Class I - With Sales Charge (POP) (%)
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.
Popular Documents
Total Net Assets
$2.57B
As of 10/31/2025 (Updated Monthly)
Overview
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 NAV
4 As of 11/10/2025 (Updated Daily) - 3.66%
- Taxable Equivalent Yield—With Waiver
As of 10/31/2025 (Updated Monthly) - 6.45%
- Taxable Equivalent Yield—Without Waiver
As of 10/31/2025 (Updated Monthly) - 6.35%
Identifiers
- Ticker
- SMMYX
- Fund Number
- 7465
- CUSIP Code
- 52469J509
Average Annual Total Returns As of 09/30/2025
Class I
- 0.62%1 Year
- 4.81%3 Years
- 1.40%5 Years
- 2.32%10 Years
- 4.52%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
As of 10/31/2025 % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 04/04/1995
- Investment Style
- Municipals
- Lipper Classification
- General & Insured Municipal Debt Funds
- Morningstar Category
- 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.
Latest Insights
October 30, 2025
October 30, 2025
October 13, 2025
October 7, 2025
Performance
Calendar Year Returns
As of 09/30/2025
Class I - Without Sales Charge (NAV) (%)
Bloomberg Municipal Bond Index (%)
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.
Ratings 3
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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 10
- Fund
- 10.48 Years
- Benchmark
- 10.69 Years
- Fund
- 4.66%
- Benchmark
- 4.65%
- Fund
- 3.84%
- Benchmark
- —
- Fund
- 8.03 Years
- Benchmark
- —
Sector Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Transportation | 22.55% |
Industrial Revenue | 17.85% |
Hospital/Healthcare | 11.09% |
Special Tax | 9.78% |
Water & Sewer | 9.19% |
Leasing | 8.53% |
Local General Obligation | 7.64% |
State General Obligation | 4.70% |
Education | 4.04% |
Power | 2.64% |
Other | 1.03% |
Variable Rate Demand Notes | 0.54% |
Housing | 0.41% |
Pre-Refunded | 0.00% |
Cash & Cash Equivalents | 0.00% |
Holdings
As of 09/30/2025 (Updated Monthly)
PUERTO RICO CMWLTH AQUEDUCT & 5.0000% Mat 07/01/2047
ILLINOIS ST 5.0000% Mat 11/01/2027
CALIFORNIA COMMUNITY CHOICE FI 5.0000% Mat 01/01/2055
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 3.8800% 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
- Distribution Frequency
- MonthlyThis fund is an Accrual fund.
- Capital Gain Distributions
- June, December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 3.66%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/22/2025
10/31/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
02/28/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Western Asset Managed Municipals Fund | |||
| Product Commentary - Western Asset Managed Municipals Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Western Asset Managed Municipals Fund - Class I | |||
| Annual Financial Statements and Other Information - Western Asset Managed Municipals Fund | |||
| Semi-Annual Report - Western Asset Managed Municipals Fund - Class I | |||
| Semi-Annual Financial Statements and Other Information - Western Asset Managed Municipals Fund | |||
| Prospectus - Western Asset Managed Municipals Fund | |||
| Summary Prospectus - Western Asset Managed Municipals Fund | |||
| Statement of Additional Information - Legg Mason Partners Income Trust Book 2 | |||
| Fiscial Q1 Holdings - Western Asset Managed Municipals Fund | |||
| Fiscal Q3 Holdings - Western Asset Managed Municipals Fund |
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
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.
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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.