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WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

MUNICIPAL BONDS - 138.7%

Alabama - 7.6%

Jefferson County, AL, Sewer Revenue:

Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F (0.000% until 10/1/23; 7.900%)

0.000

10/1/50

11,580,000

11,181,185

Senior Lien, Warrants, Series A, AGM

5.500

10/1/53

1,400,000

1,629,376

Subordinated Lien, Warrants, Series D

6.000

10/1/42

9,230,000

11,077,292

Subordinated Lien, Warrants, Series D

6.500

10/1/53

6,900,000

8,381,706

Lower Alabama Gas District, Natural Gas Revenue, Series A

5.000

9/1/46

8,525,000

12,441,300

Southeast Alabama Gas Supply District, Gas Supply Revenue, Project #1, Series A

4.000

4/1/24

1,750,000

1,921,500

(a)(b)

Total Alabama

46,632,359

Alaska - 0.1%

Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B

5.000

12/1/38

750,000

948,668

Arizona - 5.6%

Arizona State IDA, Education Revenue, Basis School Project, Credit Enhanced, SD Credit Program, Series F,

Refunding

5.000

7/1/52

725,000

839,362

Arizona State Lottery Revenue, Refunding

5.000

7/1/29

910,000

1,206,096

(c)

Chandler, AZ, IDA Revenue, Intel Corp. Project

5.000

6/3/24

5,650,000

6,557,390

(a)(b)(d)

Navajo Nation, AZ, Revenue, Series A, Refunding

5.500

12/1/30

950,000

1,090,638

(e)

Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A

5.000

8/1/42

750,000

935,167

Salt Verde, AZ, Financial Corp., Natural Gas Revenue:

Series 2007

5.250

12/1/28

2,000,000

2,571,980

Series 2007

5.000

12/1/32

10,000,000

13,290,100

Series 2007

5.000

12/1/37

5,500,000

7,630,645

Total Arizona

34,121,378

California - 21.2%

Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding

5.000

10/1/34

1,750,000

2,090,253

Anaheim, CA, Public Financing Authority Lease Revenue, Series A, Refunding

5.000

5/1/46

2,000,000

2,314,840

Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series

B-1, (SIFMA Municipal Swap Index Yield + 1.100%)

2.450

4/1/24

5,500,000

5,663,625

(a)(b)

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

California - (continued)

California Health Facilities Financing Authority Revenue:

Lucile Salter Packard Childrens Hospital at Stanford

5.000

11/15/56

500,000

610,790

Stanford Hospital and Clinics, Series A-1, Refunding

5.150

11/15/40

2,000,000

2,100,220

(f)

California State MFA Revenue:

Senior Lien, Linux Apartment Project, Series A

5.000

12/31/43

1,500,000

1,816,770

(d)

Senior Lien, Linux Apartment Project, Series A

5.000

12/31/47

1,900,000

2,287,733

(d)

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

5.000

11/21/45

12,500,000

13,414,500

(d)(e)

California State, GO:

Various Purpose, Refunding

5.000

4/1/29

7,000,000

9,378,600

Various Purpose, Refunding

4.000

11/1/36

1,000,000

1,156,680

California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A

5.750

1/15/45

1,770,000

1,902,077

(e)

Golden State, CA, Tobacco Securitization Corp. Revenue:

Tobacco Settlement Funded, Series A-1, Refunding

5.000

6/1/47

1,500,000

1,538,490

Tobacco Settlement Funded, Series A-2, Refunding

5.000

6/1/47

1,900,000

1,948,754

Imperial Irrigation District, CA, Electric System Revenue, Series A, Refunding

5.500

11/1/41

2,750,000

2,896,053

(f)

Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue, Series A, Refunding

5.000

9/1/44

2,405,000

2,734,846

Los Angeles County, CA, MTA, Sales Tax Revenue:

Transit Improvements, Series A

5.000

7/1/37

3,000,000

3,860,340

Transit Improvements, Series A

5.000

7/1/44

1,250,000

1,572,150

Los Angeles County, CA, Public Works Financing Authority Revenue:

Multiple Capital Project II

5.000

8/1/32

3,000,000

3,319,620

Multiple Capital Project II

5.000

8/1/37

1,000,000

1,105,940

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

California - (continued)

Los Angeles, CA, Department of Airports Revenue:

Los Angeles International Airport, Subordinated, Series D

5.000

5/15/49

2,500,000

3,053,800

(d)

Subordinate, Series D

4.000

5/15/44

2,500,000

2,836,550

(d)

Subordinated, Los Angeles International Airport, Series D

5.000

5/15/39

500,000

622,140

(d)

Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A

5.000

7/1/48

2,500,000

3,088,375

Los Angeles, CA, Department of Water & Power, Power System Revenue:

Power System, Series A

5.000

7/1/47

4,000,000

4,853,680

Series B, Refunding

5.000

7/1/38

2,000,000

2,479,020

Series C

5.000

7/1/37

1,000,000

1,259,530

Series C

5.000

7/1/42

2,000,000

2,482,740

Los Angeles, CA, Wastewater System Revenue, Green Bond, Subordinated, Series A

5.000

6/1/48

1,500,000

1,866,735

Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A

5.000

10/1/42

400,000

455,636

(e)

