Schedule of Investments (unaudited)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)  
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 141.0%
Alabama — 2.7%
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds:
Project No 6, Series B
4.000%
12/1/26
 $710,000
 $715,065
 (a)(b)
Series D-1, Refunding
5.500%
2/1/29
1,050,000
1,124,783
 (a)(b)
Series F
5.500%
12/1/28
2,250,000
2,397,082
 (a)(b)
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019
5.750%
10/1/49
900,000
954,296
 (c)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,635,480
 
Warrants, Series 2024, Refunding
5.250%
10/1/49
3,500,000
3,782,378
 
Warrants, Series 2024, Refunding
5.500%
10/1/53
2,750,000
3,005,786
 
Mobile County, AL, IDA Revenue, Solid Waste Disposal Facility, Calvert LLC
Project, Series A
5.000%
6/1/54
1,670,000
1,738,146
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1,
Series A, Refunding
5.000%
4/1/32
2,000,000
2,178,904
 
Total Alabama
17,531,920
Alaska — 0.7%
Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B,
Refunding
5.000%
12/1/38
750,000
796,560
 
Anchorage, AK, Port Revenue, Series A
5.000%
12/1/50
1,300,000
1,340,247
 (c)
Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue:
Asset Backed Senior Bonds, Class 1, Series A, Refunding
4.000%
6/1/50
750,000
688,836
 
Asset Backed Senior Bonds, Series A, Class 1, Refunding
4.000%
6/1/41
1,690,000
1,659,535
 
Total Alaska
4,485,178
Arizona — 4.8%
Arizona State IDA, Education Revenue, Basis School Project, Credit Enhanced,
Series F, Refunding, SD Credit Program
5.000%
7/1/52
725,000
734,789
 
Chandler, AZ, IDA Revenue:
Intel Corp. Project
3.800%
6/15/28
1,750,000
1,792,558
 (a)(b)
Intel Corp. Project
4.100%
6/15/28
1,300,000
1,324,105
 (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
3,400,000
3,444,411
 (a)(b)(c)
Navajo Nation, AZ, Revenue, Series A, Refunding
5.500%
12/1/30
1,225,000
1,246,870
 (d)
Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A
5.000%
8/1/42
750,000
790,333
 
Salt Verde, AZ, Financial Corp., Natural Gas Revenue:
Series 2007
5.250%
12/1/28
2,000,000
2,135,344
 
Series 2007
5.000%
12/1/32
12,000,000
13,086,950
 
Series 2007
5.000%
12/1/37
5,500,000
6,099,919
 
Total Arizona
30,655,279
Arkansas — 0.2%
Arkansas State Development Finance Authority, Environmental Improvement
Revenue, United States Steel Corporation Project, Green Bonds
5.700%
5/1/53
1,050,000
1,120,404
 (c)
California — 13.9%
Alameda, CA, Corridor Transportation Authority Revenue:
Convertible CAB, Series C, Refunding, AGM
5.000%
10/1/52
2,650,000
2,856,956
 
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
2,250,000
2,307,030
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series A-1
4.000%
8/1/28
850,000
860,791
 (a)(b)
See Notes to Schedule of Investments.
1
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
California — continued
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
 $8,500,000
 $9,173,697
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
3,100,000
3,295,544
 (a)(b)
California State Health Facilities Financing Authority Revenue, Lucile Salter
Packard Children’s Hospital at Stanford
5.000%
11/15/56
500,000
516,777
 
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
4,400,000
4,482,914
 (c)
California State PCFA Water Furnishing Revenue, Poseidon Resources
Desalination Project
5.000%
11/21/45
13,500,000
13,523,638
 (c)(d)
Los Angeles, CA, Department of Airports Revenue:
Los Angeles International Airport, Subordinated, Series C, Refunding
4.000%
5/15/36
800,000
808,226
 (c)
Los Angeles International Airport, Subordinated, Series C, Refunding
4.000%
5/15/37
500,000
503,454
 (c)
Los Angeles International Airport, Subordinated, Series D
5.000%
5/15/38
500,000
522,880
 (c)
Los Angeles International Airport, Subordinated, Series F, Refunding
4.000%
5/15/49
2,000,000
1,920,127
 (c)
Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A
5.000%
7/1/48
2,000,000
2,085,381
 
Los Angeles, CA, Department of Water & Power, Power System Revenue, Series
C
5.000%
7/1/42
2,000,000
2,089,233
 
Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated,
Series A
5.000%
6/1/48
1,500,000
1,578,737
 
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series A
7.000%
11/1/34
3,430,000
4,330,010
 
Series B
7.000%
11/1/34
2,490,000
3,143,360
 
Series B
6.500%
11/1/39
8,000,000
10,379,083
 
Series C
6.500%
11/1/39
2,000,000
2,594,771
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1
5.500%
9/1/37
545,000
577,278
 
Community Facilities District No 2003-1
5.750%
9/1/52
1,400,000
1,455,972
 
Community Facilities District No 2023-1
5.625%
9/1/53
1,070,000
1,140,011
 
Riverside, CA, Electric Revenue, Series A, Refunding
5.000%
10/1/48
750,000
796,646
 
San Diego County, CA, Regional Airport Authority Revenue, Series B
5.000%
7/1/46
1,500,000
1,566,857
 (c)
San Francisco, CA, City & County Airport Commission, International Airport
Revenue:
Second Series A, Unrefunded
5.000%
5/1/47
10,635,000
10,756,219
 (c)
SFO Fuel Company LLC, Series A, Refunding
5.000%
1/1/47
1,500,000
1,540,497
 (c)
San Mateo County, CA, Joint Powers Financing Authority, Lease Revenue,
Capital Project, Series A
5.000%
7/15/43
1,000,000
1,058,215
 
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
532,330
 
Asset Backed Refunding, San Diego County Tobacco Asset Securitization
Corporation, Class 1, Series A
5.000%
6/1/48
800,000
827,882
 
Tulare, CA, Sewer Revenue, Refunding, AGM
5.000%
11/15/41
2,000,000
2,037,824
 
Total California
89,262,340
Colorado — 5.2%
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding
5.750%
12/1/46
1,000,000
1,001,708
 
Colorado State Educational & Cultural Facilities Authority Revenue, University of
Denver Project, Series A
5.000%
3/1/47
1,600,000
1,638,034
 
