Fund Evaluator:
Western Asset California Municipals I (LMCUX)
Follow This Fund
Best Performing in Muni California Long Over the Last Year
| 8.2% | Invesco California Municipal Y (OCAYX) |
| 7.4% | American Century CA High Yield Muni Y (ACYHX) |
| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
| 6.9% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
Western Asset California Municipals I Overview
Western Asset California Municipals I (LMCUX) is an actively managed Municipal Bond Muni California Long fund. Franklin Templeton Investments launched the fund in 2007.
The investment seeks to provide California investors with a high level of current income exempt from regular federal income taxes and California state personal income taxes. Under normal circumstances, the fund invests at least 80% of its assets in California municipal securities and other investments with similar economic characteristics, the interest on which is exempt from regular federal income tax and California state personal income tax but which may be subject to the federal alternative minimum tax. It is non-diversified.
About Western Asset California Municipals I (LMCUX)
There are 5 members of the management team with an average tenure of 9.84 years: Ryan Brist (2024), John Mooney (2023), David Fare (2004), Michael Buchanan (2024), Robert Amodeo (2007). 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 California Exempt TR index with a weighting of 100%. Western Asset California Municipals I has 90 securities in its portfolio. The top 10 holdings constitute 33.4% 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 California Municipals I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Western Asset California Municipals I has 3.9% 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 100.0% (96.1% domestic bond, 3.9% foreign bond and 0.0% convertible bond). Western Asset California Municipals I has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $27 million in total assets, which is below the $455 million average for the Muni California Long 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.
LMCUX 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 California Municipals I expense ratio is above average compared to funds in the Muni California Long category. Western Asset California Municipals I has an expense ratio of 0.70%, which is 15% lower than its category average, making the fund expense ratio grade a C. 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 California Municipals I has a portfolio turnover rate of 6%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, Western Asset California Municipals I returned -1.6%, which earned it a grade of A, as the Muni California Long category had an average return of -2.0%. 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 California Municipals I has a trailing yield of 3.47%, which is below the 3.52% 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 California Municipals I Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 6.9% over the past year (grade of B), 3.4% over the past three years (grade of B) and 0.3% per year over the past five years (grade of B) and 1.7% per year over the past 10 years (grade of C).
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LMCUX 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 |
|
| LMCUX Return (NAV) | -1.6% | -0.1% | 6.9% | 3.4% | 0.3% | 1.7% |
| LMCUX Grade | A | A | B | B | B | C |
| +/- Category | 0.4% | 0.2% | 0.5% | 0.2% | 0.4% | 0.0% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| LMCUX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | 0.1% |
LMCUX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LMCUX Return (NAV) | 0.8% | 4.2% | 2.3% | 5.8% | -10.3% | 2.3% | 3.9% | 7.9% | 0.6% | 5.1% | -0.0% |
| LMCUX Grade | B | A | C | D | B | C | D | C | C | F | C |
| +/- Category | 0.1% | 1.3% | -0.2% | -0.6% | 0.9% | -0.3% | -0.5% | -0.2% | -0.2% | -1.1% | -0.2% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 5.5% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | 0.95 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $186 Mil |
| Fund Total Assets: | $ 27 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 6% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 21.6 years | |||
| Average Tenure: 9.8 years | |||
| Managers (Year): Fare David (2004), Amodeo Robert (2007), Mooney John (2023), Brist Ryan (2024), Buchanan Michael (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 90 |
| % in Top 10 Holdings: | 33.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.1% |
| Foreign Bond: | 3.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 877-656-3863 |
| Website: | www.leggmason.com |
| Status: | Open |
| Inception Date: | March 2, 2007 |
| 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 (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Western Asset California Municipals A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
