# EDGAR Filing Document

**Accession Number:** 0000889512
**File Stem:** 0001133228-25-011401
**Filing Date:** 2025-10
**Character Count:** 167157
**Document Hash:** 4b803f29c911e7c0e90fcb78347d9073
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011401.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001133228-25-011401

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INSTITUTIONAL TRUST
- **CENTRAL INDEX KEY:** 0000889512

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06740
- **FILM NUMBER:** 251428641

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIFUNDS INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19981030

## Series and Classes Contracts Data

### Western Asset Institutional Liquid Reserves (Series ID: S000008908)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000024235 | Institutional Shares | CILXX           |
| C000089731 | Investor Shares      | LLRXX           |

?xml version='1.0' encoding='ASCII'? 2025-09-11LMM1200_WesternAssetInstitutionalLiquidReserves_InstitutionalShares_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-06740**

**Legg Mason Partners Institutional Trust**

(Exact name of registrant as specified in charter)

**One Madison Avenue, 17<sup>th</sup> Floor, New York, NY 10010**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant's telephone number, including area code: **877-6LM-FUND/656-3863**

Date of fiscal year end: **August 31**

Date of reporting period: **August 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Institutional Liquid Reserves**  | **Western Asset Institutional Liquid Reserves**  |
| Institutional Shares [CILXX] | Annual Shareholder Report \| August 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Institutional Liquid Reserves for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 1-800-625-4554, or 1-203-703-6002.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Institutional Shares<sup>1</sup>  | $18 | 0.18% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. Additional amounts may be voluntarily waived and/or reimbursed from time to time.

1 The expense table reflects the expenses of both the feeder Fund and the master Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

As of August 31, 2025, the seven-day current yield for Institutional Shares of the Western Asset Institutional Liquid Reserves was 4.25% and the seven-day effective yield was 4.34%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.

The Fund maintained a very short maturity stance over the period, due to its positioning as an investment vehicle that closely mirrors the yield on overnight repurchase agreements. The Fund did maintain a position in money market obligations with maturities less than 90 days, which contributed yield enhancement, and a return greater than the Federal Reserve Reverse Repo Program.

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.**

For current month-end performance, please call Franklin Templeton at 1-800-625-4554, or 1-203-703-6002 or visit

https://www.franklintempleton.com/investments/options/money-market-funds.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $911618376 |
| **Total Number of Portfolio Holdings (reflects holdings of** **Liquid Reserves Portfolio)** | 56 |
| **Total Management Fee Paid** | $998717 |

---

Western Asset Institutional Liquid Reserves PAGE 1 WIL0L-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4890img004.jpg)

\* Reflects holdings of Liquid Reserves Portfolio.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 1-800-625-4554, or 1-203-703-6002. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Western Asset Institutional Liquid Reserves PAGE 2 WIL0L-ATSR-1025

41.230.221.04.82.8 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Institutional Liquid Reserves**  | **Western Asset Institutional Liquid Reserves**  |
| Investor Shares [LLRXX] | Annual Shareholder Report \| August 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Institutional Liquid Reserves for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 1-800-625-4554, or 1-203-703-6002.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Investor Shares<sup>1</sup>  | $24 | 0.23% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. Additional amounts may be voluntarily waived and/or reimbursed from time to time.

1 The expense table reflects the expenses of both the feeder Fund and the master Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

As of August 31, 2025, the seven-day current yield for Investor Shares of the Western Asset Institutional Liquid Reserves was 4.20% and the seven-day effective yield was 4.28%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.

The Fund maintained a very short maturity stance over the period, due to its positioning as an investment vehicle that closely mirrors the yield on overnight repurchase agreements. The Fund did maintain a position in money market obligations with maturities less than 90 days, which contributed yield enhancement, and a return greater than the Federal Reserve Reverse Repo Program.

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.**

For current month-end performance, please call Franklin Templeton at 1-800-625-4554, or 1-203-703-6002 or visit

https://www.franklintempleton.com/investments/options/money-market-funds.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $911618376 |
| **Total Number of Portfolio Holdings (reflects holdings of** **Liquid Reserves Portfolio)** | 56 |
| **Total Management Fee Paid** | $998717 |

---

Western Asset Institutional Liquid Reserves PAGE 1 WIL0I-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4892img004.jpg)

\* Reflects holdings of Liquid Reserves Portfolio.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 1-800-625-4554, or 1-203-703-6002. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Western Asset Institutional Liquid Reserves PAGE 2 WIL0I-ATSR-1025

41.230.221.04.82.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Robert Abeles, Jr., possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mr. Abeles, Jr. as the Audit Committee's financial expert. Mr. Abeles, Jr. is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending August 31, 2024 and August 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $169,863 in August 31, 2024 and $184,053 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in August 31, 2024 and $0 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $47,200 in August 31, 2024 and $47,200 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2024 and $0 in August 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Charter for the Audit Committee (the "Committee") of the Board of each registered investment company (the "Fund") advised by the Registrant's investment manager or one of their affiliates (each, an "Adviser") requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund's independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund ("Covered Service Providers") if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $342,635 in August 31, 2024 and $334,889 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](imgaf0694cf1.gif)

**Western Asset**

**Institutional Liquid Reserves**

**Financial Statements and Other Important Information**

**Annual** \| August 31, 2025

![](imgdeb25a402.gif)

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Western Asset Institutional Liquid Reserves](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SALSpoke-Header-SAL-Spoke-3246_1)** |  |
| [Statement of Assets and Liabilities](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SALSpoke-Header-SAL-Spoke-3246_1) | **1** |
| [Statement of Operations](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SOPSpoke-Header-SOP-Spoke-3246_1) | **2** |
| [Statements of Changes in Net Assets](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SOCSpoke-Header-SOC-Spoke-3246_1) | **3** |
| [Financial Highlights](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_FIHISpoke-Header-FinancialHighlights-Spoke-3246_1) | **4** |
| [Notes to Financial Statements](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_NTFSpoke-Header-Financialhighlights-Spoke-3246_1) | **6** |
| [Report of Independent Registered Public Accounting](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_ALSpoke-Header-AuditLetter-Spoke-3246_1) [Firm](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_ALSpoke-Header-AuditLetter-Spoke-3246_1) | **12** |
| [Important Tax Information](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_ITI-Header-Importanttaxinformation-3246_1) | **13** |
| [Changes in and Disagreements with Accountants](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_TSR-TOCTSRDisclosures-3246_1) | **14** |
| [Results of Meeting(s) of Shareholders](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_TSR-TOCTSRDisclosures-3246_1) | **14** |
| [Remuneration Paid to Directors, Officers and Others](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_TSR-TOCTSRDisclosures-3246_1) | **14** |
| [Board Approval of Management and Subadvisory](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_MSAHS-TOC-Mgmtandsubadvisoryagreements-Spoke-3246_1) [Agreements](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_MSAHS-TOC-Mgmtandsubadvisoryagreements-Spoke-3246_1) | **15** |
| **[Liquid Reserves Portfolio](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SOI-Header-SOI-3238_1)** |  |
| [Schedule of Investments](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SOI-Header-SOI-3238_1) | **19** |
| [Statement of Assets and Liabilities](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SAL-Header-SAL-3238_1) | **22** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

