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WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

Schedule of investments (unaudited)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 150.4%           

Alabama - 2.9%

           

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

      5.750 %      10/1/49      $ 200,000      $ 227,538 (a) 

Jefferson County, AL, Sewer Revenue:

           

Subordinated Lien, Warrants, Series D, Refunding

      6.000 %      10/1/42        760,000        885,180  

Subordinated Lien, Warrants, Series D, Refunding

      6.500 %      10/1/53        1,300,000        1,531,504  

Lower Alabama Gas District, Natural Gas Revenue, Series A

      5.000 %      9/1/46        850,000        1,196,630  

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

      4.000 %      6/1/24        850,000        930,061 (b)(c) 
          

 

 

  

Total Alabama

              4,770,913  
          

 

 

  

Alaska - 0.4%

           

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

      5.000 %      12/1/39        245,000        301,779  

Anchorage, AK, Port Revenue, Series A

      5.000 %      12/1/50        300,000        354,087 (a)  
          

 

 

  

Total Alaska

              655,866  
          

 

 

  

Arizona - 3.0%

           

Chandler, AZ, IDA Revenue, Intel Corp. Project

      5.000 %      6/3/24        1,650,000        1,877,254 (a)(b)(c) 

Navajo Nation, AZ, Revenue, Series A, Refunding

      5.500 %      12/1/30        275,000        306,485 (d)  

Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007

      5.000 %      12/1/32        2,000,000        2,624,080  
          

 

 

  

Total Arizona

              4,807,819  
          

 

 

  

California - 19.1%

           

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

      5.000 %      10/1/34        500,000        589,595  

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        2,500,000        2,539,500 (b)(c) 

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        500,000        590,220 (a)  

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/47        500,000        587,115 (a)  

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

      5.000 %      11/21/45        1,000,000        1,060,150 (a)(d) 

California State, GO, Various Purpose

      5.000 %      4/1/43        3,000,000        3,267,060  

Chino Valley, CA, USD, GO, Series B

      5.000 %      8/1/55        500,000        629,020  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

1

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

Eastern Municipal Water District Financing Authority, CA, Water & Wastewater Revenue, Series D

      5.000 %      7/1/47      $ 1,000,000      $ 1,198,490  

Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding

      5.250 %      6/1/47        1,050,000        1,089,417  

Los Angeles, CA, Department of Airports Revenue:

           

Los Angeles International Airport, Subordinated, Series D

      5.000 %      5/15/49        1,500,000        1,793,565 (a) 

Los Angeles International Airport, Subordinated, Series F

      5.000 %      5/15/27        1,500,000        1,857,375 (a) 

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

      5.000 %      7/1/47        1,000,000        1,184,790  

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

      5.000 %      10/1/42        125,000        142,655 (d)  

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

           

Series B

      7.000 %      11/1/34        2,490,000        3,832,409  

Series C

      6.500 %      11/1/39        2,000,000        3,162,480  

Northern California Energy Authority, Commodity Supply Revenue, Series A

      4.000 %      7/1/24        500,000        550,535 (b)(c) 

Rancho Cucamonga, CA, RDA, Rancho Redevelopment Project Area, AGM

      5.000 %      9/1/30        750,000        851,880  

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

      5.500 %      9/1/45        500,000        527,695  

Riverside County, CA, Transportation Commission Toll Revenue:

           

Senior Lien, Series A

      5.750 %      6/1/44        100,000        109,040  

Senior Lien, Series A

      5.750 %      6/1/48        200,000        218,022  

Riverside, CA, Electric Revenue, Series A, Refunding

      5.000 %      10/1/48        750,000        929,595  

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

      5.000 %      10/1/38        300,000        365,691  

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

      5.000 %      4/1/48        1,000,000        1,179,950  

 

See Notes to Schedule of Investments.

