Schedule of Investments (unaudited)
February 28, 2026
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 Western Asset Managed Municipals Fund Inc.

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 139.5%
Alabama — 4.0%
Baldwin County, AL, IDA Revenue, Solid Waste Disposal Bonds, Novelis Corp.
Project, Series A
4.300%
3/1/33
 $500,000
 $504,341
 (a)(b)(c)(d)(e)
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds:
Project No 6, Series B
4.000%
12/1/26
710,000
716,551
 (c)(e)
Series D, Refunding
5.000%
8/1/35
2,250,000
2,499,987
 (c)(e)
Series D, Refunding
5.000%
8/1/35
500,000
558,235
 
Series D-1, Refunding
5.500%
2/1/29
1,050,000
1,125,562
 (c)(e)
Series F
5.500%
12/1/28
2,250,000
2,400,686
 (c)(e)
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019
5.750%
10/1/49
900,000
913,104
 (b)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,618,157
 
Warrants, Series 2024, Refunding
5.250%
10/1/49
3,500,000
3,690,644
 
Warrants, Series 2024, Refunding
5.500%
10/1/53
2,110,000
2,238,681
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
1,670,000
1,657,791
 (b)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
1,250,000
1,197,921
 (b)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1,
Series A, Refunding
5.000%
4/1/32
2,000,000
2,180,490
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue,
Series B
5.250%
1/1/33
3,050,000
3,268,431
 (c)(e)
Total Alabama
24,570,581
Alaska — 0.7%
Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series
B, Refunding
5.000%
12/1/38
750,000
799,229
 
Anchorage, AK, Port Revenue, Series A
5.000%
12/1/50
1,300,000
1,323,971
 (b)
Northern Tobacco Securitization Corp., AK, Revenue:
Asset Backed Senior Bonds, Class 1, Series A, Refunding
4.000%
6/1/41
1,690,000
1,688,921
 
Asset Backed Senior Bonds, Class 1, Series A, Refunding
4.000%
6/1/50
750,000
633,123
 
Total Alaska
4,445,244
Arizona — 5.0%
Arizona State IDA, Education Revenue, Basis School Project, Credit
Enhanced, Series F, Refunding, SD Credit Program
5.000%
7/1/52
725,000
725,972
 
Chandler, AZ, IDA Revenue:
Intel Corp. Project
3.800%
6/15/28
1,750,000
1,785,136
 (c)(e)
Intel Corp. Project
4.100%
6/15/28
1,300,000
1,325,274
 (b)(c)(e)
Intel Corp. Project
4.000%
6/1/29
3,400,000
3,498,810
 (b)(c)(e)
Navajo Nation, AZ, Revenue, Series A, Refunding
5.500%
12/1/30
1,225,000
1,226,809
 (a)
Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A
5.000%
8/1/42
750,000
783,439
 
Salt Verde, AZ, Financial Corp., Natural Gas Revenue:
Series 2007
5.250%
12/1/28
2,000,000
2,115,319
 
Series 2007
5.000%
12/1/32
12,000,000
13,290,458
 
Series 2007
5.000%
12/1/37
5,500,000
6,131,806
 
Total Arizona
30,883,023
Arkansas — 0.2%
 
Arkansas State Development Finance Authority, Environmental Improvement
Revenue, United States Steel Corp. Project, Green Bonds
5.700%
5/1/53
1,050,000
1,073,713
 (b)
See Notes to Schedule of Investments.
1
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
California — 17.7%
Alameda, CA, Corridor Transportation Authority Revenue:
Convertible CAB, Series C, AG
5.000%
10/1/52
 $2,650,000
 $2,751,145
 
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
2,250,000
2,278,683
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series A-1
4.000%
8/1/28
850,000
870,393
 (c)(e)
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
8,500,000
8,988,213
 (c)(e)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
3,100,000
3,297,751
 (c)(e)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
1,500,000
1,623,883
 (c)(e)
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
7,400,000
8,099,580
 (c)(e)
Clean Energy Project, Green Bonds, Series G
5.000%
12/1/35
3,250,000
3,663,685
 
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
3,200,000
3,572,428
 (c)(e)
California State Health Facilities Financing Authority Revenue, Lucile Salter
Packard Children’s Hospital at Stanford
5.000%
11/15/56
500,000
504,752
 
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
4,400,000
4,474,129
 (b)
California State PCFA Water Furnishing Revenue, Poseidon Resources
Desalination Project
5.000%
11/21/45
13,500,000
13,517,488
 (a)(b)
Folsom Cordova, CA, USD:
School Facilities Improvement District No 4, GO, Series A, Refunding
5.000%
10/1/37
1,730,000
2,088,672
 
School Facilities Improvement District No 5, GO, Series B, Refunding
5.000%
10/1/37
2,175,000
2,625,931
 
School Facilities Improvement District No 5, GO, Series B, Refunding
5.000%
10/1/38
1,795,000
2,145,482
 
Los Angeles, CA, Department of Airports Revenue:
Los Angeles International Airport, Subordinated, Series C, Refunding
4.000%
5/15/36
800,000
831,250
 (b)
Los Angeles International Airport, Subordinated, Series C, Refunding
4.000%
5/15/37
500,000
516,077
 (b)
Los Angeles International Airport, Subordinated, Series D
5.000%
5/15/38
500,000
523,682
 (b)
Los Angeles International Airport, Subordinated, Series F, Refunding
4.000%
5/15/49
2,000,000
1,843,563
 (b)
Los Angeles, CA, Department of Water & Power, Power System Revenue,
Series C
5.000%
7/1/42
2,000,000
2,039,880
 
Los Angeles, CA, Department of Water & Power, Waterworks Revenue,
Series A
5.000%
7/1/48
2,000,000
2,029,337
 
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series A
7.000%
11/1/34
3,430,000
4,262,259
 
Series B
7.000%
11/1/34
2,490,000
3,094,176
 
Series B
6.500%
11/1/39
8,000,000
10,021,565
 
Series C
6.500%
11/1/39
2,000,000
2,505,391
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1
5.500%
9/1/37
545,000
589,560
 
Community Facilities District No 2003-1
5.750%
9/1/52
1,400,000
1,454,541
 
Community Facilities District No 2023-1
5.625%
9/1/53
1,070,000
1,111,276
 
San Diego County, CA, Regional Airport Authority Revenue, Series B
5.000%
7/1/46
1,500,000
1,547,892
 (b)
San Francisco, CA, City & County Airport Commission, International Airport
Revenue:
Second Series A, Unrefunded
5.000%
5/1/47
10,635,000
10,711,302
 (b)
SFO Fuel Company LLC, Series A, Refunding
5.000%
1/1/47
1,500,000
1,520,196
 (b)
Tobacco Securitization Authority of Southern California Revenue:
Asset Backed Refunding, San Diego County Tobacco Asset Securitization
Corp., Class 1, Series A
5.000%
6/1/39
500,000
528,674
 
See Notes to Schedule of Investments.
2
Western Asset Managed Municipals Fund Inc. 2026 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
Corp., Class 1, Series A
5.000%
6/1/48
 $800,000
 $809,540
 
Tulare, CA, Sewer Revenue, Refunding, AG
5.000%
11/15/41
2,000,000
2,002,944
 
Total California
108,445,320
Colorado — 5.5%
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding
5.750%
12/1/46
1,000,000
1,000,453
 
Colorado State Educational & Cultural Facilities Authority Revenue,
University of Denver Project, Series A
5.000%
3/1/47
1,600,000
1,615,227
 
Colorado State Health Facilities Authority Revenue:
Commonspirit Health Initiatives, Series B-2
5.000%
8/1/26
1,300,000
1,301,409
 (c)(e)
Commonspirit Health Project, Series A-2, Refunding
4.000%
8/1/49
2,500,000
2,226,845
 
Improvement Second Tier Bonds, Bethesda Project
5.500%
9/15/54
2,200,000
2,222,344
 
Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes
5.000%
12/31/51
800,000
799,959
 
Denver, CO, Airport System Revenue, Subordinated, Series B, Refunding
5.250%
11/15/34
3,000,000
3,474,757
 (b)
Public Authority for Colorado Energy, Natural Gas Purchase Revenue
6.500%
11/15/38
15,700,000
19,448,064
 
Southern Ute Indian Tribe Reservation, CO, GO, Series A
5.000%
4/1/35
1,750,000
1,961,918
 (a)
Total Colorado
34,050,976
Connecticut — 0.3%
Connecticut State, GO, Series A
4.000%
4/15/37
500,000
514,701
 
Harbor Point, CT, Infrastructure Improvement District, Special Obligation
Revenue, Harbor Point Project Ltd., Refunding
5.000%
4/1/39
1,150,000
1,167,380
 (a)
Total Connecticut
1,682,081
Delaware — 0.1%
 
Delaware State Health Facilities Authority Revenue, Beebe Medical Center
Project
5.000%
6/1/48
500,000
487,753
 
District of Columbia — 1.1%
District of Columbia Revenue:
KIPP DC Issue, Series A, Refunding
5.000%
7/1/37
800,000
820,009
 
KIPP DC Project, Series B, Refunding
5.000%
7/1/48
2,800,000
2,806,782
 
Metropolitan Washington, DC, Airports Authority Aviation Revenue:
Series A, Refunding
5.000%
10/1/29
1,500,000
1,633,529
 (b)
Series A, Refunding
5.000%
10/1/30
1,500,000
1,663,107
 (b)
Total District of Columbia
6,923,427
Florida — 5.8%
Broward County, FL, Airport System Revenue:
Series 2017
5.000%
10/1/47
1,600,000
1,612,359
 (b)
Series A
5.000%
10/1/45
1,000,000
1,000,514
 (b)
Broward County, FL, Port Facilities Revenue, Series 2022
5.000%
9/1/37
400,000
433,464
 (b)
Capital Trust, FL, Authority Educational Facilities Revenue, AIDS Healthcare
Foundation Obligated Group, Series A
4.750%
12/1/42
500,000
512,458
 
Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AG
4.000%
10/1/52
900,000
820,851
 
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue:
Priority Subordinated, Series A
5.000%
10/1/42
500,000
510,183
 (b)
Priority Subordinated, Series A
5.000%
10/1/47
1,500,000
1,513,638
 (b)
Hillsborough County, FL, Aviation Authority Revenue, Tampa International
Airport, Series E
5.000%
10/1/43
1,250,000
1,283,105
 (b)
See Notes to Schedule of Investments.
3
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Florida — continued
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding
5.000%
10/1/41
 $3,000,000
 $3,030,154
 
Miami-Dade County, FL, Expressway Authority, Series A, Refunding
5.000%
7/1/40
9,000,000
9,013,156
 
Miami-Dade County, FL, Seaport Revenue:
Senior Bonds, Series A, Refunding
5.000%
10/1/47
2,000,000
2,036,075
 (b)
Senior Bonds, Series A, Refunding
5.250%
10/1/52
2,500,000
2,558,386
 (b)
Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project
5.750%
5/15/55
200,000
205,431
 (a)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A
5.000%
10/1/53
1,300,000
1,341,419
 
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
1,150,000
1,120,035
 
Palm Beach County, FL, Health Facilities Authority Revenue:
Acts Retirement-Life Communities
5.000%
11/15/45
750,000
759,372
 
Jupiter Medical Center Project, Series A
5.000%
11/1/52
2,850,000
2,841,730
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion,
Refunding
4.000%
6/1/41
650,000
609,291
 
Pasco County, FL, Capital Improvement, Cigarette Tax Allocation Bonds, H.
Lee Moffitt Cancer Center Project, Series A, AG
5.750%
9/1/54
2,175,000
2,356,773
 
Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle
Aeronautical University Inc. Project, Refunding
5.000%
10/15/47
1,000,000
1,010,839
 
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue, Series 2024
4.800%
5/1/55
795,000
776,598
 (a)
Total Florida
35,345,831
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
1,269,807
 
Georgia State Municipal Electric Authority, Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A
5.250%
7/1/64
1,150,000
1,190,554
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
750,000
777,982
 
Plant Vogtle Units 3&4, Project P, Series A, Refunding
5.000%
1/1/56
1,295,000
1,297,571
 
Project One, Series A, Refunding
5.000%
1/1/50
1,250,000
1,269,970
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/43
1,450,000
1,485,658
 
Series C
5.000%
9/1/30
1,600,000
1,728,046
 (c)(e)
Total Georgia
9,019,588
Guam — 0.2%
 
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/36
1,230,000
1,254,279
 
Hawaii — 0.4%
Honolulu, HI, City & County Wastewater System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
2,000,000
1,853,312
 
