NPORT-EX 2 LMF4400LM022825.htm EDGAR HTML
Schedule of Investments (unaudited)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 142.5%
Alabama — 3.5%
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds:
Project No 6, Series B
4.000%
12/1/26
 $710,000
 $715,000
 (a)(b)
Series D-1, Refunding
5.500%
2/1/29
1,050,000
1,118,541
 (a)(b)
Series F
5.500%
12/1/28
2,250,000
2,388,825
 (a)(b)
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019
5.750%
10/1/49
900,000
947,960
 (c)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,618,853
 
Warrants, Series 2024, Refunding
5.250%
10/1/49
3,500,000
3,739,023
 
Warrants, Series 2024, Refunding
5.500%
10/1/53
2,750,000
2,981,232
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
1,670,000
1,697,489
 (c)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
1,250,000
1,237,065
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1,
Series A, Refunding
5.000%
4/1/32
2,000,000
2,146,815
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue,
Series B
5.250%
1/1/33
3,050,000
3,262,176
 (a)(b)
Total Alabama
21,852,979
Alaska — 0.7%
Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B,
Refunding
5.000%
12/1/38
750,000
789,827
 
Anchorage, AK, Port Revenue, Series A
5.000%
12/1/50
1,300,000
1,321,223
 (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
672,827
 
Asset Backed Senior Bonds, Series A, Class 1, Refunding
4.000%
6/1/41
1,690,000
1,636,845
 
Total Alaska
4,420,722
Arizona — 4.9%
Arizona State IDA, Education Revenue, Basis School Project, Credit Enhanced,
Series F, Refunding, SD Credit Program
5.000%
7/1/52
725,000
729,420
 
Chandler, AZ, IDA Revenue:
Intel Corp. Project
3.800%
6/15/28
1,750,000
1,774,091
 (a)(b)
Intel Corp. Project
4.100%
6/15/28
1,300,000
1,313,472
 (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
3,400,000
3,461,682
 (a)(b)(c)
Navajo Nation, AZ, Revenue, Series A, Refunding
5.500%
12/1/30
1,225,000
1,237,350
 (d)
Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A
5.000%
8/1/42
750,000
781,470
 
Salt Verde, AZ, Financial Corp., Natural Gas Revenue:
Series 2007
5.250%
12/1/28
2,000,000
2,115,522
 
Series 2007
5.000%
12/1/32
12,000,000
12,946,307
 
Series 2007
5.000%
12/1/37
5,500,000
6,026,684
 
Total Arizona
30,385,998
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
1,107,345
 (c)
California — 17.1%
Alameda, CA, Corridor Transportation Authority Revenue:
Convertible CAB, Series C, AGM
5.000%
10/1/52
2,650,000
2,820,169
 
See Notes to Schedule of Investments.
1
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
California — continued
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
 $2,250,000
 $2,295,518
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series A-1
4.000%
8/1/28
850,000
860,584
 (a)(b)
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
8,500,000
9,052,341
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
3,100,000
3,291,904
 (a)(b)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
1,500,000
1,613,515
 (a)(b)
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
7,400,000
8,036,345
 (a)(b)
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
3,200,000
3,528,555
 (a)(b)
California State Health Facilities Financing Authority Revenue, Lucile Salter
Packard Children’s Hospital at Stanford
5.000%
11/15/56
500,000
515,241
 
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
4,400,000
4,455,181
 (c)
California State PCFA Water Furnishing Revenue, Poseidon Resources
Desalination Project
5.000%
11/21/45
13,500,000
13,508,764
 (c)(d)
Folsom Cordova, CA, USD:
School Facilities Improvement District No 4, GO, Series A, Refunding
5.000%
10/1/37
1,730,000
1,987,121
 (e)
School Facilities Improvement District No 5, GO, Series B, Refunding
5.000%
10/1/37
2,175,000
2,498,259
 (e)
School Facilities Improvement District No 5, GO, Series B, Refunding
5.000%
10/1/38
1,795,000
2,054,383
 (e)
Los Angeles, CA, Department of Airports Revenue:
Los Angeles International Airport, Subordinated, Series C, Refunding
4.000%
5/15/36
800,000
805,185
 (c)
Los Angeles International Airport, Subordinated, Series C, Refunding
4.000%
5/15/37
500,000
502,968
 (c)
Los Angeles International Airport, Subordinated, Series D
5.000%
5/15/38
500,000
519,394
 (c)
Los Angeles International Airport, Subordinated, Series F, Refunding
4.000%
5/15/49
2,000,000
1,869,487
 (c)
Los Angeles, CA, Department of Water & Power, Power System Revenue, Series
C
5.000%
7/1/42
2,000,000
2,036,237
 
Los Angeles, CA, Department of Water & Power, Waterworks Revenue, Series A
5.000%
7/1/48
2,000,000
2,038,012
 
Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated,
Series A
5.000%
6/1/48
1,500,000
1,556,832
 
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series A
7.000%
11/1/34
3,430,000
4,197,964
 
Series B
7.000%
11/1/34
2,490,000
3,047,502
 
Series B
6.500%
11/1/39
8,000,000
10,110,182
 
Series C
6.500%
11/1/39
2,000,000
2,527,545
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1
5.500%
9/1/37
545,000
588,624
 
Community Facilities District No 2003-1
5.750%
9/1/52
1,400,000
1,479,428
 
Community Facilities District No 2023-1
5.625%
9/1/53
1,070,000
1,132,122
 
San Diego County, CA, Regional Airport Authority Revenue, Series B
5.000%
7/1/46
1,500,000
1,557,717
 (c)
San Francisco, CA, City & County Airport Commission, International Airport
Revenue:
Second Series A, Unrefunded
5.000%
5/1/47
10,635,000
10,713,627
 (c)
SFO Fuel Company LLC, Series A, Refunding
5.000%
1/1/47
1,500,000
1,527,411
 (c)
San Mateo County, CA, Joint Powers Financing Authority, Lease Revenue,
Capital Project, Series A
5.000%
7/15/43
1,000,000
1,045,366
 
