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WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 136.5%           

Alabama - 8.6%

           

Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019

      5.750 %      10/1/49      $ 700,000      $ 796,383 (a) 

Jefferson County, AL, Sewer Revenue:

           

Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% to 10/1/23 then 7.900%)

      0.000 %      10/1/50        11,580,000        11,739,457  

Senior Lien, Warrants, Series A, Refunding, AGM

      5.500 %      10/1/53        1,400,000        1,566,502  

Subordinated Lien, Warrants, Series D, Refunding

      6.000 %      10/1/42        9,230,000        10,750,273  

Subordinated Lien, Warrants, Series D, Refunding

      6.500 %      10/1/53        6,900,000        8,128,752  

Lower Alabama Gas District, Natural Gas Revenue, Series A

      5.000 %      9/1/46        8,525,000        12,001,495  

Southeast Alabama Gas Supply District, Gas Supply Revenue, Series 2018A

      4.000 %      6/1/24        5,690,000        6,225,941 (b)(c) 
          

 

 

  

Total Alabama

              51,208,803  
          

 

 

  

Alaska - 0.4%

           

Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B

      5.000 %      12/1/38        750,000        925,860  

Anchorage, AK, Port Revenue, Series A

      5.000 %      12/1/50        1,000,000        1,180,290 (a) 
          

 

 

  

Total Alaska

              2,106,150  
          

 

 

  

Arizona - 5.1%

           

Arizona State IDA, Education Revenue, Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program

      5.000 %      7/1/52        725,000        827,261  

Chandler, AZ, IDA Revenue, Intel Corp. Project

      5.000 %      6/3/24        4,120,000        4,687,448 (a)(b)(c) 

Navajo Nation, AZ, Revenue, Series A, Refunding

      5.500 %      12/1/30        950,000        1,058,765 (d)  

Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A

      5.000 %      8/1/42        750,000        915,623  

Salt Verde, AZ, Financial Corp., Natural Gas Revenue:

           

Series 2007

      5.250 %      12/1/28        2,000,000        2,524,280  

Series 2007

      5.000 %      12/1/32        10,000,000        13,120,400  

Series 2007

      5.000 %      12/1/37        5,500,000        7,597,810  
          

 

 

  

Total Arizona

              30,731,587  
          

 

 

  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

1

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - 16.6%

           

Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding

      5.000 %      10/1/34      $ 1,750,000      $ 2,063,582  

Anaheim, CA, Public Financing Authority Lease Revenue, Series A, Refunding

      5.000 %      5/1/46        2,000,000        2,175,580  

Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA Municipal Swap Index Yield + 1.100%)

      1.130 %      4/1/24        5,500,000        5,586,900 (b)(c) 

California State Health Facilities Financing Authority Revenue, Lucile Salter Packard Children’s Hospital at Stanford

      5.000 %      11/15/56        500,000        590,640  

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        1,500,000        1,770,660 (a) 

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/47        1,900,000        2,231,037 (a) 

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

      5.000 %      11/21/45        12,500,000        13,251,875 (a)(d) 

California State, GO, Various Purpose, Refunding

      4.000 %      11/1/36        1,000,000        1,173,480  

California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A

      5.750 %      1/15/45        1,770,000        1,803,418 (d)  

Chino Valley, CA, USD, GO, Series B

      5.000 %      8/1/55        1,250,000        1,572,550  

Golden State, CA, Tobacco Securitization Corp. Revenue:

           

Tobacco Settlement Funded, Series A-1, Refunding

      5.250 %      6/1/47        2,855,000        2,962,177  

Tobacco Settlement Funded, Series A-2, Refunding

      5.000 %      6/1/47        550,000        568,964  

Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue, Series A, Refunding

      5.000 %      9/1/44        2,405,000        2,626,669  

Los Angeles County, CA, Public Works Financing Authority Revenue, Multiple Capital Project II

      5.000 %      8/1/37        1,000,000        1,065,360  

Los Angeles, CA, Department of Airports Revenue:

           

Los Angeles International Airport, Subordinated, Series D

      5.000 %      5/15/39        500,000        608,620 (a)  

Los Angeles International Airport, Subordinated, Series D

      5.000 %      5/15/49        2,500,000        2,989,275 (a) 

 

See Notes to Schedule of Investments.

 

 

    

 

2

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

Los Angeles International Airport, Subordinated, Series F

      5.000 %      5/15/27      $ 5,565,000      $ 6,890,861 (a) 

Los Angeles International Airport, Subordinated, Series F

      4.000 %      5/15/49        2,000,000        2,225,720 (a) 

Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A

      5.000 %      7/1/48        2,500,000        3,006,875  

Los Angeles, CA, Department of Water & Power, Power System Revenue:

           

Power System, Series A

      5.000 %      7/1/47        4,000,000        4,739,160  

Series C

      5.000 %      7/1/37        1,000,000        1,221,670  

Series C

      5.000 %      7/1/42        2,000,000        2,416,960  

Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated, Series A

      5.000 %      6/1/48        1,500,000        1,841,025  

Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A

      5.000 %      10/1/42        400,000        456,496 (d)  

M-S-R Energy Authority, CA, Natural Gas Revenue:

           

Series A

      7.000 %      11/1/34        3,430,000        5,279,182  

Series B

      6.500 %      11/1/39        8,000,000        12,649,920  

Regents of the University of California Medical Center Pooled Revenue, Series L, Refunding

      5.000 %      5/15/32        1,750,000        2,089,062  

River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding

      5.500 %      9/1/45        2,000,000        2,110,780  

Riverside County, CA, Transportation Commission Sales Tax Revenue, Series B, Refunding

