SMLSX Fees and Costs — Western Asset Intermediate-Term Municipals Fund, Class IS
Data updated: 2026-08-27
The net expense ratio is 0.44%: a 0.35% management fee plus 0.09% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.0002% of average net assets, and portfolio turnover was 6%.
SMLSX Fees and Expenses
Annual operating expenses and sales charges of SMLSX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 0.44% |
| Fee waiver | — |
| Net expense ratio | 0.44% |
| 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 |
SMLSX Costs Over Time
On $10,000 invested in SMLSX, assuming 5% a year before costs, total costs come to $278 over 5 years, cutting the return by 0.46% 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 0.44%) | $46 | $145 | $253 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $7 | $25 |
| Total costs | $46 | $152 | $278 |
| Value after costs | $10,454 | $11,424 | $12,484 |
| Impact on return, per year | 0.46% | 0.46% | 0.46% |
SMLSX 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): 0.0002%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $2.4B
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
SMLSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $2K | 55.96% |
| MORGAN STANLEY & CO. LLC | $2K | 44.04% |
SMLSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $711.3M | 32.94% |
| WELLS FARGO SECURITIES, LLC | $383.3M | 17.75% |
| PERSHING LLC | $293.4M | 13.59% |
| TD SECURITIES (USA) LLC | $160.3M | 7.42% |
| BARCLAYS CAPITAL, INC. | $156.4M | 7.24% |
| BOFA SECURITIES, INC. | $156.1M | 7.23% |
| MORGAN STANLEY & CO. LLC | $152.0M | 7.04% |
| Academy Securities, Inc. | $64.7M | 2.99% |
| Goldman Sachs & Co. LLC | $43.1M | 2.00% |
| JEFFERIES LLC | $38.6M | 1.79% |
Western Asset Intermediate-Term 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 |
|---|---|---|---|
| SMLSX | Class IS | 0.44% | none |
| SBTYX | Class I | 0.48% | none |
| SBLTX | Class A | 0.66% | 2.25% |
| SMLLX | Class C | 1.26% | 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.