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
522,746
 
See Notes to Schedule of Investments.
2
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
California — continued
Asset Backed Refunding, San Diego County Tobacco Asset Securitization
Corporation, Class 1, Series A
5.000%
6/1/48
 $800,000
 $818,355
 
Tulare, CA, Sewer Revenue, Refunding, AGM
5.000%
11/15/41
2,000,000
2,020,411
 
Total California
107,134,995
Colorado — 5.3%
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding
5.750%
12/1/46
1,000,000
1,000,514
 
Colorado State Educational & Cultural Facilities Authority Revenue, University of
Denver Project, Series A
5.000%
3/1/47
1,600,000
1,629,323
 
Colorado State Health Facilities Authority Revenue:
Commonspirit Health Initiatives, Series B-2
5.000%
8/1/26
1,300,000
1,320,886
 (a)(b)
Commonspirit Health Project, Series A-2, Refunding
4.000%
8/1/49
2,500,000
2,250,287
 
Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes
5.000%
12/31/51
800,000
800,016
 
Denver, CO, Airport System Revenue:
Series C
6.125%
11/15/25
3,235,000
3,292,145
 (c)(f)
Subordinated, Series B, Refunding
5.250%
11/15/34
3,000,000
3,380,378
 (c)
Public Authority for Colorado Energy, Natural Gas Purchase Revenue
6.500%
11/15/38
15,700,000
19,253,452
 
Total Colorado
32,927,001
Connecticut — 1.0%
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A
5.000%
1/1/37
2,000,000
2,095,020
 
Connecticut State, GO:
Series A
4.000%
4/15/37
500,000
509,247
 
Series B
4.000%
1/15/42
1,250,000
1,262,452
 
Harbor Point, CT, Infrastructure Improvement District, Special Obligation
Revenue, Harbor Point Project Ltd., Refunding
5.000%
4/1/39
1,150,000
1,163,276
 (d)
University of Connecticut, Student Fee Revenue, Series A
5.000%
11/15/43
1,000,000
1,038,164
 
Total Connecticut
6,068,159
Delaware — 0.1%
 
Delaware State Health Facilities Authority Revenue, Beebe Medical Center
Project
5.000%
6/1/48
500,000
500,756
 
District of Columbia — 1.1%
District of Columbia Revenue:
KIPP DC Issue, Series A, Refunding
5.000%
7/1/37
800,000
823,947
 
KIPP DC Project, Series B, Refunding
5.000%
7/1/48
2,800,000
2,828,685
 
Metropolitan Washington, DC, Airports Authority Aviation Revenue:
Series A, Refunding
5.000%
10/1/29
1,500,000
1,602,888
 (c)
Series A, Refunding
5.000%
10/1/30
1,500,000
1,620,753
 (c)
Total District of Columbia
6,876,273
Florida — 7.8%
Broward County, FL, Airport System Revenue:
Series 2017
5.000%
10/1/47
1,600,000
1,617,522
 (c)
Series A
5.000%
10/1/45
1,000,000
1,002,250
 (c)
Broward County, FL, Port Facilities Revenue, Series 2022
5.000%
9/1/37
400,000
431,941
 (c)
Florida State Development Finance Corp., Educational Facilities Revenue,
Renaissance Charter School Inc. Projects, Series A
6.125%
6/15/46
715,000
716,265
 (d)
Florida State Development Finance Corp., Revenue, Brightline Passenger Rail
Project, Refunding, AGM
5.250%
7/1/53
8,000,000
8,347,583
 (c)
See Notes to Schedule of Investments.
3
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Florida — continued
Florida State Insurance Assistance Interlocal Agency Inc., Revenue, Series A-1,
Refunding
5.000%
9/1/26
 $1,500,000
 $1,529,026
 
Florida State Mid-Bay Bridge Authority Revenue:
First Senior Lien, Series A, Refunding
5.000%
10/1/40
740,000
743,769
 
Series A, Refunding
5.000%
10/1/30
2,410,000
2,429,704
 
Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM
4.000%
10/1/52
900,000
853,464
 
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue:
Priority Subordinated, Series A
5.000%
10/1/42
500,000
509,384
 (c)
Priority Subordinated, Series A
5.000%
10/1/47
1,500,000
1,517,155
 (c)
Hillsborough County, FL, Aviation Authority Revenue, Tampa International
Airport, Series E
5.000%
10/1/43
1,250,000
1,278,400
 (c)
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding
5.000%
10/1/41
3,000,000
3,049,115
 
Miami-Dade County, FL, Expressway Authority, Series A, Refunding
5.000%
7/1/40
9,000,000
9,032,439
 
Miami-Dade County, FL, Seaport Revenue:
Senior Bonds, Series A, Refunding
5.000%
10/1/47
2,000,000
2,058,748
 (c)
Senior Bonds, Series A, Refunding
5.250%
10/1/52
2,500,000
2,585,347
 (c)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A
5.000%
10/1/53
1,300,000
1,360,890
 
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
1,150,000
1,146,263
 
Palm Beach County, FL, Health Facilities Authority Revenue:
Acts Retirement-Life Communities
5.000%
11/15/45
750,000
768,064
 
Jupiter Medical Center Project, Series A
5.000%
11/1/52
2,850,000
2,897,258
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion,
Refunding
4.000%
6/1/41
650,000
597,535
 
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
2,383,925
 
Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle
Aeronautical University Inc. Project, Refunding
5.000%
10/15/47
1,000,000
1,016,389
 
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue, Series 2024
4.800%
5/1/55
800,000
801,918
 (d)
Total Florida
48,674,354
Georgia — 1.5%
Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health
System, Inc. Project, Series A, Refunding
5.000%
4/1/50
1,250,000
1,284,233
 
Georgia State Municipal Electric Authority, Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A
5.250%
7/1/64
1,150,000
1,216,872
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
750,000
801,827
 
Plant Vogtle Units 3&4, Project P, Series A, Refunding
5.000%
1/1/56
1,295,000
1,307,954
 
Project One, Series A, Refunding
5.000%
1/1/50
1,250,000
1,300,824
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/43
1,450,000
1,489,827
 
