Western Asset Managed Municipals Fund (MMU) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06629

Western Asset Managed Municipals Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

George P Hoyt

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 777-0102

Date of fiscal year end: May 31

Date of reporting period: November 30, 2020

ITEM 1. REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Semi- Annual Report November 30, 2020

WESTERN ASSET

MANAGED MUNICIPALS FUND INC. (MMU)

Beginning in or after January 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you invest through a financial intermediary and you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. If you have not already elected e-delivery, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account at that financial intermediary. If you are a direct shareholder with the Fund, you can call the Fund at 1-888-888-0151, or write to the Fund by regular mail at P.O. Box 505000, Louisville, KY 40233 or by overnight delivery to Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

What’s inside
Letter from the chairman	III
Performance review	V
Fund at a glance	1
Schedule of investments	2
Statement of assets and liabilities	24
Statement of operations	25
Statements of changes in net assets	26
Statement of cash flows	27
Financial highlights	28
Notes to financial statements	30
Additional shareholder information	45
Dividend reinvestment plan	46

Fund objective

The Fund seeks to maximize current income exempt from federal income tax* as is consistent with preservation of principal.

The Fund seeks to achieve its objective by investing primarily in long-term investment grade municipal debt securities issued by state and local governments, political subdivisions, agencies and public authorities (municipal obligations). Under normal market conditions, the Fund will invest at least 80% of its total assets in municipal obligations rated investment grade at the time of investment.

^*  Certain investors may be subject to the federal alternative 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 chairman

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, 2020. Please read on for Fund performance information during the Fund’s reporting period.

Special shareholder notice

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and the subadviser became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended, consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the Fund prior to the transaction. The Fund’s manager and subadviser continue to provide uninterrupted services with respect to the Fund pursuant to new management and subadvisory agreements that were approved by Fund shareholders.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of November 30, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.5 trillion.

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.lmcef.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.

Western Asset Managed Municipals Fund Inc. III

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

Chairman, President and Chief Executive Officer

December 31, 2020

IV Western Asset Managed Municipals Fund Inc.

Performance review

For the six months ended November 30, 2020, Western Asset Managed Municipals Fund Inc. returned 8.18% based on its net asset value (“NAV”)ⁱ and 7.13% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Barclays Municipal Bond Indexⁱⁱ, returned 3.29% for the same period. The Lipper General & Insured Municipal Debt (Leveraged) Closed-End Funds Category Averageⁱⁱⁱ returned 8.09% over the same time frame. Please note that Lipper performance returns are based on each 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 $0.27 per share. As of November 30, 2020, the Fund estimates that all of the distributions were sourced from net investment income.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of November 30, 2020. Past performance is no guarantee of future results.

Performance Snapshot as of November 30, 2020 (unaudited)
Price Per Share	6-Month Total Return†
$ 13.83 (NAV)		8.18	%‡**
$ 12.61 (Market Price)		7.13	%‡‡

All figures represent past performance and are not a guarantee of future results. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

† 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, if any, at NAV.

‡‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

* These estimates are not for tax purposes. The Fund will issue a Form 1099 with final composition of the distributions for tax purposes after year-end. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder’s investment. For more information about a distribution’s composition, please refer to the Fund’s distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.lmcef.com (click on the name of the Fund).

** The total return based on NAV reflects the impact of the tender and repurchase by the Fund of a portion of its Auction Rate Cumulative Preferred Stock at 85% of the per share liquidation preference. Absent this transaction, the total return based on NAV would have been the same.

Western Asset Managed Municipals Fund Inc. V

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 on-line under the symbol “XMMUX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.lmcef.com (click on the name of the Fund).

In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern Time, for the Fund’s current NAV, market price and other information.

Thank you for your investment in Western Asset Managed Municipals Fund Inc. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

Jane Trust, CFA

Chairman, President and Chief Executive Officer

December 31, 2020

RISKS: The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. The Fund’s common stock is traded on the New York Stock Exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value. Because the Fund is non-diversified, it may be more susceptible to economic, political or regulatory events than a diversified fund. The Fund’s investments are subject to a number of risks, including interest rate risk, credit risk, leveraging risk and management risk. As interest rates rise, the price of fixed-income investments declines. Lower rated, higher- yielding bonds, known as “high yield” or “junk” bonds, are subject to greater liquidity and credit risk than higher-rated investment grade securities. Municipal securities purchased by the Fund may be adversely affected by changes in the financial condition of municipal issuers and insurers, regulatory and political developments, uncertainties and public perceptions, and other factors. The Fund may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses and could have a potentially large impact on Fund performance. To the extent the Fund enters into tender option bond (“TOB”) transactions, such

VI Western Asset Managed Municipals Fund Inc.

Performance review (cont’d)

TOB transactions expose the Fund to leverage and credit risk, and generally involve greater risk than investments in fixed rate municipal bonds, including the risk of loss of principal. The Fund may invest in securities of other investment companies. To the extent it does, Fund stockholders will indirectly pay a portion of the operating costs of such companies, in addition to the expenses that the Fund bears directly in connection with its own operations. Investing in securities issued by other investment companies, including exchange-traded funds (“ETFs”) that invest primarily in municipal securities, involves risks similar to those of investing directly in the securities in which those investment companies invest. To the extent the Fund invests in securities of other investment companies, Fund stockholders will indirectly pay a portion of the operating costs of such companies, in addition to the expenses that the Fund bears directly in connection with its own operation. Leverage may result in greater volatility of NAV and market price of common shares and increases a shareholder’s risk of loss. The Fund may also invest in money market funds, including funds affiliated with the Fund’s manager and subadviser.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

ⁱ Net asset value (“NAV”) is calculated by subtracting total liabilities, including liabilities associated with financial leverage (if any), from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding. The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is the Fund’s market price as determined by supply of and demand for the Fund’s shares.

ⁱⁱ  The Bloomberg Barclays Municipal Bond Index is a market value weighted index of investment grade municipal bonds with maturities of one year or more.

ⁱⁱⁱ  Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the six-month period ended November 30, 2020, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 66 funds in the Fund’s Lipper category.

Western Asset Managed Municipals Fund Inc. VII

Fund at a glance^†(unaudited)

Investment breakdown (%) as a percent of total investments

† The bar graph above represents the composition of the Fund’s investments as of November 30, 2020 and May 31, 2020 and does not include derivatives, such as futures contracts. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 1

Schedule of investments (unaudited)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Municipal Bonds — 138.9%
Alabama — 8.6%
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019		5.750	%		10/1/49	$	700,000	$	638,477	(a)
Jefferson County, AL, Sewer Revenue:
Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% until 10/1/23; 7.900%)		0.000	%		10/1/50		11,580,000		11,655,154
Senior Lien, Warrants, Series A, Refunding, AGM		5.500	%		10/1/53		1,400,000		1,566,320
Subordinated Lien, Warrants, Series D, Refunding		6.000	%		10/1/42		9,230,000		10,764,857
Subordinated Lien, Warrants, Series D, Refunding		6.500	%		10/1/53		6,900,000		8,137,515
Lower Alabama Gas District, Natural Gas Revenue, Series A		5.000	%		9/1/46		8,525,000		12,672,668
Southeast Alabama Gas Supply District, Gas Supply Revenue, Series 2018A		4.000	%		6/1/24		5,690,000		6,331,491	(b)(c)
Total Alabama									51,766,482
Alaska — 0.4%
Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B		5.000	%		12/1/38		750,000		944,197
Anchorage, AK, Port Revenue, Series A		5.000	%		12/1/50		1,000,000		1,221,480	(a)(d)
Total Alaska									2,165,677
Arizona — 5.8%
Arizona State IDA Revenue, Lincoln South Beltway Project, Series 2020		5.000	%		2/1/27		1,760,000		2,198,821
Arizona State IDA Revenue, Education Revenue, Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program		5.000	%		7/1/52		725,000		840,065
Chandler, AZ, IDA Revenue, Intel Corp. Project		5.000	%		6/3/24		4,120,000		4,736,970	(a)(b)(c)
Navajo Nation, AZ, Revenue, Series A, Refunding		5.500	%		12/1/30		950,000		1,055,260	(e)
Phoenix, AZ, Civic Improvement Corp., Water System Revenue, Junior Lien, Series A		5.000	%		7/1/44		750,000		986,857
Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A		5.000	%		8/1/42		750,000		939,758
Salt Verde, AZ, Financial Corp., Natural Gas Revenue:
Series 2007		5.250	%		12/1/28		2,000,000		2,581,340

See Notes to Financial Statements.

2 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Arizona — continued
Series 2007		5.000	%		12/1/32	$	10,000,000	$	13,386,100
Series 2007		5.000	%		12/1/37		5,500,000		7,782,885
Total Arizona									34,508,056
California — 17.8%
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding		5.000	%		10/1/34		1,750,000		2,055,077
Anaheim, CA, Public Financing Authority Lease Revenue, Series A, Refunding		5.000	%		5/1/46		2,000,000		2,203,380
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA Municipal Swap Index Yield +1.100%)		1.210	%		4/1/24		5,500,000		5,582,555	(b)(c)
California State Health Facilities Financing Authority Revenue, Lucile Salter Packard Children’s Hospital at Stanford		5.000	%		11/15/56		500,000		596,055
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A		5.000	%		12/31/43		1,500,000		1,760,010	(a)
Senior Lien, LINXS APM Project, Series A		5.000	%		12/31/47		1,900,000		2,216,958	(a)
California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project		5.000	%		11/21/45		12,500,000		13,112,375	(a)(e)
California State, GO:
Various Purpose, Refunding		4.000	%		11/1/36		1,000,000		1,182,590
Various Purpose, Refunding		4.000	%		3/1/40		1,750,000		2,142,157
California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A		5.750	%		1/15/45		1,770,000		1,799,824	(e)
Chino Valley, CA, USD, GO, Series B		5.000	%		8/1/55		1,250,000		1,623,838
Golden State, CA, Tobacco Securitization Corp. Revenue:
Tobacco Settlement Funded, Series A-1, Refunding		5.250	%		6/1/47		2,855,000		2,959,836
Tobacco Settlement Funded, Series A-2, Refunding		5.000	%		6/1/47		550,000		567,661
Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue, Series A, Refunding		5.000	%		9/1/44		2,405,000		2,657,621
Los Angeles County, CA, Public Works Financing Authority Revenue:
Multiple Capital Project II		5.000	%		8/1/32		3,000,000		3,234,030
Multiple Capital Project II		5.000	%		8/1/37		1,000,000		1,074,530

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 3

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
California — continued
Los Angeles, CA, Department of Airports Revenue:
Los Angeles International Airport, Subordinated, Series D		5.000	%		5/15/39	$	500,000	$	620,390	(a)
Los Angeles International Airport, Subordinated, Series D		5.000	%		5/15/49		2,500,000		3,043,425	(a)
Los Angeles International Airport, Subordinated, Series F		5.000	%		5/15/27		5,565,000		7,004,944	(a)
Los Angeles International Airport, Subordinated, Series F		4.000	%		5/15/49		2,000,000		2,286,800	(a)
Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A		5.000	%		7/1/48		2,500,000		3,123,400
Los Angeles, CA, Department of Water & Power, Power System Revenue:
Power System, Series A		5.000	%		7/1/47		4,000,000		4,855,920
Series C		5.000	%		7/1/37		1,000,000		1,253,290
Series C		5.000	%		7/1/42		2,000,000		2,480,840
Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated, Series A		5.000	%		6/1/48		1,500,000		1,885,425
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A		5.000	%		10/1/42		400,000		441,632	(e)
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series A		7.000	%		11/1/34		3,430,000		5,478,876
Series B		6.500	%		11/1/39		8,000,000		13,254,640
Regents of the University of California Medical Center Pooled Revenue, Series L, Refunding		5.000	%		5/15/32		1,750,000		2,119,110
River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding		5.500	%		9/1/45		2,000,000		2,123,940
Riverside County, CA, Transportation Commission Sales Tax Revenue, Series B, Refunding		5.000	%		6/1/37		1,900,000		2,412,601
Riverside County, CA, Transportation Commission Toll Revenue:
Senior Lien, Series A		5.750	%		6/1/44		200,000		217,604
Senior Lien, Series A		5.750	%		6/1/48		600,000		651,474

See Notes to Financial Statements.

