Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 1

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 1
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                        |  57 |
| Additional information                                                        |  63 |
| Annual chief executive officer and principal financial officer certifications |  69 |
| Other shareholder communications regarding accounting matters                 |  70 |
| Summary of information regarding the Fund                                     |  71 |
| Dividend reinvestment plan                                                    |  88 |
| Important tax information                                                     |  90 |

* Certain investors may be subject to the federal alternative minimum tax (“AMT”), and state and local taxes will apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.

II Western Asset Managed Municipals Fund Inc.

Letter from the president

Dear Shareholder, We are pleased to provide the annual report of Western Asset Managed Municipals Fund Inc. for the twelve-month reporting period ended May 31, 2025. Please read on for a detailed look at prevailing economic and market conditions during the Fund’s reporting period and to learn how those conditions have affected Fund performance. As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including: • Fund prices and performance, • Market insights and commentaries from our portfolio managers, and • A host of educational resources. We look forward to helping you meet your financial goals. Sincerely, Jane Trust, CFA

President and Chief Executive Officer June 30, 2025

Western Asset Managed Municipals Fund Inc. III

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Fund overview

Q. What is the Fund’s investment strategy? A. The Fund’s investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with preservation of capital. When pursuing its investment objective, the Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal. We select securities primarily by identifying undervalued sectors and individual securities, while also selecting securities that we believe will benefit from changes in market conditions. Under normal market conditions, the Fund invests primarily in investment-grade municipal bonds, but it can also invest up to 20% of its total assets in municipal bonds rated below investment-grade by a nationally recognized statistical rating organization or, if unrated, determined to be of equivalent quality. The Fund may also use a variety of derivative instruments for investment purposes,