Fixed Income

SMMYX Western Asset Managed Municipals Fund

High quality tax-exempt income opportunities. Seeks high tax-exempt income and after-tax total returns from a portfolio of predominantly investment grade municipal bonds with limited exposure to opportunistic credit sectors.
Experienced Portfolio Management Team: Actively managed by a seasoned portfolio management team, backed by a deep team of credit analysts that leverage the breadth of Western Asset's global fixed income resources.
Core portfolio holding. Value-oriented approach seeks to capitalize on market volatility across market cycles.

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks to maximize current monthly income exempt from regular federal income taxes. Focuses on sector rotation and issuer selection, primarily within intermediate and long-term investment grade municipal securities. Uses Western Asset's value-oriented investment process led by a deep and experienced team of municipal bond specialists.

Benchmark: Bloomberg Municipal Bond Index
Fund Inception Date: 03/04/1981
Dividend Frequency, if any: Monthly
Distribution Rate at NAV⁴As of 11/26/2025 (Updated Daily): 3.66%
30-Day SEC Yield—With Waiver^5,6,7As of 10/31/2025 (Updated Monthly): 3.82%
30-Day SEC Yield—Without Waiver^5,7As of 10/31/2025 (Updated Monthly): 3.76%
Taxable Equivalent Yield—With WaiverAs of 10/31/2025 (Updated Monthly): 6.45%
Taxable Equivalent Yield—Without WaiverAs of 10/31/2025 (Updated Monthly): 6.35%

Sales Charges, Expenses & Fees

As of 07/01/2025

Gross Expense Ratio⁸: 0.61%
Net Expense Ratio^8,9: 0.54%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.00%

Identifiers

Ticker: SMMYX
Fund Number: 7465
CUSIP Code: 52469J509

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Class I

With Sales Charge (POP)

Without Sales Charge (NAV)

3.14%1 Year
5.66%3 Years
1.67%5 Years
2.39%10 Years
4.54%Since Inception
04/04/1995

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 10/31/2025 % of Total (Updated Monthly)

Top Sectors
Transportation22.55%
Industrial Revenue17.85%
Hospital/Healthcare11.09%
Special Tax9.78%
Water & Sewer9.19%

Additional Fund Info

Share Class Inception Date: 04/04/1995
Investment Style: Municipals
Lipper Classification: General & Insured Municipal Debt Funds
Morningstar Category³: Muni National Long

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.

Commentary Highlights

September 30, 2025

Markets: During the third quarter, volatility in both equity and Treasury markets remained relatively subdued. The U.S. Treasury yield curve bull-steepened, reflecting market expectations for slower growth, moderation in economic data and potential rate cuts. Risk assets performed well, with the S&P 500 Index reaching new highs and credit spreads tightening. Municipal supply conditions continue at a record pace as municipal issuance reached $155 billion in 3Q25, up 12% from 3Q24 levels. Tax-exempt issuance fell 2% quarter-over-quarter (QoQ) to $145 billion and taxable issuance fell 40% QoQ to $10 billion. Year-to-date new-issue supply of $439 billion is 18% higher than the prior year, with tax-exempt issuance up 19% year-over-year and taxable issuance in line with prior year levels.
Contributors: Security selection in the power sector contributed to performance.
Detractors: Issue selection in the leasing sector detracted from performance.
Outlook: Muni fundamentals remained resilient. While strong revenue collections are indicative of credit resiliency in the muni market, the pace of credit rating improvement from the three major rating agencies has slowed so far this year.

For complete information, please see the full commentary:

Latest Insights

November 19, 2025

Muni Monthly: October 2025

October 30, 2025

Key Convictions: Fourth quarter 2025

October 30, 2025

October FOMC recap—fog in the forecast

October 7, 2025

Charting the next chapter in EM central bank reserve management

Performance

Average Annual Total Returns

As of 10/31/2025

Month End

Quarter End

As of

Class I - With Sales Charge (POP) (%)

Month End

As of 10/31/2025

Class I - Without Sales Charge (NAV) (%)

Month End

As of 10/31/2025

Bloomberg Municipal Bond Index (%)

Month End

As of 10/31/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 3 out of 5 stars
159 Funds in category

5 Years: 5 Years: 4 out of 5 stars
156 Funds in category

10 Years: 10 Years: 4 out of 5 stars
112 Funds in category

Rating Category: Muni National Long

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 10/31/2025

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©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.