4 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
California — continued
San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM		5.000	%		10/1/36	$	1,000,000	$	1,265,890
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A		5.000	%		4/1/48		2,500,000		2,999,350
San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Company LLC, Series A		5.000	%		1/1/47		1,500,000		1,813,365	(a)
San Mateo County, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A		5.000	%		7/15/43		1,000,000		1,247,590
Tobacco Securitization Authority of Southern California Revenue:
Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A		5.000	%		6/1/39		500,000		640,115
Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A		5.000	%		6/1/48		500,000		617,390
Total California									106,606,508
Colorado — 8.8%
Base Village Metropolitan District #2, CO, GO, Series A, Refunding		5.750	%		12/1/46		500,000		520,275
Colorado State Educational & Cultural Facilities Authority Revenue, University of Denver Project, Series A		5.000	%		3/1/47		1,600,000		1,868,240
Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-1		4.000	%		8/1/44		1,900,000		2,119,222
Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes		5.000	%		12/31/51		600,000		654,132
Denver, CO, Airport System Revenue:
Series C		6.125	%		11/15/25		10,945,000		12,818,346	(a)(f)
Series C		6.125	%		11/15/25		13,630,000		14,263,523	(a)
Public Authority for Colorado Energy, Natural Gas Purchase Revenue		6.500	%		11/15/38		13,000,000		20,582,120
Total Colorado									52,825,858
Connecticut — 1.6%
Connecticut State Special Tax Revenue:
Transportation Infrastructure, Series A		5.000	%		1/1/37		1,500,000		1,857,855

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 5

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Connecticut — continued
Transportation Infrastructure, Series A		5.000	%		5/1/38	$	2,750,000	$	3,591,555
Connecticut State, GO:
Series A		5.000	%		4/15/35		1,650,000		2,115,399
Series E		5.000	%		10/15/34		930,000		1,124,175
Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd., Refunding		5.000	%		4/1/39		900,000		978,687	(e)
Total Connecticut									9,667,671
District of Columbia — 0.5%
District of Columbia Revenue, KIPP DC Project, Series B, Refunding		5.000	%		7/1/48		2,800,000		3,257,184
Florida — 4.2%
Broward County, FL, Airport System Revenue, Series 2017		5.000	%		10/1/47		1,250,000		1,470,863	(a)
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A		6.125	%		6/15/46		555,000		619,380	(e)
Florida State Mid-Bay Bridge Authority, Series A, Refunding		5.000	%		10/1/30		2,410,000		2,779,019
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A		5.000	%		10/1/47		1,500,000		1,759,830	(a)
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding		5.000	%		10/1/49		3,000,000		3,624,390	(a)
Miami-Dade County, FL, Expressway Authority, Series A		5.000	%		7/1/40		9,000,000		9,025,380
Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus Children’s Hospital, Refunding		5.000	%		8/1/42		1,250,000		1,483,387
Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding		5.000	%		8/1/47		750,000		817,425
Palm Beach County, FL, Health Facilities Authority Revenue:
Acts Retirement-Life Communities		5.000	%		11/15/45		750,000		853,313
Toby &Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B-1		3.000	%		6/1/27		1,500,000		1,527,555
Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B		5.000	%		7/1/50		1,000,000		1,234,200
Total Florida									25,194,742

See Notes to Financial Statements.

6 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Georgia — 1.4%
Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology		5.000	%		6/15/44	$	1,000,000	$	1,251,730
Georgia State Municipal Electric Authority Power Revenue, Project One, Series A		5.000	%		1/1/50		1,000,000		1,252,150
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A		5.000	%		5/15/43		800,000		961,768
Series B		5.000	%		3/15/22		4,000,000		4,224,440
Series C		5.000	%		9/1/26		560,000		654,226	(b)(c)
Total Georgia									8,344,314
Idaho — 0.2%
Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A		5.000	%		12/1/47		1,100,000		1,326,270
Illinois — 17.1%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018		5.000	%		4/1/42		1,500,000		1,644,450
Chicago, IL, Board of Education, GO:
Dedicated, Series G, Refunding		5.000	%		12/1/34		100,000		108,165
Dedicated, Series G, Refunding		5.000	%		12/1/44		420,000		444,511
Dedicated, Series H		5.000	%		12/1/36		500,000		538,660
Dedicated, Series H		5.000	%		12/1/46		150,000		158,369
Series D		5.000	%		12/1/46		6,435,000		6,869,234
Chicago, IL, GO:
Series 2002B		5.500	%		1/1/37		220,000		235,145
Series A		5.000	%		1/1/44		1,000,000		1,065,050
Series A, Refunding		5.000	%		1/1/26		2,250,000		2,459,205
Series A, Refunding		6.000	%		1/1/38		1,500,000		1,694,100
Series B		5.000	%		1/1/32		3,300,000		3,547,269
Series C, Refunding		5.000	%		1/1/25		3,000,000		3,230,820
Series D, Refunding		5.500	%		1/1/34		10,000		10,727
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series B, Refunding		5.000	%		1/1/41		1,000,000		1,154,830
General, Third Lien		5.625	%		1/1/35		1,240,000		1,245,468
General, Third Lien		5.750	%		1/1/39		965,000		969,352
Series A, Refunding		5.000	%		1/1/31		1,000,000		1,150,790	(a)
Series A, Refunding		5.000	%		1/1/35		7,000,000		7,989,450	(a)
Trips Obligated Group		5.000	%		7/1/48		700,000		803,390	(a)

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 7

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturit Date		Face Amount		Value
Illinois — continued
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien		5.000	%		12/1/51	$	1,000,000	$	1,147,800
Second Lien, Series A, Refunding		4.000	%		12/1/55		1,300,000		1,421,810
Second Lien, Series A, Refunding		5.000	%		12/1/55		500,000		595,990
Chicago, IL, Wastewater Transmission Revenue:
Second Lien		5.000	%		1/1/44		1,000,000		1,104,810
Second Lien, Series A		5.000	%		1/1/47		1,000,000		1,160,540
Second Lien, Series B, Refunding		5.000	%		1/1/38		750,000		893,363
Chicago, IL, Waterworks Revenue:
Second Lien, Series 2017, Refunding		5.000	%		11/1/29		1,800,000		2,257,488
Second Lien, Series 2017-2, Refunding, AGM		5.000	%		11/1/33		1,290,000		1,573,065
Second Lien, Series 2017-2, Refunding, AGM		5.000	%		11/1/36		1,110,000		1,344,232
Second Lien, Series 2017-2, Refunding, AGM		5.000	%		11/1/37		2,500,000		3,020,800
Second Lien, Series 2017-2, Refunding, AGM		5.000	%		11/1/38		2,000,000		2,410,000
Illinois State Finance Authority Revenue:
Depaul University, Series A		6.125	%		10/1/40		5,000,000		5,099,550	(g)
Northshore University Health System, Refunding		4.000	%		8/15/40		1,900,000		2,240,347
Illinois State Finance Authority, Student Housing & Academic Facilities Revenue, CHF Chicago LLC, University of Illinois Chicago Project		5.000	%		2/15/50		500,000		475,665
Illinois State Sports Facilities Authority Revenue:
Sport Facilities Project, Series 2019, Refunding, BAM		5.000	%		6/15/28		750,000		936,518
State Tax Supported, Series 2019, Refunding		5.000	%		6/15/30		650,000		739,908
Illinois State Toll Highway Authority Revenue:
Series A		4.000	%		1/1/39		4,000,000		4,681,200
Series C, Refunding		5.000	%		1/1/27		1,600,000		2,012,672
Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM		5.000	%		4/1/37		250,000		304,275

See Notes to Financial Statements.

8 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Illinois — continued
Illinois State, GO:
Series 2006		5.500	%		1/1/30	$	275,000	$	320,166
Series 2016		5.000	%		1/1/33		1,500,000		1,601,520
Series 2016		5.000	%		11/1/33		2,350,000		2,526,979
Series 2016, Refunding		5.000	%		2/1/29		1,660,000		1,821,020
Series A		5.000	%		5/1/36		690,000		746,414
Series A		5.000	%		5/1/39		2,000,000		2,146,220
Series A, Refunding		5.000	%		10/1/29		3,795,000		4,220,040
Series A, Refunding		5.000	%		10/1/30		500,000		552,695
Series B, Refunding		5.000	%		10/1/29		750,000		834,000
Series D		5.000	%		11/1/27		3,325,000		3,668,572
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding		4.000	%		6/15/50		1,500,000		1,536,345
McCormick Place Expansion Project, Series A, Refunding		5.000	%		6/15/50		7,150,000		8,005,855
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL		6.000	%		7/1/29		4,450,000		5,747,130
Total Illinois									102,465,974
Indiana —2.5%
Indiana State Finance Authority Revenue:
Marion General Hospital, Series A		4.000	%		7/1/45		900,000		997,326
Private Activity-Ohio River Bridges East End Crossing Project		5.000	%		7/1/44		5,000,000		5,338,050	(a)
Second Lien, CWA Authority, Series B		5.000	%		10/1/41		5,000,000		5,168,700
Indianapolis, IN, Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A		4.000	%		2/1/44		2,000,000		2,396,400
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project		7.000	%		1/1/44		1,000,000		1,128,790	(a)
Total Indiana									15,029,266
Iowa —0.1%
Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding		3.125	%		12/1/22		540,000		551,410

