Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 73

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 73
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| 4. | Western                                                                                       
 Asset votes on a case-by-case basis on proposals relating to (1) the issuance of common stock 
 in excess of 20% of a company’s outstanding common stock where shareholders do not            
 have preemptive rights, or (2) the issuance of common stock in excess of 100% of a company’s  
 outstanding common stock where shareholders have preemptive rights.                           |

| V. | Environmental,                        
 Social and Governance (“ESG”) Matters |

Western Asset incorporates ESG considerations,
among other relevant risks, as part of the overall process where appropriate. The Firm seeks to identify and consider material risks
to the investment thesis, including material risks presented by ESG factors. While Western Asset is primarily a fixed income manager,
opportunities to vote proxies are considered on the investment merits of the instruments and strategies involved.

As a general proposition, Western Asset
votes to encourage disclosure of information material to their business. This principle extends to ESG matters. What qualifies as “material”
can vary, so votes are cast on a case-by-case basis but consistent with the overarching principle. Western Asset recognizes that objective
standards and criteria may not be available or universally agreed and that there may be different views and subjective analysis regarding
factors and their significance.

Targeted environmental or social issues
that are the subject of a proxy vote will be considered on a case-by-case basis. Constructive proposals that seek to advance the health
of the issuer and the prospect for risk-adjusted returns to Western Assets clients are viewed more favorably than proposals that advance
a single issue or limit the ability of management to meet its operating objectives.

Retirement Accounts

For accounts subject to ERISA, as well
as other retirement accounts, Western Asset is presumed to have the responsibility to vote proxies for the client. The Department of
Labor has issued a bulletin that states that investment managers have the responsibility to vote proxies on behalf of Retirement Accounts
unless the authority to vote proxies has been specifically reserved to another named fiduciary. Furthermore, unless Western Asset is
expressly precluded from voting the proxies, the Department of Labor has determined that the responsibility remains with the investment
manager.

In order to comply with the Department
of Labor’s position, Western Asset will be presumed to have the obligation to vote proxies for its retirement accounts unless Western
Asset has obtained a specific written instruction indicating that: (a) the right to vote proxies has been reserved to a named fiduciary
of the client,