      5.000 %      6/1/37        1,900,000        2,339,869  

Riverside County, CA, Transportation Commission Toll Revenue:

           

Senior Lien, Series A

      5.750 %      6/1/44        200,000        218,080  

Senior Lien, Series A

      5.750 %      6/1/48        600,000        654,066  

San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM

      5.000 %      10/1/36        1,000,000        1,226,450  

San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A

      5.000 %      4/1/48        2,500,000        2,949,875  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

3

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Company LLC, Series A, Refunding

      5.000 %      1/1/47      $ 1,500,000      $ 1,784,250 (a) 

San Mateo County, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A

      5.000 %      7/15/43        1,000,000        1,208,090  

Tobacco Securitization Authority of Southern California Revenue:

           

Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A

      5.000 %      6/1/39        500,000        627,075  

Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A

      5.000 %      6/1/48        500,000        608,610  
          

 

 

  

Total California

              99,584,863  
          

 

 

  

Colorado - 8.6%

           

Base Village Metropolitan District #2, CO, GO, Series A, Refunding

      5.750 %      12/1/46        500,000        521,095  

Colorado State Educational & Cultural Facilities Authority Revenue, University of Denver Project, Series A

      5.000 %      3/1/47        1,600,000        1,857,248  

Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-1

      4.000 %      8/1/44        1,900,000        2,108,563  

Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes

      5.000 %      12/31/51        600,000        672,120  

Denver, CO, Airport System Revenue:

           

Series C

      6.125 %      11/15/25        10,945,000        12,629,545 (a)(e) 

Series C

      6.125 %      11/15/25        13,630,000        14,217,998 (a) 

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

      6.500 %      11/15/38        13,000,000        19,487,260  
          

 

 

  

Total Colorado

              51,493,829  
          

 

 

  

Connecticut - 1.6%

           

Connecticut State Special Tax Revenue:

           

Transportation Infrastructure, Series A

      5.000 %      1/1/37        1,500,000        1,819,590  

Transportation Infrastructure, Series A

      5.000 %      5/1/38        2,750,000        3,453,395  

Connecticut State, GO:

           

Series A

      5.000 %      4/15/35        1,650,000        2,065,734  

Series E

      5.000 %      10/15/34        930,000        1,118,725  

 

See Notes to Schedule of Investments.

 

 

    

 

4

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Connecticut - (continued)

           

Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd., Refunding

      5.000 %      4/1/39      $ 900,000      $ 1,004,112 (d) 
          

 

 

  

Total Connecticut

              9,461,556  
          

 

 

  

District of Columbia - 0.5%

           

District of Columbia Revenue, KIPP DC Project, Series B, Refunding

      5.000 %      7/1/48        2,800,000        3,237,220  
          

 

 

  

Florida - 4.0%

           

Broward County, FL, Airport System Revenue, Series 2017

      5.000 %      10/1/47        1,250,000        1,458,137 (a) 

Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A

      6.125 %      6/15/46        555,000        621,700 (d)  

Florida State Mid-Bay Bridge Authority, Series A, Refunding

      5.000 %      10/1/30        2,410,000        2,781,935  

Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A

      5.000 %      10/1/47        1,500,000        1,755,750 (a) 

Miami-Dade County, FL, Aviation Revenue, Series A, Refunding

      5.000 %      10/1/49        3,000,000        3,589,560 (a) 

Miami-Dade County, FL, Expressway Authority, Series A

      5.000 %      7/1/40        9,000,000        9,024,840  

Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding

      5.000 %      8/1/47        750,000        811,463  

Palm Beach County, FL, Health Facilities Authority Revenue:

           

Acts Retirement-Life Communities

      5.000 %      11/15/45        750,000        862,515  

Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B-1

      3.000 %      6/1/27        1,500,000        1,532,610  

Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B

      5.000 %      7/1/50        1,000,000        1,228,900  
          

 

 

  

Total Florida

              23,667,410  
          

 

 

  

Georgia - 1.4%

           

Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology

      5.000 %      6/15/44        1,000,000        1,212,100  

Georgia State Municipal Electric Authority Power Revenue, Project One, Series A

      5.000 %      1/1/50        1,000,000        1,222,480  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

5

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Georgia - (continued)

           

Main Street Natural Gas Inc., GA, Gas Project Revenue:

           

Series A

      5.000 %      5/15/43      $ 800,000      $ 948,208  

Series B

      5.000 %      3/15/22        4,000,000        4,191,600  

Series C

      4.000 %      9/1/26        560,000        644,498 (b)(c) 
          

 

 

  

Total Georgia

              8,218,886  
          

 

 

  

Idaho - 0.2%

           

Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A

      5.000 %      12/1/47        1,100,000        1,308,604  
          

 

 

  

Illinois - 16.4%

           

Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018

      5.000 %      4/1/42        1,500,000        1,740,000  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series G, Refunding

      5.000 %      12/1/34        100,000        116,795  

Dedicated, Series G, Refunding

      5.000 %      12/1/44        420,000        479,686  

Dedicated, Series H

      5.000 %      12/1/36        500,000        580,990  

Dedicated, Series H

      5.000 %      12/1/46        150,000        170,849  

Series D

      5.000 %      12/1/46        6,435,000        7,414,664  

Chicago, IL, GO:

           

Series 2002B

      5.500 %      1/1/37        220,000        243,670  

Series A

      5.000 %      1/1/44        1,000,000        1,135,140  

Series A, Refunding

      5.000 %      1/1/26        2,250,000        2,592,877  

Series A, Refunding

      6.000 %      1/1/38        1,500,000        1,778,355  

Series B

      5.500 %      1/1/32        3,300,000        3,679,335  

Series C, Refunding

      5.000 %      1/1/25        3,000,000        3,387,000  

Series D, Refunding

      5.500 %      1/1/34        10,000        11,102  

Chicago, IL, O’Hare International Airport Revenue:

           

General Senior Lien, Series B, Refunding

      5.000 %      1/1/41        1,000,000        1,160,210  

Series A, Refunding

      5.000 %      1/1/31        1,000,000        1,144,120 (a) 

Series A, Refunding

      5.000 %      1/1/35        7,000,000        7,963,620 (a) 

Trips Obligated Group

      5.000 %      7/1/48        700,000        811,517 (a)  

Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:

           

Second Lien

      5.000 %      12/1/51        1,000,000        1,147,160  

Second Lien, Series A, Refunding

      4.000 %      12/1/55        1,300,000        1,433,510  

Second Lien, Series A, Refunding

      5.000 %      12/1/55        500,000        606,620  

 

See Notes to Schedule of Investments.

 

 

    

 

6

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Chicago, IL, Wastewater Transmission Revenue:

           

Second Lien

      5.000 %      1/1/44      $ 1,000,000      $ 1,108,490  

Second Lien, Series A

      5.000 %      1/1/47        1,000,000        1,163,270  

Second Lien, Series B, Refunding

      5.000 %      1/1/38        750,000        886,073  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        1,800,000        2,230,362  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/33        1,290,000        1,587,384  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/36        1,110,000        1,355,787  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/37        2,500,000        3,045,850  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/38        2,000,000        2,429,640  

Cook County, IL, Sales Tax Revenue, Series A, Refunding

      4.000 %      11/15/40        1,750,000        2,035,442  

Illinois State Finance Authority Revenue, Northshore University Health System, Refunding

      4.000 %      8/15/40        1,900,000        2,213,329  

Illinois State Finance Authority, Student Housing & Academic Facilities Revenue, CHF Chicago LLC, University of Illinois Chicago Project

      5.000 %      2/15/50        500,000        545,995  

Illinois State Sports Facilities Authority Revenue:

           

Sport Facilities Project, Series 2019, Refunding, BAM

      5.000 %      6/15/28        750,000        932,310  

State Tax Supported, Series 2019, Refunding

      5.000 %      6/15/30        650,000        760,253  

Illinois State Toll Highway Authority Revenue, Series A

      4.000 %      1/1/39        4,000,000        4,589,120  

Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM

      5.000 %      4/1/37        250,000        298,443  

Illinois State, GO:

           

Series 2006

      5.500 %      1/1/30        275,000        343,338  

Series 2016

      5.000 %      1/1/33        1,500,000        1,662,390  

Series 2016

      5.000 %      11/1/33        2,350,000        2,637,710  

Series 2016, Refunding

      5.000 %      2/1/29        1,660,000        1,911,191  

Series A

      5.000 %      5/1/36        690,000        789,284  

Series A

      5.000 %      5/1/39        2,000,000        2,271,140  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

7

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Series A, Refunding

      5.000 %      10/1/29      $ 3,795,000      $ 4,494,229  

Series A, Refunding

      5.000 %      10/1/30        500,000        588,805  

Series B, Refunding

      5.000 %      10/1/29        750,000        888,188  

Series D

      5.000 %      11/1/27        3,325,000        3,874,057  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      6/15/50        1,500,000        1,655,280  

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50        7,150,000        8,496,202  

Regional Transportation Authority, IL, GO, Series A, Refunding, NATL

      6.000 %      7/1/29        4,450,000        5,585,640  
          

 

 

  

Total Illinois

              97,976,422  
          

 

 

  

Indiana - 2.5%

           

Indiana State Finance Authority Revenue:

           

Marion General Hospital, Series A

      4.000 %      7/1/45        900,000        1,011,510  

Private Activity-Ohio River Bridges East End Crossing Project

      5.000 %      7/1/44        5,000,000        5,342,300 (a) 

Second Lien, CWA Authority, Series B

      5.000 %      10/1/41        5,000,000        5,111,900  

Indianapolis, IN, Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A

      4.000 %      2/1/44        2,000,000        2,318,140  

Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project

      7.000 %      1/1/44        1,000,000        1,123,940 (a) 
          

 

 

  

Total Indiana

              14,907,790  
          

 

 

  

Iowa - 0.1%

           

Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding

      3.125 %      12/1/22        430,000        438,557  
          

 

 

  

Kentucky - 2.2%

           

Kentucky State Economic Development Finance Authority Revenue, Louisville Arena, Louisville Arena Authority Inc., Refunding, AGM

      5.000 %      12/1/45        1,000,000        1,207,450  

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        5,000,000        5,723,650 (b)(c) 

Series C

      4.000 %      6/1/25        5,800,000        6,500,350 (b)(c) 
          

 

 

  

Total Kentucky

              13,431,450  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

    

 

8

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Louisiana - 1.8%

           

Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM

      5.000 %      4/1/43      $ 2,000,000      $ 2,347,420 (a) 

St. Charles Parish, LA, Gulf Opportunity Zone Revenue, Valero Energy Corp., Convertible

      4.000 %      6/1/22        5,000,000        5,218,000 (b)(c) 

St. John the Baptist Parish, LA, State Revenue:

           

Marathon Oil Corp. Project, Refunding

      2.200 %      7/1/26        1,300,000        1,335,659 (b)(c) 

Marathon Oil Corp. Project, Series B-2, Refunding

      2.375 %      7/1/26        1,750,000        1,813,560 (b)(c) 
          

 

 

  

Total Louisiana

              10,714,639  
          

 

 

  

Maryland - 0.2%

           

Maryland EDC, Senior Student Housing Revenue, Morgan State University Project

      5.000 %      7/1/50        1,150,000        1,353,343  
          

 