 

 

 

2

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A

      5.000 %      6/1/48      $ 300,000      $ 365,166  

Tulare, CA, Sewer Revenue, Refunding, AGM

      5.000 %      11/15/41        2,000,000        2,340,880  
          

 

 

  

Total California

              30,962,295  
          

 

 

  

Colorado - 5.1%

           

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

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

Colliers Hill Metropolitan District #2, CO, GO, Senior Bonds, Series A

      6.250 %      12/1/37        750,000        789,570  

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

      4.000 %      8/1/44        600,000        665,862  

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

      5.000 %      12/31/51        200,000        224,040  

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

      6.500 %      11/15/38        4,000,000        5,996,080  
          

 

 

  

Total Colorado

              8,196,647  
          

 

 

  

Connecticut - 2.6%

           

Connecticut State Special Tax Revenue:

           

Special Tax Obligation Bonds, Series A

      5.000 %      5/1/40        1,000,000        1,249,210  

Transportation Infrastructure, Series A

      5.000 %      1/1/37        500,000        606,530  

Connecticut State, GO:

           

Series A

      4.000 %      4/15/37        500,000        578,740  

Series E

      5.000 %      10/15/34        270,000        324,791  

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

      5.000 %      4/1/39        250,000        278,920 (d)  

University of Connecticut, Student Fee Revenue, Series A

      5.000 %      11/15/43        1,000,000        1,213,570  
          

 

 

  

Total Connecticut

              4,251,761  
          

 

 

  

Delaware - 0.4%

           

Delaware State Health Facilities Authority Revenue, Beebe Medical Center Project

      5.000 %      6/1/48        500,000        582,265  
          

 

 

  

District of Columbia - 0.7%

           

District of Columbia Revenue:

           

Ingleside Rock Creek Project, Series A

      4.125 %      7/1/27        200,000        202,506  

KIPP DC Issue, Series A, Refunding

      5.000 %      7/1/37        800,000        942,088  
          

 

 

  

Total District of Columbia

              1,144,594  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

3

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Florida - 6.7%

           

Broward County, FL, Airport System Revenue:

           

Series 2017

      5.000 %      10/1/47      $ 350,000      $ 408,278 (a)  

Series A

      5.000 %      10/1/45        1,000,000        1,138,980 (a)  

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

      6.125 %      6/15/46        160,000        179,229 (d)  

Florida State Mid-Bay Bridge Authority Revenue, First Senior Lien, Series A, Refunding

      5.000 %      10/1/40        740,000        837,909  

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

      5.000 %      10/1/42        500,000        589,375 (a)  

Miami-Dade County, FL, Aviation Revenue:

           

Series A, Refunding

      5.000 %      10/1/41        3,000,000        3,491,760  

Series A, Refunding

      5.000 %      10/1/49        500,000        598,260 (a)  

Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding

      5.000 %      7/1/24        1,250,000        1,428,475  

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

      5.000 %      8/1/47        250,000        270,488  

Palm Beach County, FL, Health Facilities Authority Revenue, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B-1

      3.000 %      6/1/27        500,000        510,870  

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

      5.000 %      7/1/50        250,000        307,225  

Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding

      5.000 %      10/15/42        1,000,000        1,168,860  
          

 

 

  

Total Florida

              10,929,709  
          

 

 

  

Georgia - 0.8%

           

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

      5.000 %      1/1/50        250,000        305,620  

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

           

Series A

      5.000 %      5/15/43        650,000        770,419  

Series C

      4.000 %      9/1/26        150,000        172,634 (b)(c)  
          

 

 

  

Total Georgia

              1,248,673  
          

 

 

  

Illinois - 18.3%

           

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

      5.000 %      4/1/42        500,000        580,000  

 

See Notes to Schedule of Investments.

 

 

 

4

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Chicago, IL, Board of Education, GO:

           

Dedicated, Series G, Refunding

      5.000 %      12/1/44      $ 330,000      $ 376,896  

Series D

      5.000 %      12/1/46        2,000,000        2,304,480  

Chicago, IL, GO:

           

Series 2002B

      5.500 %      1/1/37        60,000        66,455  

Series A

      5.000 %      1/1/44        100,000        113,514  

Series A, Refunding

      5.000 %      1/1/28        750,000        893,602  

Series A, Refunding

      6.000 %      1/1/38        500,000        592,785  

Series C, Refunding

      5.000 %      1/1/25        1,000,000        1,129,000  

Series D, Refunding

      5.500 %      1/1/34        950,000        1,054,690  

Chicago, IL, O’Hare International Airport Revenue:

           

