WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| MUNICIPAL BONDS - 151.4% | ||||||||||||||||
| Alabama - 2.1% |
||||||||||||||||
| Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019 |
5.750 | % | 10/1/49 | $ | 200,000 | $ | 240,633 | (a) | ||||||||
| Jefferson County, AL, Sewer Revenue: |
||||||||||||||||
| Subordinated Lien, Warrants, Series D, Refunding |
6.000 | % | 10/1/42 | 760,000 | 877,915 | |||||||||||
| Subordinated Lien, Warrants, Series D, Refunding |
6.500 | % | 10/1/53 | 1,300,000 | 1,514,393 | |||||||||||
| Southeast Alabama Gas Supply District, Gas Supply Revenue, Series 2018A |
4.000 | % | 6/1/24 | 850,000 | 929,216 | (b)(c) | ||||||||||
|
|
|
|||||||||||||||
| Total Alabama |
3,562,157 | |||||||||||||||
|
|
|
|||||||||||||||
| Alaska - 0.8% |
||||||||||||||||
| Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B |
5.000 | % | 12/1/39 | 245,000 | 308,806 | |||||||||||
| Anchorage, AK, Port Revenue, Series A |
5.000 | % | 12/1/50 | 300,000 | 360,406 | (a) | ||||||||||
| Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding |
4.000 | % | 6/1/39 | 500,000 | 600,410 | |||||||||||
|
|
|
|||||||||||||||
| Total Alaska |
1,269,622 | |||||||||||||||
|
|
|
|||||||||||||||
| Arizona - 2.9% |
||||||||||||||||
| Chandler, AZ, IDA Revenue, Intel Corp. Project |
5.000 | % | 6/3/24 | 1,650,000 | 1,854,273 | (a)(b)(c) | ||||||||||
| Navajo Nation, AZ, Revenue, Series A, Refunding |
5.500 | % | 12/1/30 | 275,000 | 310,779 | (d) | ||||||||||
| Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 |
5.000 | % | 12/1/32 | 2,000,000 | 2,681,428 | |||||||||||
|
|
|
|||||||||||||||
| Total Arizona |
4,846,480 | |||||||||||||||
|
|
|
|||||||||||||||
| California - 19.5% |
||||||||||||||||
| Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding |
5.000 | % | 10/1/34 | 500,000 | 594,520 | |||||||||||
| Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA Municipal Swap Index Yield + 1.100%) |
1.120 | % | 4/1/24 | 2,500,000 | 2,542,866 | (b)(c) | ||||||||||
| California State Community Housing Agency, Essential Housing Revenue, Fountains at Emerald Park, Series A |
3.000 | % | 8/1/56 | 250,000 | 259,130 | |||||||||||
| California State MFA Revenue: |
||||||||||||||||
| Senior Lien, LINXS APM Project, Series A |
5.000 | % | 12/31/43 | 500,000 | 608,251 | (a) | ||||||||||
| Senior Lien, LINXS APM Project, Series A |
5.000 | % | 12/31/47 | 500,000 | 605,654 | (a) | ||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
1 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| California - (continued) |
||||||||||||||||
| California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project |
5.000 | % | 11/21/45 | $ | 1,000,000 | $ | 1,048,676 | (a)(d) | ||||||||
| California State, GO: |
||||||||||||||||
| Various Purpose |
5.000 | % | 4/1/43 | 3,000,000 | 3,216,781 | |||||||||||
| Various Purpose, Refunding |
5.000 | % | 9/1/41 | 1,000,000 | 1,332,499 | (e) | ||||||||||
| Chino Valley, CA, USD, GO, Series B |
5.000 | % | 8/1/55 | 500,000 | 644,514 | |||||||||||
| Eastern Municipal Water District Financing Authority, CA, Water & Wastewater Revenue, Series D |
5.000 | % | 7/1/47 | 1,000,000 | 1,231,876 | |||||||||||
| Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding |
5.250 | % | 6/1/47 | 1,050,000 | 1,087,371 | |||||||||||
| Los Angeles, CA, Department of Airports Revenue: |
||||||||||||||||
| Los Angeles International Airport, Subordinated, Series D |
5.000 | % | 5/15/49 | 1,500,000 | 1,858,116 | (a) | ||||||||||
| Los Angeles International Airport, Subordinated, Series F |
5.000 | % | 5/15/27 | 1,500,000 | 1,856,049 | (a) | ||||||||||
