Leaving Franklin Templeton

Clicking OK below will take you to an independent site. Information and services provided on this independent site are not reviewed by, guaranteed by, or endorsed by Franklin Templeton or its affiliates. Please keep in mind that this independent site's terms and conditions, privacy and security policies, or other legal information may be different from those of Franklin Templeton's site. Franklin Templeton is not liable for any direct or indirect technical or system issues, consequences or damages arising from your use of this independent website.
Money Funds

LRAXX Western Asset Institutional Liquid Reserves

Popular Documents

View All

This feature is not available at your firm

Sign in to view documents

Skipped to Overview Section Content

Overview

Fund Facts

Fund description

Seeks to provide liquidity and as high a level of current income as is consistent with the preservation of capital. Invests in high-quality, U.S. dollar-denominated short-term debt securities that, at the time of purchase, are rated by one or more rating agencies in the highest short-term rating category or, if not rated, are determined by the subadvisor to be of equivalent quality. The portfolio is diversified among a wide array of money market instruments, including bank obligations, commercial paper and asset-backed securities, structured investments, and repurchase agreements.

Fund Inception Date
10/02/1992
Dividend Frequency, if any
Daily
Total Net AssetsAs of 02/28/2026 (Updated Monthly)
$8.63 Billion
Shareholder Net Flow1
N/A

Sales Charges, Expenses & Fees

As of 01/01/2026
Gross Expense Ratio2
5.44%
Net Expense Ratio2,3
0.40%
Maximum Initial Charge
—
CDSC
N/A
12b-1 Fee
0.20%

Ratings

S&P Rating4
N/A
Fitch Rating4
N/A
Moody’s Rating4
N/A

Identifiers

Ticker
LRAXX
Fund Number
4113
CUSIP Code
52470G635

Top Sectors

View portfolio section for additional info

As of 02/28/2026 Fixed Income as a % of Total (Updated Monthly)

U.S. Treasury Repurchase Agreement28.99%
Financial Company Commercial Paper15.19%
Non-Negotiable Time Deposit14.32%
Certificate of Deposit10.45%
Non-Financial Company Commercial Paper7.91%

Dividends & Yields

7-Day Current Yield5,6
N/A
7-Day Current Yield—Without Waiver5
N/A
7-Day Effective Yield5,6
N/A
7-Day Effective Yield—Without Waiver5
N/A

Additional Fund Info

Share Class Inception Date
12/31/2050
Investment Style
Money Market
Lipper Classification
N/A
Morningstar Category7
N/A

Manager and Commentary

About the Team

Western Asset

Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

Western Asset logo
Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

March 9, 2026

Iran crisis update

February 22, 2026

The “missing middle”—bringing EM official investors into focus

February 19, 2026

Muni Monthly: January 2026

January 28, 2026

January FOMC recap—A pause, but for how long?
[products.skip-portfolio]

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets 8
$8.63 Billion

Portfolio Statistics

As of 03/17/2026 (Updated Daily)

Weighted Average Maturity

As of 03/17/2026 (Updated Daily)

21 Days

12/31/2025

11 Days

11/30/2025

14 Days

10/31/2025

10 Days

09/30/2025

10 Days

02/28/2026

24 Days

01/31/2026

14 Days
Weighted Average Life

As of 03/17/2026 (Updated Daily)

22 Days

12/31/2025

17 Days

11/30/2025

19 Days

10/31/2025

12 Days

09/30/2025

13 Days

02/28/2026

26 Days

01/31/2026

18 Days

Sector Allocation

As of 02/28/2026 Fixed Income as a % of Total (Updated Monthly)

Sector % of Total
U.S. Treasury Repurchase Agreement
28.99%
Financial Company Commercial Paper
15.19%
Non-Negotiable Time Deposit
14.32%
Certificate of Deposit
10.45%
Non-Financial Company Commercial Paper
7.91%
Other Repurchase Agreement
7.26%
Asset Backed Commercial Paper
6.04%
U.S. Government Agency Repurchase Agreement
5.80%

Chart

Bar chart with 8 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 5.7973 to 28.9865.
End of interactive chart.

