Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 72

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 72
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 on other shareholder proposals where the firm is otherwise 
 withholding votes for the entire board of directors.                                           |

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.

| III. | Voting                         
 Shares of Investment Companies |

Western Asset may utilize shares of open
or closed-end investment companies to implement its investment strategies. Shareholder votes for investment companies that fall within
the categories listed in Parts I and II above are voted in accordance with those guidelines.

| 1. | Western                                                                                           
 Asset votes on a case-by-case basis on proposals relating to changes in the investment objectives 
 of an investment company taking into account the original intent of the fund and the role         
 the fund plays in the clients’ portfolios.                                                        |

| 2. | Western                                                                                      
 Asset votes on a case-by-case basis all proposals that would result in increases in expenses 
 (e.g., proposals to adopt 12b-1 plans, alter investment advisory arrangements or approve     
 fund mergers) taking into account comparable expenses for similar funds and the services     
 to be provided.                                                                              |

| IV. | Voting                    
 Shares of Foreign Issuers |

In the event Western Asset is required
to vote on securities held in non-U.S. issuers – i.e. issuers that are incorporated under the laws of a foreign jurisdiction and
that are not listed on a U.S. securities exchange or the NASDAQ stock market, the following guidelines are used, which are premised on
the existence of a sound corporate governance and disclosure framework. These guidelines, however, may not be appropriate under some
circumstances for foreign issuers and therefore apply only where applicable.

| 1. | Western                                                                                         
 Asset votes for shareholder proposals calling for a majority of the directors to be independent 
 of management.                                                                                  |

| 2. | Western                                                                                         
 Asset votes for shareholder proposals seeking to increase the independence of board nominating, 
 audit and compensation committees.                                                              |

| 3. | Western                                                                                           
 Asset votes for shareholder proposals that implement corporate governance standards similar       
 to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, 
 and that do not otherwise violate the laws of the jurisdiction under which the company is         
 incorporated.