Company: MMU
Filing Date: 2025-01-28
Form Type: N-CSRS
Source: 0001133228-25-000562
Chunk: 1

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-01-28
Form: N-CSRS
Chunk 1
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 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 semi-annual report of Western Asset Managed Municipals Fund Inc. for the six-month reporting period ended November 30, 2024. Please read on for Fund performance information during the Fund’s reporting period. 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 December 31, 2024

Western Asset Managed Municipals Fund Inc. III

Performance review

For the six months ended November 30, 2024, Western Asset Managed Municipals Fund Inc. returned 5.73% based on its net asset value (NAV) i and 10.81% based on its New York Stock Exchange (NYSE) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Municipal Bond Index ii , returned 4.54% for the same period. The Fund has a practice of seeking to maintain a relatively stable level of distributions to shareholders. This practice has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. The Fund’s manager believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. Certain investors may be subject to the federal 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. During this six-month period, the Fund made distributions to shareholders totaling $0.33 per share. As of November 30, 2024, the Fund estimates that 58% of the distributions were sourced from net investment income and 42% constituted a return of capital. * The performance table shows the Fund’s six-month total return based on its NAV and market price as of November 30, 2024