MMU - Western Asset Managed Municipals Fund

What this means for you

Saba is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; 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. Sept 22, 2026

   The fund said it may sell new shares.

   Original document →

2. Sept 18, 2026

   The fund proposed taking in SBI; holders of that fund would become holders of this one. Holders vote on Nov 18, 2026.

   Original document →

3. Aug 4, 2026

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

   Original document →

4. Feb 17, 2026

   RiverNorth sold down below 5% and stopped reporting.

   Original document →

5. Nov 14, 2025

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

   Original document →

About this fund

• Run by Franklin Templeton Fund Adviser, LLC. Part of the FRANKLIN TEMPLETON fund family. As of May 31, 2026, from the fund's yearly report. Original document →
• Size: about $579 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 35% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 91% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 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 →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 50 charge a lower management fee and 27 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• 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. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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 0.5% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.65 in the fiscal year ended May 31, 2026; $0.65 in the year ended May 31, 2025; $0.51 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.30 in the year ended May 31, 2026; $0.27 in the year ended May 31, 2025; $0.14 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.7% a year in the fiscal year ended May 31, 2026; 2.84% a year in the year ended May 31, 2025; 3.2% a year in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $600 million at May 29, 2026; $584 million at May 30, 2025; $622 million at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 30, 2025 →, May 31, 2024 →.
• Borrowing: about 33% on top of its own money at May 29, 2026; 35% at May 30, 2025; 33% at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 30, 2025 →, May 31, 2024 →.
• The fund had about 54.6 million shares at May 31, 2026, about the same as at May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended May 31, 2026: the shares returned +10.9%, counting payouts; the holdings +9.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of May 31, 2026, from the fund's annual report. Original document →
• The year ended May 31, 2025: the shares returned +6.2%, counting payouts; the holdings -0.7%. As of May 31, 2025, from the fund's annual report. Original document →
• The year ended May 31, 2024: the shares returned +6.2%, counting payouts; the holdings +3.3%. As of May 31, 2024, from the fund's annual report. Original document →
• The year ended May 31, 2023: the shares returned -7.6%, counting payouts; the holdings -1.8%. As of May 31, 2023, from the fund's annual report. Original document →
• The year ended May 31, 2022: the shares returned -14.1%, counting payouts; the holdings -10.9%. As of May 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -0.7%. $10,000 of shares bought at the start (June 1, 2021) would have become about $9,930 by May 31, 2026, with every payout counted, before tax. As of May 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +8.8%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 43 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 13 reported a higher share return for that year and 29 a lower one. As of May 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. New York Transportation Development Corp (NY) - 3.1%
2. Salt Verde Financial Corp (AZ) - 3.1%
3. Public Authority for Colorado Energy (CO), Co Pubutl 6.5 11/15/2038 - 3.1%
4. California Community Choice Financing Authority (CA) - 2.8%
5. California Pollution Control Financing Authority (CA), CA Caspol 5 11/21/2045 - 2.3%
6. San Francisco City and County Airport Commission (CA), CA Sfoapt 5 05/01/2047 - 1.8%
7. Texas Transn Commn, TX Txstrn 5 04/01/2043 - 1.8%
8. New York City Transitional Finance Authority (NY), NY Nycgen 5 02/01/2047 - 1.8%
9. New York St Urban Dev Corp (Tobs) - 1.8%
10. M-S-R Energy Authority (CA), CA Msrpwr 6.5 11/01/2039 - 1.6%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →