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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT\nINVESTMENT COMPANIES

Investment Company Act file number 811-06740

Legg Mason Partners Institutional Trust

(Exact name of registrant as specified in charter)

One Madison Avenue, 17th Floor, New York, NY 10010

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area\ncode: 877-6LM-FUND/656-3863

Date of fiscal year end: February 28

Date of reporting period: August 31, 2026

\n \n \n \n

ITEM 1.

REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed\nherewith

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n $\"image\"$ \n	\n $\"image\"$ \n
\n Western Asset SMASh Series TF Fund\n \n
\n \n	\n Semi-Annual Shareholder Report \| August 31, 2026\n \n
\n $\"image\"$ \n	\n \n

This semi-annual shareholder report contains important information about Western Asset SMASh Series TF Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.\n

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Fund Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment^*^,^†\n \n
\n Western Asset SMASh Series TF Fund¹\n \n	\n $2 \n	\n 0.04% \n

\n \n \n \n \n

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

\n \n \n \n \n

†	Annualized.

\n \n \n \n \n

Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund and does reflect the impact of interest expense related to tender option bond transactions accounted for as secured borrowings for financial reporting purposes.

KEY FUND STATISTICS (as of August 31, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Total Net Assets \n	\n $87,702,537 \n
\n Total Number of Portfolio Holdings \n	\n 234 \n
\n Portfolio Turnover Rate \n	\n 11% \n

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

$\"image\"$

\n \n \n \n \n

*	Does not include derivatives, except purchased options, if any.

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n $\"image\"$ \n	\n WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? \n
\n Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: \n
\n • prospectus • proxy voting information • financial information • holdings • tax information \n

\n \n \n \n \n \n

Western Asset SMASh Series TF Fund \n

PAGE 1 \n

7190-STSR-1026

\n true94.22.33.5\n

(b) Not applicable

\n \n \n \n

ITEM 2.

CODE OF ETHICS.

Not applicable.

\n \n \n \n

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

\n \n \n \n

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

\n \n \n \n

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

\n \n \n \n

ITEM 6.

SCHEDULE OF INVESTMENTS.

\n \n \n \n

(a)

Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

\n \n \n \n

(b)

Not applicable.

\n \n \n \n

ITEM 7.

FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

$\"$

Western Asset
SMASh\nSeries TF Fund

Financial Statements and Other Important Information

Semi-Annual | August\n31, 2026

$\"$

If you need assistance\naccessing this content, please reach out to your sales representative or send an email to accessibility@franklintempleton.com.

Table of Contents

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Schedule\n of Investments	\n 1 \n
\n Statement\n of Assets and Liabilities	\n 18 \n
\n Statement\n of Operations	\n 19 \n
\n Statements\n of Changes in Net Assets	\n 20 \n
\n Financial\n Highlights	\n 21 \n
\n Notes\n to Financial Statements	\n 22 \n
\n Changes\n in and Disagreements with Accountants	\n 30 \n
\n Results\n of Meeting(s) of Shareholders	\n 30 \n
\n Remuneration\n Paid to Directors, Officers and Others	\n 30 \n
\n Board\n Approval of Management and SubadvisoryAgreements \n	\n 31 \n