| Los Angeles, CA, Department of Water & Power, Power System Revenue, Series A |
5.000 | % | 7/1/47 | 1,000,000 | 1,203,219 | |||||||||||
| M-S-R Energy Authority, CA, Natural Gas Revenue: |
||||||||||||||||
| Series B |
7.000 | % | 11/1/34 | 2,490,000 | 3,917,086 | |||||||||||
| Series C |
6.500 | % | 11/1/39 | 2,000,000 | 3,287,795 | |||||||||||
| Northern California Energy Authority, Commodity Supply Revenue, Series A |
4.000 | % | 7/1/24 | 500,000 | 548,438 | (b)(c) | ||||||||||
| Rancho Cucamonga, CA, RDA, Rancho Redevelopment Project Area, AGM |
5.000 | % | 9/1/30 | 750,000 | 847,686 | |||||||||||
| River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding |
5.500 | % | 9/1/45 | 500,000 | 526,591 | |||||||||||
| Riverside County, CA, Transportation Commission Toll Revenue: |
||||||||||||||||
| Senior Lien, Series A |
5.750 | % | 6/1/44 | 100,000 | 107,850 | |||||||||||
| Senior Lien, Series A |
5.750 | % | 6/1/48 | 200,000 | 215,691 | |||||||||||
| Riverside, CA, Electric Revenue, Series A, Refunding |
5.000 | % | 10/1/48 | 750,000 | 939,373 | |||||||||||
| San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM |
5.000 | % | 10/1/38 | 300,000 | 368,445 | |||||||||||
See Notes to Schedule of Investments.
|
2 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| 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 | $ | 1,184,000 | |||||||||
| 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 | 377,715 | |||||||||||
| Tulare, CA, Sewer Revenue, Refunding, AGM |
5.000 | % | 11/15/41 | 2,000,000 | 2,345,787 | |||||||||||
|
|
|
|||||||||||||||
| Total California |
32,755,979 | |||||||||||||||
|
|
|
|||||||||||||||
| Colorado - 4.6% |
||||||||||||||||
| Base Village Metropolitan District #2, CO, GO, Series A, Refunding |
5.750 | % | 12/1/46 | 500,000 | 518,340 | |||||||||||
| Colliers Hill Metropolitan District #2, CO, GO, Senior Bonds, Series A |
6.250 | % | 12/1/37 | 750,000 | 788,852 | |||||||||||
| Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-1 |
4.000 | % | 8/1/44 | 600,000 | 690,957 | |||||||||||
| Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes |
5.000 | % | 12/31/51 | 200,000 | 228,168 | |||||||||||
| Public Authority for Colorado Energy, Natural Gas Purchase Revenue |
6.500 | % | 11/15/38 | 3,500,000 | 5,466,168 | |||||||||||
|
|
|
|||||||||||||||
| Total Colorado |
7,692,485 | |||||||||||||||
|
|
|
|||||||||||||||
| Connecticut - 1.8% |
||||||||||||||||
| Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A |
5.000 | % | 1/1/37 | 500,000 | 619,332 | |||||||||||
| Connecticut State, GO: |
||||||||||||||||
| Series A |
4.000 | % | 4/15/37 | 500,000 | 594,903 | |||||||||||
| Series E |
5.000 | % | 10/15/34 | 270,000 | 325,583 | |||||||||||
| Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd., Refunding |
5.000 | % | 4/1/39 | 250,000 | 289,842 | (d) | ||||||||||
| University of Connecticut, Student Fee Revenue, Series A |
5.000 | % | 11/15/43 | 1,000,000 | 1,232,293 | |||||||||||
|
|
|
|||||||||||||||
| Total Connecticut |
3,061,953 | |||||||||||||||
|
|
|
|||||||||||||||
| Delaware - 0.4% |
||||||||||||||||
| Delaware State Health Facilities Authority Revenue, Beebe Medical Center Project |
5.000 | % | 6/1/48 | 500,000 | 599,669 | |||||||||||
|
|
|
|||||||||||||||
| District of Columbia - 0.6% |
||||||||||||||||
| District of Columbia Revenue, KIPP DC Issue, Series A, Refunding |
5.000 | % | 7/1/37 | 800,000 | 956,832 | |||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
3 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Florida - 6.6% |
||||||||||||||||
| Broward County, FL, Airport System Revenue: |
||||||||||||||||
| Series 2017 |