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 9

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Kentucky — 2.3%
Kentucky State Economic Development Finance Authority Revenue, Louisville Arena, Louisville Arena Authority Inc., Refunding, AGM		5.000	%		12/1/45	$	1,000,000	$	1,182,570
Kentucky State PEA, Gas Supply Revenue:
Series A		4.000	%		6/1/26		5,000,000		5,830,150	(b)(c)
Series C		4.000	%		6/1/25		5,800,000		6,603,126	(b)(c)
Total Kentucky									13,615,846
Louisiana — 1.8%
Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM		5.000	%		4/1/43		2,000,000		2,400,380	(a)
St. Charles Parish, LA, Gulf Opportunity Zone Revenue, Valero Energy Corp., Convertible		4.000	%		6/1/22		5,000,000		5,193,100	(b)(c)
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Refunding		2.200	%		7/1/26		1,300,000		1,328,184	(b)(c)
Marathon Oil Corp. Project, Series B-2, Refunding		2.375	%		7/1/26		1,750,000		1,804,127	(b)(c)
Total Louisiana									10,725,791
Massachusetts — 1.4%
Massachusetts State DFA Revenue:
Broad Institute Inc., Refunding		5.000	%		4/1/36		1,000,000		1,246,330
Milford Regional Medical Center, Series F		5.750	%		7/15/43		500,000		537,995
UMass Boston Student Housing Project		5.000	%		10/1/48		750,000		750,247
Wellforce Issue, Series A, Refunding		5.000	%		7/1/44		500,000		585,500
Massachusetts State Port Authority Revenue, Series A, Refunding		5.000	%		7/1/36		1,700,000		2,136,747	(a)
Massachusetts State School Building Authority, Sales Tax Revenue, Senior, Series A		5.000	%		5/15/43		3,000,000		3,347,460	(g)
Total Massachusetts									8,604,279
Michigan — 4.7%
Detroit, MI, Downtown Development Authority Revenue, Series A, Refunding, AGM		5.000	%		7/1/48		1,000,000		1,110,540
Great Lakes, MI, Water Authority Water Supply System Revenue:
Senior Lien, Series A		5.000	%		7/1/46		5,500,000		6,537,465
Senior Lien, Series C, Refunding		5.000	%		7/1/35		500,000		607,465
Lansing, MI, Board of Water & Light Utility System Revenue, Series A		5.000	%		7/1/37		4,500,000		4,626,855	(g)

See Notes to Financial Statements.

10 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Michigan — continued
Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding		6.750	%		7/1/44	$	1,250,000	$	1,286,600	(e)
Michigan State Finance Authority Revenue:
Facilities Program, Series 1-A, Refunding		5.250	%		10/15/47		650,000		730,470
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding		5.000	%		7/1/33		625,000		732,625
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-1, Refunding		5.000	%		7/1/44		1,320,000		1,419,277	(g)
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding		5.000	%		7/1/33		1,160,000		1,323,316
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-2, Refunding		5.000	%		7/1/34		250,000		292,563
Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding		4.000	%		6/1/49		500,000		564,095
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding		5.000	%		6/1/49		400,000		479,748
Michigan State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series 2010F-4, Refunding		5.000	%		11/15/47		3,000,000		3,803,730
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project		5.000	%		12/31/43		1,400,000		1,658,370	(a)
Royal Oak, MI, Hospital Finance Authority Revenue, Beaumont Health Credit Group, Series D, Refunding		5.000	%		9/1/39		2,500,000		2,803,175
Total Michigan									27,976,294
Minnesota — 0.3%
Western Minnesota Municipal Power Agency Revenue, Series A		5.000	%		1/1/46		1,530,000		1,753,900	(g)
Missouri — 0.7%
Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services, Refunding		5.000	%		2/1/44		2,710,000		2,890,920
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A		5.000	%		9/1/38		1,250,000		1,364,825
Total Missouri									4,255,745

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 11

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
New Jersey — 9.1%
New Jersey Institute of Technology, GO, Series A		5.000	%		7/1/45	$	750,000	$	857,167
New Jersey State EDA Revenue:
Cigarette Tax, Refunding		5.000	%		6/15/26		2,500,000		2,567,200
Private Activity-The Goethals Bridge Replacement Project, AGM		5.125	%		7/1/42		2,500,000		2,773,400	(a)
School Facilities Construction, Series BBB, Refunding		5.500	%		6/15/31		750,000		892,485
School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield +1.600%)		1.710	%		3/1/28		15,000,000		14,733,300	(c)
Transit Transportation Project, Series A		5.000	%		11/1/32		1,000,000		1,209,710
New Jersey State EDA, Lease Revenue, State House Project, Series B		5.000	%		6/15/43		4,000,000		4,636,920
New Jersey State EDA, Special Facility Revenue:
Continental Airlines Inc. Project		5.250	%		9/15/29		3,000,000		3,147,000	(a)
Port Newark Container Terminal LLC Project, Refunding		5.000	%		10/1/37		650,000		722,092	(a)
New Jersey State Health Care Facilities Financing Authority Revenue:
Hackensack Meridian Health, Series A, Refunding		5.000	%		7/1/38		400,000		483,296
RWJ Barnabas Health Obligation Group, Series A, Refunding		5.000	%		7/1/43		1,200,000		1,408,440
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA		5.250	%		6/15/43		1,500,000		1,778,940
Transportation Program, Series BB		4.000	%		6/15/36		2,250,000		2,446,065
Transportation System, Series A, Refunding		5.000	%		12/15/25		1,885,000		2,207,731
Transportation System, Series A, Refunding		5.000	%		12/15/28		2,615,000		3,203,401
New Jersey State Turnpike Authority Revenue, Series G, Refunding		5.000	%		1/1/35		2,675,000		3,311,623
New Jersey State, GO:
COVID-19 Emergency, Series A		5.000	%		6/1/28		3,500,000		4,401,320
COVID-19 Emergency, Series A		5.000	%		6/1/29		2,500,000		3,191,250
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding		5.250	%		6/1/46		600,000		724,128
Total New Jersey									54,695,468

See Notes to Financial Statements.

12 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
New York — 17.8%
Brookhaven, NY, Local Development Corp. Revenue:
Long Island Community Hospital Project, Series A		5.000	%		10/1/31	$	1,280,000	$	1,598,733
Long Island Community Hospital Project, Series A		4.000	%		10/1/45		1,250,000		1,341,563
MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2		5.000	%		11/15/47		1,500,000		1,747,740
MTA, NY, Transportation Revenue:
Green Bonds, Series A-2		5.000	%		11/15/24		500,000		546,215
Green Bonds, Series C-1, Refunding		4.000	%		11/15/37		500,000		527,350
Green Bonds, Series D		4.000	%		11/15/49		1,000,000		1,059,830
Green Bonds, Series D-1		5.000	%		11/15/43		500,000		581,280
Green Bonds, Series E, Refunding		5.000	%		11/15/30		1,500,000		1,782,030
Green Bonds, Series E, Refunding		4.000	%		11/15/45		1,250,000		1,329,163
Series A-2		5.000	%		5/15/30		1,800,000		2,103,948	(b)(c)
Series C-1		5.000	%		11/15/33		350,000		389,309
New York City, NY, GO, Series D-1		5.000	%		3/1/43		2,000,000		2,519,080
New York City, NY, Industrial Development Agency Revenue:
Yankee Stadium Project, Refunding		4.000	%		3/1/45		500,000		570,065
Yankee Stadium Project, Refunding, AGM		4.000	%		3/1/45		750,000		876,420
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue:
Second General Resolution Fiscal 2013, Unrefunded		5.000	%		6/15/47		2,650,000		2,928,647
Subordinated, Series BB-1		5.000	%		6/15/46		1,500,000		1,828,800
New York City, NY, TFA Future Tax Secured Revenue:
Subordinated, Series B-1		5.000	%		8/1/45		3,000,000		3,656,430
Subordinated, Series C-1		4.000	%		5/1/46		7,000,000		8,261,120
New York State Dormitory Authority Revenue:
Bidding Group 3 Bonds, Series A		5.000	%		3/15/42		1,000,000		1,238,370
Series B, Refunding		5.000	%		2/15/43		5,000		6,547	(g)
Series B, Refunding		5.000	%		2/15/43		2,995,000		3,656,386
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, Series E, Refunding		5.000	%		3/15/44		2,000,000		2,496,760
New York State Dormitory Authority, School Districts Revenue Financing Program, Series A, AGM		5.000	%		10/1/29		3,250,000		4,180,312

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 13

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
New York — continued
New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding		5.000	%		3/15/46	$	3,250,000	$	4,031,072
New York State Liberty Development Corp., Liberty Revenue:
3 World Trade Center Project, Class 1, Refunding		5.000	%		11/15/44		1,750,000		1,814,015	(e)
4 World Trade Center Project, Refunding		5.750	%		11/15/51		5,000,000		5,231,950
New York State Liberty Development Corp., Revenue:
Goldman Sachs Headquarters		5.500	%		10/1/37		1,485,000		2,249,018
Goldman Sachs Headquarters, Refunding		5.250	%		10/1/35		3,045,000		4,399,294
New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Subordinated, Series B, Refunding		4.000	%		1/1/50		3,000,000		3,403,260
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project		5.000	%		1/1/33		1,750,000		2,004,362	(a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project		4.375	%		10/1/45		1,500,000		1,667,655	(a)
LaGuardia Airport Terminal B Redevelopment Project, Series A		5.000	%		7/1/41		9,250,000		10,120,147	(a)
LaGuardia Airport Terminal B Redevelopment Project, Series A		5.000	%		7/1/46		250,000		272,883	(a)
Port Authority of New York & New Jersey Revenue:
Consolidated Series 166, Refunding		5.000	%		1/15/41		2,750,000		2,762,100
Consolidated Series 194, Refunding		5.000	%		10/15/41		6,400,000		7,432,576
Series 221		4.000	%		7/15/55		3,600,000		4,082,112	(a)(h)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series A		5.000	%		11/15/49		1,000,000		1,287,730
General-MTA Bridges & Tunnels, Series A		4.000	%		11/15/54		1,250,000		1,459,425
General-MTA Bridges & Tunnels, Series A		5.000	%		11/15/54		7,350,000		9,389,331
Total New York									106,833,028
North Carolina — 1.0%
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding		5.000	%		7/1/49		1,750,000		2,176,247

See Notes to Financial Statements.

