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Trending ETFs

Western Asset Municipal High Income Fund

mutual fund
STXAX
Payout Change
Pending
Price as of:
$13.03 +0.02 +0.15%
primary theme
High Yield Municipal Bond
STXAX (Mutual Fund)

Western Asset Municipal High Income Fund

Payout Change
Pending
Price as of:
$13.03 +0.02 +0.15%
primary theme
High Yield Municipal Bond
STXAX (Mutual Fund)

Western Asset Municipal High Income Fund

Payout Change
Pending
Price as of:
$13.03 +0.02 +0.15%
primary theme
High Yield Municipal Bond

Name

As of 06/14/2024

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

$13.03

$335 M

4.07%

$0.53

0.77%

Vitals

YTD Return

2.5%

1 yr return

6.5%

3 Yr Avg Return

-0.4%

5 Yr Avg Return

1.5%

Net Assets

$335 M

Holdings in Top 10

23.5%

52 WEEK LOW AND HIGH

$13.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.77%

SALES FEES

Front Load 4.25%

Deferred Load N/A

TRADING FEES

Turnover 21.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$13.03

$335 M

4.07%

$0.53

0.77%

STXAX - Profile

Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.19%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Western Asset Municipal High Income Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    A
  • 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.” 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.
Under normal market conditions, the fund 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 or deemed to be unrated by the subadviser, determined by the subadviser to be of comparable credit quality. However, the fund is permitted to invest in securities rated in any investment category. Below investment grade securities are commonly referred to as “high yield” or “junk” bonds.
The fund focuses on intermediate- and long-term municipal securities.
Under normal circumstances, the fund may invest up to 20% of its assets in fixed income securities and other investments whose interest may be subject to federal income tax, although for temporary or defensive purposes, the fund may invest an unlimited amount in such 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.
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STXAX - Performance

Return Ranking - Trailing

Period STXAX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -2.0% 8.0% 79.33%
1 Yr 6.5% -4.0% 11.6% 60.58%
3 Yr -0.4%* -9.4% 2.1% 11.82%
5 Yr 1.5%* -4.7% 526.3% 36.36%
10 Yr 2.7%* 0.0% 155.7% 63.78%

* Annualized

Return Ranking - Calendar

Period STXAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -6.2% 7.5% 24.52%
2022 -13.8% -26.9% -3.5% 17.07%
2021 0.8% -1.9% 5.6% 79.21%
2020 0.3% -10.1% 4.2% 59.00%
2019 3.5% -0.7% 9.1% 91.24%

Total Return Ranking - Trailing

Period STXAX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -2.0% 8.0% 79.33%
1 Yr 6.5% -4.0% 11.6% 60.58%
3 Yr -0.4%* -9.4% 2.1% 11.82%
5 Yr 1.5%* -4.7% 526.3% 36.36%
10 Yr 2.7%* 0.0% 155.7% 63.78%

* Annualized

Total Return Ranking - Calendar

Period STXAX Return Category Return Low Category Return High Rank in Category (%)
2023 8.4% -4.1% 10.9% 21.63%
2022 -10.5% -26.9% 4.3% 16.10%
2021 4.2% -1.9% 10.0% 76.24%
2020 2.5% -4.1% 8.2% 70.50%
2019 7.9% -0.7% 1028633.9% 70.62%

NAV & Total Return History


STXAX - Holdings

Concentration Analysis

STXAX Category Low Category High STXAX % Rank
Net Assets 335 M 9.79 K 16.1 B 68.93%
Number of Holdings 230 1 3076 75.12%
Net Assets in Top 10 77.7 M -102 M 3.63 B 63.90%
Weighting of Top 10 23.49% 4.7% 99.9% 16.18%

Top 10 Holdings

  1. M-S-R Energy Authority 5.41%
  2. Bartow County Development Authority 2.49%
  3. City of Houston TX Airport System Revenue 2.27%
  4. California Pollution Control Financing Authority 2.27%
  5. New York Transportation Development Corp 2.06%
  6. Industrial Development Authority of the City of Phoenix Arizona/The 2.03%
  7. City of Houston TX Airport System Revenue 1.97%
  8. Pennsylvania Economic Development Financing Authority 1.74%
  9. Public Authority for Colorado Energy 1.70%
  10. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 1.57%

Asset Allocation

Weighting Return Low Return High STXAX % Rank
Bonds
101.35% 0.00% 146.69% 14.90%
Other
0.02% -8.76% 9.96% 15.12%
Stocks
0.00% 0.00% 99.33% 75.00%
Preferred Stocks
0.00% -47.61% 1.64% 66.34%
Convertible Bonds
0.00% 0.00% 0.00% 66.83%
Cash
0.00% -0.64% 100.00% 94.15%

Bond Sector Breakdown

Weighting Return Low Return High STXAX % Rank
Municipal
99.91% 0.00% 100.00% 11.71%
Derivative
0.02% -8.76% 1.55% 7.32%
Cash & Equivalents
0.00% 0.00% 100.00% 80.00%
Securitized
0.00% 0.00% 22.44% 68.78%
Corporate
0.00% 0.00% 2.83% 82.44%
Government
0.00% 0.00% 0.09% 68.78%

Bond Geographic Breakdown

Weighting Return Low Return High STXAX % Rank
US
101.35% 0.00% 139.84% 15.12%
Non US
0.00% 0.00% 13.35% 67.32%

STXAX - Expenses

Operational Fees

STXAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.77% 0.21% 3.44% 66.18%
Management Fee 0.45% 0.00% 1.41% 28.85%
12b-1 Fee 0.15% 0.00% 1.00% 26.13%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

STXAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.25% 1.00% 4.50% 34.88%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

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

STXAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 21.00% 2.00% 121.00% 54.45%

STXAX - Distributions

Dividend Yield Analysis

STXAX Category Low Category High STXAX % Rank
Dividend Yield 4.07% 0.00% 6.13% 55.29%

Dividend Distribution Analysis

STXAX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

STXAX Category Low Category High STXAX % Rank
Net Income Ratio 3.19% 1.11% 5.70% 50.96%

Capital Gain Distribution Analysis

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

Distributions History

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STXAX - Fund Manager Analysis

Managers

David Fare


Start Date

Tenure

Tenure Rank

Jan 03, 2006

16.42

16.4%

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
0.06 21.43 7.46 2.52