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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset SMASh Series Core Plus Completion Fund

LMECX | Fund

$5.87

$1.48 B

7.58%

$0.44

0.02%

Vitals

YTD Return

-2.2%

1 yr return

5.2%

3 Yr Avg Return

-8.6%

5 Yr Avg Return

-4.7%

Net Assets

$1.48 B

Holdings in Top 10

42.3%

52 WEEK LOW AND HIGH

$5.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.02%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 150.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset SMASh Series Core Plus Completion Fund

LMECX | Fund

$5.87

$1.48 B

7.58%

$0.44

0.02%

LMECX - Profile

Distributions

  • YTD Total Return -2.2%
  • 3 Yr Annualized Total Return -8.6%
  • 5 Yr Annualized Total Return -4.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.96%
DIVIDENDS
  • Dividend Yield 7.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Western Asset SMASh Series Core Plus Completion Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    May 21, 2012
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Buchanan

Fund Description

The fund has a flexible investment strategy and invests in a variety of securities and instruments and uses a variety of investment techniques in pursuing its objective. Under normal market conditions, the fund expects to invest primarily in any combination of U.S. dollar denominated and non-U.S. dollar denominated debt obligations (including loans and loan participations) of both U.S. and non-U.S. issuers (including emerging market issuers) and in derivatives and other instruments relating to such investments. The fund may at times invest in the securities of issuers located in only one country or in a relatively small number of countries, including in any emerging market country or countries. Currently the fund does not contemplate investing 25% or more of its assets in a single country or a small number of countries, except in the United States. The subadviser may invest a significant portion of the fund’s assets in various industry sectors, to the extent consistent with the fund’s fundamental investment restrictions.
In purchasing debt obligations for the fund, the subadviser may take full advantage of the entire range of maturities and durations, and may adjust the average maturity or duration of the fund’s investments from time to time.
The fund may invest without limit in both investment grade (that is, rated in the Baa/BBB categories or above, or, if unrated, determined to be of comparable credit quality by the subadviser) securities and below investment grade securities rated in the C category or above or unrated securities determined to be of comparable credit quality by the subadviser. Below investment grade debt obligations are sometimes referred to as “junk bonds” or “high yield securities.” The fund may invest without limit in loans, loan participations and fixed income securities that pay interest at rates that float or reset periodically at a margin above a generally recognized base lending rate such as the Prime Rate, the London Inter-Bank Offered Rate or another generally recognized base lending rate. The fund may also invest in structured notes, including total return swaps and credit-linked notes.
The values of structured notes are linked to reference instruments, including currencies, other securities, interest rates, commodities, indices or other financial indicators, and a structured note’s interest rate or principal amount payable at maturity may vary based on changes in one or more reference instruments.
Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options, interest rate swaps, credit default swaps and options on credit default swaps, foreign currency futures, forwards and options, and futures contracts, and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The fund may use one or more types of these instruments without limit, subject to applicable regulatory requirements. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives” in the Prospectus.
The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes.
The fund may borrow money to increase portfolio holdings, to the extent consistent with the fund’s fundamental investment restrictions.
The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
Read More

LMECX - Performance

Return Ranking - Trailing

Period LMECX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -8.1% 17.3% 98.53%
1 Yr 5.2% -2.4% 18.9% 96.91%
3 Yr -8.6%* -14.5% 21.6% 99.17%
5 Yr -4.7%* -11.2% 37.2% 98.06%
10 Yr 0.6%* -5.1% 20.1% 96.48%

* Annualized

Return Ranking - Calendar

Period LMECX Return Category Return Low Category Return High Rank in Category (%)
2023 1.0% -4.7% 14.3% 97.06%
2022 -29.7% -33.4% 3.6% 99.50%
2021 -5.7% -8.4% 8.2% 98.63%
2020 0.1% -13.2% 302.7% 46.21%
2019 9.9% -4.4% 13.3% 8.17%

Total Return Ranking - Trailing

Period LMECX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -8.1% 17.3% 98.53%
1 Yr 5.2% -2.4% 18.9% 96.91%
3 Yr -8.6%* -14.5% 21.6% 99.17%
5 Yr -4.7%* -11.2% 37.2% 98.06%
10 Yr 0.6%* -5.1% 20.1% 96.48%

* Annualized

Total Return Ranking - Calendar

Period LMECX Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% -4.7% 18.7% 95.10%
2022 -29.1% -33.4% 47.8% 99.50%
2021 0.2% -8.4% 12.4% 96.06%
2020 1.7% -9.6% 325.6% 91.53%
2019 19.3% -3.8% 19.4% 0.36%

NAV & Total Return History

LMECX - Holdings

Concentration Analysis

LMECX Category Low Category High LMECX % Rank
Net Assets 1.48 B 3.13 M 23.6 B 32.41%
Number of Holdings 499 2 3879 33.06%
Net Assets in Top 10 959 M -492 M 5.25 B 7.69%
Weighting of Top 10 42.27% 4.2% 146.0% 5.73%

