Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 66

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 66
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the responsibility for these votes lies with the investment manager.

| POLICY |

As a fixed income only manager, the occasion
to vote proxies is very rare, for instance, when fixed income securities are converted into equity by their terms or in connection with
a bankruptcy or corporate workout. However, the Firm has adopted and implemented policies and procedures that we believe are reasonably
designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6
under the Advisers Act. In addition to SEC requirements governing advisers, our proxy voting policies reflect the long-standing fiduciary
standards and responsibilities for ERISA accounts. Unless a manager of ERISA assets has been expressly precluded from voting proxies,
the Department of Labor has determined that the responsibility for these votes lies with the investment manager.

While the guidelines included in the procedures
are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration
the Firm’s contractual obligations to our clients and all other relevant facts and circumstances at the time of the vote (such
that these guidelines may be overridden to the extent the Firm deems appropriate).

In exercising its voting authority, Western
Asset will not consult or enter into agreements with officers, directors or employees of Franklin Resources (Franklin Resources includes
Franklin Resources, Inc. and organizations operating as Franklin Resources) or any of its affiliates (other than Western Asset affiliated
companies) regarding the voting of any securities owned by its clients.

| PROCEDURES |

Responsibility and Oversight

The Legal & Compliance Group is responsible
for administering and overseeing the proxy voting process. The gathering of proxies is coordinated through the Corporate Actions team
of the Investment Operations Group (“Corporate Actions”). Research analysts and portfolio managers are responsible for determining
appropriate voting positions on each proxy utilizing any applicable guidelines contained in these procedures.

Client Authority

The Investment Management Agreement for
each client is reviewed at account start-up for proxy voting instructions. If an agreement is silent on proxy voting, but contains an
overall delegation of discretionary authority or if the account represents assets of an ERISA plan, Western Asset will assume responsibility
for proxy voting. The Portfolio Compliance Group maintains a matrix of proxy voting authority.

Proxy Gathering

Registered owners of record, client custodians,
client banks and trustees (“Proxy Recipients”) that receive proxy materials on behalf of clients should forward them to Corporate
Actions. Proxy Recipients for new clients (or,