Colorado State Health Facilities Authority Revenue:
Commonspirit Health Initiatives, Series B-2
5.000%
8/1/26
1,300,000
1,328,334
 (a)(b)
See Notes to Schedule of Investments.
2
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Colorado — continued
Commonspirit Health Project, Series A-2, Refunding
4.000%
8/1/49
 $2,500,000
 $2,330,823
 
Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes
5.000%
12/31/51
800,000
800,691
 
Denver, CO, Airport System Revenue:
Series C
6.125%
11/15/25
3,235,000
3,336,020
 (c)(e)
Subordinated, Series B, Refunding
5.250%
11/15/34
3,000,000
3,418,387
 (c)
Public Authority for Colorado Energy, Natural Gas Purchase Revenue
6.500%
11/15/38
15,700,000
19,537,783
 
Total Colorado
33,391,780
Connecticut — 1.0%
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A
5.000%
1/1/37
2,000,000
2,112,898
 
Connecticut State, GO:
Series A
4.000%
4/15/37
500,000
505,945
 
Series B
4.000%
1/15/42
1,250,000
1,275,260
 
Harbor Point, CT, Infrastructure Improvement District, Special Obligation
Revenue, Harbor Point Project Ltd., Refunding
5.000%
4/1/39
1,150,000
1,163,515
 (d)
University of Connecticut, Student Fee Revenue, Series A
5.000%
11/15/43
1,000,000
1,049,002
 
Total Connecticut
6,106,620
Delaware — 0.1%
Delaware State Health Facilities Authority Revenue, Beebe Medical Center
Project
5.000%
6/1/48
500,000
507,886
 
District of Columbia — 1.1%
District of Columbia Revenue:
KIPP DC Issue, Series A, Refunding
5.000%
7/1/37
800,000
826,681
 
KIPP DC Project, Series B, Refunding
5.000%
7/1/48
2,800,000
2,839,622
 
Metropolitan Washington, DC, Airports Authority Aviation Revenue:
Series A, Refunding
5.000%
10/1/29
1,500,000
1,621,414
 (c)
Series A, Refunding
5.000%
10/1/30
1,500,000
1,634,289
 (c)
Total District of Columbia
6,922,006
Florida — 8.5%
Broward County, FL, Airport System Revenue:
Series 2017
5.000%
10/1/47
1,600,000
1,626,467
 (c)
Series A
5.000%
10/1/45
1,000,000
1,007,150
 (c)
Broward County, FL, Port Facilities Revenue, Series 2022
5.000%
9/1/37
400,000
435,241
 (c)
Florida State Development Finance Corp., Educational Facilities Revenue,
Renaissance Charter School Inc. Projects, Series A
6.125%
6/15/46
715,000
720,026
 (d)
Florida State Development Finance Corp., Revenue:
Brightline Passenger Rail Project, Refunding
5.250%
7/1/47
2,700,000
2,775,129
 (c)
Brightline Passenger Rail Project, Refunding, AGM
5.250%
7/1/53
8,000,000
8,438,305
 (c)
Florida State Insurance Assistance Interlocal Agency Inc., Revenue, Series A-1,
Refunding
5.000%
9/1/26
5,850,000
6,021,379
 
Florida State Mid-Bay Bridge Authority Revenue:
First Senior Lien, Series A, Refunding
5.000%
10/1/40
740,000
746,271
 
Series A, Refunding
5.000%
10/1/30
2,410,000
2,448,898
 
Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM
4.000%
10/1/52
900,000
845,872
 
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue:
Priority Subordinated, Series A
5.000%
10/1/42
500,000
511,972
 (c)
See Notes to Schedule of Investments.
3
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Florida — continued
Priority Subordinated, Series A
5.000%
10/1/47
 $1,500,000
 $1,526,109
 (c)
Hillsborough County, FL, Aviation Authority Revenue, Tampa International
Airport, Series E
5.000%
10/1/43
1,250,000
1,288,642
 (c)
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding
5.000%
10/1/41
3,000,000
3,060,256
 
Miami-Dade County, FL, Expressway Authority, Series A, Refunding
5.000%
7/1/40
9,000,000
9,005,363
 
Miami-Dade County, FL, Seaport Revenue:
Senior Bonds, Series A, Refunding
5.000%
10/1/47
2,000,000
2,138,212
 (c)
Senior Bonds, Series A, Refunding
5.250%
10/1/52
2,500,000
2,659,558
 (c)
Orange County, FL, Health Facilities Authority Revenue, Orlando Health Inc.,
Series A
5.000%
10/1/53
1,300,000
1,383,340
 
Palm Beach County, FL, Health Facilities Authority Revenue:
Acts Retirement-Life Communities
5.000%
11/15/45
750,000
768,482
 
Jupiter Medical Center Project, Series A
5.000%
11/1/52
2,850,000
2,918,109
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion,
Refunding
4.000%
6/1/41
650,000
605,491
 
Pasco County, FL, Capital Improvement, Cigarette Tax Allocation Bonds, H. Lee
Moffitt Cancer Center Project, Series A, AGM
5.750%
9/1/54
2,175,000
2,442,997
 
Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle
Aeronautical University Inc. Project, Refunding
5.000%
10/15/47
1,000,000
1,024,818
 
Total Florida
54,398,087
Georgia — 1.4%
Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health
System, Inc. Project, Series A, Refunding
5.000%
4/1/50
1,250,000
1,302,446
 
Georgia State Municipal Electric Authority, Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A
5.250%
7/1/64
1,150,000
1,227,962
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
750,000
798,717
 
Plant Vogtle Units 3&4, Project P, Series A, Refunding
5.000%
1/1/56
1,295,000
1,317,737
 
Project One, Series A, Refunding
5.000%
1/1/50
1,250,000
1,310,415
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/43
1,450,000
1,500,366
 
Series C
5.000%
9/1/30
1,600,000
1,712,629
 (a)(b)
Total Georgia
9,170,272
Guam — 0.2%
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/36
1,230,000
1,239,980
 
Hawaii — 0.3%
Honolulu, HI, City & County Wastewater System Revenue, First Senior Bond
Resolution, Series A
3.000%
7/1/41
2,000,000
1,749,330
 
Idaho — 0.2%
Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group,
Series A
5.000%
12/1/47
1,100,000
1,126,956
 
Illinois — 18.6%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/42
2,000,000
2,053,910
 
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.875%
12/1/47
3,000,000
3,303,905
 
