SMHLX: Western Asset Municipal High Income C

Welcome to MutualFunds.com

Please help us personalize your experience and select the one that best describes you.

Your personalized experience is almost ready.

Join other Individual Investors receiving FREE personalized market updates and research. Join other Institutional Investors receiving FREE personalized market updates and research. Join other Financial Advisors receiving FREE personalized market updates and research.

Thank you!

Check your email and confirm your subscription to complete your personalized experience.

Thank you for your submission

We hope you enjoy your experience

Channels

Fixed income news, reports, video and more.

Municipal bonds news, reports, video and more.

Practice management news, reports, video and more.

Portfolio management news, reports, video and more.

Retirement news, reports, video and more.

Learn from industry thought leaders and expert market participants.

Find the latest content and information here about the 2019 Charles Schwab Impact Conference.

Advisors

Receive email updates about fund flows, news, upcoming CE accredited webcasts from industry thought leaders and more.

Content focused on helping financial advisors build successful client relationships and grow their business.

Content geared towards helping financial advisors build better client portfolios.

Get insights on the industry trends and investment news from leading fund managers and experts.

SMHLX Western Asset Municipal High Income C


Profile

SMHLX - Profile

Vitals

  • YTD Return -1.1%
  • 3 Yr Annualized Return -0.4%
  • 5 Yr Annualized Return -0.2%
  • Net Assets $480 M
  • Holdings in Top 10 25.2%

52 WEEK LOW AND HIGH

$14.10
$12.42
$14.63

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.40%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 17.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return -1.1%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return -0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.81%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Western Asset Municipal High Income Fund
  • Fund Family Name
    Legg Mason
  • Inception Date
    Nov 17, 1994
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    David Fare

Fund Description

Under normal circumstances, the fund invests at least 80% of its assets in "municipal securities." It will invest primarily in municipal securities rated at the time of purchase in the lowest investment grade categories (that is, securities rated in the Baa/BBB categories) or rated below investment grade (that is, securities rated below the Baa/BBB categories) or, if unrated, determined by the subadviser to be of comparable credit quality.


Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.


Categories

Performance

SMHLX - Performance

Return Ranking - Trailing

Period SMHLX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -10.6% 3.8% 33.33%
1 Yr -1.5% -11.4% 5.3% 36.41%
3 Yr -0.4%* -1.2% 3.5% 84.00%
5 Yr -0.2%* -2.2% 3.0% 82.99%
10 Yr 0.2%* -1.4% 2.1% 75.00%

* Annualized

Return Ranking - Calendar

Period SMHLX Return Category Return Low Category Return High Rank in Category (%)
2019 3.5% -0.7% 9.1% 86.46%
2018 -3.2% -4.8% 9.2% 78.65%
2017 2.3% -9.7% 8.6% 81.76%
2016 -2.5% -6.1% -0.8% 30.92%
2015 -1.8% -5.6% 2.9% 94.81%

Total Return Ranking - Trailing

Period SMHLX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -10.6% 3.8% 33.33%
1 Yr -1.5% -11.4% 5.3% 36.41%
3 Yr -0.4%* -1.2% 3.5% 84.00%
5 Yr -0.2%* -2.2% 3.2% 82.99%
10 Yr 0.2%* -1.4% 4.6% 75.96%

* Annualized

Total Return Ranking - Calendar

Period SMHLX Return Category Return Low Category Return High Rank in Category (%)
2019 3.5% -0.7% 9.1% 86.46%
2018 -3.2% -4.8% 9.2% 79.78%
2017 2.3% -9.7% 8.8% 83.65%
2016 -2.5% -6.1% 1.1% 34.21%
2015 -1.8% -5.6% 5.3% 94.07%

NAV & Total Return History


Holdings

SMHLX - Holdings

Concentration Analysis

SMHLX Category Low Category High SMHLX % Rank
Net Assets 480 M 590 K 18.9 B 70.65%
Number of Holdings 240 5 3546 79.10%
Net Assets in Top 10 118 M -38.7 M 2.74 B 48.26%
Weighting of Top 10 25.16% 4.8% 96.4% 8.54%

Top 10 Holdings

  1. M-S-R ENERGY AUTH CALIF GAS REV 7% 4.55%
  2. PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR REV 6.5% 3.72%
  3. NEW JERSEY ECONOMIC DEV AUTH REV 1.71% 3.62%
  4. JEFFERSON CNTY ALA SWR REV 0% 2.28%
  5. JEFFERSON CNTY ALA SWR REV 6.5% 2.07%
  6. MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV 6.25% 2.06%
  7. DELAWARE ST ECONOMIC DEV AUTH REV 5.38% 1.95%
  8. CALIFORNIA POLLUTION CTL FING AUTH WTR FURNISHING REV 5% 1.69%
  9. HOUSTON TEX ARPT SYS REV 5% 1.65%
  10. PHOENIX ARIZ INDL DEV AUTH ED REV 5% 1.58%

Asset Allocation

Weighting Return Low Return High SMHLX % Rank
Bonds
99.55% 0.00% 148.07% 27.72%
Cash
0.44% -1.38% 100.00% 72.14%
Stocks
0.00% 0.00% 4.46% 87.62%
Preferred Stocks
0.00% -48.07% 0.00% 84.08%
Other
0.00% -0.04% 1.65% 87.56%
Convertible Bonds
0.00% 0.00% 0.00% 85.57%

Bond Sector Breakdown

Weighting Return Low Return High SMHLX % Rank
Municipal
99.56% 0.00% 100.00% 30.35%
Cash & Equivalents
0.44% 0.00% 100.00% 72.64%
Derivative
0.00% 0.00% 0.25% 85.57%
Securitized
0.00% 0.00% 0.00% 85.57%
Corporate
0.00% 0.00% 9.75% 88.56%
Government
0.00% -2.36% 0.86% 88.06%

Bond Geographic Breakdown

Weighting Return Low Return High SMHLX % Rank
US
96.56% 0.00% 141.91% 24.38%
Non US
2.99% 0.00% 16.32% 73.63%

Expenses

SMHLX - Expenses

Operational Fees

SMHLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.40% 0.18% 7.04% 29.00%
Management Fee 0.55% 0.00% 1.25% 80.69%
12b-1 Fee 0.70% 0.00% 1.00% 62.61%
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

SMHLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load 1.00% 1.00% 5.50% 83.72%

Trading Fees

SMHLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

SMHLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 5.10% 314.00% 26.87%

Distributions

SMHLX - Distributions

Dividend Yield Analysis

SMHLX Category Low Category High SMHLX % Rank
Dividend Yield 0.00% 0.00% 0.62% 86.14%

Dividend Distribution Analysis

SMHLX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

SMHLX Category Low Category High SMHLX % Rank
Net Income Ratio 3.81% -0.98% 5.67% 44.00%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

SMHLX - Fund Manager Analysis

Managers

David Fare


Start Date

Tenure

Tenure Rank

Jan 03, 2006

14.58

14.6%

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

13.22

13.2%

Robert E. Amodeo is the Head of Municipals at Western Asset. He has been with Western Asset since 2005.

S. Leech


Start Date

Tenure

Tenure Rank

Mar 31, 2014

6.34

6.3%

– 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
0.33 28.6 7.12 0.69