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

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 25
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192), overdistributed net investment income of $(1,047,999) and distributions paid to auction rate cumulative preferred stockholders of $(461,303). Total net assets of the Fund immediately after the transfer were $594,862,632. The transaction was structured to qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended. Pro forma results of operations of the combined entity for the entire year ended May 31, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

|                                                                      |   Unaudited |
| Net investment income                                                | $19,054,164 |
| Net realized loss                                                    |  -6,436,370 |
| Change in net unrealized appreciation                                |   6,935,144 |
| Distributions paid to auction rate cumulative preferred stockholders |    -222,989 |
| Increase in net assets from operations                               | $19,329,949 |

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund’s accompanying Statement of Operations since the close of business on October 13, 2023.

Western Asset Managed Municipals Fund Inc. 2025 Annual Report 53

Notes to financial statements (cont’d)

10. Transactions with affiliated company As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the year ended May 31, 2025. The following transactions were effected in such company for the year ended May 31, 2025.

|                                                                    | AffiliateValue atMay 31,2024 |  Purchased |           |       Sold |           |
| Cost                                                               | Shares                       |   Proceeds |    Shares |            |           |
| Western AssetPremierInstitutionalGovernmentReserves, PremiumShares | —                            | $9,904,091 | 9,904,091 | $9,904,091 | 9,904,091 |

| (cont’d)                                                             | RealizedGain (Loss) | DividendIncome | Net Increase(Decrease) inUnrealizedAppreciation(Depreciation