I say a problem but its more of an inconsistency between the SMG-5 and I believe every other weapon in the game. The SMG-5 is the only weapon that can not be reload cancelled instantly after the clip enters the weapon. The ammo is only counted once you pull back the lever. As someone that regularly reload cancels to speed up a reload, the SMG-5 is becoming a real pain in the ass.
SMG-5 Reload Cancel Problem...
in the same kind of way as strafe jumping, bunny hopping and self killing I suppose it is… Quite a few games have it and it is very easy to fix as a game designer so I assume its there to be exploited. Otherwise you would just make the ammo refresh once the animation is complete.
lol I am serious… I can think of no other reason why you would give ammo before the animation is complete 
Once the magazine is in the gun, we give the ammo to the player. This is to prevent the frustration of cancelling in the final few frames of the full reload animation, only to have to play it all again from the very start.
The long-term solution is to split up reloads into multiple stages (example below) so you can return to the weapon and only have to play the incomplete stages.
[ol]
[li]Magazine Out[/li][li]Magazine In[/li][li]Lever Pull[/li][/ol]
This however is quite a lot of work and fairly low priority given the current stop-gap only provides a few hundred millisecond advantage if exploited.
SMG05 is still work-in-progress but this give-ammo value will be ‘fixed’ down the line, before we split up the anims.