Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 71

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 71
---
 entire board of directors.

| a. | Western                                                                             
 Asset votes for proposals relating to the authorization of additional common stock. |

| b. | Western                                                                            
 Asset votes for proposals to effect stock splits (excluding reverse stock splits). |

| c. | Western                                                          
 Asset votes for proposals authorizing share repurchase programs. |

| 4. | Matters                                                                   
 relating to Acquisitions, Mergers, Reorganizations and Other Transactions |

Western Asset votes these issues on a
case-by-case basis on board-approved transactions.

| 5. | Matters                            
 relating to Anti-Takeover Measures |

Western Asset votes against board-approved
proposals to adopt anti-takeover measures except as follows:

| a. | Western                                                                                  
 Asset votes on a case-by-case basis on proposals to ratify or approve shareholder rights 
 plans.                                                                                   |

| b. | Western                                                                          
 Asset votes on a case-by-case basis on proposals to adopt fair price provisions. |

| 6. | Other            
 Business Matters |

Western Asset votes for board-approved
proposals approving such routine business matters such as changing the company’s name, ratifying the appointment of auditors and
procedural matters relating to the shareholder meeting.

| a. | Western                                                                                  
 Asset votes on a case-by-case basis on proposals to amend a company’s charter or bylaws. |

| b. | Western                                                                                   
 Asset votes against authorization to transact other unidentified, substantive business at 
 the meeting.                                                                              |

| 7. | Reporting                           
 of Financially Material Information |

Western Asset generally believes issuers
should disclose information that is material to their business.

What qualifies as “material”
can vary, so votes are cast on a case-by-case basis but consistent with the overarching principle.

| II. | Shareholder 
 Proposals   |

SEC regulations permit shareholders to
submit proposals for inclusion in a company’s proxy statement. These proposals generally seek to change some aspect of a company’s
corporate governance structure or to change some aspect of its business operations. Western Asset votes in accordance with the recommendation
of the company’s board of directors on all shareholder proposals, except as follows:

| 1. | Western                                                                                     
 Asset votes for shareholder proposals to require shareholder approval of shareholder rights 
 plans.                                                                                      |

| 2. | Western                                                                              
 Asset votes for shareholder proposals that are consistent with Western Asset’s proxy 
 voting guidelines for board-approved proposals.                                      |

| 3. | Western                                                                                        
 Asset votes on a case-by-case basis