment advisory agreements and statements made
in a proxy statement regarding those voting procedures. The plaintiff alleges
that the proxy statement was misleading because it failed to disclose that the
voting procedures violated the 1940 Act. The relief sought includes an award of
damages, rescission of the advisory agreement, and an award of costs and
attorney fees.
In advance
of filing the complaint, Mr. Halebians lawyers made written demand for relief
on the Board of the Subject Trust, and the Boards independent trustees formed
a demand review committee to investigate the matters raised in the demand, and
subsequently in the complaint, and recommend a course of action to the Board.
The committee, after a thorough review, determined that the independent
trustees did not breach their fiduciary duties as alleged by Mr. Halebian, and
that the action demanded by Mr. Halebian would not be in the best interests of
the Subject Trust. The Board of the Subject Trust (the trustee who is an
interested person of the Subject Trust, within the meaning of the 1940 Act,
having recused himself from the matter), after receiving and considering the
committees report and based upon the findings of the committee, subsequently
also determined and, adopting the recommendation of the committee, directed
counsel to move to dismiss Mr. Halebians complaint. A motion to dismiss was
filed on October 23, 2006. Opposition papers were filed on or about December 7,
2006. The complaint was dismissed on July 31, 2007. Mr. Halebian has filed an
appeal in the U.S. Court of Appeals for the Second Circuit. The appeal is
pending.
7. Recent accounting pronouncements
On
September 20, 2006, the Financial Accounting Standards Board (FASB) released
Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 establishes an
authoritative definition of fair value, sets out a framework for measuring fair
value, and requires additional disclosures about fair value measurements. The
application of FAS 157 is required for fiscal years beginning after November
15, 2007 and interim periods within those fiscal years. Management has
determined that there is no material impact to the Portfolios valuation
policies as a result of adopting FAS 157. The Portfolio will implement the
disclosure requirements beginning with its November 30, 2008 Form N-Q.
* * *
In March
2008, FASB issued the Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging
Activities (FAS 161). FAS 161 is effective for fiscal years and
interim periods beginning after November 15, 2008. FAS 161 requires enhanced
disclosures about the Funds derivative and hedging activities, including how
such activities are accounted for and their effect on the Funds financial
position, performance and cash flows. Management is currently evaluating the
impact the adoption of FAS 161 will have on the Funds financial statements and
related disclosures.
20 | CitiSM Premium Liquid Reserves 2008 Annual Report
8. Subsequent event
The Fund
has enrolled in the U.S. Treasury Departments Temporary Guarantee Program for
money market funds (the Guarantee Program). Under the Guarantee Program, the
U.S. Treasury guarantees the $1.00 dollar per share value of fund shares
outstanding as of September 19, 2008, subject to certain terms and limitations.
Only
shareholders who held shares as of September 19, 2008 are eligible to
participate in the guarantee. Those shareholders may purchase and redeem shares
in their account during the period covered by the Guarantee Program. However,
the number of shares covered by the guarantee cannot exceed the number of
shares held by the shareholder at the close of business on September 19, 2008.
Thus, to the extent the overall value of a shareholders account increases
after September 19, 2008, the amount of the increase will not be covered by the
guarantee.
The
guarantee will be triggered if the market-based net asset value of the Fund is
less than $0.995, unless promptly cured (a Guarantee Event). If a Guarantee
Event were to occur, the Fund would be required to liquidate. Upon liquidation
and subject to the availability of funds under the Guarantee Program, eligible
shareholders would be entitled to receive payments equal to $1.00 per covered
share. The number of covered shares held by a shareholder would be equal to
the lesser of (1) the number of shares owned by that shareholder on September
19, 2008 or (2) the number of shares owned by that shareholder on the date upon
which the Guarantee Event occurs. The coverage provided for all money market
funds participating in the Guarantee Program (and, in turn, any amount
available to the Fund and its eligible shareholders) is subject to an overall
limit, currently approximately $50 billion.
The initial
term of the Guarantee Program terminates on December 18, 2008, but may be later
extended by the Treasury Department to terminate no later than September 18,
2009. If the Treasury Department extends the Program, the Board of Trustees of
the Fund will consider whether to continue to participate.
In order to
participate in the Guarantee Program during the initial term, the Fund has paid
a participation fee of 0.01% of the Funds net asset value as of September 19,
2008, which is not covered by any expense cap currently in effect.
Participation in any extension of the Guarantee Program would require payment of
an additional fee, although there can be no assurance that any Fund will elect
to participate, or be eligible to participate, in any extension of the
Guarantee Program.
CitiSM Premium Liquid Reserves 2008 Annual Report | 21
Report of independent registered public accounting firm
The Board of Trustees and Shareholders
Legg Mason Partners Premium Money Market Trust:
We have
audited the accompanying statement of assets and liabilities of CitiSM Premium
Liquid Reserves, a series of Legg Mason Partners Premium Money Market Trust, as
of August 31, 2008, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the four-year period then ended. These financial statements and financial
highlights are the responsibility of the Funds management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for the year ended August 31,
2004 were audited by other independent registered public accountants whose
report thereon, dated October 24, 2004, expressed an unqualified opinion on
those financial highlights.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our
opinion, the financial statements and financial highlights referred to above
present fairly, in all material respects, the financial position of CitiSM Premium
Liquid Reserves as of August 31, 2008, and the results of its operations for
the year then ended, the changes in its net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the four-year period then ended, in conformity with U.S. generally accepted
accounting principles.
![-s- KPMG LLP](c55112006.jpg)
New York, New York
October 24, 2008
22 | CitiSM
Premium Liquid Reserves 2008 Annual Report
Additional information (unaudited)
Information
about Trustees and Officers
The business and affairs of the CitiSM
Premium Liquid Reserves
(the
Fund) are managed under the direction of the Board of Trustees. Information
pertaining to the Trustees and Officers of the Fund is set forth below. The
Statement of Additional Information includes additional information about the
Trustees and is available, without charge, upon request by calling Legg Mason
Partners Shareholder Services at 1-800-451-2010.
|
|
|
NON-INTERESTED
TRUSTEES
|
ELLIOTT J. BERV
c/o R. Jay Gerken, CFA, Legg Mason & Co., LLC (Legg Mason)
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1943
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1989
|
Principal
occupation(s) during
past five years
|
|
President and
Chief Executive Officer, Catalyst (consulting) (since 1984); Formerly, Chief
Executive Officer, Rocket City Enterprises (media) (from 2000 to 2005)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
Board Member,
American Identity Corp. (doing business as Morpheus Technologies) (biometric
information management) (since 2001); Director, Lapoint Industries
(industrial filter company) (since 2002); Director, Alzheimers Association
(New England Chapter) (since 1998)
|
|
A. BENTON
COCANOUGHER
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1938
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1991
|
Principal
occupation(s) during
past five years
|
|
Dean Emeritus and
Professor, Texas A&M University (since 2004); Formerly, Interim
Chancellor, Texas A&M University System (from 2003 to 2004); Formerly,
Special Advisor to the President, Texas A&M University (from 2002 to
2003)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
|
CitiSM Premium Liquid
Reserves | 23
|
Additional information (unaudited) continued
|
Information about Trustees and Officers
|
|
|
|
JANE F. DASHER
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1949
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1999
|
Principal
occupation(s) during
past five years
|
|
Chief Financial
Officer, Korsant Partners, LLC (a family investment company)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
|
MARK T. FINN
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1943
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1989
|
Principal
occupation(s) during
past five years
|
|
Adjunct
Professor, College of William & Mary (since 2002); Principal/Member
Balvan Partners (investment management) (since 2002); Chairman, Chief
Executive Officer and Owner, Vantage Consulting Group, Inc. (investment
management) (since 1988)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
|
RAINER GREEVEN
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1936
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1994
|
Principal
occupation(s) during
past five years
|
|
Attorney, Rainer
Greeven PC; President and Director, 62nd Street East
Corporation (real estate) (since 2002)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
|
24 |
CitiSM Premium Liquid Reserves
|
|
|
STEPHEN R. GROSS
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1947
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1986
|
Principal
occupation(s) during
past five years
|
|
Chairman, HLB
Gross Collins, PC (accounting and consulting firm) (since 1979); Treasurer,
Coventry Limited, Inc. (Senior Living Facilities) (since 1985); Formerly,
Managing Director, Fountainhead Ventures, LLC (technology accelerator) (from
1998 to 2003)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
Director,
Andersen Calhoun (assisted living) (since 1987); Formerly, Director, ebank
Financial Services, Inc. (from 1997 to 2004)
|
|
RICHARD E.
HANSON, JR.
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1941
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1985
|
Principal
occupation(s) during
past five years
|
|
Retired
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
|
DIANA R.
HARRINGTON
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1940
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1992
|
Principal
occupation(s) during
past five years
|
|
Professor, Babson
College (since 1992)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
|
CitiSM Premium Liquid
Reserves | 25
Additional information (unaudited) continued
Information
about Trustees and Officers
|
|
|
SUSAN M. HEILBRON
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1945
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1994
|
Principal
occupation(s) during
past five years
|
|
Independent Consultant
(since 2001)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
|
SUSAN B. KERLEY
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1951
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1992
|
Principal
occupation(s) during
past five years
|
|
Investment
Consulting Partner, Strategic Management Advisors, LLC (investment
consulting) (since 1990)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
Chairman (since
2005) and Trustee (since 2000), Eclipse Funds (3 funds); Chairman (since
2005) and Director (since 1990), Eclipse Funds Inc. (23 funds); Chairman and Director,
ICAP Funds, Inc. (4 funds) (since 2006); Chairman and Trustee, The MainStay
Funds (21 funds) (since 2007); and Chairman and Director, MainStay VP Series
Fund, Inc. (24 funds) (since 2007)
|
|
ALAN G. MERTEN
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1941
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1990
|
Principal
occupation(s) during
past five years
|
|
President, George
Mason University (since 1996)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
Director of
Cardinal Financial Corporation (since 2006); Trustee, First Potomac Realty
Trust (since 2005); Formerly, Director, Xybernaut Corporation (information
technology) (from 2004 to 2006); Formerly, Director, Digital Net Holdings,
Inc. (from 2003 to 2004); Formerly, Director, Comshare, Inc. (information
technology) (from 1985 to 2003)
|
|
26 | CitiSM
Premium Liquid Reserves
|
|
|
R. RICHARDSON
PETTIT
c/o R. Jay Gerken, CFA, Legg Mason
620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1942
|
Position(s) held
with Fund1
|
|
Trustee
|
Term of office1 and
length of time served2
|
|
Since 1990
|
Principal
occupation(s) during
past five years
|
|
Formerly, Duncan
Professor of Finance, University of Houston (from 1977 to 2006)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
68
|
Other board member-
ships held by Trustee
|
|
None
|
INTERESTED
TRUSTEE
|
R. JAY GERKEN,
CFA3
Legg Mason 620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1951
|
Position(s) held
with Fund1
|
|
Trustee,
President, Chairman and Chief Executive Officer
|
Term of office1 and
length of time served2
|
|
Since 2002
|
Principal
occupation(s) during
past five years
|
|
Managing Director
of Legg Mason; Chairman of the Board and Trustee/Director of 164 funds
associated with Legg Mason Partners Fund Advisor, LLC (LMPFA) and its
affiliates; President LMPFA (since 2006); Chairman, President and Chief
Executive Officer of certain mutual funds associated with Legg Mason and its
affiliates; Formerly, Chairman, Smith Barney Fund Management LLC (SBFM) and
Citi Fund Management Inc. (CFM) (2002 to 2005); Formerly, Chairman,
President and Chief Executive Officer of Travelers Investment Adviser, Inc. (TIA)
(from 2002 to 2005)
|
Number of portfolios
in fund complex over-
seen by Trustee
|
|
149
|
Other board member-
ships held by Trustee
|
|
Trustee,
Consulting Group Capital Market Funds (from 2002 to 2006)
|
OFFICERS
|
FRANCES M.
