Fund Evaluator:
Western Asset Massachusetts Muni I (LHMIX)
Follow This Fund
Best Performing in Muni Massachusetts Over the Last Year
| 6.5% | Vanguard MA Tax-Exempt Inv (VMATX) |
| 4.9% | Fidelity Massachusetts Municipal Income (FDMMX) |
| 3.7% | Columbia Massachusetts Itmt MuncplBdInst (SEMAX) |
| 3.5% | BNY Mellon MA Interm Muni Bd M (MMBMX) |
Fund Details
Western Asset Massachusetts Muni I Overview
Western Asset Massachusetts Muni I (LHMIX) is an actively managed Municipal Bond Muni Massachusetts fund. Franklin Templeton Investments launched the fund in 2008.
The investment seeks to provide Massachusetts investors with as high a level of current income exempt from federal income tax and Massachusetts personal income taxes as is consistent with the preservation of principal. The fund normally invests at least 80% of its assets in investment grade "Massachusetts municipal securities" or other investments with similar economic characteristics. It may invest in securities of any maturity. The fund focuses primarily on intermediate-term and long-term municipal securities, and will normally invest in securities which have remaining maturities at the time of purchase from 1 to more than 30 years. It is non-diversified.
About Western Asset Massachusetts Muni I (LHMIX)
There are 5 members of the management team with an average tenure of 9.70 years: Ryan Brist (2024), John Mooney (2023), David Fare (2006), Michael Buchanan (2024), Robert Amodeo (2006). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal MA Exempt TR USD index with a weighting of 100%. Western Asset Massachusetts Muni I has 47 securities in its portfolio. The top 10 holdings constitute 48.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Western Asset Massachusetts Muni I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Western Asset Massachusetts Muni I has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.7% (93.8% domestic bond, 5.9% foreign bond and 0.0% convertible bond). Western Asset Massachusetts Muni I has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $217 million average for the Muni Massachusetts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LHMIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Western Asset Massachusetts Muni I expense ratio is average compared to funds in the Muni Massachusetts category. Western Asset Massachusetts Muni I has an expense ratio of 0.55%, which is 33% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Western Asset Massachusetts Muni I has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 25% for the Muni Massachusetts category.
Recently, in the month of July 2026, Western Asset Massachusetts Muni I returned -2.2%, which earned it a grade of F, as the Muni Massachusetts category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Western Asset Massachusetts Muni I has a trailing yield of 2.82%, which is below the 2.95% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Western Asset Massachusetts Muni I Grades
Year to date, the fund has returned 0.9%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 7.0% over the past year (grade of A), 3.0% over the past three years (grade of A) and -0.1% per year over the past five years (grade of C) and 1.2% per year over the past 10 years (grade of D).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Western Asset Massachusetts Muni I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
LHMIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LHMIX Return (NAV) | -2.2% | -0.3% | 7.0% | 3.0% | -0.1% | 1.2% |
| LHMIX Grade | F | A | A | A | C | D |
| +/- Category | -0.4% | 0.2% | 1.7% | 0.4% | 0.0% | -0.0% |
| Muni Massachusetts Avg | -1.8% | -0.5% | 5.2% | 2.6% | -0.2% | 1.2% |
| LHMIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
LHMIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LHMIX Return (NAV) | 0.9% | 3.2% | 1.5% | 6.0% | -11.2% | 2.3% | 3.4% | 6.9% | 0.2% | 5.2% | -0.7% |
| LHMIX Grade | A | B | C | A | D | A | F | B | C | A | D |
| +/- Category | 0.5% | 0.0% | 0.3% | 0.5% | -1.2% | 1.1% | -0.8% | 0.1% | 0.1% | 0.7% | -0.5% |
| Muni Massachusetts Avg | 0.4% | 3.2% | 1.2% | 5.5% | -9.9% | 1.2% | 4.2% | 6.8% | 0.2% | 4.5% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 1.11 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 1.03 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $28 Mil |
| Fund Total Assets: | $ 5 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 20.6 years | |||
| Average Tenure: 9.7 years | |||
| Managers (Year): Fare David (2006), Amodeo Robert (2006), Mooney John (2023), Brist Ryan (2024), Buchanan Michael (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 48.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.8% |
| Foreign Bond: | 5.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 877-656-3863 |
| Website: | www.leggmason.com |
| Status: | Open |
| Inception Date: | June 3, 2008 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.55% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Western Asset Massachusetts Muni A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