First Senior Bond Resolution, Series A, Refunding
5.000%
7/1/36
700,000
836,220
 
Total Hawaii
2,689,532
Idaho — 0.2%
 
Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group,
Series A
5.000%
12/1/47
1,100,000
1,116,701
 
Illinois — 16.3%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/42
2,000,000
2,018,975
 
See Notes to Schedule of Investments.
4
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — continued
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.875%
12/1/47
 $3,000,000
 $3,100,571
 
Dedicated, Series G, Refunding
5.000%
12/1/34
100,000
100,674
 
Dedicated, Series G, Refunding
5.000%
12/1/44
750,000
741,010
 
Dedicated, Series H
5.000%
12/1/36
500,000
500,679
 
Dedicated, Series H
5.000%
12/1/46
5,400,000
5,136,271
 
Series D
5.000%
12/1/46
8,435,000
8,023,046
 
Chicago, IL, GO:
Series A
5.500%
1/1/35
1,000,000
1,041,930
 
Series A
5.500%
1/1/49
305,000
306,542
 
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series C, Refunding
5.000%
1/1/44
2,500,000
2,605,039
 (b)
Senior Lien, Series D
5.000%
1/1/47
500,000
503,342
 
Senior Lien, Series D
5.000%
1/1/52
500,000
501,866
 
Series C, Refunding
5.000%
1/1/43
750,000
787,836
 (b)
TrIPS Obligated Group
5.000%
7/1/48
900,000
905,121
 (b)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien
5.000%
12/1/51
1,250,000
1,254,068
 
Second Lien, Series A, Refunding
5.000%
12/1/45
500,000
517,964
 
Second Lien, Series A, Refunding
4.000%
12/1/55
1,900,000
1,643,629
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
2,700,000
2,713,758
 
Second Lien, Series A, AG
5.250%
1/1/53
500,000
523,490
 
Second Lien, Series B, Refunding
5.000%
1/1/38
1,500,000
1,524,919
 
Chicago, IL, Waterworks Revenue:
Second Lien, Series 2017, Refunding
5.000%
11/1/29
1,800,000
1,877,385
 
Second Lien, Series 2017-2, Refunding, AG
5.000%
11/1/33
1,290,000
1,341,174
 
Second Lien, Series 2017-2, Refunding, AG
5.000%
11/1/37
3,610,000
3,727,769
 
Second Lien, Series 2017-2, Refunding, AG
5.000%
11/1/38
2,000,000
2,062,088
 
Cook County, IL, Sales Tax Revenue, Series A, Refunding
4.000%
11/15/41
2,500,000
2,517,521
 
Illinois State Finance Authority Revenue:
Northshore University Healthsystem, Series A, Refunding
4.000%
8/15/40
2,400,000
2,400,622
 
Surface Freight Transfer Facilities, Centerpoint Joliet Terminal Railroad
Project
4.800%
7/2/35
2,100,000
2,206,072
 (a)(b)(c)(e)
Illinois State Finance Authority, Student Housing & Academic Facilities
Revenue, CHF Chicago LLC, University of Illinois Chicago Project
5.000%
2/15/50
500,000
478,094
 
Illinois State Sports Facilities Authority Revenue:
Sport Facilities Project, Series 2019, Refunding, BAM
5.000%
6/15/28
750,000
787,349
 
Sport Facilities Project, Series 2019, Refunding, BAM
5.000%
6/15/29
250,000
267,654
 
Illinois State Toll Highway Authority Revenue, Series A
4.000%
1/1/46
4,000,000
3,773,211
 
Illinois State, GO:
Series 2016
5.000%
1/1/33
2,000,000
2,003,482
 
Series 2016
5.000%
11/1/33
3,000,000
3,043,401
 
Series 2016, Refunding
5.000%
2/1/29
2,100,000
2,148,832
 
Series A
5.000%
3/1/34
2,000,000
2,202,785
 
Series A
5.000%
5/1/36
940,000
976,590
 
See Notes to Schedule of Investments.
5
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 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%
3/1/37
 $750,000
 $812,120
 
Series A
5.000%
5/1/39
2,600,000
2,679,430
 
Series A
5.000%
3/1/46
2,250,000
2,307,102
 
Series A, Refunding
5.000%
10/1/29
5,095,000
5,424,337
 
Series A, Refunding
5.000%
10/1/30
500,000
531,255
 
Series C
5.000%
12/1/41
4,000,000
4,306,296
 
Series D
5.000%
11/1/27
2,400,000
2,504,069
 
Series D
5.000%
11/1/28
750,000
781,682
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
2,100,000
2,075,088
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/47
1,500,000
1,342,181
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
8,150,000
8,178,337
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
1,500,000
1,563,437
 
McCormick Place Expansion Project, Series B-1, Refunding, AG
0.000%
6/15/47
3,000,000
1,147,576
 
Total Illinois
99,917,669
Indiana — 1.7%
Indiana State Finance Authority Revenue:
BHI Senior Living Inc., Series A, Refunding
4.000%
11/15/41
2,250,000
2,217,305
 
Marion General Hospital, Series A
4.000%
7/1/45
1,200,000
1,090,246
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
1,150,000
1,201,468
 
Indianapolis, IN, Local Public Improvement Bond Bank:
Courthouse & Jail Project, Series A
4.000%
2/1/44
2,000,000
2,002,707
 
Courthouse & Jail Project, Series A
5.000%
2/1/54
850,000
865,561
 
Valparaiso, IN, Exempt Facilities Revenue:
Pratt Paper LLC Project, Refunding
4.500%
1/1/34
1,200,000
1,252,478
 (a)(b)
Pratt Paper LLC Project, Refunding
4.875%
1/1/44
1,500,000
1,542,370
 (a)(b)
Total Indiana
10,172,135
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
642,801
 
Kentucky — 1.3%
Kentucky State Economic Development Finance Authority Revenue, Louisville
Arena, Louisville Arena Authority Inc., Refunding, AG
5.000%
12/1/45
1,000,000
1,014,208
 
Kentucky State PEA, Gas Supply Revenue:
Series A, Refunding
5.250%
12/1/29
1,200,000
1,297,370
 (c)(e)
Series C, Refunding
5.000%
5/1/36
5,000,000
5,500,563
 