General Senior Lien, Series B, Refunding

      5.000 %      1/1/41        250,000        290,053  

Senior Lien, Series D

      5.000 %      1/1/47        500,000        578,360  

Senior Lien, Series D

      5.000 %      1/1/52        500,000        576,920  

Series C

      5.000 %      1/1/35        2,200,000        2,502,852 (a) 

Trips Obligated Group

      5.000 %      7/1/48        200,000        231,862 (a)  

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

           

Second Lien

      5.000 %      12/1/51        250,000        286,790  

Second Lien, Series A, Refunding

      4.000 %      12/1/55        600,000        661,620  

Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding

      5.000 %      1/1/38        750,000        886,072  

Chicago, IL, Waterworks Revenue:

           

Second Lien Project

      5.000 %      11/1/34        800,000        904,624  

Second Lien Project

      5.000 %      11/1/39        500,000        564,400  

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

      4.000 %      11/15/40        500,000        581,555  

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

      4.000 %      8/15/40        500,000        582,455  

Illinois State Sports Facilities Authority Revenue:

           

State Tax Supported, Series 2019, Refunding

      5.000 %      6/15/30        250,000        292,405  

State Tax Supported, Series 2019, Refunding, BAM

      5.000 %      6/15/30        250,000        313,483  

Illinois State Toll Highway Authority Revenue, Senior Series A, Refunding

      5.000 %      12/1/31        1,500,000        1,787,055  

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

      5.000 %      4/1/37        100,000        119,377  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

5

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Illinois State, GO:

           

Series 2006

      5.500 %      1/1/30      $ 50,000      $ 62,425  

Series 2016

      5.000 %      1/1/33        500,000        554,130  

Series 2016

      5.000 %      11/1/33        650,000        729,579  

Series 2016, Refunding

      5.000 %      2/1/29        440,000        506,581  

Series A

      5.000 %      5/1/36        250,000        285,973  

Series A

      5.000 %      5/1/39        600,000        681,342  

Series A, Refunding

      5.000 %      10/1/29        1,300,000        1,539,525  

Series A, Refunding

      5.000 %      10/1/30        150,000        176,642  

Series D

      5.000 %      11/1/27        900,000        1,048,617  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50        1,000,000        1,188,280  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      6/15/42        1,500,000        1,815,330  

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

      6.000 %      7/1/29        1,300,000        1,631,760  

University of Illinois, COP, Series C, Refunding

      5.000 %      3/15/24        1,000,000        1,127,000  
          

 

 

  

Total Illinois

              29,618,489  
          

 

 

  

Indiana - 2.1%

           

Indiana State Finance Authority Revenue, Marion General Hospital, Series A

      4.000 %      7/1/45        300,000        337,170  

Indianapolis, IN, Local Public Improvement Bond Bank:

           

Courthouse and Jail Project, Series A

      5.000 %      2/1/54        850,000        1,036,005  

Series K

      5.000 %      6/1/27        2,000,000        2,019,460  
          

 

 

  

Total Indiana

              3,392,635  
          

 

 

  

Iowa - 0.1%

           

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

      3.125 %      12/1/22        130,000        132,587  
          

 

 

  

Kentucky - 1.1%

           

Kentucky State PEA, Gas Supply Revenue, Series A

      4.000 %      6/1/26        1,500,000        1,717,095 (b)(c) 
          

 

 

  

Louisiana - 2.4%

           

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

      5.000 %      4/1/43        500,000        586,855 (a)  

Shreveport, LA, Water & Sewer Revenue, Refunding, AGM

      5.000 %      12/1/34        2,080,000        2,427,568  

 

See Notes to Schedule of Investments.

 

 

 

6

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Louisiana - (continued)

           

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

           

Marathon Oil Corp. Project, Refunding

      2.200 %      7/1/26      $ 350,000      $ 359,600 (b)(c) 

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

      2.375 %      7/1/26        500,000        518,160 (b)(c) 
          

 

 

  

Total Louisiana

              3,892,183  
          

 

 

  

Maryland - 0.3%

           

Maryland State EDC Revenue, Morgan State University Project

      4.000 %      7/1/40        500,000        548,955  
          

 

 

  

Massachusetts - 3.2%

           

Massachusetts State Clean Water Trust, Unrefunded Balance, MWRA Project, Subordinated, Series A