franklintempleton.com

Financial\nStatements and Other Important Information — Semi-Annual

Schedule\nof Investments (unaudited)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Security \n	\n \n	\n Rate \n	\n Maturity\n \n Date \n	\n Face\n \n Amount \n	\n Value \n
\n Municipal\n Bonds — 97.0%
\n Alabama\n — 6.0%
\n Black\n Belt Energy Gas District, AL, Gas Project \n Revenue\n Bonds:	\n	\n	\n	\n
\n Series\n D, Refunding	\n 5.000% \n	\n 8/1/35 \n	\n $500,000 \n	\n $520,484 \n (a)(b) \n
\n Series\n D, Refunding	\n 5.000% \n	\n 8/1/35 \n	\n 250,000 \n	\n 259,290 \n \n
\n Series\n D-1, Refunding	\n 5.500% \n	\n 2/1/29 \n	\n 200,000 \n	\n 208,747 \n (a)(b) \n
\n Series\n F	\n 5.500% \n	\n 12/1/28 \n	\n 750,000 \n	\n 779,175 \n (a)(b) \n
\n Energy\n Southeast, AL, A Cooperative District, \n Energy\n Supply Revenue, Series B-1\n	\n 5.750% \n	\n 11/1/31 \n	\n 1,000,000 \n	\n 1,079,107 \n (a)(b) \n
\n Hoover,\n AL, IDA Revenue, United States Steel \n Corp.\n Project, Series 2019\n	\n 5.750% \n	\n 10/1/49 \n	\n 100,000 \n	\n 101,942 \n (c) \n
\n Jefferson\n County, AL, Sewer Revenue, Warrants, \n Series\n 2024, Refunding \n	\n 5.500% \n	\n 10/1/53 \n	\n 750,000 \n	\n 771,949 \n \n
\n Mobile\n County, AL, IDA Revenue:	\n	\n	\n	\n
\n Solid\n Waste Disposal Facility, Calvert LLC \n Project,\n Series A	\n 5.000% \n	\n 6/1/54 \n	\n 450,000 \n	\n 427,778 \n (c) \n
\n Solid\n Waste Disposal Facility, Calvert LLC \n Project,\n Series B	\n 4.750% \n	\n 12/1/54 \n	\n 250,000 \n	\n 230,326 \n (c) \n
\n Southeast\n Alabama Gas Supply District, Gas \n Supply\n Revenue, Project No 1, Series A, Refunding\n	\n 5.000% \n	\n 4/1/32 \n	\n 500,000 \n	\n 522,202 \n \n
\n Southeast\n Energy Authority, AL, Cooperative \n District,\n Energy Supply Revenue, Series B\n	\n 5.250% \n	\n 1/1/33 \n	\n 350,000 \n	\n 359,488 \n (a)(b) \n
\n Total\n Alabama	\n 5,260,488 \n
\n Arizona\n — 2.5%
\n Arizona\n State IDA, Student Housing Revenue, \n Collegiate\n Housing Foundation – Arizona LLC, \n University\n of Arizona Project, Series A, BAM\n	\n 5.000% \n	\n 7/1/51 \n	\n 250,000 \n	\n 252,520 \n \n
\n Chandler,\n AZ, IDA Revenue:	\n	\n	\n	\n
\n Intel\n Corp. Project	\n 4.100% \n	\n 6/15/28 \n	\n 250,000 \n	\n 253,309 \n (a)(b)(c) \n
\n Intel\n Corp. Project	\n 4.000% \n	\n 6/1/29 \n	\n 750,000 \n	\n 753,854 \n (a)(b)(c) \n
\n Maricopa\n County, AZ, IDA, Legacy Traditional \n School\n Projects, Series A, Refunding, SD Credit \n Program\n	\n 4.000% \n	\n 7/1/34 \n	\n 400,000 \n	\n 396,292 \n \n
\n Salt\n Verde, AZ, Financial Corp., Natural Gas \n Revenue,\n Series 2007 \n	\n 5.000% \n	\n 12/1/32 \n	\n 495,000 \n	\n 517,399 \n \n
\n Total\n Arizona	\n 2,173,374 \n
\n Arkansas\n — 0.2%
\n Arkansas\n State Development Finance Authority, \n Environmental\n Improvement Revenue, \n United\n States Steel Corp. Project, Green Bonds	\n 5.700% \n	\n 5/1/53 \n	\n 200,000 \n	\n 203,934 \n (c) \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n California\n — 12.1%
\n Alameda,\n CA, Corridor Transportation Authority \n Revenue: \n	\n	\n	\n	\n
\n Second\n Subordinated Lien, Series B, Refunding	\n 5.000% \n	\n 10/1/36 \n	\n $50,000 \n	\n $50,048 \n \n
\n Second\n Subordinated Lien, Series B, Refunding	\n 5.000% \n	\n 10/1/37 \n	\n 200,000 \n	\n 200,178 \n \n
\n California\n State Community Choice Financing \n Authority\n Revenue:	\n	\n	\n	\n
\n Clean\n Energy Project, Green Bonds, Series A-1	\n 4.000% \n	\n 8/1/28 \n	\n 200,000 \n	\n 201,877 \n (a)(b) \n
\n Clean\n Energy Project, Green Bonds, Series B	\n 5.000% \n	\n 12/1/32 \n	\n 2,200,000 \n	\n 2,235,450 \n (a)(b) \n
\n Clean\n Energy Project, Green Bonds, Series B-1	\n 5.000% \n	\n 8/1/29 \n	\n 500,000 \n	\n 517,753 \n (a)(b) \n
\n Clean\n Energy Project, Green Bonds, Series C	\n 5.000% \n	\n 10/1/32 \n	\n 350,000 \n	\n 363,205 \n (a)(b) \n
\n Clean\n Energy Project, Green Bonds, Series E	\n 5.000% \n	\n 9/1/32 \n	\n 1,750,000 \n	\n 1,834,151 \n (a)(b) \n
\n Clean\n Energy Project, Green Bonds, Series G	\n 5.000% \n	\n 12/1/35 \n	\n 500,000 \n	\n 535,612 \n \n
\n Clean\n Energy Project, Green Bonds, Series H	\n 5.000% \n	\n 8/1/33 \n	\n 800,000 \n	\n 854,806 \n (a)(b) \n
\n California\n State MFA Revenue:	\n	\n	\n	\n
\n San\n Francisco Municipal Transportation Agency \n Potrero\n Yard Modernization Project, Series A	\n 5.500% \n	\n 9/1/60 \n	\n 500,000 \n	\n 527,570 \n \n
\n Senior\n Lien, LINXS APM Project, Series A	\n 5.000% \n	\n 12/31/34 \n	\n 100,000 \n	\n 102,082 \n (c) \n
\n Senior\n Lien, LINXS APM Project, Series A	\n 5.000% \n	\n 12/31/43 \n	\n 100,000 \n	\n 100,542 \n (c) \n
\n California\n State MFA Special Facility Revenue, \n United\n Airlines Inc., Los Angeles International \n Airport\n Project \n	\n 4.000% \n	\n 7/15/29 \n	\n 75,000 \n	\n 75,385 \n (c) \n
\n Long\n Beach, CA, Bond Finance Authority Revenue, \n Natural\n Gas Purchase, Series A\n	\n 5.500% \n	\n 11/15/37 \n	\n 50,000 \n	\n 55,121 \n \n
\n Los\n Angeles, CA, Department of Airports Revenue, \n Los\n Angeles International Airport, Green Bonds, \n Series\n A, Refunding \n	\n 5.250% \n	\n 5/15/44 \n	\n 2,000,000 \n	\n 2,105,924 \n (c)(d) \n
\n M-S-R\n Energy Authority, CA, Natural Gas Revenue:	\n	\n	\n	\n
\n Series\n A	\n 6.125% \n	\n 11/1/29 \n	\n 35,000 \n	\n 36,385 \n \n
\n Series\n B	\n 6.125% \n	\n 11/1/29 \n	\n 100,000 \n	\n 103,944 \n \n
\n River\n Islands, CA, Public Financing Authority, \n Special\n Tax Revenue, Community Facilities District \n No\n 2023-1 \n	\n 5.500% \n	\n 9/1/48 \n	\n 250,000 \n	\n 253,067 \n \n
\n San\n Francisco, CA, City & County Airport \n Commission,\n International Airport Revenue, \n Second\n Series A, Unrefunded\n	\n 5.000% \n	\n 5/1/47 \n	\n 400,000 \n	\n 400,250 \n (c) \n
\n Tobacco\n Securitization Authority of Southern \n California\n Revenue, Asset Backed Refunding, San \n Diego\n County Tobacco Asset Securitization Corp., \n Class\n 1, Series A \n	\n 5.000% \n	\n 6/1/48 \n	\n 100,000 \n	\n 100,446 \n \n
\n Total\n California	\n 10,653,796 \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Colorado\n — 2.2%
\n Colorado\n Springs, CO, Utilities System Revenue, \n Series\n B \n	\n 4.000% \n	\n 11/15/46 \n	\n $325,000 \n	\n $309,025 \n \n
\n Colorado\n State Health Facilities Authority \n Revenue: \n	\n	\n	\n	\n
\n Commonspirit\n Health Project, Series A	\n 5.500% \n	\n 11/1/47 \n	\n 150,000 \n	\n 156,531 \n \n
\n Commonspirit\n Health Project, Series A	\n 5.250% \n	\n 11/1/52 \n	\n 150,000 \n	\n 152,349 \n \n
\n Improvement\n and Refunding Revenue, Bethesda \n Project,\n Series A	\n 5.000% \n	\n 9/15/48 \n	\n 50,000 \n	\n 48,377 \n \n
\n Colorado\n State High Performance Transportation \n Enterprise\n Revenue:	\n	\n	\n	\n
\n C-470\n Express Lanes	\n 5.000% \n	\n 12/31/47 \n	\n 100,000 \n	\n 96,641 \n \n
\n C-470\n Express Lanes	\n 5.000% \n	\n 12/31/51 \n	\n 230,000 \n	\n 219,534 \n \n
\n Denver,\n CO, City & County Airport System \n Revenue,\n Subordinated, Series B, Refunding\n	\n 5.000% \n	\n 11/15/32 \n	\n 500,000 \n	\n 540,157 \n (c) \n
\n Southern\n Ute Indian Tribe Reservation, CO, GO, \n Series\n A \n	\n 5.000% \n	\n 4/1/35 \n	\n 400,000 \n	\n 423,895 \n (e) \n
\n Total\n Colorado	\n 1,946,509 \n
\n Connecticut\n — 0.6%
\n Aquarion\n Water Authority, CT, Water System \n Revenue: \n	\n	\n	\n	\n
\n CAB,\n Series C	\n 0.000% \n	\n 8/1/51 \n	\n 250,000 \n	\n 68,583 \n \n
\n CAB,\n Series C	\n 0.000% \n	\n 8/1/52 \n	\n 250,000 \n	\n 64,304 \n \n
\n CAB,\n Series E, BAM	\n 0.000% \n	\n 8/1/43 \n	\n 250,000 \n	\n 112,729 \n \n
\n Series\n A	\n 5.250% \n	\n 8/1/42 \n	\n 300,000 \n	\n 324,743 \n \n
\n Total\n Connecticut	\n 570,359 \n
\n District\n of Columbia — 0.7%
\n District\n of Columbia Revenue, KIPP DC Project, \n Series\n B, Refunding \n	\n 5.000% \n	\n 7/1/42 \n	\n 75,000 \n	\n 75,008 \n \n
\n Metropolitan\n Washington, DC, Airports Authority \n Aviation\n Revenue, Series A, Refunding\n	\n 5.000% \n	\n 10/1/30 \n	\n 500,000 \n	\n 531,207 \n (c) \n
\n Total\n District of Columbia	\n 606,215 \n
\n Florida\n — 2.2%
\n Fort\n Pierce, FL, Utilities Authority Revenue, Series \n A,\n Refunding, AG \n	\n 4.000% \n	\n 10/1/52 \n	\n 100,000 \n	\n 86,130 \n \n
\n Hillsborough\n County, FL, Aviation Authority \n Revenue,\n Tampa International Airport, Series E\n	\n 5.000% \n	\n 10/1/43 \n	\n 200,000 \n	\n 201,785 \n (c) \n
\n Miami-Dade\n County, FL, EFA Revenue:	\n	\n	\n	\n
\n University\n of Miami, Series 2026	\n 5.000% \n	\n 4/1/37 \n	\n 100,000 \n	\n 109,048 \n \n
\n University\n of Miami, Series 2026	\n 5.000% \n	\n 4/1/47 \n	\n 100,000 \n	\n 101,815 \n \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Florida\n — continued
\n Miami-Dade\n County, FL, Seaport Revenue, Series \n A,\n Refunding \n	\n 5.000% \n	\n 10/1/56 \n	\n $500,000 \n	\n $489,966 \n (c)(d) \n
\n Okaloosa\n County, FL, IDR, Air Force Enlisted \n Village\n Inc. Project \n	\n 5.500% \n	\n 5/15/45 \n	\n 100,000 \n	\n 101,945 \n (e) \n
\n Orange\n County, FL, Health Facilities Authority \n Revenue: \n	\n	\n	\n	\n
\n Orlando\n Health Inc., Series A	\n 5.000% \n	\n 10/1/53 \n	\n 250,000 \n	\n 250,776 \n \n
\n Orlando\n Health Inc., Series A, Refunding	\n 4.500% \n	\n 10/1/56 \n	\n 250,000 \n	\n 231,331 \n \n
\n Palm\n Beach County, FL, Health Facilities Authority \n Revenue,\n Jupiter Medical Center Project, Series A\n	\n 5.000% \n	\n 11/1/34 \n	\n 200,000 \n	\n 210,063 \n \n
\n Wildwood,\n FL, Village Community Development \n District\n No 15, Special Assessment Revenue, \n Series\n 2023 \n	\n 5.250% \n	\n 5/1/54 \n	\n 165,000 \n	\n 162,582 \n (e) \n
\n Total\n Florida	\n 1,945,441 \n
\n Georgia\n — 0.5%
\n Georgia\n State Municipal Electric Authority, Power \n Revenue,\n Plant Vogtle Units 3&4, Project P, Series \n A\n	\n 5.500% \n	\n 7/1/64 \n	\n 150,000 \n	\n 151,654 \n \n
\n Main\n Street Natural Gas Inc., GA, Gas Project \n Revenue,\n Series C \n	\n 5.000% \n	\n 9/1/30 \n	\n 250,000 \n	\n 261,673 \n (a)(b) \n
\n Total\n Georgia	\n 413,327 \n
\n Hawaii\n — 0.5%
\n Honolulu,\n HI, City & County Wastewater System \n Revenue,\n First Senior Bond Resolution, Series A	\n 3.000% \n	\n 7/1/41 \n	\n 500,000 \n	\n 416,541 \n \n
\n Illinois\n — 8.2%
\n Chicago,\n IL, Board of Education, Dedicated Capital \n Improvement\n Tax Revenue:	\n	\n	\n	\n
\n Series\n 2018	\n 5.000% \n	\n 4/1/42 \n	\n 100,000 \n	\n 97,953 \n \n
\n Series\n 2023	\n 5.750% \n	\n 4/1/48 \n	\n 750,000 \n	\n 783,877 \n \n
\n Chicago,\n IL, Board of Education, GO:	\n	\n	\n	\n
\n Dedicated,\n Series A	\n 5.875% \n	\n 12/1/47 \n	\n 500,000 \n	\n 502,370 \n \n
\n Series\n A	\n 5.000% \n	\n 12/1/40 \n	\n 1,100,000 \n	\n 1,034,901 \n \n
\n Series\n C, Refunding, AG	\n 5.000% \n	\n 12/1/32 \n	\n 250,000 \n	\n 257,642 \n \n
\n Chicago,\n IL, GO:	\n	\n	\n	\n
\n Chicago\n Works, Series A	\n 5.500% \n	\n 1/1/39 \n	\n 1,000,000 \n	\n 1,019,705 \n \n
\n Series\n A	\n 5.500% \n	\n 1/1/35 \n	\n 385,000 \n	\n 392,884 \n \n
\n Chicago,\n IL, O’Hare International Airport Revenue:	\n	\n	\n	\n
\n Series\n C, Refunding	\n 5.000% \n	\n 1/1/43 \n	\n 250,000 \n	\n 253,085 \n (c) \n
\n TrIPS\n Obligated Group	\n 5.000% \n	\n 7/1/48 \n	\n 50,000 \n	\n 48,522 \n (c) \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Illinois\n — continued
\n Illinois\n State Finance Authority Revenue:	\n	\n	\n	\n
\n Benedictine\n University, Refunding	\n 4.000% \n	\n 10/1/33 \n	\n $100,000 \n	\n $89,257 \n \n
\n Surface\n Freight Transfer Facilities, Centerpoint \n Joliet\n Terminal Railroad Project	\n 4.800% \n	\n 7/2/35 \n	\n 250,000 \n	\n 254,615 \n (a)(b)(c)(e) \n
\n Illinois\n State, GO:	\n	\n	\n	\n
\n Series\n A	\n 5.000% \n	\n 5/1/36 \n	\n 250,000 \n	\n 254,579 \n \n
\n Series\n C	\n 5.000% \n	\n 12/1/41 \n	\n 1,250,000 \n	\n 1,282,870 \n \n
\n Metropolitan\n Pier & Exposition Authority, IL, \n Revenue: \n	\n	\n	\n	\n
\n McCormick\n Place Expansion Project, Series A, \n Refunding \n	\n 4.000% \n	\n 12/15/47 \n	\n 500,000 \n	\n 432,833 \n \n
\n McCormick\n Place Expansion Project, Series B, \n Refunding,\n AG	\n 0.000% \n	\n 6/15/45 \n	\n 1,000,000 \n	\n 405,632 \n \n
\n McCormick\n Place Expansion Project, Series B, \n Refunding,\n AG	\n 0.000% \n	\n 12/15/56 \n	\n 310,000 \n	\n 65,837 \n \n
\n Total\n Illinois	\n 7,176,562 \n
\n Indiana\n — 1.7%
\n Indiana\n State Finance Authority Revenue:	\n	\n	\n	\n
\n CWA\n Authority Project, Green Bonds, Series A	\n 5.000% \n	\n 10/1/46 \n	\n 325,000 \n	\n 325,203 \n \n
