MMU - Western Asset Managed Municipals Fund

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Aug 4, 2026

   The fund proposed taking in SBI; holders of that fund would become holders of this one.

   Original document →

2. Feb 17, 2026

   RiverNorth sold down below 5% and stopped reporting.

   Original document →

3. Nov 14, 2025

   RiverNorth cut its stake to 6.3% (from 8.8%), as a passive investor.

   Original document →

4. May 15, 2025

   RiverNorth cut its stake to 8.8% (from 10.2%), as a passive investor.

   Original document →

5. March 5, 2024

   RiverNorth raised its stake to 10.2% (from 9.8%), as a passive investor.

   Original document →

About this fund

• Run by Western Asset. At its last yearly report (May 31, 2026) the fund was run by Franklin Templeton Fund Adviser, LLC. As of May 31, 2026, from the fund's yearly report. Original document →
• Size: about $600 million of holdings, as of May 29, 2026. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 33% on top of its own money, as of May 29, 2026. Borrowed money makes gains and losses bigger. About 95% of that is money the fund has borrowed by selling preferred shares. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 2.7% a year in total, including interest on borrowed money. Fiscal year ended May 31, 2026. As of May 31, 2026, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended May 31, 2026) the fund paid $0.65 a share. $0.35 of that was income; $0.30 was your own money back, not income. As of May 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (May 31, 2026): $10.98. The shares traded at $10.31, about 6.1% below that. As of May 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 1.6% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +10.9%. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended May 31, 2026): the value of the holdings returned +9.2%. How the share price did: the shares returned +10.9% over the same year, counting payouts and the change in the market price. As of May 31, 2026, from the fund's annual report. Original document →
• First reported to the regulator in 1994.

What the fund holds

Almost all tax-free municipal bonds (100%). About 100% issued in the U.S.

1. Public Authority for Colorado Energy (Co), Co Pubutl 6.5 11/15/2038 - 3.1%
2. California Pollution Control Financing Authority (CA), CA Caspol 5 11/21/2045 - 2.3%
3. Salt Verde Financial Corp (AZ), AZ Sltpwr 5 12/01/2032 - 2.1%
4. New York Transportation Development Corp (NY), NY Nyttrn 5 07/01/2046 - 2%
5. Texas Transn Commn, TX Txstrn 5 04/01/2043 - 1.9%
6. San Francisco City and County Airport Commission (CA), CA Sfoapt 5 05/01/2047 - 1.8%
7. New York St Urban Dev Corp (Tobs) - 1.8%
8. New York City Transitional Finance Authority (NY), NY Nycgen 5 02/01/2047 - 1.8%
9. M-S-R Energy Authority (CA), CA Msrpwr 6.5 11/01/2039 - 1.6%
10. Triborough Bridge and Tunnel Authority (NY), NY Trbtrn 5 11/15/2049 - 1.5%

As of May 29, 2026, from the fund's quarterly holdings report. Original document →