LLRXX Western Asset Institutional Liquid Reserves

Important Information

Footnotes

1. Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.

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2. Rule 2a-7 of the Investment Company Act of 1940 provides that money market funds may not acquire any security other than a “weekly liquid asset” unless, immediately following such purchase, at least 50% of its total assets would be invested in weekly liquid assets. In addition, the Rule provides that taxable money market funds may not acquire any security other than a “daily liquid asset” unless, immediately following such purchase, at least 25% of its total assets would be invested in daily liquid assets.

   Daily Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business Day. May include the effect of receivables from pending sales and payables from pending purchases.

   Weekly Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; (iii) U.S. Government securities issued by a person controlled or supervised by and acting as an instrumentality of the U.S. Government pursuant to authority granted by the U.S. Congress, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business Days. May include the effect of receivables from pending sales and payables from pending purchases.

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3. Daily Liquid Assets and Weekly Liquid Assets are calculated at the master portfolio level.

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4. Based on the previous business day.

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5. 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.

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

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7. 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.

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8. 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.

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

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10. ©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.

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11. Assets are reported at the fund level.

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