Fund
ITCAX
Price as of:
$8.19
- $0.04
- 0.49%
Primary Theme
fund company
Name
As of 10/04/2024Price
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
$8.19
$95.9 M
2.33%
$0.19
0.80%
Vitals
YTD Return
3.3%
1 yr return
8.9%
3 Yr Avg Return
-0.5%
5 Yr Avg Return
0.2%
Net Assets
$95.9 M
Holdings in Top 10
34.9%
52 WEEK LOW AND HIGH
$8.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.80%
SALES FEES
Front Load 2.25%
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 10/04/2024Price
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
$8.19
$95.9 M
2.33%
$0.19
0.80%
ITCAX - Profile
Distributions
- YTD Total Return 3.3%
- 3 Yr Annualized Total Return -0.5%
- 5 Yr Annualized Total Return 0.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.81%
- Dividend Yield 2.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameWestern Asset Intermediate Maturity California Municipals Fund
-
Fund Family NameFRANKLIN TEMPLETON
-
Inception DateJan 03, 1994
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Fare
Fund Description
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. California municipal securities are securities the interest on which is exempt from regular federal income tax and California State personal income taxes. The fund’s 80% policy may not be changed without a shareholder vote. Interest on California municipal securities may be subject to the federal alternative minimum tax.
California municipal securities include debt obligations issued by the State of California and its 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.
The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated or deemed to be unrated by the subadviser, determined to be of comparable credit quality by the subadviser) but may invest up to 20% of its assets in below investment grade bonds (commonly known as “high yield” or “junk” bonds).
The fund 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. The fund normally expects to maintain an average effective portfolio maturity of between three and ten years. The average effective portfolio maturity of the fund is a weighted average of all the maturities of the securities in the portfolio, computed by weighting each security’s effective maturity, as estimated by the subadviser, by the market value of the security, and any cash in the portfolio. For the purposes of determining the fund’s average effective maturity, a security’s maturity date will generally be deemed to be the next interest rate reset date for an adjustable rate security or, if earlier, the date of the next demand feature such as a put feature, when the fund would be entitled to
receive payment of principal and interest. The subadviser may also take into account estimated future prepayments on securities, such as mortgage-backed securities, with uncertain future cash flows and estimations of call features and similar features and options. These estimates may prove to be incorrect.
The fund may also invest in securities of other open-end or closed-end investment companies, including exchange-traded funds (“ETFs”), that invest primarily in municipal 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.
The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
ITCAX - Performance
Return Ranking - Trailing
| Period | ITCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.3% | -1.5% | 25.1% | 25.28% |
| 1 Yr | 8.9% | 2.6% | 38.2% | 70.34% |
| 3 Yr | -0.5%* | -9.7% | 3.5% | 67.86% |
| 5 Yr | 0.2%* | -6.6% | 1104.9% | 81.47% |
| 10 Yr | 1.4%* | -0.8% | 248.9% | 68.24% |
* Annualized
Return Ranking - Calendar
| Period | ITCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 1.8% | -1.4% | 41.0% | 80.17% |