14 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
North Carolina — continued
Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding		4.000	%		6/1/49	$	750,000	$	878,993
North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding		5.000	%		1/1/30		300,000		361,818
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:
Series A, Refunding		5.000	%		7/1/47		750,000		847,695
Series A, Refunding		5.000	%		7/1/51		1,500,000		1,690,020
Total North Carolina									5,954,773
Ohio — 3.2%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue:
Senior Bonds, Series A-2, Refunding		4.000	%		6/1/48		1,250,000		1,413,287
Senior Bonds, Series B-2, Refunding		5.000	%		6/1/55		4,000,000		4,498,480
Jobs Ohio Beverage System, Senior Lien, Series A		5.000	%		1/1/38		8,000,000		8,795,120	(g)
Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding		2.500	%		10/1/29		1,500,000		1,623,255	(a)(b)(c)
Ohio State Water Development Authority, U.S. Steel Corp. Project, Refunding		6.600	%		5/1/29		3,000,000		3,027,810
Total Ohio									19,357,952
Oklahoma — 0.1%
Oklahoma State Turnpike Authority Revenue, Second Series C		5.000	%		1/1/47		700,000		845,145
Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A		6.875	%		11/1/46		332,734		1,664	*(i)
Total Oklahoma									846,809
Oregon — 0.6%
Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding		5.000	%		6/1/46		2,000,000		2,309,780
Port of Portland, OR, Airport Revenue, Portland International Airport, Series C, Refunding		5.000	%		7/1/24		1,000,000		1,149,180	(a)
Total Oregon									3,458,960
Pennsylvania — 4.0%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds:
Series 2018		5.000	%		6/1/32		250,000		315,510

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 15

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Pennsylvania — continued
Series 2018		5.000	%		6/1/33	$	500,000	$	627,750
Cumberland County, PA, Municipal Authority, Diakon Lutheran Social Ministries Project, Refunding		5.000	%		1/1/30		2,375,000		2,593,310
East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville University		5.000	%		7/1/47		550,000		551,678
Pennsylvania State Higher EFA Revenue, Trustees of University of Pennsylvania, Series A		5.000	%		2/15/48		1,250,000		1,526,075
Pennsylvania State Turnpike Commission Revenue:
Subordinated, Series B		5.250	%		12/1/41		2,275,000		2,389,865	(g)
Subordinated, Series B		5.250	%		12/1/41		3,725,000		3,905,402	(g)
Subordinated, Series B		5.000	%		12/1/48		2,900,000		3,483,364
Subordinated, Series B		5.000	%		12/1/50		1,000,000		1,266,070
Philadelphia, PA, Authority for IDR, Lease Revenue, Refunding		5.000	%		10/1/30		1,200,000		1,556,376
Philadelphia, PA, School District, GO, Series A, State Aid Withholding		5.000	%		9/1/33		1,755,000		2,059,615
Philadelphia, PA, Water & Wastewater Revenue, Series A		5.000	%		7/1/45		1,000,000		1,124,990
State Public School Building Authority, PA, Lease Revenue:
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding		5.000	%		6/1/31		600,000		729,414
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding		5.000	%		6/1/33		1,780,000		2,144,526
Total Pennsylvania									24,273,945
Puerto Rico — 4.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A		5.250	%		7/1/42		3,920,000		4,076,800
Puerto Rico Electric Power Authority Revenue:
Series A		5.000	%		7/1/42		1,400,000		1,050,000	*(i)
Series A		5.050	%		7/1/42		350,000		262,500	*(i)
Series XX		5.250	%		7/1/40		2,875,000		2,163,438	*(i)
Series ZZ, Refunding		5.250	%		7/1/18		1,250,000		910,938	*(j)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1		0.000	%		7/1/27		960,000		842,208

See Notes to Financial Statements.

16 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Puerto Rico — continued
CAB, Restructured, Series A-1		0.000	%		7/1/46	$	1,040,000	$	312,166
CAB, Restructured, Series A-1		0.000	%		7/1/51		8,700,000		1,887,639
Restructured, Series A-1		4.550	%		7/1/40		230,000		249,235
Restructured, Series A-1		5.000	%		7/1/58		4,625,000		5,101,236
Restructured, Series A-2		4.329	%		7/1/40		5,380,000		5,751,005
Restructured, Series A-2A		4.550	%		7/1/40		3,550,000		3,846,886
Total Puerto Rico									26,454,051
South Carolina — 0.3%
South Carolina State Ports Authority Revenue, Series 2018		5.000	%		7/1/48		1,750,000		2,091,477	(a)
South Dakota — 0.1%
South Dakota State HEFA Revenue, Regional Health		5.000	%		9/1/40		500,000		600,700
Tennessee — 1.8%
Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A		5.000	%		9/1/40		1,200,000		1,427,640
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue:
Subordinated, Green Bonds, Series A		5.000	%		7/1/42		500,000		613,110
Subordinated, Series B, Refunding		5.000	%		7/1/46		1,000,000		1,217,770
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018		4.000	%		11/1/25		6,500,000		7,462,780	(b)(c)
Total Tennessee									10,721,300
Texas — 9.6%
Alamo, TX, Regional Mobility Authority, Vehicle Registration Fee Revenue, Senior Lien		5.000	%		6/15/46		1,300,000		1,509,287
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM		5.000	%		2/15/48		1,250,000		1,459,650
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E		4.000	%		1/1/50		2,500,000		2,864,650
City of Austin, TX, Airport System Revenue, Series B		5.000	%		11/15/37		2,050,000		2,564,161	(a)
Forney, TX, ISD, GO, School Building, Series 2019, PSF - GTD		5.000	%		2/15/49		500,000		603,195
Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Step Bond, Series A, Band C, (0.000% until 10/1/23, 5.500%)		0.000	%		10/1/36		4,000,000		4,673,960

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 17

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Texas — continued
Harris County, TX, Health Facilities Development Corp. Revenue, School Health Care System, Series B		5.750	%		7/1/27	$	910,000	$	1,111,674	(f)
Houston, TX, Airport Systems Revenue, Series B-1		5.000	%		7/15/30		5,500,000		5,788,915	(a)
Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding		5.000	%		11/15/44		1,000,000		1,147,090
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017		5.000	%		11/1/33		120,000		141,074	(a)
Series 2017		5.000	%		11/1/36		120,000		140,302	(a)
Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project		5.250	%		11/1/40		14,250,000		14,309,708
New Hope Cultural Education Facilities Finance Corp., TX, Student Housing Revenue, Collegiate Housing College Station, AGM		5.000	%		4/1/46		750,000		808,853
North Texas Tollway Authority Revenue:
Series A, Refunding		5.000	%		1/1/39		825,000		971,718
Series B, Refunding		5.000	%		1/1/40		2,000,000		2,148,320
Series B, Refunding		5.000	%		1/1/45		2,105,000		2,397,153
Prosper, TX, ISD, GO, School Building, PSF - GTD		5.000	%		2/15/49		2,250,000		2,905,335
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Senior Living Ventana Project, Series A		6.625	%		11/15/37		610,000		656,079
Texas State Municipal Gas Acquisition & Supply Corp. III, Series 2012		5.000	%		12/15/27		8,550,000		9,218,610
Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC		5.000	%		12/31/45		1,600,000		1,766,832	(a)
Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue:
Inspired Living at Lewisville Project, Series A-1		6.750	%		12/1/51		500,000		381,295	*(e)(i)
Subordinate, Inspired Living at Lewisville Project, Series B		10.000	%		12/1/51		150,000		83,279	*(i)
Total Texas									57,651,140

See Notes to Financial Statements.

18 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
U.S. Virgin Islands — 0.6%
Virgin Islands Public Finance Authority Revenue:
Matching Fund Loan, Senior Lien, Series A		5.000	%		10/1/29	$	710,000	$	710,035
Subordinated, Matching Fund Loan, Cruzan Project, Series A		6.000	%		10/1/39		1,435,000		1,377,026
Subordinated, Matching Fund Loan, Diageo Project, Series A		6.750	%		10/1/37		1,200,000		1,204,860
Total U.S. Virgin Islands									3,291,921
Utah — 1.5%
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A		5.000	%		7/1/43		5,250,000		6,323,205	(a)
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE		5.000	%		4/15/47		1,000,000		1,144,700
Utah State Infrastructure Agency Telecommunication Revenue, Series 2019		4.000	%		10/15/42		1,200,000		1,261,164
Total Utah									8,729,069
Virginia — 2.1%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding		5.000	%		7/1/35		700,000		913,220
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding		5.000	%		7/1/41		1,100,000		1,317,272	(a)
Series B, Refunding		5.000	%		7/1/45		1,500,000		1,785,600	(a)
Virginia State Small Business Financing Authority Revenue:
Bon Secours Mercy Health, Series A, Refunding		4.000	%		12/1/49		2,000,000		2,278,340
National Senior Campuses, Inc., Series A, Refunding		5.000	%		1/1/32		500,000		613,910
National Senior Campuses, Inc., Series A, Refunding		5.000	%		1/1/34		300,000		365,004
Senior Lien, Elizabeth River Crossing OpCo LLC Project		5.250	%		1/1/32		3,000,000		3,153,240	(a)
Senior Lien, Elizabeth River Crossing OpCo LLC Project		5.500	%		1/1/42		2,000,000		2,093,580	(a)
Total Virginia									12,520,166
Washington — 1.2%
Port of Seattle, WA, Intermediate Lien Revenue:
Series 2019		5.000	%		5/1/43		1,500,000		1,738,530	(a)

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 19

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Washington — continued
Series 2019		4.000	%		4/1/44	$	750,000	$	825,427	(a)
Series 2019		5.000	%		4/1/44		1,500,000		1,812,150	(a)
Washington State Health Care Facilities Authority Revenue:
Commonspirit Health, Series B, Refunding		5.000	%		8/1/26		1,000,000		1,198,570	(b)(c)
Seattle Cancer Care Alliance, Refunding		5.000	%		9/1/55		1,500,000		1,863,420
Total Washington									7,438,097
West Virginia — 0.3%
West Virginia University Revenue, West Virginia Projects, Series B, Refunding		5.000	%		10/1/29		1,250,000		1,606,612	(b)(c)
Wisconsin — 1.0%
Mount Pleasant, WI, Tax Increment Revenue, Series A		5.000	%		4/1/48		2,500,000		2,938,550
Public Finance Authority, WI, Limited Obligation Pilot Revenue:
American Dream @Meadowlands Project, Series 2017		5.000	%		12/1/27		1,000,000		887,270	(e)
American Dream @Meadowlands Project, Series 2017		7.000	%		12/1/50		1,500,000		1,321,155	(e)
Public Finance Authority, WI, Revenue, Carmelite System Inc. Obligated Group, Series 2020		5.000	%		1/1/40		500,000		572,970
Total Wisconsin									5,719,945
Total Investments before Short-Term Investments (Cost — $750,756,003)									832,886,680
Short-Term Investments — 0.8%
Municipal Bonds — 0.8%
Florida — 0.1%
Florida Gulf Coast University Financing Corp., Revenue, Series A, LOC - TD Bank N.A.		0.100	%		2/1/39		365,000		365,000	(k)(l)
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, Series E, LOC - TD Bank N.A.		0.100	%		10/1/26		400,000		400,000	(k)(l)
Total Florida									765,000
Indiana — 0.1%
Indiana State Finance Authority Hospital Revenue, Parkview Health System Obligated Group, Series B, Refunding, LOC - Wells Fargo Bank N.A.		0.080	%		11/1/39		700,000		700,000	(k)(l)

See Notes to Financial Statements.

