NPORT-EX 2 LMF5300WAMunicipalPartnersFd.htm

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited)

February 29, 2020

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
Municipal Bonds - 149.4%                  
Alabama - 2.7%                  
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019   5.750%  10/1/49  $200,000   $242,516(a)
Jefferson County, AL, Sewer Revenue:                  
Subordinated Lien, Warrants, Series D   6.500%  10/1/53   1,300,000    1,577,368 
Subordinated Lien, Warrants, Series D, Refunding   6.000%  10/1/42   760,000    912,152 
Lower Alabama Gas District, Natural Gas Revenue:                  
Project #2   4.000%  12/1/25   500,000    573,710 (b)(c)
Series A   5.000%  9/1/46   850,000    1,287,597 
Total Alabama                4,593,343 
Alaska - 1.5%                  
Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B   5.000%  12/1/39   245,000    312,779 
Valdez, AK, Marine Terminal Revenue, BP Pipelines Inc. Project, Series C, Refunding   5.000%  1/1/21   2,150,000    2,219,424 
Total Alaska                2,532,203 
Arizona - 3.0%                  
Chandler, AZ, IDA Revenue, Intel Corp. Project   5.000%  6/3/24   1,650,000    1,917,019 (a)(b)(c)
Navajo Nation, AZ, Revenue, Series A, Refunding   5.500%  12/1/30   275,000    318,082(d)
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007   5.000%  12/1/32   2,000,000    2,710,800 
Total Arizona                4,945,901 
California - 19.3%                  
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding   5.000%  10/1/34   500,000    613,610 
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA Municipal Swap Index Yield + 1.100%)   2.250%  4/1/24   2,500,000    2,586,000 (b)(c)
California State MFA Revenue:                  
Senior Lien, LINXS Apartment Project, Series A   5.000%  12/31/43   500,000    613,595(a)
Senior Lien, LINXS Apartment Project, Series A   5.000%  12/31/47   500,000    610,605(a)
California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project   5.000%  11/21/45   1,000,000    1,087,300 (a)(d)
California State, GO, Various Purpose   5.000%  4/1/43   3,000,000    3,350,130 

 

See Notes to Schedule of Investments.

 

1

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
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   $1,239,350 
Golden State, CA, Tobacco Securitization Corp. Revenue:                  
Tobacco Settlement Funded, Series A-1, Refunding   5.000%  6/1/47   500,000    530,935 
Tobacco Settlement Funded, Series A-2, Refunding   5.000%  6/1/47   550,000    584,028 
Los Angeles, CA, Department of Airports Revenue:                  
Los Angeles International Airport, Subordinated, Series D   5.000%  5/15/49   1,500,000    1,887,075(a)
Los Angeles International Airport, Subordinated, Series F   5.000%  5/15/27   1,500,000    1,913,355(a)
Los Angeles, CA, Department of Water & Power, Power System Revenue, Power System, Series A   5.000%  7/1/47   1,000,000    1,239,210 
Lower Tule River, CA, Irrigation District Revenue, COP, Series A   5.000%  8/1/40   1,000,000    1,016,200 
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A   5.000%  10/1/42   125,000    149,950(d)
M-S-R Energy Authority, CA, Natural Gas Revenue:                  
Series B   7.000%  11/1/34   2,490,000    4,023,964 
Series C   6.500%  11/1/39   2,000,000    3,369,480 
Rancho Cucamonga, CA, RDA, Rancho Redevelopment Project Area, AGM   5.000%  9/1/30   750,000    882,645 
River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding   5.500%  9/1/45   500,000    548,710 
Riverside County, CA, Transportation Commission Toll Revenue:                  
Senior Lien, Series A   5.750%  6/1/44   100,000    113,607 
Senior Lien, Series A   5.750%  6/1/48   200,000    226,836 
Riverside, CA, Electric Revenue:                  
Series A, Refunding   5.000%  10/1/38   250,000    331,953 
Series A, Refunding   5.000%  10/1/48   750,000    970,365 
San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM   5.000%  10/1/38   300,000    383,076 

 

See Notes to Schedule of Investments.

