NPORT-EX 2 LMF4400LM022822.htm HTML

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 138.6%           

Alabama - 6.6%

           

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

      5.750 %      10/1/49      $ 700,000      $ 807,066 (a) 

Jefferson County, AL, Sewer Revenue:

           

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

      0.000 %      10/1/50        11,580,000        11,886,027  

Senior Lien, Warrants, Series A, Refunding, AGM

      5.500 %      10/1/53        1,400,000        1,518,143  

Subordinated Lien, Warrants, Series D, Refunding

      6.000 %      10/1/42        9,230,000        10,341,182  

Subordinated Lien, Warrants, Series D, Refunding

      6.500 %      10/1/53        6,900,000        7,779,451  

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

      4.000 %      6/1/24        5,690,000        5,964,792 (b)(c) 
          

 

 

  

Total Alabama

              38,296,661  
          

 

 

  

Alaska - 0.7%

           

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

      5.000 %      12/1/38        750,000        904,240  

Anchorage, AK, Port Revenue, Series A

      5.000 %      12/1/50        1,000,000        1,148,533 (a) 

Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Series A, Class 1, Refunding

      4.000 %      6/1/41        1,690,000        1,864,463  
          

 

 

  

Total Alaska

              3,917,236  
          

 

 

  

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        814,074  

Chandler, AZ, IDA Revenue, Intel Corp. Project

      5.000 %      6/3/24        4,120,000        4,432,650 (a)(b)(c) 

Navajo Nation, AZ, Revenue, Series A, Refunding

      5.500 %      12/1/30        950,000        1,036,058 (d)  

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

      5.000 %      8/1/42        750,000        890,269  

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

           

Series 2007

      5.250 %      12/1/28        2,000,000        2,367,891  

Series 2007

      5.000 %      12/1/32        10,000,000        12,220,220  

Series 2007

      5.000 %      12/1/37        5,500,000        7,009,870  
          

 

 

  

Total Arizona

              28,771,032  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

1

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - 18.6%

           

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

      5.000 %      10/1/34      $ 1,750,000      $ 1,969,520  

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

      5.000 %      5/1/46        2,000,000        2,161,440 (e) 

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

      1.300 %      4/1/24        5,500,000        5,576,517 (b)(c) 

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

      5.000 %      11/15/56        500,000        580,920  

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        1,500,000        1,716,126 (a)  

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/47        1,900,000        2,162,266 (a)  

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

      5.000 %      11/21/45        12,500,000        12,733,675 (a)(d) 

California State, GO:

           

Various Purpose, Refunding

      4.000 %      11/1/36        1,000,000        1,116,766  

Various Purpose, Refunding

      5.000 %      9/1/41        3,250,000        4,114,556  

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

      5.750 %      1/15/45        1,770,000        1,812,317 (d)  

California Statewide CDA, Community Improvement Authority Revenue:

           

Renaissance at City Center, Series A

      5.000 %      7/1/51        750,000        792,907  

Senior Bonds, Pasadena

      3.000 %      12/1/56        875,000        740,561  

Chino Valley, CA, USD, GO, Series B

      5.000 %      8/1/55        1,250,000        1,515,166  

Golden State, CA, Tobacco Securitization Corp. Revenue:

           

Tobacco Settlement Funded, Series A-1, Refunding

      5.250 %      6/1/47        520,000        526,053 (e)  

Tobacco Settlement Funded, Series A-2, Refunding

      5.000 %      6/1/47        100,000        101,077 (e)  

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

      5.000 %      9/1/44        2,405,000        2,565,805  

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

      5.000 %      8/1/37        1,000,000        1,018,106  

 

See Notes to Schedule of Investments.

 

 

 

2

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - continued

           

Los Angeles, CA, Department of Airports Revenue:

           

Los Angeles International Airport, Subordinated, Series C, Refunding

      4.000 %      5/15/36      $ 800,000      $ 904,792 (a)  

Los Angeles International Airport, Subordinated, Series C, Refunding

      4.000 %      5/15/37        500,000        564,877 (a)  

Los Angeles International Airport, Subordinated, Series C, Refunding

      5.000 %      5/15/45        1,500,000        1,827,703 (a)  

Los Angeles International Airport, Subordinated, Series D

      5.000 %      5/15/39        500,000        583,765 (a)  

Los Angeles International Airport, Subordinated, Series D

      5.000 %      5/15/49        2,500,000        2,884,722 (a)  

Los Angeles International Airport, Subordinated, Series F

      5.000 %      5/15/27        5,565,000        6,417,638 (a)  

Los Angeles International Airport, Subordinated, Series F

      4.000 %      5/15/49        2,000,000        2,155,210 (a)  

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

      5.000 %      7/1/48        2,500,000        2,926,985  

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

           

Series A

      5.000 %      7/1/47        4,000,000        4,576,239  

Series C

      5.000 %      7/1/37        1,000,000        1,164,503  

Series C

      5.000 %      7/1/42        2,000,000        2,320,165  

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

      5.000 %      6/1/48        1,500,000        1,788,061  

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

           

Series A

      7.000 %      11/1/34        3,430,000        4,896,402  

Series B

      6.500 %      11/1/39        8,000,000        11,818,350  

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

      5.000 %      5/15/32        1,750,000        1,989,242  

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

      5.500 %      9/1/45        2,000,000        2,067,310  

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

      5.000 %      6/1/37        1,900,000        2,254,772  

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

      5.000 %      10/1/36        1,000,000        1,184,727  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

3

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - continuedea

           

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

      5.000 %      4/1/48      $ 2,500,000      $ 2,816,047  

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

           