---

| | |
|:---|:---|
| [Statement of Operations](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SOP-Header-SOP-3238_1) | **23** |
| [Statements of Changes in Net Assets](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_SOC-Header-SOC-3238_1) | **24** |
| [Financial Highlights](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_FH-Header-Financialhighlights-3238_1) | **25** |
| [Notes to Financial Statements](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_NTF-Header-Notestofinancialstatements-3238_1) | **26** |
| [Report of Independent Registered Public Accounting](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_RIRPAF-Header-Auditletter-3238_1) [Firm](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_RIRPAF-Header-Auditletter-3238_1) | **32** |
| [Changes in and Disagreements with Accountants](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_TSR2-TOCTSRDisclosures-HUB-3238_1) | **33** |
| [Results of Meeting(s) of Shareholders](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_TSR2-TOCTSRDisclosures-HUB-3238_1) | **33** |
| [Remuneration Paid to Directors, Officers and Others](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_TSR2-TOCTSRDisclosures-HUB-3238_1) | **33** |
| [Board Approval of Management and Subadvisory](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_BAMSA-TOC-Mgmtandsubadvisoryagreements-3238_1) [Agreements](#xx_eb059a89-c6a5-44ae-bdee-174e241a32ad_BAMSA-TOC-Mgmtandsubadvisoryagreements-3238_1) | **34** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Statement of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in Liquid Reserves Portfolio, at value | &nbsp;&nbsp; $912062727 |
| Prepaid expenses | &nbsp;&nbsp; 58960 |
| **Total Assets** | &nbsp;&nbsp; **912121687** |
| **Liabilities:** |  |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 257810 |
| Distributions payable | &nbsp;&nbsp; 116167 |
| Investment management fee payable | &nbsp;&nbsp; 65556 |
| Transfer agent fees payable | &nbsp;&nbsp; 25143 |
| Trustees' fees payable | &nbsp;&nbsp; 1022 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 27 |
| Accrued expenses | &nbsp;&nbsp; 37586 |
| **Total Liabilities** | &nbsp;&nbsp; **503311** |
| **Total Net Assets** | &nbsp;&nbsp; **$911618376** |
| **Net Assets:** |  |
| Par value (Note 5) | &nbsp;&nbsp; $9118 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 917717187 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (6107929)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$911618376** |
| **Net Assets:** |  |
| Institutional Shares | &nbsp;&nbsp; $910980220 |
| Investor Shares | &nbsp;&nbsp; $638156 |
| **Shares Outstanding:** |  |
| Institutional Shares | &nbsp;&nbsp; 911124939 |
| Investor Shares | &nbsp;&nbsp; 638296 |
| **Net Asset Value:** |  |
| Institutional Shares | &nbsp;&nbsp; $0.9998 |
| Investor Shares | &nbsp;&nbsp; $0.9998 |

---

See Notes to Financial Statements.

------

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Statement of Operations

For the Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Income from Liquid Reserves Portfolio | &nbsp;&nbsp; $37381685 |
| Allocated expenses from Liquid Reserves Portfolio | &nbsp;&nbsp; (917270)<br>|
| Allocated waiver and/or expense reimbursements from Liquid Reserves Portfolio | &nbsp;&nbsp; 804472 |
| **Total Investment Income** | &nbsp;&nbsp; **37268887** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 1605866 |
| Transfer agent fees (Note 3) | &nbsp;&nbsp; 120081 |
| Registration fees | &nbsp;&nbsp; 80180 |
| Legal fees | &nbsp;&nbsp; 38265 |
| Shareholder reports | &nbsp;&nbsp; 26146 |
| Audit and tax fees | &nbsp;&nbsp; 25961 |
| Trustees' fees | &nbsp;&nbsp; 17155 |
| Insurance | &nbsp;&nbsp; 8929 |
| Fund accounting fees | &nbsp;&nbsp; 8200 |
| Service and/or distribution fees (Notes 2 and 3)  | &nbsp;&nbsp; 624 |
| Miscellaneous expenses  | &nbsp;&nbsp; 8721 |
| **Total Expenses** | &nbsp;&nbsp; **1940128** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 3) | &nbsp;&nbsp; (607461)<br>|
| **Net Expenses** | &nbsp;&nbsp; **1332667** |
| **Net Investment Income** | &nbsp;&nbsp; **35936220** |
| **Realized and Unrealized Gain (Loss) on Investments:** | **Realized and Unrealized Gain (Loss) on Investments:** |
| **Net Realized Gain on Investments From Liquid Reserves Portfolio**  | &nbsp;&nbsp; **155254** |
| **Change in Net Unrealized Appreciation (Depreciation) From Investments in** <br> **Liquid Reserves Portfolio** <br>| &nbsp;&nbsp; **(259265)**<br>|
| **Net Loss on Investments**  | &nbsp;&nbsp; **(104011)**<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$35832209** |

---

See Notes to Financial Statements.

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended August 31, | 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $35936220 | $86976716 |
| Net realized gain  | &nbsp;&nbsp; 155254 | 70414 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (259265)<br>| (331479)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **35832209** | **86715651** |
| **Distributions to Shareholders From (Notes 1 and 4):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (35935527)<br>| (86977601)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(35935527)**<br>| **(86977601)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 3404558227 | 7317249191 |
| Reinvestment of distributions | &nbsp;&nbsp; 34820709 | 63726334 |
| Cost of shares repurchased  | &nbsp;&nbsp; (3487296145)<br>| (8034691572)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(47917209)**<br>| **(653716047)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(48020527)**<br>| **(653977997)**<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 959638903 | 1613616900 |
| **End of year** | &nbsp;&nbsp; **$911618376** | **$959638903** |

---

See Notes to Financial Statements.

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Western Asset Institutional Liquid Reserves 2025 Annual Report

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Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** |
| Institutional Shares | 2025 | 2024 | 2023 | 2022 | 2021<sup>1</sup> <br>|
| **Net asset value, beginning of year** | $0.9999 | &nbsp;&nbsp; $0.9998 | &nbsp;&nbsp; $0.9999 | &nbsp;&nbsp; $1.0001 | &nbsp;&nbsp; $1.0007 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.0443 | 0.0539 | 0.0446 | 0.0051 | 0.0009 |
| Net realized and unrealized gain (loss) | (0.0001)<br>| 0.0001 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0007)<br>|
| **Total income from operations** | **0.0442** | **0.0540** | **0.0445** | **0.0049** | **0.0002** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.0443)<br>| &nbsp;&nbsp; (0.0539)<br>| &nbsp;&nbsp; (0.0446)<br>| &nbsp;&nbsp; (0.0051)<br>| &nbsp;&nbsp; (0.0008)<br>|
| **Total distributions**  | **(0.0443)**<br>| &nbsp;&nbsp; **(0.0539)**<br>| &nbsp;&nbsp; **(0.0446)**<br>| &nbsp;&nbsp; **(0.0051)**<br>| &nbsp;&nbsp; **(0.0008)**<br>|
| **Net asset value, end of year** | $0.9998 | &nbsp;&nbsp; $0.9999 | &nbsp;&nbsp; $0.9998 | &nbsp;&nbsp; $0.9999 | &nbsp;&nbsp; $1.0001 |
| **Total return**<sup>3</sup> <br>| **4.51%**<br>| **5.55%**<br>| **4.54%**<br>| **0.49%**<br>| **0.02%**<br>|
| **Net assets, end of year (millions)** | $911 | &nbsp;&nbsp; $959 | &nbsp;&nbsp; $1613 | &nbsp;&nbsp; $1498 | &nbsp;&nbsp; $2802 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses<sup>4,5</sup> <br>| 0.35<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.32<br> %<br>| 0.32<br> %<br>|
| Net expenses<sup>4,6,7</sup> <br>| 0.18 | 0.18 | 0.18 | 0.15 | 0.16 |
| Net investment income | 4.48 | 5.39 | 4.47 | 0.40 | 0.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized loss presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares. 

