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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset Short Duration Municipal Income Fund

SMDYX | Fund

$5.01

$398 M

2.57%

$0.13

0.44%

Vitals

YTD Return

2.4%

1 yr return

4.0%

3 Yr Avg Return

0.9%

5 Yr Avg Return

1.1%

Net Assets

$398 M

Holdings in Top 10

22.3%

52 WEEK LOW AND HIGH

$5.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.44%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 30.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset Short Duration Municipal Income Fund

SMDYX | Fund

$5.01

$398 M

2.57%

$0.13

0.44%

SMDYX - Profile

Distributions

  • YTD Total Return 2.4%
  • 3 Yr Annualized Total Return 0.9%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.11%
DIVIDENDS
  • Dividend Yield 2.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Western Asset Short Duration Municipal Income Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    Dec 09, 2003
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Fare

Fund Description

Under normal circumstances, the fund invests at least 80% of its assets in municipal securities and in participation or other interests in municipal securities issued by banks, insurance companies or other financial institutions. Municipal securities are securities and other investments with similar economic characteristics the interest on which is exempt from regular federal income tax. The fund’s 80% policy may not be changed without a shareholder vote. Interest on municipal securities may be subject to the federal alternative minimum tax.
Municipal securities include debt obligations issued by any of the 50 states and certain other municipal issuers and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers. These securities include participation or other interests in municipal securities issued or backed by banks, insurance companies and other financial institutions.
Some municipal securities, such as general obligation issues, are backed by the issuer’s taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself.
Although the fund seeks to minimize risk by investing in municipal securities from a number of different states and localities, the fund may, from time to time, invest over 25% of its assets in municipal securities from one state or region. The fund attempts to minimize the volatility in its net asset value per share, although there can be no assurance that this will be the case.
The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated or deemed to be unrated by the subadviser, determined to be of comparable credit quality by the subadviser), but may invest up to 20% of its assets in below investment grade bonds (commonly known as “high yield” or “junk” bonds).
Although the fund may invest in securities of any maturity, the fund normally expects to maintain a dollar-weighted average effective duration, as estimated by the subadviser, of three years or less. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).
The fund may also invest in securities of other open-end or closed-end investment companies, including exchange-traded funds (“ETFs”), that invest primarily in municipal securities.
Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options, futures contracts and inverse floating rate instruments issued in tender option bond transactions and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The fund may use one or more types of these instruments without limit, subject to applicable regulatory requirements. These instruments are taken into account when determining compliance with the fund’s 80% policy. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives” in the Prospectus.
The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes. The fund may leverage its assets by investing proceeds received through tender option bond transactions, which is considered a form of borrowing. See “More on the fund’s investment strategies, investments and risks—Tender option bonds” in the Prospectus.
Read More

SMDYX - Performance

Return Ranking - Trailing

Period SMDYX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -5.9% 32.9% 53.50%
1 Yr 4.0% -0.6% 37.6% 86.41%
3 Yr 0.9%* -10.6% 3.6% 8.41%
5 Yr 1.1%* -6.8% 1103.7% 26.10%
10 Yr 1.2%* -0.9% 248.8% 75.48%

* Annualized

Return Ranking - Calendar

Period SMDYX Return Category Return Low Category Return High Rank in Category (%)
2023 1.6% -1.4% 41.0% 84.37%
2022 -4.5% -39.7% 0.3% 7.11%
2021 -0.6% -5.6% 6.9% 52.18%
2020 1.0% -2.6% 310.0% 82.00%
2019 1.6% 0.0% 26.0% 94.00%

Total Return Ranking - Trailing

Period SMDYX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -5.9% 32.9% 53.50%
1 Yr 4.0% -0.6% 37.6% 86.41%
3 Yr 0.9%* -10.6% 3.6% 8.41%
5 Yr 1.1%* -6.8% 1103.7% 26.10%
10 Yr 1.2%* -0.9% 248.8% 75.48%