Series A

      5.000 %      5/1/52        5,000,000        5,980,866 (a)  

SFO Fuel Company LLC, Series A, Refunding

      5.000 %      1/1/47        1,500,000        1,718,054 (a)  

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

      5.000 %      7/15/43        1,000,000        1,192,959  

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

      5.000 %      6/1/49        1,000,000        1,109,625 (f)  

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        581,579  

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

      5.000 %      6/1/48        500,000        579,130  
          

 

 

  

Total California

              107,507,501  
          

 

 

  

Colorado - 6.0%

           

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

      5.750 %      12/1/46        500,000        515,680  

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

      5.000 %      3/1/47        1,600,000        1,861,263  

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

      4.000 %      8/1/44        1,900,000        2,060,181  

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

      5.000 %      12/31/51        600,000        659,148  

Denver, CO, Airport System Revenue, Series C

      6.125 %      11/15/25        10,945,000        11,949,082 (a)(g) 

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

      6.500 %      11/15/38        12,200,000        17,588,324  
          

 

 

  

Total Colorado

              34,633,678  
          

 

 

  

Connecticut - 1.6%

           

Connecticut State Special Tax Revenue:

           

Transportation Infrastructure, Series A

      5.000 %      1/1/37        1,500,000        1,761,117  

Transportation Infrastructure, Series A

      5.000 %      5/1/38        2,750,000        3,365,342  

 

See Notes to Schedule of Investments.

 

 

 

4

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Connecticut - continued

           

Connecticut State, GO:

           

Series A

      5.000 %      4/15/35      $ 1,650,000      $ 1,992,706  

Series E

      5.000 %      10/15/34        930,000        1,064,665  

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

      5.000 %      4/1/39        900,000        1,004,431 (d)  
          

 

 

  

Total Connecticut

              9,188,261  
          

 

 

  

District of Columbia - 0.5%

           

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

      5.000 %      7/1/48        2,800,000        3,135,247  
          

 

 

  

Florida - 4.4%

           

Broward County, FL, Airport System Revenue, Series 2017

      5.000 %      10/1/47        1,250,000        1,421,011 (a)  

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

      6.125 %      6/15/46        555,000        611,054 (d)  

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

      5.000 %      10/1/30        2,410,000        2,656,672  

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

      5.000 %      10/1/47        1,500,000        1,706,896 (a)  

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

      5.000 %      10/1/47        1,000,000        1,203,118 (a)(f)  

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

      5.000 %      10/1/49        3,000,000        3,458,494 (a)  

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

      5.000 %      7/1/40        9,000,000        9,233,133  

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

      5.000 %      8/1/47        750,000        813,237  

Palm Beach County, FL, Health Facilities Authority Revenue:

           

Acts Retirement-Life Communities

      5.000 %      11/15/45        750,000        835,843  

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

      4.000 %      6/1/41        500,000        493,364 (f)  

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

      3.000 %      6/1/27        1,500,000        1,497,068  

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

      5.000 %      7/1/50        1,000,000        1,172,821  
          

 

 

  

Total Florida

              25,102,711  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

5

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Georgia - 1.6%

           

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

      5.000 %      6/15/44      $  1,000,000      $ 1,198,263  

Georgia State Municipal Electric Authority Power Revenue:

           

Plant Vogtle Units 3 & 4 Project, Series A

      5.000 %      1/1/56        1,000,000        1,152,054  

Project One, Series A

      5.000 %      1/1/50        1,000,000        1,188,088  

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

           

Series A

      5.000 %      5/15/43        800,000        919,023  

Series B

      5.000 %      3/15/22        4,000,000        4,006,160  

Series C

      4.000 %      9/1/26        560,000        608,367 (b)(c) 
          

 

 

  

Total Georgia

              9,071,955  
          

 

 

  

Guam - 0.2%

           

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

      4.000 %      1/1/42        1,000,000        1,071,444  
          

 

 

  

Idaho - 0.2%

           

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

      5.000 %      12/1/47        1,100,000        1,265,563  
          

 

 

  

Illinois - 17.2%

           

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

      5.000 %      4/1/42        1,500,000        1,679,725  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series A

      5.000 %      12/1/47        4,000,000        4,573,405  

Dedicated, Series G, Refunding

      5.000 %      12/1/34        100,000        111,984  

Dedicated, Series G, Refunding

      5.000 %      12/1/44        420,000        465,982  

Dedicated, Series H

      5.000 %      12/1/36        500,000        559,050  

Dedicated, Series H

      5.000 %      12/1/46        150,000        166,125  

Series D

      5.000 %      12/1/46        6,435,000        7,203,040  

Chicago, IL, GO:

           

Series A

      5.000 %      1/1/44        1,000,000        1,124,464  

Series A, Refunding

      5.000 %      1/1/26        2,250,000        2,488,731  

Series A, Refunding

      6.000 %      1/1/38        1,500,000        1,739,852  

Series C, Refunding

      5.000 %      1/1/25        3,000,000        3,260,999  

Chicago, IL, O’Hare International Airport Revenue:

           

General Senior Lien, Series B, Refunding

      5.000 %      1/1/41        1,000,000        1,117,432  

Series A, Refunding

      5.000 %      1/1/31        1,000,000        1,086,302 (a) 

Series A, Refunding

      5.000 %      1/1/35        7,000,000        7,583,933 (a) 

TrIPS Obligated Group

      5.000 %      7/1/48        700,000        807,083 (a) 

 

See Notes to Schedule of Investments.