GUGGINO
Legg Mason 55 Water Street New York, NY 10041
|
Birth year
|
|
1957
|
Position(s) held
with Fund1
|
|
Chief Financial
Officer and Treasurer
|
Term of office1 and
length of time served2
|
|
Since 2004
|
Principal
occupation(s) during
past five years
|
|
Director of Legg
Mason; Chief Financial Officer and Treasurer of certain mutual funds
associated with Legg Mason; Formerly, Controller of certain mutual funds
associated with Citigroup Asset Management (CAM) (from 1999 to 2004)
|
|
CitiSM Premium Liquid
Reserves | 27
|
|
Additional information (unaudited)
continued
|
Information about Trustees and
Officers
|
|
|
|
TED P. BECKER
Legg Mason 620 Eighth Avenue New York, NY 10018
|
Birth year
|
|
1951
|
Position(s) held
with Fund1
|
|
Chief Compliance
Officer
|
Term of office1 and
length of time served2
|
|
Since 2006
|
Principal
occupation(s) during
past five years
|
|
Director of
Global Compliance at Legg Mason (since 2006); Chief Compliance Officer of
LMPFA (since 2006); Managing Director of Compliance at Legg Mason (since
2005); Chief Compliance Officer with certain mutual funds associated with
Legg Mason, LMPFA and certain affiliates (since 2006); Formerly, Managing
Director of Compliance at CAM or its predecessor (from 2002 to 2005)
|
|
JOHN CHIOTA
Legg Mason 300 First Stamford Place Stamford, CT 06902
|
Birth year
|
|
1968
|
Position(s) held
with Fund1
|
|
Chief Anti-Money
Laundering Compliance Officer
|
Term of office1 and
length of time served2
|
|
Since 2006
|
Principal
occupation(s) during
past five years
|
|
Vice President of
Legg Mason or its predecessor (since 2004); Chief Anti-Money Laundering
Compliance Officer with certain mutual funds associated with Legg Mason or
its affiliates (since 2006); Prior to August 2004, Chief AML Compliance
Officer with TD Waterhouse
|
|
ROBERT I. FRENKEL
Legg Mason 300 First Stamford Place Stamford, CT 06902
|
Birth year
|
|
1954
|
Position(s) held
with Fund1
|
|
Secretary and
Chief Legal Officer
|
Term of office1 and
length of time served2
|
|
Since 2003
|
Principal
occupation(s) during
past five years
|
|
Managing Director
and General Counsel of Global Mutual Funds for Legg Mason and its
predecessors (since 1994); Secretary and Chief Legal Officer of mutual funds
associated with Legg Mason (since 2003); Formerly, Secretary of CFM (from
2001 to 2004)
|
|
THOMAS C. MANDIA
Legg Mason 300 First Stamford Place Stamford, CT 06902
|
Birth year
|
|
1962
|
Position(s) held
with Fund1
|
|
Assistant
Secretary
|
Term of office1 and
length of time served2
|
|
Since 2000
|
Principal
occupation(s) during
past five years
|
|
Managing Director
and Deputy Counsel of Legg Mason (since 2005); Managing Director and Deputy
General Counsel for CAM (from 1992 to 2005)
|
|
28 |
CitiSM Premium Liquid Reserves
|
|
|
DAVID CASTANO
Legg Mason 55 Water Street New York, NY 10041
|
Birth year
|
|
1971
|
Position(s) held
with Fund1
|
|
Controller
|
Term of office1
and
length of time served2
|
|
Since 2007
|
Principal
occupation(s) during
past 5 years
|
|
Vice President of
Legg Mason (since 2008); Controller of certain mutual funds associated with
Legg Mason (since 2007); Formerly, Assistant Treasurer of Lord Abbett mutual
funds (from 2004 to 2006); Supervisor at UBS Global Asset Management (from
2003 to 2004); Accounting Manager at CAM (prior to 2003)
|
|
MATTHEW PLASTINA
Legg Mason 55 Water Street New York, NY 10041
|
Birth year
|
|
1970
|
Position(s) held
with Fund1
|
|
Controller
|
Term of office1
and
length of time served2
|
|
Since 2007
|
Principal
occupation(s) during
past 5 years
|
|
Vice President of
Legg Mason (since 2008); Assistant Vice President of Legg Mason or its
predecessor (since 1999); Controller of certain mutual funds associated with
Legg Mason (since 2007); Formerly, Assistant Controller of certain mutual
funds associated with Legg Mason and its predecessors (from 2002 to 2007)
|
|
|
|
1
|
Each
Trustee and Officer serves until his or her successor has been duly elected
and qualified or until his or her earlier death, resignation, retirement or
removal.
|
|
|
2
|
Indicates
the earliest year in which the Trustee or Officer became a Board Member or
Officer, as applicable, for a fund in the Legg Mason Partners fund complex.
|
|
|
3
|
Mr.
Gerken is an interested person of the Fund as defined in the 1940 Act,
because Mr. Gerken is an officer of LMPFA and certain of its affiliates.
|
CitiSM Premium Liquid Reserves | 29
Important tax information (unaudited)
The following information is provided with respect to the
distributions paid during the taxable years ended August 31, 2008.
|
|
|
|
|
|
Record Date:
|
Daily
|
Daily
|
Payable Date:
|
September 2007
through
December 2007
|
January 2008
through
August 2008
|
|
|
|
Interest from Federal Obligations
|
0.70%
|
2.14%
|
|
|
|
The law varies in each state as to whether and what
percentage of dividend income attributable to Federal obligations is exempt
from state income tax. We recommend that you consult with your tax adviser to
determine if any portion of the dividends you received is exempt from state
income taxes.
The following information is applicable to non-U.S.
resident shareholders:
75% of the ordinary income distributions paid monthly by
the Fund represent Qualified Net Interest Income and Qualified Short-Term Gain
eligible for exemption from U.S. withholding tax for nonresident aliens and
foreign corporations.
Please retain this information for your records.
30 |
CitiSM Premium Liquid Reserves
Schedule of investments
August 31, 2008
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS98.6%
|
|
|
|
|
|
|
|
Bank Notes2.3%
|
|
|
|
|
$
|
300,000,000
|
|
Bank of America N.A., 2.988% due 8/3/09(a)
|
|
$
|
300,000,000
|
|
|
|
|
Wells Fargo Bank N.A.:
|
|
|
|
|
|
250,000,000
|
|
2.430% due
9/3/08
|
|
|
250,000,000
|
|
|
300,000,000
|
|
2.430% due
9/19/08
|
|
|
300,000,000
|
|
|
100,000,000
|
|
2.500% due
10/6/08
|
|
|
100,000,000
|
|
|
308,220,000
|
|
2.561% due
6/3/09(a)
|
|
|
308,220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Bank
Notes
|
|
|
1,258,220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposit40.5%
|
|
|
|
|
|
375,000,000
|
|
Abbey National Treasury Services PLC, 3.050% due 2/6/09
|
|
|
375,000,000
|
|
|
|
|
Allied Irish Banks:
|
|
|
|
|
|
325,000,000
|
|
2.840% due
10/9/08
|
|
|
325,000,000
|
|
|
200,000,000
|
|
2.750% due
11/12/08
|
|
|
200,000,000
|
|
|
125,000,000
|
|
American Express Bank FSB, 2.720% due 9/24/08
|
|
|
125,000,000
|
|
|
250,000,000
|
|
American Express Centurion Bank, 2.830% due 9/17/08
|
|
|
250,000,000
|
|
|
|
|
Australia & New Zealand Banking Group:
|
|
|
|
|
|
100,000,000
|
|
2.730% due
10/16/08
|
|
|
100,000,000
|
|
|
100,000,000
|
|
3.060% due
12/18/08
|
|
|
100,008,880
|
|
|
|
|
Banco Bilbao Vizcaya:
|
|
|
|
|
|
250,000,000
|
|
2.815% due
9/18/08
|
|
|
250,000,000
|
|
|
100,000,000
|
|
2.800% due
11/20/08
|
|
|
100,000,000
|
|
|
150,000,000
|
|
2.805% due
11/20/08
|
|
|
150,001,643
|
|
|
250,000,000
|
|
3.190% due
12/22/08
|
|
|
250,000,000
|
|
|
250,000,000
|
|
3.100% due
1/12/09
|
|
|
250,000,000
|
|
|
|
|
Banco Santander:
|
|
|
|
|
|
125,000,000
|
|
3.000% due
10/23/08
|
|
|
125,000,000
|
|
|
100,000,000
|
|
3.090% due
12/22/08
|
|
|
100,003,048
|
|
|
225,000,000
|
|
Bank of America N.A., 2.750% due 12/1/08
|
|
|
225,000,000
|
|
|
|
|
Bank of Ireland Governor & Co.:
|
|
|
|
|
|
300,000,000
|
|
2.830% due
11/24/08
|
|
|
300,006,949
|
|
|
300,000,000
|
|
3.150% due
12/29/08
|
|
|
300,000,000
|
|
|
|
|
Bank of Montreal:
|
|
|
|
|
|
250,000,000
|
|
2.680% due
10/21/08
|
|
|
250,000,000
|
|
|
250,000,000
|
|
2.760% due
11/6/08
|
|
|
250,004,552
|
|
|
300,000,000
|
|
3.050% due
1/26/09
|
|
|
300,000,000
|
|
|
|
|
Bank of Nova Scotia:
|
|
|
|
|
|
300,000,000
|
|
2.600% due
10/1/08
|
|
|
300,000,000
|
|
|
100,000,000
|
|
2.500% due
3/6/09
|
|
|
100,000,000
|
|
|
|
|
Bank of Scotland PLC:
|
|
|
|
|
|
500,000,000
|
|
2.909% due
11/19/08(a)
|
|
|
500,000,000
|
|
|
150,000,000
|
|
2.840% due
11/21/08
|
|
|
150,000,000
|
|
|
250,000,000
|
|
3.008% due
7/6/09(a)
|
|
|
250,000,000
|
|
|
|
|
Bank of Tokyo Mitsubishi:
|
|
|
|
|
|
200,000,000
|
|
2.830% due
9/19/08
|
|
|
200,000,000
|
|
See Notes to Financial Statements.
