Western Asset Managed Municipals Fund Inc. Announces Results of Annual Meeting of Stockholders

Western Asset Managed Municipals Fund Inc. (NYSE: MMU) announced the results of its annual meeting of stockholders, held on October 17, 2025. The meeting resulted in the election of two Class II Directors: Eileen A. Kamerick and Hillary A. Sale, who will hold their positions until the annual meeting in 2028, or until they resign or are replaced. In addition, Nisha Kumar was elected as a Class II Director specifically by the preferred stockholders, also serving until 2028 or until her successor is chosen.

The stockholders also agreed to ratify the appointment of PricewaterhouseCoopers LLP as the independent registered public accountants for the Fund for the fiscal year ending May 31, 2026.

Western Asset Managed Municipals Fund is a non-diversified closed-end management investment company, managed by Franklin Templeton Fund Adviser, LLC, and subadvised by Western Asset Management Company, LLC. Both advisory firms are subsidiaries of Franklin Resources Inc., a prominent global investment management organization.

For additional information, investors can reach the Fund at 1-888-777-0102, or visit its website at www.franklintempleton.com/investments/options/closed-endfunds. However, it's important to note that the information available on the website is not part of the press release, and requests for hard copies of audited financial statements can be made free of charge.

This meeting marked a significant point of governance for the Fund, reflecting its ongoing commitment to transparency and accountability to its stockholders. Data and commentary provided in the press release are for informational purposes, and it is noted that Franklin Resources, Inc. does not engage in the sale of the Fund's shares.

The recent annual meeting of stockholders for Western Asset Managed Municipals Fund Inc. (NYSE: MMU) has resulted in significant leadership changes and reaffirmation of strategic direction, which investors should consider when evaluating their holdings or potential investment in the fund.

The election of Eileen A. Kamerick and Hillary A. Sale as Class II Directors through 2028 is noteworthy as both bring robust experience in governance, finance, and strategy. Their expertise could enhance the Fund’s ability to navigate current market conditions, particularly in the municipal bond sector. With increasing interest rates and economic uncertainties, having seasoned directors could help the Fund optimize its portfolio and risk profiles.

Furthermore, the ratification of PricewaterhouseCoopers LLP as the independent public accountants assures stakeholders of a continued commitment to transparency and rigorous financial oversight. This decision not only reflects the Fund's stability but also reinforces investor confidence amid a fluctuating market environment.

The focus on municipal bonds is particularly relevant given the current climate of rising borrowing costs and fiscal pressures faced by many municipal entities. Investors should closely evaluate how the Fund positions itself within this challenging landscape, including its credit risk exposure and yield generation capabilities. The Fund’s non-diversified structure, while enabling targeted investment strategies, also warrants a cautious approach from investors looking for balanced risk.

As the Fund is subadvised by Western Asset Management Company, it is critical to monitor their investment strategies and market outlook, as these could significantly influence performance.

In conclusion, while the new appointments can be seen as a positive step towards strategic enhancement, investors should remain vigilant and keep abreast of broader municipal market trends. Continuous evaluation of the Fund’s performance against peer benchmarks will be essential in making informed investment decisions.