SMLSX – Fund Analysis – Western Asset Intermediate-Term Muni IS | Morningstar

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Will SMLSX outperform in the future?

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable SMLSX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the SMLSX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of SMLSX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A transition awaits.

Associate Analyst Joe Bullard

Joe Bullard

Associate Analyst

Summary

Uncertainty raised from the merging of municipal-bond teams between Western Asset and Franklin Templeton Fixed Income leads to the resetting of Western Asset Intermediate-Term Municipal’s People and Process rating to Average from Above Average.

by Joe Bullard

Rated on Aug 25, 2026 Published on Aug 25, 2026

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