Liquid Reserves Portfolio 2008 Annual
Report | 31
Schedule of investments continued
August 31, 2008
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposit40.5% continued
|
|
|
|
|
$
|
126,100,000
|
|
2.830% due
11/10/08
|
|
$
|
126,100,000
|
|
|
250,000,000
|
|
2.890% due
12/10/08
|
|
|
250,000,000
|
|
|
|
|
Barclays Bank PLC NY:
|
|
|
|
|
|
100,000,000
|
|
2.600% due
9/18/08
|
|
|
100,000,000
|
|
|
200,000,000
|
|
2.820% due
11/13/08
|
|
|
200,000,000
|
|
|
260,000,000
|
|
3.150% due
12/29/08
|
|
|
260,000,000
|
|
|
167,000,000
|
|
3.020% due
2/23/09
|
|
|
167,000,000
|
|
|
200,000,000
|
|
2.970% due
4/20/09
|
|
|
200,000,000
|
|
|
150,000,000
|
|
2.910% due
5/13/09(a)
|
|
|
150,000,000
|
|
|
150,000,000
|
|
3.253% due
8/11/09(a)
|
|
|
150,000,000
|
|
|
|
|
BNP Paribas NY Branch:
|
|
|
|
|
|
165,000,000
|
|
2.700% due
10/6/08
|
|
|
165,000,000
|
|
|
395,000,000
|
|
2.960% due
10/24/08
|
|
|
395,000,000
|
|
|
150,000,000
|
|
2.850% due
12/5/08
|
|
|
150,000,000
|
|
|
300,000,000
|
|
3.060% due
1/2/09
|
|
|
300,000,000
|
|
|
|
|
Calyon NY Branch:
|
|
|
|
|
|
400,000,000
|
|
2.900% due
10/1/08
|
|
|
400,000,000
|
|
|
345,000,000
|
|
2.790% due
10/8/08
|
|
|
345,000,000
|
|
|
465,000,000
|
|
3.120% due
2/9/09
|
|
|
465,000,000
|
|
|
513,000,000
|
|
Canadian Imperial Bank, 2.840% due 11/28/08
|
|
|
513,000,000
|
|
|
|
|
Citibank N.A.:
|
|
|
|
|
|
100,000,000
|
|
2.740% due
10/24/08
|
|
|
100,000,000
|
|
|
220,000,000
|
|
2.750% due
11/28/08
|
|
|
220,000,000
|
|
|
|
|
Credit Suisse New York:
|
|
|
|
|
|
200,000,000
|
|
4.010% due
1/7/09
|
|
|
200,000,000
|
|
|
250,000,000
|
|
2.951% due
3/3/09(a)
|
|
|
250,000,000
|
|
|
|
|
Depfa Bank PLC:
|
|
|
|
|
|
500,000,000
|
|
2.540% due
9/18/08
|
|
|
500,000,000
|
|
|
250,000,000
|
|
2.800% due
10/10/08
|
|
|
250,000,000
|
|
|
768,500,000
|
|
Deutsche Bank NY, 2.700% due 11/3/08
|
|
|
768,500,000
|
|
|
|
|
Dexia Credit Local SA:
|
|
|
|
|
|
200,000,000
|
|
2.820% due
10/9/08
|
|
|
200,004,192
|
|
|
300,000,000
|
|
2.840% due
11/7/08
|
|
|
300,000,000
|
|
|
250,000,000
|
|
2.830% due
11/26/08
|
|
|
250,002,965
|
|
|
|
|
Dresdner Bank AG NY:
|
|
|
|
|
|
290,500,000
|
|
2.530% due
9/12/08
|
|
|
290,500,000
|
|
|
100,000,000
|
|
2.550% due
9/30/08
|
|
|
100,000,000
|
|
|
|
|
Fortis Bank NY:
|
|
|
|
|
|
500,000,000
|
|
2.530% due
9/12/08
|
|
|
500,000,000
|
|
|
275,000,000
|
|
2.760% due
10/6/08
|
|
|
275,000,000
|
|
|
|
|
HSBC Bank USA:
|
|
|
|
|
|
100,000,000
|
|
2.810% due
12/15/08
|
|
|
100,002,889
|
|
|
366,800,000
|
|
2.950% due
1/16/09
|
|
|
366,800,000
|
|
See Notes to Financial Statements.
32 | Liquid Reserves Portfolio
2008 Annual Report
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposit40.5% continued
|
|
|
|
|
|
|
|
Intesa San Paulo SpA NY:
|
|
|
|
|
$
|
250,000,000
|
|
2.923% due
3/5/09(a)
|
|
$
|
250,000,000
|
|
|
242,500,000
|
|
3.210% due
4/22/09
|
|
|
242,500,000
|
|
|
|
|
Istituto Bancario SA:
|
|
|
|
|
|
100,000,000
|
|
3.300% due
5/6/09
|
|
|
100,000,000
|
|
|
325,000,000
|
|
3.670% due
6/11/09
|
|
|
325,000,000
|
|
|
100,000,000
|
|
Landesbank Baden-Wuerttemberg, 2.960% due 11/12/08
|
|
|
100,000,993
|
|
|
500,000,000
|
|
Lloyds Bank PLC, 2.620% due 10/8/08
|
|
|
500,000,000
|
|
|
150,000,000
|
|
Nordea Bank Finland NY, 4.670% due 11/5/08
|
|
|
150,482,636
|
|
|
248,650,000
|
|
PNC Bank N.A., 3.015% due 2/23/09(a)
|
|
|
248,650,000
|
|
|
|
|
Rabobank Nederland NY:
|
|
|
|
|
|
500,000,000
|
|
2.670% due
10/28/08
|
|
|
500,000,000
|
|
|
300,000,000
|
|
3.010% due
2/13/09
|
|
|
300,000,000
|
|
|
|
|
Royal Bank of Canada NY:
|
|
|
|
|
|
200,000,000
|
|
2.410% due
9/19/08
|
|
|
200,000,000
|
|
|
102,788,000
|
|
5.290% due
2/2/09
|
|
|
103,726,622
|
|
|
125,000,000
|
|
Royal Bank of Scotland NY, 3.180% due 12/12/08
|
|
|
125,000,000
|
|
|
150,000,000
|
|
Skandinaviska Enskilda Banken, 2.875% due 12/4/08
|
|
|
149,990,170
|
|
|
|
|
Societe Generale NY:
|
|
|
|
|
|
200,000,000
|
|
2.900% due
9/19/08
|
|
|
200,000,993
|
|
|
250,000,000
|
|
2.830% due
10/8/08
|
|
|
250,000,000
|
|
|
|
|
Svenska Handelsbanken AB:
|
|
|
|
|
|
499,000,000
|
|
2.720% due
11/10/08
|
|
|
499,000,000
|
|
|
192,000,000
|
|
2.730% due
11/28/08
|
|
|
192,000,000
|
|
|
175,000,000
|
|
Svenska Handelsbanken NY, 5.005% due 10/9/08
|
|
|
175,000,879
|
|
|
|
|
Toronto Dominion Bank NY:
|
|
|
|
|
|
200,000,000
|
|
2.500% due
9/24/08
|
|
|
200,000,000
|
|
|
300,000,000
|
|
2.830% due
11/24/08
|
|
|
300,000,000
|
|
|
300,000,000
|
|
3.060% due
1/7/09
|
|
|
300,000,000
|
|
|
100,000,000
|
|
3.020% due
2/17/09
|
|
|
100,000,000
|
|
|
|
|
UBS AG Stamford CT:
|
|
|
|
|
|
102,000,000
|
|
2.700% due
9/9/08
|
|
|
102,004,676
|
|
|
150,000,000
|
|
5.030% due
9/15/08
|
|
|
150,000,000
|
|
|
300,000,000
|
|
2.520% due
9/30/08
|
|
|
300,002,412
|
|
|
150,000,000
|
|
2.580% due
9/30/08
|
|
|
150,001,205
|
|
|
|
|
Unicredito Italiano SpA NY:
|
|
|
|
|
|
125,000,000
|
|
2.700% due
9/11/08
|
|
|
125,000,000
|
|
|
200,000,000
|
|
4.720% due
9/15/08
|
|
|
200,000,751
|
|
|
100,000,000
|
|
2.510% due
9/22/08
|
|
|
100,000,582
|
|
|
|
|
Wachovia Bank N.A.:
|
|
|
|
|
|
175,000,000
|
|
4.500% due
12/1/08
|
|
|
175,000,000
|
|
|
250,000,000
|
|
3.100% due
12/29/08
|
|
|
250,000,000
|
|
|
145,000,000
|
|
3.005% due
1/27/09(a)
|
|
|
145,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Certificates
of Deposit
|
|
|
22,040,297,037
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
Liquid Reserves Portfolio 2008 Annual
Report | 33
Schedule of investments continued
August 31, 2008
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper23.2%
|
|
|
|
|
$
|
100,000,000
|
|
ABN Amro Bank NV, 2.713% due 9/8/08(b)
|
|
$
|
99,947,889
|
|
|
300,000,000
|
|
Allied Irish Banks PLC, 2.856% due 9/8/08(b)(c)
|
|
|
299,835,792
|
|
|
|
|
ANZ National International Ltd.:
|
|
|
|
|
|
100,000,000
|
|
2.800% due
11/26/08(b)(c)
|
|
|
99,335,889
|
|
|
100,000,000
|
|
2.912% due
12/10/08(b)(c)
|
|
|
99,202,778
|
|
|
179,136,718
|
|
Atlantic East Funding
LLC, 2.820% due 3/25/09(a)(d)(e)
|
|
|
162,530,744
|
|
|
100,000,000
|
|
Australia & New Zealand Banking Group, 2.717% due 11/12/08(b)(c)
|
|
|
99,464,000
|
|
|
|
|
Bank of America Corp.:
|
|
|
|
|
|
250,000,000
|
|
2.941% due
11/25/08(b)
|
|
|
248,285,243
|
|
|
250,000,000
|
|
3.020% due
2/2/09(b)
|
|
|
246,818,403
|
|
|
150,000,000
|
|
2.902% due
3/2/09(b)
|
|
|
147,846,333
|
|
|
300,000,000
|
|
Bank of Ireland, 2.705% due 9/12/08(b)(c)
|
|
|
299,754,333
|
|
|
|
|
BNZ International Funding Ltd.:
|
|
|
|
|
|
125,000,000
|
|
2.781% due
9/8/08(b)(c)
|
|
|
124,933,038
|
|
|
250,000,000
|
|
2.898% due
11/10/08(b)(c)
|
|
|
248,604,862
|
|
|
100,000,000
|
|
2.893% due
11/20/08(b)(c)
|
|
|
99,366,667
|
|
|
100,000,000
|
|
3.015% due
12/29/08(b)(c)
|
|
|
99,018,250
|
|
|
100,000,000
|
|
CBA (Delaware) Finance Inc., 2.779% due 11/19/08(b)
|
|
|
99,398,722
|
|
|
200,000,000
|
|
Citigroup Funding Inc., 2.976% due 9/5/08(b)
|
|
|
199,934,889
|
|
|
250,000,000
|
|
Credit Suisse New York, 3.047% due 1/16/09(b)
|
|
|
247,145,834
|
|
|
|
|
Danske Corp.:
|
|
|
|
|
|
175,000,000
|
|
2.506% due
9/16/08(b)(c)
|
|
|
174,817,708
|
|
|
250,000,000
|
|
2.800% due
9/18/08(b)(c)
|
|
|
249,671,806
|
|
|
250,000,000
|
|
3.041% due
4/9/09(a)(c)
|
|
|
250,000,000
|
|
|
350,000,000
|
|
Depfa Bank PLC, 2.558% due 9/30/08(b)(c)
|
|
|
349,281,042
|
|
|
|
|
Dexia Delaware:
|
|
|
|
|
|
100,000,000
|
|
2.800% due
10/9/08(b)
|
|
|
99,706,556
|
|
|
100,000,000
|
|
2.800% due
10/10/08(b)
|
|
|
99,698,833
|
|
|
150,000,000
|
|
Dresdner U.S. Finance, 2.748% due 10/15/08(b)
|
|
|
149,498,583
|
|
|
500,000,000
|
|
General Electric Capital Corp., 2.861% due 2/4/09(b)
|
|
|
493,890,001
|
|
|
|
|
ING Funding LLC:
|
|
|
|
|
|
300,000,000
|
|
2.410% due
9/22/08(b)
|
|
|
299,583,500
|
|
|
195,000,000
|
|
3.005% due
10/28/08(b)
|
|
|
194,086,100
|
|
|
100,000,000
|
|
3.036% due
1/2/09(b)
|
|
|
98,978,416
|
|
|
100,000,000
|
|
3.043% due
1/9/09(b)
|
|
|
98,918,472
|
|
|
112,800,000
|
|
3.078% due
1/16/09(b)
|
|
|
111,507,907
|
|
|
347,556,462
|
|
Issuer Entity LLC, 3.479% - 3.489% due 10/30/08(a)(e)(f)(k)
|
|
|
139,022,585
|
|
|
|
|
JPMorgan Chase:
|
|
|
|
|
|
400,000,000
|
|
2.737% due
12/2/08(b)
|
|
|
397,240,000
|
|
|
150,000,000
|
|
2.775% due
12/10/08(b)
|
|
|
148,854,166
|
|
|
400,000,000
|
|
3.000% due
2/2/09(b)
|
|
|
394,943,668
|
|
|
100,000,000
|
|
KBC Financial Products International, 2.918% due 11/4/08(b)(c)
|
|
|
99,486,222
|
|
|
|
|
Landesbank Baden-Wuerttemberg:
|
|
|
|
|
|
350,000,000
|
|
2.505% due
9/15/08(b)
|
|
|
349,659,722
|
|
See Notes to Financial Statements.
34 | Liquid Reserves Portfolio
2008 Annual
Report
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper23.2% continued
|
|
|
|
|
$
|
150,000,000
|
|
2.506% due
9/23/08(b)
|
|
$
|
149,770,833
|
|
|
350,000,000
|
|
2.505% due
9/26/08(b)
|
|
|
349,392,360
|
|
|
100,000,000
|
|
National Australia Funding, 2.728% due 10/15/08(b)(c)
|
|
|
99,668,778
|
|
|
600,000,000
|
|
Natixis, 2.485% due 9/15/08(b)(c)
|
|
|
599,421,332
|
|
|
300,000,000
|
|
Nordea N.A., 2.700% due 11/21/08(b)
|
|
|
298,191,000
|
|
|
|
|
Royal Bank of Scotland PLC:
|
|
|
|
|
|
100,000,000
|
|
2.474% due
9/11/08(b)(c)
|
|
|
99,931,389
|
|
|
300,000,000
|
|
3.000% due
10/24/08(b)
|
|
|
298,694,875
|
|
|
84,306,000
|
|
San Paolo IMI U.S. Financial Co., 2.777% due 11/17/08(b)
|
|
|
83,808,313
|
|
|
|
|
Skandinaviska Enskilda Banken:
|
|
|
|
|
|
250,000,000
|
|
2.673% due
9/8/08(b)(c)
|
|
|
249,871,181
|
|
|
175,000,000
|
|
2.800% due
9/18/08(b)(c)
|
|
|
174,770,264
|
|
|
350,000,000
|
|
3.149% due
12/10/08(b)(c)
|
|
|
346,986,112
|
|
|
63,700,000
|
|
3.114% due
2/6/09(b)(c)
|
|
|
62,841,713
|
|
|
|
|
Societe Generale N.A.:
|
|
|
|
|
|
275,000,000
|
|
3.046% due
10/30/08(b)
|
|
|
273,647,917
|
|
|
300,000,000
|
|
2.806% due
11/12/08(b)
|
|
|
298,329,000
|
|
|
|
|
Swedbank:
|
|
|
|
|
|
120,000,000
|
|
2.747% due
9/4/08(b)
|
|
|
119,972,850
|
|
|
175,000,000
|
|
3.078% due
10/27/08(b)
|
|
|
174,175,167
|
|
|
125,000,000
|
|
3.078% due
10/28/08(b)
|
|
|
124,400,312
|
|
|
|
|
Toyota Motor Credit Corp.:
|
|
|
|
|
|
121,500,000
|
|
2.639% due
11/17/08(b)
|
|
|
120,819,128
|
|
|
300,000,000
|
|
2.639% due
11/18/08(b)
|
|
|
298,297,000
|
|
|
|
|
UniCredito Italiano Bank (Ireland):
|
|
|
|
|
|
91,200,000
|
|
2.930% due
11/20/08(b)(c)
|
|
|
90,610,240
|
|
|
175,000,000
|
|
2.937% due
11/28/08(b)(c)
|
|
|
173,753,028
|
|
|
|
|
Westpac Banking Corp.:
|
|
|
|
|
|
400,000,000
|
|
2.739% due
11/13/08(b)(c)
|
|
|
397,793,778
|
|
|
200,000,000
|
|
2.656% due
11/17/08(b)(c)
|
|
|
198,879,222
|
|
|
200,000,000
|
|
2.666% due
11/19/08(b)(c)
|
|
|
198,845,722
|
|
|
200,000,000
|
|
2.729% due
11/28/08(b)(c)
|
|
|
198,675,112
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial
Paper
|
|
|
12,601,815,579
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds & Notes3.0%
|
|
|
|
|
|
243,500,000
|
|
Australia & New Zealand Banking Group, 2.892% due 7/31/09(a)(c)
|
|
|
243,500,000
|
|
|
80,820,000
|
|
Credit Suisse First Boston (USA) Inc., Notes, 4.700% due
6/1/09
|
|
|
81,337,019
|
|
|
125,000,000
|
|
ING Bank NV, 3.059% due 3/26/09(a)(c)
|
|
|
125,000,000
|
|
|
275,000,000
|
|
Nordea Bank AB, 3.149% due 8/24/09(a)(c)
|
|
|
275,000,000
|
|
|
225,000,000
|
|
Rabobank Nederland NV, 2.993% due 4/30/09(a)(c)
|
|
|
224,984,019
|
|
|
150,000,000
|
|
Royal Bank of Canada, 3.104% due 5/15/09(a)(c)
|
|
|
150,000,000
|
|
|
150,000,000
|
|
Royal Bank of Scotland Group PLC, 2.963% due 9/18/08(a)(c)
|
|
|
150,000,000
|
|
|
242,019,322
|
|
Steers Delaware Business Trust, Senior Secured Notes,
|
|
|
|
|
|
|
|
2.490% due 9/29/08(a)(c)(e)
|
|
|
242,019,322
|
|
See Notes to Financial Statements.
Liquid Reserves Portfolio 2008 Annual
Report | 35
Schedule of investments continued
August 31, 2008
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds & Notes3.0% continued
|
|
|
|
|
$
|
125,000,000
|
|
Svenska Handelsbanken AB, 3.150% due 5/26/09(a)(c)
|
|
$
|
125,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
& Notes
|
|
|
1,616,840,360
|
|
|
|
|
|
|
|
|
|
|
|
|
Master Note2.5%
|
|
|
|
|
|
1,353,000,000
|
|
Morgan Stanley Collateralized Master Note Purchase Agreement,
|
|
|
|
|
|
|
|
2.925% due 9/2/08(a)(e)(m)
|
|
|
1,353,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium-Term Notes4.5%
|
|
|
|
|
|
124,000,000
|
|
ANZ National International Ltd., 2.916% due 2/9/09(a)(c)
|
|
|
124,000,000
|
|
|
|
|
Axon Financial Funding LLC:
|
|
|
|
|
|
325,000,000
|
|
2.589% due
10/15/08(b)(e)(f)(g)(h)
|
|
|
228,865,000
|
|
|
100,000,000
|
|
2.644% due
10/15/08(b)(e)(f)(g)(h)
|
|
|
70,420,000
|
|
|
200,000,000
|
|
2.651% due
10/15/08(b)(e)(f)(g)(h)
|
|
|
140,840,000
|
|
|
225,000,000
|
|
2.885% due
10/15/08(b)(e)(f)(g)(h)
|
|
|
158,445,000
|
|
|
200,000,000
|
|
5.420% due
10/15/08(b)(e)(f)(g)(h)
|
|
|
140,840,000
|
|
|
97,000,000
|
|
5.425% due
10/15/08(b)(e)(f)(g)(h)
|
|
|
68,307,400
|
|
|
3,796,454
|
|
Cheyne Finance LLC, 0.000%, 8/23/09(d)(e)(i)
|
|
|
3,796,454
|
|
|
222,875,000
|
|
Citigroup Funding Inc., 3.678% due 5/8/09(a)
|
|
|
222,852,406
|
|
|
100,000,000
|
|
Commonwealth Bank of Australia, 3.051% due 8/3/09(a)(c)
|
|
|
100,000,000
|
|
|
442,459,094
|
|
Gryphon Funding Ltd., 2.840% due 8/23/09(a)(d)(e)(i)
|
|
|
242,246,354
|
|
|
150,000,000
|
|
HSBC USA Inc., 3.188% due 5/15/09(a)
|
|
|
150,000,000
|
|
|
100,000,000
|
|
ING USA Global Funding Trust, Medium-Term Notes,
|
|
|
|
|
|
|
|
3.143% due 6/19/09(a)
|
|
|
100,000,000
|
|
|
250,000,000
|
|
Royal Bank of Scotland PLC, 2.630% due 3/4/09(a)(c)
|
|
|
250,000,000
|
|
|
248,500,000
|
|
Toyota Motor Credit Corp., 2.481% due 10/6/08(a)
|
|
|
248,483,421
|
|
|
135,900,000
|
|
Wells Fargo Co., 2.521% due 10/31/08(a)
|
|
|
135,892,264
|
|
|
75,000,000
|
|
White Pine Finance LLC, 2.225% due 10/15/08(b)(e)(g)(j)
|
|
|
75,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medium-Term
Notes
|
|
|
2,459,988,299
|
|
|
|
|
|
|
|
|
|
|
|
|
Promissory Notes1.0%
|
|
|
|
|
|
300,000,000
|
|
Goldman Sachs Group Inc., 4.750% due 9/16/08(c)(e)
|
|
|
300,000,000
|
|
|
250,000,000
|
|
Goldman Sachs Group Inc., 3.163% due 12/15/08(a)(e)
|
|
|
250,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Promissory
Notes
|
|
|
550,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Deposits3.3%
|
|
|
|
|
|
250,600,000
|
|
Bank of Tokyo, 2.080% due 9/2/08
|
|
|
250,600,000
|
|
|
185,000,000
|
|
Barclays Bank PLC NY, 2.080% due 9/2/08
|
|
|
185,000,000
|
|
|
|
|
Commerzbank Grand Cayman:
|
|
|
|
|
|
434,769,000
|
|
2.100% due
9/2/08
|
|
|
434,769,000
|
|
|
294,259,000
|
|
2.130% due
9/2/08
|
|
|
294,259,000
|
|
|
598,236,000
|
|
Societe Generale Grand Cayman, 2.125% due 9/2/08
|
|
|
598,236,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Time
Deposits
|
|
|
1,762,864,000
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agencies17.4%
|
|
|
|
|
|
180,000,000
|
|
Federal Farm Credit Bank (FFCB), Bonds, 2.380% due 5/6/09
|
|
|
180,000,000
|
|
|
|
|
Federal Home Loan Bank (FHLB):
|
|
|
|
|
|
|
|
Bonds:
|
|
|
|
|
|
115,000,000
|
|
2.291% due
12/3/08(a)
|
|
|
115,000,000
|
|
See Notes to Financial Statements.
