SMHLX Fees and Costs — Western Asset Municipal High Income Fund, Class C
Data updated: 2026-10-09
The net expense ratio is 1.36%: a 0.45% management fee, a 0.70% 12b-1 fee plus 0.21% other expenses. This share class carries a deferred sales charge of up to 1.00%. Portfolio turnover was 12%.
SMHLX Fees and Expenses
Annual operating expenses and sales charges of SMHLX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.70% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.36% |
| Fee waiver | — |
| Net expense ratio | 1.36% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
SMHLX Costs Over Time
On $10,000 invested in SMHLX, assuming 5% a year before costs, total costs come to $845 over 5 years, cutting the return by 1.43% 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 | $104 | $0 | $0 |
| Fund expenses (net expense ratio 1.36%) | $143 | $444 | $767 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $246 | $466 | $845 |
| Value after costs | $10,254 | $11,110 | $11,918 |
| Impact on return, per year | 2.46% | 1.43% | 1.43% |
SMHLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $105.9M
- Portfolio turnover (prospectus): 12%
SMHLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $242 | 24.39% |
| J.P. MORGAN SECURITIES LLC | $183 | 18.47% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $183 | 18.47% |
| UBS Securities LLC | $149 | 14.98% |
| GOLDMAN SACHS & CO. LLC | $135 | 13.59% |
| BNP Paribas Securities Corp. | $100 | 10.10% |
SMHLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TD SECURITIES (USA) LLC | $29.7M | 19.51% |
| J.P. Morgan Securities LLC | $29.5M | 19.37% |
| MORGAN STANLEY & CO. LLC | $22.7M | 14.89% |
| WELLS FARGO SECURITIES, LLC | $21.3M | 13.96% |
| RBC CAPITAL MARKETS, LLC | $15.1M | 9.94% |
| BOFA SECURITIES, INC. | $7.7M | 5.05% |
| GOLDMAN SACHS & CO. LLC | $7.1M | 4.69% |
| UBS SECURITIES LLC | $6.5M | 4.27% |
| BARCLAYS CAPITAL, INC. | $6.4M | 4.22% |
| STIFEL, NICOLAUS & COMPANY, INC. | $6.2M | 4.09% |
Western Asset Municipal High 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 |
|---|---|---|---|
| LMHIX | Class I | 0.62% | none |
| STXAX | Class A | 0.82% | 3.75% |
| SMHLX | Class C | 1.36% | 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.