M-S-R Energy Authority, CA, Natural Gas

Revenue:

Series A

7.000

11/1/34

3,430,000

5,339,755

Series B

6.500

11/1/39

8,000,000

12,795,840

Regents of the University of California Medical Center Pooled Revenue, Series L, Refunding

5.000

5/15/32

1,750,000

2,140,600

River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding

5.500

9/1/45

2,000,000

2,184,080

Riverside County, CA, Transportation Commission Sales Tax Revenue, Series B, Refunding

5.000

6/1/37

3,500,000

4,455,010

Riverside County, CA, Transportation Commission Toll Revenue:

Senior Lien, Series A

5.750

6/1/44

200,000

223,882

Senior Lien, Series A

5.750

6/1/48

600,000

670,470

Riverside, CA, Electric Revenue:

Series A, Refunding

5.000

10/1/38

1,000,000

1,294,660

Series A, Refunding

5.000

10/1/48

2,500,000

3,155,325

San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM

5.000

10/1/36

1,000,000

1,261,810

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

California - (continued)

San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A

5.000

4/1/48

2,500,000

3,000,500

San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Company, Series

5.000

1/1/47

1,500,000

1,828,110

(d)

San Mateo, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A

5.000

7/15/43

1,000,000

1,247,290

Shafter Wasco Irrigation District, CA, COP

5.000

11/1/40

5,000,000

5,205,150

Total California

129,512,969

Colorado - 9.9%

Base Village Metropolitan District #2, CO, GO, Series A, Refunding

5.750

12/1/46

500,000

528,600

Colorado State Educational & Cultural Facilities Authority Revenue, University of Denver Project, Series

5.000

3/1/47

1,600,000

1,918,416

Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series

A-1

4.000

8/1/44

1,900,000

2,105,428

Colorado State High Performance Transportation Enterprise Revenue, C-470

Express Lanes

5.000

12/31/51

600,000

664,860

Denver, CO, Airport System Revenue:

Series C

6.125

11/15/25

10,945,000

13,196,606

(d)(g)

Series C

6.125

11/15/25

13,630,000

14,189,375

(d)

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

6.500

11/15/38

18,000,000

28,075,500

Total Colorado

60,678,785

Connecticut - 1.0%

Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A

5.000

1/1/37

1,500,000

1,840,455

Connecticut State, GO:

Series A

5.000

4/15/35

1,650,000

2,078,175

Series E

5.000

10/15/34

930,000

1,123,951

Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd.,

Refunding

5.000

4/1/39

900,000

1,024,209

(e)

Total Connecticut

6,066,790

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

District of Columbia - 0.6%

District of Columbia Revenue:

Ingleside Rock Creek Project, Series A

5.000

7/1/52

400,000

430,040

KIPP DC Project, Series B, Refunding

5.000

7/1/48

2,800,000

3,282,580

Total District of Columbia

3,712,620

Florida - 5.8%

Broward County, FL, Airport System Revenue, Series 2017

5.000

10/1/47

1,250,000

1,499,187

(d)

Capital Trust Agency Inc., FL, Senior Living Facilities Revenue, Elim Senior Housing Inc.

5.875

8/1/52

350,000

369,317

(e)

Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects,

Series A

6.125

6/15/46

555,000

612,964

(e)

Florida State Mid-Bay Bridge Authority, Series A, Refunding

5.000

10/1/30

2,410,000

2,817,724

Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A

5.000

10/1/47

1,500,000

1,795,350

(d)

Miami-Dade County, FL, Aviation Revenue:

Miami International Airport

5.375

10/1/35

8,455,000

8,843,845

(f)

Miami International Airport

5.375

10/1/35

2,250,000

2,354,715

(f)

Series A, Refunding

5.000

10/1/30

3,000,000

3,297,420

(d)

Miami-Dade County, FL, Expressway Authority, Series A

5.000

7/1/40

9,000,000

9,275,580

Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus Childrens Hospital,

Refunding

5.000

8/1/42

1,250,000

1,492,238

Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding

5.000

8/1/47

750,000

833,235

Palm Beach County, FL, Health Facilities Authority Revenue, Acts Retirement-Life Communities

5.000

11/15/45

750,000

874,440

Tampa-Hillsborough County, FL, Expressway Authority Revenue, Series C

5.000

7/1/48

1,400,000

1,707,020

Total Florida

35,773,035

Georgia - 1.5%

Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology

5.000

6/15/44

1,000,000

1,261,830

Main Street Natural Gas Inc., GA, Gas Project Revenue:

Series A

5.000

5/15/43

800,000

967,088

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Georgia - (continued)

Series B

5.000

3/15/22

4,000,000

4,343,760

Subordinated, Series E, LIQ-Royal Bank of Canada (SIFMA Municipal Swap Index Yield + 0.570%)

1.920

12/1/23

2,750,000

2,738,862

(a)(b)