 

2

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
California - continued                  
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A   5.000%  4/1/48  $1,000,000   $1,223,120 
Stockton, CA, PFA Wastewater Revenue, Bond Anticipation Notes, Series 2019   1.400%  6/1/22   200,000    200,668 
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    374,199 
Tulare, CA, Sewer Revenue, Refunding, AGM   5.000%  11/15/41   2,000,000    2,405,260 
Total California                32,475,226 
Colorado - 5.2%                  
Base Village Metropolitan District #2, CO, GO, Series A, Refunding   5.750%  12/1/46   500,000    532,525 
Colliers Hill Metropolitan District #2, CO, GO, Senior Bonds, Series A   6.250%  12/1/37   750,000    797,940 
Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-1   4.000%  8/1/44   600,000    692,718 
Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes   5.000%  12/31/51   200,000    223,156 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue   6.500%  11/15/38   4,000,000    6,512,720 
Total Colorado                8,759,059 
Connecticut - 1.8%                  
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A   5.000%  1/1/37   500,000    621,265 
Connecticut State, GO:                  
Series A   4.000%  4/15/37   500,000    594,350 
Series E   5.000%  10/15/34   270,000    330,529 
Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd., Refunding   5.000%  4/1/39   250,000    293,670(d)
University of Connecticut, Student Fee Revenue, Series A   5.000%  11/15/43   1,000,000    1,254,110 
Total Connecticut                3,093,924 
Delaware - 0.4%                  
Delaware State Health Facilities Authority Revenue, Beebe Medical Center Project   5.000%  6/1/48   500,000    606,945 

 

See Notes to Schedule of Investments.

 

3

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

 

SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
District of Columbia - 1.4%               
District of Columbia Revenue:                  
Ingleside Rock Creek Project, Series A   4.125%  7/1/27   200,000    213,018 
KIPP DC Issue, Series A, Refunding   5.000%  7/1/37  $800,000   $981,424 
Series A, Refunding   4.000%  3/1/45   1,000,000    1,205,250(e)
Total District of Columbia                2,399,692 
Florida - 8.4%                  
Broward County, FL, Airport System Revenue:                  
Series 2017   5.000%  10/1/47   350,000    427,136(a)
Series A   5.000%  10/1/45   1,000,000    1,172,660(a)
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A   6.125%  6/15/46   160,000    178,397(d)
Florida State Mid-Bay Bridge Authority Revenue, First Senior Lien, Series A, Refunding   5.000%  10/1/40   740,000    863,314 
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A   5.000%  10/1/42   500,000    611,860(a)
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding   5.000%  10/1/41   3,000,000    3,670,980 
Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding   5.000%  7/1/24   1,250,000    1,453,600 
Miami-Dade County, FL, GO, Seaport, Series C, Refunding   5.000%  10/1/23   2,315,000    2,467,929 
Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus Children’s Hospital, Refunding   5.000%  8/1/42   350,000    425,999 
Miami-Dade County, FL, School District, GO   5.000%  3/15/30   1,000,000    1,260,750 
Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding   5.000%  8/1/47   250,000    281,837 
Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding   5.000%  10/15/42   1,000,000    1,227,890 
Total Florida                14,042,352 
Georgia - 1.2%                  
Main Street Natural Gas Inc., GA, Gas Project Revenue:                  
Series A   5.000%  5/15/43   650,000    809,244 
Series C   4.000%  9/1/26   1,000,000    1,169,640 (b)(c)
Total Georgia                1,978,884 

 

See Notes to Schedule of Investments.