Dedicated, Series G, Refunding
5.000%
12/1/34
100,000
102,478
 
Dedicated, Series G, Refunding
5.000%
12/1/44
750,000
757,591
 
See Notes to Schedule of Investments.
4
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Illinois — continued
Dedicated, Series H
5.000%
12/1/36
 $500,000
 $510,417
 
Dedicated, Series H
5.000%
12/1/46
5,400,000
5,441,468
 
Series D
5.000%
12/1/46
8,435,000
8,516,773
 
Chicago, IL, GO:
Series A
5.500%
1/1/35
1,000,000
1,072,921
 
Series A
5.000%
1/1/44
1,000,000
1,029,361
 
Series A, Refunding
5.625%
1/1/29
2,000,000
2,081,337
 
Series A, Refunding
6.000%
1/1/38
2,000,000
2,077,120
 
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series B, Refunding
5.000%
1/1/41
1,250,000
1,265,914
 
General Senior Lien, Series C, Refunding
5.000%
1/1/44
2,500,000
2,615,852
 (c)
Senior Lien, Series D
5.000%
1/1/47
500,000
510,445
 
Senior Lien, Series D
5.000%
1/1/52
500,000
509,043
 
Series A, Refunding
5.000%
1/1/31
1,000,000
1,004,355
 (c)
Series A, Refunding
5.000%
1/1/35
7,000,000
7,025,253
 (c)
Series C, Refunding
5.000%
1/1/35
2,200,000
2,207,937
 (c)
Series C, Refunding
5.000%
1/1/43
750,000
787,132
 (c)
TrIPS Obligated Group
5.000%
7/1/48
900,000
909,456
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien
5.000%
12/1/51
1,250,000
1,261,761
 
Second Lien, Series A, Refunding
5.000%
12/1/45
500,000
523,158
 
Second Lien, Series A, Refunding
4.000%
12/1/55
1,900,000
1,738,137
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
2,700,000
2,747,893
 
Second Lien, Series A, AGM
5.250%
1/1/53
500,000
543,992
 
Second Lien, Series B, Refunding
5.000%
1/1/38
1,500,000
1,545,927
 
Chicago, IL, Waterworks Revenue:
Second Lien Project
5.000%
11/1/34
800,000
801,474
 
Second Lien Project
5.000%
11/1/39
500,000
500,601
 
Second Lien, Series 2017, Refunding
5.000%
11/1/29
1,800,000
1,909,973
 
Second Lien, Series 2017-2, Refunding, AGM
5.000%
11/1/33
1,290,000
1,361,772
 
Second Lien, Series 2017-2, Refunding, AGM
5.000%
11/1/37
3,610,000
3,772,538
 
Second Lien, Series 2017-2, Refunding, AGM
5.000%
11/1/38
2,000,000
2,082,433
 
Cook County, IL, Sales Tax Revenue, Series A, Refunding
4.000%
11/15/41
2,500,000
2,461,227
 
Illinois State Finance Authority Revenue, Northshore University Healthsystem,
Series A, Refunding
4.000%
8/15/40
2,400,000
2,366,298
 
Illinois State Finance Authority, Student Housing & Academic Facilities Revenue,
CHF Chicago LLC, University of Illinois Chicago Project
5.000%
2/15/50
500,000
497,136
 
Illinois State Sports Facilities Authority Revenue:
Sport Facilities Project, Series 2019, Refunding, BAM
5.000%
6/15/28
750,000
798,876
 
Sport Facilities Project, Series 2019, Refunding, BAM
5.000%
6/15/29
250,000
270,030
 
Illinois State Toll Highway Authority Revenue, Series A
4.000%
1/1/46
4,000,000
3,904,065
 
Illinois State, GO:
Series 2016
5.000%
1/1/33
2,000,000
2,036,321
 
Series 2016
5.000%
11/1/33
3,000,000
3,083,546
 
Series 2016, Refunding
5.000%
2/1/29
2,100,000
2,200,387
 
See Notes to Schedule of Investments.
5
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Illinois — continued
Series A
5.000%
3/1/34
 $2,000,000
 $2,202,386
 
Series A
5.000%
5/1/36
940,000
984,119
 
Series A
5.000%
3/1/37
750,000
817,681
 
Series A
5.000%
5/1/39
2,600,000
2,704,093
 
Series A
5.000%
3/1/46
2,250,000
2,377,037
 
Series A, Refunding
5.000%
10/1/29
5,095,000
5,496,438
 
Series A, Refunding
5.000%
10/1/30
500,000
536,363
 
Series C
5.000%
12/1/41
4,000,000
4,368,880
 
Series D
5.000%
11/1/27
2,400,000
2,551,205
 
Series D
5.000%
11/1/28
750,000
797,138
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
3,500,000
3,458,712
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/47
1,500,000
1,430,312
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
8,150,000
8,446,415
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
1,500,000
1,590,059
 
McCormick Place Expansion Project, Series B-1, Refunding, AGM
0.000%
6/15/47
3,000,000
1,081,653
 
Total Illinois
119,032,704
Indiana — 1.6%
Indiana State Finance Authority Revenue:
BHI Senior Living Inc., Series A, Refunding
4.000%
11/15/41
2,250,000
2,160,482
 
Marion General Hospital, Series A
4.000%
7/1/45
1,200,000
1,112,238
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
1,150,000
1,179,157
 
Indianapolis, IN, Local Public Improvement Bond Bank:
Courthouse and Jail Project, Series A
4.000%
2/1/44
2,000,000
2,004,485
 
Courthouse and Jail Project, Series A
5.000%
2/1/54
850,000
886,561
 
Valparaiso, IN, Exempt Facilities Revenue:
Pratt Paper LLC Project, Refunding
4.500%
1/1/34
1,400,000
1,439,520
 (c)
Pratt Paper LLC Project, Refunding
4.875%
1/1/44
1,500,000
1,558,599
 (c)
Total Indiana
10,341,042
Iowa — 1.4%
Iowa State Finance Authority Revenue:
Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding
5.000%
12/1/32
4,400,000
5,117,320
 (a)(b)(f)
Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding
5.000%
12/1/50
2,500,000
2,907,568
 (f)
Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds,
Class 1, Series A-2, Refunding
4.000%
6/1/49
750,000
708,299
 
