NPORT-EX 2 LMF4400LM043023.htm HTML

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 141.3%           

Alabama - 6.2%

           

Alabama State Corrections Institution Finance Authority Revenue, Series A

      5.250 %      7/1/52      $ 2,600,000      $ 2,799,639  

Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Project #6, Series B

      4.000 %      12/1/26        560,000        557,199 (a)(b) 

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

      5.750 %      10/1/49        700,000        724,737 (c)  

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        11,878,119  

Senior Lien, Warrants, Series A, Refunding, AGM

      5.500 %      10/1/53        1,400,000        1,437,293  

Subordinated Lien, Warrants, Series D, Refunding

      6.500 %      10/1/53        6,900,000        7,339,525  

Southeast Alabama Gas Supply District, Gas Supply Revenue, Project #2, Series A

      4.000 %      6/1/24        5,690,000        5,693,728 (a)(b) 
          

 

 

  

Total Alabama

              30,430,240  
          

 

 

  

Alaska - 0.8%

           

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

      5.000 %      12/1/38        750,000        803,873  

Anchorage, AK, Port Revenue, Series A

      5.000 %      12/1/50        1,000,000        1,005,889 (c) 

Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue:

           

Asset Backed Senior Bonds, Class 1, Series A, Refunding

      4.000 %      6/1/50        500,000        437,571  

Asset Backed Senior Bonds, Series A, Class 1, Refunding

      4.000 %      6/1/41        1,690,000        1,571,889  
          

 

 

  

Total Alaska

              3,819,222  
          

 

 

  

Arizona - 5.0%

           

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

      5.000 %      7/1/52        725,000        736,964  

Chandler, AZ, IDA Revenue, Intel Corp. Project

      5.000 %      6/3/24        4,120,000        4,142,254 (a)(b)(c) 

Navajo Nation, AZ, Revenue, Series A, Refunding

      5.500 %      12/1/30        950,000        987,182 (d)  

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

      5.000 %      8/1/42        750,000        802,012  

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

           

Series 2007

      5.250 %      12/1/28        2,000,000        2,086,792  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

1

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Arizona - continued

           

Series 2007

      5.000 %      12/1/32      $ 10,000,000      $ 10,472,266  

Series 2007

      5.000 %      12/1/37        5,500,000        5,617,444  
          

 

 

  

Total Arizona

              24,844,914  
          

 

 

  

California - 18.9%

           

Alameda, CA, Corridor Transportation Authority Revenue:

           

Convertible CAB, Series C, Refunding, AGM

      5.000 %      10/1/52        2,050,000        2,199,265  

Second Subordinated Lien, Series B, Refunding

      5.000 %      10/1/34        1,750,000        1,807,717  

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

      4.520 %      4/1/24        5,500,000        5,526,716 (a)(b) 

California State Community Choice Financing Authority Revenue:

           

Clean Energy Project, Green Bonds, Series A-1

      4.000 %      8/1/28        700,000        699,345 (a)(b) 

Clean Energy Project, Green Bonds, Series B-1

      5.000 %      8/1/29        2,400,000        2,524,968 (a)(b) 

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

      5.000 %      11/15/56        500,000        512,399  

California State MFA Revenue, Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        3,400,000        3,410,217 (c) 

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

      5.000 %      11/21/45        12,500,000        12,514,694 (c)(d) 

California State, GO, Various Purpose, Refunding

      4.000 %      11/1/36        1,000,000        1,015,670  

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

      5.750 %      1/15/45        1,770,000        1,769,861 (d) 

Chino Valley, CA, USD, GO, Series B

      5.000 %      8/1/55        1,250,000        1,341,175  

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

      5.000 %      9/1/44        2,405,000        2,417,046  

Los Angeles, CA, Department of Airports Revenue:

           

Los Angeles International Airport, Subordinated, Series C, Refunding

      4.000 %      5/15/36        800,000        791,867 (c)  

Los Angeles International Airport, Subordinated, Series C, Refunding

      4.000 %      5/15/37        500,000        489,774 (c)  

 

See Notes to Schedule of Investments.

 

 

 

2

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - continued

           

Los Angeles International Airport, Subordinated, Series D

      5.000 %      5/15/38      $ 500,000      $ 523,149 (c) 

Los Angeles International Airport, Subordinated, Series F

      5.000 %      5/15/27        5,565,000        5,874,945 (c) 

Los Angeles International Airport, Subordinated, Series F

      4.000 %      5/15/49        2,000,000        1,837,788 (c) 

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

      5.000 %      7/1/48        2,500,000        2,657,536  

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

           

Series A

      5.000 %      7/1/42        4,000,000        4,208,919  

Series C

      5.000 %      7/1/37        1,000,000        1,072,212  

Series C

      5.000 %      7/1/42        2,000,000        2,117,102  

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

      5.000 %      6/1/48        1,500,000        1,593,086  

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

           

Series A

      7.000 %      11/1/34        3,430,000        4,257,633  

Series B

      6.500 %      11/1/39        8,000,000        9,543,474  

River Islands, CA, Public Financing Authority, Special Tax Revenue:

           

Community Facilities District No. 2003-1

      5.500 %      9/1/37        545,000        532,233  

Community Facilities District No. 2003-1

      5.750 %      9/1/52        1,000,000        961,080  

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

      5.000 %      6/1/37        1,900,000        2,048,145  

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

      5.000 %      10/1/36        1,000,000        1,090,363  

San Diego County, CA, Regional Airport Authority Revenue, Series B

      5.000 %      7/1/46        1,500,000        1,544,829 (c) 