 

4

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020 

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
Illinois - 16.4%               
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue   5.000%  4/1/42   500,000    592,485 
Chicago, IL, Board of Education, GO:                  
Dedicated, Series G, Refunding   5.000%  12/1/44  $330,000   $395,178 
Series D   5.000%  12/1/46   250,000    304,098 
Chicago, IL, GO:                  
Series 2002B   5.500%  1/1/37   60,000    69,985 
Series 2005D, Refunding   5.500%  1/1/34   950,000    1,112,117 
Series A   5.000%  1/1/44   100,000    120,697 
Series A, Refunding   5.000%  1/1/28   750,000    922,987 
Series A, Refunding   6.000%  1/1/38   500,000    630,195 
Series C, Refunding   5.000%  1/1/25   1,000,000    1,152,450 
Chicago, IL, O’Hare International Airport Revenue:                  
General Senior Lien, Series B, Refunding   5.000%  1/1/41   250,000    298,798 
Senior Lien, Series D   5.000%  1/1/47   500,000    604,965 
Senior Lien, Series D   5.000%  1/1/52   500,000    604,040 
Series C   5.000%  1/1/35   2,200,000    2,552,528(a)
Trips Obligated Group   5.000%  7/1/48   200,000    240,738(a)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien   5.000%  12/1/51   250,000    296,193 
Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding   5.000%  1/1/38   750,000    884,730 
Chicago, IL, Waterworks Revenue:                  
Second Lien Project   5.000%  11/1/34   800,000    917,920 
Second Lien Project   5.000%  11/1/39   500,000    569,450 
Illinois State Sports Facilities Authority Revenue:                  
State Tax Supported, Series 2019, Refunding   5.000%  6/15/30   250,000    313,083 
State Tax Supported, Series 2019, Refunding, BAM   5.000%  6/15/30   250,000    315,255 
Illinois State Toll Highway Authority, Senior Series A, Refunding   5.000%  12/1/31   1,500,000    1,823,145 
Illinois State Toll Highway Authority Revenue, Series C, Refunding   5.000%  1/1/27   500,000    630,505 
Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM   5.000%  4/1/37   100,000    121,530 
Illinois State, GO:                  
Series 2016   5.000%  1/1/33   500,000    589,705 
Series 2016   5.000%  11/1/33   650,000    781,267 
Series 2016   5.000%  1/1/35   250,000    294,053 
Series 2016, Refunding   5.000%  2/1/29   440,000    537,750 

 

See Notes to Schedule of Investments.

 

5

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
Illinois - continued                  
Series A   5.000%  12/1/42  $600,000   $724,716 
Series A, Refunding   5.000%  10/1/29   1,300,000    1,646,580 
Series C   5.000%  11/1/29   300,000    369,885 
Series D   5.000%  11/1/26   300,000    366,672 
Series D   5.000%  11/1/27   500,000    622,665 
Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue:                  
McCormick Place Expansion Project, Series A, Refunding   5.000%  6/15/50   750,000    920,392(e)
McCormick Place Expansion Project, Series B-2, Refunding, State Appropriations   5.200%  6/15/50   970,000    981,989 
McCormick Place Expansion Project, Series B-2, Refunding, State Appropriations   5.250%  6/15/50   215,000    217,688 
Metropolitan Water Reclamation District of Greater Chicago, IL, GO, Green Bond, Series A   5.000%  12/1/44   1,000,000    1,150,640 
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL   6.000%  7/1/29   1,300,000    1,730,716 
University of Illinois, COP, Series C, Refunding   5.000%  3/15/24   1,000,000    1,155,050 
Total Illinois                27,562,840 
Indiana - 2.5%                  
Indiana State Finance Authority Health System Revenue, Indiana University Health, Series B   2.250%  7/1/25   300,000    320,496 (b)(c)
Indiana State Finance Authority Hospital Revenue, Indiana University Health Obligated Group, Series B, Refunding   1.650%  7/1/22   250,000    252,850 (b)(c)
Indianapolis, IN, Local Public Improvement Bond Bank:                  
Courthouse and Jail Project, Series A   4.000%  2/1/44   500,000    582,425 
Courthouse and Jail Project, Series A   5.000%  2/1/54   750,000    949,335 
Series K   5.000%  6/1/27   2,000,000    2,098,420 
Total Indiana                4,203,526 
Iowa - 0.1%                  
Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding   3.125%  12/1/22   200,000    208,154 
Kentucky - 1.0%                  
Kentucky State PEA, Gas Supply Revenue, Series B   4.000%  1/1/25   1,500,000    1,694,550 (b)(c)

 

See Notes to Schedule of Investments.