      5.750 %      8/1/29        355,000        356,438  

Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series A, Refunding

      5.000 %      1/1/34        1,000,000        1,249,450  

Massachusetts State DFA Revenue:

           

International Charter School

      5.000 %      4/15/40        1,875,000        2,018,700  

UMass Boston Student Housing Project

      5.000 %      10/1/48        200,000        212,166  

Wellforce Issue, Series A, Refunding

      5.000 %      7/1/44        250,000        296,755  

Massachusetts State Port Authority Revenue:

           

Bosfuel Project, Series A, Refunding

      4.000 %      7/1/44        400,000        441,100 (a)  

Series A, Refunding

      5.000 %      7/1/36        500,000        621,540 (a)  
          

 

 

  

Total Massachusetts

              5,196,149  
          

 

 

  

Michigan - 2.6%

           

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

      5.000 %      7/1/43        300,000        338,274  

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

           

Senior Lien, Series A

      5.000 %      7/1/46        1,300,000        1,534,741  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        150,000        180,499  

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

      6.750 %      7/1/44        250,000        261,330 (d)  

Michigan State Finance Authority Revenue:

           

Facilities Program, Series 1-A, Refunding

      5.250 %      10/15/47        250,000        278,342  

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

      5.000 %      7/1/44        380,000        404,594 (e)  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

7

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - (continued)

           

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

      5.000 %      7/1/33      $ 370,000      $ 421,511  

Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding

      4.000 %      6/1/49        150,000        167,975  

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

      5.000 %      6/1/49        100,000        119,574  

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

      5.000 %      12/31/43        400,000        477,332 (a)  
          

 

 

  

Total Michigan

              4,184,172  
          

 

 

  

Missouri - 0.3%

           

Missouri State HEFA Revenue, Lutheran Senior Service Projects, Series A

      5.000 %      2/1/42        150,000        166,098  

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

      5.000 %      9/1/38        350,000        389,690  
          

 

 

  

Total Missouri

              555,788  
          

 

 

  

New Jersey - 15.0%

           

Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM

      5.000 %      11/1/27        240,000        267,024  

New Jersey State EDA Revenue:

           

Cigarette Tax, Refunding

      5.000 %      6/15/29        500,000        519,580  

Private Activity-The Goethals Bridge Replacement Project

      5.375 %      1/1/43        1,000,000        1,101,990 (a) 

Provident Group - Rowan Properties LLC, Rowan University Housing Project

      5.000 %      1/1/48        500,000        513,990  

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

      1.630 %      3/1/28        2,500,000        2,504,175 (c) 

New Jersey State EDA, Special Facility Revenue:

           

Continental Airlines Inc. Project

      5.250 %      9/15/29        2,000,000        2,125,700 (a) 

Port Newark Container Terminal LLC Project, Refunding

      5.000 %      10/1/37        175,000        198,212 (a)  

New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding

      5.000 %      7/1/42        3,000,000        3,442,410  

New Jersey State Health Care Facilities Financing Authority Revenue:

           

Hackensack Meridian Health, Series A, Refunding

      5.000 %      7/1/38        100,000        119,352  

 

See Notes to Schedule of Investments.

 

 

 

8

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - (continued)

           

RWJ Barnabas Health Obligation Group, Series A, Refunding

      5.000 %      7/1/43      $ 300,000      $ 355,065  

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.000 %      6/15/38        6,000,000        6,250,200  

Transportation Program, Series AA

      5.000 %      6/15/40        2,405,000        2,915,269  

Transportation System, Series A, Refunding

      5.000 %      12/15/27        200,000        245,156  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        1,050,000        1,305,108  

New Jersey State, GO, COVID-19 Emergency, Series A

      5.000 %      6/1/29        1,750,000        2,217,932  

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

      5.250 %      6/1/46        200,000        237,994  
          

 

 

  

Total New Jersey

              24,319,157  
          

 

 

  

New York - 20.8%

           

Brookhaven, NY, Local Development Corp. Revenue, Long Island Community Hospital Project, Series A, Refunding

      5.000 %      10/1/32        750,000        952,387  

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

      5.000 %      11/15/47        500,000        587,630  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series A-2