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. 

<sup>4</sup> Includes the Fund's share of Liquid Reserves Portfolio's allocated expenses.

<sup>5</sup> The gross expenses do not reflect the reduction in the Fund's management fee, pursuant to the Fund's investment management agreement, by the amount paid by the Fund for its allocable share of the management fee paid by Liquid Reserves Portfolio. 

<sup>6</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Institutional Shares did not exceed 0.18%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees' consent. Additional amounts may be voluntarily waived and/or reimbursed from time to time. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended August 31:** |
| Investor Shares | 2025 | 2024 | 2023 | 2022 | 2021<sup>1</sup> <br>|
| **Net asset value, beginning of year** | $0.9998 | &nbsp;&nbsp; $0.9997 | &nbsp;&nbsp; $0.9998 | &nbsp;&nbsp; $1.0000 | &nbsp;&nbsp; $1.0006 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.0424 | 0.0622 | 0.0573 | 0.0120 | 0.0004 |
| Net realized and unrealized gain (loss) | 0.0014 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.0087)<br>| &nbsp;&nbsp; (0.0133)<br>| &nbsp;&nbsp; (0.0074)<br>| &nbsp;&nbsp; (0.0006)<br>|
| **Total income (loss) from operations** | **0.0438** | **0.0535** | **0.0440** | **0.0046** | &nbsp;&nbsp; **(0.0002)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.0438)<br>| &nbsp;&nbsp; (0.0534)<br>| &nbsp;&nbsp; (0.0441)<br>| &nbsp;&nbsp; (0.0048)<br>| &nbsp;&nbsp; (0.0004)<br>|
| **Total distributions**  | **(0.0438)**<br>| &nbsp;&nbsp; **(0.0534)**<br>| &nbsp;&nbsp; **(0.0441)**<br>| &nbsp;&nbsp; **(0.0048)**<br>| &nbsp;&nbsp; **(0.0004)**<br>|
| **Net asset value, end of year** | $0.9998 | &nbsp;&nbsp; $0.9998 | &nbsp;&nbsp; $0.9997 | &nbsp;&nbsp; $0.9998 | &nbsp;&nbsp; $1.0000 |
| **Total return**<sup>3</sup> <br>| **4.47%**<br>| **5.49%**<br>| **4.49%**<br>| **0.46%**<br>| &nbsp;&nbsp; **(0.02)%**<br>|
| **Net assets, end of year (000s)** | $638 | &nbsp;&nbsp; $611 | &nbsp;&nbsp; $823 | &nbsp;&nbsp; $1721 | &nbsp;&nbsp; $4236 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses<sup>4,5</sup> <br>| 8.95<br> %<br>| 8.08<br> %<br>| 5.14<br> %<br>| 2.16<br> %<br>| 1.32<br> %<br>|
| Net expenses<sup>4,6,7</sup> <br>| 0.23 | 0.23 | 0.23 | 0.18 | 0.20 |
| Net investment income | 4.38 | 5.34 | 4.28 | 0.32 | 0.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized loss presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares. 

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. 

<sup>4</sup> Includes the Fund's share of Liquid Reserves Portfolio's allocated expenses.

<sup>5</sup> The gross expenses do not reflect the reduction in the Fund's management fee, pursuant to the Fund's investment management agreement, by the amount paid by the Fund for its allocable share of the management fee paid by Liquid Reserves Portfolio. 

<sup>6</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Investor Shares did not exceed 0.23%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees' consent. Additional amounts may be voluntarily waived and/or reimbursed from time to time. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset Institutional Liquid Reserves (the "Fund") is a separate diversified investment series of Legg Mason Partners Institutional Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund invests all of its investable assets in Liquid Reserves Portfolio (the "Portfolio"), a separate investment series of Master Portfolio Trust, that has the same investment objective as the Fund.

The financial statements of the Portfolio, including the schedule of investments, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The share price of the Fund fluctuates along with changes in the market-based value of fund assets. Because the share price of the Fund fluctuates, it has what is called a "floating net asset value" or "floating NAV". Under Rule 2a-7 of the 1940 Act, the Fund must follow strict rules as to the credit quality, liquidity, diversification and maturity of its investments.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** The Fund records its investment in the Portfolio at value. The value of such investment in the Portfolio reflects the Fund's proportionate interest (15.974% at August 31, 2025) in the net assets of the Portfolio.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. The disclosure and valuation of securities held by the Portfolio are discussed in Note 1(a) of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

**(b) Investment transactions and investment income.** Net investment income and net realized/unrealized gains and losses of the Portfolio is allocated pro rata, based on respective ownership interests, among the Fund and other investors in the Portfolio (the "Holders") at the time of such determination. The Fund also pays certain other expenses which can be directly attributed to the Fund.

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(c) Distributions to shareholders.** Distributions from net investment income on the shares of the Fund are declared each business day and are paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(d) Share class accounting.** Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

**(e) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of August 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**(f) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's and the Portfolio's investment manager and Western Asset Management Company, LLC ("Western Asset") is the Fund's and the Portfolio's subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Rate |
| First $5 billion | 0.200<br> %<br>|
| Next $5 billion | 0.175 |
| Over $10 billion | 0.150 |

---

------

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Since the Fund invests all of its investable assets in the Portfolio, the investment management fee of the Fund will be reduced by the investment management fee allocated to the Fund by the Portfolio.

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Institutional Shares and Investor Shares did not exceed 0.18% and 0.23%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees' (the "Board") consent. Additional amounts may be voluntarily waived and/or reimbursed from time to time.

During the year ended August 31, 2025, fees waived and/or expenses reimbursed amounted to $607,461.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Class specific expenses, waivers and/or expense reimbursements**

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Investor Shares calculated at the annual rate not to exceed 0.10% of the average daily net assets. Service and/or distribution fees are accrued daily and paid monthly.

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Notes to Financial Statements (cont'd)

For the year ended August 31, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Institutional Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; $67033 |
| Investor Shares | &nbsp;&nbsp; $624 <br><sup>†</sup><br>| &nbsp;&nbsp; 53048 |
| **Total** | &nbsp;&nbsp; **$624** | &nbsp;&nbsp; **$120081** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Amount
 shown is exclusive of waivers. For the year ended August 31, 2025, the service and/or distribution fees waived
 amounted to $312 for Investor Shares. The Board has determined that, until December 31, 2025, service and/or
 distribution fees shall not exceed 0.05% of average daily net assets attributable to Investor Shares. This arrangement
 cannot be terminated prior to December 31, 2025 without the Board's consent. Additional amounts may
 be voluntarily waived or reduced from time to time.