| 2022 | -11.0% | -39.7% | 0.3% | 42.78% |
| 2021 | 0.0% | -5.6% | 6.9% | 28.74% |
| 2020 | 0.3% | -2.6% | 310.0% | 92.85% |
| 2019 | 3.2% | 0.0% | 26.0% | 72.88% |
Total Return Ranking - Trailing
| Period | ITCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.3% | -1.5% | 25.1% | 25.28% |
| 1 Yr | 8.9% | 2.6% | 38.2% | 70.34% |
| 3 Yr | -0.5%* | -9.7% | 3.5% | 67.86% |
| 5 Yr | 0.2%* | -6.6% | 1104.9% | 81.47% |
| 10 Yr | 1.4%* | -0.8% | 248.9% | 68.24% |
* Annualized
Total Return Ranking - Calendar
| Period | ITCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.5% | -1.3% | 41.0% | 75.91% |
| 2022 | -9.0% | -39.7% | 1.1% | 45.68% |
| 2021 | 2.0% | -4.8% | 23761504.0% | 40.56% |
| 2020 | 1.8% | -1.5% | 17057.9% | 91.46% |
| 2019 | 5.9% | 0.2% | 3514.6% | 67.17% |
NAV & Total Return History
ITCAX - Holdings
Concentration Analysis
| ITCAX | Category Low | Category High | ITCAX % Rank | |
|---|---|---|---|---|
| Net Assets | 95.9 M | 3.22 M | 71.9 B | 86.52% |
| Number of Holdings | 91 | 4 | 13418 | 87.79% |
| Net Assets in Top 10 | 29.9 M | -317 M | 3.45 B | 77.70% |
| Weighting of Top 10 | 34.95% | 1.9% | 100.1% | 7.90% |
Top 10 Holdings
- California Infrastructure Economic Development Bank 5.51%
- M-S-R Energy Authority 5.07%
- San Francisco City County Airport Comm-San Francisco International Airport 4.39%
- Alameda Corridor Transportation Authority 3.21%
- City of Los Angeles Department of Airports 3.11%
- Northern California Energy Authority 3.09%
- California Community Choice Financing Authority 2.90%
- San Francisco City County Airport Comm-San Francisco International Airport 2.62%
- Sacramento Municipal Utility District 2.57%
- Stockton Public Financing Authority 2.49%
Asset Allocation
| Weighting | Return Low | Return High | ITCAX % Rank | |
|---|---|---|---|---|
| Bonds | 99.26% | 0.00% | 150.86% | 42.04% |
| Cash | 0.78% | -50.86% | 43.45% | 57.86% |
| Stocks | 0.00% | 0.00% | 99.89% | 42.18% |
| Preferred Stocks | 0.00% | 0.00% | 0.08% | 32.32% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 31.31% |
| Other | -0.04% | -3.72% | 51.88% | 96.02% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | ITCAX % Rank | |
|---|---|---|---|---|
| Municipal | 99.79% | 44.39% | 100.00% | 21.39% |
| Cash & Equivalents | 0.00% | 0.00% | 43.45% | 69.87% |
| Securitized | 0.00% | 0.00% | 5.93% | 32.45% |
| Corporate | 0.00% | 0.00% | 9.41% | 43.90% |
| Government | 0.00% | 0.00% | 52.02% | 36.58% |
| Derivative | -0.04% | -3.72% | 51.88% | 95.49% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | ITCAX % Rank | |
|---|---|---|---|---|
| US | 99.26% | 0.00% | 142.23% | 40.08% |
| Non US | 0.00% | 0.00% | 23.89% | 34.51% |
ITCAX - Expenses
Operational Fees
| ITCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.80% | 0.01% | 8.02% | 42.63% |
| Management Fee | 0.40% | 0.00% | 1.20% | 40.58% |
| 12b-1 Fee | 0.15% | 0.00% | 1.00% | 24.69% |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| ITCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 2.25% | 0.50% | 4.75% | 84.53% |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| ITCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
| ITCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 21.00% | 0.00% | 283.00% | 61.24% |
ITCAX - Distributions
Dividend Yield Analysis
| ITCAX | Category Low | Category High | ITCAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.33% | 0.00% | 14.51% | 68.24% |
Dividend Distribution Analysis
| ITCAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| ITCAX | Category Low | Category High | ITCAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.81% | -0.53% | 5.33% | 58.29% |