Holdings

As of 02/28/2026 (Updated Monthly)

FIXED INCOME CLEARING CORP - NORTHERN TRUST
CREDIT AGRICOLE CORPORATE & INVESTMENT BANK
FIXED INCOME CLEARING CORP / BNY
SWEDBANK (NEW YORK)
FIXED INCOME CLEARING CORP / STATE STREET
JP MORGAN SECURITIES,​ LLC
BANCO SANTANDER SA/NY
SOCIETE GENERALE,​ NEW YORK BRANCH
AUTOMATIC DATA PROCESSING INC
ABN AMRO BANK NV

IMPORTANT HOLDINGS INFORMATION: The information shown above relates to Liquid Reserves Portfolio ("the Portfolio"), the registered investment company in which the Fund invests all of its investable assets. The Fund utilizes a master/feeder structure by investing all of its assets in a master portfolio. Assets are reported at the master portfolio level.

Portfolio holdings are subject to change at any time. Percentages are based on total investments. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security.

[products.skip-pricing]

Pricing

[products.skip-documents]

Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Western Asset Institutional Liquid Reserves - Class InstitutionalDownload Document
Factsheet - Western Asset Institutional Liquid Reserves - Class InvestorDownload Document
Regulatory Documents
 Name Download Add to Cart
Prospectus - Western Asset Institutional Liquid Reserves Administrative SharesDownload Document
Summary Prospectus - Western Asset Institutional Liquid Reserves Administrative SharesDownload Document
Statement of Additional Information - Legg Mason Partners Money Market Trust Book 13Mailed hardcopies unavailable.Download Document

Risks

You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The portfolio may impose a fee upon sale of its shares and the fund would be required to pass such fee through to you. The portfolio generally must impose a fee when net sales of portfolio shares exceed certain levels. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

All investments involve risk, including loss of principal. The fund's yield may be affected by changes in interest rates and changes in credit ratings.

Although the fund invests in U.S. government obligations, an investment in the fund is neither insured nor guaranteed by the U.S. government.

Important Information

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

Franklin Distributors, LLC serves as the distributor of Creation Units for the ETFs on an agency basis. Franklin Distributors, LLC does not maintain a secondary market in the funds' shares. 

Footnotes

  1. Based on the previous business day.

  2. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  3. Net Expense Ratio represents the expense ratio applicable to investors. 

  4. Ratings are issued and reported at the Portfolio level. A fund rated ‘AAAm’ demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. ‘AAAm’ is the highest principal stability fund rating assigned by S&P Global Ratings. S&P’s ratings represent an opinion only, are not recommendations to buy, sell or hold securities of a Fund, and may be revised or withdrawn at any time. The Fitch AAAmmf, money market fund rating reflects the Portfolio’s extremely strong capacities to achieve the investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market and liquidity risk. The Moody’s Aaa-mf rating of the Portfolio reflects the strong underlying credit and liquidity profiles of the Portfolio and the conservative investment strategies employed in the pursuit to generate income while preserving capital and maintaining liquidity for the shareholders. For more information regarding rating methodologies for Standard & Poors visit: https://www.spratings.com/en_US/understandingratings, for Fitch visit: https://www.fitchratings.com/site/home and for Moody’s visit: www.moodys.com.

  5. The 7-day Current Yield represents net interest income generated by the investments for the past 7 days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current fund earnings than does total returns.  7-day Effective Yield, assumes reinvest of the coupon (interest payments). Unlike Current Yield, Effective Yield takes into account the power of compounding on investment returns. Yields for other share classes may vary due to differences in sales charge structure and class expenses.

  6. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  7. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

  8. Assets are reported at the fund level.

Sign in to view documents