36 | Liquid Reserves Portfolio 2008 Annual
Report
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Agencies17.4% continued
|
|
|
|
|
$
|
200,000,000
|
|
2.080% due
1/30/09(a)
|
|
$
|
200,000,000
|
|
|
124,500,000
|
|
2.290% due
4/3/09(a)
|
|
|
124,500,000
|
|
|
200,000,000
|
|
2.470% due
4/21/09
|
|
|
200,038,137
|
|
|
200,000,000
|
|
2.355% due
6/10/09(a)
|
|
|
200,000,000
|
|
|
200,000,000
|
|
2.120% due
8/7/09(a)
|
|
|
200,000,000
|
|
|
350,000,000
|
|
2.402% due
8/27/09(a)
|
|
|
349,931,587
|
|
|
300,000,000
|
|
2.390% due
12/28/09(a)
|
|
|
299,822,900
|
|
|
175,000,000
|
|
2.230% due
3/26/10(a)
|
|
|
175,000,000
|
|
|
200,000,000
|
|
Discount Notes, 2.766%
due 2/13/09(b)
|
|
|
197,499,333
|
|
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC)(n):
|
|
|
|
|
|
|
|
Discount Notes:
|
|
|
|
|
|
200,000,000
|
|
2.286% due
11/24/08(b)
|
|
|
198,945,333
|
|
|
375,000,000
|
|
2.429% - 2.491% due
12/8/08(b)
|
|
|
372,517,333
|
|
|
558,194,000
|
|
2.593% - 2.686% due
12/22/08(b)
|
|
|
553,639,095
|
|
|
237,384,000
|
|
2.532% - 2.572% due
1/5/09(b)
|
|
|
235,292,890
|
|
|
250,000,000
|
|
2.752% due
2/23/09(b)
|
|
|
246,706,598
|
|
|
650,000,000
|
|
2.740% due
2/27/09(b)
|
|
|
641,273,750
|
|
|
145,340,000
|
|
2.799% due
3/23/09(b)
|
|
|
143,086,220
|
|
|
256,125,000
|
|
2.182% - 2.244% due
3/30/09(b)
|
|
|
252,873,927
|
|
|
250,000,000
|
|
Notes, 2.383% due 10/7/09(a)
|
|
|
250,000,000
|
|
|
|
|
Federal National Mortgage Association (FNMA)(n):
|
|
|
|
|
|
|
|
Discount Notes:
|
|
|
|
|
|
175,000,000
|
|
2.317% - 2.327% due
11/26/08(b)
|
|
|
174,040,264
|
|
|
100,000,000
|
|
2.327% due
12/3/08(b)
|
|
|
99,405,833
|
|
|
248,000,000
|
|
2.704% due
12/10/08(b)
|
|
|
246,157,222
|
|
|
171,000,000
|
|
2.629% due
12/17/08(b)
|
|
|
169,678,550
|
|
|
799,700,000
|
|
2.724% - 2.803% due
12/22/08(b)
|
|
|
792,900,918
|
|
|
144,277,000
|
|
2.593% due
12/24/08(b)
|
|
|
143,107,394
|
|
|
157,000,000
|
|
2.531% due
12/31/08(b)
|
|
|
155,680,764
|
|
|
327,111,000
|
|
2.572% - 2.593% due
1/7/09(b)
|
|
|
324,146,702
|
|
|
270,750,000
|
|
2.717% due
1/14/09(b)
|
|
|
268,028,962
|
|
|
50,000,000
|
|
2.597% due
1/30/09(b)
|
|
|
49,463,111
|
|
|
300,000,000
|
|
2.688% due
2/9/09(b)
|
|
|
296,444,584
|
|
|
75,000,000
|
|
2.193% due
2/27/09(b)
|
|
|
74,198,229
|
|
|
200,000,000
|
|
2.164% - 2.244% due
3/27/09(b)
|
|
|
197,534,687
|
|
|
82,250,000
|
|
2.995% due
8/7/09(b)
|
|
|
79,989,496
|
|
|
|
|
Notes:
|
|
|
|
|
|
133,800,000
|
|
2.080% due
1/16/09(a)
|
|
|
133,800,000
|
|
|
150,000,000
|
|
2.060% due
1/23/09(a)
|
|
|
149,994,082
|
|
|
336,750,000
|
|
2.230% due
9/3/09(a)
|
|
|
336,750,000
|
|
|
180,000,000
|
|
2.210% due
10/7/09(a)
|
|
|
179,969,705
|
|
|
200,000,000
|
|
2.736% due
1/21/10(a)
|
|
|
200,000,000
|
|
|
250,000,000
|
|
2.733% due
2/8/10(a)
|
|
|
249,924,932
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S.
Government Agencies
|
|
|
9,457,342,538
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
Liquid Reserves Portfolio 2008 Annual
Report | 37
Schedule of investments continued
August 31, 2008
|
|
|
|
|
|
|
|
LIQUID RESERVES PORTFOLIO
|
FACE
AMOUNT
|
|
SECURITY
|
|
VALUE*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement0.9%
|
|
|
|
|
$
|
500,000,000
|
|
Interest in $500,000,000 joint tri-party repurchase
|
|
|
|
|
|
|
|
agreement dated 8/29/08 with Barclays Capital Inc.,
|
|
|
|
|
|
|
|
2.120% due 9/2/08; Proceeds at maturity$500,117,778;
|
|
|
|
|
|
|
|
(Fully collateralized by various U.S. government agency
|
|
|
|
|
|
|
|
obligations, 2.250% - 5.000% due 10/2/09 to 4/30/18;
|
|
|
|
|
|
|
|
Market value$510,000,745)
|
|
$
|
500,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS BEFORE AGREEMENTS
|
|
|
|
|
|
|
|
(Cost$54,150,450,931)
|
|
|
53,600,367,813
|
|
|
|
|
|
|
AGREEMENTS WITH AFFILIATES(l) 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Letter Agreements (Cost$0)(i)0.3%
|
|
|
150,000,000
|
|
|
|
|
Capital Support Agreements (Cost$0)(f)0.7%
|
|
|
400,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL AGREEMENTS (Cost$0)
|
|
|
550,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS99.6% (Cost$54,150,450,931#)
|
|
|
54,150,367,813
|
|
|
|
|
Other Assets in Excess of Liabilities0.4%
|
|
|
221,481,262
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS100.0%
|
|
$
|
54,371,849,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Reflects amortized cost value, unless otherwise noted.
|
|
|
(a)
|
Variable rate security. Interest rate disclosed is that which
is in effect at August 31, 2008.
|
|
|
(b)
|
Rate shown represents yield-to-maturity.
|
|
|
(c)
|
Security is exempt from registration under Rule 144A of the
Securities Act of 1933. This security may be resold in transactions that are
exempt from registration, normally to qualified institutional buyers. This
security has been deemed liquid pursuant to guidelines approved by the Board
of Trustees, unless otherwise noted.
|
|
|
(d)
|
The Portfolio received partial principal payments. The
Portfolios Board of Trustees has determined that it is currently in its best
interest to continue to hold these securities.
|
|
|
(e)
|
Illiquid security.
|
|
|
(f)
|
The value shown is the fair market value as of August 31,
2008. The Axon Financial Funding LLC and Issuer Entity LLC securities are
supported by Capital Support Agreements (see Note 3).
|
|
|
(g)
|
Date shown is the date of the next interest rate change,
because both principal and interest are currently in default.
|
|
|
(h)
|
On November 20, 2007, an insolvency event was declared. The
Portfolios Board of Trustees has determined that it is currently in its best
interest to continue to hold these securities.
|
|
|
(i)
|
The value shown is the fair market value as of August 31,
2008. Cheyne Finance LLC and Gryphon Funding Ltd. are supported by a Letter
of Credit and Letter Agreement (see Note 3).
|
|
|
(j)
|
On February 12, 2008 an insolvency event was declared. The
Portfolios Board of Trustees has determined that it is currently in its best
interest to continue to hold these securities.
|
|
|
(k)
|
The Portfolio received partial principal payments. The
Portfolios Board of Trustees has determined that it is currently in its best
interest to continue to hold this security.
|
|
|
(l)
|
Agreements are with subsidiaries of legg Mason Inc., the
parent of legg Mason Partners Fund Advisor, LLC, the Portfolios Advisor.
|
|
|
(m)
|
Final Maturity date is July 14, 2009.
|
|
|
(n)
|
On September 7, 2008, the Federal Housing Finance Agency placed
Fannie Mae and Freddie Mac into Conservatorship.
|
|
|
#
|
Aggregate cost for federal income tax purposes is
$54,059,428,644.
|
See Notes to Financial Statements.
38 | Liquid
Reserves Portfolio 2008 Annual Report
Statement of assets and liabilities
Liquid
Reserves Portfolio
August 31, 2008
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investments, at value
(Cost$54,150,450,931)*
|
|
$
|
53,600,367,813
|
|
Letter and capital support agreements
with affiliates*
|
|
|
550,000,000
|
|
Cash
|
|
|
992
|
|
Interest receivable
|
|
|
226,030,895
|
|
Principal paydown receivable
|
|
|
6,919
|
|
Prepaid expenses
|
|
|
333,780
|
|
|
|
|
|
|
Total
Assets
|
|
|
54,376,740,399
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
Investment management fee
payable
|
|
|
4,612,845
|
|
Trustees fees payable
|
|
|
57,778
|
|
Accrued expenses
|
|
|
220,701
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
4,891,324
|
|
|
|
|
|
|
TOTAL NET ASSETS
|
|
$
|
54,371,849,075
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
Paid-in-capital
|
|
$
|
54,519,446,596
|
|
Net unrealized depreciation on certain investments in
Structured Investment Vehicles (Note 3)
|
|
|
(147,597,521
|
)
|
|
|
|
|
|
TOTAL NET ASSETS
|
|
$
|
54,371,849,075
|
|
|
|
|
|
|
* See
Note 3 Capital Support Agreements.
See Notes to Financial Statements.
Liquid Reserves Portfolio 2008 Annual
Report | 39
Statement of operations
Liquid
Reserves Portfolio
For the Year Ended August 31, 2008
|
|
|
|
|
|
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
Interest
|
|
$
|
1,906,296,980
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
Investment management fee (Note
2)
|
|
|
47,050,447
|
|
Legal fees
|
|
|
789,516
|
|
Insurance
|
|
|
774,744
|
|
Trustees fees
|
|
|
709,689
|
|
Custody fees
|
|
|
319,597
|
|
Audit and tax
|
|
|
35,467
|
|
Miscellaneous expenses
|
|
|
63,559
|
|
|
|
|
|
|
Total Expenses
|
|
|
49,743,019
|
|
Less: Fee waivers and/or expense
reimbursements (Note 2)
|
|
|
(12,773,898
|
)
|
Fees paid indirectly (Note 1)
|
|
|
(319
|
)
|
|
|
|
|
|
Net Expenses
|
|
|
36,968,802
|
|
|
|
|
|
|
NET INVESTMENT INCOME
|
|
|
1,869,328,178
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTES 1 AND 3)
|
|
|
|
|
Net Realized Gain (Loss) on
Investments:
|
|
|
|
|
Investment transactions
|
|
|
(159,837,272
|
)
|
Capital support agreements (Note
3)
|
|
|
147,514,403
|
|
|
|
|
|
|
Net Realized Loss
|
|
|
(12,322,869
|
)
|
|
|
|
|
|
Unrealized Appreciation/Depreciation
From Investments:
|
|
|
|
|
Investments on certain Structured
Investment Vehicles (Note 3)
|
|
|
(550,083,118
|
)
|
Capital support agreements (Note
3)
|
|
|
402,485,597
|
|
|
|
|
|
|
Net Unrealized
Appreciation/Depreciation (Note 3)
|
|
|
(147,597,521
|
)
|
|
|
|
|
|
NET LOSS ON INVESTMENTS
|
|
|
(159,920,390
|
)
|
|
|
|
|
|
INCREASE IN NET ASSETS FROM
OPERATIONS
|
|
$
|
1,709,407,788
|
|
|
|
|
|
|
See Notes to Financial Statements.
