LFAXX — Western Asset Select Tax Free Reserves

Data updated: 2025-12-23

LFAXX — Western Asset Select Tax Free Reserves. Money Market · 0.40% expense ratio. Holdings, fees, performance and SEC filings.

LFAXX Fund Overview

LFAXX — Western Asset Select Tax Free Reserves is a US mutual fund managed by Legg Mason Partners Institutional Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

LFAXX Investment Objective and Strategy

Western Asset Select Tax Free Reserves describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Legg Mason Partners Institutional Trust.

Investment objective

The fund’s investment objectives are to provide shareholders with high levels of current income exempt from federal income taxes, preservation of capital and liquidity.

Principal investment strategy

The fund is a money market fund that, under normal market conditions, invests at least 80% of its assets in short-term high quality municipal obligations and interests in municipal obligations that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. Municipal securities include debt obligations issued by any of the 50 states and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers. These securities include participation or other interests in municipal securities and other structured securities such as variable rate demand obligations, tender option bonds, partnership interests and swap-based securities, many of which may be issued or backed by U.S.

or non-U.S. banks. Some municipal securities, such as general obligation issues, are backed by the issuers taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself. The fund invests in securities that, at the time of purchase, are rated by one or more rating agencies in the highest short-term rating category (or, with respect to not more than 3% of its total assets, in the second highest category) or, if not rated, are determined by the subadviser to be of equivalent quality. Under normal circumstances, the fund may invest up to 20% of its assets in investments that pay interest that may be subject to regular federal income tax and/or the federal alternative minimum tax, although for temporary or defensive purposes, the fund may invest an unlimited amount in such securities.

The fund is a retail money market fund, meaning that the fund is only offered to accounts that are beneficially owned solely by natural persons. As a retail money market fund, the fund tries to maintain a share price of $1.00. Under Rule 2a-7 of the Investment Company Act of 1940, as amended, the fund must follow strict rules as to the credit quality, liquidity, diversification and maturity of its investments. Where required by these rules, the funds subadviser or Board of Trustees (the Board) will decide whether a security should be held or sold in the event of credit downgrades or certain other events occurring after purchase.

LFAXX Costs and Fees

LFAXX costs about $40 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 0.40%
  • Gross expense ratio: 3.22%

LFAXX Debt Constituents

No individual debt constituents are reported in Western Asset Select Tax Free Reserves's latest SEC N-PORT filing.

LFAXX Prospectus and SEC Filings

Official Western Asset Select Tax Free Reserves filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Money Market funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.