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

      5.000 %      4/1/48        2,500,000        2,607,263  

San Francisco, CA, City & County Airport Commission, International Airport Revenue:

           

Second Series A, Refunding

      5.000 %      5/1/47        9,135,000        9,272,363 (c) 

SFO Fuel Company LLC, Series A, Refunding

      5.000 %      1/1/47        1,500,000        1,532,794 (c) 

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

      5.000 %      7/15/43        1,000,000        1,073,633  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

3

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - continued

           

Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AGM

      5.000 %      6/1/49      $ 1,000,000      $ 1,029,445  

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        527,772  

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

      5.000 %      6/1/48        500,000        513,204  
          

 

 

  

Total California

              93,439,682  
          

 

 

  

Colorado - 6.3%

           

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

      5.750 %      12/1/46        500,000        500,499  

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

      5.000 %      3/1/47        1,600,000        1,669,531  

Colorado State Health Facilities Authority Revenue:

           

Commonspirit Health Initiatives, Series B-2

      5.000 %      8/1/26        1,000,000        1,034,440 (a)(b) 

Commonspirit Health Project, Series A-2

      4.000 %      8/1/49        1,900,000        1,647,706  

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

      5.000 %      12/31/51        600,000        567,586  

Denver, CO, Airport System Revenue, Series C

      6.125 %      11/15/25        10,945,000        11,244,326 (c)(e) 

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

      6.500 %      11/15/38        12,200,000        14,542,133  
          

 

 

  

Total Colorado

              31,206,221  
          

 

 

  

Connecticut - 1.7%

           

Connecticut State Special Tax Revenue:

           

Transportation Infrastructure, Series A

      5.000 %      1/1/37        1,500,000        1,609,279  

Transportation Infrastructure, Series A

      5.000 %      5/1/38        2,750,000        3,021,940  

Connecticut State, GO:

           

Series A

      5.000 %      4/15/35        1,650,000        1,810,141  

Series E

      5.000 %      10/15/34        930,000        987,543  

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

      5.000 %      4/1/39        900,000        888,689 (d)  
          

 

 

  

Total Connecticut

              8,317,592  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

4

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

District of Columbia - 0.6%

           

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

      5.000 %      7/1/48      $ 2,800,000      $ 2,737,956  
          

 

 

  

Florida - 5.8%

           

Broward County, FL, Airport System Revenue, Series 2017

      5.000 %      10/1/47        1,250,000        1,265,377 (c) 

Broward County, FL, Port Facilities Revenue, Series 2022

      5.000 %      9/1/37        400,000        428,403 (c)  

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

      6.125 %      6/15/46        555,000        556,400 (d)  

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

      5.000 %      10/1/30        2,410,000        2,477,988  

Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM

      4.000 %      10/1/52        700,000        641,745  

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

      5.000 %      10/1/47        1,500,000        1,518,453 (c) 

Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E

      5.000 %      10/1/43        1,000,000        1,025,702 (c) 

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

      5.000 %      10/1/49        3,000,000        3,044,958 (c) 

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

      5.000 %      7/1/40        9,000,000        9,004,909  

Miami-Dade County, FL, Seaport Revenue:

           

Senior Bonds, Series A, Refunding

      5.000 %      10/1/47        2,000,000        2,060,190 (c) 

Senior Bonds, Series A, Refunding

      5.250 %      10/1/52        1,500,000        1,566,053 (c) 

Orange County, FL, Health Facilities Authority Revenue:

           

Orlando Health Inc., Series A

      5.000 %      10/1/53        1,000,000        1,044,348  

Presbyterian Retirement Communities, Refunding

      5.000 %      8/1/47        750,000        775,949  

Palm Beach County, FL, Health Facilities Authority Revenue:

           

Acts Retirement-Life Communities

      5.000 %      11/15/45        750,000        718,525  

Jupiter Medical Center Project, Series A

      5.000 %      11/1/52        2,200,000        2,202,523  

Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding

      4.000 %      6/1/41        500,000        399,941  
          

 

 

  

Total Florida

              28,731,464  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

5

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Georgia - 1.3%

           

Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health System, Inc. Project, Series A

      5.000 %      4/1/50      $  1,000,000      $ 1,031,429  

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

      5.000 %      6/15/44        1,000,000        1,076,292  

Georgia State Municipal Electric Authority Power Revenue:

           

Plant Vogtle Units 3&4, Project M, Series A

      5.250 %      7/1/64        900,000        931,467  

Plant Vogtle Units 3&4, Project P, Series A

      5.000 %      1/1/56        1,000,000        956,657  

Plant Vogtle Units 3&4, Project P, Series A

      5.500 %      7/1/64        550,000        557,929  

Project One, Series A

      5.000 %      1/1/50        1,000,000        1,018,972  

Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A

      5.000 %      5/15/43        800,000        798,559  
          

 

 

  

Total Georgia

              6,371,305  
          

 

 

  

Guam - 0.2%

           

Guam Government, Business Privilege Tax Revenue, Series F, Refunding

      4.000 %      1/1/36        970,000        931,841  
          

 

 

  

Idaho - 0.2%

           

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

      5.000 %      12/1/47        1,100,000        1,120,026  
          

 

 

  

Illinois - 18.7%

           

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

      5.000 %      4/1/42        1,500,000        1,479,594  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series G, Refunding

      5.000 %      12/1/34        100,000        102,027  

Dedicated, Series G, Refunding

      5.000 %      12/1/44        420,000        406,786  

Dedicated, Series H

      5.000 %      12/1/36        500,000        501,564  

Dedicated, Series H

      5.000 %      12/1/46        4,150,000        3,982,421  

Series D

      5.000 %      12/1/46        6,435,000        6,125,342  

Chicago, IL, GO:

           

Series A

      5.000 %      1/1/44        1,000,000        974,668  

Series A, Refunding

      5.625 %      1/1/29        2,000,000        2,089,853  

Series A, Refunding

      6.000 %      1/1/38        1,500,000        1,574,485  

Series C, Refunding

      5.000 %      1/1/25        3,000,000        3,042,748  

Chicago, IL, O’Hare International Airport Revenue:

           

General Senior Lien, Series B, Refunding

      5.000 %      1/1/41        1,000,000        1,024,109  

General Senior Lien, Series C, Refunding

      5.000 %      1/1/44        2,500,000        2,589,986 (c) 

Series A, Refunding

      5.000 %      1/1/31        1,000,000        1,016,218 (c) 

 

See Notes to Schedule of Investments.

 

 

 

6

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - continued

           

Series A, Refunding

      5.000 %      1/1/35      $  7,000,000      $ 7,089,884 (c) 

TrIPS Obligated Group

      5.000 %      7/1/48        700,000        693,283 (c)  

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

           

Second Lien

      5.000 %      12/1/51        1,000,000        1,012,839  

Second Lien, Series A, Refunding

      5.000 %      12/1/45        500,000        515,615  

Second Lien, Series A, Refunding

      4.000 %      12/1/55        1,300,000        1,121,803  

Chicago, IL, Wastewater Transmission Revenue:

           

Second Lien

      5.000 %      1/1/44        1,000,000        1,000,328  

Second Lien, Series A

      5.000 %      1/1/47        2,300,000        2,303,222  

Second Lien, Series B, Refunding

      5.000 %      1/1/38        750,000        759,051  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        1,800,000        1,885,252  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/33        1,290,000        1,372,365  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/37        3,610,000        3,740,173  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/38        2,000,000        2,067,823  

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

      4.000 %      11/15/41        1,750,000        1,615,679  

Illinois State Finance Authority Revenue, Northshore University Healthsystem, Series A, Refunding

      4.000 %      8/15/40        1,900,000        1,799,170  

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

      5.000 %      2/15/50        500,000        475,864  

Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, Series 2019, Refunding, BAM

      5.000 %      6/15/28        750,000        784,013  

Illinois State Toll Highway Authority Revenue, Series A

      4.000 %      1/1/46        4,000,000        3,771,386  

Illinois State, GO:

           

Series 2016

      5.000 %      1/1/33        1,500,000        1,535,634  

Series 2016

      5.000 %      11/1/33        2,350,000        2,417,051  

Series 2016, Refunding

      5.000 %      2/1/29        1,660,000        1,726,794  

Series A

      5.000 %      3/1/34        2,000,000        2,111,757  

Series A

      5.000 %      5/1/36        690,000        711,577  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

7

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - continued

           

Series A

      5.000 %      5/1/39      $  2,000,000      $ 2,044,576  

Series A

      5.000 %      3/1/46        1,750,000        1,768,383  

Series A, Refunding

      5.000 %      10/1/29        3,795,000        4,000,429  

Series A, Refunding

      5.000 %      10/1/30        500,000        525,671  

Series D

      5.000 %      11/1/27        2,000,000        2,096,260  

Series D

      5.000 %      11/1/28        750,000        785,614  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      12/15/42        2,750,000        2,369,504  

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      12/15/47        1,500,000        1,238,547  

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50        7,150,000        6,982,953  

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

      6.000 %      7/1/29        4,450,000        5,011,434  
          

 

 

  

Total Illinois

              92,243,735  
          

 

 

  

Indiana - 1.3%

           

Indiana State Finance Authority Revenue:

           

BHI Senior Living Inc., Series A, Refunding

      4.000 %      11/15/41        2,250,000        1,829,040  

Marion General Hospital, Series A

      4.000 %      7/1/45        900,000        840,246  

Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A

      4.250 %      11/1/30        900,000        873,606  

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

      4.000 %      2/1/44        2,000,000        1,939,030  

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

      7.000 %      1/1/44        1,000,000        1,025,185 (c) 
          

 

 

  

Total Indiana

              6,507,107  
          

 

 

  

Iowa - 1.2%

           

Iowa State Finance Authority Revenue:

           

Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding

      5.000 %      12/1/42        3,400,000        3,412,760 (a)(b) 

Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding

      5.000 %      12/1/50        2,000,000        1,955,798  

Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, Class 1, Series A-2, Refunding

      4.000 %      6/1/49        550,000        480,239  
          

 

 

  

Total Iowa

              5,848,797  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

8

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Kentucky - 2.4%

           

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

      5.000 %      12/1/45      $  1,000,000      $ 1,013,929  

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        5,000,000        4,953,749 (a)(b) 

Series C

      4.000 %      6/1/25        5,800,000        5,804,459 (a)(b) 
          

 

 

  

Total Kentucky

              11,772,137  
          

 

 

  

Louisiana - 1.0%

           

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

      5.000 %      4/1/43        2,000,000        2,040,006 (c) 

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

           

Marathon Oil Corp. Project, Series A-3, Refunding

      2.200 %      7/1/26        1,750,000        1,629,822 (a)(b) 

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

      2.375 %      7/1/26        1,300,000        1,217,694 (a)(b) 
          

 

 

  

Total Louisiana

              4,887,522  
          

 

 

  

Maryland - 0.5%

           

