Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 17

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 17
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 (the “ affiliated money market fund waiver ” ). During the year ended May 31, 2025, fees waived and/or expenses reimbursed amounted to $187,646, which included an affiliated money market fund waiver of $65. All officers and one Director of the Fund are employees of Franklin Resources or its affiliates and do not receive compensation from the Fund. The Fund is permitted to purchase or sell short-term variable rate demand obligations from or to certain other affiliated funds or portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another fund or portfolio that is, or could be considered, an affiliate by virtue of having a common investment manager or subadviser (or affiliated investment manager or subadviser), common Directors and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended May 31, 2025, such purchase and sale transactions (excluding accrued interest) were $27,585,000 and $45,040,000, respectively. There was no realized gain or loss recognized as a result of these transactions.

Western Asset Managed Municipals Fund Inc. 2025 Annual Report 47

Notes to financial statements (cont’d)

3. Investments During the year ended May 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

| Purchases | $129,721,875 |
| Sales     |  144,200,415 |

At May 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

|            |        Cost* | GrossUnrealizedAppreciation | GrossUnrealizedDepreciation | NetUnrealizedDepreciation |
| Securities | $896,092,780 |                 $14,904,743 | $(37,765,713)               | $(22,860,970)             |

| * | Cost of investments for federal income tax purposes includes the value of Inverse 
 Floaters issued in TOBtransactions (Note 1).                                      |

4. Derivative instruments and hedging activities At May 31, 2025, the Fund did not have any derivative instruments outstanding. The following tables provide information about the effect