\n Indiana\n University Health, Series A	\n 4.000% \n	\n 12/1/49 \n	\n 1,000,000 \n	\n 877,820 \n \n
\n Marion\n General Hospital, Series A	\n 4.000% \n	\n 7/1/45 \n	\n 100,000 \n	\n 86,689 \n \n
\n Midwestern\n Disaster Relief, Ohio Valley Electric \n Corp.\n Project, Series A	\n 4.250% \n	\n 11/1/30 \n	\n 100,000 \n	\n 102,281 \n \n
\n Indianapolis,\n IN, Local Public Improvement Bond \n Bank,\n Courthouse & Jail Project, Series A\n	\n 4.000% \n	\n 2/1/44 \n	\n 100,000 \n	\n 92,151 \n \n
\n Total\n Indiana	\n 1,484,144 \n
\n Iowa\n — 0.1%
\n Iowa\n State Tobacco Settlement Authority Revenue, \n Asset\n Backed Senior Bonds, Class 1, Series A-2, \n Refunding \n	\n 4.000% \n	\n 6/1/49 \n	\n 100,000 \n	\n 85,091 \n \n
\n Kentucky\n — 2.8%
\n Kentucky\n State Bond Development Corp. Revenue, \n University\n of Kentucky Central Utility Plant Project, \n Series\n A \n	\n 5.250% \n	\n 10/31/51 \n	\n 400,000 \n	\n 408,645 \n \n
\n Kentucky\n State Bond Development Corp. Student \n Housing\n Revenue, City of Plum Springs, Collegiate \n Housing\n Foundation-Bowling Green LLC – Western \n Kentucky\n University Project, Series A, AG\n	\n 5.000% \n	\n 7/1/46 \n	\n 250,000 \n	\n 253,744 \n \n
\n Kentucky\n State PEA, Gas Supply Revenue:	\n	\n	\n	\n
\n Series\n A, Refunding	\n 5.250% \n	\n 12/1/29 \n	\n 250,000 \n	\n 262,769 \n (a)(b) \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Kentucky\n — continued
\n Series\n C, Refunding	\n 5.000% \n	\n 5/1/36 \n	\n $1,000,000 \n	\n $1,037,615 \n \n
\n Louisville/Jefferson\n County, KY, Metropolitan \n Government\n Health System Revenue, Norton \n Healthcare\n Inc., Series A \n	\n 4.000% \n	\n 10/1/40 \n	\n 500,000 \n	\n 467,134 \n \n
\n Total\n Kentucky	\n 2,429,907 \n
\n Maryland\n — 0.3%
\n Maryland\n State Stadium Authority, Built to Learn \n Revenue,\n Series 2021	\n 4.000% \n	\n 6/1/46 \n	\n 250,000 \n	\n 231,693 \n \n
\n Massachusetts\n — 2.0%
\n Massachusetts\n State DFA Revenue:	\n	\n	\n	\n
\n Harvard\n University, Series A, Refunding	\n 4.000% \n	\n 2/15/36 \n	\n 200,000 \n	\n 209,445 \n \n
\n UMass\n Boston Student Housing Project	\n 5.000% \n	\n 10/1/28 \n	\n 10,000 \n	\n 10,012 \n \n
\n The\n Commonwealth of Massachusetts State, GO, \n Consolidated\n Loan, Series C \n	\n 5.000% \n	\n 2/1/51 \n	\n 1,500,000 \n	\n 1,537,434 \n \n
\n Total\n Massachusetts	\n 1,756,891 \n
\n Michigan\n — 0.5%
\n Michigan\n State Finance Authority Revenue:	\n	\n	\n	\n
\n Henry\n Ford Health System, Series A	\n 4.000% \n	\n 11/15/50 \n	\n 100,000 \n	\n 84,027 \n \n
\n The\n Henry Ford Health Detroit South Campus \n Central\n Utility Plant Project, Act 38 Facilities, \n Senior\n Green Bonds	\n 5.500% \n	\n 2/28/57 \n	\n 225,000 \n	\n 232,363 \n \n
\n Michigan\n State Strategic Fund Ltd. Obligation \n Revenue,\n I-75 Improvement Project\n	\n 5.000% \n	\n 12/31/43 \n	\n 100,000 \n	\n 100,180 \n (c) \n
\n Total\n Michigan	\n 416,570 \n
\n Missouri\n — 0.1%
\n Missouri\n State HEFA Revenue, Senior Living \n Facilities,\n Lutheran Senior Services Projects, \n Series\n A	\n 5.000% \n	\n 2/1/42 \n	\n 50,000 \n	\n 50,369 \n \n
\n Nebraska\n — 1.9%
\n Central\n Plains, NE, Energy Project, Series A, \n Refunding\n	\n 5.000% \n	\n 9/1/33 \n	\n 1,000,000 \n	\n 1,040,403 \n \n
\n Douglas\n County, NE, Hospital Authority No 2 \n Revenue,\n Children’s Hospital Obligated Group, \n Series\n A, Refunding \n	\n 4.000% \n	\n 11/15/36 \n	\n 425,000 \n	\n 418,288 \n \n
\n Omaha,\n NE, Public Power District, Electric System \n Revenue,\n Series B, Refunding\n	\n 4.000% \n	\n 2/1/46 \n	\n 250,000 \n	\n 231,357 \n \n
\n Total\n Nebraska	\n 1,690,048 \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n New\n Hampshire — 2.9%
\n National\n Finance Authority, NH, Revenue:	\n	\n	\n	\n
\n Public\n Private Development Corp. Lockhart \n Housing\n Project, Series A-1	\n 5.000% \n	\n 12/1/46 \n	\n $500,000 \n	\n $488,402 \n \n
\n Winston-Salem\n Sustainable Energy \n Partners\n LLC, Series A	\n 5.000% \n	\n 12/1/35 \n	\n 1,000,000 \n	\n 1,071,624 \n \n
\n Winston-Salem\n Sustainable Energy \n Partners\n LLC, Series A	\n 5.000% \n	\n 6/1/55 \n	\n 1,000,000 \n	\n 981,197 \n \n
\n Total\n New Hampshire	\n 2,541,223 \n
\n New\n Jersey — 5.3%
\n New\n Jersey State EDA Revenue:	\n	\n	\n	\n
\n Private\n Activity-The Goethals Bridge \n Replacement\n Project, AG	\n 5.125% \n	\n 7/1/42 \n	\n 150,000 \n	\n 150,918 \n (c) \n
\n Special\n Facility, Port Newark Container \n Terminal\n LLC Project, Refunding	\n 5.000% \n	\n 10/1/37 \n	\n 500,000 \n	\n 503,905 \n (c) \n
\n New\n Jersey State Transportation Trust Fund \n Authority\n Revenue:	\n	\n	\n	\n
\n Transportation\n Program, Series AA	\n 4.000% \n	\n 6/15/50 \n	\n 500,000 \n	\n 444,682 \n \n
\n Transportation\n Program, Series BB	\n 4.000% \n	\n 6/15/36 \n	\n 500,000 \n	\n 500,289 \n \n
\n Transportation\n Program, Series CC	\n 4.125% \n	\n 6/15/50 \n	\n 500,000 \n	\n 453,503 \n \n
\n Transportation\n System, CAB, Series C, NATL	\n 0.000% \n	\n 12/15/31 \n	\n 2,500,000 \n	\n 2,088,046 \n \n
\n Transportation\n System, Series A, Refunding	\n 4.250% \n	\n 6/15/40 \n	\n 350,000 \n	\n 341,079 \n \n
\n Tobacco\n Settlement Financing Corp., NJ, Revenue:	\n	\n	\n	\n
\n Series\n A, Refunding	\n 5.000% \n	\n 6/1/46 \n	\n 170,000 \n	\n 165,820 \n \n
\n Series\n A, Refunding	\n 5.250% \n	\n 6/1/46 \n	\n 30,000 \n	\n 30,056 \n \n
\n Total\n New Jersey	\n 4,678,298 \n
\n New\n Mexico — 0.6%
\n New\n Mexico State Municipal Energy Acquisition \n Authority,\n Gas Supply Revenue, Refunding	\n 5.000% \n	\n 11/1/30 \n	\n 500,000 \n	\n 524,666 \n (a)(b) \n
\n New\n York — 14.1%
\n MTA,\n NY, Dedicated Tax Fund Revenue, Green \n Bonds,\n Subseries B-1, Refunding\n	\n 4.000% \n	\n 11/15/54 \n	\n 1,000,000 \n	\n 845,509 \n \n
\n MTA,\n NY, Transportation Revenue, Series A-2\n	\n 5.000% \n	\n 5/15/30 \n	\n 335,000 \n	\n 355,174 \n (a)(b) \n
\n New\n York City, NY, HDC, Impact Revenue, \n Sustainable\n Development Bonds, Series A, HUD \n Section\n 8 \n	\n 4.800% \n	\n 2/1/53 \n	\n 250,000 \n	\n 240,425 \n \n
\n New\n York City, NY, HDC, MFH Revenue, \n Sustainable\n Development, Green Bonds, Series \n D-1B,\n Refunding, FHA \n	\n 2.400% \n	\n 11/1/50 \n	\n 1,000,000 \n	\n 632,130 \n \n
\n New\n York City, NY, Industrial Development Agency \n Revenue,\n Yankee Stadium Project, Refunding\n	\n 4.000% \n	\n 3/1/45 \n	\n 100,000 \n	\n 88,230 \n \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n New\n York — continued
\n New\n York City, NY, Municipal Water Finance \n Authority,\n Water & Sewer System Revenue:	\n	\n	\n	\n
\n Second\n General Resolution Fiscal 2022, Series \n AA,\n Subseries AA-1	\n 4.000% \n	\n 6/15/51 \n	\n $500,000 \n	\n $437,934 \n \n
\n Second\n General Resolution Fiscal 2026, Series \n BB \n	\n 5.000% \n	\n 6/15/49 \n	\n 2,000,000 \n	\n 2,045,508 \n \n
\n New\n York State Dormitory Authority Revenue, \n Non-State\n Supported Debt, Memorial Sloan- \n Kettering\n Cancer Center, Series B-1\n	\n 4.000% \n	\n 7/1/51 \n	\n 250,000 \n	\n 218,990 \n \n
\n New\n York State Liberty Development Corp. \n Revenue,\n 3 World Trade Center Project, Class 1, \n Refunding\n	\n 5.000% \n	\n 11/15/44 \n	\n 100,000 \n	\n 100,145 \n (e) \n
\n New\n York State Transportation Development Corp., \n Special\n Facilities Revenue:	\n	\n	\n	\n
\n Delta\n Air Lines Inc., LaGuardia Airport Terminals \n C\n and D Redevelopment Project	\n 5.000% \n	\n 1/1/30 \n	\n 75,000 \n	\n 76,629 \n (c) \n
\n Delta\n Air Lines Inc., LaGuardia Airport Terminals \n C\n and D Redevelopment Project	\n 5.000% \n	\n 1/1/32 \n	\n 45,000 \n	\n 45,832 \n (c) \n
\n Delta\n Air Lines Inc., LaGuardia Airport Terminals \n C\n and D Redevelopment Project	\n 6.000% \n	\n 4/1/35 \n	\n 750,000 \n	\n 823,256 \n (c) \n
\n Delta\n Air Lines Inc., LaGuardia Airport Terminals \n C\n and D Redevelopment Project	\n 5.625% \n	\n 4/1/40 \n	\n 700,000 \n	\n 737,451 \n (c) \n
\n Delta\n Air Lines Inc., LaGuardia Airport Terminals \n C\n and D Redevelopment Project	\n 4.375% \n	\n 10/1/45 \n	\n 250,000 \n	\n 233,045 \n (c) \n
\n John\n F. Kennedy International Airport New \n Terminal\n One Project, Green Bonds	\n 6.000% \n	\n 6/30/54 \n	\n 1,000,000 \n	\n 1,026,569 \n (c) \n
\n John\n F. Kennedy International Airport New \n Terminal\n One Project, Green Bonds	\n 5.375% \n	\n 6/30/60 \n	\n 250,000 \n	\n 247,427 \n (c) \n
\n John\n F. Kennedy International Airport New \n Terminal\n One Project, Green Bonds, AG	\n 5.000% \n	\n 6/30/49 \n	\n 750,000 \n	\n 738,276 \n (c) \n
\n John\n F. Kennedy International Airport Terminal \n Four\n Project, Series A, Refunding	\n 4.000% \n	\n 12/1/40 \n	\n 300,000 \n	\n 270,371 \n (c) \n
\n John\n F. Kennedy International Airport Terminal \n Six\n Redevelopment Project, Green Bonds, Series \n A,\n Refunding	\n 5.500% \n	\n 12/31/54 \n	\n 200,000 \n	\n 201,362 \n (c) \n
\n John\n F. Kennedy International Airport Terminal \n Six\n Redevelopment Project, Green Bonds, Series \n A,\n Refunding, AG	\n 4.500% \n	\n 12/31/54 \n	\n 500,000 \n	\n 461,869 \n (c) \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n New\n York — continued
\n John\n F. Kennedy International Airport Terminal \n Six\n Redevelopment Project, Green Bonds, Series \n B,\n Refunding, AG, Step bond (0.000% to \n 12/31/34\n then 5.000%)	\n 0.000% \n	\n 12/31/54 \n	\n $200,000 \n	\n $128,604 \n (c) \n
\n LaGuardia\n Airport Terminal B Redevelopment \n Project \n	\n 5.000% \n	\n 7/1/30 \n	\n 50,000 \n	\n 50,045 \n (c) \n
\n LaGuardia\n Airport Terminal B Redevelopment \n Project,\n Series A	\n 5.000% \n	\n 7/1/41 \n	\n 25,000 \n	\n 25,001 \n (c) \n
\n LaGuardia\n Airport Terminal B Redevelopment \n Project,\n Series A	\n 5.000% \n	\n 7/1/46 \n	\n 750,000 \n	\n 739,163 \n (c) \n
\n New\n York State Urban Development Corp. \n Revenue,\n Personal Income Tax, Series C, \n Refunding\n	\n 3.000% \n	\n 3/15/48 \n	\n 250,000 \n	\n 180,499 \n \n
\n Oneida\n County, NY, Local Development Corp. \n Revenue,\n Mohawk Valley Health System Project, \n Series\n A, Refunding, AG \n	\n 4.000% \n	\n 12/1/49 \n	\n 635,000 \n	\n 548,535 \n \n
\n Port\n Authority of New York & New Jersey \n Revenue,\n Consolidated Series 221\n	\n 4.000% \n	\n 7/15/45 \n	\n 1,000,000 \n	\n 895,813 \n (c) \n
\n Total\n New York	\n 12,393,792 \n
\n North\n Carolina — 0.2%
\n North\n Carolina State Medical Care Commission, \n Retirement\n Facilities Revenue, The Forest at Duke \n Project\n	\n 4.000% \n	\n 9/1/41 \n	\n 160,000 \n	\n 145,003 \n \n
\n North\n Carolina State Turnpike Authority, Monroe \n Expressway\n Toll Revenue, Series A, Refunding\n	\n 5.000% \n	\n 7/1/42 \n	\n 5,000 \n	\n 5,004 \n \n
\n Total\n North Carolina	\n 150,007 \n
\n North\n Dakota — 0.4%
\n Grand\n Forks, ND, Health Care System Revenue, \n Altru\n Health System, Refunding, AG	\n 3.000% \n	\n 12/1/46 \n	\n 550,000 \n	\n 398,661 \n \n
\n Ohio\n — 1.8%
\n American\n Municipal Power Inc., OH, Revenue, \n AMP\n Fremont Energy Center Project, Series A, \n Refunding\n	\n 4.000% \n	\n 2/15/38 \n	\n 250,000 \n	\n 246,232 \n \n
\n Ohio\n State Air Quality Development Authority \n Revenue: \n	\n	\n	\n	\n
\n American\n Electric Co. Project, Series B	\n 2.500% \n	\n 10/1/29 \n	\n 100,000 \n	\n 96,533 \n (a)(b)(c) \n
\n American\n Electric Power Co. Project, Series A, \n Refunding \n	\n 3.750% \n	\n 1/1/29 \n	\n 225,000 \n	\n 226,574 \n (c) \n
\n AMG\n Vanadium Project, Series 2019	\n 5.000% \n	\n 7/1/49 \n	\n 500,000 \n	\n 450,364 \n (c)(e) \n
\n Duke\n Energy Corp. Project, Series B, Refunding	\n 4.250% \n	\n 6/1/27 \n	\n 100,000 \n	\n 100,495 \n (a)(b)(c) \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Ohio\n — continued
\n Port\n of Greater Cincinnati Development Authority \n Revenue,\n OH, Tax-Exempt Parking Revenue, 3CDC \n Obligated\n Group Parking Facilities, Series A, \n Refunding,\n AG \n	\n 5.000% \n	\n 12/1/60 \n	\n $250,000 \n	\n $246,297 \n \n
\n Warrensville\n Heights, OH, School District, GO, \n Unrefunded,\n BAM \n	\n 5.000% \n	\n 12/1/44 \n	\n 175,000 \n	\n 175,029 \n \n
\n Total\n Ohio	\n 1,541,524 \n
\n Oklahoma\n — 0.5%
\n Tulsa,\n OK, Municipal Airport Trust Revenue:	\n	\n	\n	\n
\n American\n Airlines Inc. Project, Refunding	\n 6.250% \n	\n 12/1/35 \n	\n 330,000 \n	\n 366,870 \n (c) \n
\n American\n Airlines Inc. Project, Refunding	\n 6.250% \n	\n 12/1/40 \n	\n 40,000 \n	\n 43,362 \n (c) \n
