Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 4

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 4
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 alternative minimum tax, and state and local taxes will apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.

2 Western Asset Managed Municipals Fund Inc. 2025 Annual Report

During the twelve-month period, the Fund made distributions to shareholders totaling $0.65 per share of which $0.27 will be treated as a return of capital for tax purposes. * The performance table shows the Fund’s twelve-month total return based on its NAV and market price as of May 31, 2025. Past performance is no guarantee of future results.

| Performance Snapshotas of May 31, 2025 |                        |
|:---------------------------------------|:-----------------------|
| Price Per Share                        | 12-MonthTotal Return** |
| $10.68 (NAV)                           | -0.68%†                |
| $9.91 (Market Price)                   | 6.24%‡                 |

All figures represent past performance and are not a guarantee of future results. ** Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. † Total return assumes the reinvestment of all distributions, including returns of capital, at NAV. ‡ Total return assumes the reinvestment of all distributions, including returns of capital, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan. Q. What were the leading contributors to performance? A. The largest contributors to the Fund’s relative performance during the reporting period were overweight allocations to lower investment-grade and high yield securities, as well as security selection within certain sectors. In addition, security selection within the utilities and health care sectors were additive to returns. Q. What were the leading detractors from performance? A. Among the largest detractors from the Fund’s relative performance during the reporting period was its duration positioning. A long duration position on both an unlevered and levered basis detracted from performance. Meanwhile, an underweight to the housing sector, and security selection within the special tax and transportation sectors detracted from performance. Looking for additional information? The Fund is traded under the symbol “MMU” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the symbol “XMMUX” on most financial websites