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $2.57 Billion

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 655
Benchmark: 63,866

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Weighted Average Life

Fund: 10.48 Years
Benchmark: 10.69 Years

Weighted Average Coupon ¹⁰

Fund: 4.66%
Benchmark: 4.65%

Cash Flow

Fund: 3.84%
Benchmark: —

Effective Duration

Fund: 8.03 Years
Benchmark: —

Credit Quality Allocation ¹³

As of 10/31/2025 (Updated Monthly)

Credit Quality Allocation
Credit Quality	Fund
AAA	5.75%
AA	34.46%
A	33.97%
BBB	13.49%
BB	4.81%
B	0.45%
Not Rated	7.06%

Holdings
As of 10/31/2025 (Updated Monthly)

PUERTO RICO CMWLTH AQUEDUCT & 5.0000% Mat 07/01/2047

CALIFORNIA COMMUNITY CHOICE FI 5.0000% Mat 01/01/2055

ILLINOIS ST 5.0000% Mat 11/01/2027

CALIFORNIA COMMUNITY CHOICE FI 5.0000% Mat 02/01/2055

NEW YORK CITY TRANSITIONAL FIN 5.0000% Mat 02/01/2047

PENNSYLVANIA ECONOMIC DEVELOPM 5.2500% Mat 06/30/2053

New York State Transportation Development Corp. Special Facilities Revenue 5.0000% Mat 07/01/2046

M S R CA ENERGY AUTH GAS REVEN 7.0000% Mat 11/01/2034

BAY AREA CA TOLL AUTH TOLL BRI 4.2000% Mat 04/01/2036

Illinois State, GO 5.0000% Mat 02/01/2027

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 133059345

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 31	—	—	—	—	—	—	—	0.04488	—
Feb 29	—	—	—	—	—	—	—	0.041016	—
Mar 28	—	—	—	—	—	—	—	0.044076	—
Apr 30	—	—	—	—	—	—	—	0.042542	—
May 31	—	—	—	—	—	—	—	0.046974	—
Jun 28	—	—	—	—	—	—	—	0.040104	—
Jul 31	—	—	—	—	—	—	—	0.044197	—
Aug 30	—	—	—	—	—	—	—	0.047143	—
Sep 30	—	—	—	—	—	—	—	0.040181	—
Oct 31	—	—	—	—	—	—	—	0.044445	—
Nov 29	—	—	—	—	—	—	—	0.044519	—
Dec 31	—	—	—	—	—	—	—	0.044539	—
	—	—	—	—	—	—	—	0.524615	—

Jan 31

Feb 29

Mar 28

Apr 30

May 31

Jun 28

Jul 31

Aug 30

Sep 30

Oct 31

Nov 29

Dec 31

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: 17.77%
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Tax-Exempt Income By Jurisdiction

Alabama: 2.47%

Alaska: 0.36%

Arizona: 1.91%

Arkansas: 0.16%

California: 10.29%

Colorado: 2.21%

Connecticut: 0.53%

Delaware: 0.70%

Dist. of Columbia: 0.68%

Florida: 6.30%

Georgia: 1.45%

Guam: 0.07%

Illinois: 13.12%

Indiana: 1.07%

Iowa: 0.50%

Kansas: 0.26%

Kentucky: 1.81%

Louisiana: 0.54%

Maryland: 0.43%

Massachusetts: 1.90%

Michigan: 1.46%

Minnesota: 0.02%

Mississippi: 0.06%

Missouri: 0.19%

Nebraska: 0.38%

Nevada: 0.39%

New Hampshire: 0.03%

New Jersey: 5.18%

New Mexico: 0.02%

New York: 19.72%

North Carolina: 0.54%

North Dakota: 0.34%

Ohio: 1.58%

Oregon: 0.56%

Pennsylvania: 4.50%

Puerto Rico: 4.47%

Rhode Island: 0.14%

South Carolina: 0.56%

South Dakota: 0.06%

Tennessee: 1.80%

Texas: 6.83%

Utah: 1.02%

Vermont: 0.11%

Virginia: 0.99%

Washington: 1.39%

Wisconsin: 0.90%

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/26/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/26/2025

Share Prices

As of 11/26/2025

NAV ¹(Net Asset Value): $14.95
NAV Change ¹: $0.02
NAV Change (%) ¹: 0.13%
POP ¹²(Public Offering Price): $14.95

52-Week Range

Highest NAV: $15.27
Lowest NAV: $14.14

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Western Asset Managed Municipals Fund	Download Document
Checkbox	Product Commentary - Western Asset Managed Municipals Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Western Asset Managed Municipals Fund - Class I	Download Document
Checkbox	Annual Financial Statements and Other Information - Western Asset Managed Municipals Fund	Download Document
Checkbox	Semi-Annual Report - Western Asset Managed Municipals Fund - Class I	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset Managed Municipals Fund	Download Document
Checkbox	Prospectus - Western Asset Managed Municipals Fund	Download Document
Checkbox	Summary Prospectus - Western Asset Managed Municipals Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Income Trust Book 2Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscial Q1 Holdings - Western Asset Managed Municipals FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Western Asset Managed Municipals FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

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

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.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.

The Bloomberg Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year.
Source: Bloomberg Indices.

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

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
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.
Distribution Rate is calculated by annualizing the daily accrual, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
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.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Average Coupon is calculated without the deduction of fees and expenses.
The Taxable Equivalent Yield assumes the maximum regular federal income tax rate and the Medicare tax. Dividends are general subject to state and local taxes, if any. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains may be taxable.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

SMMYX Western Asset Managed Municipals Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class I

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Credit Quality Allocation 13

Distributions & Tax

Federal ID Number 133059345

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³

Credit Quality Allocation ¹³