Western Asset Managed Municipals Fund Inc. is a non-diversified, closed-end management investment company. The Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal. It seeks to achieve its objective by investing primarily in long-term investment grade municipal debt securities issued by state and local governments, political subdivisions, agencies and public authorities (municipal obligations). Normally, the Fund will invest approximately 80% of its total assets in municipal obligations rated investment grade at the time of investment. Normally, the Fund invests primarily in investment grade municipal bonds, but it can also invest up to 20% of its total assets in municipal bonds rated below investment grade. Legg Mason Partners Fund Advisor, LLC (LMPFA) is the Fund's investment manager and Western Asset Management Company (Western Asset) is its sub advisor, both of which are subsidiaries of Legg Mason, Inc.