Western Asset Intermediate Maturity California Municipals Fund is an actively managed municipal bond mutual fund focused on generating tax-exempt income for California residents. The portfolio primarily invests in investment-grade California municipal securities with an intermediate interest-rate profile, targeting a duration generally within the mid-range of the muni market to balance income with interest-rate sensitivity. The strategy emphasizes diversified exposure across revenue and general obligation issuers tied to essential services, infrastructure, education, and healthcare, while maintaining credit research discipline and ongoing risk management. The fund offers multiple share classes, with Class I designed for institutional or larger investors and featuring a lower net expense structure relative to retail classes. Its mandate seeks income that is exempt from federal and California state income taxes, aligning with the needs of investors subject to California taxation. The fund’s positioning within the “Muni California Intermediate” category reflects its focus on California-specific credits and intermediate maturity bands, which can help moderate volatility compared with longer-duration municipal strategies while providing a dedicated state-specific tax-exempt income profile.
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