 

6

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
Louisiana - 2.1%               
Parish of St. John the Baptist, LA, State Revenue, Marathon Oil Corp. Project, Refunding   2.200%  7/1/26  $350,000   $368,256 (b)(c)
Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM   5.000%  4/1/43   500,000    607,255(a)
Shreveport, LA, Water & Sewer Revenue, Refunding, AGM   5.000%  12/1/34   2,080,000    2,484,394 
Total Louisiana                3,459,905 
Massachusetts - 5.0%                  
Massachusetts State Clean Water Trust, Unrefunded Balance, MWRA Project, Subordinated, Series A   5.750%  8/1/29   355,000    356,324 
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series A, Refunding   5.000%  1/1/34   1,000,000    1,304,070 
Massachusetts State DFA Revenue:                  
International Charter School   5.000%  4/15/40   1,875,000    2,095,181 
UMass Boston Student Housing Project   5.000%  10/1/48   200,000    234,756 
Wellforce Issue, Series A, Refunding   5.000%  7/1/44   250,000    306,255 
Massachusetts State Port Authority Revenue, Series A, Refunding   5.000%  7/1/36   500,000    645,470(a)
Massachusetts State, GO, Consolidated Loan, Series C   5.000%  5/1/49   2,750,000    3,532,100 
Total Massachusetts                8,474,156 
Michigan - 2.7%                  
Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM   5.000%  7/1/43   300,000    338,772 
Detroit, MI, Water & Sewage Department, Disposal System Revenue, Senior Lien, Series A, Refunding   5.250%  7/1/39   405,000    444,467 
Great Lakes, MI, Water Authority Water Supply System Revenue:                  
Senior Lien, Series A   5.000%  7/1/46   1,300,000    1,563,302 
Senior Lien, Series C, Refunding   5.000%  7/1/35   150,000    183,656 
Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding   6.750%  7/1/44   350,000    373,681(d)
Michigan State Finance Authority Revenue:                  
Facilities Program, Series 1-A, Refunding   5.250%  10/15/47   250,000    285,080 

 

See Notes to Schedule of Investments.

 

7

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
Michigan - continued                  
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-1, Refunding   5.000%  7/1/44  $380,000   $410,913 
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding   5.000%  7/1/33   370,000    428,393 
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project   5.000%  12/31/43   400,000    494,072(a)
Total Michigan                4,522,336 
Missouri - 1.2%                  
Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport Terminal Modernization Project, Series B   5.000%  3/1/46   1,000,000    1,244,530(a)
Kansas City, MO, IDA, Senior Living Facilities Revenue, Kingswood Project   6.000%  11/15/51   300,000    245,802(d)
Missouri State HEFA Revenue, Lutheran Senior Service Projects, Series A   5.000%  2/1/42   150,000    171,182 
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A   5.000%  9/1/38   350,000    401,859 
Total Missouri                2,063,373 
New Jersey - 12.6%                  
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM   5.000%  11/1/27   240,000    274,226 
New Jersey State EDA Revenue:                  
Cigarette Tax, Refunding   5.000%  6/15/29   500,000    535,450 
Private Activity-The Goethals Bridge Replacement Project   5.375%  1/1/43   1,000,000    1,138,800(a)
Provident Group-Rowan Properties LLC, Rowan University Housing Project   5.000%  1/1/48   500,000    547,895 
School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield + 1.600%)   2.750%  3/1/28   2,500,000    2,559,875(c)
New Jersey State EDA, Special Facility Revenue:                  
Continental Airlines Inc. Project   5.250%  9/15/29   2,000,000    2,201,000(a)
Port Newark Container Terminal LLC Project, Refunding   5.000%  10/1/37   175,000    209,650(a)
New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding   5.000%  7/1/42   3,000,000    3,702,900 

 

See Notes to Schedule of Investments.

 

8

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
New Jersey - continued                  
New Jersey State Health Care Facilities Financing Authority Revenue:                  
Hackensack Meridian Health, Series A, Refunding   5.000%  7/1/38  $100,000   $123,624 
RWJ Barnabas Health Obligation Group, Series A, Refunding   5.000%  7/1/43   300,000    368,520 
New Jersey State Transportation Trust Fund Authority Revenue:                  
Transportation Program, State Appropriations, Series AA   5.000%  6/15/38   6,000,000    6,448,080 
Transportation System, Series A, Refunding   5.000%  12/15/27   1,250,000    1,565,725 
New Jersey State Turnpike Authority Revenue, Series G, Refunding   5.000%  1/1/35   1,000,000    1,274,440 
Tobacco Settlement Financing Corp., NJ, Revenue, Senior, Series A, Refunding   5.000%  6/1/46   200,000    243,690 
Total New Jersey                21,193,875 
New York - 14.7%                  
MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Series A   5.000%  11/15/47   500,000    616,355 
Nassau County, NY, Industrial Development Agency, Continuing Care Retirement Community Revenue, Amsterdam at Harborside, Series C   2.000%  1/1/49   74,690    11,203*
New York City, NY, Water & Sewer System Revenue, Second General Resolution Fiscal 2011, Series BB   5.000%  6/15/31   4,850,000    4,907,182 
New York State Dormitory Authority Revenue, New School, Series A, Refunding   5.000%  7/1/35   2,000,000    2,397,340 
New York State Dormitory Authority, Sales Tax Revenue, Group 4, Series E, Refunding   5.000%  3/15/44   850,000    1,086,147 
New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding   5.000%  3/15/46   1,000,000    1,281,550 
New York State Liberty Development Corp., Liberty Revenue:                  
3 World Trade Center Project, Class 1, Refunding   5.000%  11/15/44   490,000    552,098(d)
4 World Trade Center Project, Refunding   5.750%  11/15/51   2,000,000    2,166,400 
New York State Transportation Development Corp., Special Facilities Revenue:                  
American Airlines Inc., John F. Kennedy International Airport Project, Refunding   5.000%  8/1/31   2,000,000    2,094,260(a)

 

See Notes to Schedule of Investments.

 

9

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
SECURITY  RATE   MATURITY DATE  FACE AMOUNT   VALUE 
New York - continued                  
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project   5.000%  1/1/31  $1,100,000   $1,369,698(a)
LaGuardia Airport Terminal B Redevelopment Project, Series A   5.000%  7/1/41   2,250,000    2,598,480(a)
LaGuardia Airport Terminal B Redevelopment Project, Series A   5.000%  7/1/46   400,000    460,456(a)
Port Authority of New York & New Jersey Revenue, Consolidated Series 166, Refunding   5.000%  1/15/41   4,750,000    4,915,537 
Triborough Bridge & Tunnel Authority, NY, Revenue, General-MTA Bridges & Tunnels, Series A   5.000%  11/15/43   250,000    317,113 
Total New York                24,773,819 
North Carolina - 5.1%                  
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding   5.000%  7/1/49   500,000    641,390 
Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding   4.000%  6/1/49   250,000    294,423 
Charlotte-Mecklenburg Hospital Authority, NC, Healthcare System Revenue, Series A, Refunding   5.000%  1/15/31   5,000,000    5,370,000 
North Carolina State Limited Obligation Revenue, Series A   4.000%  5/1/34   1,000,000    1,216,550 
North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding   5.000%  1/1/30   100,000    123,366 
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding, State Appropriations   5.000%  7/1/47   750,000    879,007 
Total North Carolina                8,524,736 
Ohio - 3.6%                  
Buckeye, OH, Tobacco Settlement Financing Authority:                  
Series A-2, Refunding   4.000%  6/1/48   350,000    401,597(e)
Series B-2, Refunding   5.000%  6/1/55   525,000    593,712(e)
Northeast, OH, Regional Sewer District, Waste Water Improvement Revenue   5.000%  11/15/43   4,040,000    4,583,218(f)
Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding   2.500%  10/1/29   450,000    478,926 (a)(b)(c)
Total Ohio                6,057,453 

 

See Notes to Schedule of Investments.