Total Iowa
8,733,187
Kentucky — 1.2%
Kentucky State Economic Development Finance Authority Revenue, Louisville
Arena, Louisville Arena Authority Inc., Refunding, AGM
5.000%
12/1/45
1,000,000
1,033,914
 
Kentucky State PEA, Gas Supply Revenue, Series A
4.000%
6/1/26
6,500,000
6,534,170
 (a)(b)
Total Kentucky
7,568,084
Louisiana — 1.8%
Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding,
AGM
5.000%
4/1/43
2,500,000
2,565,370
 (c)
Shreveport, LA, Water & Sewer Revenue, Refunding, AGM
5.000%
12/1/34
2,080,000
2,124,870
 
See Notes to Schedule of Investments.
6
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Louisiana — continued
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series A-3, Refunding
2.200%
7/1/26
 $2,250,000
 $2,198,208
 (a)(b)
Marathon Oil Corp. Project, Series B-2, Refunding
2.375%
7/1/26
4,650,000
4,557,240
 (a)(b)
Total Louisiana
11,445,688
Maryland — 0.5%
Maryland State EDC, Senior Student Housing Revenue:
Morgan State University Project
4.000%
7/1/40
500,000
488,248
 
Morgan State University Project
5.000%
7/1/50
1,150,000
1,185,457
 
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021
4.000%
6/1/46
1,845,000
1,831,575
 
Total Maryland
3,505,280
Massachusetts — 3.0%
Massachusetts State DFA Revenue:
Boston Medical Center, Sustainability Bonds, Series G, Refunding
5.250%
7/1/52
1,800,000
1,963,913
 
International Charter School, Refunding
5.000%
4/15/40
1,875,000
1,877,554
 
Milford Regional Medical Center, Series F, Refunding
5.750%
7/15/43
500,000
500,339
 
Northeastern University Issue, Refunding
5.000%
10/1/44
2,750,000
3,048,360
 
UMass Boston Student Housing Project
5.000%
10/1/48
950,000
954,610
 
Massachusetts State Port Authority Revenue:
Bosfuel Project, Series A, Refunding
5.000%
7/1/49
1,500,000
1,535,218
 (c)
Series A, Refunding
5.000%
7/1/36
1,700,000
1,801,123
 (c)
Series E
5.000%
7/1/46
6,980,000
7,324,866
 (c)
Total Massachusetts
19,005,983
Michigan — 3.0%
Great Lakes, MI, Water Authority, Sewage Disposal System Revenue, Senior
Lien, Series C
5.250%
7/1/53
2,000,000
2,202,153
 
Great Lakes, MI, Water Authority, Water Supply System Revenue:
Senior Lien, Series A
5.000%
7/1/38
1,000,000
1,145,107
 
Senior Lien, Series A
5.000%
7/1/46
6,790,000
6,934,361
 
Senior Lien, Series C, Refunding
5.000%
7/1/35
650,000
671,310
 
Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue,
County GTD
5.000%
1/1/51
1,000,000
1,056,855
 (c)
Michigan State Finance Authority Revenue:
Local Government Loan Program, Detroit, MI, Water & Sewer Department,
Second Lien Local Project, Series C, Refunding
5.000%
7/1/33
625,000
634,033
 
Local Government Loan Program, Detroit, MI, Water & Sewer Department,
Series D-2, Refunding
5.000%
7/1/34
250,000
253,408
 
The Henry Ford Health Detroit South Campus Central Utility Plant Project, Act
38 Facilities, Senior Green Bonds
5.500%
2/28/57
1,000,000
1,115,512
 
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding
5.000%
6/1/49
185,000
190,177
 
Michigan State Hospital Finance Authority Revenue, Ascension Health Senior
Credit Group, Series 2010 F-4, Refunding
5.000%
11/15/47
3,000,000
3,148,017
 
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
1,800,000
1,844,389
 (c)
Total Michigan
19,195,322
See Notes to Schedule of Investments.
7
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Missouri — 0.3%
Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services
Projects, Series A
5.000%
2/1/42
 $150,000
 $153,819
 
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village,
St. Louis Obligated Group, Series A
5.000%
9/1/38
1,600,000
1,624,857
 
Total Missouri
1,778,676
Nebraska — 0.3%
Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding
4.000%
2/1/46
2,000,000
1,997,419
 
New Hampshire — 0.2%
National Finance Authority, NH, Revenue, Presbyterian Senior Living Project,
Series A
5.250%
7/1/48
950,000
1,008,741
 
New Jersey — 8.0%
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue,
Refunding, AGM
5.000%
11/1/27
240,000
240,711
 
New Jersey State EDA Revenue:
Private Activity-The Goethals Bridge Replacement Project
5.375%
1/1/43
1,000,000
1,000,790
 (c)
Private Activity-The Goethals Bridge Replacement Project, AGM
5.125%
7/1/42
2,500,000
2,502,035
 (c)
Provident Group - Rowan Properties LLC, Rowan University Housing Project
5.000%
1/1/48
500,000
481,959
 
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
3,500,000
3,618,749
 (c)
New Jersey State EDA, Lease Revenue, State House Project, Series B
5.000%
6/15/43
4,000,000
4,161,202
 
New Jersey State EDA, Special Facility Revenue, Continental Airlines Inc.
Project
5.250%
9/15/29
5,000,000
5,004,757
 (c)
New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding
5.000%
7/1/42
3,000,000
3,067,057
 
New Jersey State Health Care Facilities Financing Authority Revenue, RWJ
Barnabas Health Obligation Group, Series A, Refunding
5.000%
7/1/43
1,500,000
1,531,249
 
New Jersey State Institute of Technology, GO,
Series A
5.000%
7/1/45
750,000
757,954
 
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA
5.000%
6/15/39
2,125,000
2,305,102
 
Transportation Program, Series AA
5.250%
6/15/43
1,500,000
1,573,880
 
Transportation Program, Series AA
5.000%
6/15/50
5,520,000
5,803,837
 
Transportation Program, Series AA, Refunding
5.000%
6/15/36
4,000,000
4,475,959
 
Transportation Program, Series AA, Refunding
5.000%
6/15/38
3,000,000
3,369,099
 
Transportation Program, Series BB
4.000%
6/15/36
2,250,000
2,295,530
 
Transportation Program, Series BB
5.000%
6/15/44
2,000,000
2,073,624
 
Transportation System, Series A, Refunding
5.000%
12/15/28
1,050,000
1,145,226
 
Transportation System, Series A, Refunding
4.250%
6/15/40
750,000
772,554
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
4,000,000
4,441,394
 (g)
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.250%
6/1/46
800,000
829,333
 