\n Total\n Oklahoma	\n 410,232 \n
\n Oregon\n — 0.2%
\n Salem,\n OR, Hospital Facility Authority Revenue, \n Capital\n Manor Project, Refunding	\n 4.000% \n	\n 5/15/32 \n	\n 185,000 \n	\n 185,958 \n \n
\n Pennsylvania\n — 2.8%
\n Allegheny\n County, PA, HDA Revenue, University of \n Pittsburgh\n Medical Center, Series A, Refunding\n	\n 4.000% \n	\n 7/15/39 \n	\n 150,000 \n	\n 141,801 \n \n
\n Lancaster\n County, PA, Convention Center Authority \n Revenue,\n Hotel Room Rental Tax, Series B, \n Refunding,\n County GTD \n	\n 4.750% \n	\n 5/1/57 \n	\n 250,000 \n	\n 236,809 \n \n
\n Pennsylvania\n State Economic Development \n Financing\n Authority Revenue:	\n	\n	\n	\n
\n Exempt\n Facilities Bonds, PPL Energy Supply LLC \n Project,\n Series B, Refunding	\n 5.250% \n	\n 6/1/27 \n	\n 200,000 \n	\n 200,273 \n (a)(b) \n
\n Presbyterian\n Senior Living Project, Series B-1	\n 5.250% \n	\n 7/1/49 \n	\n 200,000 \n	\n 200,898 \n \n
\n Tax-Exempt\n Private Activity, The Penndot Major \n Bridges\n Package One Project	\n 5.250% \n	\n 6/30/53 \n	\n 1,350,000 \n	\n 1,351,898 \n (c) \n
\n Philadelphia,\n PA, Authority for IDR, Charter School \n Revenue,\n Philadelphia Performing Arts: A String \n Theory\n Charter School Project, Refunding\n	\n 5.000% \n	\n 6/15/50 \n	\n 100,000 \n	\n 91,548 \n (e) \n
\n Philadelphia,\n PA, IDA Revenue, City Service \n Agreement,\n Rebuild Project \n	\n 5.000% \n	\n 5/1/35 \n	\n 250,000 \n	\n 256,026 \n \n
\n Total\n Pennsylvania	\n 2,479,253 \n
\n Puerto\n Rico — 3.8%
\n Puerto\n Rico Commonwealth Aqueduct & Sewer \n Authority\n Revenue, Senior Lien, Series A, \n Refunding\n	\n 5.000% \n	\n 7/1/47 \n	\n 500,000 \n	\n 502,550 \n (e) \n
\n Puerto\n Rico Commonwealth, GO:	\n	\n	\n	\n
\n Restructured,\n Series A-1	\n 4.000% \n	\n 7/1/35 \n	\n 175,000 \n	\n 172,469 \n \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Puerto\n Rico — continued
\n Restructured,\n Series A-1	\n 4.000% \n	\n 7/1/37 \n	\n $760,000 \n	\n $737,178 \n \n
\n Restructured,\n Series A-1	\n 4.000% \n	\n 7/1/41 \n	\n 100,000 \n	\n 92,882 \n \n
\n Puerto\n Rico Sales Tax Financing Corp., Sales Tax \n Revenue: \n	\n	\n	\n	\n
\n CAB,\n Restructured, Series A-1	\n 0.000% \n	\n 7/1/27 \n	\n 23,000 \n	\n 22,390 \n \n
\n CAB,\n Restructured, Series A-1	\n 0.000% \n	\n 7/1/46 \n	\n 630,000 \n	\n 226,768 \n \n
\n Restructured,\n Series A-1	\n 4.550% \n	\n 7/1/40 \n	\n 10,000 \n	\n 9,902 \n \n
\n Restructured,\n Series A-1	\n 4.750% \n	\n 7/1/53 \n	\n 1,000,000 \n	\n 946,283 \n \n
\n Restructured,\n Series A-1	\n 5.000% \n	\n 7/1/58 \n	\n 366,000 \n	\n 355,198 \n \n
\n Restructured,\n Series A-2	\n 4.329% \n	\n 7/1/40 \n	\n 248,000 \n	\n 242,747 \n \n
\n Total\n Puerto Rico	\n 3,308,367 \n
\n Rhode\n Island — 0.2%
\n Rhode\n Island State Health & Educational Building \n Corp.,\n Student Housing Revenue:	\n	\n	\n	\n
\n PRG\n - RI Properties LLC, Senior Series A, AG	\n 5.000% \n	\n 7/1/50 \n	\n 100,000 \n	\n 100,145 \n \n
\n PRG\n - RI Properties LLC, Senior Series A, AG	\n 5.000% \n	\n 7/1/55 \n	\n 100,000 \n	\n 99,482 \n \n
\n Total\n Rhode Island	\n 199,627 \n
\n South\n Carolina — 0.8%
\n Patriots\n Energy Group Financing Agency, SC, Gas \n Supply\n Revenue, Subseries B-2, Refunding (SOFR x \n 0.670\n + 1.900%)	\n 4.338% \n	\n 3/1/31 \n	\n 250,000 \n	\n 259,834 \n (a)(b) \n
\n South\n Carolina State Jobs - EDA Revenue:	\n	\n	\n	\n
\n Bon\n Secours Mercy Health Inc., Series A, \n Refunding \n	\n 4.000% \n	\n 12/1/44 \n	\n 250,000 \n	\n 225,551 \n \n
\n International\n Paper Company Project, Series A, \n Refunding \n	\n 3.950% \n	\n 4/1/33 \n	\n 250,000 \n	\n 250,575 \n (c) \n
\n Total\n South Carolina	\n 735,960 \n
\n Tennessee\n — 3.1%
\n Clarksville,\n TN, Water, Sewer & Gas Revenue, \n Series\n A \n	\n 4.000% \n	\n 2/1/51 \n	\n 500,000 \n	\n 444,213 \n \n
\n Metropolitan\n Government of Nashville & Davidson \n County,\n TN, Health and Educational Facilities \n Board\n Revenue:	\n	\n	\n	\n
\n Vanderbilt\n University Medical Center, Series B, \n Refunding \n	\n 5.000% \n	\n 7/1/34 \n	\n 250,000 \n	\n 272,462 \n \n
\n Vanderbilt\n University Medical Center, Series B, \n Refunding \n	\n 5.000% \n	\n 7/1/37 \n	\n 250,000 \n	\n 272,045 \n \n
\n Metropolitan\n Nashville, TN, Airport Authority \n Revenue,\n Series B \n	\n 5.000% \n	\n 7/1/40 \n	\n 1,400,000 \n	\n 1,458,429 \n (c) \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Tennessee\n — continued
\n Tennessee\n State Energy Acquisition Corp., Natural \n Gas\n Revenue, Series A\n	\n 5.250% \n	\n 9/1/26 \n	\n $235,000 \n	\n $235,000 \n \n
\n Total\n Tennessee	\n 2,682,149 \n
\n Texas\n — 11.5%
\n Arlington,\n TX, Higher Education Finance Corp., \n Education\n Revenue, Basis Texas Charter \n Schools\n Inc., Refunding \n	\n 5.875% \n	\n 6/15/65 \n	\n 250,000 \n	\n 250,440 \n (e) \n
\n Arlington,\n TX, Special Tax Revenue, Subordinated \n Lien,\n Series C, BAM \n	\n 5.000% \n	\n 2/15/41 \n	\n 100,000 \n	\n 100,002 \n \n
\n Austin,\n TX, Airport System Revenue, Series B, \n Refunding\n	\n 5.000% \n	\n 11/15/40 \n	\n 750,000 \n	\n 774,407 \n (c) \n
\n Austin,\n TX, Senior Lien Special Tax Revenue, \n Convention\n Center Project, Series A\n	\n 5.250% \n	\n 11/15/51 \n	\n 650,000 \n	\n 672,056 \n \n
\n Castleberry,\n TX, ISD, GO, Series B, PSF - GTD\n	\n 4.000% \n	\n 2/15/49 \n	\n 250,000 \n	\n 224,411 \n \n
\n Central\n Texas Regional Mobility Authority \n Revenue,\n Senior Lien, Series B\n	\n 4.000% \n	\n 1/1/51 \n	\n 1,245,000 \n	\n 1,078,869 \n \n
\n Dallas,\n TX, ISD, GO, Multi-Modal Unlimited Tax \n School\n Building Bonds, Series B, PSF - GTD\n	\n 5.000% \n	\n 2/15/30 \n	\n 500,000 \n	\n 529,679 \n (a)(b) \n
\n Elgin,\n TX, ISD, GO, Unlimited Tax School Building \n Bonds,\n PSF - GTD \n	\n 4.000% \n	\n 8/1/49 \n	\n 750,000 \n	\n 680,396 \n \n
\n Grand\n Parkway Transportation Corp., TX, System \n Toll\n Revenue, First Tier Toll Revenue, Series C, \n Refunding\n	\n 4.000% \n	\n 10/1/40 \n	\n 500,000 \n	\n 459,564 \n \n
\n Hays,\n TX, ISD, GO, Unlimited Tax School Building \n Bonds,\n PSF - GTD \n	\n 4.000% \n	\n 2/15/47 \n	\n 200,000 \n	\n 184,264 \n \n
\n Houston,\n TX, GO, Series A \n	\n 4.125% \n	\n 3/1/51 \n	\n 300,000 \n	\n 264,718 \n \n
\n Houston,\n TX, Airport System Revenue:	\n	\n	\n	\n
\n Special\n Facilities, United Airlines Inc., Technical \n Operations\n Center Project	\n 5.000% \n	\n 7/15/28 \n	\n 100,000 \n	\n 102,063 \n (c) \n
\n Special\n Facilities, United Airlines Inc., Terminal \n Improvement\n Project, Series B	\n 5.500% \n	\n 7/15/38 \n	\n 260,000 \n	\n 272,741 \n (c) \n
\n Special\n Facilities, United Airlines Inc., Terminal \n Improvement\n Project, Series B-1	\n 4.000% \n	\n 7/15/41 \n	\n 400,000 \n	\n 357,247 \n (c) \n
\n Joshua,\n TX, ISD, GO, Unlimited Tax School \n Building\n Bonds, PSF - GTD \n	\n 4.000% \n	\n 8/15/49 \n	\n 350,000 \n	\n 311,548 \n \n
\n Longview,\n TX, ISD, GO, Unlimited Tax School \n Building\n Bonds, PSF - GTD \n	\n 4.000% \n	\n 2/15/49 \n	\n 600,000 \n	\n 545,541 \n \n
\n Lower\n Colorado River Authority, TX, Transmission \n Contract\n Refunding and Improvement Revenue, \n LCRA\n Transmission Services Corp. Project, Series \n A,\n Refunding \n	\n 5.000% \n	\n 5/15/56 \n	\n 500,000 \n	\n 502,529 \n \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Texas\n — continued
\n Melissa,\n TX, ISD, GO, Unlimited Tax School \n Building\n Bonds, PSF - GTD \n	\n 4.000% \n	\n 2/1/54 \n	\n $250,000 \n	\n $217,336 \n \n
\n Metropolitan\n Transit Advanced Transportation \n District,\n TX, Sales Tax Revenue, Bexar County\n	\n 4.000% \n	\n 8/1/54 \n	\n 500,000 \n	\n 430,117 \n \n
\n Mission,\n TX, EDC, Solid Waste Disposal Revenue, \n Graphic\n Packaging International, LLC Project, \n Green\n Bonds \n	\n 5.000% \n	\n 6/1/30 \n	\n 180,000 \n	\n 184,991 \n (a)(b)(c) \n
\n Newark,\n TX, Higher Education Finance Corp., \n Education\n Revenue, TLC Academy, Series A\n	\n 4.000% \n	\n 8/15/31 \n	\n 60,000 \n	\n 58,055 \n \n
\n Tarrant\n County, TX, Cultural Education Facilities \n Finance\n Corp., Hospital Revenue, Methodist \n Hospitals\n of Dallas \n	\n 4.000% \n	\n 10/1/47 \n	\n 250,000 \n	\n 221,282 \n \n
\n Tarrant\n County, TX, Cultural Education Facilities \n Finance\n Corp., Retirement Facility Revenue:	\n	\n	\n	\n
\n Buckner\n Retirement Services Inc. Project, \n Refunding \n	\n 5.000% \n	\n 11/15/37 \n	\n 50,000 \n	\n 50,190 \n \n
\n Buckner\n Retirement Services Inc. Project, \n Refunding \n	\n 5.000% \n	\n 11/15/46 \n	\n 50,000 \n	\n 47,459 \n \n
\n Texas\n State Private Activity Bond Surface \n Transportation\n Corp. Revenue:	\n	\n	\n	\n
\n NTE\n Mobility Partners Segments 3 LLC, Senior \n Lien,\n Series 2023, Refunding	\n 5.500% \n	\n 6/30/43 \n	\n 300,000 \n	\n 310,714 \n (c) \n
\n Senior\n Lien, LBJ Infrastructure Group LLC, I-635 \n Managed\n Lanes Project, Series A, Refunding	\n 4.000% \n	\n 12/31/35 \n	\n 75,000 \n	\n 73,412 \n \n
\n Van\n Alstyne, TX, ISD, GO, Unlimited Tax School \n Building\n Bonds, PSF - GTD \n	\n 4.000% \n	\n 2/15/54 \n	\n 750,000 \n	\n 651,888 \n \n
\n West\n Harris County, TX, Regional Water Authority \n Revenue,\n Series 2019, Refunding\n	\n 4.000% \n	\n 12/15/49 \n	\n 100,000 \n	\n 85,463 \n \n
\n Whitesboro,\n TX, ISD, GO, Unlimited Tax School \n Building\n Bonds, PSF - GTD \n	\n 4.000% \n	\n 2/15/54 \n	\n 500,000 \n	\n 437,334 \n \n
\n Total\n Texas	\n 10,078,716 \n
\n Utah\n — 0.8%
\n Utah\n State Charter School Finance Authority, \n Charter\n School Revenue, Utah Charter Academies \n Project,\n Series 2018, UT CSCE\n	\n 5.000% \n	\n 10/15/38 \n	\n 220,000 \n	\n 221,564 \n \n
\n Utah\n State Infrastructure Agency, \n Telecommunications\n Revenue, Series A\n	\n 5.250% \n	\n 10/15/33 \n	\n 200,000 \n	\n 200,830 \n \n
\n Vineyard\n Redevelopment Agency, UT, Tax \n Increment\n Revenue, Series 2021, Refunding, AG\n	\n 4.000% \n	\n 5/1/46 \n	\n 275,000 \n	\n 249,939 \n \n
\n Total\n Utah	\n 672,333 \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n Virginia\n — 1.0%
\n Isle\n of Wight County, VA, EDA Revenue, Riverside \n Health\n System, Series 2023, AG\n	\n 4.750% \n	\n 7/1/53 \n	\n $250,000 \n	\n $234,149 \n \n
\n Virginia\n State Small Business Financing Authority \n Revenue: \n	\n	\n	\n	\n
\n Senior\n Lien, 95 Express Lanes LLC Project, \n Refunding \n	\n 5.000% \n	\n 1/1/37 \n	\n 130,000 \n	\n 134,070 \n (c) \n
\n Senior\n Lien, 95 Express Lanes LLC Project, \n Refunding \n	\n 5.000% \n	\n 1/1/38 \n	\n 350,000 \n	\n 359,515 \n (c) \n
\n Senior\n Lien, I-495 High Occupancy Toll Lanes \n Project,\n Refunding	\n 5.000% \n	\n 12/31/47 \n	\n 200,000 \n	\n 199,639 \n (c) \n
\n Total\n Virginia	\n 927,373 \n
\n Washington\n — 0.6%
\n Port\n of Seattle, WA, Intermediate Lien Revenue, \n Series\n 2022, Refunding \n	\n 5.000% \n	\n 8/1/41 \n	\n 250,000 \n	\n 255,458 \n (c) \n
\n Washington\n State Health Care Facilities Authority \n Revenue: \n	\n	\n	\n	\n
\n Commonspirit\n Health, Series A, Refunding	\n 5.000% \n	\n 8/1/44 \n	\n 200,000 \n	\n 201,978 \n \n
\n Seattle\n Cancer Care Alliance, Refunding	\n 5.000% \n	\n 9/1/50 \n	\n 100,000 \n	\n 100,652 \n \n
\n Total\n Washington	\n 558,088 \n
\n West\n Virginia — 0.3%
\n West\n Virginia State EDA Revenue:	\n	\n	\n	\n
\n Solid\n Waste Disposal Facility, Commercial \n Metals\n Co. Project	\n 4.625% \n	\n 5/15/32 \n	\n 150,000 \n	\n 152,287 \n (a)(b)(c) \n
\n Solid\n Waste Disposal Facility, Core Natural \n Resources\n Inc. Project, Refunding	\n 5.450% \n	\n 3/27/35 \n	\n 100,000 \n	\n 107,205 \n (a)(b)(c)(e) \n
\n Total\n West Virginia	\n 259,492 \n
\n Wisconsin\n — 1.0%
\n Public\n Finance Authority, WI, Revenue:	\n	\n	\n	\n
\n Cone\n Health, Series A	\n 5.000% \n	\n 10/1/52 \n	\n 250,000 \n	\n 248,558 \n \n
\n The\n Carmelite System Inc. Obligated Group, \n Refunding \n	\n 5.000% \n	\n 1/1/45 \n	\n 50,000 \n	\n 50,055 \n \n
\n Public\n Finance Authority, WI, Student Housing \n Revenue,\n CHF Wilmington LLC, University of North \n Carolina\n at Wilmington Project, AG\n	\n 5.000% \n	\n 7/1/53 \n	\n 100,000 \n	\n 99,385 \n \n
\n Wisconsin\n State HEFA Revenue, Medical College, \n Series\n 2016, Refunding \n	\n 4.000% \n	\n 12/1/46 \n	\n 500,000 \n	\n 447,335 \n \n
\n Total\n Wisconsin	\n 845,333 \n
\n \n
\n Total\n Municipal Bonds (Cost — $86,828,718)	\n 85,082,311 \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