      5.000 %      11/15/24        150,000        171,402  

Green Bonds, Series D-1

      5.000 %      11/15/43        250,000        300,823  

Green Bonds, Series D-3

      4.000 %      11/15/49        250,000        273,325  

Green Bonds, Series E, Refunding

      5.000 %      11/15/30        250,000        319,643  

Green Bonds, Series E, Refunding

      4.000 %      11/15/45        500,000        549,760  

Series A-2

      5.000 %      5/15/30        500,000        617,685 (b)(c) 

Series B, Refunding

      5.000 %      11/15/37        250,000        288,675  

Nassau County, NY, Industrial Development Agency, Continuing Care Retirement Community Revenue, Amsterdam at Harborside, Series C

      2.000 %      1/1/49        76,191        7,619  

New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Refunding

      4.000 %      3/1/45        400,000        449,100  

New York City, NY, TFA Future Tax Secured Revenue, Series C-1

      4.000 %      5/1/43        3,100,000        3,520,484  

New York State Dormitory Authority Revenue:

           

Bidding Group 4, Series A, Refunding

      4.000 %      3/15/46        750,000        848,085  

New School, Series A, Refunding

      5.000 %      7/1/35        2,000,000        2,298,840  

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

      5.000 %      3/15/44        850,000        1,029,146  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

9

WESTERN ASSET MUNICIPAL PARTNERS 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 %      10/1/35      $ 1,000,000      $ 1,234,450  

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

      5.000 %      3/15/46        1,000,000        1,203,290  

New York State Liberty Development Corp., Liberty Revenue:

           

3 World Trade Center Project, Class 1, Refunding

      5.000 %      11/15/44        490,000        533,047 (d)  

4 World Trade Center Project, Refunding

      5.750 %      11/15/51        2,000,000        2,070,220  

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

      4.000 %      1/1/50        1,000,000        1,121,500  

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

           

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

      5.000 %      1/1/30        500,000        599,715 (a)  

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

      5.000 %      1/1/32        650,000        773,084 (a)  

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

      4.375 %      10/1/45        250,000        286,500 (a)  

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

      5.000 %      12/1/38        500,000        615,650  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/41        2,550,000        2,855,770 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/46        100,000        111,332 (a)  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.250 %      1/1/50        250,000        280,250 (a)  

Port Authority of New York & New Jersey Revenue:

           

Consolidated Series 166, Refunding

      5.000 %      1/15/41        4,750,000        4,753,847  

Consolidated Series 221

      4.000 %      7/15/50        1,000,000        1,111,810 (a) 

Triborough Bridge & Tunnel Authority, NY, Revenue:

           

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/43        250,000        302,033  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        800,000        1,003,584  

General-MTA Bridges & Tunnels, Series A

      4.000 %      11/15/54        750,000        845,685  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/54        1,500,000        1,870,380  
          

 

 

  

Total New York

              33,786,751  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

10

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

North Carolina - 4.3%

           

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

      5.000 %      7/1/49      $ 500,000      $ 611,855  

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

      4.000 %      6/1/49        250,000        285,755  

Charlotte-Mecklenburg Hospital Authority, NC, Healthcare System Revenue, Series A, Refunding

      5.000 %      1/15/31        5,000,000        5,173,950  

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding

      5.000 %      7/1/47        750,000        842,557  

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

      5.000 %      1/1/30        100,000        118,787  
          

 

 

  

Total North Carolina

              7,032,904  
          

 

 

  

Ohio - 4.1%

           

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      4.000 %      6/1/48        350,000        391,255  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        1,125,000        1,266,739  

Northeast, OH, Regional Sewer District, Waste Water Improvement Revenue, Series 2013

      5.000 %      11/15/43        4,040,000        4,458,423 (e) 

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

      2.500 %      10/1/29        450,000        484,150 (a)(b)(c) 
          

 

 

  

Total Ohio

              6,600,567  
          

 

 

  

Oklahoma - 0.0%††

           

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

      6.875 %      11/1/46        99,820        499 *(f)  
          

 

 

  

Oregon - 1.4%

           

Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest, Series B, School Bond Guaranty

      0.000 %      6/15/31        1,000,000        735,180  

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

      5.000 %      6/1/46        600,000        680,352  

Port of Portland, OR, Airport Revenue, Portland International Airport, Series 26C, Refunding

      5.000 %      7/1/26        250,000        301,553 (a)  

