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Name

As of 01/17/2025

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset SMASh Series TF Fund

LSMSX | Fund

$9.74

$96.3 M

1.71%

$0.17

0.21%

Vitals

YTD Return

-0.4%

1 yr return

3.0%

3 Yr Avg Return

0.1%

5 Yr Avg Return

1.1%

Net Assets

$96.3 M

Holdings in Top 10

14.4%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.21%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 12.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 01/17/2025

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset SMASh Series TF Fund

LSMSX | Fund

$9.74

$96.3 M

1.71%

$0.17

0.21%

LSMSX - Profile

Distributions

  • YTD Total Return -0.4%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.32%
DIVIDENDS
  • Dividend Yield 1.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Western Asset SMASh Series TF Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    Dec 23, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    S. Leech

Fund Description

Under normal circumstances, the fund invests at least 80% of its assets in municipal securities and other investments with similar economic characteristics, the interest on which is exempt from regular federal income tax but which may be subject to the federal alternative minimum tax. The fund’s 80% investment policy may not be changed without shareholder approval.
Municipal securities include debt obligations issued by any of the 50 states and certain other municipal issuers 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 issued or backed by banks, insurance companies and other financial institutions.
Although the fund may invest in securities of any maturity, it normally invests in intermediate-term and long-term municipal securities that have remaining maturities from one to more than thirty years at the time of purchase. The fund typically focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated or deemed to be unrated by the subadviser, determined to be of comparable credit quality by the subadviser) but may from time to time invest, to no specified limit, in below investment grade bonds (commonly known as “high yield” or “junk” bonds).
Some municipal securities, such as general obligation issues, are backed by the issuer’s 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.
Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options, futures contracts and inverse floating rate instruments issued in tender option bond transactions, and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The fund may use one or more types of these instruments without limit, subject to applicable regulatory requirements. These instruments are taken into account when determining compliance with the fund’s 80% investment policy. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives” in this Prospectus.
The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes. The fund may leverage its assets by investing proceeds received through tender option bond transactions, which is considered a form of borrowing. See “More on the fund’s investment strategies, investments and risks—Tender option bonds” in the Prospectus.
The fund’s subadviser selects securities to buy and sell for the fund primarily by seeking to identify undervalued sectors and individual securities and securities it believes will benefit from changes in market conditions. It seeks to enhance returns and reduce risks by taking advantage of shifts in the municipal yield curve, credit quality spreads and variations in market sectors.
The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
Read More

LSMSX - Performance

Return Ranking - Trailing

Period LSMSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -2.0% 3.5% 61.72%
1 Yr 3.0% -6.2% 34.4% 30.15%
3 Yr 0.1%* -11.4% 8.0% 25.92%
5 Yr 1.1%* -7.9% 1102.6% 15.42%
10 Yr N/A* -1.5% 248.8% N/A

* Annualized

Return Ranking - Calendar

Period LSMSX Return Category Return Low Category Return High Rank in Category (%)
2024 -2.0% -10.0% 34.9% 89.66%
2023 4.3% -1.4% 41.0% 8.48%
2022 -12.1% -39.7% 0.3% 56.31%
2021 1.3% -5.6% 6.9% 5.43%
2020 2.0% -2.6% 310.0% 37.11%

Total Return Ranking - Trailing

Period LSMSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -2.0% 3.5% 61.72%
1 Yr 3.0% -6.2% 34.4% 30.15%
3 Yr 0.1%* -11.4% 8.0% 25.92%
5 Yr 1.1%* -7.9% 1102.6% 15.42%
10 Yr N/A* -1.5% 248.8% N/A

* Annualized

Total Return Ranking - Calendar

Period LSMSX Return Category Return Low Category Return High Rank in Category (%)
2024 2.2% -6.6% 34.9% 46.61%
2023 8.0% -1.3% 41.0% 6.06%
2022 -9.8% -39.7% 1.1% 56.31%
2021 3.8% -4.8% 23761504.0% 8.04%
2020 3.6% -1.5% 17057.9% 58.26%

