LSMSX Performance — Western Asset SMASh Series TF Fund
Data updated: 2026-07-22
LSMSX returned +1.97% year to date and +7.96% over one year to May 2026. Annualised returns are +4.15% over 3 years and +1.19% over 5 years. The fund beat its Long-Term Municipal Bond category average: $100 invested three years ago grew to $113, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 6.55% a year. In the 12 months to May 2026 the fund lost a net $1.3M, and assets reached $94.62M.
LSMSX Growth of $100
What $100 invested in Western Asset SMASh Series TF Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | LSMSX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $113 | $112 |
| 5 years (Jun 2021 – May 2026) | $106 | $103 |
| Since data start (Sep 2019 – May 2026) | $114 | $109 |
LSMSX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.97% |
| 1 year | +7.96% |
| 3 years (annualised) | +4.15% |
| 5 years (annualised) | +1.19% |
LSMSX Annual Returns
Calendar-year total returns of Western Asset SMASh Series TF Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.97% |
| 2025 | +3.36% |
| 2024 | +2.24% |
| 2023 | +7.95% |
| 2022 | −9.86% |
| 2021 | +3.83% |
| 2020 | +4.69% |
| 2019 (Sep–Dec) | −0.04% |
LSMSX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.9% | +1.6% | −2.3% | +1.1% | +0.8% | — | — | — | — | — | — | — |
| 2025 | +0.4% | +1.3% | −2.1% | −1.3% | −0.6% | +0.8% | −0.8% | +1.0% | +3.4% | +1.3% | +0.1% | +0.1% |
| 2024 | +0.1% | +0.1% | +0.2% | −1.3% | +0.2% | +1.7% | +0.9% | +0.7% | +1.3% | −1.6% | +1.9% | −1.9% |
| 2023 | +3.6% | −2.4% | +2.0% | +0.3% | −0.5% | +0.8% | +0.2% | −1.3% | −3.2% | −1.7% | +7.3% | +3.1% |
| 2022 | −2.7% | −0.6% | −3.4% | −2.9% | +1.2% | −2.0% | +2.6% | −2.1% | −3.8% | −1.3% | +5.5% | −0.3% |
| 2021 | +1.3% | −1.5% | +0.8% | +1.2% | +0.7% | +0.7% | +0.9% | −0.5% | −1.0% | −0.2% | +1.1% | +0.2% |
| 2020 | +2.2% | +1.1% | −7.1% | −2.2% | +4.0% | +2.0% | +2.0% | −0.1% | −0.4% | −0.2% | +2.2% | +1.4% |
| 2019 | — | — | — | — | — | — | — | — | −0.7% | +0.1% | +0.2% | +0.4% |
LSMSX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.55%
- 3-year Sharpe ratio: -0.05 (vs 4.5% risk-free rate)
- Best month: +7.29% (Nov 2023)
- Worst month: −3.23% (Sep 2023)
LSMSX Fund Flows
Monthly money in and out of Western Asset SMASh Series TF Fund, from SEC Form N-PORT.
- 12-month net flow: −$1.3M
- 12-month gross sales (incl. reinvestments): $25.8M
- Sales ÷ redemptions: 0.95×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $1.3M | $1.1M | $184K |
| Apr 2026 | $490K | $1.9M | −$1.4M |
| Mar 2026 | $967K | $1.1M | −$181K |
| Feb 2026 | $2.0M | $498K | $1.5M |
| Jan 2026 | $13.3M | $828K | $12.4M |
| Dec 2025 | $791K | $14.0M | −$13.2M |
| Nov 2025 | $853K | $1.4M | −$546K |
| Oct 2025 | $514K | $1.4M | −$927K |
| Sep 2025 | $916K | $317K | $599K |
| Aug 2025 | $2.3M | $2.3M | $56K |
| Jul 2025 | $698K | $1.3M | −$594K |
| Jun 2025 | $1.7M | $983K | $728K |
LSMSX Assets Under Management
Net assets of Western Asset SMASh Series TF Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-29 | $94.62M |
| 2026-02-27 | $97.44M |
| 2025-11-28 | $95.18M |
| 2025-08-29 | $92.62M |
| 2025-05-30 | $92.51M |
| 2025-02-28 | $99.62M |
| 2024-11-29 | $105.31M |
| 2024-08-30 | $112.17M |
| 2024-05-31 | $106.96M |
| 2024-02-29 | $103.33M |
| 2023-11-30 | $83.99M |
| 2023-08-31 | $86.08M |
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.