 

10

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
Security  Rate   Maturity Date  Face Amount   Value 
Oklahoma - 0.0%               
Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A   6.875%  11/1/46  $99,820   $250*(g)
Oregon - 1.2%                  
Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest, Series B, School Bond Guaranty   0.000%  6/15/31   1,000,000    706,450 
Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding   5.000%  6/1/46   600,000    714,162 
Yamhill County, OR, Hospital Authority Revenue, Friendsview Retirement Community, Series A, Refunding   5.000%  11/15/46   475,000    532,176 
Total Oregon                1,952,788 
Pennsylvania - 9.4%                  
Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding   4.000%  7/15/38   500,000    592,295 
Central Bradford Progress Authority, PA, Guthrie Healthcare Systems   5.000%  12/1/26   5,130,000    5,495,923(f)
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, Series 2018   5.000%  6/1/33   250,000    315,393 
Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social Ministries Project   5.000%  1/1/29   750,000    859,777 
East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville University   5.000%  7/1/47   250,000    285,220 
Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project   2.150%  7/1/24   350,000    364,326 (a)(b)(c)
Pennsylvania State Economic Development Financing Authority, Sewage Sludge Disposal Revenue, Philadelphia Biosolids Facility   6.250%  1/1/32   475,000    483,274 
Pennsylvania State, GO, Refunding   5.000%  7/15/30   1,000,000    1,326,150 
Philadelphia, PA, Airport Revenue, Series A, Refunding   5.000%  6/15/35   2,000,000    2,340,320(a)
Philadelphia, PA, Authority for IDR:                  
City Service Agreement Revenue, Rebuild Project   5.000%  5/1/35   250,000    315,218 
City Service Agreement Revenue, Rebuild Project   5.000%  5/1/38   500,000    625,710 
Lease Revenue, Refunding   5.000%  10/1/30   350,000    472,503 

 

See Notes to Schedule of Investments.

 

11

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
Security  Rate   Maturity Date  Face Amount   Value 
Pennsylvania - continued                  
Philadelphia, PA, GO, Series B   5.000%  2/1/38  $250,000   $324,490 
School District Philadelphia, PA, GO, Series A, State Aid Withholding   5.000%  9/1/32   1,000,000    1,187,560 
State Public School Building Authority, PA, Lease Revenue:                  
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding   5.000%  6/1/31   200,000    245,696 
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding   5.000%  6/1/33   500,000    612,190 
Total Pennsylvania                15,846,045 
Puerto Rico - 2.8%                  
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A   5.250%  7/1/42   1,150,000    1,244,875 
Puerto Rico Electric Power Authority Revenue:                  
Series A   5.000%  7/1/42   400,000    319,500*(g)
Series A   5.050%  7/1/42   100,000    79,875*(g)
Series XX   5.250%  7/1/40   890,000    713,112*(g)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:                  
CAB, Restructured, Series A-1   0.000%  7/1/27   280,000    239,518 
CAB, Restructured, Series A-1   0.000%  7/1/46   2,700,000    803,304 
Restructured, Series A-1   4.750%  7/1/53   130,000    147,176 
Restructured, Series A-1   5.000%  7/1/58   1,050,000    1,204,213 
Total Puerto Rico                4,751,573 
South Carolina - 0.4%                  
South Carolina State Ports Authority Revenue, Series 2018   5.000%  7/1/36   500,000    627,805(a)
South Dakota - 0.2%                  
South Dakota State HEFA Revenue, Regional Health   5.000%  9/1/40   200,000    244,374 
Tennessee - 1.9%                  
Tennessee State Energy Acquisition Corp., Gas Revenue:                  
Series 2018   4.000%  11/1/25   1,000,000    1,147,450 (b)(c)
Series C   5.000%  2/1/21   2,025,000    2,097,698 
Total Tennessee                3,245,148 
Texas - 13.6%                  
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD   5.000%  12/1/47   250,000    303,353 

 

See Notes to Schedule of Investments.