For the year ended August 31, 2025, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Institutional Shares | &nbsp;&nbsp; $553714 |
| Investor Shares | &nbsp;&nbsp; 53747 |
| **Total** | &nbsp;&nbsp; **$607461** |

---

**4. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>August 31, 2025<br>| Year Ended <br>August 31, 2024<br>|
| **Net Investment Income:** |  |  |
| Institutional Shares | &nbsp;&nbsp; $35908225 | &nbsp;&nbsp; $86940586 |
| Investor Shares | &nbsp;&nbsp; 27302 | &nbsp;&nbsp; 37015 |
| **Total** | &nbsp;&nbsp; **$35935527** | &nbsp;&nbsp; **$86977601** |

---

**5. Shares of beneficial interest**

At August 31, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

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Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Transactions in shares of each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>August 31, 2025 | Year Ended <br>August 31, 2025 | Year Ended <br>August 31, 2024 | Year Ended <br>August 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Institutional Shares** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 3404630029 | &nbsp;&nbsp;&nbsp; $3404558227 | &nbsp;&nbsp;&nbsp; 7316418943 | &nbsp;&nbsp;&nbsp; $7317249191 |
| Shares issued on <br> reinvestment<br>| &nbsp;&nbsp;&nbsp; 34795372 | &nbsp;&nbsp;&nbsp; 34793414 | &nbsp;&nbsp;&nbsp; 63688388 | &nbsp;&nbsp;&nbsp; 63689937 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (3487394632)<br>| &nbsp;&nbsp;&nbsp; (3487295989)<br>| &nbsp;&nbsp;&nbsp; (8034104268)<br>| &nbsp;&nbsp;&nbsp; (8034443696)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(47969231)**<br>| &nbsp;&nbsp;&nbsp; **$(47944348)**<br>| &nbsp;&nbsp;&nbsp; **(653996937)**<br>| &nbsp;&nbsp;&nbsp; **$(653504568)**<br>|
| **Investor Shares** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares issued on <br> reinvestment<br>| &nbsp;&nbsp;&nbsp; 27308 | &nbsp;&nbsp;&nbsp; $27295 | &nbsp;&nbsp;&nbsp; 36399 | &nbsp;&nbsp;&nbsp; $36397 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp; (156)<br>| &nbsp;&nbsp;&nbsp; (247897)<br>| &nbsp;&nbsp;&nbsp; (247876)<br>|
| **Net increase** <br> **(decrease)**<br>| &nbsp;&nbsp;&nbsp; **26989** | &nbsp;&nbsp;&nbsp; **$27139** | &nbsp;&nbsp;&nbsp; **(211498)**<br>| &nbsp;&nbsp;&nbsp; **$(211479)**<br>|

---

**6. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended August 31, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $35935527 | &nbsp;&nbsp; $86977601 |

---

As of August 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $141354 |
| Deferred capital losses\* | &nbsp;&nbsp; (132525) |
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; (116166) |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; (6000592) |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(6107929)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> Other book/tax temporary differences are attributable due to dividends payable.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to other book/tax basis adjustments. 

**7. Operating segments**

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Notes to Financial Statements (cont'd)

The Fund operates as a single operating segment, which is an investment portfolio. A management group of the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Schedule of Investments of the Portfolio provides details of investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including expense ratios, are disclosed in the Financial Highlights.

------

Western Asset Institutional Liquid Reserves 2025 Annual Report

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Legg Mason Partners Institutional Trust and Shareholders of Western Asset Institutional Liquid Reserves**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Western Asset Institutional Liquid Reserves (one of the funds constituting Legg Mason Partners Institutional Trust, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of the security owned as of August 31, 2025 by correspondence with the accounting agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

October 22, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

Western Asset Institutional Liquid Reserves 2025 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended August 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $26466158 |
| Section 163(j) Interest Earned | §163(j) | $37381685 |
| Interest Earned from Federal Obligations | Note (1) | $2594386 |

---

Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.

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Western Asset Institutional Liquid Reserves

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Refer to the financial statements included herein. | Refer to the financial statements included herein. |

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Western Asset Institutional Liquid Reserves

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Board Approval of Management and

Subadvisory Agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the "Executive and Contracts Committee") considered the Management Agreement between the Trust and Franklin Templeton Fund Adviser, LLC ("FTFA") with respect to the Fund and the subadvisory agreement between FTFA and Western Asset Management Company, LLC ("Western Asset" or the "Subadviser", and together with FTFA, the "Advisers") with respect to the Fund (collectively, the "Agreements") at a meeting held on April 29, 2025. At an in-person meeting held on May 13, 2025, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the "Performance Universe") and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund's performance and other relevant matters and related discussions with the Advisers' personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board noted that the Fund is a "feeder fund" in a "master-feeder" structure, whereby, as a feeder fund, the Fund has the same investment objective and policies as the master fund, Liquid Reserves Portfolio (the "Master Fund"), a series of Master Portfolio Trust, and the Fund invests substantially all of its assets in the Master Fund.

As part of their review, the Trustees examined FTFA's ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadviser's ability to provide high quality investment management services to the Fund. The Trustees considered the experience of FTFA's personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA's senior management and

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Western Asset Institutional Liquid Reserves

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staff. The Trustees also considered the investment philosophy and research and decision-making processes of the Subadviser; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadviser to attract and retain capable research and advisory personnel; the risks to the Advisers associated with sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA's and the Subadviser's risk management processes; the capability and integrity of the Advisers' senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers' services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers' ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. The Board also considered the policies and practices of FTFA and the Subadviser regarding the selection of brokers and dealers and the execution of portfolio transactions at the Master Fund level. Based on the foregoing, the Trustees concluded that the Subadviser's investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of FTFA's and Western Asset's senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1-, 3-, 5- and 10-year periods ended December 31, 2024. The information comparing the Fund's performance to that of its Performance Universe, consisting of all funds (including the Fund) classified as institutional money market funds by Broadridge, showed, among other data, that the Fund's performance for the 1-, 3-, 5- and 10-year periods ended December 31, 2024 was above the median. The Board noted that the Fund's performance trailed the performance of its investment index for the 1-year period ended December 31, 2024 and was approximately equal to the performance of its investment index for the 3-, 5- and 10-year periods ended December 31, 2024. The Board considered the factors involved in the Fund's performance relative to the performance of its investment index and Performance Universe.

The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadviser. They reviewed

Western Asset Institutional Liquid Reserves

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset's other clients, including separate accounts managed by Western Asset. The Trustees noted that the Fund's expense information reflected both management fees and total expenses payable by the Fund as well as management fees and total expenses payable by the Master Fund. The Trustees also noted that the Fund does not pay any management fees directly to the Subadviser because FTFA pays the Subadviser for services provided to the Fund out of the management fee FTFA receives from the Fund. The information comparing the Fund's Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of institutional money market funds (including the Fund) chosen by Broadridge to be comparable to the Fund, showed that the Fund's Contractual Management Fee was at the median and its Actual Management Fee was below the median. The Board noted that the Fund's actual total expense ratio was above the median. The Board also considered that the current limitation on the Fund's expenses is expected to continue through December 2025.

The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the "fallout benefits," such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.

Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Trustees considered an analysis of the profitability of FTFA and its affiliates in providing services to the Fund and in providing services to the Master Fund in which the Fund invests. The Board noted that the Fund's Contractual Management Fee was at the median and its Actual Management Fee was below the median. The Board also noted the size of the Fund.

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the

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Western Asset Institutional Liquid Reserves

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terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.