40 | Liquid Reserves Portfolio 2008 Annual
Report
Statements of changes in net assets
Liquid
Reserves Portfolio
|
|
|
|
|
|
|
|
FOR THE YEARS ENDED AUGUST 31,
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
1,869,328,178
|
|
$
|
2,615,353,014
|
|
Net realized gain (loss)
|
|
|
(12,322,869
|
)
|
|
2,930,294
|
|
Net unrealized
appreciation/depreciation
|
|
|
(147,597,521
|
)
|
|
|
|
|
|
|
|
|
|
Increase in Net
Assets From Operations
|
|
|
1,709,407,788
|
|
|
2,618,283,308
|
|
|
|
|
|
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
Proceeds from contributions
|
|
|
152,547,566,033
|
|
|
122,167,268,706
|
|
Value of withdrawals
|
|
|
(150,530,100,014
|
)
|
|
(106,370,917,949
|
)
|
|
|
|
|
|
|
Increase in Net
Assets From Capital Transactions
|
|
|
2,017,466,019
|
|
|
15,796,350,757
|
|
|
|
|
|
|
|
INCREASE IN NET ASSETS
|
|
|
3,726,873,807
|
|
|
18,414,634,065
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
50,644,975,268
|
|
|
32,230,341,203
|
|
|
|
|
|
|
|
End of year
|
|
$
|
54,371,849,075
|
|
$
|
50,644,975,268
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
Liquid Reserves Portfolio 2008 Annual
Report | 41
Financial highlights
Liquid
Reserves Portfolio
|
FOR THE YEARS ENDED AUGUST 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS,
END OF YEAR (MILLIONS)
|
|
$
|
54,372
|
|
$
|
50,645
|
|
$
|
32,230
|
|
$
|
44,789
|
|
$
|
37,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
return1
|
|
|
4.00
|
%
|
|
5.40
|
%
|
|
4.53
|
%
|
|
2.54
|
%
|
|
1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS TO AVERAGE NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross expenses
|
|
|
0.11
|
%
|
|
0.10
|
%2
|
|
0.12
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
Net
expenses3,4,5
|
|
|
0.08
|
|
|
0.09
|
2
|
|
0.09
|
|
|
0.10
|
|
|
0.10
|
|
Net investment
income
|
|
|
3.97
|
|
|
5.26
|
|
|
4.33
|
|
|
2.57
|
|
|
1.09
|
|
|
|
1
|
Performance figures
may reflect fee waivers and/or expense reimbursements. In the absence of fee
waivers and/or expense reimbursements, the total return would have been
lower. Past performance is no guarantee of future results.
|
|
|
2
|
Included in the
expense ratios are certain non-recurring restructuring (and reorganization,
if applicable) fees that were incurred by the Portfolio during the period.
Without these fees, the gross and net expense ratios would have been the
same.
|
|
|
3
|
There was no impact
to the expense ratio as a result of fees paid indirectly.
|
|
|
4
|
As a result of a
voluntary expense limitation, the ratio of expenses, other than interest,
brokerage, taxes and extraordinary expenses, to average net assets of the
Portfolio will not exceed 0.10%.
|
|
|
5
|
Reflects fee waivers
and/or expense reimbursements.
|
|
|
|
If the Portfolio had
not entered into the Letter and Capital Support Agreements, the total return
would have been lower.
|
See Notes to Financial Statements.
42 | Liquid
Reserves Portfolio 2008 Annual Report
Notes to financial statements
1. Organization and significant
accounting policies
Liquid
Reserves Portfolio (the Portfolio) is a separate investment series of Master
Portfolio Trust (the Trust). The Trust, a Maryland business trust, is
registered under the Investment Company Act of 1940, as amended (the 1940
Act), as an open-end management investment company. The Declaration of Trust
permits the Trustees to issue beneficial interests in the Portfolio. At August
31, 2008, all investors in the Portfolio were funds advised or administered by
the manager of the Portfolio and/or its affiliates.
The
following are significant accounting policies consistently followed by the
Portfolio and are in conformity with U.S. generally accepted accounting
principles (GAAP). Estimates and assumptions are required to be made
regarding assets, liabilities and changes in net assets resulting from
operations when financial statements are prepared. Changes in the economic
environment, financial markets and any other parameters used in determining
these estimates could cause actual results to differ.
(a) Investment valuation. Money market instruments are
valued at amortized cost, in accordance with Rule 2a-7 under the 1940 Act,
which approximates market value. This method involves valuing portfolio
securities at their cost and thereafter assuming a constant amortization to
maturity of any discount or premium. The Portfolios use of amortized cost is
subject to its compliance with certain conditions as specified by Rule 2a-7 under
the 1940 Act.
As of the
date of this report, the Portfolio continued to meet the requirements of Rule
2a-7 that permit the Portfolio to utilize amortized cost to value its
securities, except that certain investments in structured securities (such as
those issued by Structured Investment Vehicles or SIVs) are carried at fair
value in the Schedule of Investments. When prices are not readily available, or
are determined not to reflect fair value, such as when the value of a security
has been significantly affected by an event, the Portfolio may value these
securities at fair value as determined in accordance with the procedures
approved by the Board of Trustees. These SIVs were subject to specific events
of default or insolvency which triggered the use of fair value. Concurrently
the Portfolio recognized the fair value of the related Letter Agreement and
Credit Support Agreements (see Note 3) entered
into between the Portfolio and affiliates of the Portfolio. The related net
realized and unrealized appreciation/depreciation on the SIVs, the Letter
Agreements and Credit Support Agreement are reflected in the Statement of
Operations.
(b) Interest income and expenses. Interest income consists of
interest accrued and discount earned (including both original issue and market
discount adjusted for amortization of premium) on the investments of the
Portfolio. Expenses of the Portfolio are accrued daily. The Portfolio bears all
costs of its operations other than expenses specifically assumed by the
manager.
(c) Credit and market risk. Investments in structured
securities or SIVs which are collateralized by residential real estate
mortgages are subject to certain
Liquid Reserves Portfolio 2008 Annual Report | 43
Notes to
financial statements continued
credit and
liquidity risks. When market conditions result in an increase in default rates
of the underlying mortgages and the foreclosure values of underlying real
estate properties are materially below the outstanding amount of these
underlying mortgages, collection of the full amount of accrued interest and
principal on these investments may be doubtful. Such market conditions may
significantly impair the value of these investments resulting in a lack of
correlation between their credit ratings and values.
(d) Fees paid indirectly. The Portfolios custody fees
are reduced according to a fee arrangement, which provides for a reduction
based on the level of cash deposited with the custodian by the Portfolio. If
material, the amount is shown as a reduction of expenses on the Statement of
Operations
(e) Other. Purchases,
maturities and sales of money market instruments are accounted for on the date
of the transaction. Realized gains and losses are calculated on the identified
cost basis.
(f) Income taxes. The Portfolio is classified
as a partnership for Federal income tax purposes. As such, each investor in the
Portfolio is treated as owner of its proportionate share of the net assets,
income, expenses and realized and unrealized gains and losses of the Portfolio.
Therefore, no Federal income tax provision is required. It is intended that the
Portfolios assets will be managed so an investor in the Portfolio can satisfy
the requirements of the subchapter M of the Internal Revenue Code.
Management
has analyzed the Portfolios tax positions taken on federal income tax returns
for all open tax years and has concluded that as of August 31, 2008, no
provision for income tax would be required in the Portfolios financial
statements. The Portfolios federal and state income tax returns for tax years
for which the applicable statutes of limitations have not expired are subject
to examination by the Internal Revenue Service and state departments of
revenue,
2. Investment management agreement
and other transactions with affiliates
Legg Mason
Partners Fund Advisor, LLC (LMPFA) is the Portfolios investment manager and
Western Asset Management Company (Western Asset) is the Portfolios
subadviser. LMPFA and Western Asset are wholly-owned subsidiaries of Legg
Mason, Inc. (Legg Mason).
Under the
investment management agreement, the Portfolio pays an investment management
fee, calculated daily and paid monthly, at an annual rate of 0.10% of the
Portfolios average daily net assets.
LMPFA
provides administrative and certain oversight services to the Portfolio. LMPFA
delegates to the subadviser the day-to-day portfolio management of the
Portfolio. For its services, LMPFA pays Western Asset 70% of the net management
fee it receives from the Portfolio.
44 | Liquid Reserves Portfolio
2008 Annual Report
During the
year ended August 31, 2008, the Portfolio had a voluntary expense limitation in
place of 0.10% of the Portfolios average daily net assets.
During the
year ended August 31, 2008, LMPFA waived a portion of its fee in the amount of
$12,773,898.
Effective
January 1, 2008, the manager is permitted to recapture amounts previously
voluntarily forgone or reimbursed by the manager to the Portfolio during the
same fiscal year if the Portfolios total annual operating expenses have fallen
to a level below the voluntary fee waiver/reimbursement (expense cap). In no
case will the manager recapture any amount that would result, on any particular
business day of the Portfolio, in the Portfolios total annual operating
expenses exceeding the expense cap.
Certain
officers and one Trustee of the Trust are employees of Legg Mason or its
affiliates and do not receive compensation from the Trust.
3. Credit arrangements for certain
holdings
The
Portfolio was provided or entered into certain credit support arrangements for
certain of its portfolio holdings. As a result, the aggregate market value of
the Portfolios holdings increased. These arrangements are described below.
(a) On
March 4, 2008, the Portfolio was provided a Standby Letter of Credit (LOC) by
Citibank, N.A. (Citibank) for an aggregate amount not to exceed $150 million.
Citibank currently has a First Tier credit rating.
Under the
terms of the LOC, which terminates no later than March 3, 2009, the Portfolio
is able to draw upon the LOC if (i) a loss is realized from a sale or other
disposition of commercial paper or other securities held by the Portfolio that
were issued by Cheyne Finance LLC (the Securities), (ii) the Securities are
restructured into new debt and there is a shortfall in what is received as
compared to the amortized cost of the original Securities (iii) all or any
portion of the Securities remain outstanding on the business day immediately
prior to March 4, 2009; and/or (iv) the short term credit rating of Citibank is
downgraded causing its LOC obligations to no longer qualify as a First Tier
Security under Rule 2a-7.
The
Portfolio also entered into a separate, but related Letter Agreement with Legg
Mason. Under the terms of the Letter Agreement, the Portfolio will terminate
the LOC if (i) all of the Securities are sold or otherwise disposed of without
the Portfolio realizing a loss or the Portfolio has drawn on the LOC in an
aggregate amount equal to such losses; (ii) all of the Securities have been
restructured into new debt rated at least A-1 or P-1 (or the equivalent) by
S&P or Moodys and that is eligible to be held under Rule 2a-7; (iii) the
Portfolio has been repaid in full in respect of all of the Securities or (iv)
the Securities are rated at least A-1 or P-1 (or the equivalent) by S&P or
Moodys. The Letter Agreement also provides that: the Portfolio must pay to
Legg Mason the excess
Liquid Reserves Portfolio 2008 Annual Report | 45
Notes to
financial statements continued
of amounts
received by the Portfolio above amounts due to the Portfolio on the Securities,
net of draws, either from a cash payment or a restructuring if, after the LOC
is drawn and on or after termination of the LOC; and during the term of the
LOC, Legg Mason has the option to purchase the securities from the Portfolio
under various circumstances at a price that is the greater of amortized cost or
market value. Another provision provides for transfer of the Securities to Legg
Mason if the amounts drawn on the LOC equal or exceed the amortized cost of the
Securities then outstanding at the end of the LOC term.
(b) On
March 31, 2008, the Portfolio entered into five Capital Support Agreements
(CSAs) with Legg Mason, each CSA being with one of its wholly owned
subsidiaries LM Capital Company, LLC, LM Capital Support I, LLC, LM Capital
Support II, LLC, LM Capital Support III, LLC and LM Capital Support IV, LLC
(collectively with Legg Mason, LM). Three of the CSAs provide support in the
maximum amounts of $100,000,000, $100,000,000 and $50,000,000, respectively,
for the Portfolios holdings of Axon Financial Funding LLC. Two of the CSAs
will provide support in the maximum amounts of $75,000,000 each, for the
Portfolios holdings of Issuer Entity LLC. Each of the five LM subsidiaries
established a segregated account at the Portfolios custodian bank to secure
LMs obligations under the respective CSAs.
