diff --git a/config/ompi_mca.m4 b/config/ompi_mca.m4
index 4c91ba4731..89c407a2f5 100644
--- a/config/ompi_mca.m4
+++ b/config/ompi_mca.m4
@@ -245,6 +245,20 @@ done
 unset foo type m components structs outfile outdir total_dir file \
     all_components static_components dso_components static_ltlibs
 
+# Special case for the mca/common directory -- if we don't have any
+# static libraries to build, then don't build the libmca_common.la
+# library at all.  This is because there's no "base" directory in
+# mca/common -- so if all the components are being built as DSO's,
+# then we don't traverse into mca/common (instead, we only traverse
+# into dynamic-mca/common).
+
+AM_CONDITIONAL(OMPI_BUILD_LIBMCA_COMMON_LA, test -n "$MCA_common_STATIC_LTLIBS")
+LIBMCA_COMMON_LA=
+if test -n "$MCA_common_STATIC_LTLIBS"; then
+    LIBMCA_COMMON_LA=common/libmca_common.la
+fi
+AC_SUBST(LIBMCA_COMMON_LA)
+
 # Grumble.  It seems that AC_SUBST and AC_DEFINE don't let you
 # substitue on a variable name that contains a variable (e.g.,
 # OMPI_MCA_$type_SUBDIRS).  So we have to do this manually.  :-(
diff --git a/src/mca/common/sm/Makefile.am b/src/mca/common/sm/Makefile.am
index a9ebb2a42e..d4dfef92b4 100644
--- a/src/mca/common/sm/Makefile.am
+++ b/src/mca/common/sm/Makefile.am
@@ -20,6 +20,9 @@
 # into the upper-level libmpi.la.  Linkers universally know how to
 # "figure this out" so that we end up with only one copy of the code
 # and data.
+#
+# Note that building this common component statically and linking
+# against other dynamic components is *not* supported!
 
 # Use the top-level Makefile.options
 
@@ -30,13 +33,40 @@ include $(top_ompi_srcdir)/config/Makefile.options
 headers = \
         common_sm_mmap.h
 
-# Make the output library in this directory, and name it
-# libmca_<type>_<name>.la.  This library needs to be installed.
+# Source files
 
-lib_LTLIBRARIES = libmca_common_sm.la
-libmca_common_sm_la_SOURCES =  \
+sources = \
         common_sm_mmap.c
 
+# As per above, we'll either have an installable or noinst result.
+# The installable one should follow the same MCA prefix naming rules
+# (i.e., libmca_<type>_<name>.la).  The noinst one can be named
+# whatever it wants, although libmca_<type>_<name>_noinst.la is
+# recommended.
+
+# To simplify components that link to this library, we will *always*
+# have an output libtool library named libmca_<type>_<name>.la -- even
+# for case 2) described above (i.e., so there's no conditional logic
+# necessary in component Makefile.am's that link to this library).
+# Hence, if we're creating a noinst version of this library (i.e.,
+# case 2), we sym link it to the libmca_<type>_<name>.la name
+# (libtool will do the Right Things under the covers).  See the
+# all-local and clean-local rules, below, for how this is effected.
+
+lib_LTLIBRARIES =
+noinst_LTLIBRARIES =
+comp_inst = libmca_common_sm.la
+comp_noinst = libmca_common_sm_noinst.la
+
+if OMPI_BUILD_common_sm_DSO
+lib_LTLIBRARIES += $(comp_inst)
+else
+noinst_LTLIBRARIES += $(comp_noinst)
+endif
+
+libmca_common_sm_la_SOURCES = $(headers) $(sources)
+libmca_common_sm_noinst_la_SOURCES = $(libmca_common_sm_la_SOURCES)
+
 # Conditionally install the header files
 
 if WANT_INSTALL_HEADERS
@@ -45,3 +75,18 @@ ompi_HEADERS = $(headers)
 else
 ompidir = $(includedir)
 endif
+
+# These two rules will sym link the "noinst" libtool library filename
+# to the installable libtool library filename in the case where we are
+# compiling this component statically (case 2), described above).
+
+all-local:
+	if test -z "$(lib_LTLIBRARIES)"; then \
+	  rm -f "$(comp_inst)"; \
+	  $(LN_S) "$(comp_noinst)" "$(comp_inst)"; \
+	fi
+
+clean-local:
+	if test -z "$(lib_LTLIBRARIES)"; then \
+	  rm -f "$(comp_inst)"; \
+	fi