WAADX Fees and Costs — Western Asset SMASh Series Core Completion Fund
Data updated: 2026-07-22
The net expense ratio is 0.00% (0.17% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $181K in broker commissions, 0.1539% of average net assets, and portfolio turnover was 379%.
WAADX Fees and Expenses
Annual operating expenses and sales charges of WAADX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.17% |
| Fee waiver | −0.17% |
| 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 |
WAADX Costs Over Time
On $10,000 invested in WAADX, assuming 5% a year before costs, total costs come to $98 over 5 years, cutting the return by 0.16% 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) | $16 | $51 | $89 |
| Lost growth on money paid in costs | $0 | $3 | $9 |
| Total costs | $16 | $53 | $98 |
| Value after costs | $10,484 | $11,523 | $12,665 |
| Impact on return, per year | 0.16% | 0.16% | 0.16% |
WAADX 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): 0.1539%
- Total broker commissions: $181K
- Bought from dealers (principal trades, not a cost): $2.6B
- Portfolio turnover (prospectus): 379%
- Securities lending: none during the year
WAADX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| R.J. O'Brien Securities, LLC | $92K | 52.74% |
| JEFFERIES LLC | $31K | 17.79% |
| BOFA SECURITIES, INC. | $18K | 10.47% |
| WELLS FARGO SECURITIES, LLC | $11K | 6.35% |
| CitiGroup Global Markets Inc. | $6K | 3.25% |
| J.P. MORGAN SECURITIES LLC | $4K | 2.19% |
| MORGAN STANLEY & CO. LLC | $3K | 1.96% |
| DEUTSCHE BANK SECURITIES INC. | $3K | 1.89% |
| BNP Paribas Securities Corp. | $3K | 1.77% |
| BARCLAYS CAPITAL, INC. | $3K | 1.60% |
WAADX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $823.1M | 31.66% |
| MORGAN STANLEY & CO. LLC | $755.2M | 29.05% |
| Goldman Sachs & Co. LLC | $711.4M | 27.37% |
| BNP PARIBAS SECURITIES CORP. | $120.0M | 4.61% |
| CitiGroup Global Markets Inc. | $73.3M | 2.82% |
| MIZUHO SECURITIES USA, INC. | $38.9M | 1.50% |
| BOFA SECURITIES, INC. | $28.1M | 1.08% |
| WELLS FARGO SECURITIES, LLC | $26.7M | 1.03% |
| BMO CAPITAL MARKETS CORP. | $16.5M | 0.63% |
| DEUTSCHE BANK SECURITIES, INC. | $6.5M | 0.25% |
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.