Western Asset Intermediate Muni Fund to merge into Western Asset Managed Municipals Fund in Q4 2026

Western Asset Intermediate Muni Fund is set to merge into Western Asset Managed Municipals Fund, pending a stockholder vote at SBI.

Closing is expected in Q4 2026; SBI common holders would receive MMU common stock based on SBI NAV per share.

SBI VRDPS holders would receive MMU VRDPS in the same number with identical terms; fractional MMU common shares would be paid in cash.

Boards expect no dilution to SBI holders’ NAV or liquidation preference; the deal targets scale and operating efficiencies across similar muni strategies.

As of May 31, 2026, SBI had about $119.12 million in net assets; MMU had about $599.71 million.