Western Asset Institutional Liquid Reserves

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Schedule of Investments

August 31, 2025

 **Liquid Reserves Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Short-Term Investments — 93.8%** | **Short-Term Investments — 93.8%** | **Short-Term Investments — 93.8%** | **Short-Term Investments — 93.8%** | **Short-Term Investments — 93.8%** |
| **Commercial Paper — 38.6%** | **Commercial Paper — 38.6%** | **Commercial Paper — 38.6%** | **Commercial Paper — 38.6%** | **Commercial Paper — 38.6%** |
| ABN AMRO Funding USA LLC | &nbsp;&nbsp; 9.201% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; $30000000 | &nbsp;&nbsp; $29985534<br> <sup>(a)(b)</sup><br>|
| Atlantic Asset Securitization LLC | &nbsp;&nbsp; 4.793% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49801590<br> <sup>(a)(b)</sup><br>|
| Automatic Data Processing Inc. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp; 199879240<br> <sup>(a)(b)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; 7.662% | &nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 74954505<br> <sup>(a)(b)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; 6.869% | &nbsp;&nbsp; 9/4/25 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 99927220<br> <sup>(a)(b)</sup><br>|
| Barton Capital SA | &nbsp;&nbsp; 9.227% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 78000000 | &nbsp;&nbsp; 77962287<br> <sup>(a)(b)</sup><br>|
| Barton Capital SA | &nbsp;&nbsp; 5.054% | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 19951430<br> <sup>(a)(b)</sup><br>|
| BNG Bank NV | &nbsp;&nbsp; 6.726% | &nbsp;&nbsp; 9/4/25 | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp; 64953649<br> <sup>(a)(b)</sup><br>|
| BNG Bank NV | &nbsp;&nbsp; 5.121% | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 99794960<br> <sup>(a)(b)</sup><br>|
| Cabot Trail Funding LLC | &nbsp;&nbsp; 4.907% | &nbsp;&nbsp; 9/24/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49842760<br> <sup>(a)(b)</sup><br>|
| Cabot Trail Funding LLC | &nbsp;&nbsp; 4.645% | &nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49665245<br> <sup>(a)(b)</sup><br>|
| Chariot Funding LLC | &nbsp;&nbsp; 4.673% | &nbsp;&nbsp; 10/22/25 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 74513550<br> <sup>(a)(b)</sup><br>|
| Coca-Cola Co. | &nbsp;&nbsp; 5.005% | &nbsp;&nbsp; 9/17/25 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 99772780<br> <sup>(a)(b)</sup><br>|
| DBS Bank Ltd. | &nbsp;&nbsp; 4.620% | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 99370920<br> <sup>(a)(b)</sup><br>|
| DBS Bank Ltd. | &nbsp;&nbsp; 4.524% | &nbsp;&nbsp; 11/25/25 | &nbsp;&nbsp; 45000000 | &nbsp;&nbsp; 44533305<br> <sup>(a)(b)</sup><br>|
| DNB Bank ASA | &nbsp;&nbsp; 7.548% | &nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 24985053<br> <sup>(a)(b)</sup><br>|
| Great Bear Funding DAC | &nbsp;&nbsp; 7.644% | &nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; 115000000 | &nbsp;&nbsp; 114930402<br> <sup>(a)(b)</sup><br>|
| LMA-Americas LLC | &nbsp;&nbsp; 5.566% | &nbsp;&nbsp; 9/9/25 | &nbsp;&nbsp; 64500000 | &nbsp;&nbsp; 64413905<br> <sup>(a)(b)</sup><br>|
| Longship Funding LLC | &nbsp;&nbsp; 5.445% | &nbsp;&nbsp; 9/10/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49927430<br> <sup>(a)(b)</sup><br>|
| Mizuho Bank Ltd. | &nbsp;&nbsp; 5.305% | &nbsp;&nbsp; 9/12/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49915105<br> <sup>(a)(b)</sup><br>|
| Mizuho Bank Ltd. | &nbsp;&nbsp; 4.707% | &nbsp;&nbsp; 10/15/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49717240<br> <sup>(a)(b)</sup><br>|
| Mizuho Bank Ltd. | &nbsp;&nbsp; 4.584% | &nbsp;&nbsp; 11/17/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49523335<br> <sup>(a)(b)</sup><br>|
| Novartis Finance Corp. | &nbsp;&nbsp; 9.126% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49976080<br> <sup>(a)(b)</sup><br>|
| Sanofi S.A. | &nbsp;&nbsp; 4.614% | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 74565667<br> <sup>(a)(b)</sup><br>|
| Societe Generale SA | &nbsp;&nbsp; 4.529% | &nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 74257440<br> <sup>(a)(b)</sup><br>|
| Starbird Funding Corp. | &nbsp;&nbsp; 9.227% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49975825<br> <sup>(a)(b)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 4.698% | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49705260<br> <sup>(a)(b)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 4.686% | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp; 93865000 | &nbsp;&nbsp; 93172699<br> <sup>(a)(b)</sup><br>|
| TotalEnergies Capital SA | &nbsp;&nbsp; 7.633% | &nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49969780<br> <sup>(a)(b)</sup><br>|
| TotalEnergies Capital SA | &nbsp;&nbsp; 6.852% | &nbsp;&nbsp; 9/4/25 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; 29978220<br> <sup>(a)(b)</sup><br>|
| TotalEnergies Capital SA | &nbsp;&nbsp; 6.387% | &nbsp;&nbsp; 9/5/25 | &nbsp;&nbsp; 96500000 | &nbsp;&nbsp; 96418187<br> <sup>(a)(b)</sup><br>|
| Unilever Finance Netherlands B.V. | &nbsp;&nbsp; 5.633% | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 99879960<br> <sup>(a)(b)</sup><br>|
| **Total Commercial Paper** | **Total Commercial Paper** | **Total Commercial Paper** | **Total Commercial Paper** | &nbsp;&nbsp; **2206220563** |
| **Time Deposits — 28.4%** | **Time Deposits — 28.4%** | **Time Deposits — 28.4%** | **Time Deposits — 28.4%** | **Time Deposits — 28.4%** |
| ABN AMRO Bank NV | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/4/25 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 75000000<br>|
| Banco Santander SA | &nbsp;&nbsp; 4.320% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000<br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 4.320% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000<br>|
| DNB Bank ASA | &nbsp;&nbsp; 4.310% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp; 200000000<br>|

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See Notes to Financial Statements.

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Liquid Reserves Portfolio 2025 Annual Report