 

  

Massachusetts - 1.6%

           

Massachusetts State DFA Revenue:

           

Broad Institute Inc., Refunding

      5.000 %      4/1/36        1,000,000        1,212,490  

Milford Regional Medical Center, Series F

      5.750 %      7/15/43        500,000        531,275  

UMass Boston Student Housing Project

      5.000 %      10/1/48        750,000        795,622  

Wellforce Issue, Series A, Refunding

      5.000 %      7/1/44        500,000        593,510  

Massachusetts State Port Authority Revenue:

           

Bosfuel Project, Series A, Refunding

      4.000 %      7/1/44        1,100,000        1,213,025 (a) 

Series A, Refunding

      5.000 %      7/1/36        1,700,000        2,113,236 (a) 

Massachusetts State School Building Authority, Sales Tax Revenue, Senior, Series A

      5.000 %      5/15/43        3,000,000        3,314,220 (f) 
          

 

 

  

Total Massachusetts

              9,773,378  
          

 

 

  

Michigan - 4.1%

           

Detroit, MI, Downtown Development Authority Revenue, Series A, Refunding, AGM

      5.000 %      7/1/48        1,000,000        1,123,040  

Great Lakes, MI, Water Authority Water Supply System Revenue:

           

Senior Lien, Series A

      5.000 %      7/1/46        5,500,000        6,493,135  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        500,000        601,665  

Lansing, MI, Board of Water & Light Utility System Revenue, Series A

      5.000 %      7/1/37        2,000,000        2,032,240 (f) 

Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding

      6.750 %      7/1/44        850,000        888,522 (d)  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

9

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - (continued)

           

Michigan State Finance Authority Revenue:

           

Facilities Program, Series 1-A, Refunding

      5.250 %      10/15/47      $ 650,000      $ 723,690  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding

      5.000 %      7/1/33        625,000        732,769  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-1, Refunding

      5.000 %      7/1/44        1,320,000        1,405,430 (f)  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding

      5.000 %      7/1/33        1,160,000        1,321,495  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-2, Refunding

      5.000 %      7/1/34        250,000        292,643  

Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding

      4.000 %      6/1/49        500,000        559,915  

Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding

      5.000 %      6/1/49        400,000        478,296  

Michigan State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series 2010F-4, Refunding

      5.000 %      11/15/47        3,000,000        3,709,590  

Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project

      5.000 %      12/31/43        1,400,000        1,670,662 (a)  

Royal Oak, MI, Hospital Finance Authority Revenue, Beaumont Health Credit Group, Series D, Refunding

      5.000 %      9/1/39        2,500,000        2,759,600  
          

 

 

  

Total Michigan

              24,792,692  
          

 

 

  

Minnesota - 0.3%

           

Western Minnesota Municipal Power Agency Revenue, Series A

      5.000 %      1/1/46        1,530,000        1,731,134 (f) 
          

 

 

  

Missouri - 0.7%

           

Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services, Refunding

      5.000 %      2/1/44        2,710,000        2,896,042  

St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A

      5.000 %      9/1/38        1,250,000        1,391,750  
          

 

 

  

Total Missouri

              4,287,792  
          

 

 

  

New Jersey - 10.7%

           

New Jersey Institute of Technology, GO, Series A

      5.000 %      7/1/45        750,000        838,823  

 

See Notes to Schedule of Investments.

 

 

    

 

10

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - (continued)

           

New Jersey State EDA Revenue:

           

Cigarette Tax, Refunding

      5.000 %      6/15/26      $ 2,500,000      $ 2,610,975  

Private Activity-The Goethals Bridge Replacement Project, AGM

      5.125 %      7/1/42        2,500,000        2,769,275 (a)  

School Facilities Construction, Series BBB, Refunding

      5.500 %      6/15/31        750,000        895,680  

School Facilities Construction, Series I, Refunding, State Appropriations, (SIFMA Municipal Swap Index Yield + 1.600%)

      1.630 %      3/1/28        15,000,000        15,025,050 (c) 

Transit Transportation Project, Series A

      5.000 %      11/1/32        1,000,000        1,225,310  

New Jersey State EDA, Lease Revenue, State House Project, Series B

      5.000 %      6/15/43        4,000,000        4,674,440  

New Jersey State EDA, Special Facility Revenue:

           

Continental Airlines Inc. Project

      5.250 %      9/15/29        3,000,000        3,188,550 (a)  

Port Newark Container Terminal LLC Project, Refunding

      5.000 %      10/1/37        650,000        736,216 (a)  

New Jersey State Health Care Facilities Financing Authority Revenue:

           

Hackensack Meridian Health, Series A, Refunding

      5.000 %      7/1/38        400,000        477,408  

RWJ Barnabas Health Obligation Group, Series A, Refunding

      5.000 %      7/1/43        1,200,000        1,420,260  

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.250 %      6/15/43        1,500,000        1,779,195  

Transportation Program, Series AA

      5.000 %      6/15/45        7,500,000        8,951,025  

Transportation Program, Series BB

      4.000 %      6/15/36        2,250,000        2,498,985  

Transportation System, Series A, Refunding

      5.000 %      12/15/25        1,885,000        2,226,694  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        2,615,000        3,250,340  

New Jersey State Turnpike Authority Revenue, Series G, Refunding

      5.000 %      1/1/35        2,675,000        3,258,043  

New Jersey State, GO:

           

COVID-19 Emergency, Series A

      5.000 %      6/1/28        3,500,000        4,366,880  

COVID-19 Emergency, Series A

      5.000 %      6/1/29        2,500,000        3,168,475  

Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding

      5.250 %      6/1/46        600,000        713,982  
          

 