Series C
5.000%
9/1/30
1,600,000
1,698,850
 (a)(b)
Total Georgia
9,100,387
Guam — 0.2%
 
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/36
1,230,000
1,222,127
 
See Notes to Schedule of Investments.
4
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Hawaii — 0.4%
Honolulu, HI, City & County Wastewater System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
 $2,000,000
 $1,707,236
 
First Senior Bond Resolution, Series A, Refunding
5.000%
7/1/36
700,000
816,594
 (e)
Total Hawaii
2,523,830
Idaho — 0.2%
 
Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group,
Series A
5.000%
12/1/47
1,100,000
1,120,702
 
Illinois — 16.3%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/42
2,000,000
2,035,736
 
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.875%
12/1/47
3,000,000
3,228,629
 
Dedicated, Series G, Refunding
5.000%
12/1/34
100,000
101,418
 
Dedicated, Series G, Refunding
5.000%
12/1/44
750,000
743,894
 
Dedicated, Series H
5.000%
12/1/36
500,000
505,593
 
Dedicated, Series H
5.000%
12/1/46
5,400,000
5,304,834
 
Series D
5.000%
12/1/46
8,435,000
8,286,347
 
Chicago, IL, GO:
Series A
5.500%
1/1/35
1,000,000
1,051,686
 
Series A
5.000%
1/1/44
1,000,000
1,010,095
 
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series B, Refunding
5.000%
1/1/41
1,250,000
1,261,762
 
General Senior Lien, Series C, Refunding
5.000%
1/1/44
2,500,000
2,583,552
 (c)
Senior Lien, Series D
5.000%
1/1/47
500,000
507,524
 
Senior Lien, Series D
5.000%
1/1/52
500,000
506,258
 
Series C, Refunding
5.000%
1/1/43
750,000
778,176
 (c)
TrIPS Obligated Group
5.000%
7/1/48
900,000
905,333
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien
5.000%
12/1/51
1,250,000
1,259,525
 
Second Lien, Series A, Refunding
5.000%
12/1/45
500,000
517,579
 
Second Lien, Series A, Refunding
4.000%
12/1/55
1,900,000
1,710,672
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
2,700,000
2,734,756
 
Second Lien, Series A, AGM
5.250%
1/1/53
500,000
535,727
 
Second Lien, Series B, Refunding
5.000%
1/1/38
1,500,000
1,539,805
 
Chicago, IL, Waterworks Revenue:
Second Lien, Series 2017, Refunding
5.000%
11/1/29
1,800,000
1,893,848
 
Second Lien, Series 2017-2, Refunding, AGM
5.000%
11/1/33
1,290,000
1,349,614
 
Second Lien, Series 2017-2, Refunding, AGM
5.000%
11/1/37
3,610,000
3,750,012
 
Second Lien, Series 2017-2, Refunding, AGM
5.000%
11/1/38
2,000,000
2,073,717
 
Cook County, IL, Sales Tax Revenue, Series A, Refunding
4.000%
11/15/41
2,500,000
2,492,968
 
Illinois State Finance Authority Revenue, Northshore University Healthsystem,
Series A, Refunding
4.000%
8/15/40
2,400,000
2,378,421
 
Illinois State Finance Authority, Student Housing & Academic Facilities
Revenue, CHF Chicago LLC, University of Illinois Chicago Project
5.000%
2/15/50
500,000
501,231
 
See Notes to Schedule of Investments.
5
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — continued
Illinois State Sports Facilities Authority Revenue:
Sport Facilities Project, Series 2019, Refunding, BAM
5.000%
6/15/28
 $750,000
 $789,929
 
Sport Facilities Project, Series 2019, Refunding, BAM
5.000%
6/15/29
250,000
266,778
 
Illinois State Toll Highway Authority Revenue, Series A
4.000%
1/1/46
4,000,000
3,803,007
 
Illinois State, GO:
Series 2016
5.000%
1/1/33
2,000,000
2,025,204
 
Series 2016
5.000%
11/1/33
3,000,000
3,071,327
 
Series 2016, Refunding
5.000%
2/1/29
2,100,000
2,174,889
 
Series A
5.000%
3/1/34
2,000,000
2,180,428
 
Series A
5.000%
5/1/36
940,000
980,691
 
Series A
5.000%
3/1/37
750,000
808,854
 
Series A
5.000%
5/1/39
2,600,000
2,696,170
 
Series A
5.000%
3/1/46
2,250,000
2,328,845
 
Series A, Refunding
5.000%
10/1/29
5,095,000
5,421,218
 
Series A, Refunding
5.000%
10/1/30
500,000
531,226
 
Series C
5.000%
12/1/41
4,000,000
4,310,837
 
Series D
5.000%
11/1/27
2,400,000
2,523,382
 
Series D
5.000%
11/1/28
750,000
787,165
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
3,500,000
3,373,388
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/47
1,500,000
1,397,070
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
8,150,000
8,356,585
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
1,500,000
1,574,898
 
McCormick Place Expansion Project, Series B-1, Refunding, AGM
0.000%
6/15/47
3,000,000
1,076,318
 
Total Illinois
102,026,921
Indiana — 1.6%
Indiana State Finance Authority Revenue:
BHI Senior Living Inc., Series A, Refunding
4.000%
11/15/41
2,250,000
2,125,639
 
Marion General Hospital, Series A
4.000%
7/1/45
1,200,000
1,122,179
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
1,150,000
1,185,794
 
Indianapolis, IN, Local Public Improvement Bond Bank:
Courthouse and Jail Project, Series A
4.000%
2/1/44
2,000,000
1,983,653
 
Courthouse and Jail Project, Series A
5.000%
2/1/54
850,000
876,337
 
Valparaiso, IN, Exempt Facilities Revenue:
Pratt Paper LLC Project, Refunding
4.500%
1/1/34
1,300,000
1,332,985
 (c)
Pratt Paper LLC Project, Refunding
4.875%
1/1/44
1,500,000
1,548,593
 (c)
Total Indiana
10,175,180
Iowa — 0.1%
 
Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds,
Class 1, Series A-2, Refunding
4.000%
6/1/49
750,000
685,635
 
Kentucky — 1.4%
Kentucky State Economic Development Finance Authority Revenue, Louisville
Arena, Louisville Arena Authority Inc., Refunding, AGM
5.000%
12/1/45
1,000,000
1,019,592
 
Kentucky State PEA, Gas Supply Revenue:
Series A
4.000%
6/1/26
6,500,000
6,541,727
 (a)(b)
See Notes to Schedule of Investments.
6
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Kentucky — continued
Series A, Refunding
5.250%
12/1/29
 $1,200,000
 $1,279,475
 (a)(b)(e)
Total Kentucky
8,840,794
Louisiana — 2.2%
Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding,
AGM
5.000%
4/1/43
2,500,000
2,544,313
 (c)
Shreveport, LA, Water & Sewer Revenue, Refunding, AGM
5.000%
12/1/34
2,080,000
2,106,346
 
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series A-3, Refunding
2.200%
7/1/26
2,250,000
2,220,147
 (a)(b)
Marathon Oil Corp. Project, Series B-2, Refunding
2.375%
7/1/26
4,650,000
4,598,790
 (a)(b)
Marathon Oil Corp. Project, Series C, Refunding
3.300%
7/3/28
2,500,000
2,507,196
 (a)(b)
Total Louisiana
13,976,792
Maryland — 0.5%
Maryland State EDC, Senior Student Housing Revenue:
Morgan State University Project
4.000%
7/1/40
500,000
481,455
 
Morgan State University Project
5.000%
7/1/50
1,150,000
1,169,003
 
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021
4.000%
6/1/46
1,845,000
1,791,376
 
Total Maryland
3,441,834
Massachusetts — 2.9%
Massachusetts State DFA Revenue:
Boston Medical Center, Sustainability Bonds, Series G, Refunding
5.250%
7/1/52
1,800,000
1,882,810
 
International Charter School, Refunding
5.000%
4/15/40
1,875,000
1,875,028
 
Northeastern University Issue, Refunding
5.000%
10/1/44
2,750,000
2,979,617
 
UMass Boston Student Housing Project
5.000%
10/1/48
950,000
951,448
 
Massachusetts State Port Authority Revenue:
Bosfuel Project, Series A, Refunding
5.000%
7/1/49
1,500,000
1,524,241
 (c)
Series A, Refunding
5.000%
7/1/36
1,700,000
1,786,114
 (c)
Series E
5.000%
7/1/46
6,980,000
7,272,134
 (c)
Total Massachusetts
18,271,392
Michigan — 3.0%
Great Lakes, MI, Water Authority, Sewage Disposal System Revenue, Senior
Lien, Series C
5.250%
7/1/53
2,000,000
2,176,826
 
Great Lakes, MI, Water Authority, Water Supply System Revenue:
Senior Lien, Series A
5.000%
7/1/38
1,000,000
1,136,751
 
Senior Lien, Series A
5.000%
7/1/46
6,790,000
6,857,260
 
Senior Lien, Series C, Refunding
5.000%
7/1/35
650,000
663,478
 
Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue,
County GTD
5.000%
1/1/51
1,000,000
1,032,211
 (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
628,147
 
Local Government Loan Program, Detroit, MI, Water & Sewer Department,
Series D-2, Refunding
5.000%
7/1/34
250,000
251,169
 
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
1,079,061
 
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding
5.000%
6/1/49
185,000
187,939
 
Michigan State Hospital Finance Authority Revenue, Ascension Health Senior
Credit Group, Series 2010 F-4, Refunding
5.000%
11/15/47
3,000,000
3,106,366
 
See Notes to Schedule of Investments.
7
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Michigan — continued
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
 $1,800,000
 $1,827,612
 (c)
Total Michigan
18,946,820
Missouri — 0.3%
Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services
Projects, Series A
5.000%
2/1/42
150,000
152,841
 
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
1,623,972
 
Total Missouri
1,776,813
Nebraska — 0.3%
 
Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding
4.000%
2/1/46
2,000,000
1,940,385
 
New Hampshire — 0.2%
 
National Finance Authority, NH, Revenue, Presbyterian Senior Living Project,
Series A
5.250%
7/1/48
950,000
993,022
 
New Jersey — 7.9%
New Jersey State EDA Revenue:
Private Activity-The Goethals Bridge Replacement Project
5.375%
1/1/43
1,000,000
1,000,713
 (c)
Private Activity-The Goethals Bridge Replacement Project, AGM
5.125%
7/1/42
2,500,000
2,502,181
 (c)
Provident Group - Rowan Properties LLC, Rowan University Housing Project
5.000%
1/1/48
500,000
478,520
 
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
3,500,000
3,588,600
 (c)
New Jersey State EDA, Lease Revenue, State House Project, Series B
5.000%
6/15/43
4,000,000
4,150,803
 
New Jersey State EDA, Special Facility Revenue, Continental Airlines Inc.
Project
5.250%
9/15/29
4,285,000
4,289,943
 (c)
New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding
5.000%
7/1/42
3,000,000
3,059,028
 
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
1,525,474
 
New Jersey State Institute of Technology, GO,
Series A
5.000%
7/1/45
750,000
753,210
 
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA
5.000%
6/15/39
2,125,000
2,293,207
 
Transportation Program, Series AA
5.000%
6/15/50
1,195,000
1,341,292
 (g)
Transportation Program, Series AA, Refunding
5.000%
6/15/36
4,000,000
4,457,451
 
Transportation Program, Series AA, Refunding
5.000%
6/15/38
3,000,000
3,340,862
 
Transportation Program, Series AA, Refunding
5.000%
6/15/42
600,000
661,735
 
Transportation Program, Series AA, Unrefunded
5.000%
6/15/50
4,325,000
4,503,287
 
Transportation Program, Series BB
4.000%
6/15/36
2,250,000
2,279,492
 
Transportation Program, Series BB
5.000%
6/15/44
2,000,000
2,068,208
 
Transportation System, Series A, Refunding
5.000%
12/15/28
1,050,000
1,134,067
 
Transportation System, Series A, Refunding
4.250%
6/15/40
750,000
769,409
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
4,000,000
4,381,406
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.250%
6/1/46
800,000
816,173
 