Under the
terms of each CSA the Portfolio would be paid a capital contribution, up to the
maximum amount committed in the CSA, if (i) a loss is realized from a sale of
the subject securities (collectively with any securities received in exchange
therefore, or as replacement thereof that do not qualify as Eligible
Securities under Rule 2a-7(a)(10), Eligible Notes); (ii) a loss results upon
final payment on the Eligible Notes; (iii) a court orders a discharge of the
Eligible Notes issuer from liability that provides for payments that will
result in a loss; or (iv) a loss occurs in connection with an exchange for or
replacement with Eligible Securities as defined in Rule 2a-7(a)(10).
Each CSA
terminates no later than March 31, 2009 and requires the Portfolio to promptly
sell any Eligible Notes it holds on the immediately preceding business day.
Each CSA also permits LM to purchase the Eligible Notes under certain circumstances
at a price which is the greater of amortized cost or market value.
On July 17,
2008, a restructuring of Cheyne Finance LLC occurred, in which the Portfolio
realized a loss of $147,514,403. This loss was offset by the CSAs, and is
recorded in the Statement of Operations as a non cash event.
As of
August 31, 2008, the amortized cost and fair value of the Portfolios holdings
for investments covered by the Letter Agreements and CSAs are as follows. The
Portfolio has recognized the changes in the unrealized components of these
securities and related support agreements in its results of the operations and
financial position.
46 | Liquid Reserves Portfolio 2008
Annual Report
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
|
|
AMORTIZED
COST
|
|
FAIR
VALUE
|
|
SUPPORT
AGREEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Cheyne Finance LLC
|
|
$
|
3,796,454
|
|
$
|
3,796,454
|
|
|
$
|
0
|
|
|
Gryphon Funding Ltd
|
|
|
256,308,898
|
|
|
242,246,354
|
|
|
|
150,000,000
|
|
|
Axon Financial Funding LLC
|
|
|
1,147,000,000
|
|
|
807,717,400
|
|
|
|
250,000,000
|
|
|
Issuer Entity LLC
|
|
|
335,760,559
|
|
|
139,022,585
|
|
|
|
150,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On
September 18, 2008, and subsequent to the reporting period, the CSAs described
above in connection with the Portfolios holdings of Axon Financial Funding LLC
and Issuer Entity LLC were amended to increase the amounts of support available
to the Portfolio. The amounts of the CSAs and the amortized cost and fair value
as of that date are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
|
|
AMORTIZED
COST
|
|
FAIR
VALUE
|
|
ORIGINAL
SUPPORT AMOUNTS
|
|
AMENDED
SUPPORT
AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axon Financial Funding LLC
|
|
$
|
1,147,000,000
|
|
$
|
808,290,900
|
|
|
$
|
250,000,000
|
|
|
$
|
500,000,000
|
|
Issuer Entity LLC
|
|
|
335,760,559
|
|
|
139,022,585
|
|
|
|
150,000,000
|
|
|
|
250,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent
to the amendment to the CSAs the net unrealized appreciation/ depreciation
reflected in the Statement of Operations from these securities and CSAs would
have been net $0.
4. Legal matters
Beginning
in June 2004, class action lawsuits alleging violations of the federal
securities laws were filed against Citigroup Global Markets Inc. (CGM) and
other affiliated funds (collectively, the Funds) and a number of its then
affiliates, including Smith Barney Fund Management, LLC (SBFM) and Salomon
Brothers Asset Management Inc (SBAM), which were then investment adviser or
manager to certain of the Funds (the Managers), substantially all of the mutual
funds then managed by the Managers (the Defendant Funds), and Board members
of the Defendant Funds (collectively, the Defendants). The complaints
alleged, among other things, that CGM created various undisclosed incentives
for its brokers to sell Smith Barney and Salomon Brothers funds. In addition,
according to the complaints, the Managers caused the Defendant Funds to pay
excessive brokerage commissions to CGM for steering clients towards proprietary
funds. The complaints also alleged that the Defendants breached their fiduciary
duty to the Defendant Funds by improperly charging Rule 12b-1 fees and by
drawing on fund assets to make undisclosed payments of soft dollars and
excessive brokerage commissions. The complaints also alleged that the Defendant
Funds failed to adequately disclose certain of the allegedly wrongful conduct.
The complaints sought injunctive relief and compensatory and punitive damages,
rescission of the Defendant Funds contracts with the Managers, recovery of all
fees paid to the Managers pursuant to such contracts and an award of attorneys
fees and litigation expenses.
Liquid Reserves Portfolio 2008 Annual Report | 47
Notes to
financial statements continued
On December
15, 2004, a consolidated amended complaint (the Complaint) was filed alleging
substantially similar causes of action. On May 27, 2005, all of the Defendants
filed motions to dismiss the Complaint. On July 26, 2006, the court issued a
decision and order (1) finding that plaintiffs lacked standing to sue on behalf
of the shareholders of the Funds in which none of the plaintiffs had invested
and dismissing those Funds from the case (although stating that they could be
brought back into the case if standing as to them could be established), and
(2) other than one stayed claim, dismissing all of the causes of action against
the remaining Defendants, with prejudice, except for the cause of action under
Section 36(b) of the 1940 Act, which the court granted plaintiffs leave to
repeal as a derivative claim.
On October
16, 2006, plaintiffs filed their Second Consolidated Amended Complaint (Second
Amended Complaint) which alleges derivative claims on behalf of nine funds
identified in the Second Amended Complaint, under Section 36(b) of the 1940
Act, against Citigroup Asset Management (CAM), SBAM and SBFM as investment
advisers to the identified funds, as well as CGM as a distributor for the
identified funds (collectively, the Second Amended Complaint Defendants). The
Fund was not identified in the Second Amended Complaint. The Second Amended
Complaint alleges no claims against any of the funds or any of their Board
Members. Under Section 36(b), the Second Amended Complaint alleges similar
facts and seeks similar relief against the Second Amended Complaint Defendants
as the Complaint.
On December
3, 2007, the court granted the Defendants motion to dismiss, with prejudice.
On January 2, 2008, the plaintiffs filed a notice of appeal to the Second
Circuit Court of Appeals.
Additional
lawsuits arising out of these circumstances and presenting similar allegations
and requests for relief may be filed in the future.
* * *
Beginning
in August 2005, five class action lawsuits alleging violations of federal
securities laws and state law were filed against CGM and SBFM, (collectively,
the Defendants) based on the May 31, 2005 settlement order issued against the
Defendants by the U.S. Securities and Exchange Commission (SEC) as previously
described. The complaints seek injunctive relief and compensatory and punitive
damages, removal of SBFM as the investment manager for the Smith Barney family
of funds, rescission of the funds management and other contracts with SBFM,
recovery of all fees paid to SBFM pursuant to such contracts, and an award of
attorneys fees and litigation expenses. The five actions were subsequently
consolidated, and a consolidated complaint was filed.
On
September 26, 2007, the United States District Court for the Southern District
of New York issued an order dismissing the consolidated complaint, and judgment
was later entered. An appeal has been filed and is pending before the U.S.
Court of Appeals for the Second Circuit.
48 | Liquid Reserves Portfolio 2008
Annual Report
5. Other matters
On or about
May 30, 2006, John Halebian, a purported shareholder of CitiSM New York
Tax Free Reserves, a series of Legg Mason Partners Money Market Trust, formerly
a series of CitiFunds Trust III (the Subject Trust), filed a complaint in the
United States District Court for the Southern District of New York against the
independent trustees of the Subject Trust (Elliott J. Berv, Donald M. Carlton,
A. Benton Cocanougher, Mark T. Finn, Stephen Randolph Gross, Diana R.
Harrington, Susan B. Kerley, Alan G. Merten and R. Richardson Pettit).
The Subject
Trust is also named in the complaint as a nominal defendant. The complaint
alleges both derivative claims on behalf of the Subject Trust and class claims
on behalf of a putative class of shareholders of the Subject Trust in
connection with the 2005 sale of Citigroups asset management business to Legg
Mason and the related approval of new investment advisory agreements by the
trustees and shareholders. In the derivative claim, the plaintiff alleges,
among other things, that the independent trustees breached their fiduciary duty
to the Subject Trust and its shareholders by failing to negotiate lower fees or
seek competing bids from other qualified investment advisers in connection with
Citigroups sale to Legg Mason. In the claims brought on behalf of the putative
class of shareholders, the plaintiff alleges that the independent trustees
violated the proxy solicitation requirements of the 1940 Act, and breached
their fiduciary duty to shareholders, by virtue of the voting procedures,
including echo voting, used to obtain approval of the new investment advisory
agreements and statements made in a proxy statement regarding those voting
procedures. The plaintiff alleges that the proxy statement was misleading
because it failed to disclose that the voting procedures violated the 1940 Act.
The relief sought includes an award of damages, rescission of the advisory
agreement, and an award of costs and attorney fees.
In advance
of filing the complaint, Mr. Halebians lawyers made written demand for relief
on the Board of the Subject Trust, and the Boards independent trustees formed
a demand review committee to investigate the matters raised in the demand, and
subsequently in the complaint, and recommend a course of action to the Board.
The committee, after a thorough review, determined that the independent
trustees did not breach their fiduciary duties as alleged by Mr. Halebian, and
that the action demanded by Mr. Halebian would not be in the best interests of
the Subject Trust. The Board of the Subject Trust (the trustee who is an
interested person of the Subject Trust, within the meaning of the 1940 Act,
having recused himself from the matter), after receiving and considering the
committees report and based upon the findings of the committee, subsequently
also determined and, adopting the recommendation of the committee, directed
counsel to move to dismiss Mr. Halebians complaint. A motion to dismiss was
filed on October 23, 2006. Opposition papers were filed on or about December 7,
2006. The complaint was dismissed on July 31, 2007. Mr. Halebian has filed an
appeal in the U.S. Court of Appeals for the Second Circuit. The appeal is
pending.
Liquid Reserves Portfolio 2008 Annual Report | 49
Notes to
financial statements continued
6. Recent accounting pronouncements
On
September 20, 2006, the Financial Accounting Standards board (FASB) released
Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 establishes an
authoritative definition of fair value, sets out a framework for measuring fair
value, and requires additional disclosures about fair value measurements. The
application of FAS 157 is required for fiscal years beginning after November
15, 2007 and interim periods within those fiscal years. Management has
determined that there is no material impact to the Portfolios valuation
policies as a result of adopting FAS 157. The Portfolio will implement the
disclosure requirements beginning with its November 30, 2008 Form N-Q.
* * *
In March
2008, FASB issued the Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging
Activities (FAS 161). FAS 161 is effective for fiscal years and
interim periods beginning after November 15, 2008. FAS 161 requires enhanced
disclosures about the Portfolios derivative and hedging activities, including
how such activities are accounted for and their effect on the Portfolios
financial position, performance and cash flows. Management is currently
evaluating the impact the adoption of FAS 161 will have on the Portfolios
financial statements and related disclosures.
50 | Liquid Reserves Portfolio 2008
Annual Report
Report of independent registered public accounting firm
The Board of Trustees and Investors
Master Portfolio Trust:
We have
audited the accompanying statement of assets and liabilities, including the
schedule of investments, of Liquid Reserves Portfolio, a series of Master
Portfolio Trust, as of August 31, 2008, and the related statement of operations
for the year then ended, the statements of changes in net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the four-year period then ended. These financial
statements and financial highlights are the responsibility of the Portfolios
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. The financial
highlights for the year ended August 31, 2004 were audited by other independent
registered public accountants whose report thereon, dated October 24, 2004,
expressed an unqualified opinion on those financial highlights.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of August 31, 2008, by
correspondence with the custodian and brokers or by other appropriate auditing
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In
our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Liquid Reserves Portfolio as of August 31, 2008, and the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the four-year period then ended, in conformity with U.S.
generally accepted accounting principles.
