Alternatives

LMSMX Western Asset SMASh Series M Fund

Overview

See the risks and other important information.

Fund Facts

Benchmark: Bloomberg U.S. MBS: Agency Fixed Rate
Dividend Frequency, if any: Monthly
Fund Inception Date: 12/29/2006
Distribution Rate at NAV (Updated Daily): —
Effective DurationAs of 11/30/2025 (Updated Monthly): 3.8966

Sales Charges, Expenses & Fees

As of 07/01/2025

Gross Expense Ratio²: 0.03%
Net Expense Ratio^2,3: 0.00%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.00%

Additional Fund Info

Share Class Inception Date: 12/29/2006
Investment Style: Hedge Strategies
Lipper Classification: Global Income Funds
Morningstar Category⁴: Miscellaneous Fixed Income

Identifiers

Ticker: LMSMX
Fund Number: 7936
CUSIP Code: 52470G759

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $408.16 Million

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Cash Flow

Fund: 4.85%

Sector Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
GNMA	34.24%
Commercial Mortgage Backed Securities	29.08%
FNMA	25.35%
Non-Agency Mortgage Backed Securities	19.05%
Asset-Backed Securities	17.49%
Cash & Cash Equivalents	-25.22%

For more information about the no-fee fund that your account holds, please click here

Holdings
As of 11/30/2025 (Updated Monthly)

UNITED STATES TREASURY NOTE/BO 4.0000% Mat 06/30/2032

FNMA TBA 30 YR 6 SINGLE FAMILY 6.0000% Mat 01/01/2056

FANNIE MAE OR FREDDIE MAC 5.5000% Mat 01/01/2055

GNMA II TBA JAN 30 JUMBOS 4.5000% Mat 01/20/2055

US TREASURY NOTE 4.0000% Mat 01/31/2029

GINNIE MAE II POOL 3.5000% Mat 09/20/2048

GINNIE MAE 5.5000% Mat 01/20/2056

FNMA 3% TBA MBS 30yr Mat 01/01/2056

GNMA 4% TBA MBS 30yr Mat 01/20/2056

GINNIE MAE 6.0000% Mat 01/20/2056

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions: June, December

Proposed 2025 distribution dates for some Franklin Templeton Specialist Investment Managers (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/15/2025

11/13/2025

10/14/2025

09/15/2025

08/14/2025

07/14/2025

06/16/2025

05/14/2025

04/14/2025

03/13/2025

Pricing

Pricing History

As of 12/09/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/09/2025

Share Prices

As of 12/09/2025

NAV ¹(Net Asset Value): $7.96
POP ⁵(Public Offering Price): $7.96

52-Week Range

Highest NAV: $8.09
Lowest NAV: $7.24

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Western Asset SMASh Series M Fund - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Western Asset SMASh Series M Fund	Download Document
Checkbox	Semi-Annual Report - Western Asset SMASh Series M Fund - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset SMASh Series M Fund	Download Document
Checkbox	Prospectus - Western Asset SMASh Series Prospectus	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Institutional Trust Book 3Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Western Asset SMASh Series M FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Western Asset SMASh Series M FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. These and other risks are discussed in the fund’s prospectus.

Important Information

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

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

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Bloomberg U.S. Mortgage-Backed (MBS) Fixed Rate Index is the fixed-rate component of the Bloomberg U.S. MBS Index and includes the agency mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC).
Source: Bloomberg Indices.

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

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

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