 

 

 

6

  

 

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - continued

           

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

           

Second Lien

      5.000 %      12/1/51      $  1,000,000      $ 1,128,799  

Second Lien, Series A, Refunding

      4.000 %      12/1/55        1,300,000        1,419,135  

Second Lien, Series A, Refunding

      5.000 %      12/1/55        500,000        587,463  

Chicago, IL, Wastewater Transmission Revenue:

           

Second Lien

      5.000 %      1/1/44        1,000,000        1,057,801  

Second Lien, Series A

      5.000 %      1/1/47        1,000,000        1,129,247  

Second Lien, Series B, Refunding

      5.000 %      1/1/38        750,000        855,437  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        1,800,000        2,126,819  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/33        1,290,000        1,509,747  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/36        1,110,000        1,301,695  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/37        2,500,000        2,931,746  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/38        2,000,000        2,341,868  

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

      4.000 %      11/15/40        1,750,000        1,961,103  

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

      4.000 %      8/15/40        1,900,000        2,162,167  

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

      5.000 %      2/15/50        500,000        549,422  

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

      5.000 %      6/15/28        750,000        889,644  

Illinois State Toll Highway Authority Revenue, Series A

      4.000 %      1/1/39        4,000,000        4,488,014  

Illinois State, GO:

           

Series 2016

      5.000 %      1/1/33        1,500,000        1,656,927  

Series 2016

      5.000 %      11/1/33        2,350,000        2,630,118  

Series 2016, Refunding

      5.000 %      2/1/29        1,660,000        1,869,267  

Series A

      5.000 %      3/1/36        1,500,000        1,767,474  

Series A

      5.000 %      5/1/36        690,000        779,449  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

7

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(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      $ 2,251,561  

Series A

      5.000 %      3/1/46        1,750,000        2,024,507  

Series A, Refunding

      5.000 %      10/1/29        3,795,000        4,421,160  

Series A, Refunding

      5.000 %      10/1/30        500,000        577,365  

Series B, Refunding

      5.000 %      10/1/29        750,000        873,747  

Series D

      5.000 %      11/1/27        2,000,000        2,300,154  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      12/15/42        2,750,000        2,923,400 (f) 

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      6/15/50        1,500,000        1,561,052  

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50        7,150,000        7,958,641  

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

      6.000 %      7/1/29        4,450,000        5,432,310  
          

 

 

  

Total Illinois

              99,435,346  
          

 

 

  

Indiana - 2.1%

           

Indiana State Finance Authority Revenue:

           

BHI Senior Living Inc., Series A, Refunding

      4.000 %      11/15/41        2,250,000        2,451,014  

Marion General Hospital, Series A

      4.000 %      7/1/45        900,000        997,811  

Private Activity-Ohio River Bridges East End Crossing Project

      5.000 %      7/1/44        5,000,000        5,244,445 (a)(e) 

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

      4.000 %      2/1/44        2,000,000        2,228,930  

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

      7.000 %      1/1/44        1,000,000        1,089,585 (a) 
          

 

 

  

Total Indiana

              12,011,785  
          

 

 

  

Iowa - 0.2%

           

Iowa State Tobacco Settlement Authority Revenue:

           

Asset Backed Senior Bonds, Class 1, Series A-2, Refunding

      4.000 %      6/1/49        500,000        535,089  

Asset Backed Senior Bonds, Class 2, Series B-1, Refunding

      4.000 %      6/1/49        750,000        797,671  
          

 

 

  

Total Iowa

              1,332,760  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

8

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE      MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Kentucky - 2.2%

            

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

      5.000%        12/1/45        $ 1,000,000        $    1,174,705  

Kentucky State PEA, Gas Supply Revenue:

            

Series A

      4.000%        6/1/26        5,000,000        5,406,868 (b)(c) 

Series C

      4.000%        6/1/25        5,800,000       
 6,183,984
 (b)(c) 
           

 

 

  

Total Kentucky

               12,765,557  
           

 

 

  

Louisiana - 1.8%

            

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

      5.000%        4/1/43        2,000,000        2,283,827 (a) 

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

      4.000%        6/1/22        5,000,000        5,037,014 (b)(c) 

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

            

Marathon Oil Corp. Project, Refunding

      2.200%        7/1/26        1,300,000        1,304,265 (b)(c) 

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

      2.375%        7/1/26        1,750,000        1,768,347 (b)(c) 
           

 

 

  

Total Louisiana

               10,393,453  
           

 

 

  

Maryland - 0.4%

            

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

      5.000%        7/1/50        1,150,000        1,320,206  

Maryland State Stadium Authority Built to Learn Revenue, Series A

      4.000%        6/1/47        1,000,000        1,101,529 (f) 
           

 

 

  

Total Maryland

               2,421,735  
           

 

 

  

Massachusetts - 2.0%

            

Massachusetts State DFA Revenue:

            

Broad Institute Inc., Refunding

      5.000%        4/1/36        1,000,000        1,174,240  

Milford Regional Medical Center, Series F

      5.750%        7/15/43        500,000        520,476  

UMass Boston Student Housing Project

      5.000%        10/1/48        750,000        825,533  

Wellforce Issue, Series A, Refunding

      5.000%        7/1/44        500,000        579,536  

Massachusetts State Port Authority Revenue:

            

Bosfuel Project, Series A, Refunding

      4.000%        7/1/44        1,100,000        1,183,448 (a) 

Series A, Refunding

      5.000%        7/1/36        1,700,000        2,022,269 (a) 

Series E

      5.000%        7/1/46        1,500,000        1,801,865 (a) 

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

      5.000%        5/15/43        3,000,000        3,146,291 (e) 
           

 

 

