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 11/30/2025 (Updated Monthly)

Cash Flow

Fund: 3.96%

Holdings
As of 11/30/2025 (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

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

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

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

Federal ID Number 475304151

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 16	0.000079	—	—	—	—	—	—	0.012639	—
Feb 14	0.000187	—	—	—	—	—	—	0.030021	—
Mar 14	0.000094	—	—	—	—	—	—	0.030132	—
Apr 15	0.000104	—	—	—	—	—	—	0.033524	—
May 14	0.000096	—	—	—	—	—	—	0.030757	—
Jun 13	0.000093	—	—	—	—	—	—	0.029978	—
Jul 15	0.000105	—	—	—	—	—	—	0.033832	—
Aug 14	0.000096	—	—	—	—	—	—	0.030987	—
Sep 16	0.000114	—	—	—	—	—	—	0.036703	—
Oct 14	0.000095	—	—	—	—	—	—	0.03042	—
Nov 14	0.000108	—	—	—	—	—	—	0.034582	—
Dec 16	0.000266	—	—	—	—	—	—	0.085683	—
	0.001437	—	—	—	—	—	—	0.419258	—

Jan 16

Feb 14

Mar 14

Apr 15

May 14

Jun 13

Jul 15

Aug 14

Sep 16

Oct 14

Nov 14

Dec 16

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.: —
Specified Private Activity Bond Interest: 17.64%
Dividends Received Deduction: —
Section 163(j): 100.00%
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.: —

Tax-Exempt Income By Jurisdiction

Alabama: 5.60%

Alaska: 0.15%

Arizona: 3.24%

Arkansas: 0.27%

California: 5.78%

Colorado: 1.83%

Connecticut: 0.89%

Delaware: 0.03%

Dist. of Columbia: 0.40%

Florida: 6.50%

Georgia: 1.27%

Idaho: 0.08%

Illinois: 12.56%

Indiana: 1.79%

Iowa: 0.33%

Kentucky: 0.75%

Louisiana: 0.74%

Maryland: 0.25%

Massachusetts: 1.78%

Michigan: 1.82%

Minnesota: 0.36%

Mississippi: 0.17%

Missouri: 0.13%

Nebraska: 0.99%

Nevada: 0.12%

New Jersey: 5.26%

New York: 20.60%

North Carolina: 0.13%

North Dakota: 0.46%

Ohio: 2.16%

Oregon: 0.86%

Pennsylvania: 4.33%

Puerto Rico: 3.56%

Rhode Island: 0.10%

South Carolina: 0.55%

South Dakota: 0.02%

Tennessee: 1.93%

Texas: 6.89%

Utah: 2.24%

Vermont: 0.17%

Virginia: 1.14%

Washington: 0.56%

Wisconsin: 1.21%

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 12/10/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/10/2025

Share Prices

As of 12/10/2025

NAV ¹(Net Asset Value): $9.72
POP ⁵(Public Offering Price): $9.72

52-Week Range

Highest NAV: $10.06
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.
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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