LPISX Fees and Costs — Western Asset Pennsylvania Municipals Fund
Data updated: 2026-08-27
The net expense ratio is 0.52%: a 0.45% management fee plus 0.23% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $40 in broker commissions, and portfolio turnover was 9%.
LPISX Fees and Expenses
Annual operating expenses and sales charges of LPISX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 0.68% |
| Fee waiver | −0.16% |
| Net expense ratio | 0.52% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
LPISX Costs Over Time
On $10,000 invested in LPISX, assuming 5% a year before costs, total costs come to $328 over 5 years, cutting the return by 0.55% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.52%) | $55 | $171 | $298 |
| Lost growth on money paid in costs | $0 | $8 | $30 |
| Total costs | $55 | $180 | $328 |
| Value after costs | $10,445 | $11,397 | $12,434 |
| Impact on return, per year | 0.55% | 0.55% | 0.55% |
LPISX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: $40
- Bought from dealers (principal trades, not a cost): $27.6M
- Portfolio turnover (prospectus): 9%
- Securities lending: none during the year
LPISX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $40 | 100.00% |
LPISX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $6.0M | 22.08% |
| PNC Capital Markets LLC | $5.9M | 21.80% |
| TD SECURITIES (USA) LLC | $4.7M | 17.35% |
| PERSHING LLC | $3.8M | 13.86% |
| JANNEY MONTGOMERY SCOTT LLC | $3.0M | 11.13% |
| BOFA SECURITIES, INC. | $1.3M | 4.88% |
| NATIONAL FINANCIAL SERVICES LLC | $1.0M | 3.75% |
| Academy Securities, Inc. | $600K | 2.21% |
| BARCLAYS CAPITAL, INC. | $400K | 1.47% |
| JEFFERIES LLC | $400K | 1.47% |
Western Asset Pennsylvania Municipals Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LPISX | C000193930 | 0.52% | none |
| LPPIX | Class I | 0.55% | none |
| SBPAX | Class A | 0.90% | 3.75% |
| SPALX | Class C | 1.47% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.