NAV & Total Return History

LSMSX - Holdings

Concentration Analysis

LSMSX Category Low Category High LSMSX % Rank
Net Assets 96.3 M 3.22 M 71.9 B 86.22%
Number of Holdings 353 4 14014 35.53%
Net Assets in Top 10 16.1 M -317 M 3.09 B 90.73%
Weighting of Top 10 14.40% 1.5% 100.3% 65.46%

Top 10 Holdings

  1. California Community Choice Financing Authority 2.12%
  2. New York City Transitional Finance Authority Future Tax Secured Revenue 1.99%
  3. New Jersey Transportation Trust Fund Authority 1.74%
  4. City of New York NY 1.32%
  5. Pennsylvania Economic Development Financing Authority 1.26%
  6. Clackamas County School District No 35 Molalla River 1.23%
  7. State of Florida Department of Transportation Turnpike System Revenue (TOBs) 1.23%
  8. State of Illinois 1.22%
  9. State of Florida Department of Transportation Turnpike System Revenue (TOBs) 1.22%
  10. NEW YORK STATE DORM M 1.07%

Asset Allocation

Weighting Return Low Return High LSMSX % Rank
Bonds 		105.83% 0.00% 150.86% 3.09%
Cash 		0.03% -50.86% 44.62% 81.26%
Stocks 		0.00% 0.00% 99.77% 83.09%
Preferred Stocks 		0.00% 0.00% 0.07% 80.26%
Convertible Bonds 		0.00% 0.00% 0.93% 80.24%
Other 		-0.05% -3.69% 53.54% 96.31%

Bond Sector Breakdown

Weighting Return Low Return High LSMSX % Rank
Municipal 		96.46% 44.39% 100.00% 70.67%
Cash & Equivalents 		0.03% 0.00% 44.41% 54.26%
Securitized 		0.00% 0.00% 5.93% 80.51%
Corporate 		0.00% 0.00% 9.41% 83.61%
Government 		0.00% 0.00% 52.02% 81.46%
Derivative 		-0.05% -3.69% 53.54% 96.37%

Bond Geographic Breakdown

Weighting Return Low Return High LSMSX % Rank
US 		105.83% 0.00% 142.23% 3.09%
Non US 		0.00% 0.00% 23.89% 80.32%

LSMSX - Expenses

Operational Fees

LSMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.21% 0.01% 8.02% 96.91%
Management Fee 0.00% 0.00% 1.20% 0.87%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

LSMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

LSMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LSMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 12.00% 0.00% 283.00% 31.26%

LSMSX - Distributions

Dividend Yield Analysis

LSMSX Category Low Category High LSMSX % Rank
Dividend Yield 1.71% 0.00% 14.51% 11.41%

Dividend Distribution Analysis

LSMSX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

LSMSX Category Low Category High LSMSX % Rank
Net Income Ratio 2.32% -0.53% 5.33% 29.98%

Capital Gain Distribution Analysis

LSMSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

LSMSX - Fund Manager Analysis

Managers

S. Leech

Start Date

Tenure

Tenure Rank

Dec 23, 2015

6.44

6.4%

– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976

David Fare

Start Date

Tenure

Tenure Rank

Dec 23, 2015

6.44

6.4%

David T. Fare is a Portfolio Manager at Western Asset. He has been with Western Asset since 2005.

Robert Amodeo

Start Date

Tenure

Tenure Rank

Dec 23, 2015

6.44

6.4%

– Western Asset Management Company, LLC – Head of Municipals, 2005- – Salomon Brothers Asset Management – Analyst to Managing Director, Portfolio Manager, 1992-2005 – Salomon Brothers Inc. – Accountant to Analyst, 1988-1992 – The Bank of New York – Accountant, 1987-1988 – Columbia University, M.P.A., Advanced Management and Finance – Long Island University, B.S. – Chartered Financial Analyst

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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