Yamhill County, OR, Hospital Authority Revenue, Friendsview Retirement Community, Series A, Refunding

      5.000 %      11/15/46        475,000        502,412  
          

 

 

  

Total Oregon

              2,219,497  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

11

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Pennsylvania - 8.6%

           

Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding

      4.000 %      7/15/38      $ 500,000      $ 567,715  

Central Bradford Progress Authority, PA, Guthrie Healthcare Systems

      5.000 %      12/1/26        3,630,000        3,760,861 (e)  

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds, Series 2018

      5.000 %      6/1/33        250,000        306,128  

Cumberland County, PA, Municipal Authority Revenue:

           

Diakon Lutheran Social Ministries Project

      5.000 %      1/1/29        125,000        145,641 (e)  

Diakon Lutheran Social Ministries Project

      5.000 %      1/1/29        625,000        699,681  

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

      5.000 %      7/1/47        250,000        255,705  

Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project

      2.150 %      7/1/24        350,000        367,622 (a)(b)(c) 

Pennsylvania State Turnpike Commission Revenue, Subordinated, Series B

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

Philadelphia, PA, Airport Revenue, Series A, Refunding

      5.000 %      6/15/35        2,000,000        2,288,240 (a)  

Philadelphia, PA, Authority for IDR, Charter School Revenue, A String Theory Charter School Project

      5.000 %      6/15/40        500,000        576,295  

Philadelphia, PA, Authority for IDR, City Service Agreement Revenue:

           

Rebuild Project

      5.000 %      5/1/35        250,000        306,538  

Rebuild Project

      5.000 %      5/1/38        500,000        607,840  

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

      5.000 %      10/1/30        350,000        441,451  

Philadelphia, PA, GO, Series B

      5.000 %      2/1/38        250,000        309,783  

School District Philadelphia, PA, GO, Series A, State Aid Withholding

      5.000 %      9/1/32        1,000,000        1,177,170  

State Public School Building Authority, PA, Lease Revenue:

           

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

      5.000 %      6/1/31        200,000        242,128  

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

      5.000 %      6/1/33        500,000        604,085  
          

 

 

  

Total Pennsylvania

              13,897,693  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

12

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - 5.6%

           

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

      5.250 %      7/1/42      $ 1,150,000      $ 1,210,616  

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

      5.000 %      7/1/41        375,000        292,969 *(f) 

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        650,000        586,625 *(f) 

Series A

      5.050 %      7/1/42        100,000        90,250 *(f)  

Series XX

      5.250 %      7/1/40        1,075,000        972,875 *(f) 

Series ZZ, Refunding

      5.250 %      7/1/18        300,000        263,250 *(g) 

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

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27        280,000        246,481  

CAB, Restructured, Series A-1

      0.000 %      7/1/46        310,000        95,306  

CAB, Restructured, Series A-1

      0.000 %      7/1/51        3,000,000        660,510  

Restructured, Series A-1

      4.550 %      7/1/40        70,000        76,304  

Restructured, Series A-1

      5.000 %      7/1/58        1,500,000        1,661,310  

Restructured, Series A-2

      4.329 %      7/1/40        1,610,000        1,731,796  

Restructured, Series A-2A

      4.550 %      7/1/40        1,050,000        1,144,553  
          

 

 

  

Total Puerto Rico

              9,032,845  
          

 

 

  

South Carolina - 0.4%

           

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/36        500,000        607,145 (a)  
          

 

 

  

South Dakota - 0.1%

           

South Dakota State HEFA Revenue, Regional Health

      5.000 %      9/1/40        200,000        235,296  
          

 

 

  

Tennessee - 1.3%

           

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

      5.000 %      9/1/40        350,000        406,956  

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

      4.000 %      11/1/25        1,500,000        1,702,725 (b)(c) 
          

 

 

  

Total Tennessee

              2,109,681  
          

 

 

  

Texas - 7.8%

           

Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD

      5.000 %      12/1/47        250,000        300,785  

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

      5.000 %      2/15/48        350,000        419,251  

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

      4.000 %      1/1/50        750,000        850,035  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

13

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - (continued)

           

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

      5.000 %      11/15/37      $ 600,000      $ 739,800 (a)  

Corpus Christi, TX, Utility System Revenue, Junior Lien, Series A

      5.000 %      7/15/31        2,905,000        3,415,234  

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        2,000,000        2,280,660  