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 **Liquid Reserves Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Time Deposits — continued** | **Time Deposits — continued** | **Time Deposits — continued** | **Time Deposits — continued** | **Time Deposits — continued** |
| Mizuho Bank Ltd. | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; $110000000 | &nbsp;&nbsp; $110000000<br>|
| National Bank of Canada | &nbsp;&nbsp; 4.320% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp; 200000000<br>|
| Nordea Bank Abp | &nbsp;&nbsp; 4.310% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000<br>|
| NRW.Bank | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 125000000 | &nbsp;&nbsp; 125000000<br>|
| Royal Bank of Canada | &nbsp;&nbsp; 4.320% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000<br>|
| Skandinaviska Enskilda Banken AB | &nbsp;&nbsp; 4.310% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 185000000 | &nbsp;&nbsp; 185000000<br>|
| Svenska Handelsbanken AB | &nbsp;&nbsp; 4.310% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 125000000 | &nbsp;&nbsp; 125000000<br>|
| **Total Time Deposits** | **Total Time Deposits** | **Total Time Deposits** | **Total Time Deposits** | &nbsp;&nbsp; **1620000000** |
| **Certificates of Deposit — 4.5%** | **Certificates of Deposit — 4.5%** | **Certificates of Deposit — 4.5%** | **Certificates of Deposit — 4.5%** | **Certificates of Deposit — 4.5%** |
| Banco Santander SA (SOFR + 0.240%) | &nbsp;&nbsp; 4.580% | &nbsp;&nbsp; 11/3/25 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5001032<br> <sup>(c)</sup><br>|
| KBC Bank NV | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 99999870<br>|
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 4.430% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 75001305<br>|
| Standard Chartered Bank (SOFR + 0.380%) | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25018365<br> <sup>(c)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/12/25 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50002140<br>|
| **Total Certificates of Deposit** | **Total Certificates of Deposit** | **Total Certificates of Deposit** | **Total Certificates of Deposit** | &nbsp;&nbsp; **255022712** |
| **U.S. Treasury Notes — 2.6%** | **U.S. Treasury Notes — 2.6%** | **U.S. Treasury Notes — 2.6%** | **U.S. Treasury Notes — 2.6%** | **U.S. Treasury Notes — 2.6%** |
| U.S. Treasury Notes (3 mo. U.S. Treasury <br> Money Market Yield + 0.170%) | &nbsp;&nbsp; 4.313% | &nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; **150011520**<br> <sup>(c)</sup><br>|
| **Repurchase Agreements — 19.7%** | **Repurchase Agreements — 19.7%** | **Repurchase Agreements — 19.7%** | **Repurchase Agreements — 19.7%** | **Repurchase Agreements — 19.7%** |
| BNP Paribas SA tri-party repurchase <br> agreement dated 8/29/25; Proceeds at <br> maturity — $126,368,438; (Fully collateralized <br> by collateralized mortgage obligations and <br> corporate bonds and notes, 1.125% to 8.000% <br> due 9/24/25 to 11/1/64; Market value — <br> $131,251,907) | &nbsp;&nbsp; 4.530% | &nbsp;&nbsp; 11/24/25 | &nbsp;&nbsp; 125000000 | &nbsp;&nbsp; 125000000<br>|
| Fixed Income Clearing Corp. tri-party <br> repurchase agreement dated 8/29/25; <br> Proceeds at maturity — $250,120,278; (Fully <br> collateralized by U.S. government obligations, <br> 4.250% due 2/28/29; Market value — <br> $255,000,000) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp; 250000000<br>|
| Fixed Income Clearing Corp. tri-party <br> repurchase agreement dated 8/29/25; <br> Proceeds at maturity — $150,072,167; (Fully <br> collateralized by U.S. government obligations, <br> 2.625% due 5/31/27; Market value — <br> $153,000,025) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000<br>|

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See Notes to Financial Statements.

Liquid Reserves Portfolio 2025 Annual Report

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Schedule of Investments (cont'd)

August 31, 2025

 **Liquid Reserves Portfolio**

(Percentages shown based on Portfolio net assets)

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| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| JPMorgan Securities LLC tri-party repurchase <br> agreement dated 8/21/25; Proceeds at <br> maturity — $101,145,083; (Fully collateralized <br> by corporate bonds and notes, 3.887% to <br> 8.750% due 1/5/26 to 2/15/56; Market value <br> — $112,167,625) | &nbsp;&nbsp; 4.530% | &nbsp;&nbsp; 11/20/25 | &nbsp;&nbsp; $100000000 | &nbsp;&nbsp; $100000000<br>|
| JPMorgan Securities LLC tri-party repurchase <br> agreement dated 8/29/25; Proceeds at <br> maturity — $250,120,278; (Fully collateralized <br> by U.S. government obligations, 0.000% to <br> 5.375% due 1/15/26 to 5/31/31; Market value <br> — $255,122,688) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp; 250000000<br>|
| MUFG Securities Americas Inc. tri-party <br> repurchase agreement dated 5/29/25; <br> Proceeds at maturity — $101,094,750; (Fully <br> collateralized by asset-backed securities and <br> money market instruments, 0.000% to 5.230% <br> due 9/2/25 to 2/15/38; Market value — <br> $105,474,298) | &nbsp;&nbsp; 4.530% | &nbsp;&nbsp; 11/24/25 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 100000000<br>|
| TD Securities LLC tri-party repurchase <br> agreement dated 8/29/25; Proceeds at <br> maturity — $150,073,333; (Fully collateralized <br> by corporate bonds and notes, 3.875% to <br> 5.050% due 8/15/26 to 3/15/42; Market value <br> — $168,000,886) | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000<br>|
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | &nbsp;&nbsp; **1125000000** |
| **Total Investments — 93.8% (Cost — $5,356,941,431)** | **Total Investments — 93.8% (Cost — $5,356,941,431)** | **Total Investments — 93.8% (Cost — $5,356,941,431)** | **Total Investments — 93.8% (Cost — $5,356,941,431)** | &nbsp;&nbsp; **5356254795** |
| Other Assets in Excess of Liabilities — 6.2% | Other Assets in Excess of Liabilities — 6.2% | Other Assets in Excess of Liabilities — 6.2% | Other Assets in Excess of Liabilities — 6.2% | &nbsp;&nbsp; 353482467 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$5709737262** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commercial paper exempt from registration under Section 4(2) of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Rate shown represents yield-to-maturity.

<sup>(c)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

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Liquid Reserves Portfolio 2025 Annual Report

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Statement of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $4,231,941,431) | &nbsp;&nbsp; $4231254795 |
| Repurchase agreements, at value | &nbsp;&nbsp; 1125000000 |
| Cash | &nbsp;&nbsp; 350742341 |
| Interest receivable | &nbsp;&nbsp; 3093104 |
| **Total Assets** | &nbsp;&nbsp; **5710090240** |
| **Liabilities:** |  |
| Fund accounting fees payable | &nbsp;&nbsp; 126692 |
| Trustees' fees payable | &nbsp;&nbsp; 67904 |
| Legal fees payable | &nbsp;&nbsp; 44927 |
| Audit and tax fees payable | &nbsp;&nbsp; 40925 |
| Custody fees payable | &nbsp;&nbsp; 28334 |
| Accrued expenses | &nbsp;&nbsp; 44196 |
| **Total Liabilities** | &nbsp;&nbsp; **352978** |
| **Total Net Assets** | &nbsp;&nbsp; **$5709737262** |
| **Represented by:** |  |
| **Paid-in capital** | &nbsp;&nbsp; **$5709737262** |

---

See Notes to Financial Statements.

Liquid Reserves Portfolio 2025 Annual Report

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Statement of Operations

For the Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| **Interest** | &nbsp;&nbsp; **$304328016** |
| **Expenses:** |  |
| Investment management fee (Note 2)  | &nbsp;&nbsp; 6573941 |
| Legal fees | &nbsp;&nbsp; 267363 |
| Trustees' fees | &nbsp;&nbsp; 211571 |
| Fund accounting fees | &nbsp;&nbsp; 142810 |
| Audit and tax fees | &nbsp;&nbsp; 44825 |
| Custody fees | &nbsp;&nbsp; 34763 |
| Miscellaneous expenses  | &nbsp;&nbsp; 208730 |
| **Total Expenses** | &nbsp;&nbsp; **7484003** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (6573941)<br>|
| **Net Expenses** | &nbsp;&nbsp; **910062** |
| **Net Investment Income** | &nbsp;&nbsp; **303417954** |
| **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** | **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** |
| **Net Realized Gain From Investment Transactions**  | &nbsp;&nbsp; **1013379** |
| **Change in Net Unrealized Appreciation (Depreciation) From Investments**  | &nbsp;&nbsp; **(876622)**<br>|
| **Net Gain on Investments**  | &nbsp;&nbsp; **136757** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$303554711** |

---

See Notes to Financial Statements.

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Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended August 31, | 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $303417954 | $563125510 |
| Net realized gain  | &nbsp;&nbsp; 1013379 | 440421 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (876622)<br>| (190426)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **303554711** | **563375505** |
| **Capital Transactions:** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 51761235410 | 70986641949 |
| Value of withdrawals | &nbsp;&nbsp; (54662995817)<br>| (74470088505)<br>|
| **Decrease in Net Assets From Capital Transactions** | &nbsp;&nbsp; **(2901760407)**<br>| **(3483446556)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(2598205696)**<br>| **(2920071051)**<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 8307942958 | 11228014009 |
| **End of year** | &nbsp;&nbsp; **$5709737262** | **$8307942958** |

---

See Notes to Financial Statements.

