Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 69

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 69
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 be considered by applicable law, its affiliates)   
 manages assets for the company or an employee group of the company or otherwise has an interest 
 in the company;                                                                                 |

| 2. | Whether                                                                                          
 Western Asset or an officer or director of Western Asset or the applicable portfolio manager     
 or analyst responsible for recommending the proxy vote (together, “Voting Persons”)              
 is a close relative of or has a personal or business relationship with an executive, director    
 or person who is a candidate for director of the company or is a participant in a proxy contest; 
 and                                                                                              |

| 3. | Whether                                                                                   
 there is any other business or personal relationship where a Voting Person has a personal 
 interest in the outcome of the matter before shareholders.                                |

Voting Guidelines

Western Asset’s substantive voting
decisions are based on the particular facts and circumstances of each proxy vote and are evaluated by the designated research analyst
or portfolio manager. The examples outlined below are meant as guidelines to aid in the decision making process.

Situations can arise in which more than
one Western Asset client invests in instruments of the same issuer or in which a single client may invest in instruments of the same
issuer but in multiple accounts or strategies. Multiple clients or the same client in multiple accounts or strategies may have different
investment objectives, investment styles, or investment professionals involved in making decisions. While there may be differences, votes
are always cast in the best interests of the client and the investment objectives agreed with Western Asset. As a result, there may be
circumstances where Western Asset casts different votes on behalf of different clients or on behalf of the same client with multiple
accounts or strategies.

Guidelines are grouped according to the
types of proposals generally presented to shareholders. Part I deals with proposals which have been approved and are recommended by a
company’s board of directors; Part II deals with proposals submitted by shareholders for inclusion in proxy statements; Part III
addresses issues relating to voting shares of investment companies; and Part IV addresses unique considerations pertaining to foreign
issuers.

| I. | Board              
 Approved Proposals |

The vast majority of matters presented
to shareholders for a vote involve proposals made by a company itself that have been approved and recommended by its board of directors.
In view of the enhanced corporate governance practices currently being implemented in public companies, Western Asset generally votes
in support of decisions reached by independent boards of directors. More specific guidelines related to certain board-approved proposals
are as follows:

| 1. |