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Form N-CEN WESTERN ASSET MANAGED For: May 31

August 8, 2022 11:36 AM EDT

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  X0404
  
    N-CEN
    
      LIVE
      
        
          0000886043
          XXXXXXXX
        
        811-06629
      
      
        false
        false
        false
      
      N-2
    
  
  
    
    
      Western Asset Managed Municipals Fund Inc.
      811-06629
      0000886043
      549300HVO8EY2T8K4F73
      620 Eighth Avenue
      47th Floor
      New York
      10018
      US-NY
      US
      1-888-777-0102
      
        
      
      
        
          Computershare lnc.
          462 South 4th Street
          Suite 1600
          Louisville
          
          40202
          1-502-301-6000
          Records related to its function as transfer agent.
        
        
          The Bank of New York Mellon
          240 Greenwich Street
          New York
          
          10286
          1-212-495-1784
          Records related to its function as custodian.
        
        
          Western Asset Managed Municipals Fund Inc.
          620 Eighth Avenue
          47th Floor
          New York
          
          10018
          1-888-777-0102
          Records related to its function as registrant.
        
        
          Western Asset Management Company, LLC
          620 Eighth Avenue
          50th Floor
          New York
          
          10018
          1-212-601-6000
          Records related to its function as investment sub-adviser.
        
        
          Legg Mason Partners Fund Advisor, LLC
          280 Park Avenue
          New York
          
          10017
          1-305-529-4400
          Records related to its function as investment adviser.
        
      
      N
      N
      
      N-2
      Y
      
        
          Eileen A. Kamerick
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Jane Trust
          N/A
          Y
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Robert D. Agdern
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Nisha Kumar
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Daniel P. Cronin
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Carol L. Colman
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          William R. Hutchinson
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
        
          Paolo M. Cucchi
          N/A
          N
          
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
          
        
      
      
        
          Fred Jensen
          003203649
          620 Eighth Avenue
          47th Floor
          New York
          
          10018
          XXXXXX
          N
          
            
          
        
      
      
      N
      N
      N
      
      N
      
        
      
      N
      
        
          PricewaterhouseCoopers LLP
          238
          5493002GVO7EO8RNNS37
          
        
      
      N
      N
      N
      N
      N
      N
      
        
      
    
    
      
        Western Asset Managed Municipals Fund Inc.
        549300HVO8EY2T8K4F73
        N
        0
        0
        0
        N/A
        Y
        N
        N
        N
        N/A
        N/A
        N/A
        
          Rule 17a-7 (17 CFR 270.17a-7)
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 12d1-1 (17 CFR 270.12d1-1)
        
        Y
        Y
        N
        N
        
          
            Legg Mason Partners Fund Advisor, LLC
            801-66785
            000140432
            549300POFVK5JLWUL193
            
            N
          
        
        
          
            Western Asset Management Company, LLC
            801-08162
            000110441
            549300C5A561UXUICN46
            Y
            
            N
          
        
        
          
            Computershare, Inc.
            084-05925
            254900Y7PP3ZED9AUY94
            
            N
            N
          
        
        N
        
          
            IHS MARKIT GROUP HOLDINGS LIMITED
            2138005LTLTVZ4WMEX25
            GB
            N
          
          
            Refinitiv US LLC
            213800HQORQAP68CJJ04
            
            N
          
          
            ICE Data Pricing & Reference Data, LLC
            5493000NQ9LYLDBCTL34
            
            N
          
          
            Refinitiv Benchmark Services Limited
            N/A
            
            N
          
          
            Bloomberg L.P.
            549300B56MD0ZC402L06
            
            N
          
          
            PricingDirect Inc.
            549300WIC0TOJ7N7GD54
            
            N
          
          
            THE CLEARING HOUSE PAYMENTS COMPANY L.L.C.
            549300KIB86ZLHRUV723
            
            N
          
          
            Virtu Financial, Inc.
            5493001OPW2K42CH3884
            
            N
          
          
            Bank of America Merill Lynch PriceServe
            N/A
            
            N
          
        
        N
        
          
            The Bank of New York Mellon
            HPFHU0OQ28E4N0NFVK49
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            Computershare Trust Company, National Association
            2549001YYB62BVMSAO13
            
            N
            N
          
        
        N
        
          
            Legg Mason Partners Fund Advisor, LLC
            549300POFVK5JLWUL193
            
            Y
            N
          
        
        N
        
          
            Clarion Partners Securities, LLC
            008-69204
            000166384
            N/A
            
            0.00000000
          
          
            ROYCE FUND SERVICES, LLC
            008-28663
            000014470
            N/A
            
            0.00000000
          
          
            Franklin Distributors, LLC
            008-53089
            000109064
            N/A
            
            0.00000000
          
          
            Franklin Templeton Investment Services, Inc.
            008-43206
            000027884
            N/A
            
            0.00000000
          
        
        0.00000000
        
          
            MORGAN STANLEY & CO. LLC
            008-15869
            000008209
            9R7GPTSO7KV3UQJZQ078
            
            43647614.35000000
          
          
            CitiGroup Global Markets Inc.
            008-08177
            000007059
            MBNUM2BPBDO7JBLYG310
            
            41484804.00000000
          
          
            Loop Capital Markets LLC
            008-50140
            000043098
            254900FPPM2WN90D4786
            
            13906279.60000000
          
          
            J.P. Morgan Securities LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            83886943.90000000
          
          
            RBC CAPITAL MARKETS LLC
            008-45411
            000031194
            549300LCO2FLSSVFFR64
            
            11233879.80000000
          
          
            GOLDMAN SACHS & CO. LLC
            008-00129
            000000361
            FOR8UP27PHTHYVLBNG30
            
            49337046.75000000
          
          
            TD SECURITIES (USA) LLC
            008-36747
            000018476
            SUVUFHICNZMP2WKHG940
            
            36900000.00000000
          
          
            PERSHING LLC
            008-17574
            000007560
            ZI8Q1A8EI8LQFJNM0D94
            
            22806209.60000000
          
          
            PIPER SANDLER & CO.
            008-15204
            000000665
            549300GRQCWQ3XGH0H10
            
            20822938.70000000
          
          
            WELLS FARGO SECURITIES, LLC
            008-65876
            000126292
            VYVVCKR63DVZZN70PB21
            
            21800000.00000000
          
        
        397395358.25000000
        N
        588882961.07000000
        0.00000000
      
    
    
      
        
          Preferred stock
          Western Asset Managed Municipals Fund Inc.
          
            
          
        
        
          Common stock
          Western Asset Managed Municipals Fund Inc.
          
            
          
        
      
      N
      N
      N
      N
      N
      N
      0.78000000
      1.34000000
      11.13000000
      12.20000000
    
    
      false
      false
      true
      false
      false
      false
      false
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      false
      false
      false
    
    
  



Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Western Asset Managed Municipals Fund Inc.

In planning and performing our audit of the financial statements of Western Asset Managed Municipals Fund Inc. (the "Fund") as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.

This report is intended solely for the information and use of the Board of Directors of Western Asset Managed Municipals Fund Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

July 21, 2022

 

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, MD 21202-1096 T: (410) 783 7600, F: (410) 783 7680, www.pwc.com/us




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