  

Total Massachusetts

               11,253,658  
           

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

9

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - 3.8%

           

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

      5.000 %      7/1/48      $  1,000,000      $ 1,069,719  

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

           

Senior Lien, Series A

      5.000 %      7/1/46        5,500,000        6,191,174  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        500,000        571,553  

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

      5.000 %      1/1/51        1,000,000        1,202,976 (a) 

Michigan State Finance Authority Revenue:

           

Facilities Program, Series 1-A, Refunding

      5.250 %      10/15/47        650,000        689,329  

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

      5.000 %      7/1/33        625,000        690,333  

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

      5.000 %      7/1/44        1,320,000        1,339,264 (e) 

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

      5.000 %      7/1/33        1,160,000        1,254,698  

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

      5.000 %      7/1/34        250,000        275,962  

Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding

      4.000 %      6/1/49        500,000        538,998  

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

      5.000 %      6/1/49        400,000        455,191  

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

      5.000 %      11/15/47        3,000,000        3,585,413  

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

      5.000 %      12/31/43        1,400,000        1,578,941 (a) 

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

      5.000 %      9/1/39        2,500,000        2,654,119  
          

 

 

  

Total Michigan

              22,097,670  
          

 

 

  

Minnesota - 0.3%

           

Western Minnesota Municipal Power Agency Revenue, Series A

      5.000 %      1/1/46        1,530,000        1,636,217 (e) 
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

10

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Missouri - 0.7%

           

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

      5.000 %      2/1/44      $ 2,710,000      $ 2,828,022  

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        1,364,887  
          

 

 

  

Total Missouri

              4,192,909  
          

 

 

  

New Jersey - 10.8%

           

New Jersey Institute of Technology, GO, Series A

      5.000 %      7/1/45        750,000        827,887  

New Jersey State EDA Revenue:

           

Cigarette Tax, Refunding

      5.000 %      6/15/26        2,500,000        2,531,531 (e) 

Private Activity-The Goethals Bridge Replacement Project, AGM

      5.125 %      7/1/42        2,500,000        2,661,299 (a) 

School Facilities Construction, Series BBB, Refunding

      5.500 %      6/15/31        750,000        891,008 (e)  

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

      1.800 %      3/1/28        15,000,000        15,146,208 (c) 

Transit Transportation Project, Series A

      5.000 %      11/1/32        1,000,000        1,173,229  

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

      5.000 %      6/15/43        4,000,000        4,554,306  

New Jersey State EDA, Special Facility Revenue:

           

Continental Airlines Inc. Project

      5.250 %      9/15/29        3,000,000        3,073,826 (a) 

Port Newark Container Terminal LLC Project, Refunding

      5.000 %      10/1/37        650,000        733,778 (a)  

New Jersey State Health Care Facilities Financing Authority Revenue:

           

Hackensack Meridian Health, Series A, Refunding

      5.000 %      7/1/38        400,000        464,474  

RWJ Barnabas Health Obligation Group, Series A, Refunding

      5.000 %      7/1/43        1,200,000        1,364,172  

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.250 %      6/15/43        1,500,000        1,737,681  

Transportation Program, Series AA

      5.000 %      6/15/45        7,500,000        8,665,631  

Transportation Program, Series BB

      4.000 %      6/15/36        2,250,000        2,431,984  

Transportation System, Series A, Refunding

      5.000 %      12/15/25        1,885,000        2,109,230  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        2,615,000        3,077,902  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

11

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - continued

           

New Jersey State Turnpike Authority Revenue, Series G, Refunding

      5.000 %      1/1/35      $ 2,675,000      $ 3,148,990  

New Jersey State, GO:

           

COVID-19 Emergency, Series A

      5.000 %      6/1/28        3,500,000        4,159,911  

COVID-19 Emergency, Series A

      5.000 %      6/1/29        2,500,000        3,025,227  

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

      5.250 %      6/1/46        600,000        684,427  
          

 

 

  

Total New Jersey

              62,462,701  
          

 

 

  

New York - 19.7%

           

Brookhaven, NY, Local Development Corp. Revenue:

           

Long Island Community Hospital Project, Series A

      5.000 %      10/1/31        1,280,000        1,564,153  

Long Island Community Hospital Project, Series A

      4.000 %      10/1/45        1,250,000        1,382,405  

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

      5.000 %      11/15/47        1,500,000        1,718,763  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series A-2

      5.000 %      11/15/24        500,000        548,865  

Green Bonds, Series C-1, Refunding

      4.000 %      11/15/37        500,000        536,713  

Green Bonds, Series D-1

      5.000 %      11/15/43        500,000        586,197  

Green Bonds, Series D-3

      4.000 %      11/15/49        1,000,000        1,072,223  

Green Bonds, Series E, Refunding

      5.000 %      11/15/30        1,500,000        1,818,128  

Green Bonds, Series E, Refunding

      4.000 %      11/15/45        1,250,000        1,347,192  

Series A-2

      5.000 %      5/15/30        1,800,000        2,156,924 (b)(c) 

Series C-1

      5.000 %      11/15/33        350,000        392,463  

New York City, NY, GO:

           

Subseries D-1

      5.000 %      3/1/43        2,000,000        2,403,473  

Subseries F-1

      5.000 %      3/1/50        2,000,000        2,411,042  

New York City, NY, Industrial Development Agency Revenue:

           

Yankee Stadium Project, Refunding

      4.000 %      3/1/45        500,000        546,133  

Yankee Stadium Project, Refunding, AGM

      4.000 %      3/1/45        750,000        832,992  

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        2,774,283  

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

      4.000 %      6/15/51        4,500,000        5,039,670  

Subordinated, Series BB-1

      5.000 %      6/15/46        1,500,000        1,736,851  

 

See Notes to Schedule of Investments.

