Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 8

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 8
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5 Annual Report

Fund performance (unaudited)

| Net Asset Value               |        |
| Average annual total returns1 |        |
| Twelve Months Ended 5/31/25   | -0.68% |
| Five Years Ended 5/31/25      |   0.32 |
| Ten Years Ended 5/31/25       |   1.78 |
| Cumulative total returns1     |        |
| 5/31/15 through 5/31/25       | 19.32% |

| Market Price                  |        |
| Average annual total returns2 |        |
| Twelve Months Ended 5/31/25   |  6.24% |
| Five Years Ended 5/31/25      |   0.89 |
| Ten Years Ended 5/31/25       |   1.62 |
| Cumulative total returns2     |        |
| 5/31/15 through 5/31/25       | 17.47% |

All figures represent past performance and are not a guarantee of future results. 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.

| 1 | Assumes the reinvestment of all distributions, including returns of capital, if any, 
 at net asset value.                                                                  |
| 2 | Assumes the reinvestment of all distributions, including returns of capital, if any, 
 in additional shares inaccordance with the Fund’s Dividend Reinvestment Plan.        |

Western Asset Managed Municipals Fund Inc. 2025 Annual Report 7

Fund performance (unaudited) (cont’d)

Historical performance Value of $10,000 invested in Western Asset Managed Municipals Fund Inc. vs. Bloomberg Municipal Bond Index† — May 2015 - May 2025 All figures represent past performance and are not a guarantee of future results. 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. † Hypothetical illustration of $10,000 invested in Western Asset Managed Municipals Fund Inc. on May 31, 2015, assuming the reinvestment of all distributions, including returns of capital, if any, at net