Total Kentucky
7,812,141
Louisiana — 1.9%
Port New Orleans, LA, Board of Commissioners Revenue, Series B,
Refunding, AG
5.000%
4/1/43
2,500,000
2,543,366
 (b)
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series A-3, Refunding
2.200%
7/1/26
2,250,000
2,246,854
 (c)(e)
Marathon Oil Corp. Project, Series B-2, Refunding
2.375%
7/1/26
4,650,000
4,646,153
 (c)(e)
Marathon Oil Corp. Project, Series C, Refunding
3.300%
7/3/28
2,500,000
2,544,090
 (c)(e)
Total Louisiana
11,980,463
See Notes to Schedule of Investments.
6
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Maryland — 0.6%
Maryland State EDC, Senior Student Housing Revenue:
Morgan State University Project
4.000%
7/1/40
 $500,000
 $488,811
 
Morgan State University Project
5.000%
7/1/50
1,150,000
1,141,017
 
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021
4.000%
6/1/46
1,845,000
1,796,953
 
Total Maryland
3,426,781
Massachusetts — 2.6%
Massachusetts State DFA Revenue:
Boston Medical Center, Sustainability Bonds, Series G, Refunding
5.250%
7/1/52
1,800,000
1,797,467
 
International Charter School, Refunding
5.000%
4/15/40
1,875,000
1,875,196
 
Northeastern University Issue, Refunding
5.000%
10/1/44
2,750,000
2,969,169
 
UMass Boston Student Housing Project
5.000%
10/1/48
950,000
914,920
 
Massachusetts State Port Authority Revenue:
Bosfuel Project, Series A, Refunding
5.000%
7/1/49
1,500,000
1,518,291
 (b)
Series A, Refunding
5.000%
7/1/36
1,700,000
1,801,747
 (b)
Series E
5.000%
7/1/46
5,000,000
5,159,640
 (b)
Total Massachusetts
16,036,430
Michigan — 2.8%
Great Lakes, MI, Water Authority, Sewage Disposal System Revenue, Senior
Lien, Series C
5.250%
7/1/53
2,000,000
2,111,086
 
Great Lakes, MI, Water Authority, Water Supply System Revenue:
Senior Lien, Series A
5.000%
7/1/38
1,000,000
1,138,505
 
Senior Lien, Series A
5.000%
7/1/46
6,790,000
6,811,602
 
Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue,
County GTD
5.000%
1/1/51
1,000,000
1,020,180
 (b)
Michigan State Finance Authority Revenue:
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
1,041,916
 
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding
5.000%
6/1/49
90,000
90,302
 
Michigan State HFA Revenue:
Ascension Health Senior Credit Group Project Bonds, Series F4, Refunding
5.000%
11/15/47
865,000
961,550
 (f)
Ascension Health Senior Credit Group Project Bonds, Series F4,
Unrefunded
5.000%
11/15/47
2,135,000
2,187,340
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
1,800,000
1,827,371
 (b)
Total Michigan
17,189,852
Missouri — 0.3%
Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior
Services Projects, Series A
5.000%
2/1/42
150,000
153,073
 
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
1,641,923
 
Total Missouri
1,794,996
Nebraska — 0.3%
 
Omaha, NE, Public Power District, Electric System Revenue, Series B,
Refunding
4.000%
2/1/46
2,000,000
1,964,157
 
New Hampshire — 1.9%
National Finance Authority, NH, Revenue:
Presbyterian Senior Living Project, Series A
5.250%
7/1/48
950,000
967,279
 
See Notes to Schedule of Investments.
7
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New Hampshire — continued
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
12/1/35
 $4,900,000
 $5,637,931
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
6/1/55
4,750,000
4,763,096
 
Total New Hampshire
11,368,306
New Jersey — 7.8%
New Jersey State EDA Revenue:
Private Activity-The Goethals Bridge Replacement Project
5.375%
1/1/43
1,000,000
1,001,298
 (b)
Private Activity-The Goethals Bridge Replacement Project, AG
5.125%
7/1/42
2,500,000
2,512,860
 (b)
Provident Group-Rowan Properties LLC, Rowan University Housing Project
5.000%
1/1/48
500,000
497,645
 
Special Facility Revenue, Continental Airlines Inc. Project
5.250%
9/15/29
3,530,000
3,536,927
 (b)
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
3,500,000
3,569,829
 (b)
New Jersey State EDA, Lease Revenue, State House Project, Series B
5.000%
6/15/43
4,000,000
4,170,417
 
New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding
5.000%
7/1/42
3,000,000
3,038,329
 
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
1,508,907
 
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA
5.000%
6/15/39
2,125,000
2,299,207
 
Transportation Program, Series AA
5.000%
6/15/50
1,195,000
1,354,778
 (f)
Transportation Program, Series AA, Refunding
5.000%
6/15/36
4,000,000
4,508,384
 
Transportation Program, Series AA, Refunding
5.000%
6/15/38
3,000,000
3,381,098
 
Transportation Program, Series AA, Refunding
5.000%
6/15/42
600,000
668,793
 
Transportation Program, Series AA, Unrefunded
5.000%
6/15/50
4,325,000
4,436,964
 
Transportation Program, Series BB
4.000%
6/15/36
2,250,000
2,308,931
 
Transportation Program, Series BB
5.000%
6/15/44
2,000,000
2,066,099
 
Transportation System, Series A, Refunding
5.000%
12/15/28
1,050,000
1,129,825
 
Transportation System, Series A, Refunding
4.250%
6/15/40
750,000
783,564
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
4,000,000
4,374,812
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.250%
6/1/46
800,000
805,827
 
Total New Jersey
47,954,494
New Mexico — 0.4%
 
New Mexico State Municipal Energy Acquisition Authority, Gas Supply
Revenue, Refunding
5.000%
11/1/30
2,200,000
2,384,959
 (c)(e)
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
1,197,285
 
Long Island, NY, Power Authority Electric System Revenue, Series B
3.000%
9/1/29
1,250,000
1,256,506
 (c)(e)
MTA, NY, Dedicated Tax Fund Revenue:
Green Bonds, Series A
5.000%
11/15/47
2,000,000
2,019,252
 
Green Bonds, Subseries B-1, Refunding
4.000%
11/15/54
4,600,000
4,269,730
 
MTA, NY, Transportation Revenue:
Green Bonds, Series C-1, Refunding
4.000%
11/15/37
500,000
505,290
 
Green Bonds, Series E, Refunding
5.000%
11/15/30
1,750,000
1,965,229
 
Green Bonds, Series E, Refunding
4.000%
11/15/45
1,750,000
1,643,882
 
Series A-2
5.000%
5/15/30
2,300,000
2,492,845
 (c)(e)
Series B, Refunding
5.000%
11/15/37
250,000
252,925
 