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

      5.000 %      7/1/50        1,150,000        1,138,738  

Maryland State Stadium Authority Built to Learn Revenue, Series 2021

      4.000 %      6/1/46        1,495,000        1,378,634  
          

 

 

  

Total Maryland

              2,517,372  
          

 

 

  

Massachusetts - 3.0%

           

Massachusetts State DFA Revenue:

           

Boston Medical Center, Series G

      5.250 %      7/1/52        1,300,000        1,355,301  

Broad Institute Inc., Refunding

      5.000 %      4/1/36        1,000,000        1,077,558  

Milford Regional Medical Center, Series F

      5.750 %      7/15/43        500,000        500,390  

Northeastern University Issue, Refunding

      5.000 %      10/1/44        2,000,000        2,209,655  

UMass Boston Student Housing Project

      5.000 %      10/1/48        750,000        710,615  

Wellforce Issue, Series A, Refunding

      5.000 %      7/1/44        500,000        475,987  

Massachusetts State Port Authority Revenue:

           

Bosfuel Project, Series A, Refunding

      5.000 %      7/1/49        1,100,000        1,120,737 (c) 

Series A, Refunding

      5.000 %      7/1/36        1,700,000        1,802,713 (c) 

Series E

      5.000 %      7/1/46        5,480,000        5,686,091 (c) 
          

 

 

  

Total Massachusetts

              14,939,047  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

9

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - 3.2%

           

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

      5.000 %      7/1/48      $  1,000,000      $ 975,081  

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

           

Senior Lien, Series A

      5.000 %      7/1/46        5,500,000        5,641,343  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        500,000        527,721  

Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue, County Guaranty

      5.000 %      1/1/46        1,000,000        1,049,140 (c) 

Michigan State Finance Authority Revenue:

           

Facilities Program, Series 1-A, Refunding

      5.250 %      10/15/47        650,000        656,415  

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

      5.000 %      7/1/33        625,000        642,670  

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

      5.000 %      7/1/33        1,160,000        1,178,616  

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

      5.000 %      7/1/34        250,000        255,833  

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

      5.000 %      6/1/49        325,000        328,511  

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

      5.000 %      11/15/47        3,000,000        3,063,916  

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

      5.000 %      12/31/43        1,400,000        1,395,650 (c) 
          

 

 

  

Total Michigan

              15,714,896  
          

 

 

  

Missouri - 0.8%

           

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

      5.000 %      2/1/44        2,710,000        2,520,444  

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        1,179,155  
          

 

 

  

Total Missouri

              3,699,599  
          

 

 

  

Nebraska - 0.3%

           

Omaha Public Power District, NE, Electric System Revenue, Series B, Refunding

      4.000 %      2/1/46        1,500,000        1,423,907  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

10

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - 9.3%

           

New Jersey Institute of Technology, GO, Series A

      5.000 %      7/1/45      $ 750,000      $ 765,151  

New Jersey State EDA Revenue:

           

Private Activity-The Goethals Bridge Replacement Project, AGM

      5.125 %      7/1/42        2,500,000        2,513,722 (c) 

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

      5.020 %      3/1/28        15,000,000        15,000,892 (b) 

Special Facility, Port Newark Container Terminal LLC Project, Refunding

      5.000 %      10/1/37        650,000        654,732 (c)  

Transit Transportation Project, Series A

      5.000 %      11/1/32        1,000,000        1,094,844  

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

      5.000 %      6/15/43        4,000,000        4,116,287  

New Jersey State EDA, Special Facility Revenue, Continental Airlines Inc. Project

      5.250 %      9/15/29        3,000,000        2,985,468 (c) 

New Jersey State Health Care Facilities Financing Authority Revenue:

           

Hackensack Meridian Health, Series A, Refunding

      5.000 %      7/1/38        400,000        420,929  

RWJ Barnabas Health Obligation Group, Series A, Refunding

      5.000 %      7/1/43        1,200,000        1,231,218  

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.250 %      6/15/43        1,500,000        1,564,896  

Transportation Program, Series AA

      5.000 %      6/15/50        5,520,000        5,689,526  

Transportation Program, Series BB

      4.000 %      6/15/36        2,250,000        2,250,112  

Transportation Program, Series BB

      5.000 %      6/15/44        2,000,000        2,053,317  

Transportation System, Series A, Refunding

      5.000 %      12/15/25        1,885,000        1,958,847  

New Jersey State Turnpike Authority Revenue, Series G, Refunding

      5.000 %      1/1/35        2,675,000        2,887,564  

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

      5.250 %      6/1/46        600,000        620,214  
          

 

 

  

Total New Jersey

              45,807,719  
          

 

 

  

New York - 19.6%

           

Brookhaven, NY, Local Development Corp. Revenue:

           

Long Island Community Hospital Project, Series A

      5.000 %      10/1/31        1,280,000        1,390,984  

Long Island Community Hospital Project, Series A

      4.000 %      10/1/45        1,250,000        1,138,130  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

11

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - continued

           

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

      5.000 %      11/15/47      $ 1,500,000      $ 1,558,415  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series C-1, Refunding

      4.000 %      11/15/37        500,000        466,364  

Green Bonds, Series E, Refunding

      5.000 %      11/15/30        1,500,000        1,606,801  

Green Bonds, Series E, Refunding

      4.000 %      11/15/45        1,250,000        1,093,723  

Series A-2

      5.000 %      5/15/30        1,800,000        1,909,042 (a)(b) 

Series C-1

      5.000 %      11/15/33        350,000        357,413  

New York City, NY, GO:

           

