SRMSX Fees and Costs — DWS Short-Term Municipal Bond Fund, Class S
Data updated: 2026-09-25
The net expense ratio is 0.39%: a 0.30% management fee plus 0.35% other expenses, less a 0.26% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 64%.
SRMSX Fees and Expenses
Annual operating expenses and sales charges of SRMSX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.35% |
| Gross expense ratio | 0.65% |
| Fee waiver | −0.26% |
| Net expense ratio | 0.39% |
| 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 | No |
SRMSX Costs Over Time
On $10,000 invested in SRMSX, assuming 5% a year before costs, total costs come to $247 over 5 years, cutting the return by 0.41% 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 0.39%) | $41 | $129 | $224 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $135 | $247 |
| Value after costs | $10,459 | $11,441 | $12,516 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
SRMSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $156.6M
- Portfolio turnover (prospectus): 64%
- Securities lending: none during the year
SRMSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $43.2M | 29.58% |
| J.P. Morgan Securities LLC | $22.4M | 15.33% |
| Barclays Capital Inc. | $18.7M | 12.79% |
| BNY Capital Markets, LLC | $15.6M | 10.66% |
| RBC Capital Markets, LLC | $12.0M | 8.18% |
| National Financial Services LLC | $9.9M | 6.78% |
| Wells Fargo Securities, LLC | $8.6M | 5.85% |
| Goldman Sachs & Co. LLC | $5.8M | 3.96% |
| BofA Securities, Inc. | $5.1M | 3.51% |
| Jefferies LLC | $4.9M | 3.36% |
DWS Short-Term 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 |
|---|---|---|---|
| MGSMX | Institutional Class | 0.34% | none |
| SRMSX | Class S | 0.39% | none |
| SRMAX | Class A | 0.59% | 2.25% |
| SRMCX | Class C | 1.34% | 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.