20 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Security	Rate			Maturity Date		Face Amount		Value
Minnesota — 0.1%
St Paul, MN, Housing & Redevelopment Authority Revenue, Allina Health System, Series B-1, LOC - JPMorgan Chase		0.100	%		11/15/35	$	300,000	$	300,000	(k)(l)
Mississippi — 0.1%
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR:
Chevron USA Inc. Project, Series A		0.100	%		12/1/30		350,000		350,000	(k)(l)
Chevron USA Inc. Project, Series B		0.100	%		12/1/30		100,000		100,000	(k)(l)
Total Mississippi									450,000
Missouri — 0.1%
Missouri State HEFA Revenue, Educational Facilities, Saint Louis University, Series B-2 LOC - Wells Fargo Bank N.A.		0.080	%		10/1/35		400,000		400,000	(k)(l)
New York — 0.3%
MTA, NY, Transportation Revenue, Subseries D-2, LOC -Landesbank Hessen-Thueringen		0.120	%		11/1/35		200,000		200,000	(k)(l)
New York State HFA Revenue, 363 West 30th Street, Series A, LIQ - FHLMC, LOC - FHLMC		0.110	%		11/1/32		100,000		100,000	(a)(k)(l)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series C, Refunding, LOC - State Street Bank & Trust Co.		0.090	%		1/1/32		100,000		100,000	(k)(l)
Series F, Refunding, LOC - Citibank N.A.		0.100	%		11/1/32		1,550,000		1,550,000	(k)(l)
Total New York									1,950,000
North Carolina — 0.0%††
University of North Carolina at Chapel Hill, University of North Carolina Hospitals Revenue, Series A, Refunding, SPA - TD Bank N.A.		0.100	%		2/1/24		220,000		220,000	(k)(l)
Utah — 0.0%††
Murray, UT, Hospital Revenue, IHC Health Services Inc., Series A, SPA - JPMorgan Chase		0.120	%		5/15/37		130,000		130,000	(k)(l)
Total Municipal Bonds (Cost — $4,915,000)									4,915,000

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 21

Schedule of investments (unaudited) (cont’d)

November 30, 2020

Western Asset Managed Municipals Fund Inc.

Security	Rate			Shares		Value
Money Market Funds — 0.0%††
Dreyfus Government Cash Management, Institutional Shares (Cost — $82,140)		0.010	%		82,140	$	82,140
Total Short-Term Investments (Cost — $4,997,140)							4,997,140
Total Investments — 139.7% (Cost — $755,753,143)							837,883,820
Auction Rate Cumulative Preferred Stock, at Liquidation Value — (4.6)%							(27,625,000	)
Variable Rate Demand Preferred Stock, at Liquidation Value — (36.3)%							(217,575,000	)
Other Assets in Excess of Liabilities — 1.2%							6,903,710
Total Net Assets Applicable to Common Shareholders — 100.0%						$	599,587,530

†† Represents less than 0.1%.

* Non-income producing security.

(a) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

(b) Maturity date shown represents the mandatory tender date.

(c) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(d) Securities traded on a when-issued or delayed delivery basis.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

(f) Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.

(g) Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

(h) All or a portion of this security is held at the broker as collateral for open futures contracts.

(i) The coupon payment on this security is currently in default as of November 30, 2020.

(j) The maturity principal is currently in default as of November 30, 2020.

(k) Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

(l) Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

See Notes to Financial Statements.

22 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Western Asset Managed Municipals Fund Inc.

Abbreviation(s) used in this schedule:
AGM	— Assured Guaranty Municipal Corporation — Insured Bonds
BAM	— Build America Mutual — Insured Bonds
CAB	— Capital Appreciation Bonds
CDA	— Communities Development Authority
COP	— Certificates of Participation
CSCE	— Charter School Credit Enhancement
CWA	— Clean Water Act
DFA	— Development Finance Agency
EDA	— Economic Development Authority
EFA	— Educational Facilities Authority
FHLMC	— Federal Home Loan Mortgage Corporation
GO	— General Obligation
GTD	— Guaranteed
HEFA	— Health & Educational Facilities Authority
HFA	— Housing Finance Agency
IDA	— Industrial Development Authority
IDR	— Industrial Development Revenue
ISD	— Independent School District
LIQ	— Liquidity Facility
LOC	— Letter of Credit
MFA	— Municipal Finance Authority
MTA	— Metropolitan Transportation Authority
NATL	— National Public Finance Guarantee Corporation — Insured Bonds
PCFA	— Pollution Control Financing Authority
PEA	— Public Energy Authority
PSF	— Permanent School Fund
SD	— School District
SIFMA	— Securities Industry and Financial Markets Association
SPA	— Standby Bond Purchase Agreement — Insured Bonds
TFA	— Transitional Finance Authority
USD	— Unified School District

At November 30, 2020, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Sell:
U.S. Treasury Ultra Long-Term Bonds		11		3/21	$	2,359,380	$	2,376,344	$	(16,964)

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 23

Statement of assets and liabilities (unaudited)

November 30, 2020

Assets:
Investments, at value (Cost — $755,753,143)	$	837,883,820
Cash		33,077
Interest receivable		9,756,287
Prepaid expenses		83,486
Total Assets		847,756,670
Liabilities:
Variable Rate Demand Preferred Stock ($25,000 liquidation value per share; 8,703 shares issued and outstanding) (net of deferred offering costs of $1,342,165) (Note 5)		216,232,835
Distributions payable to Common Shareholders		1,951,553
Payable for securities purchased		1,216,910
Investment management fee payable		378,352
Directors’ fees payable		11,698
Distributions payable to Auction Rate Cumulative Preferred Stockholders		606
Payable to broker — net variation margin on open futures contracts		344
Accrued expenses		751,842
Total Liabilities		220,544,140
Series M, T, W, Th and F Auction Rate Cumulative Preferred Stock (1,105 shares authorized and issued at $25,000 per share) (Note 6)		27,625,000
Total Net Assets Applicable to Common Shareholders	$	599,587,530
Net Assets Applicable to Common Shareholders:
Common stock par value ($0.001 par value; 43,367,851 shares issued and outstanding; 500,000,000 common shares authorized)	$	43,368
Paid-in capital in excess of par value		526,865,415
Total distributable earnings (loss)		72,678,747
Total Net Assets Applicable to Common Shareholders	$	599,587,530
Common Shares Outstanding		43,367,851
Net Asset Value Per Common Share		$13.83

See Notes to Financial Statements.

24 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Statement of operations (unaudited)

For the Six Months Ended November 30, 2020

Investment Income:
Interest	$ 15,684,487
Expenses:
Investment management fee (Note 2)	2,298,606
Liquidity fees (Note 5)	844,851
Distributions to Variable Rate Demand Preferred Stockholders (Notes 1 and 5)	226,789
Directors’ fees	101,903
Legal fees	73,456
Remarketing fees (Note 5)	62,553
Rating agency fees	40,600
Transfer agent fees	33,333
Fund accounting fees	32,801
Amortization of Variable Rate Demand Preferred Stock offering costs (Note 5)	27,721
Audit and tax fees	25,960
Auction agent fees	24,289
Stock exchange listing fees	14,787
Shareholder reports	12,201
Auction participation fees (Note 6)	7,046
Custody fees	4,959
Insurance	4,147
Interest expense	480
Miscellaneous expenses	6,932
Total Expenses	3,843,414
Less: Fee waivers and/or expense reimbursements (Note 2)	(2,910)
Net Expenses	3,840,504
Net Investment Income	11,843,983
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):
Net Realized Gain From:
Investment transactions	5,334,959
Futures contracts	69,414
Net Realized Gain	5,404,373
Change in Net Unrealized Appreciation (Depreciation) From:
Investments	28,649,105
Futures contracts	(27,750)
Change in Net Unrealized Appreciation (Depreciation)	28,621,355
Net Gain on Investments and Futures Contracts	34,025,728
Distributions Paid to Auction Rate Cumulative Preferred Stockholders From Net Investment Income (Notes 1 and 6)	(30,992)
Increase in Net Assets Applicable to Common Shareholders From Operations	$ 45,838,719

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 25

Statements of changes in net assets

For the Six Months Ended November 30, 2020 (unaudited) and the Year Ended May 31, 2020	November 30		May 31
Operations:
Net investment income	$	11,843,983	$	22,224,665
Net realized gain (loss)		5,404,373		(6,272,322)
Change in net unrealized appreciation (depreciation)		28,621,355		(20,345,255)
Distributions paid to Auction Rate Cumulative Preferred Stockholders from net investment income		(30,992)		(639,895)
Increase (Decrease) in Net Assets Applicable to Common Shareholders From Operations		45,838,719		(5,032,807)
Distributions to Common Shareholders From (Note 1):
Total distributable earnings		(11,709,320)		(25,820,170)
Decrease in Net Assets From Distributions to Common Shareholders		(11,709,320)		(25,820,170)
Fund Share Transactions:
Reinvestment of distributions (0 and 62,595 shares issued, respectively)		—		867,329
Net increase from tender and repurchase of Auction Rate Cumulative Preferred Shares (Note 6)		3,750		60,000
Increase in Net Assets From Fund Share Transactions		3,750		927,329
Increase (Decrease) in Net Assets Applicable to Common Shareholders		34,133,149		(29,925,648)
Net Assets Applicable to Common Shareholders:
Beginning of period		565,454,381		595,380,029
End of period		$599,587,530		$565,454,381

See Notes to Financial Statements.

26 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Statement of cash flows (unaudited)

For the Six Months Ended November 30, 2020

Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase in net assets applicable to common shareholders resulting from operations	$	45,869,711
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided (used) by operating activities:
Purchases of portfolio securities		(67,822,141)
Sales of portfolio securities		70,896,860
Net purchases, sales and maturities of short-term investments		(2,826,622)
Net amortization of premium (accretion of discount)		1,654,241
Decrease in interest receivable		223,339
Increase in prepaid expenses		(38,763)
Decrease in payable for securities purchased		(2,853,195)
Amortization of preferred stock offering costs		27,721
Increase in investment management fee payable		6,368
Increase in Directors’ fees payable		1,297
Increase in accrued expenses		667,705
Decrease in payable to broker —net variation margin on open futures contracts		(27,500)
Net realized gain on investments		(5,334,959)
Change in net unrealized appreciation (depreciation) of investments		(28,649,105)
Net Cash Provided in Operating Activities*		11,794,957
Cash Flows from Financing Activities:
Distributions paid on common stock (net of distributions payable)		(11,709,320)
Distributions paid on Auction Rate Cumulative Preferred Stock (net of distributions payable)		(31,310)
Repurchase of Auction Rate Cumulative Preferred Stock		(21,250)
Net Cash Used by Financing Activities		(11,761,880)
Net Increase in Cash and Restricted Cash		33,077
Cash and restricted cash at beginning of period		—
Cash and restricted cash at end of period	$	33,077

* Included in operating expenses is cash of $480 paid for interest on borrowings and $226,789 paid for distributions to Variable Rate Demand Preferred Stockholders.

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.