Total Georgia

9,311,540

Hawaii - 1.2%

Hawaii State Airports System Revenue, Series A

5.000

7/1/39

7,000,000

7,188,860

Idaho - 0.2%

Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A

5.000

12/1/47

1,100,000

1,326,765

Illinois - 16.8%

Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue

5.000

4/1/42

1,500,000

1,721,100

Chicago, IL, Board of Education, GO:

Dedicated, Series G, Refunding

5.000

12/1/34

100,000

114,281

Dedicated, Series G, Refunding

5.000

12/1/44

420,000

470,219

Dedicated, Series H

5.000

12/1/36

500,000

568,345

Dedicated, Series H

5.000

12/1/46

150,000

167,499

Series D

5.000

12/1/46

750,000

846,570

Chicago, IL, GO:

Series 2002B

5.500

1/1/37

220,000

248,543

Series 2005D, Refunding

5.500

1/1/34

10,000

11,366

Series A

5.000

1/1/44

1,000,000

1,139,800

Series A, Refunding

6.000

1/1/38

1,500,000

1,800,660

Series B

5.500

1/1/32

3,300,000

3,764,178

Series C, Refunding

5.000

1/1/25

3,000,000

3,394,860

Chicago, IL, OHare International Airport Revenue:

General Senior Lien, Series B, Refunding

5.000

1/1/41

1,000,000

1,176,820

General, Third Lien

5.625

1/1/35

5,175,000

5,488,450

(f)

General, Third Lien

5.625

1/1/35

1,240,000

1,310,469

General, Third Lien

5.750

1/1/39

5,035,000

5,348,227

(f)

General, Third Lien

5.750

1/1/39

965,000

1,020,767

Series A, Refunding

5.000

1/1/31

1,000,000

1,162,690

(d)

Series A, Refunding

5.000

1/1/35

7,000,000

8,076,600

(d)

Trips Obligated Group

5.000

7/1/48

700,000

828,282

(d)

Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien

5.000

12/1/51

1,000,000

1,139,060

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Illinois - (continued)

Chicago, IL, Wastewater Transmission Revenue:

Second Lien

5.000

1/1/44

1,000,000

1,102,420

Second Lien, Series A

5.000

1/1/47

1,000,000

1,144,660

Second Lien, Series B, Refunding

5.000

1/1/38

750,000

872,903

Chicago, IL, Waterworks Revenue:

Second Lien, Series 2017, Refunding

5.000

11/1/29

1,800,000

2,198,988

Second Lien, Series 2017-2, Refunding, AGM

5.000

11/1/33

1,290,000

1,562,164

Second Lien, Series 2017-2, Refunding, AGM

5.000

11/1/36

1,110,000

1,333,021

Second Lien, Series 2017-2, Refunding, AGM

5.000

11/1/37

2,500,000

2,993,550

Second Lien, Series 2017-2, Refunding, AGM

5.000

11/1/38

2,000,000

2,389,420

Illinois Sports Facilities Authority, Sport Facilities Project, Series 2019, Refunding

5.000

6/15/28

750,000

935,678

(c)

Illinois Sports Facilities Authority Revenue, State Tax Supported, Series 2019, Refunding, BAM

5.000

6/15/30

650,000

794,313

(c)

Illinois State Finance Authority Revenue, Depaul University, Series A

6.125

10/1/40

5,000,000

5,390,350

(f)

Illinois State Finance Authority, Student Housing & Academic Facilities Revenue, CHF Chicago LLC, University

of Illinois Chicago Project

5.000

2/15/50

500,000

568,270

Illinois State Toll Highway Authority, Series A

4.000

1/1/39

4,000,000

4,603,560

Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM

5.000

4/1/37

250,000

298,508

Illinois State, GO:

Series 2016

5.000

1/1/33

1,500,000

1,690,305

Series 2016

5.000

11/1/33

2,350,000

2,679,141

Series 2016

5.000

1/1/35

690,000

774,215

Series 2016, Refunding

5.000

2/1/29

1,660,000

1,930,879

Series A

5.000

12/1/42

2,000,000

2,269,260

Series A, Refunding

5.000

10/1/29

3,795,000

4,523,412

Series B, Refunding

5.000

10/1/29

750,000

893,955

Series C

5.000

11/1/29

1,100,000

1,282,622

Series D

5.000

11/1/26

1,250,000

1,449,437

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Illinois - (continued)

Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue:

McCormick Place Expansion Project, Series A, CAB, State Appropriations

0.000

12/15/52

3,100,000

930,124

McCormick Place Expansion Project, Series B-2, Refunding, State

Appropriations

5.250

6/15/50

12,000,000

12,207,120

Regional Transportation Authority, IL, Revenue, Series A, Refunding, NATL

6.000

7/1/29

4,450,000

5,906,262

Total Illinois

102,523,323

Indiana - 3.3%

Indiana State Finance Authority Health System Revenue, Indiana University Health, Series B

2.250

7/1/25

1,000,000

1,049,260

(a)(b)

Indiana State Finance Authority Hospital Revenue, Indiana University Health Obligated Group, Series B,

Refunding

1.650

7/1/22

800,000

806,504

(a)(b)

Indiana State Finance Authority Revenue:

Private Activity-Ohio River Bridges East End Crossing Project

5.000

7/1/44

5,000,000

5,502,150

(d)

Second Lien, CWA Authority, Series B

5.000

10/1/41

5,000,000

5,364,100

Indianapolis, IN, Local Public Improvement Bond Bank:

Courthouse and Jail Project, Series A

4.000

2/1/44

2,000,000

2,272,000

Courthouse and Jail Project, Series A

5.000

2/1/54

3,000,000

3,718,530

Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project

7.000

1/1/44

1,000,000

1,184,840

(d)

Total Indiana

19,897,384

Iowa - 0.1%

Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding

3.125

12/1/22

650,000

661,018

Kentucky - 2.2%

Kentucky State Economic Development Finance Authority Revenue, Louisville Arena, Louisville Arena Authority Inc.,

Refunding, AGM

5.000

12/1/45

1,000,000

1,188,400

Kentucky State PEA, Gas Supply Revenue:

Series A

4.000

4/1/24

5,800,000

6,386,728

(a)(b)

Series B

4.000

1/1/25

5,000,000

5,605,450

(a)(b)

Total Kentucky

13,180,578

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Louisiana - 1.3%

Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM

5.000

4/1/43

2,000,000

2,390,320

(d)

St. Charles Parish, LA, Gulf Opportunity Zone Revenue, Valero Energy Corp., Convertible

4.000

6/1/22

5,000,000

5,297,000

(a)(b)

Total Louisiana

7,687,320

Maryland - 0.4%

Prince Georges County, MD, Consolidated Public Improvement Bonds, GO, Series A

5.000

7/15/29

1,750,000

2,359,858

Massachusetts - 5.5%

Massachusetts State DFA Revenue:

Broad Institute Inc., Refunding

5.000

4/1/36

1,000,000

1,252,860

Broad Institute Inc., Series A

5.250

4/1/37

8,000,000

8,528,640

(f)

Milford Regional Medical Center, Series F

5.750

7/15/43

500,000

551,550

UMass Boston Student Housing Project

5.000

10/1/48

750,000

859,320

Wellforce Issue, Series A, Refunding

5.000

7/1/44

500,000

602,245

Massachusetts State Port Authority Revenue, Series A, Refunding

5.000

7/1/36

1,700,000

2,154,138

(d)

Massachusetts State School Building Authority, Sales Tax Revenue, Senior, Series A

5.000

5/15/43

3,000,000

3,376,110

Massachusetts State Transportation Fund Revenue, Rail Enhancement & Accelerated Bridge Programs

5.000

6/1/42

3,600,000

4,393,656

Massachusetts State, GO, Consolidated Loan, Series C

5.000

5/1/49

9,500,000

11,914,425

Total Massachusetts

33,632,944

Michigan - 4.3%

Detroit, MI, Downtown Development Authority Revenue, Series A, Refunding, AGM

5.000

7/1/48

1,000,000

1,123,270

Great Lakes, MI, Water Authority Water Supply System Revenue:

Senior Lien, Series A

5.000

7/1/46

5,500,000

6,550,445

Senior Lien, Series C, Refunding

5.000

7/1/35

500,000

603,555

Lansing, MI, Board of Water & Light Utility System Revenue, Series A

5.000

7/1/37

7,000,000

7,468,650

Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project,

Refunding

6.750

7/1/44

1,250,000

1,322,887

(e)

Michigan State Finance Authority Revenue:

Facilities Program, Series 1-A, Refunding

5.250

10/15/47

650,000

742,879

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Michigan - (continued)

Local Government Loan Program, Detroit Water & Sewer Department, Second Lien Local Project, Series C,

Refunding

5.000

7/1/33

625,000

735,794

Local Government Loan Program, Detroit Water & Sewer Department, Senior Lien Local Project, Series C-6, Refunding

5.000

7/1/33

1,270,000

1,461,287

Local Government Loan Program, Detroit Water & Sewer Department, Senior Lien, Series C-1, Refunding

5.000

7/1/44

1,320,000

1,429,547

Local Government Loan Program, Detroit Water & Sewer Department, Series

D-2, Refunding

5.000

7/1/34

250,000

294,585

Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement

Project

5.000

12/31/43

1,400,000

1,697,682

(d)

Royal Oak, MI, Hospital Finance Authority Revenue, Beaumont Health Credit Group, Series D, Refunding

5.000

9/1/39

2,500,000

2,835,775

Total Michigan

26,266,356

Minnesota - 0.3%

Western Minnesota Municipal Power Agency Revenue, Series A

5.000

1/1/46

1,530,000

1,742,945

Missouri - 1.4%

Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport Terminal Modernization Project, Series

5.000

3/1/46

3,000,000

3,674,130

(d)

Kansas City, MO, IDA, Senior Living Facilities Revenue, Kingswood Project

6.000

11/15/51

900,000

807,381

(e)

Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services

5.000

2/1/44

2,710,000

2,955,797

St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis

Obligated Group, Series A

5.000

9/1/38

1,250,000

1,433,962

Total Missouri

8,871,270

Nevada - 0.2%

Reno, NV, Hospital Revenue, Washoe Medical Center, AGM

5.500

6/1/33

1,185,000

1,188,034

New Jersey - 6.5%

New Jersey Institute of Technology, GO, Series A

5.000

7/1/45

750,000

875,737

New Jersey State EDA Revenue:

Cigarette Tax, Refunding

5.000

6/15/26

2,500,000

2,708,675

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

New Jersey - (continued)

Private Activity-The Goethals Bridge Replacement Project, AGM

5.125

7/1/42

2,500,000

2,804,875

(d)

School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield +

1.600%)

2.950

3/1/28

15,000,000

15,059,700

(b)

New Jersey State EDA, Lease Revenue, State House Project, Series B

5.000

6/15/43

4,000,000

4,701,640

New Jersey State EDA, Special Facility Revenue:

Continental Airlines Inc. Project

5.250

9/15/29

3,000,000

3,312,960

(d)

Port Newark Container Terminal LLC Project, Refunding

5.000

10/1/37

650,000

766,279

(d)

New Jersey State Health Care Facilities Financing Authority Revenue:

Hackensack Meridian Health, Series A, Refunding

5.000

7/1/38

400,000

488,108

RWJ Barnabas Health Obligation Group, Series A, Refunding

5.000

7/1/43

1,200,000

1,444,068

New Jersey State Transportation Trust Fund Authority Revenue, Transportation Program, Series AA

5.250

6/15/43

1,500,000

1,811,205

New Jersey State Turnpike Authority Revenue, Series G, Refunding

5.000

1/1/35

3,830,000

4,795,313

Tobacco Settlement Financing Corp., NJ, Revenue, Senior, Series A, Refunding

5.000

6/1/46

600,000

689,160

Total New Jersey

39,457,720

New York - 10.9%

MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Series A

5.000

11/15/47

1,500,000

1,821,315

MTA, NY, Transportation Revenue, Series D

5.250

11/15/40

5,000,000

5,259,600

(f)

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue:

Second General Resolution Fiscal 2013, Unrefunded

5.000

6/15/47

2,650,000

2,995,030

Second General Resolution Fiscal 2019

4.000

6/15/49

1,250,000

1,435,900

Subordinated, Series BB-1

5.000

6/15/46

1,500,000

1,828,530

New York City, NY, TFA Future Tax Secured Revenue, Subordinated,

Series B-1

5.000

8/1/45

3,000,000

3,639,810

New York State Dormitory Authority Revenue, BID Group 3, Series A

5.000

3/15/42

1,000,000

1,237,180

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

New York - (continued)

New York State Dormitory Authority, Sales Tax Revenue, Group 4, Series E, Refunding

5.000

3/15/44

2,000,000

2,489,720

New York State Dormitory Authority, State Personal Income Tax Revenue:

Bidding Group 3 Bonds, Series B, Refunding

5.000

2/15/43

3,000,000

3,668,520

Bidding Group 4 Bonds, Series A, Refunding

5.000

3/15/46

3,250,000

4,064,580

New York State Liberty Development Corp., Goldman Sachs Headquarters

5.500

10/1/37

1,485,000

2,155,255

New York State Liberty Development Corp. Revenue, Goldman Sachs Headquarters, Refunding

5.250

10/1/35

3,045,000

4,238,914

New York State Liberty Development Corp., Liberty Revenue:

3 World Trade Center Project, Class 1, Refunding

5.000

11/15/44

1,750,000

1,943,883

(e)

4 World Trade Center Project, Refunding

5.750

11/15/51

5,000,000

5,496,450

Bank of America Tower at One Bryant Park Project, Series 2019, Refunding

2.450

9/15/69

750,000

777,705

(c)

New York State Transportation Development Corp., Special Facilities Revenue:

LaGuardia Airport Terminal B Redevelopment Project, Series A

5.000

7/1/41

8,000,000

9,000,400

(d)

LaGuardia Airport Terminal B Redevelopment Project, Series A

5.000

7/1/46

1,500,000

1,678,620

(d)

Delta Air Lines Inc., LaGuardia Airport Terminal C and D Redevelopment Project

5.000

1/1/36

1,750,000

2,114,315

(d)

Port Authority of New York & New Jersey Revenue:

Consolidated Series 166, Refunding

5.000

1/15/41

2,750,000

2,886,702

Consolidated Series 194, Refunding

5.000

10/15/41

6,400,000

7,643,328

(h)

Total New York

66,375,757

North Carolina - 1.7%

Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding

5.000

7/1/49

1,750,000

2,213,592

Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding

4.000

6/1/49

750,000

852,075

North Carolina State Limited Obligation Revenue, Series A

4.000

5/1/34

3,500,000

4,146,730

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

North Carolina - (continued)

North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding

5.000

1/1/30

300,000

363,774

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:

Series A, Refunding, State Appropriations

5.000

7/1/47

750,000

865,500

Series A, Refunding, State Appropriations

5.000

7/1/51

1,500,000

1,727,235

Total North Carolina

10,168,906

Ohio - 2.0%

JobsOhio Beverage System, Senior Lien, Series A

5.000

1/1/38

8,000,000

8,850,000

Ohio State Water Development Authority, U.S. Steel Corp. Project, Refunding

6.600

5/1/29

3,000,000

3,152,580

Total Ohio

12,002,580

Oklahoma - 0.1%

Oklahoma State Turnpike Authority Revenue, Second Series C

5.000

1/1/47

700,000

839,181

Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A

6.875

11/1/46

332,734

3,327

*(i)

