LMSMX Fees and Costs — Western Asset SMASh Series M Fund, SMASh Series M Fund
Data updated: 2026-07-22
The net expense ratio is 0.00% (0.06% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $62K in broker commissions, 0.0142% of average net assets, and portfolio turnover was 372%.
LMSMX Fees and Expenses
Annual operating expenses and sales charges of LMSMX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.06% |
| Gross expense ratio | 0.06% |
| Fee waiver | −0.06% |
| 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 |
LMSMX Costs Over Time
On $10,000 invested in LMSMX, assuming 5% a year before costs, total costs come to $9 over 5 years, cutting the return by 0.01% 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) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $0 | $1 |
| Total costs | $1 | $5 | $9 |
| Value after costs | $10,499 | $11,571 | $12,754 |
| Impact on return, per year | 0.01% | 0.01% | 0.01% |
LMSMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0142%
- Total broker commissions: $62K
- Bought from dealers (principal trades, not a cost): $11.9B
- Portfolio turnover (prospectus): 372%
- Securities lending: none during the year
LMSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $15K | 25.57% |
| MORGAN STANLEY & CO. LLC | $10K | 17.77% |
| RBC CAPITAL MARKETS, LLC | $6K | 9.65% |
| WELLS FARGO SECURITIES, LLC | $5K | 9.33% |
| CITIGROUP GLOBAL MARKETS INC. | $5K | 9.12% |
| J.P. MORGAN SECURITIES LLC | $5K | 8.39% |
| R.J. O'BRIEN SECURITIES, LLC | $4K | 7.22% |
| JEFFERIES LLC | $3K | 5.92% |
| BNP Paribas Securities Corp. | $2K | 4.12% |
| DEUTSCHE BANK SECURITIES INC. | $2K | 2.91% |
LMSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $6.8B | 57.69% |
| MORGAN STANLEY & CO. LLC | $2.4B | 20.15% |
| J.P. Morgan Securities LLC | $1.3B | 10.82% |
| CitiGroup Global Markets Inc. | $773.7M | 6.53% |
| BNP PARIBAS SECURITIES CORP. | $253.4M | 2.14% |
| WELLS FARGO SECURITIES, LLC | $106.1M | 0.90% |
| BOFA SECURITIES, INC. | $72.6M | 0.61% |
| BMO CAPITAL MARKETS CORP. | $71.3M | 0.60% |
| MIZUHO SECURITIES USA, INC. | $45.1M | 0.38% |
| RBC CAPITAL MARKETS, LLC | $20.6M | 0.17% |
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.