Series C-1, Refunding
5.000%
11/15/33
350,000
355,273
 
See Notes to Schedule of Investments.
8
Western Asset Managed Municipals Fund Inc. 2026 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
New York City, NY, GO:
Series A
5.000%
8/1/51
 $2,500,000
 $2,587,493
 
Subseries A-1
4.000%
8/1/40
1,250,000
1,264,749
 
Subseries A-1
5.000%
8/1/47
2,070,000
2,149,798
 
New York City, NY, Industrial Development Agency Revenue:
Yankee Stadium Project, Refunding
4.000%
3/1/45
900,000
871,025
 
Yankee Stadium Project, Refunding, AG
4.000%
3/1/45
750,000
737,402
 
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
2,007,127
 
Second General Resolution Fiscal 2018, Series CC
5.000%
6/15/48
600,000
607,570
 
Second General Resolution Fiscal 2022, Series AA, Subseries AA-1
4.000%
6/15/51
5,800,000
5,389,230
 
Second General Resolution Fiscal 2023, Series AA, Subseries AA-1
5.250%
6/15/52
2,020,000
2,133,834
 
New York City, NY, TFA, Future Tax Secured Revenue:
Subordinated, Series F, Subseries F-1
5.000%
2/1/47
10,250,000
10,724,799
 
Subordinated, Subseries F-1
5.000%
5/1/42
3,000,000
3,062,172
 
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
2,329,888
 
Non-State Supported Debt, SD, Series A, Refunding, AG
5.000%
10/1/29
5,000
5,352
 (f)
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4,
Series A
5.000%
3/15/45
1,000,000
1,031,663
 
New York State Dormitory Authority, State Personal Income Tax Revenue:
Bidding Group 3, Series B, Refunding
5.000%
2/15/41
5,000
5,201
 (f)
Bidding Group 3, Series B, Refunding
5.000%
2/15/43
5,000
5,201
 (f)
Bidding Group 3, Series B, Unrefunded
5.000%
2/15/41
2,990,000
3,070,064
 
Bidding Group 4, Series A, Refunding
4.000%
3/15/45
2,475,000
2,409,435
 
Bidding Group 4, Series A, Refunding
4.000%
3/15/46
7,240,000
6,954,363
 
Bidding Group 4, Series D, Refunding
4.000%
2/15/40
3,100,000
3,142,166
 
New York State Liberty Development Corp., Revenue:
3 World Trade Center Project, Class 1, Refunding
5.000%
11/15/44
2,240,000
2,243,693
 (a)
7 World Trade Center Project, Class 2, Refunding
3.250%
9/15/52
5,000,000
3,735,677
 
Goldman Sachs Headquarters
5.500%
10/1/37
1,485,000
1,830,980
 
New York State Thruway Authority General Revenue, Junior Indebtedness
Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/45
4,000,000
3,886,898
 
New York State Transportation Development Corp., Special Facilities
Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
5.000%
1/1/30
500,000
518,296
 (b)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
5.000%
1/1/32
650,000
672,731
 (b)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
5.000%
1/1/33
1,750,000
1,808,874
 (b)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
6.000%
4/1/35
2,750,000
3,070,078
 (b)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
5.625%
4/1/40
2,200,000
2,355,707
 (b)
See Notes to Schedule of Investments.
9
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 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 & D Redevelopment
Project
4.375%
10/1/45
 $1,750,000
 $1,688,739
 (b)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds
6.000%
6/30/54
2,150,000
2,256,998
 (b)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds
5.375%
6/30/60
6,600,000
6,628,115
 (b)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds, AG
5.125%
6/30/60
5,250,000
5,301,863
 (b)
John F. Kennedy International Airport Terminal Four Project, Series C,
Refunding
4.000%
12/1/41
2,160,000
2,161,408
 
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
850,000
875,392
 (b)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AG
4.500%
12/31/54
2,000,000
1,932,528
 (b)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series B, Refunding, AG, Step bond (0.000% to 12/31/34
then 5.000%)
0.000%
12/31/54
850,000
574,120
 (b)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/41
1,550,000
1,551,469
 (b)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
11,850,000
11,854,706
 (b)
New York State Urban Development Corp. Revenue, Personal Income Tax,
Series C, Refunding
4.000%
3/15/45
3,250,000
3,172,234
 
Port Authority of New York & New Jersey Revenue:
Consolidated Series 218
4.000%
11/1/47
2,600,000
2,440,701
 (b)
Consolidated Series 221
4.000%
7/15/45
1,000,000
970,398
 (b)
Consolidated Series 221
4.000%
7/15/55
1,000,000
905,623
 (b)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/45
250,000
257,306
 
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/49
8,950,000
9,336,518
 
General-MTA Bridges & Tunnels, Series A
5.000%
11/15/51
1,950,000
2,018,312
 
General-MTA Bridges & Tunnels, Series A
4.000%
11/15/56
2,000,000
1,837,307
 
MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding
5.000%
5/15/51
2,500,000
2,595,221
 
Total New York
144,928,641
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
486,823
 
The Forest at Duke Project
4.000%
9/1/46
715,000
633,223
 
The Forest at Duke Project
4.000%
9/1/51
1,000,000
840,880
 
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:
Series A, Refunding
5.000%
7/1/47
1,500,000
1,502,228
 
Series A, Refunding
5.000%
7/1/51
1,500,000
1,501,368
 
Total North Carolina
4,964,522
North Dakota — 0.4%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System,
Refunding, AG
3.000%
12/1/46
3,550,000
2,766,844
 
See Notes to Schedule of Investments.
10
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Ohio — 1.7%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior
Bonds, Series B-2, Refunding
5.000%
6/1/55
 $3,425,000
 $2,832,554
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
1,950,000
1,889,323
 (b)(c)(e)
American Electric Co. Project, Series D, Refunding
3.700%
10/1/28
720,000
729,108
 (b)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
2,650,000
2,471,894
 (a)(b)
Duke Energy Corp. Project, Series B, Refunding
4.250%
6/1/27
1,300,000
1,321,448
 (b)(c)(e)
Port of Greater Cincinnati Development Authority Revenue, OH, Tax-Exempt
Parking Revenue, 3CDC Obligated Group Parking Facilities, Series A,
Refunding, AG
5.000%
12/1/60
1,250,000
1,284,825
 