Total Oklahoma

842,508

Oregon - 0.4%

Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding

5.000

6/1/46

2,000,000

2,362,640

Pennsylvania - 4.5%

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue:

Series 2018

5.000

6/1/32

250,000

311,970

Series 2018

5.000

6/1/33

500,000

622,485

Cumberland County, PA, Municipal Authority, Diakon Lutheran Social Ministries Project, Refunding

5.000

1/1/30

2,375,000

2,688,263

East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville

University

5.000

7/1/47

550,000

607,794

Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc.

Project

2.150

7/1/24

1,200,000

1,230,528

(a)(b)(d)

Pennsylvania State Higher EFA Revenue, Trustees of University of Pennsylvania, Series A

5.000

2/15/48

1,250,000

1,546,750

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Pennsylvania - (continued)

Pennsylvania State Turnpike Commission Revenue:

Subordinated, Series B

5.250

12/1/41

2,275,000

2,488,236

(f)

Subordinated, Series B

5.250

12/1/41

3,725,000

4,007,765

Subordinated, Series B

5.000

12/1/48

2,900,000

3,531,214

Pennsylvania State, GO:

Refunding

5.000

7/15/29

2,250,000

2,955,960

Refunding

5.000

7/15/30

1,000,000

1,313,300

Philadelphia, PA, School District, GO, Series A

5.000

9/1/33

1,755,000

2,060,949

Philadelphia, PA, Water & Wastewater Revenue, Series A

5.000

7/1/45

1,000,000

1,139,690

State Public School Building Authority, PA, Lease Revenue:

Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding

5.000

6/1/31

600,000

725,148

Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding

5.000

6/1/33

1,780,000

2,134,362

Total Pennsylvania

27,364,414

Puerto Rico - 0.8%

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A

5.250

7/1/42

1,195,000

1,254,750

Puerto Rico Electric Power Authority Revenue:

Series A

5.000

7/1/42

1,400,000

1,120,000

*(i)

Series A

5.050

7/1/42

350,000

280,000

*(i)

Series XX

5.250

7/1/40

2,875,000

2,307,187

*(i)

Total Puerto Rico

4,961,937

South Carolina - 0.8%

South Carolina State Ports Authority Revenue:

Series 2010

5.250

7/1/40

2,500,000

2,585,775

(f)

Series 2018

5.000

7/1/48

1,750,000

2,107,350

(d)

Total South Carolina

4,693,125

South Dakota - 0.1%

South Dakota State HEFA Revenue, Regional Health

5.000

9/1/40

500,000

600,020

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Tennessee - 0.8%

Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue:

Subordinated, Green Bond, Series A

5.000

7/1/42

500,000

612,880

Subordinated, Series B

5.000

7/1/46

1,000,000

1,220,920

Tennessee Energy Acquisition Corp., Gas Revenue, Series 2018

4.000

11/1/25

3,000,000

3,372,750

(a)(b)

Total Tennessee

5,206,550

Texas - 13.9%

Alamo, TX, Regional Mobility Authority, Vehicle Registration Fee Revenue, Senior Lien

5.000

6/15/46

1,300,000

1,511,718

Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM

5.000

2/15/48

1,250,000

1,508,875

City of Austin, TX, Airport System Revenue, Series B

5.000

11/15/37

2,050,000

2,593,106

(d)

Dallas-Fort Worth, TX, International Airport Revenue, Joint Improvement, Series A

5.000

11/1/45

8,500,000

8,884,455

(f)

Forney, TX, ISD, GO, School Building, Series 2019, PSF - GTD

5.000

2/15/49

500,000

600,330

Grand Parkway Transportation Corp., TX, System Toll Revenue:

Convertible CAB, Step bond, (0.000% until 10/1/23, 5.500%), Series A, B and C

0.000

10/1/36

4,000,000

4,354,000

Subordinated Tier, Series A

5.000

10/1/43

1,500,000

1,845,945

Harris County, TX, Health Facilities Development Corp. Revenue, School Health Care System, Series B

5.750

7/1/27

940,000

1,167,038

(g)

Houston, TX, Airport Systems Revenue, Series B-1

5.000

7/15/30

5,500,000

6,267,855

(d)

Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding

5.000

11/15/44

1,000,000

1,155,870

Love Field, TX, Airport Modernization Corp., General Airport Revenue:

Series 2017

5.000

11/1/33

120,000

144,388

(d)

Series 2017

5.000

11/1/36

120,000

143,314

(d)

Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project

5.250

11/1/40

14,250,000

14,820,000

New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Revenue, Collegiate Housing College Station,

AGM

5.000

4/1/46

750,000

840,315

North Texas Tollway Authority Revenue:

Series A, Refunding

5.000

1/1/39

825,000

976,883

Series B, Refunding

5.000

1/1/40

2,000,000

2,232,420

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Texas - (continued)