 

  

Total New Jersey

              64,075,606  
          

 

 

  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

11

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - 18.3%

           

Brookhaven, NY, Local Development Corp. Revenue:

           

Long Island Community Hospital Project, Series A

      5.000 %      10/1/31      $ 1,280,000      $ 1,628,595  

Long Island Community Hospital Project, Series A

      4.000 %      10/1/45        1,250,000        1,360,313  

MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2

      5.000 %      11/15/47        1,500,000        1,762,890  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series A-2

      5.000 %      11/15/24        500,000        571,340  

Green Bonds, Series A-2

      5.000 %      5/15/30        1,800,000        2,223,666 (b)(c) 

Green Bonds, Series C-1, Refunding

      4.000 %      11/15/37        500,000        549,140  

Green Bonds, Series D-1

      5.000 %      11/15/43        500,000        601,645  

Green Bonds, Series D-3

      4.000 %      11/15/49        1,000,000        1,093,300  

Green Bonds, Series E, Refunding

      5.000 %      11/15/30        1,500,000        1,917,855  

Green Bonds, Series E, Refunding

      4.000 %      11/15/45        1,250,000        1,374,400  

Series C-1

      5.000 %      11/15/33        350,000        408,783  

New York City, NY, GO, Series D-1

      5.000 %      3/1/43        2,000,000        2,463,640  

New York City, NY, Industrial Development Agency Revenue:

           

Yankee Stadium Project, Refunding

      4.000 %      3/1/45        500,000        561,375  

Yankee Stadium Project, Refunding, AGM

      4.000 %      3/1/45        750,000        853,598  

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue:

           

Second General Resolution Fiscal 2013, Unrefunded

      5.000 %      6/15/47        2,650,000        2,901,193  

Subordinated, Series BB-1

      5.000 %      6/15/46        1,500,000        1,782,300  

New York City, NY, TFA Future Tax Secured Revenue:

           

Subordinated, Series B-1

      5.000 %      8/1/45        3,000,000        3,600,390  

Subordinated, Series C-1

      4.000 %      5/1/46        7,000,000        7,899,080  

New York State Dormitory Authority Revenue:

           

Bidding Group 3, Series A

      5.000 %      3/15/42        1,000,000        1,202,340  

Bidding Group 4, Series A, Refunding

      4.000 %      3/15/46        2,500,000        2,826,950  

Series B, Refunding

      5.000 %      2/15/43        5,000        6,329 (f)  

Series B, Refunding

      5.000 %      2/15/43        2,995,000        3,614,695  

New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, Series E, Refunding

      5.000 %      3/15/44        2,000,000        2,421,520  

 

See Notes to Schedule of Investments.

 

 

    

 

12

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - (continued)

           

New York State Dormitory Authority, School Districts Revenue Financing Program, Series A, AGM

      5.000 %      10/1/29      $ 3,250,000      $ 4,123,827  

New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding

      5.000 %      3/15/46        3,250,000        3,910,692  

New York State Liberty Development Corp., Liberty Revenue:

           

3 World Trade Center Project, Class 1, Refunding

      5.000 %      11/15/44        1,750,000        1,903,738 (d)  

4 World Trade Center Project, Refunding

      5.750 %      11/15/51        5,000,000        5,175,550  

New York State Liberty Development Corp., Revenue, Goldman Sachs Headquarters

      5.500 %      10/1/37        1,485,000        2,174,099  

New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Subordinated, Series B, Refunding

      4.000 %      1/1/50        3,000,000        3,364,500  

New York State Transportation Development Corp., Special Facilities Revenue:

           

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      5.000 %      1/1/33        1,750,000        2,072,963 (a)  

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      4.375 %      10/1/45        1,500,000        1,719,000 (a)  

Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding

      4.000 %      12/1/39        1,800,000        2,008,368  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/41        9,250,000        10,359,167 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/46        250,000        278,330 (a)  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.250 %      1/1/50        1,000,000        1,121,000 (a)  

Port Authority of New York & New Jersey Revenue:

           

Consolidated Series 166, Refunding

      5.000 %      1/15/41        2,750,000        2,752,228  

Consolidated Series 194, Refunding

      5.000 %      10/15/41        6,400,000        7,477,888  

Series 221

      4.000 %      7/15/55        3,600,000        3,975,264 (a)  

Triborough Bridge & Tunnel Authority, NY, Revenue:

           

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        2,250,000        2,822,580  

General-MTA Bridges & Tunnels, Series A

      4.000 %      11/15/54        1,250,000        1,409,475  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/54        7,350,000        9,164,862  
          

 

 

  

Total New York

              109,438,868  
          

 

 

  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

13

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

North Carolina - 1.0%

           

Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding

      5.000 %      7/1/49      $ 1,750,000      $ 2,141,492  

Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding

      4.000 %      6/1/49        750,000        857,265  

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:

           

Series A, Refunding

      5.000 %      7/1/47        750,000        842,558  

Series A, Refunding

      5.000 %      7/1/51        1,500,000        1,681,965  

North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding

      5.000 %      1/1/30        300,000        356,361  
          

 

 

  

Total North Carolina

              5,879,641  
          

 

 

  

Ohio - 2.9%

           

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      4.000 %      6/1/48        1,250,000        1,397,337  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        2,400,000        2,702,376  

JobsOhio Beverage System, Senior Lien, Series A

      5.000 %      1/1/38        8,000,000        8,701,280 (f) 

Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding

      2.500 %      10/1/29        1,500,000        1,613,835 (a)(b)(c) 

Ohio State Water Development Authority, U.S. Steel Corp. Project, Refunding

      6.600 %      5/1/29        3,000,000        3,087,810  
          

 