Total Ohio
10,529,152
Oklahoma — 0.3%
Tulsa, OK, Municipal Airport Trust Revenue:
American Airlines Inc. Project, Refunding
6.250%
12/1/35
1,500,000
1,764,796
 (b)
American Airlines Inc. Project, Refunding
6.250%
12/1/40
185,000
210,695
 (b)
Total Oklahoma
1,975,491
Oregon — 0.9%
Oregon State Business Development Commission Revenue, Recovery Zone
Facility Bonds, Intel Corp. Project, Series 232
3.800%
6/15/28
3,100,000
3,163,987
 (c)(e)
Oregon State Facilities Authority Revenue, Legacy Health Project, Series A,
Refunding
5.000%
6/1/46
2,600,000
2,604,195
 
Total Oregon
5,768,182
Pennsylvania — 6.6%
Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center,
Series A, Refunding
4.000%
7/15/39
500,000
503,933
 
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment
Revenue Bonds, Series 2018
5.000%
6/1/32
250,000
262,990
 
Cumberland County, PA, Municipal Authority Revenue:
Diakon Lutheran Social Ministries Project, Unrefunded
5.000%
1/1/29
225,000
225,309
 
Diakon Lutheran Social Ministries Project, Unrefunded
5.000%
1/1/30
775,000
776,051
 
Lancaster County, PA, Convention Center Authority Revenue, Hotel Room
Rental Tax:
Series B, Refunding, County GTD
4.750%
5/1/53
2,000,000
2,012,390
 
Series B, Refunding, County GTD
4.750%
5/1/57
2,500,000
2,517,044
 
Lancaster County, PA, Hospital Authority Revenue, Penn State Health,
Series 2021
5.000%
11/1/46
3,500,000
3,569,486
 
Pennsylvania State Economic Development Financing Authority Revenue:
Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series B,
Refunding
5.250%
6/1/27
1,000,000
1,004,213
 (c)(e)
Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series C,
Refunding
5.250%
6/1/27
2,200,000
2,209,367
 (c)(e)
Solid Waste Disposal Facility, Core Natural Resources Inc. Project,
Refunding
5.450%
3/27/35
850,000
932,529
 (a)(b)(c)(e)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project
5.750%
6/30/48
2,000,000
2,116,959
 (b)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project
5.250%
6/30/53
7,200,000
7,326,840
 (b)
Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue, Series B
5.000%
12/1/53
2,900,000
3,029,109
 
See Notes to Schedule of Investments.
11
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pennsylvania — continued
Pennsylvania State Turnpike Commission Revenue:
Series A-2
5.000%
12/1/48
 $2,000,000
 $2,056,215
 
Series B
5.000%
12/1/45
2,000,000
2,112,175
 
Series B, Refunding
5.250%
12/1/47
1,500,000
1,603,691
 
Series C, Refunding
4.000%
12/1/51
2,000,000
1,815,929
 
Philadelphia, PA, Authority for IDR:
Charter School Revenue, A String Theory Charter School Project,
Refunding
5.000%
6/15/40
500,000
503,963
 (a)
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/35
250,000
262,708
 
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/38
500,000
523,180
 
Philadelphia, PA, SD, GO, Series A, State Aid Withholding
5.000%
9/1/33
1,755,000
1,758,206
 
State Public School Building Authority, PA, Lease Revenue:
Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding
5.000%
6/1/31
800,000
815,333
 
Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding
5.000%
6/1/33
2,280,000
2,321,137
 
Total Pennsylvania
40,258,757
Puerto Rico — 5.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Senior Lien, Series A, Refunding
5.000%
7/1/37
1,840,000
1,934,876
 (a)
Senior Lien, Series A, Refunding
5.000%
7/1/47
4,700,000
4,710,539
 (a)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
78,612
58,208
 
Restructured, Series A-1
5.625%
7/1/27
67,418
68,998
 
Restructured, Series A-1
5.625%
7/1/29
66,323
70,869
 
Restructured, Series A-1
5.750%
7/1/31
64,420
71,585
 
Restructured, Series A-1
4.000%
7/1/33
61,087
62,564
 
Restructured, Series A-1
4.000%
7/1/35
1,209,908
1,230,676
 
Restructured, Series A-1
4.000%
7/1/37
4,065,000
4,073,399
 
Restructured, Series A-1
4.000%
7/1/41
629,073
610,562
 
Restructured, Series A-1
4.000%
7/1/46
66,635
60,161
 
Subseries CW
0.000%
11/1/43
234,690
160,469
 (e)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
887,000
851,791
 
CAB, Restructured, Series A-1
0.000%
7/1/46
7,830,000
2,816,534
 
Restructured, Series A-1
4.550%
7/1/40
300,000
302,010
 
Restructured, Series A-1
4.750%
7/1/53
1,230,000
1,199,401
 
Restructured, Series A-1
5.000%
7/1/58
3,870,000
3,798,515
 
Restructured, Series A-2
4.329%
7/1/40
8,290,000
8,307,147
 
Restructured, Series A-2A
4.550%
7/1/40
4,600,000
4,630,824
 
Total Puerto Rico
35,019,128
Rhode Island — 0.1%
Rhode Island State Health & Educational Building Corp., Student Housing
Revenue:
RI Properties LLC, Senior Series A, AG
5.000%
7/1/50
400,000
404,564
 
RI Properties LLC, Senior Series A, AG
5.000%
7/1/55
500,000
502,997
 
Total Rhode Island
907,561
See Notes to Schedule of Investments.
12
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
South Carolina — 1.0%
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries
B-2, Refunding (SOFR x 0.670 + 1.900%)
4.359%
3/1/31
 $1,250,000
 $1,299,903
 (c)(e)
South Carolina State Jobs, EDA Hospital Facilities Revenue, Bon Secours
Mercy Health Inc., Series A, Refunding
4.000%
12/1/44
2,550,000
2,402,214
 
South Carolina State Ports Authority Revenue:
Series 2018
5.000%
7/1/36
500,000
518,854
 (b)
Series 2018
5.000%
7/1/48
1,750,000
1,761,493
 (b)
Total South Carolina
5,982,464
South Dakota — 0.1%
 
South Dakota State HEFA Revenue, Regional Health
5.000%
9/1/40
700,000
712,492
 
Tennessee — 1.3%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
3,250,000
3,044,896
 
