The Western Asset Managed Municipals Fund Inc. operates as a closed-end mutual fund with a focus on fixed-income securities. Legg Mason Partners Fund Advisor, LLC is responsible for its initial launch and ongoing management, while Western Asset Management Company acts as a co-manager. The fund's investment strategy targets the U.S. fixed-income markets, primarily seeking securities that offer income exempt from federal taxation. Its portfolio predominantly comprises investment-grade municipal bonds, which are selected using a thorough, proprietary research methodology. The fund's performance is measured against the Barclays Capital Municipal Bond Index. Formerly named Managed Municipals Portfolio Inc., this U.S.-domiciled fund was established on June 26, 1992.