SMMYX Fees and Costs — Western Asset Managed Municipals Fund, Class I
Data updated: 2026-07-22
The net expense ratio is 0.53%: a 0.40% management fee plus 0.20% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1K in broker commissions, 0.0001% of average net assets, and portfolio turnover was 6%.
SMMYX Fees and Expenses
Annual operating expenses and sales charges of SMMYX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.60% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.53% |
| 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 |
SMMYX Costs Over Time
On $10,000 invested in SMMYX, assuming 5% a year before costs, total costs come to $335 over 5 years, cutting the return by 0.56% 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 0.53%) | $56 | $174 | $304 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $9 | $31 |
| Total costs | $56 | $183 | $335 |
| Value after costs | $10,444 | $11,393 | $12,428 |
| Impact on return, per year | 0.56% | 0.56% | 0.56% |
SMMYX 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): 0.0001%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
SMMYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $1K | 100.00% |
SMMYX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $315.0M | 22.43% |
| TD SECURITIES (USA) LLC | $270.6M | 19.26% |
| J.P. Morgan Securities LLC | $204.4M | 14.55% |
| Academy Securities, Inc. | $157.1M | 11.18% |
| MORGAN STANLEY & CO. LLC | $114.0M | 8.12% |
| BOFA SECURITIES, INC. | $112.1M | 7.98% |
| PERSHING LLC | $84.9M | 6.04% |
| RBC CAPITAL MARKETS, LLC | $77.9M | 5.55% |
| GOLDMAN SACHS & CO. LLC | $36.2M | 2.57% |
| JEFFERIES LLC | $32.6M | 2.32% |
Western Asset Managed 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 |
|---|---|---|---|
| SSMMX | Class IS | 0.50% | none |
| SMMYX | Class I | 0.53% | none |
| SMMOX | Class 1 | 0.60% | none |
| SHMMX | Class A | 0.73% | 3.75% |
| SMMCX | Class C | 1.28% | 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.