The SEC filing for a new "enhanced cash" fund, Western Asset Ultra Short Obligations, says of its objective, "The fund seeks a high level of income, consistent with liquidity and the preservation of capital." The IS class will charge 0.35% (after a 0.10% waiver), while the I class will charge 0.45% and the FI 0.70%. The Form N1-A filing explains, "The fund may invest in all types of U.S. dollar denominated short-term debt instruments, including bank obligations, commercial paper and asset-backed securities, structured instruments and repurchase agreements.... The fund may invest without limit in bank obligations, such as certificates of deposit, fixed time deposits and bankers' acceptances. The fund generally limits its investments in foreign securities to U.S. dollar denominated obligations.... Under normal circumstances, the fund will invest at least 25% of its assets in securities issued by companies in the financial services industry.... Under normal circumstances, the fund expects to maintain a dollar-weighted average effective maturity of not more than 90 days. The "average effective portfolio maturity" of the fund is a weighted average of all the maturities of the securities in the portfolio, computed by weighting each security's effective maturity, as estimated by the subadviser, by the market value of the security. In addition, the fund will not purchase a security if, at the time of purchase, the security has a remaining final maturity, taking into account demand features and any interest reset provisions, of more than 397 days."

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