![-s- KPMG LLP](c55112006.jpg)
New York,
New York
October 24, 2008
Liquid Reserves Portfolio 2008 Annual Report | 51
Additional information (unaudited)
The
Trustees and Officers of the Fund also serve as the Trustees and Officers of
the Portfolio. Information about the Trustees and Officers of the Fund can be
found on pages 23 through 29 of this report.
52 | Liquid Reserves Portfolio
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CitiSM Premium Liquid Reserves
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Trustees
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Distributor
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Elliott J. Berv
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Legg Mason Investor Services, LLC
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A. Benton Cocanougher
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Jane F. Dasher
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Custodian
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Mark T. Finn
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State Street Bank and Trust
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R. Jay Gerken, CFA
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Company
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Chairman
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Rainer Greeven
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Transfer agent
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Stephen R. Gross
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Boston Financial Data Services, Inc.
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Richard E. Hanson, Jr.
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2 Heritage Drive
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Diana R. Harrington
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North Quincy, Massachusetts 02171
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Susan M. Heilbron
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Susan B. Kerley
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Independent
registered
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Alan G. Merten
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public accounting firm
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R. Richardson Pettit
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KPMG LLP
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345 Park Avenue
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Investment manager
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New York, New York 10154
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Legg Mason Partners Fund
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Advisor, LLC
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Subadviser
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Western Asset Management
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Company
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CitiSM Premium Liquid Reserves
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The Fund is a separate investment series of Legg Mason Partners Premium Money Market Trust,
a Maryland business trust.
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CITISM PREMIUM LIQUID RESERVES
55 Water Street New York, New York 10041
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The Fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission
(SEC) for the first and third quarters of each fiscal year on Form N-Q. The
Funds Forms N-Q are available on the SECs website at www.sec.gov. The
Funds Forms N-Q may be reviewed and copied at the SECs Public Reference
Room in Washington D.C., and information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330. To obtain
information on Form N-Q from the Fund, shareholders can call 1-800-451-2010.
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Information on how the Fund
voted proxies relating to portfolio securities during the prior 12-month
period ending June 30th of each year and a description of the policies and
procedures that the Fund uses to determine how to vote proxies related to
portfolio transactions are available (1) without charge, upon request, by
calling 1-800-451-2010, (2) on the Funds website at
www.leggmason.com/individualinvestors and (3) on the SECs website at
www.sec.gov.
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This report is submitted for the
general information of the shareholders of CitiSM Premium Liquid
Reserves. This report is not authorized for distribution to prospective
investors in the Fund unless preceded or accompanied by a current prospectus.
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Investors
should consider the Funds investment objective, risks, charges and expenses
carefully before investing. The prospectus contains this and other important
information about the Fund. Please read the prospectus carefully before
investing.
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www.leggmason.com/individualinvestors
© 2008 Legg Mason Investor Services, LLC
Member FINRA, SIPC
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BUILT TO WINSM
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![(LEGG MASON LOGO)](c55112001.jpg)
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At Legg Mason, weve assembled a
collection of experienced investment management firms and empowered each of
them with the tools, the resources and, most importantly, the independence to
pursue the strategies they know best.
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Each was
purposefully chosen for their commitment to
investment excellence.
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Each is focused on specific investment styles and
asset classes.
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Each exhibits thought leadership in their chosen area
of focus.
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Together, weve built
a powerful portfolio of solutions for financial advisors and their clients.
And it has made us a world leader in money management.*
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* Ranked ninth-largest money
manager in the world, according to Pensions & Investments, May 26, 2008, based on 12/31/07 worldwide assets under management.
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www.leggmason.com/individualinvestors
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© 2008 Legg Mason Investor Services, LLC Member FINRA, SIPC FDXX010348
10/08 SR08-666
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NOT PART OF THE ANNUAL REPORT
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ITEM 2. CODE OF ETHICS.
The registrant has adopted
a code of ethics that applies to the registrants principal executive
officer, principal financial officer, principal accounting officer or controller.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the
registrant has determined that Stephen R. Gross the Chairman of the Boards Audit Committee and Jane F. Dasher, possess the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as audit committee financial experts, and have designated Mr. Gross and Ms. Dasher as the Audit Committees financial experts. Mr. Gross and Ms. Dasher are
independent Trustees pursuant to paragraph (a) (2) of Item 3 to Form
N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
a) Audit Fees. The aggregate fees billed in the last two fiscal years ending August 31, 2007
and August 31, 2008 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual
financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $30,350 in 2007 and $31,600
in 2008.
b) Audit-Related Fees.
The aggregate fees billed in the Reporting Period for assurance and related
services by the Auditor that are reasonably related to the performance of the
Registrants financial statements were $9,000 in 2007 and $0 in
2008. These services consisted of procedures performed in connection with the
Re-domiciliation of the various reviews of Prospectus supplements, and consent
issuances related to the N-1A filings for the Legg Mason Partners Premium Money
Market Trust.
In addition, there were no
Audit-Related Fees billed in the Reporting Period for assurance and related
services by the Auditor to the Registrants investment adviser (not
including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides
ongoing services to the Legg Mason Partners Premium Money Market Trust (service affiliates),
that were reasonably related to the performance of the annual audit of the service
affiliates. Accordingly, there were no such fees that required pre-approval by the Audit Committee for the Reporting Periods (prior to
May 6, 2003 services provided by the Auditor were not required to be pre-approved).
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services
rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $8,600 in 2007 and $4,800
in 2008. These services consisted of (i) review or preparation of U.S. federal,
state, local and excise tax returns; (ii) U.S. federal, state and local tax
planning, advice and assistance regarding statutory, regulatory or administrative
developments, and (iii) tax advice regarding tax qualification matters and/or
treatment of various financial instruments held or proposed to be acquired
or held.
There were no fees billed for tax services by the Auditors to service affiliates during the Reporting Periods that required pre-approval by the Audit Committee.
d) All Other Fees. There were
no other fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item for the Legg Mason Partners Premium Money Market Trust.
All Other Fees. There were
no other non-audit services rendered by the Auditor to Legg Mason Partners
Fund Advisors, LLC (LMPFA), and any entity controlling, controlled
by or under common control with LMPFA that
provided ongoing
services to Legg Mason Partners Premium Money Market Trust requiring pre-approval
by the Audit Committee in the Reporting Period.
(e) Audit Committees preapproval
policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation
S-X.
(1) The Charter for the Audit Committee (the Committee)
of the Board of each registered investment company (the Fund) advised
by LMPFA or one of their affiliates (each, an Adviser) requires
that the Committee shall approve (a) all audit and permissible non-audit services
to be provided to the Fund and (b) all permissible non-audit services to be provided
by the Funds
independent auditors to the Adviser and any Covered Service Providers if the
engagement relates directly to the operations and financial reporting of the
Fund. The Committee duly implement policies and procedures by which such services
are approved other than by the full Committee.
The Committee shall not approve non-audit services
that the Committee believes duly impair the independence of the auditors. As
of the date of the approval of this Audit Committee Charter, permissible non-audit
services include any professional services (including tax services), that are
not prohibited services as described below, provided to the Fund by the independent
auditors, other than those provided to the Fund in connection with an audit or
a review of the financial statements of the Fund. Permissible non-audit services
duly not include: (i) bookkeeping or other services related to the accounting
records or financial statements of the Fund; (ii) financial information systems
design and implementation; (iii) appraisal or valuation services, fairness opinions
or contribution-in-kind reports; (iv) actuarial services; (v) internal audit
outsourcing services; (vi) management functions or human resources; (vii) broker
or dealer, investment adviser or investment banking services; (viii) legal services
and expert services unrelated to the audit; and (ix) any other service the Public
Company Accounting Oversight Board determines, by regulation, is impermissible.
Pre-approval by the Committee
of any permissible non-audit services is not required so long as: (i) the aggregate
amount of all such permissible non-audit services provided to the Fund, the
Adviser and any service providers controlling, controlled by or under common
control with the Adviser that provide ongoing services to the Fund (Covered Service Providers)
constitutes not more than 5% of the total amount of revenues paid to the independent
auditors during the fiscal year in which the permissible non-audit services
are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling,
controlled by or under common control with the Adviser that provides ongoing
services to the Fund during the fiscal year in which the services are provided
that would have to be approved by the Committee; (ii) the permissible non-audit
services were not recognized by the Fund at the time of the engagement to be
non-audit services; and (iii) such services are promptly brought to the attention
of the Committee and approved by the Committee (or its delegate(s)) prior to
the completion of the audit.
(2) For Legg Mason Partners Premium Money Market Trust,
the percentage of fees that were approved by the audit committee, with respect
to: Audit-Related Fees were 100% and 0% for 2007 and 2008; Tax Fees were 100%
and 0% for 2007 and 2008; and Other Fees were 100% and 0% for 2007 and 2008.
(f) N/A
(g) Non-audit fees billed
by the Auditor for services rendered to Legg Mason Partners Premium Money Market
Trust, LMPFA and any entity controlling, controlled by, or under common control
with LMPFA that provides ongoing services to Legg Mason Partners Premium Money
Market Trust during the reporting period were $0 in 2008.
(h) Yes. Legg Mason Partners
Premium Money Market Trusts Audit Committee has considered whether the
provision of non-audit services that were rendered to Service Affiliates, which
were not pre-approved (not requiring pre-approval), is compatible with maintaining
the Accountant's independence. All services provided by the Auditor to the
Legg Mason Partners Premium Money Market Trust or to Service Affiliates, which
were required to be pre-approved, were pre-approved as required.
ITEM
5. AUDIT COMMITTEE
OF LISTED REGISTRANTS.
a) The
independent board members are acting as the registrants audit committee
as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:
Elliott J. Berv
A. Benton Cocanougher
Jane F. Dasher
Mark T. Finn
Rainer Greeven
Stephen R. Gross
Richard E. Hanson, Jr.
Diana R. Harrington
Susan M. Heilbron
Susan B. Kerley
Alan G. Merten
R. Richardson Pettit
ITEM 6. SCHEDULE OF INVESTMENTS.
Included herein under Item 1.
ITEM 7. DISCLOSURE
OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT
COMPANIES.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
ITEM 9. PURCHASES
OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND
AFFILIATED PURCHASERS.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as
defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the 1940 Act))
are effective as of a date within 90 days of the filing date of this report that
includes the disclosure required by this paragraph, based on their evaluation
of the disclosure controls and procedures required by Rule 30a-3(b) under the
1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in the registrants internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred
during the registrants last fiscal half-year (the registrants
second fiscal half-year in the case of an annual report) that have materially
affected, or are likely to materially affect the registrants internal
control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Code of Ethics attached hereto.
Exhibit 99.CODE ETH
(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to
be signed on its behalf by the undersigned, there unto duly authorized.
Legg
Mason Partners Premium Money Market Trust |
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By: |
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/s/
R. Jay Gerken |
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R. Jay Gerken |
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Chief Executive
Officer of |
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Legg
Mason Partners Premium Money Market Trust |
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Date: November
7, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
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/s/
R. Jay Gerken |
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R. Jay Gerken |
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Chief Executive
Officer of |
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Legg
Mason Partners Premium Money Market Trust |
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Date: November
7, 2008 |
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By: |
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/s/
Frances M. Guggino |
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Frances M. Guggino |
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Chief Financial
Officer of |
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Legg
Mason Partners Premium Money Market Trust |
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Date: November
7, 2008 |
GRAPHIC
2
c55112001.jpg
GRAPHIC
begin 644 c55112001.jpg
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