* Annualized

Total Return Ranking - Calendar

Period SMDYX Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% -1.3% 41.0% 85.24%
2022 -3.1% -39.7% 1.1% 6.50%
2021 0.7% -4.8% 23761504.0% 73.26%
2020 2.4% -1.5% 17057.9% 85.82%
2019 3.4% 0.2% 3514.6% 90.43%

NAV & Total Return History

SMDYX - Holdings

Concentration Analysis

SMDYX Category Low Category High SMDYX % Rank
Net Assets 398 M 3.22 M 71.9 B 54.00%
Number of Holdings 149 4 13418 72.95%
Net Assets in Top 10 79.7 M -317 M 3.09 B 51.70%
Weighting of Top 10 22.32% 1.8% 100.3% 30.00%

Top 10 Holdings

  1. Kentucky Public Energy Authority 4.17%
  2. Tennessee Energy Acquisition Corp 2.65%
  3. New York City Housing Development Corp 2.42%
  4. Long Island Power Authority 2.25%
  5. Indianapolis Local Public Improvement Bond Bank 2.11%
  6. State of Connecticut 2.07%
  7. City County of Denver CO Airport System Revenue 1.92%
  8. Lancaster Port Authority 1.72%
  9. Long Island Power Authority 1.54%
  10. New Jersey Economic Development Authority 1.48%

Asset Allocation

Weighting Return Low Return High SMDYX % Rank
Bonds 		99.36% 0.00% 150.86% 38.68%
Cash 		0.64% -50.86% 44.62% 64.16%
Stocks 		0.00% 0.00% 99.78% 48.87%
Preferred Stocks 		0.00% 0.00% 0.07% 39.71%
Other 		0.00% -3.69% 51.88% 45.70%
Convertible Bonds 		0.00% 0.00% 0.93% 39.40%

Bond Sector Breakdown

Weighting Return Low Return High SMDYX % Rank
Municipal 		100.00% 44.39% 100.00% 3.88%
Derivative 		0.00% -3.69% 51.88% 43.24%
Cash & Equivalents 		0.00% 0.00% 44.41% 73.95%
Securitized 		0.00% 0.00% 5.93% 40.40%
Corporate 		0.00% 0.00% 9.41% 49.23%
Government 		0.00% 0.00% 52.02% 43.55%

Bond Geographic Breakdown

Weighting Return Low Return High SMDYX % Rank
US 		99.36% 0.00% 142.23% 36.78%
Non US 		0.00% 0.00% 23.89% 43.50%

SMDYX - Expenses

Operational Fees

SMDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.44% 0.01% 8.02% 87.93%
Management Fee 0.30% 0.00% 1.20% 16.51%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

SMDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

SMDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SMDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 30.00% 0.00% 283.00% 78.79%

SMDYX - Distributions

Dividend Yield Analysis

SMDYX Category Low Category High SMDYX % Rank
Dividend Yield 2.57% 0.00% 14.51% 80.89%

Dividend Distribution Analysis

SMDYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SMDYX Category Low Category High SMDYX % Rank
Net Income Ratio 1.11% -0.53% 5.33% 83.61%

Capital Gain Distribution Analysis

SMDYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

SMDYX - Fund Manager Analysis

Managers

David Fare

Start Date

Tenure

Tenure Rank

Mar 17, 2003

19.22

19.2%

David T. Fare is a Portfolio Manager at Western Asset. He has been with Western Asset since 2005.

Robert Amodeo

Start Date

Tenure

Tenure Rank

May 17, 2007

15.05

15.1%

– Western Asset Management Company, LLC – Head of Municipals, 2005- – Salomon Brothers Asset Management – Analyst to Managing Director, Portfolio Manager, 1992-2005 – Salomon Brothers Inc. – Accountant to Analyst, 1988-1992 – The Bank of New York – Accountant, 1987-1988 – Columbia University, M.P.A., Advanced Management and Finance – Long Island University, B.S. – Chartered Financial Analyst

S. Leech

Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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