Knox County, TN, Health, Educational & Housing Facility Board Revenue,
University Health System Inc., Series A
5.000%
9/1/40
1,550,000
1,586,495
 
Metropolitan Government of Nashville & Davidson County, TN, Sports
Authority Revenue, Series A, AG
5.250%
7/1/53
2,250,000
2,370,571
 
Metropolitan Government of Nashville & Davidson County, TN, Water &
Sewer Revenue, Subordinated, Series B, Refunding
5.000%
7/1/46
1,000,000
1,013,404
 
Total Tennessee
8,015,366
Texas — 8.7%
Arlington, TX, Higher Education Finance Corp., Education Revenue:
Basis Texas Charter Schools Inc., Refunding
5.875%
6/15/65
1,250,000
1,273,915
 (a)
Uplift Education, Series A, Refunding, PSF - GTD
5.000%
12/1/47
250,000
252,247
 
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AG
5.000%
2/15/48
1,600,000
1,626,112
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/52
2,000,000
2,029,492
 (b)
Series B
5.000%
11/15/39
3,270,000
3,438,259
 (b)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B
4.000%
1/1/51
4,320,000
3,902,746
 
Central Texas Turnpike System Revenue:
Series C, Refunding
5.000%
8/15/41
750,000
835,580
 
Series C, Refunding
5.000%
8/15/42
1,000,000
1,108,666
 
Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
8/1/49
3,100,000
2,948,289
 
Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series 2019,
PSF-GTD
5.000%
2/15/49
500,000
503,651
 
Galveston, TX, Wharves & Terminal Revenue:
First Lien, Series A
5.000%
8/1/34
1,555,000
1,718,702
 (b)
First Lien, Series A
5.250%
8/1/35
1,250,000
1,393,985
 (b)
First Lien, Series A
5.250%
8/1/37
1,250,000
1,376,061
 (b)
Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible
CAB, Series A, B & C
5.500%
10/1/36
6,000,000
6,421,016
 
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
1,849,715
 (c)(e)
Harris County, TX, GO, Certificates of Obligation
4.000%
9/15/49
4,750,000
4,524,495
 
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/47
1,650,000
1,596,825
 
Houston, TX, GO, Series A
4.125%
3/1/51
1,200,000
1,134,675
 
See Notes to Schedule of Investments.
13
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Texas — continued
Houston, TX, Airport System Revenue:
Special Facilities, United Airlines Inc., Terminal Improvement Project,
Series B-1
4.000%
7/15/41
 $2,100,000
 $1,987,739
 (b)
Subordinated Lien, Series A, Refunding
4.000%
7/1/40
2,000,000
2,006,672
 (b)
Subordinated Lien, Series A, Refunding
4.000%
7/1/41
750,000
742,870
 (b)
Houston, TX, Combined Utility System Revenue, First Lien, Series D,
Refunding
5.000%
11/15/44
1,000,000
1,001,002
 
Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/49
2,250,000
2,143,269
 
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017
5.000%
11/1/33
160,000
162,239
 (b)
Series 2017
5.000%
11/1/36
160,000
161,907
 (b)
Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging
International, LLC Project, Green Bonds
5.000%
6/1/30
800,000
838,864
 (b)(c)(e)
New Hope Cultural Education Facilities Finance Corp., TX, Student Housing
Revenue, Collegiate Housing College Station, AG
5.000%
4/1/46
750,000
750,098
 
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC
Academy, Series A
4.000%
8/15/51
1,300,000
1,055,347
 
Port Beaumont, TX, Navigation District Dock & Wharf Facility Revenue,
Jefferson Gulf Coast Energy Project, Series A
3.000%
1/1/50
400,000
274,695
 (a)(b)
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Methodist Hospitals of Dallas
4.000%
10/1/42
2,500,000
2,512,389
 
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
1,753,976
 (b)
Total Texas
53,325,498
Utah — 1.4%
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport,
Series A
5.000%
7/1/43
5,250,000
5,378,398
 (b)
Utah State Charter School Finance Authority, Charter School Revenue:
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/42
250,000
250,214
 
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/47
1,000,000
1,000,291
 
Utah State Infrastructure Agency, Telecommunications Revenue:
Series 2019
4.000%
10/15/39
1,250,000
1,246,924
 
Series 2021
4.000%
10/15/36
100,000
100,382
 
Series 2021
4.000%
10/15/38
500,000
498,429
 
Total Utah
8,474,638
Virginia — 2.5%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center,
Refunding
5.000%
7/1/35
700,000
760,450
 
Isle of Wight County, VA, EDA Revenue:
Riverside Health System, Series 2023, AG
4.750%
7/1/53
1,250,000
1,264,105
 
Riverside Health System, Series 2023, AG
5.250%
7/1/53
500,000
524,558
 
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding
5.000%
7/1/41
1,400,000
1,410,664
 (b)(f)
Series B, Refunding
5.000%
7/1/45
2,000,000
2,015,235
 (b)(f)
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/32
500,000
529,156
 
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/34
550,000
580,882
 
See Notes to Schedule of Investments.
14
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Virginia — continued
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
7/1/35
 $3,000,000
 $3,252,777
 (b)
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/37
1,000,000
1,073,203
 (b)
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/38
1,250,000
1,333,210
 (b)
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
2,500,000
2,539,440
 (b)
Total Virginia
15,283,680
Washington — 1.5%
Port of Seattle, WA, Intermediate Lien Revenue:
Series 2019
4.000%
4/1/44
1,000,000
968,465
 (b)
Series 2022, Refunding
5.000%
8/1/41
3,250,000
3,494,822
 (b)
Series C
5.000%
5/1/42
1,500,000
1,520,725
 (b)
Washington State Health Care Facilities Authority Revenue:
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/40
500,000
503,658
 (a)
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/45
1,200,000
1,139,781
 (a)
Seattle Cancer Care Alliance, Refunding
5.000%
9/1/50
1,500,000
1,534,927
 
Total Washington
9,162,378
West Virginia — 0.1%
 
West Virginia State EDA Revenue, Solid Waste Disposal Facility, Commercial
Metals Co. Project
4.625%
5/15/32
750,000
772,498
 (b)(c)(e)
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
4,002,015
 (b)
Public Finance Authority, WI, Revenue:
Cone Health, Series A
5.000%
10/1/52
2,000,000
2,050,994
 
The Carmelite System Inc. Obligated Group, Refunding
5.000%
1/1/45
700,000
708,155
 