5.000 | % | 10/1/47 | $ | 350,000 | $ | 422,567 | (a) | ||||||||
| Series A |
5.000 | % | 10/1/45 | 1,000,000 | 1,164,214 | (a) | ||||||||||
| Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A |
6.125 | % | 6/15/46 | 160,000 | 180,777 | (d) | ||||||||||
| Florida State Mid-Bay Bridge Authority Revenue, First Senior Lien, Series A, Refunding |
5.000 | % | 10/1/40 | 740,000 | 839,471 | |||||||||||
| Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A |
5.000 | % | 10/1/42 | 500,000 | 605,285 | (a) | ||||||||||
| Miami-Dade County, FL, Aviation Revenue: |
||||||||||||||||
| Series A, Refunding |
5.000 | % | 10/1/41 | 3,000,000 | 3,597,821 | |||||||||||
| Series A, Refunding |
5.000 | % | 10/1/49 | 500,000 | 619,331 | (a) | ||||||||||
| Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding |
5.000 | % | 7/1/24 | 1,250,000 | 1,408,173 | |||||||||||
| Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding |
5.000 | % | 8/1/47 | 250,000 | 275,312 | |||||||||||
| Palm Beach County, FL, Health Facilities Authority Revenue, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B-1 |
3.000 | % | 6/1/27 | 500,000 | 524,787 | |||||||||||
| Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B |
5.000 | % | 7/1/50 | 250,000 | 311,979 | |||||||||||
| Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding |
5.000 | % | 10/15/42 | 1,000,000 | 1,204,040 | |||||||||||
|
|
|
|||||||||||||||
| Total Florida |
11,153,757 | |||||||||||||||
|
|
|
|||||||||||||||
| Georgia - 1.0% |
||||||||||||||||
| Georgia State Municipal Electric Authority Power Revenue: |
||||||||||||||||
| Plant Vogtle Units 3 & 4 Project, Series A |
5.000 | % | 1/1/56 | 295,000 | 360,303 | |||||||||||
| Project One, Series A |
5.000 | % | 1/1/50 | 250,000 | 315,671 | |||||||||||
| Main Street Natural Gas Inc., GA, Gas Project Revenue: |
||||||||||||||||
| Series A |
5.000 | % | 5/15/43 | 650,000 | 794,492 | |||||||||||
| Series C |
4.000 | % | 9/1/26 | 150,000 | 173,242 | (b)(c) | ||||||||||
|
|
|
|||||||||||||||
| Total Georgia |
1,643,708 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
|
4 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Guam - 0.2% |
||||||||||||||||
| Government of Guam, Business Privilege Tax Revenue, Series F, Refunding |
4.000 | % | 1/1/42 | $ | 290,000 | $ | 331,368 | (e) | ||||||||
|
|
|
|||||||||||||||
| Illinois - 18.8% |
||||||||||||||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018 |
5.000 | % | 4/1/42 | 500,000 | 607,069 | |||||||||||
| Chicago, IL, Board of Education, GO: |
||||||||||||||||
| Dedicated, Series G, Refunding |
5.000 | % | 12/1/44 | 330,000 | 395,877 | |||||||||||
| Series D |
5.000 | % | 12/1/46 | 2,000,000 | 2,443,434 | |||||||||||
| Chicago, IL, GO: |
||||||||||||||||
| Series 2002B |
5.500 | % | 1/1/37 | 60,000 | 68,355 | |||||||||||
| Series A, Refunding |
5.000 | % | 1/1/28 | 750,000 | 930,606 | |||||||||||
| Series A, Refunding |
6.000 | % | 1/1/38 | 500,000 | 622,143 | |||||||||||
| Series C, Refunding |
5.000 | % | 1/1/25 | 1,000,000 | 1,143,059 | |||||||||||
| Series D, Refunding |
5.500 | % | 1/1/34 | 950,000 | 1,083,990 | |||||||||||
| Chicago, IL, O’Hare International Airport Revenue: |
||||||||||||||||
| General Senior Lien, Series B, Refunding |
5.000 | % | 1/1/41 | 250,000 | 293,313 | |||||||||||
| Senior Lien, Series D |
5.000 | % | 1/1/47 | 500,000 | 599,027 | |||||||||||
| Senior Lien, Series D |
5.000 | % | 1/1/52 | 500,000 | 598,662 | |||||||||||
| Series C |
5.000 | % | 1/1/35 | 2,200,000 | 2,510,129 | (a) | ||||||||||
| TrIPS Obligated Group |
5.000 | % | 7/1/48 | 200,000 | 238,293 | (a) | ||||||||||
| Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |
||||||||||||||||
| Second Lien |
5.000 | % | 12/1/51 | 250,000 | 296,063 | |||||||||||
| Second Lien, Series A, Refunding |
4.000 | % | 12/1/55 | 600,000 | 682,955 | |||||||||||
| Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding |
5.000 | % | 1/1/38 | 750,000 | 896,676 | |||||||||||
| Chicago, IL, Waterworks Revenue: |
||||||||||||||||
| Second Lien Project |
5.000 | % | 11/1/34 | 800,000 | 899,146 | |||||||||||
| Second Lien Project |
5.000 | % | 11/1/39 | 500,000 | 560,869 | |||||||||||
| Cook County, IL, Sales Tax Revenue, Series A, Refunding |
4.000 | % | 11/15/40 | 500,000 | 592,673 | |||||||||||
| Illinois State Finance Authority Revenue, Northshore University Health System, Refunding |
4.000 | % | 8/15/40 | 500,000 | 599,038 | |||||||||||
| Illinois State Sports Facilities Authority Revenue, State Tax Supported, Series 2019, Refunding, BAM |
5.000 | % | 6/15/30 | 250,000 | 315,624 | |||||||||||
| Illinois State Toll Highway Authority Revenue, Senior Series A, Refunding |
5.000 | % | 12/1/31 | 1,500,000 | 1,775,907 | |||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
5 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Illinois - (continued) |
||||||||||||||||
| Illinois State, GO: |
||||||||||||||||
| Series 2016 |
5.000 | % | 1/1/33 | $ | 500,000 | $ | 571,486 | |||||||||
| Series 2016 |
5.000 | % | 11/1/33 | 650,000 | 759,206 | |||||||||||
| Series 2016, Refunding |
5.000 | % | 2/1/29 | 440,000 | 525,590 | |||||||||||
| Series A |
5.000 | % | 5/1/36 | 250,000 | 301,670 | |||||||||||
| Series A |
5.000 | % | 3/1/37 | 750,000 | 954,807 | |||||||||||
| Series A |
5.000 | % | 5/1/39 | 600,000 | 719,236 | |||||||||||
| Series A |
5.000 | % | 3/1/46 | 500,000 | 623,916 | |||||||||||
| Series A, Refunding |
5.000 | % | 10/1/29 | 1,300,000 | 1,617,650 | |||||||||||
| Series D |
5.000 | % | 11/1/27 | 400,000 | 492,785 | |||||||||||
| Metropolitan Pier & Exposition Authority, IL, Revenue: |
||||||||||||||||
| McCormick Place Expansion Project, Series A, Refunding |
5.000 | % | 6/15/50 | 1,000,000 | 1,226,984 | |||||||||||
| McCormick Place Expansion Project, Series A, Refunding |
4.000 | % | 6/15/52 | 750,000 | 852,965 | (e) | ||||||||||
| McCormick Place Expansion Project, Series B, Refunding |
5.000 | % | 6/15/42 | 1,500,000 | 1,895,147 | |||||||||||
| Regional Transportation Authority, IL, GO, Series A, Refunding, NATL |
6.000 | % | 7/1/29 | 1,300,000 | 1,670,928 | |||||||||||
| University of Illinois, COP, Series C, Refunding |
5.000 | % | 3/15/24 | 1,000,000 | 1,120,683 | |||||||||||
|
|
|
|||||||||||||||
| Total Illinois |
31,485,961 | |||||||||||||||
|
|
|
|||||||||||||||
| Indiana - 0.8% |
||||||||||||||||
| Indiana State Finance Authority Revenue, Marion General Hospital, |
4.000 | % | 7/1/45 | 300,000 | 347,317 | |||||||||||
| Indianapolis, IN, Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A |
5.000 | % | 2/1/54 | 850,000 | 1,048,569 | |||||||||||
|
|
|
|||||||||||||||
| Total Indiana |
1,395,886 | |||||||||||||||
|
|
|
|||||||||||||||
| Iowa - 0.4% |
||||||||||||||||
| Iowa State Finance Authority, Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding |
3.125 | % | 12/1/22 | 95,000 | 96,863 | |||||||||||
| Iowa State Tobacco Settlement Authority Revenue: |
||||||||||||||||
| Asset Backed Senior Bonds, Class 1, Series A-2, Refunding |
4.000 | % | 6/1/49 | 250,000 | 290,947 | |||||||||||
| Asset Backed Senior Bonds, Class 2, Series B-1, Refunding |
4.000 | % | 6/1/49 | 250,000 | 289,754 | |||||||||||
|
|
|
|||||||||||||||
| Total Iowa |
677,564 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
|