(Percentages shown\nbased on Fund net assets)

\n Security \n	\n \n	\n Rate \n	\n Maturity \n Date \n	\n Face \n Amount \n	\n Value \n
\n \n
\n Municipal\n Bonds Deposited in Tender Option Bond Trusts(f)\n — 2.4%
\n New\n York — 2.4%
\n New\n York City, NY, Municipal Water Finance \n Authority,\n Water & Sewer System Revenue, \n Second\n General Resolution Fiscal 2023, Subseries \n AA-1\n	\n 5.250% \n	\n 6/15/52 \n	\n $1,000,000 \n	\n $1,023,063 \n \n
\n New\n York State Urban Development State Sales \n Revenue,\n Series A \n	\n 5.000% \n	\n 3/15/47 \n	\n 1,000,000 \n	\n 1,028,962 \n \n
\n \n
\n Total\n Municipal Bonds Deposited in Tender Option Bond Trusts \n (Cost\n — $2,054,590)	\n 2,052,025 \n
\n Total\n Investments before Short-Term Investments (Cost — $88,883,308)	\n 87,134,336 \n
\n \n
\n Short-Term\n Investments — 3.6%
\n Municipal\n Bonds — 3.6%
\n California\n — 0.7%
\n Regents\n of the University of California, CA, \n General\n Revenue, Series AL-3, Refunding	\n 2.350% \n	\n 5/15/48 \n	\n 600,000 \n	\n 600,000 \n (g) \n
\n Idaho\n — 0.4%
\n Idaho\n State Health Facilities Authority Revenue, \n St.\n Luke’s Health System Project, Series D, LOC - \n TD\n Bank N.A.	\n 2.900% \n	\n 3/1/60 \n	\n 400,000 \n	\n 400,000 \n (g)(h) \n
\n New\n York — 2.5%
\n New\n York City, NY, GO:	\n	\n	\n	\n
\n Subseries\n E-5, LOC - TD Bank N.A.	\n 2.900% \n	\n 3/1/48 \n	\n 200,000 \n	\n 200,000 \n (g)(h) \n
\n Subseries\n G-6, LOC - Mizuho Bank Ltd.	\n 3.100% \n	\n 4/1/42 \n	\n 1,200,000 \n	\n 1,200,000 \n (g)(h) \n
\n New\n York City, NY, TFA, Future Tax Secured \n Revenue,\n Series H-2, SPA - TD Bank N.A.\n	\n 2.900% \n	\n 11/1/54 \n	\n 800,000 \n	\n 800,000 \n (g) \n
\n Total\n New York	\n 2,200,000 \n
\n \n
\n Total\n Short-Term Investments (Cost — $3,200,000)	\n 3,200,000 \n
\n Total\n Investments — 103.0% (Cost — $92,083,308)	\n 90,334,336 \n
\n TOB\n Floating Rate Notes — (1.3)%	\n (1,165,000 \n ) \n
\n Other\n Liabilities in Excess of Other Assets — (1.7)%	\n (1,466,799 \n ) \n
\n Total\n Net Assets — 100.0%	\n $87,702,537 \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Schedule\nof Investments (unaudited) (cont’d)\n\n

August 31, 2026

Western\nAsset SMASh Series TF Fund

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n (a) \n	\n Maturity\n date shown represents the mandatory tender date.
\n (b) \n	\n Variable\n rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate \n securities\n are not based on a published reference rate and spread but are determined by the issuer or agent and \n are\n based on current market conditions. These securities do not indicate a reference rate and spread in their \n description\n above.
\n (c) \n	\n Income\n from this issue is considered a preference item for purposes of calculating the alternative minimum tax \n (“AMT”). \n
\n (d) \n	\n Securities\n traded on a when-issued or delayed delivery basis.
\n (e) \n	\n Security\n is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in \n transactions\n that are exempt from registration, normally to qualified institutional buyers. This security has been \n deemed\n liquid pursuant to guidelines approved by the Board of Trustees.
\n (f) \n	\n Represents\n securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”)\n trust \n (Note\n 1).
\n (g) \n	\n Variable\n rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to \n the\n issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or \n weekly\n basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a \n formula\n specified in official documents for the VRDO, or set at the highest rate allowable as specified in official \n documents\n for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association \n (“SIFMA”)\n Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets \n of\n tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate \n Transparency\n System.
\n (h) \n	\n Maturity\n date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Western\nAsset SMASh Series TF Fund

\n Abbreviation(s)\n used in this schedule:
\n AG \n	\n — \n	\n Assured\n Guaranty — Insured\n Bonds
\n BAM \n	\n — \n	\n Build\n America Mutual — Insured\n Bonds
\n CAB \n	\n — \n	\n Capital\n Appreciation Bonds
\n CSCE \n	\n — \n	\n Charter\n School Credit Enhancement
\n CWA \n	\n — \n	\n Clean\n Water Act
\n DFA \n	\n — \n	\n Development\n Finance Agency
\n EDA \n	\n — \n	\n Economic\n Development Authority
\n EDC \n	\n — \n	\n Economic\n Development Corporation
\n EFA \n	\n — \n	\n Educational\n Facilities Authority
\n FHA \n	\n — \n	\n Federal\n Housing Administration — Insured\n Bonds
\n GO \n	\n — \n	\n General\n Obligation
\n GTD \n	\n — \n	\n Guaranteed \n
\n HDA \n	\n — \n	\n Housing\n Development Authority
\n HDC \n	\n — \n	\n Housing\n Development Corporation
\n HEFA \n	\n — \n	\n Health\n & Educational Facilities Authority
\n HUD \n	\n — \n	\n Housing\n & Urban Development
\n IDA \n	\n — \n	\n Industrial\n Development Authority
\n IDR \n	\n — \n	\n Industrial\n Development Revenue
\n ISD \n	\n — \n	\n Independent\n School District
\n LOC \n	\n — \n	\n Letter\n of Credit
\n MFA \n	\n — \n	\n Municipal\n Finance Authority
\n MFH \n	\n — \n	\n Multi-Family\n Housing
\n MTA \n	\n — \n	\n Metropolitan\n Transportation Authority
\n NATL \n	\n — \n	\n National\n Public Finance Guarantee Corporation — Insured\n Bonds
\n PEA \n	\n — \n	\n Public\n Energy Authority
\n PSF \n	\n — \n	\n Permanent\n School Fund
\n SD \n	\n — \n	\n School\n District
\n SOFR \n	\n — \n	\n Secured\n Overnight Financing Rate
\n SPA \n	\n — \n	\n Standby\n Bond Purchase Agreement — Insured\n Bonds
\n TFA \n	\n — \n	\n Transitional\n Finance Authority

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Statement\nof Assets and Liabilities (unaudited)\n\n\n

August 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Assets: \n	\n
\n Investments,\n at value (Cost — $92,083,308)	\n $90,334,336 \n
\n Cash \n	\n 92,596 \n
\n Interest\n receivable	\n 986,668 \n
\n Receivable\n for Fund shares sold	\n 103,633 \n
\n Receivable\n from investment manager	\n 12,698 \n
\n Prepaid\n expenses	\n 4,929 \n
\n Total\n Assets	\n 91,534,860 \n
\n Liabilities: \n	\n
\n Payable\n for securities purchased	\n 2,604,810 \n
\n TOB\n Floating Rate Notes (Note\n 1)	\n 1,165,000 \n
\n Interest\n and commitment fees payable	\n 11,948 \n
\n Trustees’\n fees payable	\n 71 \n
\n Accrued\n expenses	\n 50,494 \n
\n Total\n Liabilities	\n 3,832,323 \n
\n Total\n Net Assets	\n $87,702,537 \n
\n Net\n Assets:	\n
\n Par\n value (Note\n 5)	\n $92 \n
\n Paid-in\n capital in excess of par value	\n 94,815,505 \n
\n Total\n distributable earnings (loss)\n	\n (7,113,060 \n ) \n
\n Total\n Net Assets	\n $87,702,537 \n
\n Shares\n Outstanding	\n 9,184,026 \n
\n Net\n Asset Value	\n $9.55 \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Statement\nof Operations (unaudited)\n\n