 

12

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d) 

February 29, 2020

                
Security  Rate   Maturity Date  Face Amount   Value 
Texas - continued                  
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM   5.000%  2/15/48  $350,000   $428,767 
City of Austin, TX, Airport System Revenue, Series B   5.000%  11/15/37   600,000    773,886(a)
Corpus Christi, TX, Utility System Revenue, Junior Lien, Series A   5.000%  7/15/31   2,905,000    3,489,370 
El Paso, TX, GO, Series B, Refunding   5.000%  8/15/31   1,000,000    1,318,810(e)
Grand Parkway Transportation Corp., TX, System Toll Revenue:                  
Convertible CAB, Step Bond, Series A, B and C, (0.000% until 10/1/23, 5.500%)   0.000%  10/1/36   2,000,000    2,281,180 
First Tier Toll Revenue, Series C, Refunding   4.000%  10/1/49   2,000,000    2,370,660 
Harris County, TX, MTA, Sales & Use Tax Revenue, Series A   5.000%  11/1/36   3,125,000    3,345,437(f)
Houston, TX, Airport Systems Revenue, Series B-1   5.000%  7/15/30   1,000,000    1,152,380(a)
Love Field, TX, Airport Modernization Corp., General Airport Revenue:                  
Series 2017   5.000%  11/1/33   40,000    48,639(a)
Series 2017   5.000%  11/1/36   40,000    48,404(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    895,312 
North Texas Tollway Authority Revenue:                  
Series A, Refunding   5.000%  1/1/39   250,000    301,308 
Series B, Refunding   5.000%  1/1/40   600,000    664,992 
Series B, Refunding   5.000%  1/1/45   600,000    696,690 
Prosper, TX, ISD, GO, School Building, PSF - GTD   5.000%  2/15/49   1,000,000    1,273,070 
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    207,414 
Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC   5.000%  12/31/40   460,000    540,794(a)
Texas State Public Finance Authority Lease Revenue, Series A, Refunding   4.000%  2/1/39   500,000    590,150 
Texas State Water Development Board Revenue, State Water Implementation Fund, Series A   5.000%  10/15/43   1,550,000    1,966,531(h)

 

See Notes to Schedule of Investments.

 

13

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d) 

February 29, 2020

                
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  $150,000   $122,484 *(d)(g)
Subordinate, Inspired Living at Lewisville Project, Series B   10.000%  12/1/51   50,000    35,177 
Total Texas                22,854,808 
U.S. Virgin Islands - 0.6%                  
Virgin Islands Public Finance Authority Revenue:                  
Matching Fund Loan, Senior Lien, Series A   5.000%  10/1/29   235,000    236,029 
Subordinated, Matching Fund Loan, Cruzan Project, Series A   6.000%  10/1/39   420,000    420,000 
Subordinated, Matching Fund Loan, Diageo Project, Series A   6.625%  10/1/29   200,000    200,508 
Subordinated, Matching Fund Loan, Diageo Project, Series A   6.750%  10/1/37   100,000    100,192 
Total U.S. Virgin Islands                956,729 
Utah - 0.4%                  
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE   5.000%  4/15/42   250,000    296,565 
Utah State Infrastructure Agency Telecommunication Revenue, Series 2019   4.000%  10/15/42   300,000    328,668 
Total Utah                625,233 
Virginia - 0.6%                  
Virginia State Port Authority, Port Facilities Revenue:                  
Series B, Refunding   5.000%  7/1/41   300,000    360,006(a)
Series B, Refunding   5.000%  7/1/45   500,000    596,150(a)
Total Virginia                956,156 
Washington - 2.3%                  
Port of Seattle, WA, Revenue:                  
Intermediate Lien, Series 2019   4.000%  4/1/44   250,000    286,232(a)
Intermediate Lien, Series 2019   5.000%  4/1/44   500,000    625,005(a)
Series A, Refunding   5.000%  8/1/25   2,395,000    2,627,507 
Washington State Health Care Facilities Authority Revenue, Commonspirit Health, Series B, Refunding   5.000%  8/1/26   300,000    363,726 (b)(c)
Total Washington                3,902,470 

 

See Notes to Schedule of Investments.

