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Money Funds

LRAXX Western Asset Institutional Liquid Reserves

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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 09/30/2026 (Updated Monthly)
$5.21 Billion
Shareholder Net Flow1
N/A

Sales Charges, Expenses & Fees

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

Ratings

S&P Rating3
N/A
Fitch Rating3
N/A
Moody’s Rating3
N/A

Identifiers

Ticker
LRAXX
Fund Number
4113
CUSIP Code
52470G635

Dividends & Yields

7-Day Current Yield4,5
N/A
7-Day Current Yield—Without Waiver4
N/A
7-Day Effective Yield4,5
N/A
7-Day Effective Yield—Without Waiver4
N/A

Additional Fund Info

Share Class Inception Date
12/31/2050
Investment Style
Money Market
Lipper Classification
N/A
Morningstar Category6
N/A

Manager

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.

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Portfolio

Assets

As of09/30/2026 (Updated Monthly)

Total Net Assets 7
$5.21 Billion

Positions

Download Latest Holdings

Portfolio Statistics

As of 10/08/2026 (Updated Daily)

Weighted Average Maturity

As of 10/08/2026 (Updated Daily)

18 Days

09/30/2026

15 Days

08/31/2026

15 Days

07/31/2026

18 Days

06/30/2026

18 Days

05/31/2026

20 Days

04/30/2026

19 Days
Weighted Average Life

As of 10/08/2026 (Updated Daily)

19 Days

09/30/2026

17 Days

08/31/2026

16 Days

07/31/2026

18 Days

06/30/2026

19 Days

05/31/2026

22 Days

04/30/2026

20 Days

Sector Allocation

As of 09/30/2026 Fixed Income as a % of Total (Updated Monthly)

Sector % of Total
Cash & Cash Equivalents
100.00%
Chart
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Holdings

As of 09/30/2026 (Updated Monthly)

FIXED INCOME CLEARING CORP - NORTHERN TRUST
JP MORGAN SECURITIES,​ LLC
ROYAL BANK CANADA TORONTO
CANADIAN IMPERIAL BANK OF COMMERCE NY
BNP PARIBAS
BANCO SANTANDER SA/NY
NATIONAL BANK OF CANADA MONTREAL
MUFG SECURITIES AMERICAS INC
TOTALENERGIES CAPITAL SA
MIZUHO BANK LTD/NY

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.

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Documents

Fund Literature

Portfolio Holdings - Western Asset Institutional Liquid Reserves, Western Asset Premier Institutional Liquid Reserves

Regulatory Documents

Prospectus - Western Asset Institutional Liquid Reserves Administrative Shares
Summary Prospectus - Western Asset Institutional Liquid Reserves Administrative Shares
Statement of Additional Information - Legg Mason Partners Money Market Trust Book 13
Mailed hardcopies unavailable.

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.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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. 

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

All Putnam-named funds and Franklin Retirement Advantage, Franklin Dynamic Asset Allocation, and Franklin Multi-Asset Income-named funds and Royce funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

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.
Fund filings of the Monthly Schedule of Portfolio Holdings of Money Market Funds are available at Form N-MFP. Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Footnotes

  1. Based on the previous business day.

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

  3. 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 and for Moody’s visit: www.moodys.com.

  4. 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.

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

  6. ©2026 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.

  7. Assets are reported at the fund level.

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