For the Six Months Ended August\n31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Investment\n Income:	\n
\n Interest \n	\n $2,027,862 \n
\n Expenses: \n	\n
\n Fund\n accounting fees	\n 33,715 \n
\n Interest\n expense (Note 1) \n	\n 17,190 \n
\n Audit\n and tax fees	\n 15,801 \n
\n Registration\n fees	\n 10,928 \n
\n Legal\n fees	\n 5,153 \n
\n Trustees’\n fees	\n 1,922 \n
\n Shareholder\n reports	\n 1,474 \n
\n Commitment\n fees (Note\n 6)	\n 349 \n
\n Custody\n fees	\n 254 \n
\n Transfer\n agent fees (Note 2)	\n 25 \n
\n Miscellaneous\n expenses	\n 4,010 \n
\n Total\n Expenses	\n 90,821 \n
\n Less:\n Fee waivers and/or expense reimbursements (Note\n 2)	\n (73,631 \n ) \n
\n Net\n Expenses	\n 17,190\n \n † \n
\n Net\n Investment Income	\n 2,010,672 \n
\n Realized\n and Unrealized Loss on Investments (Notes\n 1 and 3):
\n Net\n Realized Loss From Investment Transactions\n	\n (237,642 \n ) \n
\n Change\n in Net Unrealized Appreciation (Depreciation) From Investments\n	\n (3,324,734 \n ) \n
\n Net\n Loss on Investments\n	\n (3,562,376 \n )
\n Decrease\n in Net Assets From Operations	\n $(1,551,704 \n )

\n \n \n \n

†

Represents\n interest expense related to tender option bond transactions accounted for as secured borrowings for

financial\n reporting purposes. Refer to Note 1.

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Statements\nof Changes in Net Assets

\n For\n the Six Months Ended August 31, 2026 (unaudited)\n \n and\n the Year Ended February 28, 2026	\n August\n 31	\n February\n 28
\n Operations: \n	\n	\n
\n Net\n investment income\n	\n $2,010,672 \n	\n $3,959,293 \n
\n Net\n realized loss \n	\n (237,642 \n ) \n	\n (1,086,845 \n ) \n
\n Change\n in net unrealized appreciation (depreciation)\n	\n (3,324,734 \n ) \n	\n 837,449 \n
\n Increase\n (Decrease) in Net Assets From Operations	\n (1,551,704 \n ) \n	\n 3,709,897 \n
\n Distributions\n to Shareholders From (Note\n 1):	\n	\n
\n Total\n distributable earnings	\n (1,933,034 \n ) \n	\n (3,728,580 \n ) \n
\n Decrease\n in Net Assets From Distributions to Shareholders	\n (1,933,034 \n ) \n	\n (3,728,580 \n ) \n
\n Fund\n Share Transactions (Note\n 5):	\n	\n
\n Net\n proceeds from sale of shares \n	\n 6,848,641 \n	\n 25,890,181 \n
\n Cost\n of shares repurchased \n	\n (13,159,445 \n ) \n	\n (27,991,916 \n ) \n
\n Decrease\n in Net Assets From Fund Share Transactions	\n (6,310,804 \n ) \n	\n (2,101,735 \n ) \n
\n Decrease\n in Net Assets	\n (9,795,542 \n ) \n	\n (2,120,418 \n ) \n
\n Net\n Assets:	\n	\n
\n Beginning\n of period	\n 97,498,079 \n	\n 99,618,497 \n
\n End\n of period	\n $87,702,537 \n	\n $97,498,079 \n

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Financial\nHighlights

\n For\n a share of beneficial interest outstanding throughout each year ended February 28, \n unless\n otherwise noted:
\n \n	\n 20261,2\n	\n 20261\n	\n 20251\n	\n 20241,3\n	\n 20231\n	\n 20221\n
\n Net\n asset value, beginning of period	\n $9.91 \n	\n $9.90 \n	\n $9.97 \n	\n $9.65 \n	\n $10.51 \n	\n $10.69 \n
\n Income\n (loss) from operations:
\n Net\n investment income	\n 0.21 \n	\n 0.41 \n	\n 0.40 \n	\n 0.37 \n	\n 0.29 \n	\n 0.25 \n
\n Net\n realized and unrealized gain \n (loss) \n	\n (0.37 \n ) \n	\n (0.02 \n ) \n	\n (0.04 \n ) \n	\n 0.29 \n	\n (0.89 \n ) \n	\n (0.18 \n ) \n
\n Total\n income (loss) from \n operations \n	\n (0.16) \n	\n 0.39 \n	\n 0.36 \n	\n 0.66 \n	\n (0.60) \n	\n 0.07 \n
\n Less\n distributions from:	\n	\n	\n	\n	\n	\n
\n Net\n investment income	\n (0.20 \n ) \n	\n (0.38 \n ) \n	\n (0.43 \n ) \n	\n (0.34 \n ) \n	\n (0.26 \n ) \n	\n (0.25 \n ) \n
\n Total\n distributions	\n (0.20 \n ) \n	\n (0.38 \n ) \n	\n (0.43 \n ) \n	\n (0.34 \n ) \n	\n (0.26 \n ) \n	\n (0.25 \n ) \n
\n Net\n asset value, end of period	\n $9.55 \n	\n $9.91 \n	\n $9.90 \n	\n $9.97 \n	\n $9.65 \n	\n $10.51 \n
\n Total\n return4\n	\n (1.64 \n )% \n	\n 4.17 \n % \n	\n 3.64 \n % \n	\n 6.99 \n % \n	\n (5.69 \n )% \n	\n 0.59 \n % \n
\n Net\n assets, end of period (000s)	\n $87,703 \n	\n $97,498 \n	\n $99,618 \n	\n $103,333 \n	\n $75,844 \n	\n $80,000 \n
\n Ratios\n to average net assets:
\n Gross\n expenses5\n	\n 0.19\n \n %6,7 \n	\n 0.20\n \n %6 \n	\n 0.21\n \n %6 \n	\n 0.21\n \n %6 \n	\n 0.22\n \n %6 \n	\n 0.20 \n % \n
\n Net\n expenses8,9\n	\n 0.04\n \n 6,7 \n	\n 0.04\n \n 6 \n	\n 0.07\n \n 6 \n	\n 0.04\n \n 6 \n	\n 0.01\n \n 6 \n	\n 0.00 \n
\n Net\n investment income	\n 4.24\n \n 7 \n	\n 4.24 \n	\n 3.98 \n	\n 3.77 \n	\n 2.98 \n	\n 2.32 \n
\n Portfolio\n turnover rate	\n 11 \n %	\n 18 \n %	\n 27 \n %	\n 24 \n %	\n 38 \n %	\n 12 \n %

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 1 \n	\n Per\n share amounts have been calculated using the average shares method.
\n 2 \n	\n For\n the six months ended August 31, 2026 (unaudited).
\n 3 \n	\n For\n the year ended February 29.
\n 4 \n	\n Performance\n figures do not reflect the effect of fees and expenses associated with a separately managed account, \n nor\n a management fee or other operating expenses of the Fund. Such management fees are paid directly or \n indirectly\n by the separately managed account sponsor to the Fund’s manager or subadviser. All operating expenses \n of\n the Fund were reimbursed by the manager, pursuant to an expense reimbursement arrangement between the \n Fund\n and the manager. If such fees were included, the total return would have been lower. Past performance is no \n guarantee\n of future results. Total returns for periods of less than one year are not annualized.
\n 5 \n	\n Gross\n expenses do not include management fees paid to the manager and subadviser. Management fees are paid \n directly\n or indirectly by the separately managed account sponsor.
\n 6 \n	\n Expense\n ratio reflects the impact of interest expense related to tender option bond transactions accounted for as \n secured\n borrowings for financial reporting purposes. Refer to Note 1.
\n 7 \n	\n Annualized. \n
\n 8 \n	\n The\n Fund’s manager has entered into an expense reimbursement arrangement with the Fund, pursuant to which the \n Fund’s\n manager has agreed to reimburse 100% of the Fund’s ordinary operating expenses. The expense \n reimbursement\n arrangement does not cover interest, brokerage, taxes and extraordinary expenses. This \n arrangement\n cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent.
\n 9 \n	\n Reflects\n fee waivers and/or expense reimbursements.

See\nNotes to Financial Statements.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Notes\nto Financial Statements (unaudited)

1. Organization\nand significant accounting policies\n

Western Asset SMASh Series TF Fund\n(the “Fund”) is a separate diversified investment series\nof Legg Mason Partners Institutional Trust (the “Trust”). The Trust, a Maryland statutory\ntrust, is registered under the Investment Company Act of 1940, as amended (the “1940\nAct”), as an open-end management investment company.\n

Shares of the Fund may be purchased\nonly by or on behalf of separately managed account clients\nwhere an affiliate of Franklin Templeton Fund Adviser, LLC (“FTFA”) has an agreement\nto serve as investment adviser or subadviser (each affiliate, a “Managed Account\nAdviser”) to the account with the managed account program sponsor (the “Program Sponsor”)\n(typically, a registered investment adviser or broker/dealer) or directly with the client.\nShareholders of the Fund pay fees to their separately managed account sponsor, some\nof which are paid to affiliates of FTFA. FTFA and the subadviser do not charge investment\nmanagement fees to the Fund.

The Fund follows the accounting\nand reporting guidance in Financial Accounting Standards Board\n(“FASB”)\nAccounting Standards Codification Topic 946, Financial Services –\nInvestment Companies\n(“ASC\n946”).\nThe following are significant accounting policies consistently\nfollowed by the Fund and are in conformity with U.S. generally accepted accounting\nprinciples (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions\nare required to be made regarding assets, liabilities and changes in net assets resulting\nfrom operations when financial statements are prepared. Changes in the economic environment,\nfinancial markets and any other parameters used in determining these estimates\ncould cause actual results to differ. Subsequent events have been evaluated through\nthe date the financial statements were issued.

(a) Investment\nvaluation. The\nvaluations for fixed income securities (which may include, but\nare not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage\nobligations and asset-backed securities) and certain derivative instruments are typically\nthe prices supplied by independent third party pricing services, which may use market\nprices or broker/dealer quotations or a variety of valuation techniques and methodologies.\nThe independent third party pricing services typically use inputs that are observable\nsuch as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads,\ndefault rates and quoted prices for similar securities. Investments in open-end\nfunds are valued at the closing net asset value per share of each fund on the day of valuation.\nIf independent third party pricing services are unable to supply prices for a portfolio\ninvestment, or if the prices supplied are deemed by the manager to be unreliable, the\nmarket price may be determined by the manager using quotations from one or more broker/dealers\nor at the transaction price if the security has recently been purchased and no value\nhas yet been obtained from a pricing service or pricing broker. When reliable prices are\nnot readily available, such as when the value of a security has been significantly affected\nby events after the close of the exchange or market on which the security is principally\ntraded, but before the Fund calculates its net asset value, the Fund values these

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

securities as\ndetermined in accordance with procedures approved by the Fund’s Board of Trustees\n(the “Board”).

Pursuant to policies adopted by\nthe Board, the Fund’s manager has been designated as the valuation\ndesignee and is responsible for the oversight of the daily valuation process. The Fund’s\nmanager is assisted by the Global Fund Valuation Committee (the “Valuation\nCommittee”).\nThe Valuation Committee is responsible for making fair value determinations, evaluating\nthe effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager\nand the Board. When determining the reliability of third party pricing information for\ninvestments owned by the Fund, the Valuation Committee, among other things, conducts due\ndiligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions\namong market participants.

The Valuation Committee will consider\npricing methodologies it deems relevant and appropriate\nwhen making fair value determinations. Examples of possible methodologies include,\nbut are not limited to, multiple of earnings; discount from market of a similar freely traded\nsecurity; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield\nanalysis; yield to maturity; and/or fundamental investment analysis. The Valuation\nCommittee will also consider factors it deems relevant and appropriate in light of the\nfacts and circumstances. Examples of possible factors include, but are not limited to, the\ntype of security; the issuer’s financial statements; the purchase price of the security; the discount\nfrom market value of unrestricted securities of the same class at the time of purchase;\nanalysts’ research and observations from financial institutions; information regarding\nany transactions or offers with respect to the security; the existence of merger proposals\nor tender offers affecting the security; the price and extent of public trading in similar\nsecurities of the issuer or comparable companies; and the existence of a shelf registration\nfor restricted securities.