Total New Jersey
51,452,001
New York — 23.6%
Brookhaven, NY, Local Development Corp. Revenue, Long Island Community
Hospital Project, Series A, Refunding
4.000%
10/1/45
1,250,000
1,189,763
 
Long Island, NY, Power Authority Electric System Revenue, Series B
3.000%
9/1/29
1,250,000
1,233,274
 (a)(b)
MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2
5.000%
11/15/47
2,000,000
2,056,353
 
MTA, NY, Transportation Revenue:
Green Bonds, Series C-1, Refunding
4.000%
11/15/37
500,000
504,884
 
Green Bonds, Series E, Refunding
5.000%
11/15/30
1,750,000
1,954,992
 
See Notes to Schedule of Investments.
8
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
Green Bonds, Series E, Refunding
4.000%
11/15/45
 $1,750,000
 $1,703,982
 
Series A-2
5.000%
5/15/30
2,300,000
2,512,858
 (a)(b)
Series B, Refunding
5.000%
11/15/37
250,000
257,554
 
Series C-1, Refunding
5.000%
11/15/33
350,000
362,454
 
New York City, NY, GO:
Series A
5.000%
8/1/51
2,500,000
2,698,764
 
Subseries A-1
4.000%
8/1/40
1,250,000
1,257,479
 
Subseries A-1
5.000%
8/1/47
2,070,000
2,214,736
 
New York City, NY, Industrial Development Agency Revenue:
Yankee Stadium Project, Refunding
4.000%
3/1/45
900,000
866,014
 
Yankee Stadium Project, Refunding, AGM
4.000%
3/1/45
750,000
733,713
 
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue:
Second General Resolution Fiscal 2022, Series AA, Subseries AA-1
4.000%
6/15/51
5,800,000
5,686,365
 
Second General Resolution Fiscal 2023, Series AA, Subseries AA-1
5.250%
6/15/52
2,020,000
2,225,769
 
Second General Resolution, Series CC
5.000%
6/15/48
600,000
619,534
 
Second General Resolution, Series CC-1, Refunding
5.000%
6/15/46
2,000,000
2,053,452
 
New York City, NY, TFA, Future Tax Secured Revenue:
Subordinated, Series F, Subseries F-1
5.000%
2/1/47
10,250,000
11,040,311
 
Subordinated, Subseries F-1
5.000%
5/1/42
3,000,000
3,107,701
 
New York State Dormitory Authority Revenue:
Non-State Supported Debt, Memorial Sloan-Kettering Cancer Center, Series
B-1
4.000%
7/1/51
2,500,000
2,446,845
 
Non-State Supported Debt, New School University, Series A, Refunding
5.000%
7/1/35
1,900,000
1,916,044
 
Non-State Supported Debt, SD, Series A, Refunding, AGM
5.000%
10/1/29
5,000
5,468
 (f)
Series B, Refunding
5.000%
2/15/43
5,000
5,357
 (f)
New York State Dormitory Authority, Sales Tax Revenue:
Bidding Group 4, Series A
5.000%
3/15/45
1,000,000
1,043,667
 
Bidding Group 4, Series E, Refunding
5.000%
3/15/44
2,850,000
2,995,922
 
New York State Dormitory Authority, State Personal Income Tax Revenue:
Bidding Group 3, Series B, Refunding
5.000%
2/15/41
5,000
5,358
 (f)
Bidding Group 3, Series B, Refunding
5.000%
2/15/41
2,990,000
3,134,276
 
Bidding Group 4, Series A, Refunding
4.000%
3/15/45
2,475,000
2,451,200
 
Bidding Group 4, Series A, Refunding
4.000%
3/15/46
7,240,000
7,166,374
 
Bidding Group 4, Series D, Refunding
4.000%
2/15/40
3,100,000
3,133,782
 
New York State Liberty Development Corp., Revenue:
3 World Trade Center Project, Class 1, Refunding
5.000%
11/15/44
2,240,000
2,241,875
 (d)
7 World Trade Center Project, Class 2, Refunding
3.250%
9/15/52
5,000,000
3,925,265
 
Goldman Sachs Headquarters
5.500%
10/1/37
1,485,000
1,781,972
 
New York State Thruway Authority General Revenue, Junior Indebtedness
Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/45
4,000,000
3,910,211
 
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/30
500,000
519,487
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/32
650,000
671,790
 (c)
See Notes to Schedule of Investments.
9
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/33
 $1,750,000
 $1,806,713
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
6.000%
4/1/35
2,750,000
3,093,590
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.625%
4/1/40
2,200,000
2,371,326
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
4.375%
10/1/45
1,750,000
1,685,724
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
6.000%
6/30/54
2,150,000
2,350,355
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
5.375%
6/30/60
6,600,000
6,887,204
 (c)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds, AGM
5.125%
6/30/60
5,250,000
5,471,018
 (c)
John F. Kennedy International Airport Terminal 4 Project, Series C, Refunding
4.000%
12/1/41
2,160,000
2,140,872
 
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/41
1,550,000
1,549,931
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
11,850,000
11,849,538
 (c)
New York State Urban Development Corp., Revenue, State Personal Income Tax,
Series C, Refunding
4.000%
3/15/45
3,250,000
3,209,830
 
Port Authority of New York & New Jersey Revenue:
Consolidated Series 194, Refunding
5.000%
10/15/41
6,400,000
6,516,513
 
Consolidated Series 218
4.000%
11/1/47
2,600,000
2,493,248
 (c)
Consolidated Series 221
4.000%
7/15/45
1,000,000
963,240
 (c)
Consolidated Series 221
4.000%
7/15/55
1,000,000
929,096
 (c)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/45
250,000
260,735
 
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/49
8,950,000
9,505,948
 (h)
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/51
1,950,000
2,077,283
 
General-MTA Bridges & Tunnels, Series A
4.000%
11/15/56
2,000,000
1,932,021
 
MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding
5.000%
5/15/51
2,500,000
2,664,056
 
Total New York
151,393,086
North Carolina — 0.9%
Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A,
Refunding
4.000%
6/1/49
1,000,000
981,028
 