Top 10 Holdings

  1. Mexican Bonos 6.30%
  2. Ginnie Mae 5.59%
  3. Fannie Mae or Freddie Mac 4.58%
  4. Ginnie Mae 4.54%
  5. Fannie Mae or Freddie Mac 4.27%
  6. Fannie Mae or Freddie Mac 3.83%
  7. Mexican Bonos 3.57%
  8. Fannie Mae or Freddie Mac 3.34%
  9. Ginnie Mae 3.18%
  10. Mexican Bonos 3.07%

Asset Allocation

Weighting Return Low Return High LMECX % Rank
Bonds 		133.71% 0.00% 145.36% 0.81%
Other 		3.13% -39.08% 99.96% 7.04%
Cash 		1.78% -52.00% 48.02% 79.21%
Convertible Bonds 		0.03% 0.00% 17.89% 94.11%
Stocks 		0.00% 0.00% 99.64% 80.62%
Preferred Stocks 		0.00% 0.00% 4.97% 55.65%

Bond Sector Breakdown

Weighting Return Low Return High LMECX % Rank
Corporate 		25.16% 0.00% 100.00% 97.87%
Securitized 		10.64% 0.00% 97.24% 2.79%
Government 		8.61% 0.00% 99.07% 4.75%
Cash & Equivalents 		1.78% 0.00% 48.02% 66.61%
Derivative 		1.51% -14.19% 42.26% 4.58%
Municipal 		0.00% 0.00% 1.17% 29.02%

Bond Geographic Breakdown

Weighting Return Low Return High LMECX % Rank
US 		116.54% 0.00% 126.57% 0.49%
Non US 		17.17% 0.00% 96.91% 9.00%

LMECX - Expenses

Operational Fees

LMECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.02% 0.02% 38.33% 100.00%
Management Fee 0.00% 0.00% 1.75% 0.16%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

LMECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

LMECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LMECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 150.00% 1.00% 255.00% 98.21%

LMECX - Distributions

Dividend Yield Analysis

LMECX Category Low Category High LMECX % Rank
Dividend Yield 7.58% 0.00% 11.76% 28.62%

Dividend Distribution Analysis

LMECX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

LMECX Category Low Category High LMECX % Rank
Net Income Ratio 3.96% -2.39% 9.30% 71.50%

Capital Gain Distribution Analysis

LMECX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

LMECX - Fund Manager Analysis

Managers

Michael Buchanan

Start Date

Tenure

Tenure Rank

Dec 27, 2006

15.44

15.4%

– Western Asset Management Company, LLC – Deputy Chief Investment Officer, 2005– – Credit Suisse Asset Management – Managing Director, Head of U.S. Credit Products, 2003–2005 – Janus Capital Management – Executive Vice President, Portfolio Manager, 2003 – BlackRock Financial Management – Managing Director, Portfolio Manager, 1998–2003 – Conseco Capital Management – Vice President, Portfolio Manager, 1990–1998 – Brown University, B.A. – Chartered Financial Analyst

Ryan Brist

Start Date

Tenure

Tenure Rank

Jun 10, 2010

11.98

12.0%

– Western Asset Management Company, LLC – Head of Global Investment Grade Credit/Portfolio Manager, 2009- – Logan Circle Partners, L.P. – Chief Investment Officer, Portfolio Manager, 2007-2009 – Delaware Investment Advisors – Co-Chief Investment Officer, Sr. Portfolio Manager, 2000-2007 – Conseco Capital Management – Vice President, Corporate Bond Trading, 1995-2000 – Dean Witter Reynolds – Analyst, Corporate Finance, Retail Products Group, 1993-1995 – Indiana University, B.S. Finance – Chartered Financial Analyst

S. Leech

Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976

Chia-Liang Lian

Start Date

Tenure

Tenure Rank

Apr 30, 2015

7.09

7.1%

Chia-Liang Lian is currently Head of Emerging Markets Debt at Western Asset. Mr. Lian joined Western Asset in 2011 after approximately six years with Pacific Investment Management Company (PIMCO), where he served as Head of Emerging Asia Portfolio Management. Mr. Lian also spent eight years as a sovereign debt strategist at JPMorgan Chase and Merrill Lynch, and four years at the Monetary Authority of Singapore (MAS) as a senior economist responsible for formulating exchange rate policy. Under his leadership, Western Asset received Benchmark Magazine’s Best-In-Class House Award in Asia Fixed Income in 2012. Mr. Lian holds the Chartered Financial Analyst designation and has an undergraduate degree in Economics from the National University of Singapore where he graduated as part of the MAS scholars program.

Walter Kilcullen

Start Date

Tenure

Tenure Rank

Mar 01, 2017

5.25

5.3%

-Western Asset Management Company, LLC - Head of US High Yield, 2002-Present -Seix Investment Advisors - Head High Yield Trader, 1998-2002 -University of Massachusetts, Amherst, B.A. Economics

Julien Scholnick

Start Date

Tenure

Tenure Rank

Mar 01, 2017

5.25

5.3%

– Western Asset Management Company, LLC – Portfolio Manager, 2003- – Salomon Smith Barney – Associate, Private Client Group, 2000-2001 – Digital Coast Partners – Senior Analyst, 1999-2000 – Arthur Andersen, LLP – Senior Analyst, 1997-1999 – Cornell University, M.B.A. – University of California, Los Angeles, B.A., magna cum laude – Chartered Financial Analyst

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.32 8.17

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