Fixed Income

LSMSX Western Asset SMASh Series TF Fund

Overview

See the risks and other important information.

Fund Facts

Benchmark: Bloomberg Municipal Bond Index
Fund Inception Date: 12/23/2015

Sales Charges, Expenses & Fees

As of 07/01/2025

Gross Expense Ratio²: 0.21%
Net Expense Ratio^2,3: 0.07%
Maximum Initial Charge: N/A
CDSC: N/A

Additional Fund Info

Share Class Inception Date: 12/23/2015
Investment Style: Corporate Credit
Lipper Classification: General & Insured Municipal Debt Funds
Morningstar Category⁴: Miscellaneous Fixed Income

Identifiers

Ticker: LSMSX
CUSIP Code: 52470G114

Portfolio

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Cash Flow

Fund: 3.93%

Holdings
As of 10/31/2025 (Updated Monthly)

CALIFORNIA COMMUNITY CHOICE FI 5.0000% Mat 01/01/2055

New Jersey State Transportation Trust Fund Authority Revenue 0.0000% Mat 12/15/2031

CALIFORNIA COMMUNITY CHOICE FI 5.0000% Mat 02/01/2055

PENNSYLVANIA ECONOMIC DEVELOPM 5.2500% Mat 06/30/2053

CLACKAMAS COUNTY SCHOOL DISTRI 4.0000% Mat 06/15/2049

STATE OF ILLINOIS 5.0000% Mat 12/01/2041

CENTRAL TEXAS REGIONAL MOBILIT 4.0000% Mat 01/01/2051

ENERGY SOUTHEAST A COOPERATIVE 5.7500% Mat 04/01/2054

NEW HAMPSHIRE BUSINESS FINANCE 5.0000% Mat 12/01/2035

CENTRL PLAINS ENERGY PROJ NE G 5.0000% Mat 09/01/2033

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

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 11/26/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/26/2025

Share Prices

As of 11/26/2025

NAV ¹(Net Asset Value): $9.75
POP ⁵(Public Offering Price): $9.75

52-Week Range

Highest NAV: $10.11
Lowest NAV: $9.21

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Western Asset SMASh Series TF Fund - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Western Asset SMASh Series TF Fund	Download Document
Checkbox	Semi-Annual Report - Western Asset SMASh Series TF Fund - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset SMASh Series TF 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 TF FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Western Asset SMASh Series TF 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. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. 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 Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year.
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.
©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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