 

  

Total Ohio

              17,502,638  
          

 

 

  

Oklahoma - 0.1%

           

Oklahoma State Turnpike Authority Revenue, Second Series C

      5.000 %      1/1/47        700,000        824,831  

Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A

      6.875 %      11/1/46        332,734        1,664 *(g)  
          

 

 

  

Total Oklahoma

              826,495  
          

 

 

  

Oregon - 0.6%

           

Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding

      5.000 %      6/1/46        2,000,000        2,267,840  

Port of Portland, OR, Airport Revenue, Portland International Airport, Series C, Refunding

      5.000 %      7/1/24        1,000,000        1,141,360 (a) 
          

 

 

  

Total Oregon

              3,409,200  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

    

 

14

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Pennsylvania - 4.0%

           

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds:

           

Series 2018

      5.000 %      6/1/32      $ 250,000      $ 307,655  

Series 2018

      5.000 %      6/1/33        500,000        612,255  

Cumberland County, PA, Municipal Authority Revenue:

           

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/30        375,000        436,924 (f)  

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/30        2,000,000        2,230,320  

East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville University

      5.000 %      7/1/47        550,000        562,551  

Pennsylvania State Higher EFA Revenue, Trustees of University of Pennsylvania, Series A

      5.000 %      2/15/48        1,250,000        1,492,837  

Pennsylvania State Turnpike Commission Revenue:

           

Subordinated, Series B

      5.250 %      12/1/41        2,275,000        2,362,132 (f)  

Subordinated, Series B

      5.250 %      12/1/41        3,725,000        3,866,252 (f)  

Subordinated, Series B

      5.000 %      12/1/48        2,900,000        3,451,609  

Subordinated, Series B

      5.000 %      12/1/50        1,000,000        1,240,810  

Philadelphia, PA, Authority for IDR, Lease Revenue, Refunding

      5.000 %      10/1/30        1,200,000        1,513,548  

Philadelphia, PA, SD, GO, Series A, State Aid Withholding

      5.000 %      9/1/33        1,755,000        2,064,231  

Philadelphia, PA, Water & Wastewater Revenue, Series A

      5.000 %      7/1/45        1,000,000        1,125,130  

State Public School Building Authority, PA, Lease Revenue:

           

Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding

      5.000 %      6/1/31        600,000        726,384  

Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding

      5.000 %      6/1/33        1,780,000        2,150,543  
          

 

 

  

Total Pennsylvania

              24,143,181  
          

 

 

  

Puerto Rico - 5.1%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A

      5.250 %      7/1/42        3,920,000        4,126,623  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

15

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - (continued)

           

Puerto Rico Commonwealth Public Improvement Bonds, GO, Series A, Refunding

      5.000 %      7/1/41      $ 1,250,000      $ 976,563 *(g) 

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        2,200,000        1,985,500 *(g) 

Series A

      5.050 %      7/1/42        350,000        315,875 *(g)  

Series XX

      5.250 %      7/1/40        3,495,000        3,162,975 *(g) 

Series ZZ, Refunding

      5.250 %      7/1/18        1,250,000        1,096,875 *(h) 

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27        960,000        845,078  

CAB, Restructured, Series A-1

      0.000 %      7/1/46        1,040,000        319,738  

CAB, Restructured, Series A-1

      0.000 %      7/1/51        10,200,000        2,245,734  

Restructured, Series A-1

      4.550 %      7/1/40        230,000        250,712  

Restructured, Series A-1

      5.000 %      7/1/58        5,000,000        5,537,700  

Restructured, Series A-2

      4.329 %      7/1/40        5,380,000        5,786,997  

Restructured, Series A-2A

      4.550 %      7/1/40        3,550,000        3,869,677  
          

 

 

  

Total Puerto Rico

              30,520,047  
          

 

 

  

South Carolina - 0.3%

           

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/48        1,750,000        2,081,485 (a)  
          

 

 

  

South Dakota - 0.1%

           

South Dakota State HEFA Revenue, Regional Health

      5.000 %      9/1/40        500,000        588,240  
          

 

 

  

Tennessee - 1.8%

           

Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A

      5.000 %      9/1/40        1,200,000        1,395,276  

Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue:

           

Subordinated, Green Bonds, Series A

      5.000 %      7/1/42        500,000        598,570  

Subordinated, Series B, Refunding

      5.000 %      7/1/46        1,000,000        1,192,710  

Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018

      4.000 %      11/1/25        6,500,000        7,378,475 (b)(c) 
          

 

 

  

Total Tennessee

              10,565,031  
          

 

 

  

Texas - 7.6%

           

Alamo, TX, Regional Mobility Authority, Vehicle Registration Fee Revenue, Senior Lien

      5.000 %      6/15/46        1,300,000        1,494,935  

Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM

      5.000 %      2/15/48        1,250,000        1,497,325  

 

See Notes to Schedule of Investments.