Capital Gain Distribution Analysis
| ITCAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 30, 2024 | $0.016 | OrdinaryDividend |
| Aug 30, 2024 | $0.019 | OrdinaryDividend |
| Jul 31, 2024 | $0.017 | OrdinaryDividend |
| Apr 30, 2024 | $0.017 | OrdinaryDividend |
| Mar 28, 2024 | $0.018 | OrdinaryDividend |
| Feb 29, 2024 | $0.017 | OrdinaryDividend |
| Jan 31, 2024 | $0.018 | OrdinaryDividend |
| Dec 29, 2023 | $0.019 | OrdinaryDividend |
| Nov 30, 2023 | $0.016 | OrdinaryDividend |
| Oct 31, 2023 | $0.016 | OrdinaryDividend |
| Sep 29, 2023 | $0.016 | OrdinaryDividend |
| Aug 31, 2023 | $0.016 | OrdinaryDividend |
| Jul 31, 2023 | $0.015 | OrdinaryDividend |
| Jun 30, 2023 | $0.017 | OrdinaryDividend |
| May 31, 2023 | $0.016 | OrdinaryDividend |
| Apr 28, 2023 | $0.014 | OrdinaryDividend |
| Mar 31, 2023 | $0.017 | OrdinaryDividend |
| Feb 28, 2023 | $0.014 | OrdinaryDividend |
| Jan 31, 2023 | $0.015 | OrdinaryDividend |
| Dec 30, 2022 | $0.017 | OrdinaryDividend |
| Nov 30, 2022 | $0.015 | OrdinaryDividend |
| Oct 31, 2022 | $0.014 | OrdinaryDividend |
| Sep 30, 2022 | $0.015 | OrdinaryDividend |
| Aug 31, 2022 | $0.014 | OrdinaryDividend |
| Jul 29, 2022 | $0.014 | OrdinaryDividend |
| Jun 30, 2022 | $0.013 | OrdinaryDividend |
| May 31, 2022 | $0.013 | OrdinaryDividend |
| Apr 29, 2022 | $0.013 | OrdinaryDividend |
| Mar 31, 2022 | $0.014 | OrdinaryDividend |
| Feb 28, 2022 | $0.013 | OrdinaryDividend |
| Jan 31, 2022 | $0.013 | OrdinaryDividend |
| Dec 31, 2021 | $0.014 | OrdinaryDividend |
| Nov 30, 2021 | $0.013 | OrdinaryDividend |
| Oct 29, 2021 | $0.013 | OrdinaryDividend |
| Sep 30, 2021 | $0.013 | OrdinaryDividend |
| Aug 31, 2021 | $0.013 | OrdinaryDividend |
| Jul 30, 2021 | $0.014 | OrdinaryDividend |
| Jun 30, 2021 | $0.013 | OrdinaryDividend |
| May 28, 2021 | $0.013 | OrdinaryDividend |
| Apr 30, 2021 | $0.014 | OrdinaryDividend |
| Mar 31, 2021 | $0.015 | OrdinaryDividend |
| Feb 26, 2021 | $0.013 | OrdinaryDividend |
| Jan 29, 2021 | $0.013 | OrdinaryDividend |
| Dec 31, 2020 | $0.016 | OrdinaryDividend |
| Nov 30, 2020 | $0.014 | OrdinaryDividend |
| Oct 30, 2020 | $0.015 | OrdinaryDividend |
| Sep 30, 2020 | $0.014 | OrdinaryDividend |
| Aug 31, 2020 | $0.013 | OrdinaryDividend |
| Mar 31, 2020 | $0.014 | OrdinaryDividend |
| Feb 28, 2020 | $0.012 | OrdinaryDividend |
| Jan 31, 2020 | $0.013 | OrdinaryDividend |
| Dec 31, 2019 | $0.014 | OrdinaryDividend |
| Nov 29, 2019 | $0.014 | OrdinaryDividend |
| Oct 31, 2019 | $0.015 | OrdinaryDividend |
| Sep 30, 2019 | $0.015 | OrdinaryDividend |
| Aug 30, 2019 | $0.019 | OrdinaryDividend |
| Jul 31, 2019 | $0.020 | OrdinaryDividend |
| May 28, 2008 | $0.028 | DailyAccrualFund |
| Apr 28, 2008 | $0.027 | DailyAccrualFund |
| Mar 27, 2008 | $0.026 | DailyAccrualFund |
| Feb 27, 2008 | $0.027 | DailyAccrualFund |
| Jan 29, 2008 | $0.026 | DailyAccrualFund |
| Dec 27, 2007 | $0.026 | DailyAccrualFund |
| Nov 30, 2007 | $0.024 | OrdinaryDividend |
| Oct 31, 2007 | $0.024 | OrdinaryDividend |
| Sep 28, 2007 | $0.021 | OrdinaryDividend |
| Aug 31, 2007 | $0.028 | OrdinaryDividend |
| Jul 31, 2007 | $0.026 | OrdinaryDividend |
| Jun 29, 2007 | $0.027 | OrdinaryDividend |
| May 31, 2007 | $0.027 | OrdinaryDividend |
| Apr 30, 2007 | $0.025 | OrdinaryDividend |
ITCAX - Fund Manager Analysis
Managers
David Fare
Start Date
Tenure
Tenure Rank
Jan 01, 1998
24.43
24.4%
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
Oct 30, 2006
15.59
15.6%
– 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 |
|---|---|---|---|
| 0.08 | 35.05 | 7.33 | 1.58 |