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Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the years ended August 31:** | **For the years ended August 31:** | **For the years ended August 31:** | **For the years ended August 31:** | **For the years ended August 31:** | **For the years ended August 31:** |
|  | 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net assets, end of year (millions)** | $5710 | &nbsp;&nbsp; $8308 | &nbsp;&nbsp; $11228 | &nbsp;&nbsp; $14242 | &nbsp;&nbsp; $9479 |
| **Total return**<sup>1</sup> <br>| **4.69%**<br>| **5.72%**<br>| **4.72%**<br>| **0.65%**<br>| **0.17%**<br>|
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.11<br> %<br>| 0.11<br> %<br>| 0.11<br> %<br>| 0.10<br> %<br>| 0.11<br> %<br>|
| Net expenses<sup>2,3</sup> <br>| 0.01 | 0.01 | 0.01 | 0.00 <br><sup>4</sup><br>| 0.01 |
| Net investment income | 4.62 | 5.55 | 4.56 | 0.78 | 0.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. 

<sup>2</sup> The investment manager, pursuant to the terms of the feeder fund's investment management agreement, has agreed to waive 0.10% of Portfolio expenses, attributable to the Portfolio's investment management fee. Additional amounts may be voluntarily waived and/or reimbursed from time to time. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> Amount represents less than 0.005% or greater than (0.005)%.

See Notes to Financial Statements.

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Liquid Reserves Portfolio (the "Portfolio") is a separate diversified investment series of Master Portfolio Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees (the "Board") to issue beneficial interests in the Portfolio. At August 31, 2025, all investors in the Portfolio were funds advised or administered by the investment manager of the Portfolio and/or its affiliates.

The Portfolio sells and effects withdrawals of its interests at prices based on the current market value of the securities it holds. Therefore, the price of an interest in the Portfolio fluctuates along with changes in the market-based value of the holdings of the Portfolio. Because the price of an interest in the Portfolio fluctuates, it has what is called a "floating net asset value" or "floating NAV". Under Rule 2a-7 of the 1940 Act ("Rule 2a-7"), the Portfolio must follow strict rules as to the credit quality, liquidity, diversification and maturity of its investments.

The Portfolio follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. When the Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a

Liquid Reserves Portfolio 2025 Annual Report

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Notes to Financial Statements (cont'd)

security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Board.

Pursuant to policies adopted by the Board, the Portfolio's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio's pricing policies, and reporting to the Portfolio's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Portfolio, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Portfolio uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

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GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; $5356254795 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5356254795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Repurchase agreements.** The Portfolio may enter into repurchase agreements with institutions that its subadviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Portfolio acquires a debt security subject to an obligation of the seller to repurchase, and of the Portfolio to resell, the security at an agreed-upon price and time, thereby determining the yield during the Portfolio's holding period. When entering into repurchase agreements, it is the Portfolio's policy that its custodian or a third party custodian, acting on the Portfolio's behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Portfolio generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Portfolio seeks to assert its rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

**(c) Interest income and expenses.** Interest income (including interest income from payment-in-kind securities) consists of interest accrued and discount earned (including both original issue and market discount adjusted for amortization of premium) on the

Liquid Reserves Portfolio 2025 Annual Report

------

Notes to Financial Statements (cont'd)

investments of the Portfolio. Expenses of the Portfolio are accrued daily. The Portfolio bears all costs of its operations other than expenses specifically assumed by the manager.

**(d) Method of allocation.** Net investment income and net realized/unrealized gains and/or losses of the Portfolio are allocated pro rata, based on respective ownership interests, among the Fund and other investors in the Portfolio (the "Holders") at the time of such determination.

**(e) Credit and market risk.** Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(f) Compensating balance arrangements.** The Portfolio had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Portfolio's cash on deposit with the bank. Effective April 1, 2025, credits earned, if any, are recognized as income.

**(g) Income taxes.** The Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in the Portfolio is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Portfolio. Therefore, no federal income tax provision is required. It is intended that the Portfolio's assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code.

Management has analyzed the Portfolio's tax positions taken on income tax returns for all open tax years and has concluded that as of August 31, 2025, no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal and state income tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**(h) Other.** Purchases, maturities and sales of money market instruments are accounted for on the date of the transaction. Realized gains and losses are calculated on the identified cost basis.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is the Portfolio's investment manager and Western Asset Management Company, LLC ("Western Asset") is the Portfolio's subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

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Liquid Reserves Portfolio 2025 Annual Report

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Under the investment management agreement, the Portfolio pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.10% of the Portfolio's average daily net assets.

FTFA provides administrative and certain oversight services to the Portfolio. FTFA delegates to the subadviser the day-to-day portfolio management of the Portfolio. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Portfolio.

As a result of the investment management agreement between FTFA and the feeder fund, FTFA has agreed to waive 0.10% of Portfolio expenses, attributable to the Portfolio's investment management fee. Additional amounts may be voluntarily waived and/or reimbursed from time to time.

During the year ended August 31, 2025, fees waived and/or expenses reimbursed amounted to $6,573,941.

FTFA is permitted to recapture amounts waived and/or reimbursed to the Portfolio during the same fiscal year under certain circumstances.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

At August 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $5356941431 | &nbsp;&nbsp; $36940 | &nbsp;&nbsp; $(723576) | &nbsp;&nbsp; $(686636) |

---

**4. Derivative instruments and hedging activities**

During the year ended August 31, 2025, the Portfolio did not invest in derivative instruments.

**5. Operating segments**

The Portfolio has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Portfolio's financial position or results of operations.

The Portfolio operates as a single operating segment, which is an investment portfolio. A management group of the Portfolio's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Portfolio's operating results and allocating resources in accordance with the Portfolio's investment strategy. Internal

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Notes to Financial Statements (cont'd)

reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Portfolio's Schedule of Investments provides details of the Portfolio's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including expense ratios, are disclosed in the Financial Highlights.

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Liquid Reserves Portfolio 2025 Annual Report

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Master Portfolio Trust and Investors of Liquid Reserves Portfolio**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Liquid Reserves Portfolio (one of the portfolios constituting Master Portfolio Trust, referred to hereafter as the "Portfolio") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of August 31, 2025, the results of its operations for the year ended August 31, 2025, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the relevant ethical requirements relating to our audit, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

October 22, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Portfolios since 1948.

Liquid Reserves Portfolio 2025 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Refer to the financial statements included herein. | Refer to the financial statements included herein. |

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Liquid Reserves Portfolio

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Board Approval of Management and

Subadvisory Agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the "Executive and Contracts Committee") considered the Management Agreement between the Trust and Franklin Templeton Fund Adviser, LLC ("FTFA") with respect to the Fund and the subadvisory agreement between FTFA and Western Asset Management Company, LLC ("Western Asset" or the "Subadviser", and together with FTFA, the "Advisers") with respect to the Fund (collectively, the "Agreements") at a meeting held on April 29, 2025. At an in-person meeting held on May 13, 2025, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the "Performance Universe") and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund's performance and other relevant matters and related discussions with the Advisers' personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board noted that the Fund is a "master fund" in a "master-feeder" structure, in which each feeder fund has the same investment objective and policies as the Fund and invests substantially all of its assets in the Fund. The information provided and presentations made to the Board encompassed the Fund and all funds for which the Board has responsibility, including the following feeder funds in the Fund (each, a "Feeder Fund"): Western Asset Institutional Liquid Reserves, a series of Legg Mason Partners Institutional Trust, and Western Asset Premier Institutional Liquid Reserves, a series of Legg Mason Partners Institutional Trust.

