Western Asset Managed Municipals Fund Class A SHMMX

Medalist Rating as of Aug 25, 2026 See Franklin Templeton Investment Hub

NAV / 1-Day Return$14.56 / +0.41%
Fund Size$2.1B
Adjusted Expense Ratio0.650%
Net Expense Ratio0.720%
Fee Level: DistributionLow
Share Class TypeFront Load
Morningstar CategoryMuni National Long
Fixed-Income Style Box (Funds)Medium/Extensive
Minimum Initial Investment$1,000
Investment StatusOpen
TTM Yield3.66%
Average Effective Duration9.16 yrs

NAV and 1-Day Return as of Nov 9, 2026, 10:07:19 PM

Will SHMMX outperform in the future?

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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable SHMMX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the SHMMX 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 SHMMX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A transition awaits.

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 Managed 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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Portfolio Holdings SHMMX

More SHMMX Holdings

Current Portfolio DateSep 30, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings10.8

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV 5%	1.61	34M	municipal
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5%	1.37	29M	municipal
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5%	1.21	25M	municipal
NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5%	1.07	22M	municipal
NEW YORK TRANSN DEV CORP SPL FAC REV 5%	1.03	21M	municipal
PENNSYLVANIA ECONOMIC DEV FING AUTH PRIVATE ACTIVITY REV 5.25%	0.97	20M	municipal
M-S-R ENERGY AUTH CALIF GAS REV 7%	0.95	20M	municipal
MASSACHUSETTS ST 5%	0.93	19M	municipal
TRIBOROUGH BRDG & TUNL AUTH N Y REVS 5%	0.84	18M	municipal
ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV 5%	0.80	17M	municipal

Western Asset Managed Municipals Fund Class A SHMMX

Morningstar’s Analysis SHMMX

Will SHMMX outperform in the future?

Process Pillar

People Pillar

Parent Pillar

A transition awaits.

Summary

Portfolio Holdings SHMMX

PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV 5%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5%

NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5%

NEW YORK TRANSN DEV CORP SPL FAC REV 5%

PENNSYLVANIA ECONOMIC DEV FING AUTH PRIVATE ACTIVITY REV 5.25%

M-S-R ENERGY AUTH CALIF GAS REV 7%

MASSACHUSETTS ST 5%

TRIBOROUGH BRDG & TUNL AUTH N Y REVS 5%

ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV 5%

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