 

14

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

                
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   $531,028 (b)(c)
Wisconsin - 3.8%                  
Mount Pleasant, WI, Tax Increment Revenue, Series A   5.000%  4/1/48   500,000    617,485 
Public Finance Authority, WI, Airport Facilities Revenue, Transportation Infrastructure Properties LLC, Series B, Refunding   5.000%  7/1/42   4,000,000    4,282,960(a)
Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project, Series 2017   7.000%  12/1/50   400,000    489,056(d)
Public Finance Authority, WI, Revenue, Fellowship Senior Living Project, Series A, Refunding   5.000%  1/1/46   900,000    1,063,809 
Total Wisconsin                6,453,310 
Total Investments before Short-Term Investments
(Cost - $226,295,586)		                251,113,969 
Short-Term Investments - 2.0%                  
Municipal Bonds - 1.9%                  
Mississippi - 1.8%                  
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron USA Inc. Project, Series L   1.200%  11/1/35   3,100,000    3,100,000 (i)(j)
New York - 0.1%                  
MTA, NY, Revenue, Transportation, Subseries E-1, LOC - U.S. Bank N.A.   1.180%  11/15/50   100,000    100,000 (i)(j)
Total Municipal Bonds
(Cost - $3,200,000)		                3,200,000 
                 
           SHARES     
Money Market Funds - 0.1%                  
Dreyfus Government Cash Management, Institutional Shares (Cost - $58,888)   1.491%      58,888    58,888 
Total Short-Term Investments
(Cost - $3,258,888)		                3,258,888 
Total Investments - 151.4%
(Cost - $229,554,474)		                254,372,857 
Auction Rate Cumulative Preferred Stock, at Liquidation Value - (10.9)%                (18,350,000)
Variable Rate Demand Preferred Stock, at Liquidation Value - (39.6)%                (66,500,000)
Liabilities in Excess of Other Assets - (0.9)%                (1,474,028)
Total Net Assets Applicable to Common Shareholders - 100.0%               $168,048,829 

 

See Notes to Schedule of Investments.

 

15

 

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

February 29, 2020

 

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

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

(g)The coupon payment on these securities is currently in default as of February 29, 2020.
(h) All or a portion of this security is held at the broker as collateral for futures contracts.

(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.

 

16

 

Western Asset Municipal Partners Fund Inc.

 

Schedule of investments (unaudited) (cont’d)

 

February 29, 2020

 

Abbreviations 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
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
ISD — Independent School District
LOC — Letter of Credit
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
PFA — Public Facilities Authority
PSF — Permanent School Fund
RDA — Redevelopment Agency
SIFMA — Securities Industry and Financial Markets Association
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.

 

17

 

 

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.

 

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

 

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation 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 diligencereviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

 

18

 

 

Notes to Schedule of Investments (unaudited)

 

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)

 

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

 

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Notes to Schedule of Investments (unaudited) (continued)

 

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

 

   ASSETS         
    Quoted Prices    Other Significant Observable Inputs    Significant Unobservable Inputs      
Description   (Level 1)    (Level 2)    (Level 3)    Total 
Municipal Bonds†   —   $251,113,969    —   $251,113,969 
Short-Term Investments†:                    
Municipal Bonds   —    3,200,000    —    3,200,000 
Money Market Funds  $58,888    —    —    58,888 
Total Short-Term Investments   58,888    3,200,000    —    3,258,888 
Total Investments  $58,888   $254,313,969    —   $254,372,857 

† See Schedule of Investments for additional detailed categorizations.

 

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