Fixed Income

LMLCX Western Asset SMASh Series C Fund

Overview

See the risks and other important information.

Fund Facts

Benchmark: Bloomberg U.S. Credit index
Dividend Frequency, if any: Monthly
Fund Inception Date: 12/29/2006
Distribution Rate at NAVAs of 03/13/2026 (Updated Daily): 5.64%
Effective DurationAs of 02/28/2026 (Updated Monthly): 8.6533

Sales Charges, Expenses & Fees

As of 07/01/2025

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

Additional Fund Info

Share Class Inception Date: 12/29/2006
Investment Style: Corporate Credit
Lipper Classification: Corporate Debt Funds BBB-Rated
Morningstar Category⁴: Miscellaneous Fixed Income

Identifiers

Ticker: LMLCX
Fund Number: 7937
CUSIP Code: 52470G742

Manager and Commentary

About the Team

Western Asset

Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

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Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets: $335.88 Million

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Cash Flow

Fund: 6.01%

Sector Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Banking	22.55%
Communications	11.82%
IG Non-Corporate	9.88%
Energy	9.58%
Consumer Non-Cyclical	7.79%
Technology	5.10%
Insurance	4.30%
Structured	4.29%
Electric	4.26%
CDX	3.90%
Capital Goods	3.68%
Basic Industry	3.03%
Consumer Cyclical	3.02%
High Yield Corporate	1.68%
Transportation	0.99%
Industrial Other	0.82%
Treasury	0.54%
Below IG Non-Corporate	0.31%
Financial Other	0.22%
REITS	0.05%
Cash & Cash Equivalents	2.19%

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

Holdings
As of 02/28/2026 (Updated Monthly)

UNITED MEXICAN STATES 4.4000% Mat 02/12/2052

CITIGROUP INC 4.9100% Mat 05/24/2033

Bank of America Corp 2.5720% Mat 10/20/2032

JPMORGAN CHASE & CO 4.9120% Mat 07/25/2033

AIMCO CLO 15 LTD 4.8676% Mat 04/17/2038

MASTERCARD INC 3.6500% Mat 06/01/2049

MORGAN STANLEY 6.3420% Mat 10/18/2033

LOCKHEED MARTIN CORP 4.0900% Mat 09/15/2052

FIRSTENERGY CORP 4.8500% Mat 07/15/2047

PERUSAHAAN LISTRIK NEGAR 4.0000% Mat 06/30/2050

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

Federal ID Number 510614170

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

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

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 14	0.020211	—	—	—	—	—	—	—	—
Feb 13	0.046307	—	—	—	—	—	—	—	—
Mar 13	0.04285	—	—	—	—	—	—	—	—
Apr 14	0.050175	—	—	—	—	—	—	—	—
May 14	0.038814	—	—	—	—	—	—	—	—
Jun 16	0.049167	—	—	—	—	—	—	—	—
Jul 14	0.042053	—	—	—	—	—	—	—	—
Aug 14	0.046783	—	—	—	—	—	—	—	—
Sep 15	0.048365	—	—	—	—	—	—	—	—
Oct 14	0.041108	—	—	—	—	—	—	—	—
Nov 13	0.04607	—	—	—	—	—	—	—	—
Dec 15	0.104943	—	—	—	—	—	—	—	—
	0.576846	—	—	—	—	—	—	—	—

Jan 14

Feb 13

Mar 13

Apr 14

May 14

Jun 16

Jul 14

Aug 14

Sep 15

Oct 14

Nov 13

Dec 15

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 1.20%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 79.85%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

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

Pricing

Pricing History

As of 03/13/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/13/2026

Share Prices

As of 03/13/2026

NAV ¹(Net Asset Value): $8.85
POP ⁵(Public Offering Price): $8.85

52-Week Range

Highest NAV: $9.38
Lowest NAV: $8.40

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Western Asset SMASh Series C Fund - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Western Asset SMASh Series C Fund	Download Document
Checkbox	Semi-Annual Report - Western Asset SMASh Series C Fund - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset SMASh Series C 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 C FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Western Asset SMASh Series C 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. These and other risks are discussed in the fund’s prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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.

The Bloomberg U.S. Credit Index is an index composed of corporate and non-corporate debt issues that are investment grade (rated Baa3/BBB- or higher).
Source: Bloomberg Indices.

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.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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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