Total New Jersey
49,395,061
New York — 25.2%
Brookhaven, NY, Local Development Corp. Revenue, Long Island Community
Hospital Project, Series A, Refunding
4.000%
10/1/45
1,250,000
1,192,139
 
Long Island, NY, Power Authority Electric System Revenue, Series B
3.000%
9/1/29
1,250,000
1,228,479
 (a)(b)
See Notes to Schedule of Investments.
8
Western Asset Managed Municipals Fund Inc. 2025 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
MTA, NY, Dedicated Tax Fund Revenue:
Green Bonds, Series A
5.000%
11/15/47
 $2,000,000
 $2,038,921
 
Green Bonds, Subseries B-1, Refunding
4.000%
11/15/54
4,600,000
4,360,129
 
MTA, NY, Transportation Revenue:
Green Bonds, Series C-1, Refunding
4.000%
11/15/37
500,000
504,029
 
Green Bonds, Series E, Refunding
5.000%
11/15/30
1,750,000
1,929,384
 
Green Bonds, Series E, Refunding
4.000%
11/15/45
1,750,000
1,639,451
 
Series A-2
5.000%
5/15/30
2,300,000
2,458,746
 (a)(b)
Series B, Refunding
5.000%
11/15/37
250,000
255,008
 
Series C-1, Refunding
5.000%
11/15/33
350,000
359,008
 
New York City, NY, GO:
Series A
5.000%
8/1/51
2,500,000
2,642,802
 
Subseries A-1
4.000%
8/1/40
1,250,000
1,257,342
 
Subseries A-1
5.000%
8/1/47
2,070,000
2,175,876
 
New York City, NY, Industrial Development Agency Revenue:
Yankee Stadium Project, Refunding
4.000%
3/1/45
900,000
859,352
 
Yankee Stadium Project, Refunding, AGM
4.000%
3/1/45
750,000
727,855
 
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue:
Second General Resolution Fiscal 2017, Series CC-1, Refunding
5.000%
6/15/46
2,000,000
2,031,001
 
Second General Resolution Fiscal 2018, Series CC
5.000%
6/15/48
600,000
613,797
 
Second General Resolution Fiscal 2022, Series AA, Subseries AA-1
4.000%
6/15/51
5,800,000
5,586,302
 
Second General Resolution Fiscal 2023, Series AA, Subseries AA-1
5.250%
6/15/52
2,020,000
2,175,620
 
New York City, NY, TFA, Future Tax Secured Revenue:
Subordinated, Series F, Subseries F-1
5.000%
2/1/47
10,250,000
10,830,743
 
Subordinated, Subseries F-1
5.000%
5/1/42
3,000,000
3,083,267
 
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
2,403,853
 
Non-State Supported Debt, New School University, Series A, Unrefunded
5.000%
7/1/35
1,900,000
1,908,658
 
Non-State Supported Debt, SD, Series A, Refunding, AGM
5.000%
10/1/29
5,000
5,385
 (g)
New York State Dormitory Authority, Sales Tax Revenue:
Bidding Group 4, Series A
5.000%
3/15/45
1,000,000
1,030,757
 
Bidding Group 4, Series E, Refunding
5.000%
3/15/44
2,850,000
2,951,579
 
New York State Dormitory Authority, State Personal Income Tax Revenue:
Bidding Group 3, Series B, Refunding
5.000%
2/15/41
5,000
5,284
 (g)
Bidding Group 3, Series B, Refunding
5.000%
2/15/43
5,000
5,284
 (g)
Bidding Group 3, Series B, Unrefunded
5.000%
2/15/41
2,990,000
3,092,838
 
Bidding Group 4, Series A, Refunding
4.000%
3/15/45
2,475,000
2,411,242
 
Bidding Group 4, Series A, Refunding
4.000%
3/15/46
7,240,000
7,020,221
 
Bidding Group 4, Series D, Refunding
4.000%
2/15/40
3,100,000
3,119,895
 
New York State Liberty Development Corp., Revenue:
3 World Trade Center Project, Class 1, Refunding
5.000%
11/15/44
2,240,000
2,241,443
 (d)
7 World Trade Center Project, Class 2, Refunding
3.250%
9/15/52
5,000,000
3,922,605
 
Goldman Sachs Headquarters
5.500%
10/1/37
1,485,000
1,782,909
 
See Notes to Schedule of Investments.
9
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New York — continued
New York State Thruway Authority General Revenue, Junior Indebtedness
Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/45
 $4,000,000
 $3,833,260
 
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/30
500,000
517,725
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/32
650,000
671,546
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/33
1,750,000
1,805,371
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
6.000%
4/1/35
2,750,000
3,089,763
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.625%
4/1/40
2,200,000
2,359,234
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
4.375%
10/1/45
1,750,000
1,709,441
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
6.000%
6/30/54
2,150,000
2,317,839
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
5.375%
6/30/60
6,600,000
6,833,901
 (c)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds, AGM
5.125%
6/30/60
5,250,000
5,428,817
 (c)
John F. Kennedy International Airport Terminal 4 Project, Series C, Refunding
4.000%
12/1/41
2,160,000
2,129,857
 
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
850,000
907,542
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AGC
4.500%
12/31/54
2,000,000
1,998,667
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series B, Refunding, AGC
0.000%
12/31/54
850,000
553,740
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/41
1,550,000
1,550,090
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
11,850,000
11,849,891
 (c)
New York State Urban Development Corp., Revenue, State Personal Income Tax,
Series C, Refunding
4.000%
3/15/45
3,250,000
3,227,271
 
Port Authority of New York & New Jersey Revenue:
Consolidated Series 194, Refunding
5.000%
10/15/41
6,400,000
6,444,270
 
