Money Funds

WAAXX Western Asset Premier Institutional Liquid Reserves

Overview

See the risks and other important information.

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.

Dividend Frequency, if any: Daily
Fund Inception Date: 10/30/2019
Total Net AssetsAs of 04/30/2026 (Updated Monthly): $9.43 Billion
Shareholder Net Flow⁴As of 05/11/2026: $0.00 Million

Sales Charges, Expenses & Fees

As of 01/01/2026

Gross Expense Ratio⁵: 0.38%
Net Expense Ratio^5,6: 0.12%
Maximum Initial Charge: —
CDSC: N/A

Ratings

As of 04/30/2026

S&P Rating⁷: AAAm
Fitch Rating⁷: AAAmmf

Identifiers

Ticker: WAAXX
Fund Number: 5295
CUSIP Code: 52470G528

Average Annual Total Returns As of 04/30/2026

View performance section for additional info As of 04/30/2026

Capital Shares

With Sales Charge (POP)

Without Sales Charge (NAV)

4.07%1 Year
4.87%3 Years
3.58%5 Years
—10 Years
2.90%Since Inception
10/30/2019

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Dividends & Yields

As of 05/11/2026

7-Day Current Yield^8,9: 3.62%
7-Day Current Yield—Without Waiver⁸: -138.56%
7-Day Effective Yield^8,9: 3.68%
7-Day Effective Yield—Without Waiver⁸: -75.45%

Additional Fund Info

Share Class Inception Date: 10/30/2019
Investment Style: Money Market
Lipper Classification: Instl Money Market Funds
Morningstar Category¹⁰: Prime Money Market

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.

Performance

Calendar Year Returns

As of 04/30/2026

Month End

Quarter End

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

Capital Shares - Without Sales Charge (NAV) (%)

Capital Shares - With Sales Charge (POP) (%)

Portfolio

Assets

As of04/30/2026 (Updated Monthly)

Total Net Assets ¹¹: $9.43 Billion

Portfolio Statistics

As of 05/11/2026 (Updated Daily)

Weighted Average Maturity

As of 05/11/2026 (Updated Daily)

17 Days

12/31/2025

11 Days

11/30/2025

14 Days

04/30/2026

19 Days

03/31/2026

15 Days

02/28/2026

24 Days

01/31/2026

14 Days

Weighted Average Life

As of 05/11/2026 (Updated Daily)

19 Days

12/31/2025

17 Days

11/30/2025

19 Days

04/30/2026

20 Days

03/31/2026

16 Days

02/28/2026

26 Days

01/31/2026

18 Days

Holdings
As of 04/30/2026 (Updated Monthly)

As of

FIXED INCOME CLEARING CORP - NORTHERN TRUST

DNB NOR BANK

ROYAL BANK CANADA TORONTO

FIXED INCOME CLEARING CORP / BNY

CREDIT AGRICOLE CORPORATE & INVESTMENT BANK

CANADIAN IMPERIAL BANK OF COMMERCE NY

BANCO SANTANDER SA/NY

JP MORGAN SECURITIES, LLC

FIXED INCOME CLEARING CORP / STATE STREET

SOCIETE GENERALE, NEW YORK BRANCH

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.

The Portfolio's investments are valued at amortized cost, which approximates market value, in accordance with Rule 2a-7 under the Investment Company Act of 1940 (the “1940 Act”). The amortized cost method of valuation involves valuing portfolio securities at their cost and thereafter assuming a constant amortization to maturity of any discount or premium.

The Portfolio's use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act. The Portfolio continues to meet the requirements of Rule 2a-7 that permit it to utilize amortized cost to value its securities.

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.

Distributions & Tax

Federal ID Number 84-2704106

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 31	0.003688103	—	—	—	—	—	—	—	—
Feb 28	0.003324633	—	—	—	—	—	—	—	—
Mar 31	0.003676983	—	—	—	—	—	—	—	—
Apr 30	0.003552304	—	—	—	—	—	—	—	—
May 30	0.003661179	—	—	—	—	—	—	—	—
Jun 30	0.003555189	—	—	—	—	—	—	—	—
Jul 31	0.003662996	—	—	—	—	—	—	—	—
Aug 29	0.003655348	—	—	—	—	—	—	—	—
Sep 30	0.003470712	—	—	—	—	—	—	—	—
Oct 31	0.003476086	—	—	—	—	—	—	—	—
Nov 28	0.003212934	—	—	—	—	—	—	—	—
Dec 31	0.003211368	—	—	—	—	—	—	—	—
	0.042147835	—	—	—	—	—	—	—	—

The fund's policy is to declare daily, and pay monthly, dividends from net investment income. Each day on which the fund declares a dividend distribution is ex date.

The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Tools & Resources. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.

Jan 31

Feb 28

Mar 31

Apr 30

May 30

Jun 30

Jul 31

Aug 29

Sep 30

Oct 31

Nov 28

Dec 31

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 1.88%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 100.00%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

6 Month Historical Daily and Weekly Liquid Assets ^2,3

As of 05/11/2026

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Prospectus - Western Asset Premier Institutional Government Reserves	Download Document
Checkbox	Summary Prospectus - Western Asset Premier Institutional Liquid Reserves	Download Document
Checkbox	Annual Report - Western Asset Premier Institutional Liquid Reserves - Capital Shares	Download Document
Checkbox	Annual Financial Statements and Other Information - Western Asset Premier Institutional Liquid Reserves	Download Document
Checkbox	Semi-Annual Report - Western Asset Premier Institutional Liquid Reserves - Capital Shares	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset Premier Institutional Liquid Reserves	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Money Market Trust Book 13	Download Document

View Proxy Voting Records and Proxy Voting Policies

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.

Important Information

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.

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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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.

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

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.
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.
Daily Liquid Assets and Weekly Liquid Assets are calculated at the master portfolio level.
Based on the previous business day.
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.
Net Expense Ratio represents the expense ratio applicable to investors.
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.
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.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
©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.
Assets are reported at the fund level.

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WAAXX Western Asset Premier Institutional Liquid Reserves

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Ratings

Identifiers

Average Annual Total Returns As of 04/30/2026

Capital Shares

Dividends & Yields

Additional Fund Info

Manager

About the Team

Performance

Calendar Year Returns

Portfolio

Assets

Portfolio Statistics

Holdings
As of 04/30/2026 (Updated Monthly)

Distributions & Tax

Federal ID Number 84-2704106

Distributions per Share ($)

Supplemental Tax Information

Pricing

6 Month Historical Daily and Weekly Liquid Assets ^2,3

Documents

Risks

Important Information

Footnotes