SMLAX Fees and Costs — DWS Managed Municipal Bond Fund, Class A
Data updated: 2026-09-24
The net expense ratio is 0.83%: a 0.34% management fee, a 0.23% 12b-1 fee plus 0.26% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 2.75%. In fiscal 2026 the fund paid $14K in broker commissions, 0.0008% of average net assets, and portfolio turnover was 44%.
SMLAX Fees and Expenses
Annual operating expenses and sales charges of SMLAX. Prospectus, as of September 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.34% |
| 12b-1 fee | 0.23% |
| Other expenses | 0.26% |
| Gross expense ratio | 0.84% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.83% |
| Sales charges | |
|---|---|
| Max front load | 2.75% |
| 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 | No |
SMLAX Costs Over Time
On $10,000 invested in SMLAX, assuming 5% a year before costs, total costs come to $858 over 5 years, cutting the return by 1.45% 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 | $275 | $275 | $275 |
| Fund expenses (net expense ratio 0.83%) | $85 | $265 | $460 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $14 | $56 | $122 |
| Total costs | $374 | $597 | $858 |
| Value after costs | $10,126 | $10,980 | $11,905 |
| Impact on return, per year | 3.74% | 1.84% | 1.45% |
SMLAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0008%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): $1.7B
- Portfolio turnover (prospectus): 44%
- Securities lending: none during the year
SMLAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JonesTrading Institutional Services LLC | $9K | 67.74% |
| BofA Securities, Inc. | $5K | 32.26% |
SMLAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $417.2M | 26.62% |
| J.P. Morgan Securities LLC | $322.7M | 20.59% |
| BNY Capital Markets, LLC | $221.2M | 14.11% |
| Barclays Capital Inc. | $171.2M | 10.93% |
| BofA Securities, Inc. | $101.2M | 6.46% |
| RBC Capital Markets, LLC | $97.7M | 6.23% |
| Wells Fargo Securities, LLC | $80.1M | 5.11% |
| Goldman Sachs & Co. LLC | $63.2M | 4.03% |
| U.S. Bancorp Investments, Inc. | $47.7M | 3.04% |
| Morgan Stanley & Co. LLC | $45.2M | 2.88% |
DWS Managed Municipal Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SCMBX | Class S | 0.58% | none |
| SMLIX | Institutional Class | 0.58% | none |
| SMLAX | Class A | 0.83% | 2.75% |
| SMLCX | Class C | 1.58% | 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.