Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 75

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 75
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 retain gifts of only a nominal value and are required to make reimbursement for entertainment
events above a certain value. All gifts (except those of a de minimis value) and entertainment events that are given or sponsored by
a business contact are required to be reported in a gift and entertainment log which is reviewed on a regular basis for possible issues.

Employees of the Subadviser have access to transactions
and holdings information regarding client accounts and the Subadviser’s overall trading activities. This information represents
a potential conflict of interest because employees may take advantage of this information as they trade in their personal accounts. Accordingly,
the Subadviser maintains a Code of Ethics that is compliant with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act
to address personal trading. In addition, the Code of Ethics seeks to establish broader principles of good conduct and fiduciary responsibility
in all aspects of the Subadviser’s business. The Code of Ethics is administered by the Legal and Compliance Department and monitored
through the Subadviser’s compliance monitoring program.

The Subadviser may also face other potential conflicts
of interest with respect to managing client assets, and the description above is not a complete description of every conflict of interest
that could be deemed to exist. The Subadviser also maintains a compliance monitoring program and engages independent auditors to conduct
a SOC1/ISAE 3402 audit on an annual basis. These steps help to ensure that potential conflicts of interest have been addressed.

Investment Professional Compensation

With respect to the compensation of the Fund’s
investment professionals, the Subadviser’s compensation system assigns each employee a total compensation range, which is derived
from annual market surveys that benchmark each role with its job function and peer universe. This method is designed to reward employees
with total compensation reflective of the external market value of their skills, experience and ability to produce desired results. Standard
compensation includes competitive base salaries, generous employee benefits and a retirement plan.

In addition, the Subadviser’s employees are eligible
for bonuses. These are structured to closely align the interests of employees with those of the Subadviser, and are determined by the
professional’s job function and pre-tax performance as measured by a formal review process. All bonuses are completely discretionary.
The principal factor considered is an investment professional’s investment performance versus appropriate peer groups and benchmarks
(e.g., a securities index and with respect to the Fund