	November 30, 2020
Cash	$	33,077
Restricted cash		—
Total cash and restricted cash shown in the Statement of Cash Flows	$	33,077

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 27

Financial highlights

For a common share of capital stock outstanding throughout each year ended May 31, unless otherwise noted:
	20201,2			20201			20191			20181			20171			20161
Net asset value, beginning of period		$13.04			$13.75			$13.51			$13.99			$14.60			$14.40
Income (loss) from operations:
Net investment income		0.27			0.51			0.63			0.66			0.71			0.74
Net realized and unrealized gain (loss)		0.79			(0.61)			0.32			(0.37)			(0.54)			0.24
Distributions paid to Auction Rate Cumulative Preferred Stockholders from net investment income		(0.00)	3		(0.01)			(0.02)			(0.01)			(0.01)			(0.00)	3
Total income (loss) from operations		1.06			(0.11)			0.93			0.28			0.16			0.98
Less distributions to common shareholders from:
Net investment income		(0.27)	4		(0.60)			(0.70)			(0.76)			(0.77)			(0.78)
Total distributions to common shareholders		(0.27)			(0.60)			(0.70)			(0.76)			(0.77)			(0.78)
Net increase from tender and repurchase of Auction Rate Cumulative Preferred Shares		0.00	3		0.00	3		0.01			—			—			0.00	3
Net asset value, end of period		$13.83			$13.04			$13.75			$13.51			$13.99			$14.60
Market price, end of period		$12.61			$12.03			$13.73			$12.71			$13.84			$14.82
Total return, based on NAV5,6		8.18	%7		(0.89)	%7		7.23	%8		2.01	%		1.16	%		7.05	%
Total return, based on Market Price9		7.13	%		(8.35)	%		14.03	%		(2.89)	%		(1.31)	%		12.19	%
Net assets applicable to common shareholders, end of period (millions)		$600			$565			$595			$585			$604			$627
Ratios to average net assets:10
Gross expenses		1.30	%11		1.76	%		1.85	%		1.68	%		1.48	%		1.28	%
Net expenses		1.30	11,12		1.76	12		1.85			1.68			1.48			1.28
Net investment income		4.02	11		3.76			4.74			4.80			5.04			5.13
Portfolio turnover rate		8	%		32	%		21	%		19	%		12	%		5	%

See Notes to Financial Statements.

28 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

For a common share of capital stock outstanding throughout each year ended May 31, unless otherwise noted:
	20201,2			20201			20191			20181			20171			20161
Supplemental data:
Auction Rate Cumulative Preferred Stock at Liquidation Value, End of Period (000s)		$27,625			$27,650			$28,050			$32,075			$32,075			$32,075
Variable Rate Demand Preferred Stock at Liquidation Value, End of Period (000s)		$217,575			$217,575			$217,575			$217,575			$217,575			$217,575
Asset Coverage Ratio for Auction Rate Cumulative Preferred Stock and Variable Rate Demand Preferred Stock13		345	%		331	%		342	%		334	%		342	%		351	%
Asset Coverage, per $25,000 Liquidation Value per Share of Auction Rate Cumulative Preferred Stock and Variable Rate Demand Preferred Stock13		$86,132			$82,646			$85,598			$83,585			$85,485			$87,813

¹   Per share amounts have been calculated using the average shares method.

²  For the six months ended November 30, 2020 (unaudited).

³  Amount represents less than $0.005 per share.

⁴  The actual source of the Fund’s current fiscal year distributions may be from net investment income, return of capital or a combination of both. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year.

⁵  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁶  The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁷  The total return based on NAV reflects the impact of the tender and repurchase by the Fund of a portion of its Auction Rate Cumulative Preferred Shares at 85% of the per share liquidation preference. Absent this transaction, the total return based on NAV would have been the same.

⁸  The total return based on NAV reflects the impact of the tender and repurchase by the Fund of a portion of its Auction Rate Cumulative Preferred Shares at 85% of the per share liquidation preference. Absent this transaction, the total return based on NAV would have been 7.15%.

⁹  The total return calculation assumes that distributions are reinvested in accordance with the Fund’s dividend reinvestment plan. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

¹⁰  Calculated on the basis of average net assets of common stock shareholders. Ratios do not reflect the effect of dividend payments to auction rate cumulative preferred stockholders.

¹¹  Annualized.

¹²  Reflects fee waivers and/or expense reimbursements.

¹³  Represents value of net assets plus the liquidation value of the auction rate cumulative preferred stock and variable rate demand preferred stock, if any, at the end of the period divided by the liquidation value of the auction rate cumulative preferred stock and variable rate demand preferred stock, if any, outstanding at the end of the period.

See Notes to Financial Statements.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 29

Notes to financial statements (unaudited)

1. Organization and significant accounting policies

Western Asset Managed Municipals Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal. Effective August 14, 2020, the Board of Directors of the Fund approved amendments to the Fund’s bylaws. The amended and restated bylaws were subsequently filed on Form 8-K and are available on the Securities and Exchange Commission’s website at www.sec.gov.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations,

30 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 31

Notes to financial statements (unaudited) (cont’d)

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Municipal Bonds†		—	$	832,886,680		—	$	832,886,680
Short-Term Investments†:
Municipal Bonds		—		4,915,000		—		4,915,000
Money Market Funds	$	82,140		—		—		82,140
Total Short-Term Investments		82,140		4,915,000		—		4,997,140
Total Investments	$	82,140	$	837,801,680		—	$	837,883,820
LIABILITIES
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other Financial Instruments:
Futures Contracts	$	16,964		—		—	$	16,964

† See Schedule of Investments for additional detailed categorizations.

(b) Net asset value. The net asset value (“NAV”) of the Fund’s common stock is determined no less frequently than the close of business on the Fund’s last business day of each week (generally Friday) and on the last business day of the month. It is determined by dividing the value of the net assets available to common stock by the total number of shares of common stock outstanding. For the purpose of determining the NAV per share of the common stock, the value of the Fund’s net assets shall be deemed to equal the value of the Fund’s assets less (1) the Fund’s liabilities including the aggregate liquidation value (i.e., $25,000 per outstanding share) of the Variable Rate Demand Preferred Stock (“VRDPS”), net

32 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

of deferred offering costs, and (2) the aggregate liquidation value (i.e., $25,000 per outstanding share) of the Auction Rate Cumulative Preferred Stock (“ARCPS”).

(c) Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized gains or losses in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(d) Securities traded on a when-issued and delayed delivery basis. The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

(e) Cash flow information. The Fund invests in securities and distributes dividends from net investment income and net realized gains, which are paid in cash and may be reinvested at the discretion of shareholders. These activities are reported in the Statement of Changes in Net Assets and additional information on cash receipts and cash payments are presented in the Statement of Cash Flows.

(f) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions, where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i)

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 33

Notes to financial statements (unaudited) (cont’d)

periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or NAV over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any,

will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of November 30, 2020, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

34 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

(g) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(h) Distributions to shareholders. Distributions to common shareholders from net investment income of the Fund, if any, are declared quarterly and paid on a monthly basis. The actual source of the Fund’s monthly distribution may be from net investment income, return of capital or a combination of both. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year. The Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from federal and certain state income taxes, to retain such tax-exempt status when distributed to the common shareholders of the Fund. Distributions to common shareholders of net realized gains, if any, are taxable and are declared at least annually. Distributions to common shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

Distributions to holders of ARCPS are accrued daily and paid on a weekly basis and are determined as described in Note 6. Distributions to holders of VRDPS are accrued on a daily basis and paid monthly as described in Note 5 and are treated as an operating expense as required by GAAP. For tax purposes, the payments made to the holders of the Fund’s VRDPS are treated as dividends or distributions.

(i) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(j) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of May 31, 2020, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 35

Notes to financial statements (unaudited) (cont’d)

(k) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and Western Asset Management Company, LLC (“Western Asset”) is the Fund’s subadviser. As of July 31, 2020, LMPFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”). Prior to July 31, 2020, LMPFA and Western Asset were wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”). As of July 31, 2020, Legg Mason is a subsidiary of Franklin Resources.

LMPFA provides administrative and certain oversight services to the Fund. The Fund pays LMPFA an investment management fee, calculated daily and paid monthly, at an annual rate of 0.55% of the Fund’s average daily net assets. For the purposes of calculating the investment management fee, the aggregate liquidation value of the Preferred Stock is not deducted in determining the Fund’s average daily net assets.

LMPFA delegates to Western Asset the day-to-day portfolio management of the Fund. For its services, LMPFA pays Western Asset monthly 70% of the net management fee it receives from the Fund.

During the six months ended November 30, 2020, fees waived and/or expenses reimbursed amounted to $2,910.

As of July 31, 2020, all officers and one Director of the Fund are employees of Franklin Resources or its affiliates and do not receive compensation from the Fund. Prior to July 31, 2020, all officers and one Director of the Fund were employees of Legg Mason and did not receive compensation from the Fund.

The Fund is permitted to purchase or sell securities, typically 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 of Directors. 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 six months ended November 30, 2020, such purchase and sale transactions (excluding accrued interest) were $32,065,000 and $22,435,000, respectively.

36 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

3. Investments

During the six months ended November 30, 2020, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$	67,822,141
Sales		70,896,860

At November 30, 2020, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Securities	$	755,753,143	$	84,023,247	$	(1,892,570)	$	82,130,677
Futures contracts		—		—		(16,964)		(16,964)

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at November 30, 2020.

LIABILITY DERIVATIVES1
	Interest Rate Risk
Futures contracts2	$	16,964

¹   Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.

²  Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the six months ended November 30, 2020. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.

AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk
Futures contracts	$	69,414

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 37

Notes to financial statements (unaudited) (cont’d)

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES  RECOGNIZED Interest
	Interest Rate Risk
Futures contracts	$	(27,750)

During the six months ended November 30, 2020, the volume of derivative activity for the Fund was as follows:

	Average Market Value
Futures contracts (to sell)	$	2,416,268

5. Variable rate demand preferred stock

On March 4, 2015, the Fund completed a private offering of 8,703 shares of Series 1 VRDPS. Net proceeds from the offering were used by the Fund to repurchase outstanding shares of Series M, Series T, Series W, Series TH and Series F ARCPS that had been accepted for payment pursuant to the tender offer (see Note 6). Offering costs incurred by the Fund in connection with the VRDPS issuance are being amortized to expense over the life of the VRDPS.

The table below summarizes the key terms of Series 1 of the VRDPS at November 30, 2020.

Series	Mandatory Redemption Date		Shares		Liquidation Preference Per Share		Aggregate Liquidation Value
Series 1		3/4/2045		8,703	$	25,000	$	217,575,000

The VRDPS shares are not listed on any securities exchange or automated quotation system. For financial reporting purposes, the VRDPS shares are considered debt of the Fund; therefore, the liquidation value, which approximates fair value of the VRDPS shares, is recorded as a liability on the Statement of Assets and Liabilities.

