# Western Asset Managed Municipals Fund (MMU): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/mmu for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Western Asset · Asset class: Bond - Strategy: Thematic · Inception: 1992-07-17 Western Asset Managed Municipals Fund Inc. is a closed ended fixed income mutual fund launched and managed by Legg Mason Partners Fund Advisor, LLC. The fund is co-managed by Western Asset Management Company. It invests in the fixed income markets of the United States. The fund invests in securities that provide income exempt from federal income tax. It invests primarily in investment grade municipal securities. The fund employs intensive proprietary research to create its portfolio. It benchmarks the performance of its portfolio against the Barclays Capital Municipal Bond Index. The fund w... ## Key Facts | Metric | Value | |---|---| | Price | $9.14 | | Expense Ratio | 2.84% | | Assets Under Management | $498.9M | | NAV | — | | Holdings Count | — | | Distribution Yield (TTM) | 7.16% | | Annual Distribution (TTM) | $0.65 /share | | Distribution Frequency | Monthly | | 52-Week Range | $8.71 – $10.71 | | Beta | 0.55 | ## Latest Distribution - Amount: $0.0545 /share - Ex-date: 2026-11-20 - Pay date: 2026-11-30 ## Frequently Asked Questions ### What does MMU invest in? Western Asset Managed Municipals Fund Inc. is a closed ended fixed income mutual fund launched and managed by Legg Mason Partners Fund Advisor, LLC. The fund is co-managed by Western Asset Management Company. It invests in the fixed income markets of the United States. The fund invests in securities that provide income exempt from federal income tax. It invests primarily in investment grade municipal securities. The fund employs intensive proprietary research to create its portfolio. It benchmarks the performance of its portfolio against the Barclays Capital Municipal Bond Index. The fund was formerly known as Managed Municipals Portfolio Inc. Western Asset Managed Municipals Fund Inc. was formed on June 26, 1992 and is domiciled in the United States. ### What is the expense ratio of MMU? Western Asset Managed Municipals Fund (MMU) charges an expense ratio of 2.84%. This is the annual fee deducted from fund assets to cover management and operations. ### What is MMU's dividend yield? MMU's trailing-twelve-month yield is 7.16%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of MMU? Effective duration measures MMU's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. MMU's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of MMU? MMU's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of MMU? Yield to maturity (YTM) is the total return you'd earn from MMU if every bond in the portfolio is held to maturity at the current price. MMU's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does MMU pay a dividend? Yes, Western Asset Managed Municipals Fund (MMU) distributes dividends to shareholders. The trailing-twelve-month yield is 7.16%. Full dividend history is on this page. ### How often does MMU pay dividends? Western Asset Managed Municipals Fund pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is MMU's next ex-dividend date? The most recently announced ex-dividend date for MMU was 2026-11-20. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will MMU's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 2.84% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does MMU charge its expense ratio? The expense ratio is deducted in tiny daily slices from MMU's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does MMU cost more than a fund like VOO? MMU's strategy (current expense ratio 2.84%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where MMU sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to MMU? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as MMU (2.84%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/mmu - Distribution history: https://www.dividenddata.com/funds/mmu/dividend - Holdings & diversification: https://www.dividenddata.com/funds/mmu/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/mmu/expenses - Peer comparison: https://www.dividenddata.com/funds/mmu/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.