 

 

    

 

16

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - (continued)

           

Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E

      4.000 %      1/1/50      $ 2,500,000      $ 2,833,450  

City of Austin, TX, Airport System Revenue, Series B

      5.000 %      11/15/37        2,050,000        2,527,650 (a)  

Forney, TX, ISD, GO, School Building, Series 2019, PSF - GTD

      5.000 %      2/15/49        500,000        588,155  

Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Step bond, Series A, B and C, (0.000% to 10/1/23 then 5.500%)

      0.000 %      10/1/36        4,000,000        4,561,320  

Harris County, TX, Health Facilities Development Corp. Revenue, School Health Care System, Series B

      5.750 %      7/1/27        910,000        1,105,322 (e)  

Houston, TX, Airport Systems Revenue, Series B-1

      5.000 %      7/15/30        5,500,000        6,079,755 (a)  

Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding

      5.000 %      11/15/44        1,000,000        1,138,090  

Love Field, TX, Airport Modernization Corp., General Airport Revenue:

           

Series 2017

      5.000 %      11/1/33        120,000        140,316 (a)  

Series 2017

      5.000 %      11/1/36        120,000        139,351 (a)  

Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project

      5.250 %      11/1/40        14,250,000        14,466,315  

New Hope Cultural Education Facilities Finance Corp., TX, Student Housing Revenue, Collegiate Housing College Station, AGM

      5.000 %      4/1/46        750,000        810,713  

North Texas Tollway Authority Revenue:

           

Series A, Refunding

      5.000 %      1/1/39        825,000        954,203  

Series B, Refunding

      5.000 %      1/1/40        2,000,000        2,146,580  

Series B, Refunding

      5.000 %      1/1/45        2,105,000        2,382,965  

Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Senior Living Ventana Project, Series A

      6.625 %      11/15/37        610,000        684,688  

Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC

      5.000 %      12/31/45        1,600,000        1,793,264 (a) 

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

17

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - (continued)

           

Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue:

           

Inspired Living at Lewisville Project, Series A-1

      6.750 %      12/1/51      $ 500,000      $ 338,950 *(d)(g) 

Subordinated, Inspired Living at Lewisville Project, Series B

      10.000 %      12/1/51        150,000        74,429 *(g)  
          

 

 

  

Total Texas

              45,757,776  
          

 

 

  

U.S. Virgin Islands - 0.6%

           

Virgin Islands Public Finance Authority Revenue:

           

Matching Fund Loan, Senior Lien, Series A

      5.000 %      10/1/29        710,000        711,654  

Subordinated, Matching Fund Loan, Cruzan Project, Series A

      6.000 %      10/1/39        1,435,000        1,438,258  

Subordinated, Matching Fund Loan, Diageo Project, Series A

      6.750 %      10/1/37        1,200,000        1,205,796  
          

 

 

  

Total U.S. Virgin Islands

              3,355,708  
          

 

 

  

Utah - 1.5%

           

Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A

      5.000 %      7/1/43        5,250,000        6,199,988 (a) 

Utah Infrastructure Agency, Telecommunications Revenue:

           

Series 2019

      4.000 %      10/15/42        1,200,000        1,335,768  

Series 2021

      4.000 %      10/15/38        500,000        567,745  

Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE

      5.000 %      4/15/47        1,000,000        1,129,130  
          

 

 

  

Total Utah

              9,232,631  
          

 

 

  

Virginia - 2.1%

           

Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding

      5.000 %      7/1/35        700,000        897,883  

Virginia State Port Authority, Port Facilities Revenue:

           

Series B, Refunding

      5.000 %      7/1/41        1,100,000        1,288,760 (a) 

Series B, Refunding

      5.000 %      7/1/45        1,500,000        1,747,395 (a) 

Virginia State Small Business Financing Authority Revenue:

           

Bon Secours Mercy Health, Series A, Refunding

      4.000 %      12/1/49        2,000,000        2,274,700  

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/32        500,000        611,490  

 

See Notes to Schedule of Investments.

 

 

    

 

18

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Virginia - (continued)

           

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/34      $ 300,000      $ 364,659  

Senior Lien, Elizabeth River Crossing OpCo LLC Project

      5.250 %      1/1/32        3,000,000        3,141,840 (a)  

Senior Lien, Elizabeth River Crossing OpCo LLC Project

      5.500 %      1/1/42        2,000,000        2,087,300 (a)  
          

 

 

  

Total Virginia

              12,414,027  
          

 

 

  

Washington - 1.6%

           

Port of Seattle, WA, Intermediate Lien Revenue:

           

Series 2019

      5.000 %      5/1/43        1,500,000        1,733,565 (a)  

Series 2019

      4.000 %      4/1/44        750,000        825,615 (a)  

Series 2019

      5.000 %      4/1/44        1,500,000        1,783,935 (a)  

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        1,000,000        1,181,620 (b)(c) 

Seattle Cancer Care Alliance, Refunding

      5.000 %      12/1/32        225,000        284,843  

Seattle Cancer Care Alliance, Refunding

      5.000 %      12/1/33        245,000        308,972  

Seattle Cancer Care Alliance, Refunding

      4.000 %      12/1/45        1,200,000        1,368,312  

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/55        1,500,000        1,846,275  
          

 

 

  

Total Washington

              9,333,137  
          

 

 

  

West Virginia - 0.3%

           

West Virginia University Revenue, West Virginia Projects, Series B, Refunding

      5.000 %      10/1/29        1,250,000        1,554,763 (b)(c) 
          

 

 

  

Wisconsin - 1.0%

           

Mount Pleasant, WI, Tax Increment Revenue, Series A

      5.000 %      4/1/48        2,500,000        2,932,425  

Public Finance Authority, WI, Limited Obligation Pilot Revenue:

           

American Dream @ Meadowlands Project, Series 2017

      5.000 %      12/1/27        1,000,000        1,026,410 (d)  

American Dream @ Meadowlands Project, Series 2017

      7.000 %      12/1/50        1,500,000        1,657,215 (d)  

Public Finance Authority, WI, Revenue, Carmelite System Inc., Obligated Group, Series 2020

      5.000 %      1/1/40        500,000        588,205  
          

 

 

  

Total Wisconsin

              6,204,255  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $739,330,621)

              817,308,834  
          

 

 

  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

19

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(i) - 1.6%

 

      

New York - 1.6%

           

New York State Urban Development Corp. Revenue, State Personal Income Tax Revenue Bonds, Bidding Group 3, Series E, Refunding
(Cost - $10,032,370)

      4.000 %      3/15/41      $ 8,480,000      $ 9,669,002  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $749,362,991)

              826,977,836  
          

 

 

  
SHORT-TERM INVESTMENTS - 3.6%           
MUNICIPAL BONDS - 3.6%           

New York - 3.0%

           

New York City, NY, GO:

           

Subseries E-5, LOC - TD Bank N.A.