Holders of VRDPS have the right to tender their VRDPS shares for remarketing at a price equal to the liquidation preference amount plus all accumulated but unpaid dividends and at a date which is no earlier than the seventh day following delivery of the notice to the tender and paying agent. The VRDPS shares include a liquidity feature that allows VRDPS holders to have their shares purchased by the liquidity provider with whom the Fund has contracted in the event of a failed remarketing where purchase orders are not sufficient in number to be matched with the sale orders. The Fund is required to redeem the VRDPS shares owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays a monthly remarketing fee at the annual rate of 0.05% of the liquidation value of each VRDPS share outstanding on the first calendar day of the preceding calendar month. These fees are shown as remarketing fees on the Statement of Operations. Prior to June 25, 2020, the Fund paid a monthly remarketing fee at an annual

38 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

rate of 0.10% of the liquidation value of each VRDPS share outstanding on the first calendar day of the preceding calendar month.

Holders of VRDPS are entitled to receive monthly cumulative cash dividends, payable on the first business day of each calendar month, at a variable rate set weekly by the remarketing agent. The dividend rate is generally based upon a spread over a base rate and cannot exceed a maximum rate. In the event of a failed remarketing, the dividend rate will reset to the maximum rate. The maximum rate is determined, in part, based upon the long-term rating assigned to the VRDPS. In the event the Fund fails to make a scheduled dividend payment, all outstanding shares of the VRDPS are subject to mandatory tender.

Subject to certain conditions, the VRDPS shares may be redeemed, in whole or in part, at any time at the option of the Fund. The redemption price per share is equal to the liquidation value per share plus any accumulated but unpaid dividends. The Fund is required to redeem its VRDPS on the mandatory redemption date, March 4, 2045. In addition, the Fund is required to redeem certain of the VRDPS shares if the Fund fails to maintain certain asset coverage and rating agency guidelines.

The Fund is a party to a fee agreement with the liquidity provider that requires monthly payment of an annual liquidity fee. These fees are shown as liquidity fees on the Statement of Operations. The fee agreement between the Fund and the liquidity provider is scheduled to terminate on June 24, 2021. Prior to June 25, 2020, the Fund was a party to a fee agreement with a former liquidity provider (the “former liquidity agreement”) that was subject to a June 30, 2020 scheduled termination. The terms of the current fee agreement are substantially the same as the terms of the former liquidity agreement. The Fund has the right, which is exercisable 120 to 90 days prior to the scheduled termination date, to request that the liquidity provider extend the term of the agreement for an additional period. The Fund may also terminate the agreement early. In the event the fee agreement is not renewed or is terminated in advance, and the Fund does not enter into a fee agreement with an alternate liquidity provider, the VRDPS will be subject to mandatory purchase by the liquidity provider prior to the termination of the fee agreement. The Fund is required to redeem any VRDPS purchased by the liquidity provider six months after the purchase date.

The VRDPS ranks senior to the Fund’s outstanding common stock and on parity with any other preferred stock. The Fund may not declare dividends or make other distributions on shares of its common stock unless the Fund has declared and paid full cumulative dividends on the VRDPS, due on or prior to the date of the common stock dividend or distribution, and meets the VRDPS asset coverage and rating agency requirements.

The holders of the VRDPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of VRDPS or the holders of common stock. Pursuant to the 1940 Act, holders of the VRDPS have the right to elect two Directors of the Fund, voting separately as a class.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 39

Notes to financial statements (unaudited) (cont’d)

The annualized dividend rate for the VRDPS shares for the six months ended November 30, 2020 was 0.208%. VRDPS shares issued and outstanding remained constant during the six months ended November 30, 2020.

6. Auction rate cumulative preferred stock

As of November 30, 2020, the Fund had 47 shares outstanding of Series M, 283 shares outstanding of Series T, 276 shares outstanding of Series W, 438 shares outstanding of Series Th and 61 shares outstanding of Series F, each of Auction Rate Cumulative Preferred Stock (“ARCPS”).

On January 22, 2015, the Fund announced that it had commenced an issuer tender offer for up to 100% of its outstanding ARCPS at a price equal to 90% of the liquidation preference of $25,000 per share (or $22,500 per share), plus any unpaid dividends accrued through February 27, 2015, the expiration date of the tender offer.

The Fund’s tender offers were conditioned upon the Fund closing on the private offering of VRDPS with an aggregate liquidation preference at least equal to the aggregate liquidation preference of ARCPS accepted for tender.

On March 4, 2015, the Fund announced the final results for its issuer tender offer and all shares that were validly tendered and not withdrawn during the offering period were accepted for payment. The Fund accepted for payment 1,871 Series M ARCPS, 1,717 Series T ARCPS, 1,710 Series W ARCPS, 1,466 Series Th ARCPS and 1,939 Series F ARCPS, which represented 93.55% of outstanding Series M ARCPS, 85.85% of outstanding Series T ARCPS, 85.50% of outstanding Series W ARCPS, 73.30% of outstanding Series Th ARCPS, and 96.95% of outstanding Series F ARCPS. In aggregate, the Fund accepted for payment 8,703 ARCPS, which represented 87.03% of the outstanding ARCPS. The ARCPS that were not tendered will remain outstanding. The difference between the liquidation preference of the ARCPS and the actual purchase price of the tendered ARCPS was recognized by the Fund in the Statement of Changes in Net Assets as an increase in net assets applicable to common shares resulting from the tender and repurchase of the ARCPS by the Fund.

In September 2015, the Fund repurchased 14 Series W ARCPS in a private transaction at a price equal to 90% of the liquidation preference of $25,000 per share (or $22,500 per share), plus any unpaid dividends. The difference between the liquidation preference of the ARCPS and the actual purchase price of the tendered ARCPS was recognized by the Fund in the Statement of Changes in Net Assets as an increase in the assets applicable to common shares resulting from the tender and repurchase of the ARCPS by the Fund.

On November 27, 2018, the Fund repurchased 80 Series M and 80 Series Th ARCPS in a private transaction at a price equal to 85% of the liquidation preference of $25,000 per share (or $21,250 per share), plus any unpaid dividends. The difference between the liquidation preference of the ARCPS and the actual purchase price of the tendered ARCPS was recognized by the Fund in the Statement of Changes in Net Assets as an increase in

40 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

the assets applicable to common shares resulting from the tender and repurchase of the ARCPS by the Fund.

On January 23, 2019, the Fund repurchased 1 Series M ARCPS in a private transaction at a price equal to 85% of the liquidation preference of $25,000 per share (or $21,250 per share), plus any unpaid dividends. The difference between the liquidation preference of the ARCPS and the actual purchase price of the tendered ARCPS was recognized by the Fund in the Statement of Changes in Net Assets as an increase in the assets applicable to common shares resulting from the tender and repurchase of the ARCPS by the Fund.

On November 20, 2019, the Fund repurchased 16 Series Th ARCPS in a private transaction at a price equal to 85% of the liquidation preference of $25,000 per share (or $21,250 per share), plus any unpaid dividends. The difference between the liquidation preference of the ARCPS and the actual purchase price of the tendered ARCPS was recognized by the Fund in the Statement of Changes in Net Assets as an increase in the assets applicable to common shares resulting from the tender and repurchase of the ARCPS by the Fund.

On November 17, 2020, the Fund repurchased 1 Series M ARCPS in a private transaction at a price equal to 85% of the liquidation preference of $25,000 per share (or $21,250 per share), plus any unpaid dividends. The difference between the liquidation preference of the ARCPS and the actual purchase price of the tendered ARCPS was recognized by the Fund in the Statement of Changes in Net Assets as an increase in the assets applicable to common shares resulting from the tender and repurchase of the ARCPS by the Fund.

The ARCPS’ dividends are cumulative at a rate determined at an auction and the dividend period is typically seven days. The dividend rate cannot exceed a certain maximum rate, including in the event of a failed auction, unless the Board of Directors of the Fund authorizes an increased maximum rate. To the extent capital gains and other taxable income are allocated to holders of ARCPS for tax purposes, the Fund will likely have to pay higher dividends to holders of ARCPS to compensate them for the increased tax liability to them resulting from such allocation. Due to failed auctions experienced by the Fund’s ARCPS starting February 14, 2008, the Fund paid the applicable maximum rate, which is calculated using the higher of 110% of the taxable equivalent of the short-term municipal bond rate and 110% of the prevailing 30-days “AA” Composite Commercial Paper Rate. The Fund may pay higher maximum rates if the rating of the Fund’s ARCPS were to be lowered by the rating agencies.

The dividend rates ranged from 0.157% to 0.393% during the six months ended November 30, 2020. At November 30, 2020, the dividend rates in effect were as follows:

	Series M			Series T			Series W			Series Th			Series F
Dividend Rate		0.188	%		0.188	%		0.173	%		0.173	%		0.173	%

The ARCPS are redeemable under certain conditions by the Fund, or subject to mandatory redemption (if the Fund is in default of certain coverage requirements) at a redemption price

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 41

Notes to financial statements (unaudited) (cont’d)

equal to the liquidation preference, which is the sum of $25,000 per share plus accumulated and unpaid dividends.

The Fund is required to maintain certain asset coverages with respect to the ARCPS. If the Fund fails to maintain these coverages and does not cure any such failure within the required time period, the Fund is required to redeem a requisite number of the ARCPS in order to meet the applicable requirement. Additionally, failure to meet the foregoing asset requirements would restrict the Fund’s ability to pay dividends to common stock shareholders.

The holders of the ARCPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of preferred stock or the holders of common stock. Pursuant to the 1940 Act, holders of the preferred stock have the right to elect two Directors of the Fund, voting separately as a class.

Citigroup Global Markets Inc. (“CGM”), an indirect wholly-owned subsidiary of Citigroup, acts as the broker/dealer in connection with the auction of ARCPS. For all periods since the ARCPS have been outstanding, the participation fee has been paid at the annual rate of 0.25% of the purchase price of the ARCPS that the broker/dealer places at the auction rate, however, on August 3, 2009, CGM reduced the participation fees to annual rate of 0.05% of the purchase price of the ARCPS, in the case of a failed auction. For the six months ended November 30, 2020, CGM earned $7,046 as the participating broker/dealer.

7. Distributions to common shareholders subsequent to November 30, 2020

The following distributions to common shareholders have been declared by the Fund’s Board of Directors and are payable subsequent to the period end of this report:

Record Date	Payable Date		Amount
11/20/2020		12/1/2020	$	0.0450
12/23/2020		12/31/2020	$	0.0450
1/22/2021		2/1/2021	$	0.0450
2/19/2021		3/1/2021	$	0.0450

8. Stock repurchase program

On November 16, 2015, the Fund announced that the Fund’s Board of Directors (the “Board”) had authorized the Fund to repurchase in the open market up to approximately 10% of the Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase shares of common stock at such times and in such amounts as management reasonably believes may enhance stockholder value. The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts. During the six months ended November 30, 2020, the Fund did not repurchase any shares.

42 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

9. Deferred capital losses

As of May 31, 2020, the Fund had deferred capital losses of $15,743,823, which have no expiration date, that will be available to offset future taxable capital gains.