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

      5.000 %      7/15/30        1,000,000        1,105,410 (a)  

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

           

Series 2017

      5.000 %      11/1/33        40,000        46,772 (a)  

Series 2017

      5.000 %      11/1/36        40,000        46,450 (a)  

New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Revenue, Collegiate Housing-Tarleton State University Project

      5.000 %      4/1/35        800,000        943,096 (e)  

North Texas Tollway Authority Revenue:

           

Series A, Refunding

      5.000 %      1/1/39        250,000        289,153  

Series B, Refunding

      5.000 %      1/1/40        600,000        643,974  

Series B, Refunding

      5.000 %      1/1/45        600,000        679,230  

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

      6.625 %      11/15/37        170,000        190,815  

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

      5.000 %      12/31/40        460,000        519,496 (a)  

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

           

Inspired Living at Lewisville Project, Series A-1

      6.750 %      12/1/51        150,000        101,685 *(d)(f) 

Subordinated, Inspired Living at Lewisville Project, Series B

      10.000 %      12/1/51        50,000        24,810 *(f)  
          

 

 

  

Total Texas

              12,596,656  
          

 

 

  

U.S. Virgin Islands - 0.5%

           

Virgin Islands Public Finance Authority Revenue:

           

Matching Fund Loan, Senior Lien, Series A

      5.000 %      10/1/29        235,000        235,548  

 

See Notes to Schedule of Investments.

 

 

 

14

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

U.S. Virgin Islands - (continued)

           

Subordinated, Matching Fund Loan, Cruzan Project, Series A

      6.000 %      10/1/39      $ 405,000      $ 405,919  

Subordinated, Matching Fund Loan, Diageo Project, Series A

      6.625 %      10/1/29        200,000        200,916  
          

 

 

  

Total U.S. Virgin Islands

              842,383  
          

 

 

  

Utah - 0.4%

           

Utah Infrastructure Agency, Telecommunications Revenue:

           

Series 2019

      4.000 %      10/15/42        300,000        333,942  

Series 2021

      4.000 %      10/15/36        100,000        114,454  

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

      5.000 %      4/15/42        250,000        284,223  
          

 

 

  

Total Utah

              732,619  
          

 

 

  

Virginia - 1.3%

           

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

      5.000 %      7/1/35        250,000        320,672  

Virginia State Port Authority, Port Facilities Revenue:

           

Series B, Refunding

      5.000 %      7/1/41        300,000        351,480 (a)  

Series B, Refunding

      5.000 %      7/1/45        500,000        582,465 (a)  

Virginia State Small Business Financing Authority Revenue:

           

Bon Secours Mercy Health, Series A, Refunding

      4.000 %      12/1/49        550,000        625,542  

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/34        250,000        303,883  
          

 

 

  

Total Virginia

              2,184,042  
          

 

 

  

Washington - 3.1%

           

Port of Seattle, WA, Intermediate Lien Revenue:

           

Series 2019

      4.000 %      4/1/44        250,000        275,205 (a)  

Series 2019

      5.000 %      4/1/44        500,000        594,645 (a)  

Series A, Refunding

      5.000 %      8/1/25        2,395,000        2,564,279  

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        300,000        354,486 (b)(c) 

Seattle Cancer Care Alliance

      4.000 %      12/1/40        500,000        578,475  

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/50        500,000        617,705  
          

 

 

  

Total Washington

              4,984,795  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

15

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

West Virginia - 0.3%

           

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

      5.000 %      10/1/29      $ 400,000      $ 497,524 (b)(c) 
          

 

 

  

Wisconsin - 3.3%

           

Mount Pleasant, WI, Tax Increment Revenue, Series A

      5.000 %      4/1/48        500,000        586,485  

Public Finance Authority, WI, Airport Facilities Revenue, Transportation Infrastructure Properties LLC, Series B, Refunding

      5.000 %      7/1/42        4,000,000        4,151,760 (a)  

Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project, Series 2017

      7.000 %      12/1/50        400,000        441,924 (d)  

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

      5.000 %      1/1/40        200,000        235,282  
          

 

 

  

Total Wisconsin

              5,415,451  
          

 

 

  

