LSMSX Fees and Costs — Western Asset SMASh Series TF Fund
Data updated: 2026-07-22
The net expense ratio is 0.04% (0.20% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $43 in broker commissions, and portfolio turnover was 18%.
LSMSX Fees and Expenses
Annual operating expenses and sales charges of LSMSX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.20% |
| Fee waiver | −0.16% |
| Net expense ratio | 0.04% |
| 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 |
LSMSX Costs Over Time
On $10,000 invested in LSMSX, assuming 5% a year before costs, total costs come to $26 over 5 years, cutting the return by 0.04% 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 0.04%) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $0 | $1 | $2 |
| Total costs | $4 | $14 | $26 |
| Value after costs | $10,496 | $11,562 | $12,737 |
| Impact on return, per year | 0.04% | 0.04% | 0.04% |
LSMSX 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): —
- Total broker commissions: $43
- Bought from dealers (principal trades, not a cost): $163.4M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
LSMSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $43 | 100.00% |
LSMSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Academy Securities, Inc. | $54.6M | 37.64% |
| PERSHING LLC | $19.2M | 13.26% |
| WELLS FARGO SECURITIES, LLC | $17.2M | 11.82% |
| BOFA SECURITIES, INC. | $13.4M | 9.26% |
| J.P. Morgan Securities LLC | $11.6M | 8.00% |
| CitiGroup Global Markets Inc. | $8.1M | 5.58% |
| BARCLAYS CAPITAL, INC. | $7.3M | 5.06% |
| MORGAN STANLEY & CO. LLC | $6.6M | 4.54% |
| TD SECURITIES (USA) LLC | $3.6M | 2.51% |
| RBC CAPITAL MARKETS, LLC | $3.4M | 2.32% |
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.