10. Other matters

The outbreak of the respiratory illness COVID-19 (commonly referred to as “coronavirus”) has continued to rapidly spread around the world, causing considerable uncertainty for the global economy and financial markets. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

***

The Fund’s investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Plans are underway to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund’s transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Fund or the Fund’s investments cannot yet be determined.

***

On August 14, 2020, the Fund announced that it has elected, by resolution unanimously adopted by the Fund’s board of directors, to be subject to the Maryland Control Share Acquisition Act (the “MCSAA”), effective immediately. The MCSAA protects the interests of all stockholders of a Maryland corporation by providing that any holder of “control shares” acquired in a “control share acquisition” will not be entitled to vote its shares unless the other stockholders of the corporation reinstate those voting rights at a meeting of stockholders by a vote of two-thirds of the votes entitled to be cast on the matter, excluding the “acquiring person” (i.e., the holder or group of holders acting in concert that acquires, or proposes to acquire, “control shares”) and any other holders of “interested shares” as defined in the MCSAA. Generally, “control shares” are shares that, when aggregated with shares already owned by an acquiring person, would entitle the acquiring person to exercise 10% or more, 33 1/3% or more, or a majority of the total voting power of shares entitled to vote in the election of directors.

Application of the MCSAA seeks to limit the ability of an acquiring person to achieve a short-term gain at the expense of the Fund’s ability to pursue its investment objective and policies and seek long-term value for the rest of the Fund’s stockholders. The above

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 43

Notes to financial statements (unaudited) (cont’d)

description of the MCSAA is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the MCSAA and the Fund’s bylaws for more information, including definitions of key terms, various exclusions and exemptions from the statute’s scope, and the procedures by which stockholders may approve the reinstatement of voting rights to holders of “control shares.”

44 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

Additional shareholder information (unaudited)

Results of special meeting of shareholders

On July 6, 2020, a special meeting of shareholders was held for the following purposes: 1) to approve a new management agreement between the Fund and its investment manager; and 2) to approve a new subadvisory agreement. The following table provides the number of votes cast for or against, as well as the number of abstentions and broker non-votes as to each matter voted on at the special meeting of shareholders. Each item voted on was approved.

Item Voted On	Voted For		Voted Against		Abstentions		Broker Non-Votes
To Approve a New Management Agreement with Legg Mason Partners Fund Advisor, LLC		4,587,877		400,183		215,581		0
To Approve a New Subadvisory Agreement with Western Asset Management Company, LLC		4,574,479		406,177		222,985		0

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 45

Dividend reinvestment plan (unaudited)

Unless you elect to receive distributions in cash (i.e., opt-out), all dividends, including any capital gain dividends and return of capital distributions, on your Common Stock will be automatically reinvested by Computershare Trust Company, N.A., as agent for the stockholders (the “Plan Agent”), in additional shares of Common Stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all cash distributions paid by check mailed directly to you by Computershare Trust Company, N.A., as dividend paying agent.

If you participate in the Plan, the number of shares of Common Stock you will receive will be determined as follows:

(1) If the market price of the Common Stock (plus $0.03 per share commission) on the payment date (or, if the payment date is not a NYSE trading day, the immediately preceding trading day) is equal to or exceeds the net asset value per share of the Common Stock at the close of trading on the NYSE on the payment date, the Fund will issue new Common Stock at a price equal to the greater of (a) the net asset value per share at the close of trading on the NYSE on the payment date or (b) 95% of the market price per share of the Common Stock on the payment date.

(2) If the net asset value per share of the Common Stock exceeds the market price of the Common Stock (plus $0.03 per share commission) at the close of trading on the NYSE on the payment date, the Plan Agent will receive the dividend or distribution in cash and will buy Common Stock in the open market, on the NYSE or elsewhere, for your account as soon as practicable commencing on the trading day following the payment date and terminating no later than the earlier of (a) 30 days after the dividend or distribution payment date, or (b) the payment date for the next succeeding dividend or distribution to be made to the stockholders; except when necessary to comply with applicable provisions of the federal securities laws. If during this period: (i) the market price (plus $0.03 per share commission) rises so that it equals or exceeds the net asset value per share of the Common Stock at the close of trading on the NYSE on the payment date before the Plan Agent has completed the open market purchases or (ii) if the Plan Agent is unable to invest the full amount eligible to be reinvested in open market purchases, the Plan Agent will cease purchasing Common Stock in the open market and the Fund shall issue the remaining Common Stock at a price per share equal to the greater of (a) the net asset value per share at the close of trading on the NYSE on the day prior to the issuance of shares for reinvestment or (b) 95% of the then current market price per share.

Common Stock in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all shares of Common Stock you have received under the Plan. You may withdraw from the Plan (i.e., opt-out) by notifying the Plan Agent in writing at 462 South 4th Street, Suite 1600, Louisville, KY 40202 or by calling the Plan Agent at 1-888-888-0151. Such withdrawal will be effective immediately if notice is received by the Plan Agent not less than ten business days prior to any dividend or distribution record date;

46 Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report

otherwise such withdrawal will be effective as soon as practicable after the Plan Agent’s investment of the most recently declared dividend or distribution on the Common Stock.

Plan participants who sell their shares will be charged a service charge (currently $5.00 per transaction) and the Plan Agent is authorized to deduct brokerage charges actually incurred from the proceeds (currently $0.05 per share commission). There is no service charge for reinvestment of your dividends or distributions in Common Stock. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases. Because all dividends and distributions will be automatically reinvested in additional shares of Common Stock, this allows you to add to your investment through dollar cost averaging, which may lower the average cost of your Common Stock over time. Dollar cost averaging is a technique for lowering the average cost per share over time if the Fund’s net asset value declines. While dollar cost averaging has definite advantages, it cannot assure profit or protect against loss in declining markets.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Investors will be subject to income tax on amounts reinvested under the Plan.

The Fund reserves the right to amend or terminate the Plan if, in the judgment of the Board of Directors, the change is warranted. The Plan may be terminated, amended or supplemented by the Fund upon notice in writing mailed to stockholders at least 30 days prior to the record date for the payment of any dividend or distribution by the Fund for which the termination or amendment is to be effective. Upon any termination, you will be sent cash for any fractional share of Common Stock in your account. You may elect to notify the Plan Agent in advance of such termination to have the Plan Agent sell part or all of your Common Stock on your behalf. Additional information about the Plan and your account may be obtained from the Plan Agent at 462 South 4th Street, Suite 1600, Louisville, KY 40202 or by calling the Plan Agent at 1-888-888-0151.

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report 47

Western Asset

Managed Municipals Fund Inc.

Directors

Robert D. Agdern

Carol L. Colman

Daniel P. Cronin

Paolo M. Cucchi

William R. Hutchinson

Eileen A.Kamerick

Nisha Kumar

Jane Trust

Chairman

Officers

Jane Trust

President and Chief Executive Officer

Christopher Berarducci

Treasurer and Principal Financial Officer

Fred Jensen

Chief Compliance Officer

Jenna Bailey

Identity Theft Prevention Officer

George P. Hoyt*

Secretary and Chief Legal Officer

Thomas C. Mandia

Assistant Secretary

Jeanne M. Kelly

Senior Vice President

* Effective August 13, 2020, Mr. Hoyt became Secretary and Chief Legal Officer.

Western Asset Managed Municipals Fund Inc.

620 Eighth Avenue

47^th Floor

New York, NY 10018

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadviser

Western Asset Management Company, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Computershare Inc.

462 South 4^th Street, Suite 1600

Louisville, KY 40202

Auction agent

Deutsche Bank

60 Wall Street

New York, NY 10005

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

Legal counsel

Simpson Thacher &Bartlett LLP

425 Lexington Avenue

New York, NY 10017

New York Stock Exchange Symbol

MMU

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Legg Mason Investor Services, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

• Personal information included on applications or other forms;

• Account balances, transactions, and mutual fund holdings and positions;

• Bank account information, legal documents, and identity verification documentation;

• Online account access user IDs, passwords, security challenge question responses; and

• Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law.

The Funds may disclose information about you to:

• Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

• Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

• Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

• The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

• Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

NOT PART OF THE SEMI-ANNUAL REPORT

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform. The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary, so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.leggmason.com, or contact the Fund at 1-888-777-0102.

Revised April 2018

Legg Mason California Consumer Privacy Act Policy

Although much of the personal information we collect is “nonpublic personal information” subject to federal law, residents of California may, in certain circumstances, have additional rights under the California Consumer Privacy Act (“CCPA”). For example, if you are a broker,

NOT PART OF THE SEMI-ANNUAL  REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

dealer, agent, fiduciary, or representative acting by or on behalf of, or for, the account of any other person(s) or household, or a financial advisor, or if you have otherwise provided personal information to us separate from the relationship we have with personal investors, the provisions of this Privacy Policy apply to your personal information (as defined by the CCPA).

• In addition to the provisions of the Legg Mason Funds Security and Privacy Notice, you may have the right to know the categories and specific pieces of personal information we have collected about you.

• You also have the right to request the deletion of the personal information collected or maintained by the Funds.

If you wish to exercise any of the rights you have in respect of your personal information, you should advise the Funds by contacting them as set forth below. The rights noted above are subject to our other legal and regulatory obligations and any exemptions under the CCPA. You may designate an authorized agent to make a rights request on your behalf, subject to the identification process described below. We do not discriminate based on requests for information related to our use of your personal information, and you have the right not to receive discriminatory treatment related to the exercise of your privacy rights.

We may request information from you in order to verify your identity or authority in making such a request. If you have appointed an authorized agent to make a request on your behalf, or you are an authorized agent making such a request (such as a power of attorney or other written permission), this process may include providing a password/passcode, a copy of government issued identification, affidavit or other applicable documentation, i.e. written permission. We may require you to verify your identity directly even when using an authorized agent, unless a power of attorney has been provided. We reserve the right to deny a request submitted by an agent if suitable and appropriate proof is not provided.

For the 12-month period prior to the date of this Privacy Policy, the Legg Mason Funds have not sold any of your personal information; nor do we have any plans to do so in the future.

Contact Information

Address: Data Privacy Officer, 100 International Dr., Baltimore, MD 21202

Email: DataProtectionOfficer@franklintempleton.com

Phone: 1-800-396-4748

Revised October 2020

NOT PART OF THE SEMI-ANNUAL REPORT

Western Asset Managed Municipals Fund Inc.

Western Asset Managed Municipals Fund Inc.

620 Eighth Avenue

47th Floor

New York, NY 10018

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase, at market prices, shares of its stock.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-888-777-0102.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.lmcef.com and (3) on the SEC’s website at www.sec.gov.

This report is transmitted to the shareholders of Western Asset Managed Municipals Fund Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

Computershare Inc.

462 South 4th Street, Suite 1600

Louisville, KY 40202

WASX010152 1/21 SR20-4067

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) (1) Not applicable.

Exhibit  99.CODE ETH

(a) (2)  Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Western Asset Managed Municipals Fund Inc.
By:	/s/Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	January 28, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	January 28, 2021
By:	/s/Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	January 28, 2021