 

 

 

12

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - continued

           

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

           

Subordinated, Series B-1

      5.000 %      8/1/45      $ 3,000,000      $ 3,464,526  

Subordinated, Series C-1

      4.000 %      5/1/46        7,000,000        7,795,262  

New York State Dormitory Authority Revenue:

           

Bidding Group 3, Series A

      5.000 %      3/15/42        1,000,000        1,176,009  

Series B, Refunding

      5.000 %      2/15/43        5,000        5,921 (e)  

Series B, Refunding

      5.000 %      2/15/43        2,995,000        3,469,775  

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

      5.000 %      3/15/44        2,000,000        2,374,563  

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

      5.000 %      10/1/29        3,250,000        3,913,901  

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

      4.000 %      3/15/46        2,500,000        2,778,286  

Bidding Group 4, Series A, Refunding

      5.000 %      3/15/46        3,250,000        3,891,411  

New York State Liberty Development Corp., Liberty Revenue:

           

3 World Trade Center Project, Class 1, Refunding

      5.000 %      11/15/44        1,750,000        1,864,535 (d) 

7 World Trade Center Project, Class 2, Refunding

      3.250 %      9/15/52        3,800,000        3,740,896 (f) 

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

      5.500 %      10/1/37        1,485,000        2,029,774  

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

      4.000 %      1/1/50        3,000,000        3,251,084  

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        1,974,934 (a) 

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

      4.375 %      10/1/45        1,500,000        1,607,951 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/41        9,250,000        9,851,919 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/46        250,000        266,805 (a)  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.250 %      1/1/50        1,000,000        1,065,085 (a) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

13

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - continued

           

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

      4.000 %      12/1/39      $ 1,800,000      $ 1,952,067  

Port Authority of New York & New Jersey Revenue:

           

Consolidated Series 194, Refunding

      5.000 %      10/15/41        6,400,000        7,092,065  

Series 221

      4.000 %      7/15/55        3,600,000        3,886,301 (a)  

Triborough Bridge & Tunnel Authority, NY, Revenue:

           

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        2,250,000        2,722,219  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/51        1,000,000        1,218,900  

General-MTA Bridges & Tunnels, Series A

      4.000 %      11/15/54        1,250,000        1,383,257  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/54        7,350,000        8,860,792  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/56        2,500,000        3,038,016  
          

 

 

  

Total New York

              113,544,724  
          

 

 

  

North Carolina - 1.4%

           

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

      5.000 %      7/1/49        1,750,000        2,066,738  

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

      4.000 %      6/1/49        750,000        832,414  

North Carolina State Medical Care Commission, Retirement Facilities Revenue:

           

The Forest at Duke Project

      4.000 %      9/1/41        500,000        547,308  

The Forest at Duke Project

      4.000 %      9/1/46        715,000        779,061  

The Forest at Duke Project

      4.000 %      9/1/51        1,000,000        1,086,418  

North Carolina State Turnpike Authority,

           

Monroe Expressway Toll Revenue:

           

Series A, Refunding

      5.000 %      7/1/47        750,000        827,190  

Series A, Refunding

      5.000 %      7/1/51        1,500,000        1,651,558  
          

 

 

  

Total North Carolina

              7,790,687  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

14

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Ohio - 2.2%

           

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

      5.000 %      6/1/55      $ 2,400,000      $ 2,614,545  

JobsOhio Beverage System, Senior Lien, Series A

      5.000 %      1/1/38        8,000,000        8,276,169 (e) 

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

      2.500 %      10/1/29        1,500,000        1,547,697 (a)(b)(c) 
          

 

 

  

Total Ohio

              12,438,411  
          

 

 

  

Oklahoma - 0.4%

           

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

      4.000 %      1/1/47        2,000,000        2,243,403  

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

      6.875 %      11/1/46        332,733        832 *(h)  
          

 

 

  

Total Oklahoma

              2,244,235  
          

 

 

  

Oregon - 1.2%

           

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

      5.000 %      6/1/46        2,000,000        2,242,760  

Port of Portland, OR, Airport Revenue: Portland International Airport, Series 28, Refunding

      5.000 %      7/1/52        3,000,000        3,632,884 (a) 

Portland International Airport, Series C, Refunding

      5.000 %      7/1/24        1,000,000        1,076,134 (a) 
          

 

 

  

Total Oregon

              6,951,778  
          

 

 

  

Pennsylvania - 4.3%

           

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

           

Series 2018

      5.000 %      6/1/32        250,000        293,687  

Series 2018

      5.000 %      6/1/33        500,000        586,282  

Cumberland County, PA, Municipal Authority Revenue: Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/30        375,000        412,382 (e)  

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/30        855,000        940,232 (e)  

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/30        1,145,000        1,234,771  

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

      5.000 %      7/1/47        550,000        614,500 (e)  

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

      5.000 %      11/1/51        2,750,000        3,241,057  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

15

 

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Pennsylvania - continued

           

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

      5.000 %      2/15/48      $  1,250,000      $ 1,460,840  

Pennsylvania State Turnpike Commission Revenue:

           

Series B, Refunding

      5.000 %      12/1/46        1,500,000        1,818,728  

Series C, Refunding

      4.000 %      12/1/51        2,000,000        2,228,417  

Subordinated, Series B

      5.000 %      12/1/48        2,900,000        3,384,326  

Subordinated, Series B

      5.000 %      12/1/50        1,000,000        1,199,487  

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

      5.000 %      10/1/30        1,200,000        1,472,793  

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

      5.000 %      9/1/33        1,755,000        1,955,535  

Philadelphia, PA, Water & Wastewater Revenue, Series A

      5.000 %      7/1/45        1,000,000        1,086,208 (e) 

