SCHEDULE: RiverNorth Capital Amends Western Asset Fund Stake

RiverNorth Capital Management, LLC updated its beneficial ownership in Western Asset Managed Municipals Fund Inc., reporting a 4.97% stake.

Summary

• RiverNorth Capital Management, LLC filed an Amendment No. 5 to Schedule 13G, disclosing its beneficial ownership in Western Asset Managed Municipals Fund Inc.
• As of December 31, 2025, RiverNorth Capital Management, LLC beneficially owned 2,717,139 shares of Common stock.
• This ownership represents 4.97% of the class of securities.
• RiverNorth Capital Management, LLC holds sole voting power and sole dispositive power over all 2,717,139 shares.
• The filing indicates that other persons have the right to receive proceeds from the sale of these securities.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it is a routine regulatory disclosure of beneficial ownership by an institutional investor and does not contain new operational or financial performance information.

Positives

• The filing is a routine disclosure of beneficial ownership, indicating an institutional investor's continued stake in the fund.

Negatives

• The filing does not contain information that would be considered negative in the context of company performance or operations.

Management Comments

• Marcus Collins, General Counsel and Chief Compliance Officer of RiverNorth Capital Management, LLC, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of the issuer.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are standard disclosures by institutional investors who acquire beneficial ownership of more than 5% of a company's voting class of securities, but do not intend to influence or control the issuer. This filing indicates RiverNorth Capital Management, an investment adviser, maintains a significant, though non-controlling, stake in Western Asset Managed Municipals Fund Inc., a closed-end fund focused on municipal bonds. Such filings provide transparency regarding large institutional holdings in the market.

Comparison to Industry Standards

• This filing is a regulatory disclosure of beneficial ownership, not a performance report, and therefore does not contain financial results or operational metrics that can be directly compared to industry standards or specific comparable companies like BlackRock, Vanguard, or PIMCO's fund performance or asset under management growth.
• The 4.97% ownership stake is just below the 5% threshold that typically triggers initial 13G filings, suggesting this is an amendment to an existing position, or a new position that is just under the threshold for a 13D filing.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can offer some level of confidence or insight into institutional interest in the fund.
• Management: Awareness of a large, non-controlling shareholder, which is standard for publicly traded funds.

Next Steps

• RiverNorth Capital Management, LLC will be required to file further amendments to this Schedule 13G if there are material changes to its beneficial ownership, such as crossing the 10% threshold or a significant decrease in holdings.

Key Dates

Keywords

Western Asset Managed Municipals Fund Inc., RiverNorth Capital Management, Schedule 13G, Beneficial Ownership, Investment Adviser, Common Stock, SEC Filing, Municipal Bonds