Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 74

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 74
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 to the knowledge and timing of a portfolio’s trades, investment opportunities
and broker selection. Portfolio managers are privy to the size, timing, and possible market impact of a portfolio’s trades.

It is possible that an investment opportunity may be
suitable for both a portfolio and other accounts managed by a portfolio manager, but may not be available in sufficient quantities for
both the portfolio and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held
by a portfolio and another account. A conflict may arise where the portfolio manager may have an incentive to treat an account preferentially
as compared to a portfolio because the account pays a performance-based fee or the portfolio manager, the Subadviser or an affiliate
has an interest in the account. The Subadviser has adopted procedures for allocation of portfolio transactions and investment opportunities
across multiple client accounts on a fair and equitable basis over time. Eligible accounts that can participate in a trade generally
share the same price on a pro-rata allocation basis, taking into account differences based on factors such as cash availability, investment
restrictions and guidelines, and portfolio composition versus strategy.

With respect to securities transactions, the Subadviser
determines which broker or dealer to use to execute each order, consistent with their duty to seek best execution of the transaction.
However, with respect to certain other accounts (such as pooled investment vehicles that are not registered investment companies and
other accounts managed for organizations and individuals), the Subadviser may be limited by the client with respect to the selection
of brokers or dealers or may be instructed to direct trades through a particular broker or dealer. In these cases, trades for a portfolio
in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions
with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the
possible detriment of a portfolio or the other account(s) involved. Additionally, the management of multiple portfolios and/or other
accounts may result in a portfolio manager devoting unequal time and attention to the management of each portfolio and/or other account.
The Subadviser’s team approach to portfolio management and block trading approach seeks to limit this potential risk.

The Subadviser also maintains a gift and entertainment
policy to address the potential for a business contact to give gifts or host entertainment events that may influence the business judgment
of an employee. Employees are permitted to