As part of their review, the Trustees examined FTFA's ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadvisers' ability to provide high quality investment management services to the Fund.

Liquid Reserves Portfolio

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

The Trustees considered the experience of FTFA's personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA's senior management and staff. The Trustees also considered the investment philosophy and research and decision-making processes of the Subadviser; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadviser to attract and retain capable research and advisory personnel; the risks to the Advisers associated with sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA's and the Subadviser's risk management processes; the capability and integrity of the Advisers' senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers' services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers' ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. The Board also considered the policies and practices of FTFA and the Subadviser regarding the selection of brokers and dealers and the execution of portfolio transactions. Based on the foregoing, the Trustees concluded that the Subadviser's investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of FTFA's and Western Asset's senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.

In considering the performance of the Fund, the Board received and considered performance information for each Feeder Fund as well as for the Performance Universe selected by Broadridge. The Board noted that the Feeder Funds' performance was the same as the performance of the Fund (except for the effect of fees at the Feeder Fund level), and therefore was relevant to the Board's consideration of the Fund's performance. The Board was provided with a description of the methodology used to determine the similarity of the Feeder Funds with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing each Feeder Fund's performance against its benchmark and against each Feeder Fund's peers. In

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addition, the Board considered each Feeder Fund's performance in light of overall financial market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• The information comparing Western Asset Institutional Liquid Reserves' performance to that of its Performance Universe, consisting of all funds (including the Feeder Fund) classified as institutional money market funds by Broadridge, showed, among other data, that the Feeder Fund's performance for the 1-, 3-, 5- and 10-year periods ended December 31, 2024 was above the median.

&nbsp;&nbsp;&nbsp;&nbsp;• The information comparing Western Asset Premier Institutional Liquid Reserves' performance to that of its Performance Universe, consisting of all funds (including the Feeder Fund) classified as institutional money market funds by Broadridge, showed, among other data, that the Feeder Fund's performance for the 1-, 3- and 5-year and since inception periods ended December 31, 2024 was above the median.

The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadviser. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset's other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to the Subadviser because FTFA pays the Subadviser for services provided to the Fund out of the management fee FTFA receives from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The information comparing Western Asset Institutional Liquid Reserves' Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of institutional money market funds (including the Fund) chosen by Broadridge to be comparable to the Feeder Fund, showed that the Feeder Fund's Contractual Management Fee was at the median and that the Feeder Fund's Actual Management Fee was below the median. The Board noted that the Feeder Fund's actual total expense ratio was above the median. The Board also considered that the current limitation on the Feeder Fund's expenses is expected to continue through December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• The information comparing Western Asset Premier Institutional Liquid Reserves' Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of institutional money market funds (including the Fund) chosen by Broadridge to be comparable to the Feeder Fund, showed that the Feeder Fund's Contractual Management Fee was at the median and the Feeder Fund's Actual Management Fee was below the median. The Board noted that the Feeder Fund's actual total expense ratio was below the median. The Board also considered that the current limitation on the Feeder Fund's expenses is expected to continue through December 2025.

The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and

Liquid Reserves Portfolio

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

indirect benefits that the Advisers may receive from their relationships with the Fund, including the "fallout benefits," such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.

Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Trustees considered an analysis of the profitability of FTFA and its affiliates in providing services to the Fund and the Feeder Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the Western Asset Institutional Liquid Reserves' Contractual Management Fee was at the median and that its Actual Management Fee was below the median. The Board also noted the size of the Feeder Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the Western Asset Premier Institutional Liquid Reserves' Contractual Management Fee was at the median and its Actual Management Fee was below the median of the peer group. The Board also noted the size of the Feeder Fund.

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.

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Liquid Reserves Portfolio

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Western Asset

Institutional Liquid Reserves

**Trustees**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadviser**

Western Asset Management Company, LLC

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

BNY Mellon Investment

Servicing (US) Inc.

500 Ross Street, 154-0520

Pittsburgh, PA 15262

**Independent registered**

**public accounting firm**

PricewaterhouseCoopers LLP

Baltimore, MD

**Western Asset Institutional Liquid Reserves**

The Fund is a separate investment series of Legg Mason Partners Institutional Trust, a Maryland statutory trust.

Western Asset Institutional Liquid Reserves

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") each month on Form N-MFP. The Fund's reports on Form N-MFP are available on the SEC's website at www.sec.gov. The Fund makes portfolio holdings available to shareholders on its website at www.franklintempleton.com.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-877-721-1926 or 1-203-703-6002, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Institutional Liquid Reserves. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

Franklin Templeton Funds Privacy and Security Notice

**Your Privacy and the Security of Your Personal Information is Very Important to Us**

This Privacy and Security Notice (the "Privacy Notice") addresses the Funds' privacy and data protection practices with respect to nonpublic personal information the Fund receives. The Legg Mason Funds include the Western Asset Money Market Funds (Funds) sold by the Funds' distributor, Franklin Distributors, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

**The Type of Nonpublic Personal Information the Funds Collect About You**

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

• Personal information included on applications or other forms;

• Account balances, transactions, and mutual fund holdings and positions;

• Bank account information, legal documents, and identity verification documentation; and

• Online account access user IDs, passwords, security challenge question responses.

**How the Funds Use Nonpublic Personal Information About You**

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law. The Funds may disclose information about you to:

&nbsp;&nbsp;&nbsp;&nbsp;• Employees, agents, and affiliates on a "need to know" basis to enable the Funds to conduct ordinary business or to comply with obligations to government regulators;

&nbsp;&nbsp;&nbsp;&nbsp;• Service providers, including the Funds' affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds' behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Permit access to transfer, whether in the United States or countries outside of the United States to such Funds' employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

&nbsp;&nbsp;&nbsp;&nbsp;• The Funds' representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

&nbsp;&nbsp;&nbsp;&nbsp;• Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

Except as otherwise permitted by applicable law, companies acting on the Funds' behalf, including those outside the United States, are contractually obligated to keep nonpublic

**NOT PART OF THE ANNUAL REPORT**

------

Franklin Templeton Funds Privacy and Security Notice

(cont'd)

personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds' practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

**Keeping You Informed of the Funds' Privacy and Security Practices**

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time, they will notify you promptly if this privacy policy changes.

**The Funds' Security Practices**

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds' internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds' privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds' website at www.franklintempleton.com, or contact the Funds at 1-877-721-1926 for the Western Asset Money Market Funds or 1-888-777-0102 for the Legg Mason-sponsored closed-end funds. For additional information related to certain state privacy rights, please visit https://www.franklintempleton.com/help/privacy-policy.

Revised December 2023.

**NOT PART OF THE ANNUAL REPORT**

------

![](imgfd002e3c3.jpg)

**90065-AFSOI 10/25**© 2025 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](wailr-efp18101_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](wailr-efp18101_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](wailr-efp18101_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Legg Mason Partners Institutional Trust** | **Legg Mason Partners Institutional Trust** |
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | October 24, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | October 24, 2025 |
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | October 24, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Institutional Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | October 24, 2025 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Institutional Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | October 24, 2025 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Chief Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Legg Mason Partners Institutional Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer** | **Principal Financial Officer** |
| Legg Mason Partners Institutional Trust | Legg Mason Partners Institutional Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: October 24, 2025 | Date: October 24, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.