Consolidated Series 218
4.000%
11/1/47
2,600,000
2,388,112
 (c)
Consolidated Series 221
4.000%
7/15/45
1,000,000
930,041
 (c)
Consolidated Series 221
4.000%
7/15/55
1,000,000
916,184
 (c)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/45
250,000
259,317
 
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/49
8,950,000
9,352,509
 (h)
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/51
1,950,000
2,052,347
 
General-MTA Bridges & Tunnels, Series A
4.000%
11/15/56
2,000,000
1,857,631
 
MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding
5.000%
5/15/51
2,500,000
2,625,443
 
Total New York
157,461,013
North Carolina — 0.8%
North Carolina State Medical Care Commission, Retirement Facilities Revenue:
The Forest at Duke Project
4.000%
9/1/41
500,000
467,989
 
The Forest at Duke Project
4.000%
9/1/46
715,000
634,730
 
The Forest at Duke Project
4.000%
9/1/51
1,000,000
851,474
 
See Notes to Schedule of Investments.
10
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
North Carolina — continued
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:
Series A, Refunding
5.000%
7/1/47
 $1,500,000
 $1,512,483
 
Series A, Refunding
5.000%
7/1/51
1,500,000
1,507,802
 
Total North Carolina
4,974,478
North Dakota — 0.4%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding,
AGM
3.000%
12/1/46
3,550,000
2,766,978
 
Ohio — 1.5%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds,
Series B-2, Refunding
5.000%
6/1/55
3,425,000
3,136,068
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
1,950,000
1,825,610
 (a)(b)(c)
American Electric Co. Project, Series D, Refunding
3.700%
10/1/28
720,000
722,849
 (c)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
2,650,000
2,513,430
 (c)
Duke Energy Corp. Project, Series B, Refunding
4.250%
6/1/27
1,300,000
1,316,629
 (a)(b)(c)
Total Ohio
9,514,586
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
774,019
 
Oregon State Business Development Commission Revenue, Recovery Zone
Facility Bonds, Intel Corp. Project, Series 232
3.800%
6/15/28
3,100,000
3,138,374
 (a)(b)
Oregon State Facilities Authority Revenue, Legacy Health Project, Series A,
Refunding
5.000%
6/1/46
2,600,000
2,611,328
 
Total Oregon
6,523,721
Pennsylvania — 6.7%
Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center,
Series A, Refunding
4.000%
7/15/39
500,000
498,910
 
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment
Revenue Bonds, Series 2018
5.000%
6/1/32
250,000
264,413
 
Cumberland County, PA, Municipal Authority Revenue:
Diakon Lutheran Social Ministries Project, Unrefunded
5.000%
1/1/29
225,000
225,132
 
Diakon Lutheran Social Ministries Project, Unrefunded
5.000%
1/1/30
775,000
775,453
 
Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental
Tax:
Series B, Refunding, County GTD
4.750%
5/1/53
2,000,000
2,024,506
 
Series B, Refunding, County GTD
4.750%
5/1/57
2,500,000
2,531,789
 
Lancaster County, PA, Hospital Authority Revenue, Penn State Health,
Series 2021
5.000%
11/1/46
3,500,000
3,602,385
 
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
1,011,792
 (a)(b)
Pennsylvania State Economic Development Financing Authority Revenue:
Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series C, Refunding
5.250%
6/1/27
2,200,000
2,228,098
 (a)(b)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.750%
6/30/48
2,000,000
2,143,777
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.250%
6/30/53
7,200,000
7,425,375
 (c)
Pennsylvania State Turnpike Commission Revenue:
Series A-2
5.000%
12/1/48
2,000,000
2,076,222
 
Series B
5.000%
12/1/45
2,000,000
2,132,907
 
See Notes to Schedule of Investments.
11
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pennsylvania — continued
Series B, Refunding
5.250%
12/1/47
 $1,500,000
 $1,631,920
 
Series C, Refunding
4.000%
12/1/51
2,000,000
1,887,905
 
Subordinated, Series B
5.000%
12/1/48
2,900,000
2,988,086
 
Philadelphia, PA, Airport Revenue, Series A, Refunding
5.000%
6/15/35
2,000,000
2,004,954
 (c)
Philadelphia, PA, Authority for IDR:
Charter School Revenue, A String Theory Charter School Project, Refunding
5.000%
6/15/40
500,000
505,142
 
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/35
250,000
262,459
 
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/38
500,000
521,675
 
Philadelphia, PA, SD, GO, Series A, State Aid Withholding
5.000%
9/1/33
1,755,000
1,769,876
 
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
826,385
 
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding
5.000%
6/1/33
2,280,000
2,350,878
 
Total Pennsylvania
41,690,039
Puerto Rico — 6.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Senior Lien, Series A, Refunding
5.000%
7/1/37
1,840,000
1,940,879
 (d)
Senior Lien, Series A, Refunding
5.000%
7/1/47
4,700,000
4,772,634
 (d)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
78,612
55,771
 
Restructured, Series A-1
5.375%
7/1/25
33,970
34,160
 
Restructured, Series A-1
5.625%
7/1/27
67,418
70,537
 
Restructured, Series A-1
5.625%
7/1/29
66,323
71,489
 
Restructured, Series A-1
5.750%
7/1/31
64,420
71,971
 
Restructured, Series A-1
4.000%
7/1/33
61,087
61,585
 
Restructured, Series A-1
4.000%
7/1/35
1,209,908
1,213,891
 
Restructured, Series A-1
4.000%
7/1/37
4,065,000
4,043,829
 
Restructured, Series A-1
4.000%
7/1/41
629,073
606,342
 
Restructured, Series A-1
4.000%
7/1/46
66,635
60,811
 
Subseries CW
0.000%
11/1/43
252,075
158,807
 (b)
Puerto Rico Electric Power Authority Revenue:
Series A
5.000%
7/1/42
2,900,000
1,413,750
 *(i)
Series A
5.050%
7/1/42
450,000
219,375
 *(i)
Series XX
5.250%
7/1/40
4,570,000
2,227,875
 *(i)
Series ZZ, Refunding
—
7/1/18
1,550,000
751,750
 *(j)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
1,240,000
1,139,226
 
