Fund Evaluator:
Western Asset Pennsylvania Municipals C (SPALX)
Follow This Fund
Best Performing in Muni Pennsylvania Over the Last Year
| 6.7% | Vanguard PA Long-Term Tax-Exempt Adm (VPALX) |
| 6.7% | Vanguard PA Long-Term Tax-Exempt Inv (VPAIX) |
| 5.0% | Fidelity Pennsylvania Municipal Income (FPXTX) |
Fund Details
Western Asset Pennsylvania Municipals C Overview
Western Asset Pennsylvania Municipals C (SPALX) is an actively managed Municipal Bond Muni Pennsylvania fund. Franklin Templeton Investments launched the fund in 1994.
The investment seeks as high a level of income exempt from regular federal income tax and Pennsylvania personal income taxes as is consistent with prudent investing. Under normal circumstances, the fund invests at least 80% of its assets in "Pennsylvania municipal securities." Pennsylvania municipal securities are securities and other investments with similar economic characteristics the interest on which is exempt from regular federal income tax and Pennsylvania state personal income taxes but which may be subject to the federal alternative minimum tax. It is non-diversified.
About Western Asset Pennsylvania Municipals C (SPALX)
There are 5 members of the management team with an average tenure of 9.81 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 Pennsylvania TR USD index with a weighting of 100%. Western Asset Pennsylvania Municipals C has 72 securities in its portfolio. The top 10 holdings constitute 45.1% 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 Pennsylvania Municipals C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Western Asset Pennsylvania Municipals C has 3.8% 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 99.9% (96.1% domestic bond, 3.8% foreign bond and 0.0% convertible bond). Western Asset Pennsylvania Municipals C has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $189 million average for the Muni Pennsylvania 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.
SPALX 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 Pennsylvania Municipals C expense ratio is high compared to funds in the Muni Pennsylvania category. Western Asset Pennsylvania Municipals C has an expense ratio of 1.43%, which is 71% 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 Pennsylvania Municipals C has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 27% for the Muni Pennsylvania category.
Recently, in the month of July 2026, Western Asset Pennsylvania Municipals C returned -1.3%, which earned it a grade of A, as the Muni Pennsylvania category had an average return of -1.9%. 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 Pennsylvania Municipals C has a trailing yield of 2.35%, which is below the 3.51% 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 Pennsylvania Municipals C Grades
Year to date, the fund has returned 0.8%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 5.9% over the past year (grade of D), 2.8% over the past three years (grade of D) and -0.5% per year over the past five years (grade of F) and 1.0% per year over the past 10 years (grade of F).
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SPALX 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 |
|
| SPALX Return (NAV) | -1.3% | -0.3% | 5.9% | 2.8% | -0.5% | 1.0% |
| SPALX Grade | A | A | D | D | F | F |
| +/- Category | 0.6% | 0.2% | -0.4% | -0.3% | -0.6% | -0.7% |
| Muni Pennsylvania Avg | -1.9% | -0.5% | 6.3% | 3.1% | 0.1% | 1.7% |
| SPALX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
SPALX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPALX Return (NAV) | 0.8% | 3.4% | 1.9% | 4.1% | -10.9% | 1.7% | 3.3% | 6.2% | 0.5% | 3.9% | 0.7% |
| SPALX Grade | B | C | D | F | D | F | F | D | F | D | C |
| +/- Category | 0.2% | 0.1% | -0.4% | -1.8% | -0.5% | -0.9% | -1.1% | -1.0% | -1.5% | -0.2% | 0.0% |
| Muni Pennsylvania Avg | 0.6% | 3.3% | 2.2% | 5.9% | -10.5% | 2.6% | 4.4% | 7.1% | 2.0% | 4.1% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 0.96 |
| R-Squared: | 97% |
| 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: | $76 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 9% |
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: | 72 |
| % in Top 10 Holdings: | 45.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.1% |
| Foreign Bond: | 3.8% |
| 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: | April 5, 1994 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.70% |
Expenses and Fees | |
| Expense Ratio (%): | 1.43% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Western Asset Pennsylvania Municipals A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
