Western Asset Managed Municipals Fund
Legg Mason Partners Income Trust · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Western Asset Managed Municipals Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q2
The fund seeks to maximize current interest income that is excluded from gross income for regular federal income tax purposes to the extent consistent with prudent investment management and the preservation of capital.
The fund invests at least 80% of its assets in municipal securities whose interest is exempt from regular federal income tax, focusing on investment-grade bonds rated Baa/BBB or above but permitting up to 20% in below investment-grade bonds; day-to-day decisions are delegated to a subadviser. The fund may also hold municipal ETFs and use derivatives including options, futures, and tender option bonds to adjust portfolio characteristics or provide economic exposure. Because the subadviser determines credit quality for unrated securities and selects which securities to hold, fund returns depend on those determinations and selections.
| Share class | Gross | Net |
|---|---|---|
| SHMMX | 0.73% | 0.73% |
| SMMCX | 1.28% | 1.28% |
| SMMYX | 0.60% | 0.53% |
| SMMOX | 0.60% | 0.60% |
| C000064957 | 0.96% | 0.88% |
| SSMMX | 0.51% | 0.50% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 6.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 101.72% |
Latest quarter
What changed since the fund's previous filing
Largest new: MASSACHUSETTS ST, ARKANSAS DEVELOPMENT FINANCE AUTHORITY (AR), TEXAS TRANSN COMMN ×4, NATIONAL FIN AUTH N H, MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD
Largest exited: ILLINOIS ST, BAY AREA TOLL AUTH CALIF, CLARK CNTY NEV, NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY (THE) (NY), METROPOLITAN PIER & EXPOSITION AUTH ILL, NEW YORK ST DORM AUTH, MAIN STR NAT GAS INC GA GAS PROJ, CHICAGO (IL), CITY OF
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.12% | +10.66% | +3.96% | 4.31% | -5.38% | |
| +5.55% | +8.92% | +1.19% | 4.36% | -5.50% | |
| +6.33% | +11.36% | +5.04% | 4.36% | -5.32% | |
| +6.19% | +11.11% | +4.70% | 4.32% | -5.30% | |
| +6.28% | +11.35% | +5.10% | 4.33% | -5.32% |
These classes hold the same portfolio, so the 3.91pp spread over 5 years is the cost difference between them — roughly 0.78pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 89.1% |
| Floating rate | 10.3% |
| Zero-coupon or unclassified | 0.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 1-3y | 1.7% |
| 3-5y | 2.5% |
| 5-10y | 9.9% |
| 10y+ | 85.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.93 yr |
| High yield | +0.73 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.28 yr | 3% |
| 5 yr | 1.71 yr | 21% |
| 10 yr | 5.19 yr | 65% |
| 30 yr | 0.85 yr | 11% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 1.83 yr | 24% |
| 10 yr | 4.89 yr | 64% |
| 30 yr | 0.65 yr | 8% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $1.5k | $155 |
| 1 yr | +0.28 | +0.27 | +0.01 | $65.1k | $2.3k |
| 5 yr | +1.71 | +1.56 | +0.27 | $373.3k | $63.8k |
| 10 yr | +5.19 | +4.45 | +0.45 | $1.06m | $106.7k |
| 30 yr | +0.85 | +0.64 | +0.01 | $152.7k | $2.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PUERTO RICO AQUEDUCT AND SEWER AUTHORITY5.00% · due 2047-07-01 | 1.53% | $36.48M | — |
| — | NEW YORK ST URBAN DEV CORP5.00% · due 2048-03-15 | 1.31% | $31.22M | — |
| — | CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY (CA)5.00% floating · due 2055-01-01 | 1.25% | $29.86M | — |
| — | CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY (CA)5.00% floating · due 2055-02-01 | 1.11% | $26.58M | — |
| — | NY NYSHGR 4 03/15/20414.00% · due 2041-03-15 | 1.05% | $25.02M | — |
| — | NY NYSHGR 4 03/15/20454.00% · due 2045-03-15 | 1.01% | $24.10M | — |
| — | NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY (THE) (NY)5.00% · due 2047-02-01 | 0.99% | $23.74M | — |
| — | PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)5.25% · due 2053-06-30 | 0.94% | $22.56M | — |
| — | NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)5.00% · due 2046-07-01 | 0.94% | $22.38M | — |
| — | M-S-R ENERGY AUTHORITY (CA)7.00% · due 2034-11-01 | 0.89% | $21.22M | — |
Top 10 positions are 11.02% of net assets, top 25 21.75%, across 263 issuers.
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