LMECX Fees and Costs — Western Asset SMASh Series Core Plus Completion Fund
Data updated: 2026-08-26
The net expense ratio is 0.00% (0.04% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.1M in broker commissions, 0.1414% of average net assets, and portfolio turnover was 299%.
LMECX Fees and Expenses
Annual operating expenses and sales charges of LMECX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.04% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.00% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
LMECX Costs Over Time
On $10,000 invested in LMECX, assuming 5% a year before costs, total costs come to $90 over 5 years, cutting the return by 0.15% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.00%) | $0 | $0 | $0 |
| Trading costs (broker commissions) | $15 | $47 | $82 |
| Lost growth on money paid in costs | $0 | $2 | $8 |
| Total costs | $15 | $49 | $90 |
| Value after costs | $10,485 | $11,527 | $12,673 |
| Impact on return, per year | 0.15% | 0.15% | 0.15% |
LMECX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1414%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $12.6B
- Portfolio turnover (prospectus): 299%
- Securities lending: none during the year
LMECX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| R.J. O'Brien Securities, LLC | $503K | 46.40% |
| JEFFERIES LLC | $194K | 17.92% |
| BOFA SECURITIES, INC. | $85K | 7.85% |
| CitiGroup Global Markets Inc. | $83K | 7.65% |
| WELLS FARGO SECURITIES, LLC | $65K | 6.02% |
| MORGAN STANLEY & CO. LLC | $51K | 4.73% |
| GOLDMAN SACHS & CO. LLC | $36K | 3.36% |
| DEUTSCHE BANK SECURITIES INC. | $22K | 2.06% |
| J.P. MORGAN SECURITIES LLC | $22K | 2.01% |
| RBC CAPITAL MARKETS, LLC | $22K | 2.00% |
LMECX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $4.1B | 32.87% |
| J.P. Morgan Securities LLC | $3.4B | 27.31% |
| MORGAN STANLEY & CO. LLC | $3.1B | 25.39% |
| CitiGroup Global Markets Inc. | $797.5M | 6.46% |
| BNP PARIBAS SECURITIES CORP. | $359.8M | 2.91% |
| Wells Fargo Securities LLC | $258.3M | 2.09% |
| BOFA SECURITIES, INC. | $217.7M | 1.76% |
| CITADEL CLEARING LLC | $56.1M | 0.45% |
| DEUTSCHE BANK SECURITIES, INC. | $53.2M | 0.43% |
| BARCLAYS CAPITAL, INC. | $38.3M | 0.31% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.