Fund Evaluator:
Western Asset Interm Maturity CA Muni C (SIMLX)
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Best Performing in Muni California Intermediate Over the Last Year
| 4.7% | Green California Tax-Free Income Inv (CFNTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 4.5% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 4.3% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
Fund Details
Western Asset Interm Maturity CA Muni C Overview
Western Asset Interm Maturity CA Muni C (SIMLX) is an actively managed Municipal Bond Muni California Intermediate fund. Franklin Templeton Investments launched the fund in 2002.
The investment seeks to provide California investors with as high a level of current income exempt from federal income tax and California State personal income tax as is consistent with the preservation of principal. Under normal circumstances, the fund invests at least 80% of its assets in investment grade "California municipal securities" or other investments with similar economic characteristics. It may invest up to 20% of its assets in unrated securities that the subadviser determines to be equivalent to investment grade. The fund may invest in securities of any maturity. It is non-diversified.
About Western Asset Interm Maturity CA Muni C (SIMLX)
There are 5 members of the management team with an average tenure of 11.31 years: Ryan Brist (2024), John Mooney (2023), David Fare (1998), 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 MF CA Interm TR USD index with a weighting of 100%. Western Asset Interm Maturity CA Muni C has 70 securities in its portfolio. The top 10 holdings constitute 38.8% 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 Interm Maturity CA Muni C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Western Asset Interm Maturity CA Muni C has 5.5% 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 100.1% (94.6% domestic bond, 5.5% foreign bond and 0.0% convertible bond). Western Asset Interm Maturity CA Muni C has -0.1% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $621 million average for the Muni California Intermediate 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.
SIMLX 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 Interm Maturity CA Muni C expense ratio is high compared to funds in the Muni California Intermediate category. Western Asset Interm Maturity CA Muni C has an expense ratio of 1.51%, which is 124% higher than its category average, making the fund expense ratio grade a F. 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 Interm Maturity CA Muni C 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 47% for the Muni California Intermediate category.
Recently, in the month of July 2026, Western Asset Interm Maturity CA Muni C returned -1.4%, which earned it a grade of B, as the Muni California Intermediate category had an average return of -1.5%. 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 Interm Maturity CA Muni C has a trailing yield of 2.40%, which is below the 3.02% 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 Interm Maturity CA Muni C Grades
Year to date, the fund has returned 0.4%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 4.6% over the past year (grade of B), 2.5% over the past three years (grade of D) and -0.4% per year over the past five years (grade of F) and 0.6% per year over the past 10 years (grade of F).
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SIMLX 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 |
|
| SIMLX Return (NAV) | -1.4% | -0.4% | 4.6% | 2.5% | -0.4% | 0.6% |
| SIMLX Grade | B | B | B | D | F | F |
| +/- Category | 0.1% | 0.1% | 0.3% | -0.3% | -0.9% | -0.9% |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.3% | 2.9% | 0.5% | 1.5% |
| SIMLX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
SIMLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SIMLX Return (NAV) | 0.4% | 3.6% | 1.5% | 3.5% | -9.7% | 1.2% | 1.7% | 5.4% | 0.6% | 3.4% | -2.0% |
| SIMLX Grade | B | D | D | F | F | B | F | D | D | F | F |
| +/- Category | 0.3% | -0.4% | -0.2% | -1.4% | -2.5% | 0.3% | -2.0% | -0.9% | -0.1% | -1.1% | -1.6% |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (44% Rank) |
| Beta: | 0.72 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $66 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 6% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 28.6 years | |||
| Average Tenure: 11.3 years | |||
| Managers (Year): Fare David (1998), Amodeo Robert (2006), Mooney John (2023), Brist Ryan (2024), Buchanan Michael (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 70 |
| % in Top 10 Holdings: | 38.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.6% |
| Foreign Bond: | 5.5% |
| 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: | July 22, 2002 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.75% |
Expenses and Fees | |
| Expense Ratio (%): | 1.51% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Western Asset Interm Maturity CA Muni A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