Subseries A-1

      5.000 %      8/1/47        2,070,000        2,209,358  

Subseries F-1

      5.000 %      3/1/39        2,000,000        2,191,075  

New York City, NY, Industrial Development Agency Revenue:

           

Yankee Stadium Project, Refunding

      4.000 %      3/1/45        500,000        445,239  

Yankee Stadium Project, Refunding, AGM

      4.000 %      3/1/45        750,000        697,971  

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        2,657,085  

Second General Resolution Fiscal 2022, Series AA, Subseries AA-1

      4.000 %      6/15/51        4,500,000        4,244,306  

Second General Resolution, Series CC

      5.000 %      6/15/48        600,000        626,816  

Second General Resolution, Series CC-1, Refunding

      5.000 %      6/15/46        1,000,000        1,031,098  

New York City, NY, TFA Future Tax Secured Revenue, Subseries F-1

      5.000 %      5/1/42        3,000,000        3,145,662  

New York State Dormitory Authority Revenue:

           

Non-State Supported Debt, Memorial Sloan-Kettering Cancer Center, Series B-1

      4.000 %      7/1/51        2,000,000        1,849,464  

Non-State Supported Debt, School District,

           

Series A, AGM

      5.000 %      10/1/29        5,000        5,576 (f)  

Series B, Refunding

      5.000 %      2/15/43        5,000        5,446 (f)  

New York State Dormitory Authority, Income Tax Revenue, Series B, Refunding

      5.000 %      2/15/41        2,995,000        3,153,786  

New York State Dormitory Authority, Sales Tax Revenue:

           

Bidding Group 4, Series A, Refunding

      5.000 %      3/15/45        1,000,000        1,056,500  

Bidding Group 4, Series E, Refunding

      5.000 %      3/15/44        2,000,000        2,125,895  

 

See Notes to Schedule of Investments.

 

 

 

12

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - continued

           

New York State Dormitory Authority, State Personal Income Tax Revenue:

           

Bidding Group 4, Series A, Refunding

      5.000 %      3/15/45      $ 3,250,000      $ 3,439,185  

Bidding Group 4, Series A, Refunding

      4.000 %      3/15/46        7,240,000        6,869,698  

New York State Liberty Development Corp., Liberty Revenue:

           

3 World Trade Center Project, Class 1, Refunding

      5.000 %      11/15/44        1,750,000        1,684,819 (d) 

7 World Trade Center Project, Class 2, Refunding

      3.250 %      9/15/52        3,800,000        2,833,585  

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

      5.500 %      10/1/37        1,485,000        1,685,951  

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

      4.000 %      1/1/45        3,000,000        2,794,222  

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        1,805,013 (c) 

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

      4.375 %      10/1/45        1,500,000        1,364,465 (c) 

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

      4.000 %      12/1/41        2,160,000        1,955,970  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/41        1,250,000        1,250,117 (c) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/46        9,250,000        9,106,883 (c) 

New York State Urban Development Corp. Revenue, State Personal Income Tax, Series C

      4.000 %      3/15/45        2,500,000        2,370,699  

Port Authority of New York & New Jersey Revenue:

           

Consolidated Series 194, Refunding

      5.000 %      10/15/41        6,400,000        6,542,140  

Consolidated Series 221

      4.000 %      7/15/50        2,600,000        2,345,143 (c) 

Consolidated Series 221

      4.000 %      7/15/55        1,000,000        887,560 (c)  

Triborough Bridge & Tunnel Authority, NY, Revenue:

           

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        1,250,000        1,319,285  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        6,900,000        7,352,384  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

13

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - continued

           

General-MTA Bridges & Tunnels, Series A

      4.000 %      11/15/54      $ 1,250,000      $ 1,161,098  

Senior Lien-MTA Bridges & Tunnels, Series C-1A

      5.000 %      5/15/51        4,950,000        5,302,670  
          

 

 

  

Total New York

              97,037,036  
          

 

 

  

North Carolina - 1.3%

           

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

      5.000 %      7/1/49        1,750,000        1,842,762  

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

      4.000 %      6/1/49        750,000        710,061  

North Carolina State Medical Care Commission, Retirement Facilities Revenue:

           

The Forest at Duke Project

      4.000 %      9/1/41        500,000        421,345  

The Forest at Duke Project

      4.000 %      9/1/46        715,000        574,494  

The Forest at Duke Project

      4.000 %      9/1/51        1,000,000        774,670  

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:

           

Series A, Refunding

      5.000 %      7/1/47        750,000        750,690  

Series A, Refunding

      5.000 %      7/1/51        1,500,000        1,499,711  
          

 

 

  

Total North Carolina

              6,573,733  
          

 

 

  

North Dakota - 0.4%

           

Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, AGM

      3.000 %      12/1/46        2,700,000        2,008,698  
          

 

 

  

Ohio - 1.0%

           

Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        2,400,000        2,182,656  

Ohio State Air Quality Development Authority Revenue:

           

American Electric Co. Project, Series B, Refunding

      2.500 %      10/1/29        1,500,000        1,311,904 (a)(b)(c) 

AMG Vanadium Project, Series 2019

      5.000 %      7/1/49        600,000        523,177 (c)  

Duke Energy Corp. Project, Series B, Refunding

      4.250 %      6/1/27        1,000,000        994,337 (a)(b)(c) 
          

 

 

  

Total Ohio

              5,012,074  
          

 

 

  

Oklahoma - 0.4%

           

Oklahoma State Municipal Power Authority Revenue, Series A, Refunding, AGM

      4.000 %      1/1/47        2,000,000        1,857,861  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