CAB, Restructured, Series A-1
0.000%
7/1/46
7,830,000
2,639,025
 
Restructured, Series A-1
4.550%
7/1/40
300,000
300,800
 
Restructured, Series A-1
4.750%
7/1/53
1,230,000
1,223,945
 
Restructured, Series A-1
5.000%
7/1/58
3,870,000
3,886,312
 
Restructured, Series A-2
4.329%
7/1/40
8,290,000
8,269,297
 
Restructured, Series A-2A
4.550%
7/1/40
4,600,000
4,612,268
 
Total Puerto Rico
39,846,329
South Carolina — 1.0%
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries
B-2, Refunding (SOFR x 0.670 + 1.900%)
4.801%
3/1/31
1,250,000
1,295,309
 (a)(b)
See Notes to Schedule of Investments.
12
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
South Carolina — continued
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy
Health Inc., Series A, Refunding
4.000%
12/1/44
 $2,550,000
 $2,448,161
 
South Carolina State Ports Authority Revenue:
Series 2018
5.000%
7/1/36
500,000
516,647
 (c)
Series 2018
5.000%
7/1/48
1,750,000
1,765,510
 (c)
Total South Carolina
6,025,627
South Dakota — 0.1%
 
South Dakota State HEFA Revenue, Regional Health
5.000%
9/1/40
700,000
718,815
 
Tennessee — 2.2%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
3,250,000
3,129,570
 
Knox County, TN, Health, Educational & Housing Facility Board Revenue,
University Health System Inc., Series A
5.000%
9/1/40
1,550,000
1,549,622
 
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority
Revenue, Series A, AGM
5.250%
7/1/53
2,250,000
2,421,228
 
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer
Revenue:
Subordinated, Green Bonds, Series A, Refunding
5.000%
7/1/42
500,000
513,642
 
Subordinated, Series B, Refunding
5.000%
7/1/46
1,000,000
1,022,678
 
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018
4.000%
11/1/25
5,000,000
5,019,837
 (a)(b)
Total Tennessee
13,656,577
Texas — 9.3%
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift
Education, Series A, Refunding, PSF - GTD
5.000%
12/1/47
250,000
253,992
 
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM
5.000%
2/15/48
1,600,000
1,629,724
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/52
2,000,000
2,054,199
 (c)
Series B
5.000%
11/15/39
3,270,000
3,405,267
 (c)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B
4.000%
1/1/51
4,320,000
4,050,386
 
Central Texas Turnpike System Revenue:
Series C, Refunding
5.000%
8/15/41
750,000
826,658
 
Series C, Refunding
5.000%
8/15/42
1,000,000
1,091,809
 
Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
8/1/49
3,100,000
3,010,505
 
Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series 2019, PSF -
GTD
5.000%
2/15/49
500,000
508,341
 
Galveston, TX, Wharves & Terminal Revenue:
First Lien, Series A
5.000%
8/1/34
1,555,000
1,667,577
 (c)
First Lien, Series A
5.250%
8/1/35
1,250,000
1,361,796
 (c)
First Lien, Series A
5.250%
8/1/37
1,250,000
1,361,146
 (c)
Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB,
Series A, B and C
5.500%
10/1/36
6,000,000
6,464,750
 
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
1,840,974
 (a)(b)
Harris County, TX, GO, Certificates of Obligation
4.000%
9/15/49
4,750,000
4,638,985
 
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/47
1,650,000
1,609,155
 
Houston, TX, GO, Series A
4.125%
3/1/51
1,200,000
1,163,528
 
Houston, TX, Airport System Revenue:
Series B-1
5.000%
7/15/30
6,500,000
6,518,895
 (c)
See Notes to Schedule of Investments.
13
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Texas — continued
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series
B-1
4.000%
7/15/41
 $2,100,000
 $2,005,417
 (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/40
2,000,000
1,967,639
 (c)
Subordinated Lien, Series A, Refunding
4.000%
7/1/41
750,000
731,698
 (c)
Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding
5.000%
11/15/44
1,000,000
1,000,839
 
Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/49
2,250,000
2,185,672
 
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017
5.000%
11/1/33
160,000
163,071
 (c)
Series 2017
5.000%
11/1/36
160,000
162,700
 (c)
New Hope Cultural Education Facilities Finance Corp., TX, Student Housing
Revenue, Collegiate Housing College Station, AGM
5.000%
4/1/46
750,000
750,034
 
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy,
Series A
4.000%
8/15/51
1,300,000
1,092,097
 
Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue,
Jefferson Gulf Coast Energy Project, Series A
3.000%
1/1/50
400,000
285,258
 (c)(d)
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Methodist Hospitals of Dallas
4.000%
10/1/42
2,500,000
2,440,142
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior
Lien, NTE Mobility Partners Segments 3 LLC, Refunding
5.500%
6/30/41
1,650,000
1,759,154
 (c)
Total Texas
58,001,408
Utah — 1.3%
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A
5.000%
7/1/43
5,250,000
5,363,013
 (c)
Utah State Charter School Finance Authority, Charter School Revenue:
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/42
250,000
251,734
 
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/47
1,000,000
1,004,326
 
Utah State Infrastructure Agency, Telecommunications Revenue:
Series 2019
4.000%
10/15/39
1,250,000
1,205,478
 
Series 2021
4.000%
10/15/36
100,000
98,244
 
Series 2021
4.000%
10/15/38
500,000
486,087
 
Total Utah
8,408,882
Virginia — 2.4%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding
5.000%
7/1/35
700,000
759,225
 
Isle of Wight County, VA, EDA Revenue:
Riverside Health System, Series 2023, AGM
4.750%
7/1/53
1,250,000
1,302,901
 
Riverside Health System, Series 2023, AGM
5.250%
7/1/53
500,000
542,279
 
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding
5.000%
7/1/41
1,400,000
1,406,489
 (c)
Series B, Refunding
5.000%
7/1/45
2,000,000
2,001,905
 (c)
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/32
500,000
529,677
 