North Carolina State Medical Care Commission, Retirement Facilities Revenue:
The Forest at Duke Project
4.000%
9/1/41
500,000
464,332
 
The Forest at Duke Project
4.000%
9/1/46
715,000
633,364
 
The Forest at Duke Project
4.000%
9/1/51
1,000,000
852,728
 
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:
Series A, Refunding
5.000%
7/1/47
1,500,000
1,521,923
 
Series A, Refunding
5.000%
7/1/51
1,500,000
1,519,676
 
Total North Carolina
5,973,051
North Dakota — 0.4%
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding,
AGM
3.000%
12/1/46
3,550,000
2,862,240
 
Ohio — 1.4%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds,
Series B-2, Refunding
5.000%
6/1/55
3,425,000
3,153,078
 
See Notes to Schedule of Investments.
10
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Ohio — continued
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B, Refunding
2.500%
10/1/29
 $1,950,000
 $1,794,143
 (a)(b)(c)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
2,650,000
2,627,478
 (c)
Duke Energy Corp. Project, Series B, Refunding
4.250%
6/1/27
1,300,000
1,319,901
 (a)(b)(c)
Total Ohio
8,894,600
Oklahoma — 0.3%
Oklahoma State Municipal Power Authority Revenue, Series A, Refunding, AGM
4.000%
1/1/47
2,000,000
1,976,722
 
Oregon — 1.0%
Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest,
Series B, School Board Guaranty
0.000%
6/15/31
1,000,000
759,303
 
Oregon State Business Development Commission Revenue, Recovery Zone
Facility Bonds, Intel Corp. Project, Series 232
3.800%
6/15/28
3,100,000
3,175,388
 (a)(b)
Oregon State Facilities Authority Revenue, Legacy Health Project, Series A,
Refunding
5.000%
6/1/46
2,600,000
2,623,769
 
Total Oregon
6,558,460
Pennsylvania — 6.7%
Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center,
Series A, Refunding
4.000%
7/15/39
500,000
499,845
 
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment
Revenue Bonds, Series 2018
5.000%
6/1/32
250,000
266,721
 
Cumberland County, PA, Municipal Authority Revenue:
Diakon Lutheran Social Ministries, Refunding
5.000%
1/1/29
335,000
335,860
 
Diakon Lutheran Social Ministries, Refunding
5.000%
1/1/30
375,000
377,337
 (f)
Diakon Lutheran Social Ministries, Refunding
5.000%
1/1/30
1,145,000
1,148,015
 
Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental
Tax:
Series B, Refunding, County GTD
4.750%
5/1/53
2,000,000
2,052,797
 
Series B, Refunding, County GTD
4.750%
5/1/57
2,500,000
2,565,562
 
Lancaster County, PA, Hospital Authority Revenue, Penn State Health,
Series 2021
5.000%
11/1/46
3,500,000
3,653,824
 
Pennsylvania State Economic Development Financing Authority Exempt Facilities
Revenue:
PPL Energy Supply LLC Project, Series B, Refunding
5.250%
6/1/27
1,000,000
1,016,409
 (a)(b)
PPL Energy Supply LLC Project, Series C, Refunding
5.250%
6/1/27
2,200,000
2,236,287
 (a)(b)
Pennsylvania State Economic Development Financing Authority Revenue:
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.750%
6/30/48
2,000,000
2,194,183
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.250%
6/30/53
7,200,000
7,560,933
 (c)
Pennsylvania State Turnpike Commission Revenue:
Series A-2
5.000%
12/1/48
2,000,000
2,085,217
 
Series B
5.000%
12/1/45
2,000,000
2,145,909
 
Series B, Refunding
5.250%
12/1/47
1,500,000
1,647,348
 
Series C, Refunding
4.000%
12/1/51
2,000,000
1,917,030
 
Subordinated, Series B
5.000%
12/1/48
2,900,000
3,022,411
 
Philadelphia, PA, Airport Revenue, Series A, Refunding
5.000%
6/15/35
2,000,000
2,017,839
 (c)
Philadelphia, PA, Authority for IDR:
Charter School Revenue, A String Theory Charter School Project, Refunding
5.000%
6/15/40
500,000
508,226
 
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/35
250,000
264,685
 
See Notes to Schedule of Investments.
11
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Pennsylvania — continued
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/38
 $500,000
 $526,720
 
Philadelphia, PA, SD, GO, Series A, State Aid Withholding
5.000%
9/1/33
1,755,000
1,784,100
 
State Public School Building Authority, PA, Lease Revenue:
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding
5.000%
6/1/31
800,000
830,062
 
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding
5.000%
6/1/33
2,280,000
2,357,669
 
Total Pennsylvania
43,014,989
Puerto Rico — 6.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Senior Lien, Series A, Refunding
5.000%
7/1/37
1,840,000
1,946,076
 (d)
Senior Lien, Series A, Refunding
5.000%
7/1/47
4,700,000
4,790,041
 (d)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
78,612
52,983
 
Restructured, Series A-1
5.375%
7/1/25
33,970
34,209
 
Restructured, Series A-1
5.625%
7/1/27
67,418
70,224
 
Restructured, Series A-1
5.625%
7/1/29
66,323
71,349
 
Restructured, Series A-1
5.750%
7/1/31
64,420
71,378
 
Restructured, Series A-1
4.000%
7/1/33
61,087
60,636
 
Restructured, Series A-1
4.000%
7/1/35
1,209,908
1,194,151
 
Restructured, Series A-1
4.000%
7/1/37
4,065,000
3,976,917
 
Restructured, Series A-1
4.000%
7/1/41
629,073
597,909
 
Restructured, Series A-1
4.000%
7/1/46
66,635
61,873
 
Subseries CW
0.000%
11/1/43
270,075
171,160
 (b)
Puerto Rico Electric Power Authority Revenue:
Series A
5.000%
7/1/42
2,900,000
1,225,250
 *(i)
Series A
5.050%
7/1/42
450,000
190,125
 *(i)
Series XX
5.250%
7/1/40
4,570,000
1,930,825
 *(i)
Series ZZ, Refunding
—
7/1/18
1,550,000
651,000
 *(j)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
1,240,000
1,115,406
 