Series B, Refunding

5.000

1/1/45

2,105,000

2,419,782

Prosper, TX, ISD, GO, School Building, PSF - GTD

5.000

2/15/49

3,250,000

4,060,842

Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Senior Living

Ventana Project, Series A

6.625

11/15/37

610,000

712,938

Texas Public Finance Authority, Lease Revenue and Refunding, Series A

4.000

2/1/39

1,500,000

1,731,105

Texas State Municipal Gas Acquisition & Supply Corp. III, Series 2012

5.000

12/15/27

8,550,000

9,489,730

Texas State Private Activity Bond Surface Transportation Corp. Revenue:

Senior Lien, Blueridge Transportation Group LLC

5.000

12/31/45

1,600,000

1,809,440

(d)

Senior Lien, LBJ Infrastructure Group LLC

7.000

6/30/40

3,000,000

3,149,010

Texas State Water Development Board Revenue, State Water Implementation Fund, Series A

5.000

10/15/43

6,250,000

7,775,187

University of Texas, TX, System Revenue, Financing System Board of Regents, Series B

5.000

8/15/29

3,250,000

4,357,307

Woodloch Health Facilities Development Corp., TX, Senior Housing Revenue:

Inspired Living at Lewisville Project, Series A-1

6.750

12/1/51

500,000

479,005

(e)

Subordinate, Inspired Living at Lewisville Project, Series B

10.000

12/1/51

150,000

136,919

Total Texas

85,167,777

U.S. Virgin Islands - 0.5%

Virgin Islands Public Finance Authority Revenue:

Matching Fund Loan, Senior Lien, Series A

5.000

10/1/29

710,000

708,225

Subordinated, Matching Fund Loan, Cruzan Project, Series A

6.000

10/1/39

1,475,000

1,456,563

Subordinated, Matching Fund Loan, Diageo Project, Series B

6.750

10/1/37

1,200,000

1,200,396

Total U.S. Virgin Islands

3,365,184

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Utah - 1.2%

Salt Lake City, UT, Corp. Airport Revenue, Series A

5.000

7/1/43

5,250,000

6,382,057

(d)

Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE

5.000

4/15/47

1,000,000

1,152,460

Total Utah

7,534,517

Virginia - 1.4%

Virginia State Port Authority, Port Facilities Revenue:

Series B, Refunding

5.000

7/1/41

1,100,000

1,298,000

(d)

Series B, Refunding

5.000

7/1/45

1,500,000

1,758,375

(d)

Virginia State Small Business Financing Authority Revenue:

Senior Lien, Elizabeth River Crossing OpCo LLC Project

5.250

1/1/32

3,000,000

3,293,340

(d)

Senior Lien, Elizabeth River Crossing OpCo LLC Project

5.500

1/1/42

2,000,000

2,187,240

(d)

Total Virginia

8,536,955

Washington - 1.5%

Port of Seattle, WA, Revenue:

Intermediate Lien, Series 2019

5.000

5/1/43

1,500,000

1,792,920

(d)

Intermediate Lien, Series 2019

4.000

4/1/44

750,000

845,895

(d)

Intermediate Lien, Series 2019

5.000

4/1/44

1,500,000

1,846,155

(d)

Washington State Housing Finance Commission Revenue:

Herons Key, Series A

6.500

7/1/30

350,000

381,934

(e)

Herons Key, Series A

6.750

7/1/35

370,000

403,119

(e)

Washington State, GO, Series R-2018D, Refunding

5.000

8/1/34

3,000,000

3,760,380

Total Washington

9,030,403

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

SECURITY

RATE

MATURITY

DATE

FACE

AMOUNT

VALUE

Wisconsin - 1.1%

Mount Pleasant, WI, Tax Increment Revenue, Series A

5.000

4/1/48

2,500,000

3,013,550

Public Finance Authority, WI, Limited Obligation Pilot Revenue:

American Dream @ Meadowlands Project, Series 2017

5.000

12/1/27

1,500,000

1,716,375

(e)

American Dream @ Meadowlands Project, Series 2017

7.000

12/1/50

1,500,000

1,812,000

(e)

Total Wisconsin

6,541,925

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS(Cost - $756,375,826)

847,497,717

SHORT-TERM INVESTMENTS - 0.8%

MUNICIPAL BONDS - 0.8%

New York - 0.1%

New York State HFA Revenue, 42nd & 10th Housing, Series A, LIQ - FHLMC, LOC - FHLMC

1.420

11/1/41

300,000

(d)(j)(k)

New York State, Mortgage Agency, Homeowner Mortgage Revenue, Series 215, SPA - Bank of America N.A.

2.120

10/1/48

200,000

(j)(k)

Total New York

500,000

North Carolina - 0.0%

City of Charlotte, NC, Water & Sewer System Revenue, Series B, SPA - Wells Fargo Bank N.A.

1.300

7/1/36

100,000

(j)(k)

Oregon - 0.2%

Oregon State Facilities Authority Revenue, Peacehealth, Series A, Refunding, LOC - U.S. Bank N.A.

