Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 76

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 76
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, the benchmark set forth in the Fund’s Prospectus to which the Fund’s
average annual total returns are compared or, if none, the benchmark set forth in the Fund’s annual report). Performance is reviewed
on a 1, 3 and 5 year basis for compensation—with 3 and 5 years having a larger emphasis. The Subadviser may also measure an investment
professional’s pre-tax investment performance against other benchmarks, as it determines appropriate. Because investment professionals
are generally responsible for multiple accounts (including the Fund) with similar investment strategies, they are generally compensated
on the performance of the aggregate group of similar accounts, rather than a specific account. Other factors that may be considered when
making bonus decisions include client service, business development, length of service to the Subadviser, management or supervisory responsibilities,
contributions to developing business strategy and overall contributions to the Subadviser’s business.

Finally, in order to attract and retain top talent, all investment professionals
are eligible for additional incentives in recognition of outstanding performance. These are determined based upon the factors described
above and include long-term incentives that vest over a set period of time past the award date.

Investment Professional Securities Ownership

The table below identifies the dollar range of securities
beneficially owned by the named investment professional as of May 31, 2025.

| Investment Professional(s) |     | Dollar Range of                         
 Portfolio Securities Beneficially Owned |
| Michael C. Buchanan        |     | A                                       |
| David Fare                 |     | A                                       |
| Robert Amodeo              |     | A                                       |
| John Mooney                |     | A                                       |
| Ryan                       
 K. Brist                   |     | A                                       |

Dollar Range ownership is as follows:
A: none
B: $1 - $10,000
C: 10,001 - $50,000
D: $50,001 - $100,000
E: $100,001 - $500,000
F: $500,001 - $1 million
G: over $1 million

| ITEM 
 14.  | PURCHASES                                                                                   
 OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |

| Period                 |     | (a)              
 Total Number of  
 Shares Purchased |        |     | (b)        
 Average    
 Price Paid 
 per Share  |       |     | (c)