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        688,677  

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

      5.000 %      6/1/33        1,780,000        2,039,576  
          

 

 

  

Total Pennsylvania

              24,657,498  
          

 

 

  

Puerto Rico - 5.3%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:

           

Senior Lien, Series A, Refunding

      5.000 %      7/1/47        2,500,000        2,834,502 (d) 

Series B, Refunding

      5.000 %      7/1/33        1,340,000        1,606,627 (d) 

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

      5.000 %      7/1/41        1,250,000        1,140,625 *(h) 

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        2,230,000        2,299,687 *(h) 

Series A

      5.050 %      7/1/42        350,000        360,938 *(h)  

Series XX

      5.250 %      7/1/40        3,495,000        3,621,694 *(h) 

Series ZZ, Refunding

      5.250 %      7/1/18        1,250,000        1,292,188 *(i) 

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

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27        960,000        851,012  

CAB, Restructured, Series A-1

      0.000 %      7/1/46        1,040,000        337,856  

CAB, Restructured, Series A-1

      0.000 %      7/1/51        6,700,000        1,577,092  

Restructured, Series A-1

      4.550 %      7/1/40        230,000        254,798  

 

See Notes to Schedule of Investments.

 

 

 

16

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - continued

           

Restructured, Series A-1

      5.000 %      7/1/58      $  4,000,000      $ 4,485,808  

Restructured, Series A-2

      4.329 %      7/1/40        5,380,000        5,891,282  

Restructured, Series A-2A

      4.550 %      7/1/40        3,550,000        3,932,759  
          

 

 

  

Total Puerto Rico

              30,486,868  
          

 

 

  

South Carolina - 0.3%

           

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/48        1,750,000        1,996,721 (a) 
          

 

 

  

South Dakota - 0.1%

           

South Dakota State HEFA Revenue, Regional Health

      5.000 %      9/1/40        500,000        576,396  
          

 

 

  

Tennessee - 1.8%

           

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

      5.000 %      9/1/40        1,200,000        1,397,526  

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

           

Subordinated, Green Bonds, Series A

      5.000 %      7/1/42        500,000        582,633  

Subordinated, Series B, Refunding

      5.000 %      7/1/46        1,000,000        1,164,638  

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

      4.000 %      11/1/25        6,500,000        6,980,029 (b)(c) 
          

 

 

  

Total Tennessee

              10,124,826  
          

 

 

  

Texas - 7.0%

           

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

      5.000 %      6/15/46        1,300,000        1,452,941 (e) 

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

      5.000 %      2/15/48        1,250,000        1,448,663  

Central Texas Regional Mobility Authority Revenue:

           

Senior Lien, Series B

      4.000 %      1/1/51        750,000        816,794  

Senior Lien, Series E

      4.000 %      1/1/50        2,500,000        2,712,900  

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

      5.000 %      11/15/37        2,050,000        2,421,559 (a) 

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

      5.000 %      2/15/49        500,000        573,590  

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        4,537,450  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

17

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - continued

           

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

      5.750 %      7/1/27      $ 880,000      $ 1,011,208 (g) 

Houston, TX, Airport System Revenue:

           

Series B-1

      5.000 %      7/15/30        5,500,000        5,895,908 (a) 

Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B1

      4.000 %      7/15/41        1,500,000        1,551,312 (a) 

Subordinated Lien, Series A, Refunding

      4.000 %      7/1/41        2,000,000        2,205,808 (a) 

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

      5.000 %      11/15/44        1,000,000        1,082,293  

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

           

Series 2017

      5.000 %      11/1/33        120,000        135,846 (a)  

Series 2017

      5.000 %      11/1/36        120,000        135,882 (a)  

New Hope Cultural Education Facilities Finance Corp., TX, Senior Living Revenue, Sanctuary LTC Project, Series A

      5.500 %      1/1/57        2,000,000        1,945,458  

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

      5.000 %      4/1/46        750,000        801,949  

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

      4.000 %      8/15/51        1,000,000        1,019,946  

North Texas Tollway Authority Revenue:

           

Series A, Refunding

      5.000 %      1/1/39        825,000        923,630  

Series B, Refunding

      5.000 %      1/1/40        2,000,000        2,065,476  

Series B, Refunding

      5.000 %      1/1/45        2,105,000        2,290,317  

Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue, Jefferson Gulf Coast Energy Project, Series 2021A

      3.000 %      1/1/50        400,000        330,844 (a)(d) 

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

      4.000 %      10/1/42        1,750,000        1,999,402  

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

      6.625 %      11/15/37        610,000        673,048  

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

      5.000 %      12/31/45        1,600,000        1,741,304 (a) 

 

See Notes to Schedule of Investments.