For each portfolio security that\nhas been fair valued pursuant to the policies adopted by the Board,\nthe fair value price is compared against the last available and next available market quotations.\nThe Valuation Committee reviews the results of such back testing monthly and fair\nvaluation occurrences are reported to the Board quarterly.\n

The Fund uses valuation techniques\nto measure fair value that are consistent with the market\napproach and/or income approach, depending on the type of security and the particular\ncircumstance. The market approach uses prices and other relevant information generated\nby market transactions involving identical or comparable securities. The income approach\nuses valuation techniques to discount estimated future cash flows to present value.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Notes\nto Financial Statements (unaudited) (cont’d)

GAAP establishes\na disclosure hierarchy that categorizes the inputs to valuation techniques used\nto value assets and liabilities at measurement date. These inputs are summarized in the\nthree broad levels listed below:

•

Level\n1 — unadjusted quoted prices in active markets for identical investments\n

•

Level\n2 — other significant observable inputs (including quoted prices for similar investments,\ninterest rates, prepayment speeds, credit risk, etc.)\n

•

Level\n3 — significant unobservable inputs (including the Fund’s own assumptions in determining\nthe fair value of investments)

The inputs or methodologies used\nto value securities are not necessarily an indication of the\nrisk associated with investing in those securities.

The following is a summary of the\ninputs used in valuing the Fund’s assets carried at fair value:\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n ASSETS \n
\n Description \n	\n Quoted\n Prices \n (Level\n 1)	\n Other\n Significant \n Observable\n Inputs \n (Level\n 2)	\n Significant\n \n Unobservable\n \n Inputs\n \n (Level\n 3)	\n Total \n
\n Long-Term\n Investments†:	\n	\n	\n	\n
\n Municipal\n Bonds	\n — \n	\n $85,082,311 \n	\n — \n	\n $85,082,311 \n
\n Municipal\n Bonds Deposited in \n Tender\n Option Bond Trusts	\n — \n	\n 2,052,025 \n	\n — \n	\n 2,052,025 \n
\n Total\n Long-Term Investments	\n — \n	\n 87,134,336 \n	\n — \n	\n 87,134,336 \n
\n Short-Term\n Investments†	\n — \n	\n 3,200,000 \n	\n — \n	\n 3,200,000 \n
\n Total\n Investments	\n — \n	\n $90,334,336 \n	\n — \n	\n $90,334,336 \n

\n \n \n \n

†

See\n Schedule of Investments for additional detailed categorizations.

(b) Tender\noption bonds. The\nFund may enter into tender option bond (“TOB”) transactions and\nmay invest in inverse floating rate instruments (“Inverse Floaters”) issued in TOB transactions.\nThe Fund may participate either in structuring an Inverse Floater or purchasing an\nInverse Floater in the secondary market. When structuring an Inverse Floater, the Fund deposits\nsecurities (typically municipal bonds or other municipal securities) (the “Underlying Bonds”)\ninto a special purpose entity, referred to as a TOB trust. The TOB trust generally issues\nfloating rate notes (“Floaters”) to third parties and residual interest, Inverse Floaters, to\nthe Fund. The Floaters issued by the TOB trust have interest rates which reset weekly and\nprovide the holders of the Floaters the option to tender their notes back to the TOB trust for\nredemption at par at each reset date. The net proceeds of the sale of the Floaters, after expenses,\nare received by the Fund and may be invested in additional securities. The Inverse\nFloaters are inverse floating rate debt instruments, as the return on those bonds is inversely\nrelated to changes in a specified interest rate. Distributions on any Inverse Floaters\npaid to the Fund will be reduced or, in the extreme, eliminated as short-term

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

interest rates\nrise and will increase when such interest rates fall. Floaters issued by a TOB trust\nmay be senior to the Inverse Floaters held by the Fund. The value and market for Inverse\nFloaters can be volatile, and Inverse Floaters can have limited liquidity.

An investment in an Inverse Floater\nstructured by the Fund is accounted for as a secured borrowing.\nThe Underlying Bonds deposited into the TOB trust are included in the Fund’s Schedule\nof Investments and a liability for Floaters (TOB floating rate notes) issued by the TOB\ntrust is recognized in the Fund’s Statement of Assets and Liabilities. The carrying amount\nof the TOB trust’s floating rate note obligations as reported on the Statement of Assets\nand Liabilities approximates its fair value. Interest income, including amortization, on\nthe Underlying Bonds is recognized in the Fund’s Statements of Operations. Interest paid to\nholders of the Floaters, as well as other expenses related to administration, liquidity, remarketing\nand trustee services of the TOB trust, are recognized in Interest expense in the Fund’s\nStatement of Operations. For the six months\nended August 31, 2026, the average daily amount of floating\nrate notes outstanding was $1,165,000 and weighted average interest\nrate was 2.89%.

(c) Securities\ntraded on a when-issued and delayed delivery basis. The\nFund may trade securities on a when-issued or delayed\ndelivery basis. In when-issued and delayed delivery transactions,\nthe securities are purchased or sold by the Fund with payment and delivery\ntaking place in the future in order to secure what is considered to be an advantageous\nprice and yield to the Fund at the time of entering into the transaction.\n

Purchasing such securities involves\nrisk of loss if the value of the securities declines prior to settlement.\nThese securities are subject to market fluctuations and their current value is determined\nin the same manner as for other securities.

(d) Security\ntransactions and investment income. Security\ntransactions are accounted for on a trade date basis.\nInterest income (including interest income from payment-in-kind securities)\nis recorded on the accrual basis. Amortization of premiums and accretion of discounts\non debt securities are recorded to interest income over the lives of the respective securities,\nexcept for premiums on certain callable debt securities, which are amortized to the\nearliest call date. The cost of investments sold is determined by use of the specific identification\nmethod. To the extent any issuer defaults or a credit event occurs that impacts the\nissuer, the Fund may halt any additional interest income accruals and consider the realizability\nof interest accrued up to the date of default or credit event.

(e) Distributions\nto shareholders. Distributions\nfrom net investment income of the Fund, if any, are declared\nand paid on a monthly basis. The Fund intends to satisfy conditions that will\nenable interest from municipal securities, which is exempt from federal and certain state\nincome taxes, to retain such tax-exempt status when distributed to the shareholders of\nthe Fund. Distributions of net realized gains, if any, are taxable and are declared at least

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Notes\nto Financial Statements (unaudited) (cont’d)

annually. Distributions\nto shareholders of the Fund are recorded on the ex-dividend date and are\ndetermined in accordance with income tax regulations, which may differ from GAAP.

(f) Federal\nand other taxes. It\nis the Fund’s policy to comply with the federal income and excise\ntax requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable\nto regulated investment companies. Accordingly, the Fund intends to distribute its\ntaxable income and net realized gains, if any, to shareholders in accordance with timing requirements\nimposed by the Code. Therefore, no federal or state income tax provision is required\nin the Fund’s financial statements.

Management has analyzed the Fund’s\ntax positions taken on income tax returns for all open tax\nyears and has concluded that as of February 28, 2026, no provision for income tax is required\nin the Fund’s financial statements. The Fund’s federal and state income and federal excise\ntax returns for the prior three fiscal years are subject to examination by the Internal Revenue\nService and state departments of revenue.

(g) Reclassification. GAAP\nrequires that certain components of net assets be reclassified to\nreflect permanent differences between financial and tax reporting. These reclassifications\nhave no effect on net assets or net asset value per share.\n

2. Investment\nmanagement agreement and other transactions with affiliates

FTFA is the Fund’s investment\nmanager. Western Asset Management Company, LLC (“Western\nAsset”) is the Fund’s subadviser. FTFA and Western Asset are indirect, wholly-owned\nsubsidiaries of Franklin Templeton, Inc. (“Franklin Templeton”) (prior to August 17, 2026,\nknown as Franklin Resources, Inc.).

FTFA and the subadviser do not charge\ninvestment management fees to the Fund. However, the Fund\nis an integral part of the separately managed account program, and FTFA and the subadviser\nwill be compensated directly or indirectly by separately managed account program\nsponsors. FTFA provides administrative and certain oversight services to the Fund. FTFA\ndelegates to the subadviser the day-to-day portfolio management of the Fund.

FTFA has entered into an expense\nreimbursement arrangement with the Fund, pursuant to which\nFTFA has agreed to reimburse 100% of the Fund’s ordinary operating expenses. The expense\nreimbursement arrangement does not cover interest, brokerage, taxes and extraordinary\nexpenses. This expense reimbursement arrangement cannot be terminated prior\nto December 31, 2026 without the Board’s consent.

During the six months\nended August 31, 2026, fees waived and/or expenses reimbursed amounted\nto $73,631.

Franklin Distributors, LLC (“Franklin\nDistributors”) serves as the Fund’s sole and exclusive distributor.\nFranklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Templeton.\nFranklin Templeton Investor Services, LLC (“Investor\nServices”)\nserves as the Fund’s shareholder servicing agent\nand acts as the Fund’s transfer agent and

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

dividend-paying\nagent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Templeton. The\nFund pays transfer agent fees to Investor Services for its performance of shareholder\nservicing obligations. Investor Services charges account-based fees based on the\nnumber of individual shareholder accounts, as well as a fixed percentage fee based on the\ntotal account-based fees charged. In addition, the Fund reimburses Investor Services for out\nof pocket expenses incurred. For the six months\nended August 31, 2026, the Fund incurred transfer agent\nfees as reported on the Statement of Operations, of which $24 was earned\nby Investor Services.

All officers and one Trustee of\nthe Trust are employees of Franklin Templeton or its affiliates and\ndo not receive compensation from the Trust.\n

The Fund is permitted to purchase\nor sell short-term variable rate demand obligations from or\nto certain other affiliated funds or portfolios under specified conditions outlined in procedures\nadopted by the Board. The procedures have been designed to provide assurance that\nany purchase or sale of securities by the Fund from or to another fund or portfolio that is,\nor could be considered, an affiliate by virtue of having a common investment manager or subadviser\n(or affiliated investment manager or subadviser), common Trustees and/or common\nofficers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures,\neach transaction is effected at the current market price. For the six months\nended August 31, 2026, such purchase and sale transactions\n(excluding accrued interest) were $9,865,000 and $8,915,000,\nrespectively. There was no realized gain or loss recognized\nas a result of these transactions.

3. Investments

During the six months ended\nAugust 31, 2026, the aggregate cost of purchases and proceeds\nfrom sales of investments (excluding short-term investments) were as follows:

\n \n \n \n \n \n \n

\n Purchases \n	\n $12,197,202 \n
\n Sales \n	\n 9,906,714 \n

At August 31, 2026, the aggregate\ncost of investments and the aggregate gross unrealized appreciation\nand depreciation of investments for federal income tax purposes were substantially\nas follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n

Cost*

Gross\n

Unrealized\n

Appreciation

Gross\n

Unrealized\n

Depreciation

Net\n

Unrealized\n

Depreciation

Investments

$90,779,939

$858,541

$(2,469,144)

$(1,610,603)

\n \n \n \n

Cost\n of investments for federal income tax purposes includes the value of Inverse Floaters issued in TOB

transactions\n (Note 1).

4. Derivative\ninstruments and hedging activities

During the six months\nended August 31, 2026, the Fund did not invest in derivative instruments.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

Notes\nto Financial Statements (unaudited) (cont’d)

5. Shares\nof beneficial interest

At August 31, 2026, the Trust had\nan unlimited number of shares of beneficial interest authorized\nwith a par value of $0.00001 per share. Each share represents an identical interest\nand has the same rights.

Transactions in shares of the Fund\nwere as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n Six\n Months Ended \n August\n 31, 2026	\n Year\n Ended \n February\n 28, 2026
\n Shares\n sold	\n 704,079 \n	\n 2,680,135 \n
\n Shares\n repurchased	\n (1,360,003 \n ) \n	\n (2,901,557 \n ) \n
\n Net\n decrease	\n (655,924 \n )	\n (221,422 \n )

6. Redemption\nfacility

The Fund, together with other U.S.\nregistered and foreign investment funds (collectively, the “Borrowers”)\nmanaged by Franklin Templeton or its affiliates, is a borrower in a joint syndicated\nsenior unsecured credit facility totaling $2.995 billion (the “Global Credit Facility”).\nThe Global Credit Facility provides a source of funds to the Borrowers for temporary\nand emergency purposes, including the ability to meet future unanticipated or unusually\nlarge redemption requests. Unless renewed, the Global Credit Facility will terminate\non January 29, 2027.

Under the terms of the Global Credit\nFacility, the Fund shall, in addition to interest charged on\nany borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees\nand expenses incurred in connection with the implementation and maintenance of the Global\nCredit Facility, based upon its relative share of the aggregate net assets of all the Borrowers,\nincluding an annual commitment fee of 0.15% based upon the unused portion of the\nGlobal Credit Facility. These fees are reflected in the Statement of Operations. The Fund did\nnot utilize the Global Credit Facility during the six months ended August 31, 2026.