1.400

8/1/34

1,300,000

(j)(k)

Texas - 0.2%

Gulf Coast, TX, IDA, Waste Disposal Revenue, Exxon Mobil Corp. Project, Series A

1.390

6/1/30

1,000,000

(d)(j)(k)

Wisconsin - 0.3%

Wisconsin Housing & Economic Development Authority Revenue, Taxable, Series D, SPA - FHLB

2.120

3/1/28

1,900,000

(j)(k)

TOTAL SHORT-TERM INVESTMENTS(Cost - $4,800,000)

4,800,000

TOTAL INVESTMENTS - 139.5%(Cost - $761,175,826)

852,297,717

Liabilities in Excess of Other Assets - (39.5)%

(241,310,288

)

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

610,987,429

See Notes to

Schedule of Investments.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

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)

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

(d)

Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax

(AMT).

(e)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold

in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

(f)

Pre-Refunded bonds are generally escrowed with U.S. government

obligations and/or U.S. government agency securities.

(g)

Bonds are generally escrowed to maturity by government securities 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 these securities is currently in default as of August 31, 2019.

(j)

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 Boards Short-term Obligation Rate Transparency

System.

(k)

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.

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

Schedule of investments (unaudited) (contd)

August 31, 2019

Abbreviations used in this schedule:

AGM

Assured Guaranty Municipal Corporation - Insured Bonds

BAM

Build America Mutual - Insured Bonds

CAB

Capital Appreciation Bonds

CDA

Communities Development Authority

COP

Certificates of Participation

CSCE

Charter School Credit Enhancement

CWA

Clean Water Act

DFA

Development Finance Agency

EDA

Economic Development Authority

EFA

Educational Facilities Authority

FHLB

Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

General Obligation

GTD

Guaranteed

HEFA

Health & Educational Facilities Authority

HFA

Housing Finance Agency

IDA

Industrial Development Authority

ISD

Independent School District

LIQ

Liquidity Facility

LOC

Letter of Credit

MFA

Municipal Finance Authority

MTA

Metropolitan Transportation Authority

NATL

National Public Finance Guarantee Corporation - Insured Bonds

PCFA

Pollution Control Financing Authority

PEA

Public Energy Authority

PSF

Permanent School Fund

School District

SIFMA

Securities Industry and Financial Markets Association

SPA

Standby Bond Purchase Agreement - Insured Bonds

TFA

Transitional Finance Authority

USD

Unified School District

At August 31, 2019, the Fund had the following open futures contracts:

Number of

Contracts

Expiration

Date

Notional

Amount

Market

Value

Unrealized

Depreciation

Contracts to Sell:

U.S. Treasury Ultra Long-Term Bonds

12/19

14,985,618

15,005,250

(19,632

)

This Schedule of Investments is unaudited and is intended to provide information about the Funds investments as of the

date of the schedule. Other information regarding the Fund is available in the Funds most recent annual or semi-annual shareholder report.

See Notes to

Schedule of Investments.

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 seeks to maximize

current income exempt from federal income tax as is consistent with preservation of principal.

The following are significant accounting policies

consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (GAAP).

(a) Investment

valuation.The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative

instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services

use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. 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 Funds Board of Directors.

The Board of

Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the Valuation Committee). The Valuation Committee, pursuant to

the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Funds pricing policies, and reporting to the Board of Directors. When determining the reliability of third

party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible

methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield

Notes to Schedule of Investments (unaudited) (continued)

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 issuers financial statements; the purchase

price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts research and observations from financial institutions; information regarding any transactions or offers with

respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for

restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value

price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of

security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount

estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value

assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

Level 1 quoted prices in active markets for identical investments

Level 2 other significant observable inputs (including quoted prices for similar investments,

interest rates, prepayment speeds, credit risk, etc.)

Level 3 significant unobservable inputs (including the Funds 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.

Notes to Schedule of Investments (unaudited) (continued)

The following is a summary of the inputs used in valuing the Funds assets and

liabilities carried at fair value:

ASSETS

DESCRIPTION

QUOTED PRICES

(LEVEL 1)

OTHER SIGNIFICANT

OBSERVABLE INPUTS

(LEVEL 2)

SIGNIFICANT

UNOBSERVABLE

INPUTS

(LEVEL 3)

TOTAL

Municipal Bonds

847,497,717

Short-Term Investments

4,800,000

Total Investments

852,297,717

LIABILITIES

DESCRIPTION

QUOTED PRICES

(LEVEL 1)

OTHER SIGNIFICANT

OBSERVABLE INPUTS

(LEVEL 2)

SIGNIFICANT

UNOBSERVABLE

INPUTS

(LEVEL 3)

TOTAL

Other Financial Instruments:

Futures Contracts

19,632

See Schedule of Investments for additional detailed categorizations.

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HTMLWESTERN ASSET MANAGED MUNICIPALS FUND INC.Schedule of investments (unaudited)August31, 2019SECURITYRATEMATURITYDATEFACEAMOUNTVALUEMUNICIPAL BONDS - 138.7%Alabama - 7.6%Jefferson County, AL, Sewer...
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