 

 

 

18

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(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      $  276,650 *(d)(h) 

Subordinated, Inspired Living at Lewisville Project, Series B

      10.000 %      12/1/51        150,000        52,500 *(h)  
          

 

 

  

Total Texas

              40,102,678  
          

 

 

  

U.S. Virgin Islands - 0.6%

           

Virgin Islands Public Finance Authority Revenue:

           

Matching Fund Loan, Senior Lien, Series A

      5.000 %      10/1/29        710,000        711,821  

Subordinated, Matching Fund Loan, Cruzan Project, Series A

      6.000 %      10/1/39        1,390,000        1,393,534  

Subordinated, Matching Fund Loan, Diageo Project, Series A

      6.750 %      10/1/37        1,200,000        1,210,601  
          

 

 

  

Total U.S. Virgin Islands

              3,315,956  
          

 

 

  

Utah - 1.6%

           

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

      5.000 %      7/1/43        5,250,000        6,023,294 (a) 

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

      5.000 %      4/15/47        1,000,000        1,086,764  

Utah State Infrastructure Agency, Telecommunications Revenue:

           

Series 2019

      4.000 %      10/15/42        1,200,000        1,302,472  

Series 2021

      4.000 %      10/15/38        500,000        550,369  
          

 

 

  

Total Utah

              8,962,899  
          

 

 

  

Virginia - 3.2%

           

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

      5.000 %      7/1/35        700,000        860,824  

Virginia State Port Authority, Port Facilities Revenue:

           

Series B, Refunding

      5.000 %      7/1/41        1,100,000        1,226,120 (a) 

Series B, Refunding

      5.000 %      7/1/45        1,500,000        1,660,857 (a) 

Virginia State Small Business Financing Authority Revenue:

           

Bon Secours Mercy Health, Series A, Refunding

      4.000 %      12/1/49        2,000,000        2,209,367  

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/32        500,000        588,393  

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

19

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Virginia - continued

           

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/34      $ 300,000      $ 352,193  

Senior Lien, 95 Express Lanes LLC Project, Refunding

      5.000 %      1/1/37        3,200,000        3,863,122 (a)  

Senior Lien, 95 Express Lanes LLC Project, Refunding

      5.000 %      1/1/38        1,000,000        1,203,748 (a)  

Senior Lien, Elizabeth River Crossing OpCo LLC Project

      5.250 %      1/1/32        3,000,000        3,043,811 (a)  

Senior Lien, Elizabeth River Crossing OpCo LLC Project

      5.500 %      1/1/42        2,000,000        2,027,900 (a)  

Senior Lien, I-495 HOT Lanes Project, Refunding

      5.000 %      12/31/47        1,250,000        1,504,297 (a)(f)  
          

 

 

  

Total Virginia

              18,540,632  
          

 

 

  

Washington - 1.5%

           

Port of Seattle, WA, Intermediate Lien Revenue:

           

Series 2019

      5.000 %      5/1/43        1,500,000        1,691,414 (a)  

Series 2019

      4.000 %      4/1/44        750,000        820,252 (a)  

Series 2019

      5.000 %      4/1/44        1,500,000        1,763,678 (a)  

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        1,000,000        1,116,220 (b)(c)  

Seattle Cancer Care Alliance, Refunding

      5.000 %      12/1/33        245,000        300,848  

Seattle Cancer Care Alliance, Refunding

      4.000 %      12/1/45        1,200,000        1,328,302  

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/55        1,500,000        1,789,070  
          

 

 

  

Total Washington

              8,809,784  
          

 

 

  

West Virginia - 0.3%

           

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

      5.000 %      10/1/29        1,250,000        1,508,298 (b)(c)  
          

 

 

  

Wisconsin - 0.8%

           

Mount Pleasant, WI, Tax Increment Revenue, Series A

      5.000 %      4/1/48        2,500,000        2,879,124  

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

      5.000 %      1/1/40        500,000        574,123  

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        1,445,988 (d)  
          

 

 

  

Total Wisconsin

              4,899,235  
          

 

 

  

Total Municipal Bonds (Cost - $749,949,119)

 

      798,916,706  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

20

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

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

 

      

New York - 1.6%

           

New York State Urban Development Corp. Revenue, State Personal Income Tax Revenue Bonds, Bidding Group 3, Series E, Refunding (Cost - $9,885,936)

      4.000 %      3/15/41      $ 8,480,000      $ 9,477,413  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $759,835,055)

              808,394,119  
          

 

 

  
SHORT-TERM INVESTMENTS - 4.8%           
MUNICIPAL BONDS - 4.8%           

Delaware - 0.2%

           

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

      0.090 %      11/1/37        1,000,000        1,000,000 (k)(l) 
          

 

 

  

Florida - 0.1%

           

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, Series E, LOC - TD Bank N.A.

      0.190 %      10/1/26        300,000        300,000 (k)(l)  

St. Lucie County, FL, Solid Waste Disposal Revenue, Florida Power & Light Co. Project, Refunding

      0.130 %      5/1/24        300,000        300,000 (a)(k)(l)  
          

 

 

  

Total Florida

              600,000  
          

 

 

  

Indiana - 0.2%

           

Indiana State Finance Authority Hospital Revenue:

           

Parkview Health System Obligated Group, Series B, Refunding, LOC - Wells Fargo Bank N.A.

      0.090 %      11/1/39        300,000        300,000 (k)(l)  

Parkview Health System Obligated Group, Series D, Refunding, LOC - Wells Fargo Bank N.A.

      0.090 %      11/1/39        1,000,000        1,000,000 (k)(l) 
          

 

 

  

Total Indiana

              1,300,000  
          

 

 

  

Massachusetts - 0.3%

           

Massachusetts State DFA Revenue, Boston University, Series U-6E, Refunding, LOC -TD Bank N.A.