7. Deferred\ncapital losses

As of February 28, 2026, the Fund\nhad deferred capital losses of $5,708,244, which have no expiration\ndate, that will be available to offset future taxable capital gains.

8. Operating\nsegments

The Fund operates as a single operating\nsegment, which is an investment portfolio. A management\ngroup assigned to the Fund within the Fund’s investment manager serves as the\nChief Operating Decision Maker (“CODM”) and is responsible for evaluating the Fund’s operating\nresults and allocating resources in accordance with the Fund’s investment strategy.\nInternal reporting provided to the CODM aligns with the accounting policies and measurement\nprinciples used in the financial statements.

For information regarding segment\nassets, segment profit or loss, and significant expenses, refer\nto the Statement of Assets and Liabilities and the Statement of Operations, along with the\nrelated Notes to Financial Statements. The Fund’s Schedule of Investments provides

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

details of the\nFund’s investments that generate returns such as interest, dividends, and realized\nand unrealized gains or losses. Performance metrics, including portfolio turnover and\nexpense ratios, are disclosed in the Financial Highlights.

Western\nAsset SMASh Series TF Fund 2026 Semi-Annual Report

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Changes\n in and Disagreements with Accountants	\n For\n the period covered by this report
\n Not\n applicable.	\n \n
\n Results\n of Meeting(s) of Shareholders	\n For\n the period covered by this report
\n Not\n applicable.	\n \n
\n Remuneration\n Paid to Directors, Officers and Others	\n For\n the period covered by this report
\n Refer\n to the financial statements included herein.

Western\nAsset SMASh Series TF Fund

Board\nApproval of Management and \n\n

Subadvisory Agreements (unaudited)

The Executive\nand Contracts Committee of the Board of Trustees (the “Executive and Contracts\nCommittee”) considered the Management Agreement between the Trust and Franklin\nTempleton Fund Adviser, LLC (“FTFA”) with respect to the Fund and the subadvisory agreement\nbetween FTFA and Western Asset Management Company, LLC (“Western Asset” or\nthe “Subadviser”, and together with FTFA, the “Advisers”) with respect to the Fund (collectively,\nthe “Agreements”) at a meeting held on April 22, 2026. At an in-person meeting\nheld on May 19, 2026, the Executive and Contracts Committee reported to the full Board\nof Trustees their considerations and recommendation with respect to the Agreements,\nand the Board of Trustees, including a majority of the Independent Trustees, considered\nand approved renewal of the Agreements.

In arriving at their decision to\napprove the renewal of the Agreements, the Trustees met with\nrepresentatives of the Advisers, including relevant investment advisory personnel; considered\na variety of information prepared by the Advisers, materials provided by Broadridge\nand advice and materials provided by counsel to the Independent Trustees; reviewed\nperformance and expense information for peer groups of comparable funds selected\nby Broadridge (the “Performance Universe”) and certain other comparable products available\nfrom Western Asset or affiliates of Western Asset, including separate accounts managed\nby Western Asset; and requested and reviewed additional information as necessary.\nThese reviews were in addition to information obtained by the Trustees at their regular\nquarterly meetings (and various committee meetings) with respect to the Fund’s performance\nand other relevant matters and related discussions with the Advisers’ personnel.\nThe information received and considered by the Board both in conjunction with the\nMay meeting and at prior meetings was both written and oral. With respect to the Broadridge\nmaterials, the Board was provided with a description of the methodology used to\ndetermine the similarity of the Fund with the funds included in the Performance Universe. It\nwas noted that while the Board found the Broadridge data generally useful they recognized\nits limitations, including that the data may vary depending on the end date selected\nand that the results of the performance comparisons may vary depending on the selection\nof the peer group and its composition over time. In considering the Fund’s performance,\nthe Board took into account that the Fund is offered only to participants in separately\nmanaged account programs who pay costs and expenses, including fees for advice\nand portfolio execution, at the level of such programs rather than at the Fund level.

As part of their review, the Trustees\nexamined FTFA’s ability to provide high quality oversight\nand administrative and shareholder support services to the Fund and the Subadviser’s\nability to provide high quality investment management services to the Fund. The\nTrustees considered the experience of FTFA’s personnel in providing the types of services\nthat FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain\ncapable personnel; and the capability and integrity of FTFA’s senior management and

Western\nAsset SMASh Series TF Fund

Board\nApproval of Management and \n\n

Subadvisory Agreements (unaudited) (cont’d)

staff. The Trustees\nalso considered the investment philosophy and research and decision-making\nprocesses of the Subadviser; the experience of their key advisory personnel responsible\nfor management of the Fund; the ability of the Subadviser to attract and retain capable\nresearch and advisory personnel; the risks to the Advisers associated with sponsoring\nthe Fund (such as entrepreneurial, operational, reputational, litigation and regulatory\nrisk), as well as FTFA’s and the Subadviser’s risk management processes; the capability\nand integrity of the Advisers’ senior management and staff; and the level of skill required\nto manage the Fund. In addition, the Trustees reviewed the quality of the Advisers’ services\nwith respect to regulatory compliance and compliance with the investment policies of\nthe Fund, and conditions that might affect the Advisers’ ability to provide high quality services\nto the Fund in the future, including their business reputations, financial conditions and\noperational stabilities. Based on the foregoing, the Trustees concluded that the Subadviser’s\ninvestment process, research capabilities and philosophy were well suited to the\nFund given its investment objectives and policies, and that the Advisers would be able to\nmeet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications,\nbackgrounds and responsibilities of FTFA’s and Western\nAsset’s senior personnel and the team of investment professionals primarily responsible\nfor the day-to-day portfolio management of the Fund. The Board also considered,\nbased on its knowledge of FTFA and its affiliates, the financial resources of Franklin\nTempleton, Inc. (prior to August 17, 2026, known as Franklin Resources, Inc.), the parent\norganization of the Advisers. The Board recognized the importance of having a fund manager\nwith significant resources.

In reviewing the quality of the\nservices provided to the Fund, the Trustees also reviewed comparisons\nof the performance of the Fund to the performance of certain comparable funds\nand to its investment benchmark over the 1-, 3-, 5- and 10-year periods ended December\n31, 2025. The information comparing the Fund’s performance to that of its Performance\nUniverse, consisting of all funds (including the Fund) classified as retail and institutional\ngeneral and insured municipal debt funds by Broadridge, showed, among other data,\nthat the Fund’s performance for the 1-year period ended December 31, 2025 was below\nthe median and that the Fund’s performance for the 3-, 5- and 10-year periods ended December\n31, 2025 was above the median. The Board noted that the Fund’s performance trailed\nthe performance of its benchmark index for the 1-year period ended December 31, 2025\nand exceeded the performance of its benchmark index for the 3-, 5- and 10-year periods\nended December 31, 2025. The Board considered the factors involved in the Fund’s performance\nrelative to the performance of its investment benchmark and Performance Universe.

The Board noted that the Fund does\nnot pay a management fee. The Board also noted that the\nFund is an integral part of the separately managed account program, and the Advisers

Western\nAsset SMASh Series TF Fund

are compensated\ndirectly or indirectly by separately managed account program sponsors. The\nBoard recognized that FTFA had agreed to pay all operating expenses of the Fund, except\ninterest, brokerage, taxes, and extraordinary expenses. The Board considered that this\narrangement is expected to continue through December 2027.

The Trustees further evaluated the\nbenefits of the advisory relationship to the Advisers, including,\namong others, the profitability of the relationship to the Advisers; the direct and indirect\nbenefits that the Advisers may receive from their relationships with the Fund, including\nthe “fallout benefits,” such as reputational value derived from serving as investment\nadviser to the Fund; and the affiliation between the Advisers and certain other service\nproviders for the Fund. In that connection, the Board considered that the ancillary benefits\nthat the Advisers receive were reasonable. The Trustees noted that Western Asset does\nnot have soft dollar arrangements.

Finally, the Trustees considered,\nin light of the profitability information provided by the Advisers,\nthe extent to which economies of scale would be realized by the Advisers as the assets\nof the Fund grow The Board discussed whether FTFA realizes economies of scale as the\nFund’s assets grow. Among other things, the Board considered that the Fund pays no management\nfees to FTFA. The Board also noted that FTFA has agreed to pay all operating expenses\nof the Fund, except interest, brokerage, taxes, and extraordinary expenses.

In their deliberations with respect\nto these matters, the Independent Trustees were advised by\ntheir independent counsel, who is independent, within the meaning of the Securities and Exchange\nCommission rules regarding the independence of counsel, of the Advisers. The Independent\nTrustees weighed the foregoing matters in light of the advice given to them by their\nindependent counsel as to the law applicable to the review of investment advisory contracts.\nIn arriving at a decision, the Trustees, including the Independent Trustees, did not identify\nany single matter as all-important or controlling, and each Trustee may have attributed\ndifferent weight to the various factors in evaluating the Agreements. The foregoing\nsummary does not detail all the matters considered. The Trustees judged the terms\nand conditions of the Agreements in light of all of the surrounding circumstances.

Based upon their review, the Trustees,\nincluding all of the Independent Trustees, determined,\nin the exercise of their business judgment, that they were satisfied with the quality\nof investment advisory services being provided by the Advisers and that approval of the\nAgreements was in the best interest of the Fund and its shareholders.

Western\nAsset SMASh Series TF Fund

(This\npage intentionally left blank.)

Western Asset\n

SMASh Series\nTF Fund

Trustees

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Avedick B. Poladian

William\nE.B. Siart
Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

Investment manager

Franklin Templeton Fund Adviser,\nLLC

Subadviser

Western Asset Management Company,\nLLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer\nagent

Franklin\nTempleton Investor
Services, LLC
3344\nQuality Drive
Rancho Cordova, CA 95670-7313

Independent\nregistered
public accounting firm

PricewaterhouseCoopers\nLLP
Baltimore, MD

Western Asset SMASh Series\nTF Fund

The Fund is a separate investment\nseries of Legg Mason Partners Institutional Trust, a Maryland statutory trust.

Western\nAsset SMASh Series TF Fund
Legg Mason Funds\n
One Madison Avenue, 17th Floor
New\nYork, NY 10010

The Fund files\nits complete schedule of portfolio holdings with the Securities\nand Exchange Commission (“SEC”) for the first\nand third quarters of each fiscal year as an exhibit to\nits reports on Form N-PORT. The Fund’s Forms N-PORT\nare available on the SEC’s website at www.sec.gov.\nTo obtain information on Form N-PORT, shareholders can\ncall the Fund at 877-6LM-FUND/656-3863.

Information on\nhow the Fund voted proxies relating to portfolio securities\nduring the prior 12-month period ended June 30th of each\nyear and a description of the policies and procedures that\nthe Fund uses to determine how to vote proxies related\nto portfolio transactions are available (1) without charge,\nupon request, by calling the Fund at 877-6LM-FUND/656-3863,\n(2) at www.franklintempleton.com and (3) on the SEC’s\nwebsite at www.sec.gov.

This report is submitted for the\ngeneral information of the shareholders of Western Asset SMASh Series TF Fund and is not intended\nfor distribution to prospective investors.

This report must be preceded or accompanied by\na free prospectus. Investors should consider the Fund’s investment\nobjectives, risks, charges and expenses carefully before investing. The prospectus\ncontains this and other important information about the Fund. Please read the prospectus\ncarefully before investing.

www.franklintempleton.com

$\"$

94369-SFSOI 10/26

\n \n \n \n

ITEM 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements\nincluded in Item 7 of this Form N-CSR.

\n \n \n \n

ITEM 9.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements\nincluded in Item 7 of this Form N-CSR.

\n \n \n \n

ITEM 10.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements\nincluded in Item 7 of this Form N-CSR.

\n \n \n \n

ITEM 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements\nincluded in Item 7 of this Form N-CSR, as applicable.

\n \n \n \n

ITEM 12.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

\n \n \n \n

ITEM 13.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

\n \n \n \n

ITEM 14.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

\n \n \n \n

ITEM 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no changes to the procedures by which shareholders\nmay recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

\n \n \n \n

ITEM 16.

CONTROLS AND PROCEDURES.

\n \n \n \n

(a)

The Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and\n Item 19(a)(3) will include the designations “principal executive officer” and “principal financial officer” in\n the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the\n Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds alongside the required\n designation.

\n \n \n \n

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940\n Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant’s\n internal control over financial reporting.

\n \n \n \n

ITEM 17.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

\n \n \n \n

ITEM 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

\n \n \n \n

(a)

Not applicable.

\n \n \n \n

(b)

Not applicable.

\n \n \n \n

ITEM 19.

EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

(a)\n(3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b)\nCertifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange\nAct of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned,\nthere unto duly authorized.

Legg Mason Partners Institutional Trust

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	October 28, 2026

Pursuant to the requirements of the Securities Exchange\nAct of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant\nand in the capacities and on the dates indicated.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	October 28, 2026

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	October 28, 2026

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