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
1,370,517
 (a)
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral
Obligations
5.000%
4/1/48
3,000,000
3,052,606
 
Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A
5.500%
12/1/52
1,600,000
1,721,126
 
Total Wisconsin
12,905,413
 
Total Municipal Bonds (Cost — $838,674,038)
856,385,938
Municipal Bonds Deposited in Tender Option Bond Trusts(g) — 4.3%
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
7,309,188
 
New York State Dormitory Authority, State Personal Income Tax Revenue,
Series A, Refunding
4.000%
3/15/45
8,480,000
8,255,357
 
New York State Urban Development Corp., State Sales Tax Revenue, Series A
5.000%
3/15/49
10,200,000
10,669,157
 
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $25,983,954)
26,233,702
Total Investments before Short-Term Investments (Cost — $864,657,992)
882,619,640
 
Short-Term Investments — 3.4%
Municipal Bonds — 3.4%
Arizona — 0.1%
 
Arizona State IDA, Hospital Revenue, Phoenix Children’s Hospital, Series A,
Refunding, LOC - TD Bank N.A.
0.950%
2/1/48
460,000
460,000
 (h)(i)
See Notes to Schedule of Investments.
15
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Managed Municipals Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — 1.2%
 
Illinois State Finance Authority Revenue, University of Chicago Medical
Center, Series B, LOC - TD Bank N.A.
0.800%
8/1/44
 $7,300,000
 $7,300,000
 (h)(i)
Iowa — 0.0%††
 
Iowa Finance Authority, Series E, SPA - TD Bank N.A., GNMA / FNMA /
FHLMC
1.870%
1/1/49
335,000
335,000
 (h)(i)
Maryland — 0.4%
 
Maryland State Health & Higher EFA Revenue, University of Maryland
Medical System, Series D, Refunding, LOC - TD Bank N.A.
0.900%
7/1/41
2,300,000
2,300,000
 (h)(i)
Massachusetts — 0.0%††
 
Massachusetts State DFA Revenue, Boston University, Series U-6C,
Refunding, LOC - TD Bank N.A.
1.800%
10/1/42
100,000
100,000
 (h)(i)
Mississippi — 0.3%
 
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR,
Chevron USA Inc. Project, Series E
1.000%
12/1/30
1,750,000
1,750,000
 (h)(i)
Missouri — 0.4%
 
Missouri State HEFA Revenue, Saint Louis University, Series B-2, Refunding,
LOC - Wells Fargo Bank N.A.
1.000%
10/1/35
2,390,000
2,390,000
 (h)(i)
New York — 0.5%
MTA, NY, Transportation Revenue, Series E-1, LOC - Barclays Bank PLC
1.000%
11/15/50
100,000
100,000
 (h)(i)
New York City, NY, GO:
Subseries A-4, SPA - TD Bank N.A.
0.950%
9/1/49
100,000
100,000
 (h)(i)
Subseries D-4, LOC - TD Bank N.A.
0.950%
8/1/40
1,300,000
1,300,000
 (h)(i)
Subseries E-5, LOC - TD Bank N.A.
0.950%
3/1/48
600,000
600,000
 (h)(i)
New York City, NY, Municipal Water Finance Authority, Water & Sewer
System Revenue, Second General Resolution Fiscal 2023, Subseries BB-2,
Refunding, SPA - Mizuho Bank Ltd.
0.950%
6/15/44
1,300,000
1,300,000
 (h)(i)
Total New York
3,400,000
Pennsylvania — 0.2%
Northampton County, PA, General Purpose Authority, Hospital Revenue, St.
Luke’s University Health Network Project, Series B, LOC - TD Bank N.A.
0.950%
8/15/54
200,000
200,000
 (h)(i)
Pennsylvania HFA, Single Family Mortgage Revenue Bonds, Series B, SPA -
TD Bank N.A.
1.850%
10/1/50
400,000
400,000
 (h)(i)
Philadelphia, PA, IDA, Multi-Modal Lease Revenue, Series B-2, Refunding,
LOC - TD Bank N.A.
1.880%
10/1/30
595,000
595,000
 (h)(i)
Total Pennsylvania
1,195,000
West Virginia — 0.3%
West Virginia State Hospital Finance Authority Revenue, West Virginia
University Health System Obligated Group, Series C, Refunding, LOC - TD
Bank N.A.
1.870%
6/1/34
1,800,000
1,800,000
 (h)(i)
 
Total Short-Term Investments (Cost — $21,030,000)
21,030,000
Total Investments — 147.2% (Cost — $885,687,992)
903,649,640
Variable Rate Demand Preferred Stock, at Liquidation Value — (46.3)%
(284,075,000
)
TOB Floating Rate Notes — (2.3)%
(13,955,000
)
Other Assets in Excess of Other Liabilities — 1.4%
8,081,782
Total Net Assets Applicable to Common Shareholders — 100.0%
$613,701,422
 
See Notes to Schedule of Investments.
16
Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report
 Western Asset Managed Municipals Fund Inc.
††
Represents less than 0.1%.
(a)
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.
(b)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(c)
Maturity date shown represents the mandatory tender date.
(d)
Securities traded on a when-issued or delayed delivery basis.
(e)
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.
(f)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(g)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust..
(h)
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.
(i)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — 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
GNMA
—
Government National Mortgage Association
GO
—
General Obligation
GTD
—
Guaranteed
HDA
—
Housing Development Authority
HEFA
—
Health & Educational Facilities Authority
HFA
—
Housing Finance Agency
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
SPA
—
Standby Bond Purchase Agreement — Insured Bonds
TFA
—
Transitional Finance Authority
USD
—
Unified School District
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. 2026 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 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. 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.
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Western Asset Managed Municipals Fund Inc. 2026 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
—
 $856,385,938
—
 $856,385,938
Municipal Bonds Deposited in Tender Option Bond Trusts
—
26,233,702
—
26,233,702
Total Long-Term Investments
—
882,619,640
—
882,619,640
Short-Term Investments†
—
21,030,000
—
21,030,000
Total Investments
—
$903,649,640
—
$903,649,640
 
†
See Schedule of Investments for additional detailed categorizations.
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, 2026. The following transactions were effected in such company for the period ended February 28, 2026.
 
 
Affiliate
Value at

May 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
—
 $8,222,750
8,222,750
 $8,222,750
8,222,750

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
February 28,
2026
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $1,727
—
—
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Western Asset Managed Municipals Fund Inc. 2026 Quarterly Report