Western Asset recently released a statement that says, "On July 23, 2021, Legg Mason Partners Institutional Trust approved a disclosure change to the Western Asset Institutional U.S. Treasury Obligations Money Market Fund. The primary purpose of the disclosure change is to add a reference to the fund's prospectus that Western Asset Management, in its role as sub-advisor to the U.S.-registered Western Asset Institutional U.S. Treasury Obligations Money Market Fund, will generally seek to place portfolio trades for the fund with minority-, women- and service-disabled veteran-owned broker-dealers, subject to the fund's ongoing fiduciary duty to seek the best execution for its shareholders. The fund intends to select the diverse broker-dealers with which it seeks to do business from among those that are authorized by the Federal Home Loan Bank's Office of Finance. These include 20 minority-, women- and service-disabled veteran-owned businesses and other qualified and recognized categories such as the Small Business Association and LGBTQ+." The update continues, "Money market funds (MMFs) are a key product within Western Asset’s extensive line-up of U.S. and internationally domiciled MMFs. In total, the firm has $57.6 billion held in MMFs as of August 31, 2021. Registered with the SEC as a Rule 2a-7 government MMF, the fund seeks to maintain a constant net asset value (NAV) of $1.00. The fund invests all of its assets in direct obligations of the U.S. Treasury and in repurchase agreements secured by these obligations. Direct obligations of the U.S. Treasury include U.S. Treasury bills, notes and bonds. The U.S. Treasury Obligations Money Market Fund portfolio held $417 million in assets under management as of August 31, 2021." Matt Jones, Head of Liquidity Distribution at Western Asset, comments, "As of August 31, 2021, there were nearly $22 trillion in Treasury securities outstanding, making it the largest and most liquid government securities market in the world. This represents a huge opportunity for underrepresented broker-dealers. We recognize the importance of making significant strides on diversity, equity and inclusion as a Firm and as an industry. This is just one way we are evolving our business practices while encouraging progress in the capital markets." Bonnie Wongtrakool, Global Head of Environmental, Social and Governance (ESG) Investments and a Portfolio Manager at Western Asset, adds, "The decision to help support the business growth of under-represented broker-dealers is one way we can contribute positively to the social changes taking place at this critical juncture in history. This initiative is aligned with Western Asset's ongoing efforts to support diversity, equity and inclusion and to drive positive developments in the asset management industry overall."

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