TOTAL MUNICIPAL BONDS

(Cost - $223,939,363)

              243,884,100  
          

 

 

  
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(h) - 1.7%

 

      

New York - 1.7%

           

New York State Urban Development Corp. Revenue, State Personal Income Tax Revenue Bonds, Bidding Group 3, Series E, Refunding
(Cost - $2,929,239)

      4.000 %      3/15/41        2,475,000        2,822,913  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $226,868,602)

              246,707,013  
          

 

 

  
SHORT-TERM INVESTMENTS - 0.6%           
MUNICIPAL BONDS - 0.6%           

Arizona - 0.2%

           

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

      0.010 %      11/15/52        400,000        400,000 (i)(j)  
          

 

 

  

California - 0.2%

           

California State MFA Revenue, Chevron USA Inc. Project, Series A

      0.010 %      11/1/35        300,000        300,000 (i)(j)  
          

 

 

  

Mississippi - 0.1%

           

Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron USA Inc. Project, Series L

      0.010 %      11/1/35        100,000        100,000 (i)(j)  
          

 

 

  

New York - 0.1%

           

New York City, NY, TFA Revenue Future Tax Secured, Subseries D-3, SPA - Mizuho Bank Ltd.

      0.020 %      2/1/44        100,000        100,000 (i)(j)  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $900,000)

              900,000  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

16

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

 

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

 

SECURITY

    RATE                       SHARES      VALUE  
MONEY MARKET FUNDS - 0.0%††           

Dreyfus Government Cash Management, Institutional Shares
(Cost - $4,485)

      0.030 %         4,485      $ 4,485  
          

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $904,485)

              904,485  
          

 

 

  

TOTAL INVESTMENTS - 152.7%
(Cost - $227,773,087)

              247,611,498  

Auction Rate Cumulative Preferred Stock, at Liquidation Value - (11.3)%

              (18,350,000 ) 

Variable Rate Demand Preferred Stock, at Liquidation Value - (41.0)%

              (66,500,000 ) 

TOB Floating Rate Notes - (1.2)%

              (1,855,000 ) 

Other Assets in Excess of Other Liabilities - 0.8%

              1,236,099  
          

 

 

  

TOTAL NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS - 100.0%

            $ 162,142,597  
          

 

 

  

 

††

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)

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

 

(f)

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

 

(g)

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

 

(h)

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

 

(i)

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.

 

(j)

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 Municipal Partners Fund Inc. 2021 Quarterly Report    

  

 

 

17

WESTERN ASSET MUNICIPAL PARTNERS 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
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
HDA    — Housing Development Authority
HEFA    — Health & Educational Facilities Authority
IDA    — Industrial Development Authority
IDR    — Industrial Development Revenue
MFA    — Municipal Finance Authority
MTA    — Metropolitan Transportation Authority
MWRA    — Massachusetts Water Resources Authority
NATL    — National Public Finance Guarantee Corporation - Insured Bonds
PCFA    — Pollution Control Financing Authority
PEA    — Public Energy Authority
PSF    — Permanent School Fund
RDA    — Redevelopment Agency
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.

 

 

 

18

  

    Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report

  

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset Municipal Partners Fund Inc. (the “Fund”) was incorporated in Maryland on November 24, 1992 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s primary investment objective is to seek a high level of current income which is exempt from regular federal income taxes, consistent with the preservation of capital. As a secondary investment objective, the Fund intends to enhance portfolio value by purchasing tax-exempt securities that, in the opinion of the investment manager, may appreciate in value relative to other similar obligations in the marketplace. Effective April 1, 2020 and 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 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. 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 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

 

   

 

 

19

Notes to Schedule of Investments (unaudited) (continued)

 

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.

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)

 

 

 

20

    

Notes to Schedule of Investments (unaudited) (continued)

 

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

      —        $ 243,884,100        —        $ 243,884,100  

Municipal Bonds Deposited in Tender Option Bond Trust

      —          2,822,913        —          2,822,913  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      —          246,707,013        —          246,707,013  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†:

            

Municipal Bonds

      —          900,000        —          900,000  

Money Market Funds

    $ 4,485        —          —          4,485  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      4,485        900,000        —          904,485  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 4,485      $ 247,607,013        —        $ 247,611,498  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.    

 

   

 

 

21