14

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Oregon - 0.6%

           

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

      5.000 %      6/1/46      $ 2,000,000      $ 2,031,344  

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

      5.000 %      7/1/24        1,000,000        1,016,048 (c) 
          

 

 

  

Total Oregon

              3,047,392  
          

 

 

  

Pennsylvania - 6.4%

           

Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series A, AGM

      4.250 %      12/1/47        750,000        725,914  

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

           

Series 2018

      5.000 %      6/1/32        250,000        268,315  

Series 2018

      5.000 %      6/1/33        500,000        535,945  

Cumberland County, PA, Municipal Authority Revenue:

           

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/30        375,000        387,107 (f)  

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/30        1,145,000        1,155,884  

Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental Tax:

           

Series B, Refunding

      4.750 %      5/1/53        1,000,000        1,002,976  

Series B, Refunding

      4.750 %      5/1/57        2,500,000        2,507,440  

Lancaster County, PA, Hospital Authority Revenue, Penn State Health, Series 2021

      5.000 %      11/1/46        2,750,000        2,851,675  

Pennsylvania State Economic Development Financing Authority Revenue, Tax-Exempt Private Activity:

           

The Penndot Major Bridges Package One Project

      5.750 %      6/30/48        2,000,000        2,131,672 (c) 

The Penndot Major Bridges Package One Project

      5.250 %      6/30/53        4,500,000        4,586,625 (c) 

Pennsylvania State Higher EFA Revenue,

           

Trustees of University of Pennsylvania, Series A

      5.000 %      2/15/48        1,250,000        1,314,973  

Pennsylvania State Turnpike Commission Revenue:

           

Series A, Refunding

      5.000 %      12/1/47        1,500,000        1,588,463  

Series A-2, Refunding

      5.000 %      12/1/48        1,000,000        1,034,875  

Series B, Refunding

      5.250 %      12/1/47        1,200,000        1,310,151  

Series C, Refunding

      4.000 %      12/1/51        2,000,000        1,818,616  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

15

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Pennsylvania - continued

           

Subordinated, Series B

      5.000 %      12/1/48      $  2,900,000      $ 2,978,842  

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

      5.000 %      10/1/30        1,200,000        1,353,817  

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

      5.000 %      9/1/33        1,755,000        1,810,876  

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        628,014  

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

      5.000 %      6/1/33        1,780,000        1,857,402  
          

 

 

  

Total Pennsylvania

              31,849,582  
          

 

 

  

Puerto Rico - 6.1%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:

           

Senior Lien, Series A, Refunding

      5.000 %      7/1/47        3,700,000        3,573,475 (d) 

Series B, Refunding

      5.000 %      7/1/33        1,340,000        1,343,530 (d) 

Puerto Rico Commonwealth Highway & Transportation Authority Revenue:

           

CAB, Restructured, Series B

      0.000 %      7/1/32        333,000        208,125  

Restructured, Series A

      5.000 %      7/1/62        375,000        347,813  

Puerto Rico Commonwealth, GO:

           

CAB, Restructured, Series A-1

      0.000 %      7/1/24        15,634        14,674  

CAB, Restructured, Series A-1

      0.000 %      7/1/33        60,471        34,455  

Restructured, Series A-1

      5.250 %      7/1/23        26,240        26,316  

Restructured, Series A-1

      5.375 %      7/1/25        52,334        53,136  

Restructured, Series A-1

      5.625 %      7/1/27        51,860        53,573  

Restructured, Series A-1

      5.625 %      7/1/29        51,018        53,232  

Restructured, Series A-1

      5.750 %      7/1/31        49,554        52,161  

Restructured, Series A-1

      4.000 %      7/1/33        46,990        42,106  

Restructured, Series A-1

      4.000 %      7/1/35        992,237        869,103  

Restructured, Series A-1

      4.000 %      7/1/37        3,125,000        2,672,544  

Restructured, Series A-1

      4.000 %      7/1/41        489,287        404,183  

Restructured, Series A-1

      4.000 %      7/1/46        51,258        40,817  

Subseries CW

      0.000 %      11/1/43        221,913        95,700 (b)  

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        2,230,000        1,555,425 *(g) 

Series A

      5.050 %      7/1/42        350,000        244,125 *(g)  

Series XX

      5.250 %      7/1/40        3,495,000        2,455,237 *(g) 

Series ZZ, Refunding

      —       7/1/18        1,250,000        854,687 *(h)  

 

See Notes to Schedule of Investments.

 

 

 

16

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - continued

           

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

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27      $ 960,000      $ 786,929  

CAB, Restructured, Series A-1

      0.000 %      7/1/46        6,030,000        1,545,368  

Restructured, Series A-1

      4.550 %      7/1/40        230,000        214,790  

Restructured, Series A-1

      4.750 %      7/1/53        400,000        358,553  

Restructured, Series A-1

      5.000 %      7/1/58        3,600,000        3,340,080  

Restructured, Series A-2

      4.329 %      7/1/40        6,380,000        5,797,521  

Restructured, Series A-2A

      4.550 %      7/1/40        3,550,000        3,315,245  
          

 

 

  

Total Puerto Rico

              30,352,903  
          

 

 

  

South Carolina - 0.7%

           

South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding

      4.000 %      12/1/44        2,000,000        1,861,920  

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/48        1,750,000        1,778,745 (c) 
          

 

 

  

Total South Carolina

              3,640,665  
          

 

 

  

South Dakota - 0.1%

           

South Dakota State HEFA Revenue, Regional Health

      5.000 %      9/1/40        500,000        508,136  
          

 

