SHDAX Fees and Costs — Western Asset Short Duration Municipal Income Fund, Class A
Data updated: 2026-07-22
The net expense ratio is 0.55%: a 0.30% management fee, a 0.15% 12b-1 fee plus 0.17% other expenses, less a 0.07% fee waiver. This share class carries a maximum front-end sales load of 2.25%. Portfolio turnover was 25%.
SHDAX Fees and Expenses
Annual operating expenses and sales charges of SHDAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.15% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.62% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.55% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 |
SHDAX Costs Over Time
On $10,000 invested in SHDAX, assuming 5% a year before costs, total costs come to $626 over 5 years, cutting the return by 1.05% 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 |
| Sales charges | $225 | $225 | $225 |
| Fund expenses (net expense ratio 0.55%) | $56 | $177 | $308 |
| Lost growth on money paid in costs | $11 | $44 | $93 |
| Total costs | $293 | $446 | $626 |
| Value after costs | $10,207 | $11,130 | $12,136 |
| Impact on return, per year | 2.93% | 1.37% | 1.05% |
SHDAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $285.3M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
SHDAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TD SECURITIES (USA) LLC | $53.6M | 22.29% |
| WELLS FARGO SECURITIES, LLC | $39.5M | 16.41% |
| Academy Securities, Inc. | $32.0M | 13.30% |
| PERSHING LLC | $29.5M | 12.26% |
| J.P. Morgan Securities LLC | $23.6M | 9.83% |
| BOFA SECURITIES, INC. | $22.6M | 9.40% |
| BARCLAYS CAPITAL, INC. | $11.5M | 4.78% |
| JEFFERIES LLC | $10.7M | 4.45% |
| GOLDMAN SACHS & CO. LLC | $10.4M | 4.31% |
| OPPENHEIMER & CO. INC. | $7.1M | 2.97% |
Western Asset Short Duration Municipal Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SHDSX | Class IS | 0.35% | none |
| SMDYX | Class I | 0.40% | none |
| SHDAX | Class A | 0.55% | 2.25% |
| SHDLX | Class C | 0.96% | none |
| CIABX | Class C2 | 1.14% | 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.