      0.010 %      3/1/48        200,000        200,000 (j)(k)  

Subseries G-6, LOC - Mizuho Bank Ltd.

      0.010 %      4/1/42        2,900,000        2,900,000 (j)(k)  

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2014, Series AA-5, Refunding, SPA - Mizuho Bank Ltd.

      0.010 %      6/15/48        9,255,000        9,255,000 (j)(k)  

New York State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York Inc. Project, Subseries C-3, LOC - Mizuho Bank Ltd.

      0.050 %      11/1/39        5,800,000        5,800,000 (a)(j)(k) 
          

 

 

  

Total New York

              18,155,000  
          

 

 

  

Virginia - 0.6%

           

Arlington County, VA, IDA Revenue, Westover Apartments, Series A, Refunding, LIQ - FHLMC

      0.060 %      8/1/47        3,200,000        3,200,000 (a)(j)(k) 
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $21,355,000)

              21,355,000  
          

 

 

  
                  SHARES         
MONEY MARKET FUNDS - 0.0%††           

Dreyfus Government Cash Management, Institutional Shares
(Cost - $55,559)

      0.030 %         55,559        55,559  
          

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $21,410,559)

              21,410,559  
          

 

 

  

TOTAL INVESTMENTS - 141.7%
(Cost - $770,773,550)

              848,388,395  

Auction Rate Cumulative Preferred Stock, at Liquidation Value - (4.6)%

 

           (27,625,000 ) 

Variable Rate Demand Preferred Stock, at Liquidation Value - (36.3)%

 

           (217,575,000 ) 

TOB Floating Rate Notes - (1.1)%

              (6,360,000 ) 

Other Assets in Excess of Other Liabilities - 0.3%

              1,989,475  
          

 

 

  

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

            $ 598,817,870  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

    

 

20

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

††

Represents less than 0.1%.

 

*

Non-income producing security.

 

(a)

Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

 

(b)

Maturity date shown represents the mandatory tender date.

 

(c)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 

(d)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

 

(e)

Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.

 

(f)

Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

 

(g)

The coupon payment on this security is currently in default as of February 28, 2021.

 

(h)

The maturity principal is currently in default as of February 28, 2021.

 

(i)

Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust.

 

(j)

Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

 

(k)

Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report      

 

21

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

Abbreviation(s) used in this schedule:

 

AGM    — Assured Guaranty Municipal Corporation - Insured Bonds
BAM    — Build America Mutual - Insured Bonds
CAB    — Capital Appreciation Bonds
CDA    — Communities Development Authority
COP    — Certificates of Participation
CSCE    — Charter School Credit Enhancement
CWA    — Clean Water Act
DFA    — Development Finance Agency
EDA    — Economic Development Authority
EDC    — Economic Development Corporation
EFA    — Educational Facilities Authority
FHLMC    — Federal Home Loan Mortgage Corporation
GO    — General Obligation
GTD    — Guaranteed
HEFA    — Health & Educational Facilities Authority
IDA    — Industrial Development Authority
IDR    — Industrial Development Revenue
ISD    — Independent School District
LIQ    — Liquidity Facility
LOC    — Letter of Credit
MFA    — Municipal Finance Authority
MTA    — Metropolitan Transportation Authority
NATL    — National Public Finance Guarantee Corporation - Insured Bonds
PCFA    — Pollution Control Financing Authority
PEA    — Public Energy Authority
PSF    — Permanent School Fund
SD    — School District
SIFMA    — Securities Industry and Financial Markets Association
SPA    — Standby Bond Purchase Agreement - Insured Bonds
TFA    — Transitional Finance Authority
USD    — Unified School District

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

 

 

See Notes to Schedule of Investments.

 

 

    

 

22

       Western Asset Managed Municipals Fund Inc. 2021 Quarterly Report  

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset Managed Municipals Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal. Effective August 14, 2020, the Board of Directors of the Fund approved amendments to the Fund’s bylaws. The amended and restated bylaws were subsequently filed on Form 8-K and are available on the Securities and Exchange Commission’s website at www.sec.gov.

The Fund seeks to achieve its objective by investing primarily in long-term investment grade municipal debt securities issued by state and local governments, political subdivisions, agencies and public authorities (municipal obligations). Under normal market conditions, the Fund will invest at least 80% of its total assets in municipal obligations rated investment grade at the time of investment. Certain investors may be subject to the federal alternative minimum tax (“AMT”), and state and local taxes will apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation

 

    

 

    

 

23

Notes to Schedule of Investments (unaudited) (continued)

 

Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 

 

    

 

24

    

Notes to Schedule of Investments (unaudited) (continued)

 

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

  •  

Level 1 – quoted prices in active markets for identical investments

 

  •  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  •  

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Long-Term Investments†:

            

Municipal Bonds

      —        $ 817,308,834        —        $ 817,308,834  

Municipal Bonds Deposited in Tender Option Bond Trust

      —          9,669,002        —          9,669,002  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      —          826,977,836        —          826,977,836  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†:

            

Municipal Bonds

      —          21,355,000        —          21,355,000  

Money Market Funds

    $ 55,559        —          —          55,559  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      55,559        21,355,000        —          21,410,559  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 55,559      $ 848,332,836        —        $ 848,388,395  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

 

    

 

    

 

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