 

  

Tennessee - 2.3%

           

Clarksville, TN, Water, Sewer & Gas Revenue, Series A

      4.000 %      2/1/51        2,500,000        2,335,965  

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

      5.000 %      9/1/40        1,200,000        1,200,304  

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

           

Subordinated, Green Bonds, Series A

      5.000 %      7/1/42        500,000        525,787  

Subordinated, Series B, Refunding

      5.000 %      7/1/46        1,000,000        1,046,482  

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

      4.000 %      11/1/25        6,500,000        6,496,200 (a)(b) 
          

 

 

  

Total Tennessee

              11,604,738  
          

 

 

  

Texas - 6.9%

           

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

      5.000 %      2/15/48        1,250,000        1,297,827  

Austin, TX, Airport System Revenue:

           

Series 2022

      5.000 %      11/15/52        1,500,000        1,535,340 (c) 

Series B

      5.000 %      11/15/39        2,520,000        2,630,013 (c) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

17

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - continued

           

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

      4.000 %      1/1/50      $  3,300,000      $ 2,993,360  

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

      5.000 %      2/15/49        500,000        525,161  

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        4,290,298  

Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Texas Children’s Hospital, Series B, Refunding

      5.000 %      10/1/31        1,250,000        1,411,780 (a)(b) 

Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD

      4.000 %      2/15/47        1,250,000        1,181,973  

Houston, TX, Airport System Revenue:

           

Series B-1

      5.000 %      7/15/30        5,500,000        5,444,841 (c) 

Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1

      4.000 %      7/15/41        1,500,000        1,292,975 (c) 

Subordinated Lien, Series A, Refunding

      4.000 %      7/1/40        2,000,000        1,886,120 (c) 

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

      5.000 %      11/15/44        1,000,000        1,013,268  

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

           

Series 2017

      5.000 %      11/1/33        120,000        124,697 (c)  

Series 2017

      5.000 %      11/1/36        120,000        123,239 (c)  

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

      5.000 %      4/1/46        750,000        752,755  

Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, Series A

      4.000 %      8/15/51        1,000,000        745,800  

North Texas Tollway Authority Revenue:

           

Series A, Refunding

      5.000 %      1/1/39        825,000        852,549  

Series B, Refunding

      5.000 %      1/1/45        2,105,000        2,139,908  

Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue, Jefferson Gulf Coast Energy Project, Series A

      3.000 %      1/1/50        400,000        242,041 (c)(d) 

Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas

      4.000 %      10/1/42        1,750,000        1,670,014  

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

      5.000 %      12/31/45        1,600,000        1,593,896 (c) 

 

See Notes to Schedule of Investments.

 

 

 

18

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

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      $ 365,000 *(d)(g) 

Subordinated, Inspired Living at Lewisville Project, Series B

      10.000 %      12/1/51        150,000        7,500 *(g) 
          

 

 

  

Total Texas

              34,120,355  
          

 

 

  

Utah - 1.5%

           

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

      5.000 %      7/1/43        5,250,000        5,354,488 (c) 

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

      5.000 %      4/15/47        1,000,000        1,010,656  

Utah State Infrastructure Agency, Telecommunications Revenue:

           

Series 2019

      4.000 %      10/15/39        1,000,000        825,138  

Series 2021

      4.000 %      10/15/38        500,000        417,842  
          

 

 

  

Total Utah

              7,608,124  
          

 

 

  

Virginia - 2.0%

           

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

      5.000 %      7/1/35        700,000        765,949  

Virginia State Port Authority, Port Facilities Revenue:

           

Series B, Refunding

      5.000 %      7/1/41        1,100,000        1,129,872 (c) 

Series B, Refunding

      5.000 %      7/1/45        1,500,000        1,533,210 (c) 

Virginia State Small Business Financing Authority Revenue:

           

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/32        500,000        537,031  

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/34        300,000        321,090  

Senior Lien, 95 Express Lanes LLC Project, Refunding

      5.000 %      7/1/35        3,000,000        3,155,166 (c) 

Senior Lien, 95 Express Lanes LLC Project, Refunding

      5.000 %      1/1/37        1,000,000        1,032,158 (c) 

Senior Lien, I-495 HOT Lanes Project, Refunding

      5.000 %      12/31/47        1,250,000        1,261,770 (c) 
          

 

 

  

Total Virginia

              9,736,246  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

19

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Washington - 1.9%

           

Port of Seattle, WA, Intermediate Lien Revenue:

           

Series 2019

      4.000 %      4/1/44      $ 750,000      $ 681,713 (c)  

Series 2019

      5.000 %      4/1/44        1,500,000        1,550,686 (c)  

Series 2022, Refunding

      5.000 %      8/1/41        2,500,000        2,646,680 (c)  

Series C

      5.000 %      5/1/42        1,500,000        1,522,761 (c)  

Washington State Health Care Facilities Authority Revenue:

           

Seattle Cancer Care Alliance, Refunding

      5.000 %      12/1/33        245,000        265,272  

Seattle Cancer Care Alliance, Refunding

      4.000 %      12/1/45        1,200,000        1,117,032  

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/50        1,500,000        1,523,749  
          

 

 

  

Total Washington

              9,307,893  
          

 

 

  

Wisconsin - 1.4%

           

Mount Pleasant, WI, Tax Increment Revenue, Series A

      5.000 %      4/1/48        2,500,000        2,574,743  

Public Finance Authority, WI, Revenue:

           

