# Portfolio overlap — LMSMX vs FSEC Comparing **Western Asset SMASh Series M Fund** (2026-02-27) and **Fidelity Investment Grade Securitized ETF** (2026-02-28). - Shared positions: 9 - Western Asset SMASh Series M Fund covered by Fidelity Investment Grade Securitized ETF: 0.07645922988667722880966253021 - Fidelity Investment Grade Securitized ETF covered by Western Asset SMASh Series M Fund: 0.07645922988667722880966253021 ## Western Asset SMASh Series M Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | US TREASURY N/B | 0.090959 | | | Uniform Mortgage-Backed Security, TBA | 0.051989 | | | GNMA II TBA 30 YR 3 JUMBOS | 0.048267 | | | Ginnie Mae | 0.046666 | ✓ | | US TREASURY N/B | 0.040107 | | | GNMA II, 30 Year | 0.035143 | | | GNII II 5.5% 03/01/2056 #TBA | 0.032852 | ✓ | | Ginnie Mae | 0.029473 | | | GNMA TBA | 0.022906 | ✓ | | Uniform Mortgage-Backed Security, TBA | 0.022398 | ✓ | | BX Mortgage Trust, Series 2021-PAC, Class A | 0.020834 | ✓ | | PRKCM 2021-AFC1 TRUST PRKCM 2021-AFC1 A1 | 0.019461 | | | GNMA II TBA 30 YR 3.5 JUMBOS | 0.018268 | | | FNA 2019-M22 A2 | 0.017912 | | | Apidos Loan Fund Ltd., Series 2024-1A, Class A1R | 0.017332 | | | JPMBB 2015-C30 AS | 0.017318 | | | CSMC SERIES 2019 UVIL | 0.017273 | | | SMB Private Education Loan Trust, Series 2024-A, Class A1A | 0.016916 | | | CSMC 2017-RPL3 Trust | 0.015549 | | | CSMC 2017-RPL3 Trust | 0.015546 | | | NRZT 2019-2A A1 144A FRN 12-25-57 | 0.014668 | | | Ginnie Mae I Pool | 0.013531 | | | MADISON AVENUE TRUST MAD 2025 11MD A 144A | 0.013363 | | | Towd Point Mortgage Trust 2020-2 | 0.012972 | | | Benchmark 2020-B21 Mortgage Trust | 0.012374 | | | STACR 2026-DNA1 M2 | 0.011976 | | | Ginnie Mae I Pool | 0.011450 | | | THRUST ENGINE LEASING 2021 DAC SER 2021-1A CL A REGD 144A P/P 4.16300000 | 0.011396 | | | GS MORTGAGE-BACKED SECURITIES TRUST 2018-RPL1 GSMBS 2018-RPL1 A1A | 0.011224 | | | Galaxy 36 CLO Ltd | 0.011186 | | | Park Blue CLO Ltd., Series 2025-8A, Class A1 | 0.011017 | | | Uniform Mortgage-Backed Security, TBA | 0.010618 | | | Uniform Mortgage-Backed Security, TBA | 0.010509 | ✓ | | Uniform Mortgage-Backed Security, TBA | 0.009802 | ✓ | | FNMA Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 | 0.009739 | | | Bayswater Park CLO Ltd., Series 2023-1A, Class A1R | 0.009419 | | | Antares CLO Ltd., Series 2018-1A, Class A1R | 0.009360 | | | Goodgreen Trust, Series 2021-1A, Class A | 0.009257 | | | Warwick Capital CLO 7 Ltd., Series 2025-7A, Class A1 | 0.008959 | | | Ginnie Mae I Pool | 0.008854 | | | CSMC Trust, Series 2021-RPL4, Class A1 | 0.008668 | | | Freddie Mac STACR REMIC Trust 2021-DNA2 | 0.008158 | | | Uniform Mortgage-Backed Security, TBA | 0.007472 | | | Fannie Mae Pool | 0.007292 | | | Trust (The), Series 2023-MIC, Class A | 0.006771 | | | Freddie Mac Multifamily Structured Pass Through Certificates | 0.006528 | | | Empower CLO Ltd., Series 2023-2A, Class AR | 0.006000 | | | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-5 IO | 0.005668 | | | Freddie Mac Multifamily Structured Pass Through Certificates | 0.005599 | | | SREIT Trust 2021-PALM | 0.005278 | | ## Fidelity Investment Grade Securitized ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Government National Mortgage Association, TBA | 0.064648 | | | GNII II 5.5% 03/01/2056 #TBA | 0.053363 | ✓ | | G2SF 5.5 4/25 | 0.033200 | | | FNCL 6 3/24 | 0.029239 | | | GNMA TBA | 0.029047 | ✓ | | Fannie Mae or Freddie Mac | 0.027219 | | | G2SF 6 4/25 | 0.024690 | | | Government National Mortgage Association, TBA | 0.019578 | ✓ | | FNCI 5 4/21 | 0.017271 | | | G2SF 2 4/26 | 0.015321 | | | FNCL 5.5 3/25 | 0.015222 | | | G2SF 5 4/26 | 0.012408 | | | G2SF 5 3/25 | 0.012405 | ✓ | | FR SD7548 | 0.009700 | | | US TREASURY N/B | 0.008353 | | | G2SF 2.5 4/24 | 0.008314 | | | FEDERAL NAT MTG ASN GTD REM PA 21-13 BE 1.25% 02/25/2050 | 0.008126 | | | FNMA 30YR 5.5% 04/01/2055#CC0241 | 0.007831 | | | Fidelity Cash Central Fund | 0.007542 | | | FHLG 30YR 2.5% 04/01/2052#SL1958 | 0.007397 | | | Uniform Mortgage-Backed Security, TBA | 0.006765 | ✓ | | G2 MA7988 | 0.006515 | | | FNMA 30YR 2.5% 09/01/2050#CA6947 | 0.006343 | | | FNMA 30YR 2.5% 08/01/2050#CA6709 | 0.005890 | | | FNMA 30YR 2.5% 09/01/2051#CB1547 | 0.005784 | | | FHLG 15YR 1.5% 05/01/2036#RC1950 | 0.005468 | | | FR SD8106 | 0.005347 | | | US TREASURY N/B | 0.004704 | | | FNMA 30YR 2.5% 12/01/2051#FM9695 | 0.004633 | | | G2 MA8043 | 0.004607 | | | G2 MB0024 | 0.004366 | | | Ginnie Mae | 0.004365 | ✓ | | G2SF 4.5 4/26 | 0.004358 | | | GNII II 6.5% 03/01/2056 #TBA | 0.004122 | | | US TREASURY N/B | 0.003881 | | | FHLG 30YR 5% 08/01/2052#SD1482 | 0.003809 | | | FNCL 5 3/24 | 0.003759 | | | ONEMAIN FINL ISSUANCE TR 2019-2 3.14% 10/14/2036 144A | 0.003676 | | | Freddie Mac Multifamily Structured Pass Through Certificates | 0.003646 | | | FNMA 30YR 6% 11/01/2054#FA2958 | 0.003560 | | | TOYOTA LEASE OWNER TRUST 2026-A 4.09% 02/22/2028 144A | 0.003476 | | | Uniform Mortgage-Backed Security, TBA | 0.003423 | ✓ | | FNCL 4.5 4/26 | 0.003411 | | | FR RB5099 | 0.003389 | | | Freddie Mac Pool | 0.003322 | | | FNMA POOL MA4202 FN 12/40 FIXED 1.5 | 0.003306 | | | FNMA 15YR 1.5% 04/01/2036#FM6100 | 0.002962 | | | UMBS | 0.002932 | | | UMBS | 0.002909 | | | US TREASURY N/B | 0.002875 | | ## Sources - N-PORT (fund A) — accession `0000940400-26-014616` (as of 2026-02-27) - N-PORT (fund B) — accession `0000035402-26-002610` (as of 2026-02-28) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _