Fixed Income

LNJIX Western Asset New Jersey Municipals Fund

Overview

Fund Facts

Fund description

Strives to provide New Jersey investors with high monthly income exempt from regular federal income taxes and New Jersey state personal income taxes; as well as preservation of capital. Focuses on sector rotation and issuer selection primarily within intermediate and long-term investment grade municipal securities. Utilizes a time-tested, value-oriented investment process led by a deep and experienced team of municipal bond specialists.

Benchmark: Bloomberg New Jersey Municipal
Fund Inception Date: 04/22/1988
Dividend Frequency, if any: Monthly
Distribution Rate at NAVAs of 06/09/2026 (Updated Daily): 3.39%
30-Day SEC Yield—With Waiver^3,4,5As of 05/31/2026 (Updated Monthly): 3.51%
30-Day SEC Yield—Without Waiver^4,5As of 05/31/2026 (Updated Monthly): 3.39%
Taxable Equivalent Yield—With WaiverAs of 05/31/2026 (Updated Monthly): 5.93%
Taxable Equivalent Yield—Without WaiverAs of 05/31/2026 (Updated Monthly): 5.93%

Sales Charges, Expenses & Fees

As of 08/01/2025

Gross Expense Ratio: 0.67%
Net Expense Ratio: 0.55%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: 0.00%

Identifiers

Ticker: LNJIX
Fund Number: 7467
CUSIP Code: 52469M403

Average Annual Total Returns As of 05/31/2026

View performance section for additional info As of 05/31/2026

Class I

With Sales Charge (POP)

Without Sales Charge (NAV)

7.51%1 Year
4.21%3 Years
1.38%5 Years
2.49%10 Years
3.43%Since Inception
10/04/2007

Top Sectors

View portfolio section for additional info

As of 05/31/2026 % of Total (Updated Monthly)

Top Sectors
Leasing30.52%
Education16.77%
Transportation12.64%
Industrial Revenue12.36%
Hospital/Healthcare10.17%

Additional Fund Info

Share Class Inception Date: 10/04/2007
Investment Style: Municipals
Lipper Classification: New Jersey Municipal Debt Funds
Morningstar Category: Muni New Jersey

Manager and Commentary

About the Team

Western Asset

Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

Latest Insights

June 4, 2026

US Treasuries—Buyers still exist, but at a price

May 22, 2026

Global bond yields—The kettle is whistling

May 20, 2026

Key Convictions: Second quarter 2026

May 13, 2026

Asian bonds—no longer just an EM trade

Performance

Portfolio

Distributions & Tax

Pricing

Documents

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

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