CAB, Restructured, Series A-1
0.000%
7/1/46
7,830,000
2,640,225
 
Restructured, Series A-1
4.550%
7/1/40
300,000
300,714
 
Restructured, Series A-1
4.750%
7/1/53
1,230,000
1,220,774
 
Restructured, Series A-1
5.000%
7/1/58
3,870,000
3,887,115
 
Restructured, Series A-2
4.329%
7/1/40
8,290,000
8,198,738
 
Restructured, Series A-2A
4.550%
7/1/40
4,600,000
4,610,950
 
Total Puerto Rico
39,070,028
South Carolina — 1.0%
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries
B-2, Refunding (SOFR x 0.670 + 1.900%)
5.485%
3/1/31
1,250,000
1,305,663
 (a)(b)
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy
Health Inc., Series A, Refunding
4.000%
12/1/44
2,550,000
2,497,007
 
South Carolina State Ports Authority Revenue:
Series 2018
5.000%
7/1/36
500,000
523,085
 (c)
Series 2018
5.000%
7/1/48
1,750,000
1,786,822
 (c)
Total South Carolina
6,112,577
See Notes to Schedule of Investments.
12
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
South Dakota — 0.1%
South Dakota State HEFA Revenue, Regional Health
5.000%
9/1/40
 $700,000
 $722,070
 
Tennessee — 2.1%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
3,250,000
3,155,266
 
Knox County, TN, Health, Educational & Housing Facility Board Revenue,
University Health System Inc., Series A
5.000%
9/1/40
1,550,000
1,560,578
 
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority
Revenue, Series A, AGM
5.250%
7/1/53
2,250,000
2,455,394
 
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer
Revenue:
Subordinated, Green Bonds, Series A, Refunding
5.000%
7/1/42
500,000
519,156
 
Subordinated, Series B, Refunding
5.000%
7/1/46
1,000,000
1,030,743
 
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018
4.000%
11/1/25
5,000,000
5,011,460
 (a)(b)
Total Tennessee
13,732,597
Texas — 10.0%
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift
Education, Series A, Refunding, PSF - GTD
5.000%
12/1/47
250,000
254,843
 
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM
5.000%
2/15/48
1,600,000
1,647,625
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/52
2,000,000
2,072,820
 (c)
Series B
5.000%
11/15/39
3,270,000
3,428,954
 (c)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B
4.000%
1/1/51
4,320,000
4,127,759
 
Central Texas Turnpike System Revenue:
Series C, Refunding
5.000%
8/15/41
750,000
822,569
 
Series C, Refunding
5.000%
8/15/42
1,000,000
1,091,539
 
Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
8/1/49
3,100,000
2,976,687
 
Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series 2019, PSF -
GTD
5.000%
2/15/49
500,000
512,332
 
Galveston, TX, Wharves & Terminal Revenue:
First Lien, Series A
5.000%
8/1/34
1,555,000
1,695,853
 (c)
First Lien, Series A
5.250%
8/1/35
1,250,000
1,380,695
 (c)
First Lien, Series A
5.250%
8/1/37
1,250,000
1,377,670
 (c)
Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB,
Series A, B and C
5.500%
10/1/36
6,000,000
6,532,507
 
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue,
Texas Children’s Hospital, Series B, Refunding
5.000%
10/1/31
1,650,000
1,842,216
 (a)(b)
Harris County, TX, GO, Certificates of Obligation
4.000%
9/15/49
4,750,000
4,558,701
 
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/47
1,650,000
1,605,159
 
Houston, TX, GO, Series A
4.125%
3/1/51
1,200,000
1,161,757
 
Houston, TX, Airport System Revenue:
Series B-1
5.000%
7/15/30
6,500,000
6,542,168
 (c)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series
B-1
4.000%
7/15/41
2,100,000
2,034,962
 (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/40
2,000,000
1,939,482
 (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/41
750,000
725,696
 (c)
Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding
5.000%
11/15/44
1,000,000
1,003,135
 
Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/49
2,250,000
2,189,023
 
See Notes to Schedule of Investments.
13
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Texas — continued
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017
5.000%
11/1/33
 $160,000
 $164,427
 (c)
Series 2017
5.000%
11/1/36
160,000
163,860
 (c)
New Hope Cultural Education Facilities Finance Corp., TX, Student Housing
Revenue, Collegiate Housing College Station, AGM
5.000%
4/1/46
750,000
750,047
 
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy,
Series A
4.000%
8/15/51
1,300,000
1,098,471
 
North Texas Tollway Authority Revenue:
Series A, Refunding
5.000%
1/1/39
825,000
838,487
 
Series B, Refunding
5.000%
1/1/45
2,705,000
2,711,198
 
Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue,
Jefferson Gulf Coast Energy Project, Series A
3.000%
1/1/50
400,000
330,508
 (c)(d)
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Methodist Hospitals of Dallas
4.000%
10/1/42
2,500,000
2,456,484
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue:
Senior Lien, Blueridge Transportation Group LLC
5.000%
12/31/40
460,000
463,350
 (c)
Senior Lien, Blueridge Transportation Group LLC
5.000%
12/31/45
1,600,000
1,610,909
 (c)
Senior Lien, NTE Mobility Partners Segments 3 LLC, Refunding
5.500%
6/30/41
1,650,000
1,784,260
 (c)
Total Texas
63,896,153
Utah — 1.3%
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A
5.000%
7/1/43
5,250,000
5,373,116
 (c)
Utah State Charter School Finance Authority, Charter School Revenue:
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/42
250,000
253,310
 
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/47
1,000,000
1,009,870
 
Utah State Infrastructure Agency, Telecommunications Revenue:
Series 2019
4.000%
10/15/39
1,250,000
1,215,997
 
Series 2021
4.000%
10/15/36
100,000
99,312
 
Series 2021
4.000%
10/15/38
500,000
490,434
 
Total Utah
8,442,039
Virginia — 2.4%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding
5.000%
7/1/35
700,000
765,128
 
Isle of Wight County, VA, EDA Revenue:
Riverside Health System, Series 2023, AGM
4.750%
7/1/53
1,250,000
1,318,097
 
Riverside Health System, Series 2023, AGM
5.250%
7/1/53
500,000
545,668
 
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding
5.000%
7/1/41
1,400,000
1,411,277
 (c)
Series B, Refunding
5.000%
7/1/45
2,000,000
2,010,033
 (c)
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/32
500,000
527,835
 
