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Key Stats

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Expense Ratio Discount or Premium to NAV Total Assets Under Management 30-Day Average Daily Volume
1.76% -11.21% 141.81M 11120.87
Dividend Yield Turnover Ratio 1 Year Fund Level Flows Max Drawdown (All)
3.24% 18.00% -- Upgrade

Basic Info

Investment Strategy
The Funds investment objective is to provide common shareholders with a high level of current income exempt from Federal income taxes consistent with prudent investing. The Fund will invest at least 80% of its total assets in municipal obligations. In addition, up to 20% of the Funds total assets may be invested in debt securities that are, at the time of investment, rated below investment grade (high yield) or, if unrated, of equivalent quality as determined by the manager. The Funds current investment guidelines require the Fund, under normal market conditions, to invest at least two-thirds of its total assets in municipal obligations rated in the three highest categories by an NRSRO at the time of investment. The Fund can use a variety of derivative instruments for investment purposes as well as hedging or risk-management purposes.
General
Security Type Closed-End Fund
Equity Style --
Fixed Income Style Medium Quality/Moderate Sensitivity
Broad Asset Class Municipal Bond
Broad Category Fixed Income
Category Name Muni National Interm
Category Index BBgBarc Municipal 1-15 Yr TR USD
Prospectus Objective Municipal Bond - National
Fund Owner Firm Name Legg Mason
Prospectus Benchmark Index
BBgBarc Municipal TR USD 100.0%
Broad Asset Class Benchmark Index
^BBMBTR 100.0%
Manager Tenure
David Fare 13.84 yrs
Robert Amodeo 13.84 yrs
S. Leech 13.84 yrs

Net Fund Flows Versus Category

1M
3M
6M
YTD
1Y
3Y
5Y
10Y
 
80.00B
60.00B
40.00B
20.00B
0
-20.00B
No Data Available
1 Month
% Rank: --
-- Category Low
-- Category High
1 Year
% Rank: --
-2.568B Category Low
5.216B Category High
3 Months
% Rank: --
-- Category Low
-- Category High
3 Years
% Rank: --
-- Category Low
-- Category High
6 Months
% Rank: --
-- Category Low
-- Category High
5 Years
% Rank: --
-- Category Low
-- Category High
YTD
% Rank: --
-- Category Low
-- Category High
10 Years
% Rank: --
-- Category Low
-- Category High
Date Unavailable

Performance Versus Category

 
20%
15%
10%
5%
0
View Category Returns. Upgrade now.
Name
1M
3M
6M
YTD
1Y
3Y
5Y
10Y
Total Return (Price)
--
--
--
--
--
--
--
--
Total Return (NAV)
--
--
--
--
--
--
--
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Category Rtn. (NAV)
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--
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--
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% Rank in Cat (NAV)
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As of October 16, 2020. Returns for periods of 1 year and above are annualized.

Annual Total Returns Versus Peers

Edit comparables
Name
2013
2014
2015
2016
2017
2018
2019
YTD
-10.07%
13.35%
9.81%
-2.47%
2.41%
-6.58%
12.78%
0.99%
-2.55%
9.05%
3.30%
0.25%
5.45%
1.28%
7.54%
3.01%
-14.10%
17.26%
6.41%
0.53%
6.14%
-5.77%
20.13%
-0.66%
-3.27%
15.95%
7.29%
-6.78%
1.20%
-2.14%
11.79%
-1.40%
-8.16%
17.74%
6.68%
9.33%
-4.02%
-9.40%
28.02%
-1.28%
-0.32%
8.94%
0.16%
-0.90%
2.02%
1.24%
3.35%
1.48%
As of October 16, 2020.

Fundamentals

General
Distribution Yield Upgrade
Dividend Yield TTM (10-19-20) 3.24%
30-Day SEC Yield (9-30-10) Upgrade
7-Day SEC Yield (4-17-19) Upgrade
Number of Holdings Upgrade
Bond
Current Yield 4.53%
Yield to Maturity Upgrade
Effective Duration Upgrade
Average Coupon Upgrade
Average Credit Score Upgrade
Average Price Upgrade
As of August 31, 2020

Asset Allocation

As of August 31, 2020.
Type % Net % Long % Short
Cash -0.33% Upgrade Upgrade
Stock 0.00% Upgrade Upgrade
Bond 100.3% Upgrade Upgrade
Convertible 0.00% Upgrade Upgrade
Preferred 0.00% Upgrade Upgrade
Other 0.00% Upgrade Upgrade

Top 10 Holdings

Name % Weight Price % Change
INDIANAPOLIS IND GAS UTIL REV 5.25%
2.37% -- --
MIAMI-DADE CNTY FLA AVIATION REV 5%
2.34% -- --
MODESTO CALIF IRR DIST ELEC REV 5%
2.27% -- --
M-S-R ENERGY AUTH CALIF GAS REV 6.12%
2.02% -- --
PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR REV 6.12%
1.91% -- --
ILLINOIS SPORTS FACS AUTH 5.25%
1.78% -- --
NEW JERSEY ECONOMIC DEV AUTH REV 5%
1.63% -- --
CENTRAL BROWN CNTY WTR AUTH WTR SYS REV WIS 5%
1.30% -- --
NEW JERSEY ECONOMIC DEV AUTH REV 5%
1.25% -- --
NEW ORLEANS LA AVIATION BRD REV 5%
1.21% -- --

Basic Info

Investment Strategy
The Funds investment objective is to provide common shareholders with a high level of current income exempt from Federal income taxes consistent with prudent investing. The Fund will invest at least 80% of its total assets in municipal obligations. In addition, up to 20% of the Funds total assets may be invested in debt securities that are, at the time of investment, rated below investment grade (high yield) or, if unrated, of equivalent quality as determined by the manager. The Funds current investment guidelines require the Fund, under normal market conditions, to invest at least two-thirds of its total assets in municipal obligations rated in the three highest categories by an NRSRO at the time of investment. The Fund can use a variety of derivative instruments for investment purposes as well as hedging or risk-management purposes.
General
Security Type Closed-End Fund
Equity Style --
Fixed Income Style Medium Quality/Moderate Sensitivity
Broad Asset Class Municipal Bond
Broad Category Fixed Income
Category Name Muni National Interm
Category Index BBgBarc Municipal 1-15 Yr TR USD
Prospectus Objective Municipal Bond - National
Fund Owner Firm Name Legg Mason
Prospectus Benchmark Index
BBgBarc Municipal TR USD 100.0%
Broad Asset Class Benchmark Index
^BBMBTR 100.0%
Manager Tenure
David Fare 13.84 yrs
Robert Amodeo 13.84 yrs
S. Leech 13.84 yrs

Fundamentals

General
Distribution Yield Upgrade
Dividend Yield TTM (10-19-20) 3.24%
30-Day SEC Yield (9-30-10) Upgrade
7-Day SEC Yield (4-17-19) Upgrade
Number of Holdings Upgrade
Bond
Current Yield 4.53%
Yield to Maturity Upgrade
Effective Duration Upgrade
Average Coupon Upgrade
Average Credit Score Upgrade
Average Price Upgrade
As of August 31, 2020

Fund Details

Key Dates
Inception Date 3/2/1992
Last Annual Report Date 11/30/2019
Last Prospectus Date --
Attributes
Enhanced Index Fund No
Index Fund No
Inverse Fund No
Leveraged Fund Yes
Fund of Funds No
Currency Hedged Fund No
Synthetic Replication Fund No
Has Dividend Investment Plan Yes
Socially Responsible Fund No