# Western Asset Managed Municipals Fund (SHMMX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/shmmx 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: Actively Managed · Inception: 1981-03-04 The fund generally commits at least 80% of its capital to municipal bonds and other investments that share similar economic features. These holdings are specifically chosen because their interest income is typically free from regular federal income tax, though it could still be subject to the federal Alternative Minimum Tax (AMT). Its investment strategy focuses on municipal debt with both intermediate and extended durations, selecting securities that have remaining maturities spanning from one year to more than three decades at the point of purchase. ## Key Facts | Metric | Value | |---|---| | Price | $14.35 | | Expense Ratio | 0.73% | | AUM (All Share Classes) | $2.12B | | NAV | $14.35 (2026-10-30 close) | | Holdings Count | — | | Distribution Yield (TTM) | 3.64% | | Annual Distribution (TTM) | $0.52 /share | | Distribution Frequency | Monthly | | 52-Week Range | $13.76 – $15.12 | | Beta | 1.00 | ## Latest Distribution - Amount: $0.0434 /share - Ex-date: 2026-09-30 - Pay date: 2026-09-30 ## Frequently Asked Questions ### What does SHMMX invest in? The fund generally commits at least 80% of its capital to municipal bonds and other investments that share similar economic features. These holdings are specifically chosen because their interest income is typically free from regular federal income tax, though it could still be subject to the federal Alternative Minimum Tax (AMT). Its investment strategy focuses on municipal debt with both intermediate and extended durations, selecting securities that have remaining maturities spanning from one year to more than three decades at the point of purchase. ### What is the expense ratio of SHMMX? Western Asset Managed Municipals Fund (SHMMX) charges an expense ratio of 0.73%. This is the annual fee deducted from fund assets to cover management and operations. ### What is SHMMX's dividend yield? SHMMX's trailing-twelve-month yield is 3.64%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of SHMMX? Effective duration measures SHMMX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. SHMMX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of SHMMX? SHMMX'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 SHMMX? Yield to maturity (YTM) is the total return you'd earn from SHMMX if every bond in the portfolio is held to maturity at the current price. SHMMX'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 SHMMX pay a dividend? Yes, Western Asset Managed Municipals Fund (SHMMX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.64%. Full dividend history is on this page. ### How often does SHMMX 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 SHMMX's next ex-dividend date? The most recently announced ex-dividend date for SHMMX was 2026-09-30. 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 SHMMX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.73% 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 SHMMX charge its expense ratio? The expense ratio is deducted in tiny daily slices from SHMMX'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 SHMMX cost more than a fund like VOO? SHMMX is actively managed (current expense ratio 0.73%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether SHMMX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to SHMMX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as SHMMX (0.73%) 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/shmmx - Distribution history: https://www.dividenddata.com/funds/shmmx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/shmmx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/shmmx/expenses - Peer comparison: https://www.dividenddata.com/funds/shmmx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.