      0.060 %      10/1/42        1,400,000        1,400,000 (k)(l) 
          

 

 

  

Mississippi - 0.7%

           

Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR:

           

Chevron USA Inc. Project, Series B

      0.080 %      12/1/30        1,200,000        1,200,000 (k)(l) 

Chevron USA Inc. Project, Series E

      0.080 %      12/1/30        200,000        200,000 (k)(l)  

Chevron USA Inc. Project, Series G

      0.080 %      11/1/35        1,100,000        1,100,000 (k)(l) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

21

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Mississippi - continued

           

Chevron USA Inc. Project, Series H

      0.080 %      11/1/35      $ 900,000      $ 900,000 (k)(l) 

Chevron USA Inc. Project, Series K

      0.080 %      11/1/35        500,000        500,000 (k)(l) 
          

 

 

  

Total Mississippi

              3,900,000  
          

 

 

  

New Jersey - 0.5%

           

New Jersey State Health Care Facilities Financing Authority Revenue, Meridian Health System Obligated Group Issue, Series A, LOC - TD Bank N.A.

      0.190 %      7/1/33        2,800,000        2,800,000 (k)(l) 
          

 

 

  

New York - 1.8%

           

New York City, NY, GO:

           

Subseries G-6, LOC - Mizuho Bank Ltd.

      0.070 %      4/1/42        600,000        600,000 (k)(l) 

Subseries I-4, LOC - TD Bank N.A.

      0.090 %      4/1/36        740,000        740,000 (k)(l) 

New York City, NY, HDC, MFH Revenue, Beacon Mews Development, Series A, LOC - Citibank N.A.

      0.220 %      4/1/39        4,600,000        4,600,000 (a)(k)(l) 

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

      0.090 %      6/15/48        845,000        845,000 (k)(l) 

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

      0.110 %      2/1/44        1,800,000        1,800,000 (k)(l) 

New York State HFA Revenue, 42nd & 10th Housing, Series A, LIQ - FHLMC

      0.190 %      11/1/41        2,000,000        2,000,000 (a)(k)(l) 
          

 

 

  

Total New York

              10,585,000  
          

 

 

  

Pennsylvania - 0.7%

           

Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, Series A, LOC - TD Bank N.A.

      0.190 %      5/1/55        3,900,000        3,900,000 (k)(l) 
          

 

 

  

Texas - 0.1%

           

Lower Neches Valley Authority, TX, Industrial Development Corp. Revenue:

           

ExxonMobil Corp., Refunding

      0.090 %      5/1/46        200,000        200,000 (k)(l) 

ExxonMobil Corp., Series B, Refunding

      0.110 %      11/1/29        400,000        400,000 (a)(k)(l) 
          

 

 

  

Total Texas

              600,000  
          

 

 

  

Utah - 0.2%

           

Utah County, UT, Hospital Revenue, IHC Health Services Inc., Series C, SPA - TD Bank N.A.

      0.070 %      5/15/58        1,400,000        1,400,000 (k)(l) 
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $27,485,000)

              27,485,000  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

22

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE      SHARES      VALUE  
MONEY MARKET FUNDS - 0.0%††         

Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $58,136)

      0.010 %       58,136      $ 58,136 (m)  
        

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $27,543,136)

 

         27,543,136  
        

 

 

  

TOTAL INVESTMENTS - 145.0%
(Cost - $787,378,191)

 

         835,937,255  

TOB Floating Rate Notes - (1.1)%

            (6,360,000 ) 

Other Liabilities in Excess of Other Assets - (43.9)%

            (253,171,535 ) 
        

 

 

  

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

 

       $ 576,405,720  
        

 

 

  

 

††

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)

Securities traded on a when-issued or delayed delivery basis.

 

(g)

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

 

(h)

The coupon payment on this security is currently in default as of February 28, 2022.

 

(i)

The maturity principal is currently in default as of February 28, 2022.

 

(j)

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

 

(k)

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.

 

(l)

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

 

(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, 2022, the total market value of investments in Affiliated Companies was $58,136 and the cost was $58,136 (Note 2).

 

See Notes to Schedule of Investments.

 

 

Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report    

  

 

 

23

WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2022

 

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
FHLMC    — Federal Home Loan Mortgage Corporation
GO    — General Obligation
GTD    — Guaranteed
HDC    — Housing Development Corporation
HEFA    — Health & Educational Facilities Authority
HFA    — Housing Finance Agency
IDA    — Industrial Development Authority
IDR    — Industrial Development Revenue
ISD    — Independent School District
LIQ    — Liquidity Facility
LOC    — Letter of Credit
MFA    — Municipal Finance Authority
MFH    — Multi-Family Housing
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.

 

 

 

24

  

    Western Asset Managed Municipals Fund Inc. 2022 Quarterly Report

  

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset Managed Municipals Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal.

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 Global 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 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

 

   

 

 

25

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

 

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)

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

 

 

 

26

    

 

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

      —        $ 798,916,706        —        $  798,916,706  

Municipal Bonds Deposited in Tender Option Bond Trust

      —          9,477,413        —          9,477,413  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      —          808,394,119        —          808,394,119  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†:

            

Municipal Bonds

      —          27,485,000        —          27,485,000  

Money Market Funds

    $ 58,136        —          —          58,136  

Total Short-Term Investments

      58,136        27,485,000        —          27,543,136  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $  58,136      $ 835,879,119        —        $ 835,937,255  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

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, 2022. The following transactions were effected in such company for the period ended February 28, 2022.

 

     Affiliate
Value at
May 31,
2021		      Purchased      Sold      Realized
Gain (Loss)		      Dividend
Income		      Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		      Affiliate
Value at
February 28,
2022		  

 

    Cost      Shares      Cost      Shares  
Western Asset Premier Institutional Government Reserves, Premium Shares    $ 58,968      $ 10,240,100        10,240,100      $ 10,240,932        10,240,932        —        $ 6        —        $ 58,136  

 

   

 

 

27