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/34
550,000
578,878
 
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
7/1/35
3,000,000
3,208,833
 (c)
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/37
1,000,000
1,063,558
 (c)
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/38
1,250,000
1,325,302
 (c)
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
2,500,000
2,619,840
 (c)
Total Virginia
15,374,449
See Notes to Schedule of Investments.
14
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Washington — 1.4%
Port of Seattle, WA, Intermediate Lien Revenue:
Series 2019
4.000%
4/1/44
 $1,000,000
 $943,074
 (c)
Series 2022, Refunding
5.000%
8/1/41
3,250,000
3,419,922
 (c)
Series C
5.000%
5/1/42
1,500,000
1,538,335
 (c)
Washington State Health Care Facilities Authority Revenue:
Seattle Cancer Care Alliance
4.000%
12/1/40
500,000
484,049
 
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/45
1,200,000
1,122,616
 
Seattle Cancer Care Alliance, Refunding
5.000%
9/1/50
1,500,000
1,568,393
 
Total Washington
9,076,389
Wisconsin — 2.1%
Public Finance Authority, WI, Airport Facilities Revenue, Transportation
Infrastructure Properties LLC, Series B, Refunding
5.000%
7/1/42
4,000,000
4,000,653
 (c)
Public Finance Authority, WI, Revenue:
Cone Health, Series A
5.000%
10/1/52
2,000,000
2,112,123
 
The Carmelite System Inc. Obligated Group, Refunding
5.000%
1/1/45
700,000
716,041
 
Public Finance Authority, WI, Student Housing Revenue, University of Hawai’i
Foundation Project, Green Bonds, Series A-1
4.000%
7/1/51
1,800,000
1,598,858
 (d)
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral
Obligations
5.000%
4/1/48
3,000,000
3,077,057
 
Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A
5.500%
12/1/52
1,600,000
1,777,848
 
Total Wisconsin
13,282,580
 
Total Municipal Bonds (Cost — $884,371,000)
903,114,195
Municipal Bonds Deposited in Tender Option Bond Trusts(k) — 6.0%
Florida — 1.7%
Florida State Department of Transportation Turnpike Revenue:
Series C
4.000%
7/1/51
5,600,000
5,507,568
 
Series C
4.000%
7/1/54
5,700,000
5,552,786
 
Total Florida
11,060,354
New York — 4.3%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue, Second General Resolution Fiscal 2023, Subseries AA-1
5.250%
6/15/52
6,920,000
7,615,621
 
New York State Dormitory Authority, State Personal Income Tax Revenue, Series
A
4.000%
3/15/45
8,480,000
8,398,454
 
New York State Urban Development Corp., State Sales Tax Revenue, Series A
5.000%
3/15/49
10,200,000
11,102,992
 
Total New York
27,117,067
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $37,124,045)
38,177,421
Total Investments before Short-Term Investments (Cost — $921,495,045)
941,291,616
Short-Term Investments — 0.1%
Municipal Bonds — 0.1%
Missouri — 0.0%††
Missouri State HEFA Revenue, Saint Louis University, Series B-2, Refunding,
LOC - Wells Fargo Bank N.A.
3.900%
10/1/35
100,000
100,000
 (l)(m)
Pennsylvania — 0.0%††
Philadelphia, PA, Authority for Industrial Development, Multi-Modal Lease
Revenue, Series B-2, Refunding, LOC - TD Bank N.A.
2.910%
10/1/30
100,000
100,000
 (l)(m)
See Notes to Schedule of Investments.
15
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Texas — 0.1%
Lower Neches Valley Authority, TX, Industrial Development Corp. Revenue,
ExxonMobil Corp., Series A, Refunding
3.950%
11/1/29
 $400,000
 $400,000
 (l)(m)
 
Total Short-Term Investments (Cost — $600,000)
600,000
Total Investments — 147.1% (Cost — $922,095,045)
941,891,616
Variable Rate Demand Preferred Stock, at Liquidation Value — (44.4)%
(284,075,000
)
TOB Floating Rate Notes — (3.3)%
(21,490,000
)
Other Assets in Excess of Other Liabilities — 0.6%
4,004,520
Total Net Assets Applicable to Common Shareholders — 100.0%
$640,331,136
 
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Maturity date shown represents the mandatory tender date.
(b)
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.
(c)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(d)
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.
(e)
Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.
(f)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(g)
Securities traded on a when-issued or delayed delivery basis.
(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 August 31, 2024.
(j)
The maturity principal is currently in default as of August 31, 2024.
(k)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust.
(l)
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.
(m)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
See Notes to Schedule of Investments.
16
Western Asset Managed Municipals Fund Inc. 2024 Quarterly 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
COP
—
Certificates of Participation
CSCE
—
Charter School Credit Enhancement
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EDC
—
Economic Development Corporation
EFA
—
Educational Facilities Authority
GO
—
General Obligation
GTD
—
Guaranteed
HDA
—
Housing Development Authority
HEFA
—
Health & Educational Facilities Authority
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
ISD
—
Independent School District
LOC
—
Letter of Credit
MFA
—
Municipal Finance Authority
MTA
—
Metropolitan Transportation Authority
PCFA
—
Pollution Control Financing Authority
PEA
—
Public Energy Authority
PSF
—
Permanent School Fund
SD
—
School District
SOFR
—
Secured Overnight Financing Rate
TFA
—
Transitional Finance Authority
At August 31, 2024, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Depreciation
Contracts to Buy:
U.S. Treasury Ultra Long-Term Bonds
226
12/24
 $30,293,480
 $29,817,875
 $(475,605)
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
17
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
Notes to Schedule of Investments (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’s investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with preservation of capital. When pursuing its investment objective, the Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(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 typically 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.
Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and 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.
18
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
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 — unadjusted 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
Long-Term Investments†:
Municipal Bonds
—
 $903,114,195
—
 $903,114,195
Municipal Bonds Deposited in Tender Option Bond Trusts
—
38,177,421
—
38,177,421
Total Long-Term Investments
—
941,291,616
—
941,291,616
Short-Term Investments†
—
600,000
—
600,000
Total Investments
—
$941,891,616
—
$941,891,616
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $475,605
—
—
 $475,605
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2024. The following transactions were effected in such company for the period ended August 31, 2024.
 
 
Affiliate
Value at

May 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
—
 $1,304,902
1,304,902
 $1,304,902
1,304,902

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
August 31,
2024
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $460
—
—
19
Western Asset Managed Municipals Fund Inc. 2024 Quarterly Report
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