Carmelite System Inc., Obligated Group, Series 2020, Refunding

      5.000 %      1/1/40        500,000        489,387  

Cone Health, Series A

      5.000 %      10/1/52        1,500,000        1,550,240  

Public Finance Authority, WI, Student Housing Revenue, University of Hawai’i Foundation Project, Green Bonds, Series A-1

      4.000 %      7/1/51        1,390,000        1,050,190 (d)  

Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A

      5.500 %      12/1/52        1,250,000        1,348,278  
          

 

 

  

Total Wisconsin

              7,012,838  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $709,944,759)

 

      698,590,575  
          

 

 

  
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(i) - 3.2%

 

      

New York- 3.2%

           

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2023, Subseries AA-1

      5.250 %      6/15/52        6,920,000        7,639,560  

New York State Dormitory Authority, State Personal Income Tax Revenue, General Purpose Bonds, Series A

      4.000 %      3/15/45        8,480,000        8,076,047  

TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST
(Cost - $15,915,012)

              15,715,607  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $725,859,771)

 

           714,306,182  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

20

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
SHORT-TERM INVESTMENTS - 5.0%           
MUNICIPAL BONDS - 5.0%           

Alabama - 2.0%

           

West Jefferson, AL, Solid Waste Disposal Revenue, Alabama Power Company Miller Plant Project, Series 2008

      2.800 %      12/1/38      $ 9,970,000      $ 9,970,000 (c)(j)(k) 
          

 

 

  

Arizona - 0.2%

           

Phoenix, AZ, IDA, Health Care Facilities Revenue, Mayo Clinic, Series B, SPA - Northern Trust Co.

      2.600 %      11/15/52        800,000        800,000 (j)(k)  
          

 

 

  

Delaware - 0.1%

           

University of Delaware Revenue, Series 2005, Refunding, SPA-TD Bank N.A.

      2.500 %      11/1/35        300,000        300,000 (j)(k)  
          

 

 

  

Georgia - 2.5%

           

Bartow County Development Authority, GA, Georgia Power Company Plant Bowen Project, Second Series 2022

      3.050 %      11/1/62        12,600,000        12,600,000 (c)(j)(k) 
          

 

 

  

Minnesota - 0.2%

           

Minneapolis, MN, Health Care System Revenue, Fairview Health Services, Series C, Refunding, LOC-Wells Fargo Bank N.A.

      2.650 %      11/15/48        1,000,000        1,000,000 (j)(k)  
          

 

 

  

Texas - 0.0%††

           

Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Texas Children’s Hospital, Series C, Refunding, SPA-Bank of America N.A.

      2.400 %      10/1/41        200,000        200,000 (j)(k)  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $24,870,000)

              24,870,000  
          

 

 

  
                  SHARES         
MONEY MARKET FUNDS - 0.0%††           

Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $53,007)

      4.513 %         53,007        53,007 (l)(m)  
          

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $24,923,007)

              24,923,007  
          

 

 

  

TOTAL INVESTMENTS - 149.5%
(Cost - $750,782,778)

              739,229,189  
          

 

 

  

TOB Floating Rate Notes - (1.8)%

              (8,855,000 ) 

Other Liabilities in Excess of Other Assets - (47.7)%

              (235,920,518 ) 
          

 

 

  

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

            $ 494,453,671  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

21

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

 

††

Represents less than 0.1%.

 

*

Non-income producing security.

 

(a)

Maturity date shown represents the mandatory tender date.

 

(b)

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.

 

(c)

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

 

(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, 2023.

 

(h)

The maturity principal is currently in default as of February 28, 2023.

 

(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.

 

(l)

Rate shown is one-day yield as of the end of the reporting period.

 

(m)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2023, the total market value of investments in Affiliated Companies was $53,007 and the cost was $53,007 (Note 2).

 

See Notes to Schedule of Investments.

 

 

 

22

  

    Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2023

 

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
DFA    — Development Finance Agency
EDA    — Economic Development Authority
EDC    — Economic Development Corporation
EFA    — Educational Facilities Authority
GO    — General Obligation
GTD    — Guaranteed
HEFA    — Health & Educational Facilities Authority
IDA    — Industrial Development Authority
IDR    — Industrial Development Revenue
ISD    — Independent School District
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.

 

 

Western Asset Managed Municipals Fund Inc. 2023 Quarterly Report    

  

 

 

23

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.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(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. 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.

Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and 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.

 

 

 

24

    

Notes to Schedule of Investments (unaudited) (cont’d)

 

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.

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 – unadjusted 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.

 

   

 

 

25

Notes to Schedule of Investments (unaudited) (cont’d)

 

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

      —        $ 698,590,575        —        $ 698,590,575  

Municipal Bonds Deposited in Tender Option Bond Trust

      —          15,715,607        —          15,715,607  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      —          714,306,182        —          714,306,182  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†:

            

Municipal Bonds

      —          24,870,000        —          24,870,000  

Money Market Funds

    $ 53,007        —          —          53,007  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      53,007        24,870,000        —          24,923,007  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 53,007      $ 739,176,182        —        $ 739,229,189  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2023. The following transactions were effected in such company for the period ended February 28, 2023.

 

     Affiliate
Value at
May 31,
2022		      Purchased      Sold      Realized
Gain (Loss)		      Dividend
Income		      Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		      Affiliate
Value at
February 28,
2023		  

 

    Cost      Shares      Proceeds      Shares  
Western Asset Premier Institutional Government Reserves, Premium Shares    $ 7,485      $ 4,066,816        4,066,816      $ 4,021,294        4,021,294        —        $ 947        —        $ 53,007  

 

 

 

26