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/34
550,000
581,305
 
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
7/1/35
3,000,000
3,204,613
 (c)
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/37
1,000,000
1,061,301
 (c)
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/38
1,250,000
1,323,567
 (c)
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
2,500,000
2,580,974
 (c)
Total Virginia
15,294,236
See Notes to Schedule of Investments.
14
Western Asset Managed Municipals Fund Inc. 2025 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
 $939,620
 (c)
Series 2022, Refunding
5.000%
8/1/41
3,250,000
3,437,491
 (c)
Series C
5.000%
5/1/42
1,500,000
1,528,685
 (c)
Washington State Health Care Facilities Authority Revenue:
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/40
500,000
491,737
 
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/45
1,200,000
1,129,053
 
Seattle Cancer Care Alliance, Refunding
5.000%
9/1/50
1,500,000
1,541,188
 
Total Washington
9,067,774
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
4,000,099
 (c)
Public Finance Authority, WI, Revenue:
Cone Health, Series A
5.000%
10/1/52
2,000,000
2,083,288
 
The Carmelite System Inc. Obligated Group, Refunding
5.000%
1/1/45
700,000
710,039
 
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
1,506,347
 (d)
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral
Obligations
5.000%
4/1/48
3,000,000
3,057,615
 
Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A
5.500%
12/1/52
1,600,000
1,724,615
 
Total Wisconsin
13,082,003
 
Total Municipal Bonds (Cost — $879,102,713)
891,418,743
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
5,370,652
 
Series C
4.000%
7/1/54
5,700,000
5,402,195
 
Total Florida
10,772,847
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
7,448,974
 
New York State Dormitory Authority, State Personal Income Tax Revenue, Series
A
4.000%
3/15/45
8,480,000
8,261,548
 
New York State Urban Development Corp., State Sales Tax Revenue, Series A
5.000%
3/15/49
10,200,000
10,888,711
 
Total New York
26,599,233
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $37,103,824)
37,372,080
Total Investments before Short-Term Investments (Cost — $916,206,537)
928,790,823
 
Short-Term Investments — 0.3%
Municipal Bonds — 0.3%
Illinois — 0.0%††
 
Illinois State Finance Authority Revenue, University of Chicago Medical Center,
Series B, LOC - TD Bank N.A.
1.450%
8/1/44
100,000
100,000
 (l)(m)
Michigan — 0.0%††
 
Grand Valley State University, MI, General Revenue, Series B, Refunding LOC -
TD Bank N.A.
1.860%
12/1/31
150,000
150,000
 (l)(m)
See Notes to Schedule of Investments.
15
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Mississippi — 0.1%
 
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron
USA Inc. Project, Series B
1.050%
12/1/30
 $500,000
 $500,000
 (l)(m)
New York — 0.2%
New York City, NY, GO, Subseries F-6, SPA - JPMorgan Chase & Co.
0.950%
6/1/44
100,000
100,000
 (l)(m)
New York City, NY, HDC Revenue, Sierra Development, Series A, LOC - FNMA
2.000%
3/15/33
200,000
200,000
 (c)(l)(m)
New York State HFA Revenue, 10 Liberty Street, Series A, LIQ - FHLMC, LOC -
FHLMC
1.920%
5/1/35
700,000
700,000
 (l)(m)
Total New York
1,000,000
 
Total Short-Term Investments (Cost — $1,750,000)
1,750,000
Total Investments — 148.8% (Cost — $917,956,537)
930,540,823
Variable Rate Demand Preferred Stock, at Liquidation Value — (45.4)%
(284,075,000
)
TOB Floating Rate Notes — (3.5)%
(21,490,000
)
Other Assets in Excess of Other Liabilities — 0.1%
465,204
Total Net Assets Applicable to Common Shareholders — 100.0%
$625,441,027
 
††
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)
Securities traded on a when-issued or delayed delivery basis.
(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 February 28, 2025.
(j)
The maturity principal is currently in default as of February 28, 2025.
(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. 2025 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
Abbreviation(s) used in this schedule:
AGC
—
Assured Guaranty Corporation — Insured Bonds
AGM
—
Assured Guaranty Municipal Corporation — Insured Bonds
BAM
—
Build America Mutual — Insured Bonds
CAB
—
Capital Appreciation Bonds
CSCE
—
Charter School Credit Enhancement
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EDC
—
Economic Development Corporation
EFA
—
Educational Facilities Authority
FHLMC
—
Federal Home Loan Mortgage Corporation
FNMA
—
Federal National Mortgage Association
GO
—
General Obligation
GTD
—
Guaranteed
HDA
—
Housing Development Authority
HDC
—
Housing Development Corporation
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
PCFA
—
Pollution Control Financing Authority
PEA
—
Public Energy Authority
PSF
—
Permanent School Fund
SD
—
School District
SOFR
—
Secured Overnight Financing Rate
SPA
—
Standby Bond Purchase Agreement — Insured Bonds
TFA
—
Transitional Finance Authority
USD
—
Unified School District
At February 28, 2025, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
Contracts to Buy:
U.S. Treasury Ultra Long-Term Bonds
226
6/25
 $27,302,448
 $28,052,250
 $749,802
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. 2025 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 (the “Board”).
Pursuant to policies adopted by the Board, 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. 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, 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 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. 2025 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 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
—
 $891,418,743
—
 $891,418,743
Municipal Bonds Deposited in Tender Option Bond Trusts
—
37,372,080
—
37,372,080
Total Long-Term Investments
—
928,790,823
—
928,790,823
Short-Term Investments†
—
1,750,000
—
1,750,000
Total Investments
—
$930,540,823
—
$930,540,823
Other Financial Instruments:
Futures Contracts††
 $749,802
—
—
 $749,802
Total
$749,802
$930,540,823
—
$931,290,625
 
†
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 February 28, 2025. The following transactions were effected in such company for the period ended February 28, 2025.
 
 
Affiliate
Value at

May 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
—
 $9,263,809
9,263,809
 $9,263,809
9,263,809

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
February 28,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $2,154
—
—
19
Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report