6 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Kentucky - 1.0% |
||||||||||||||||
| Kentucky State PEA, Gas Supply Revenue, Series A |
4.000 | % | 6/1/26 | $ | 1,500,000 | $ | 1,723,493 | (b)(c) | ||||||||
|
|
|
|||||||||||||||
| Louisiana - 2.4% |
||||||||||||||||
| Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM |
5.000 | % | 4/1/43 | 500,000 | 593,220 | (a) | ||||||||||
| Shreveport, LA, Water & Sewer Revenue, Refunding, AGM |
5.000 | % | 12/1/34 | 2,080,000 | 2,451,541 | |||||||||||
| St. John the Baptist Parish, LA, State Revenue: |
||||||||||||||||
| Marathon Oil Corp. Project, Refunding |
2.200 | % | 7/1/26 | 350,000 | 370,096 | (b)(c) | ||||||||||
| Marathon Oil Corp. Project, Series B-2, Refunding |
2.375 | % | 7/1/26 | 500,000 | 532,826 | (b)(c) | ||||||||||
|
|
|
|||||||||||||||
| Total Louisiana |
3,947,683 | |||||||||||||||
|
|
|
|||||||||||||||
| Maryland - 0.3% |
||||||||||||||||
| Maryland State EDC, Senior Student Housing Revenue, Morgan State University Project |
4.000 | % | 7/1/40 | 500,000 | 579,253 | |||||||||||
|
|
|
|||||||||||||||
| Massachusetts - 3.5% |
||||||||||||||||
| Massachusetts State Clean Water Trust, Unrefunded Balance, MWRA Project, Subordinated, Series A |
5.750 | % | 8/1/29 | 355,000 | 356,607 | |||||||||||
| Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series A, Refunding |
5.000 | % | 1/1/34 | 1,000,000 | 1,259,867 | |||||||||||
| Massachusetts State DFA Revenue: |
||||||||||||||||
| International Charter School |
5.000 | % | 4/15/40 | 1,875,000 | 2,070,085 | |||||||||||
| UMass Boston Student Housing Project |
5.000 | % | 10/1/48 | 200,000 | 225,340 | |||||||||||
| Wellforce Issue, Series A, Refunding |
5.000 | % | 7/1/44 | 250,000 | 302,880 | |||||||||||
| Massachusetts State Port Authority Revenue: |
||||||||||||||||
| Bosfuel Project, Series A, Refunding |
4.000 | % | 7/1/44 | 400,000 | 462,245 | (a) | ||||||||||
| Series A, Refunding |
5.000 | % | 7/1/36 | 500,000 | 628,079 | (a) | ||||||||||
| Series E |
5.000 | % | 7/1/46 | 500,000 | 638,623 | (a) | ||||||||||
|
|
|
|||||||||||||||
| Total Massachusetts |
5,943,726 | |||||||||||||||
|
|
|
|||||||||||||||
| Michigan - 2.4% |
||||||||||||||||
| Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM |
5.000 | % | 7/1/43 | 300,000 | 335,168 | |||||||||||
| Great Lakes, MI, Water Authority Water Supply System Revenue: |
||||||||||||||||
| Senior Lien, Series A |
5.000 | % | 7/1/46 | 1,300,000 | 1,535,803 | |||||||||||
| Senior Lien, Series C, Refunding |
5.000 | % | 7/1/35 | 150,000 | 180,895 | |||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
7 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Michigan - (continued) |
||||||||||||||||
| Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding |
6.750 | % | 7/1/44 | $ | 125,000 | $ | 132,523 | (d) | ||||||||
| Michigan State Finance Authority Revenue: |
||||||||||||||||
| Facilities Program, Series 1-A, Refunding |
5.250 | % | 10/15/47 | 250,000 | 275,225 | |||||||||||
| Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-1, Refunding |
5.000 | % | 7/1/44 | 380,000 | 395,454 | (f) | ||||||||||
| Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding |
5.000 | % | 7/1/33 | 370,000 | 417,155 | |||||||||||
| Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding |
4.000 | % | 6/1/49 | 150,000 | 174,796 | |||||||||||
| Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding |
5.000 | % | 6/1/49 | 100,000 | 122,372 | |||||||||||
| Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project |
5.000 | % | 12/31/43 | 400,000 | 484,911 | (a) | ||||||||||
|
|
|
|||||||||||||||
| Total Michigan |
4,054,302 | |||||||||||||||
|
|
|
|||||||||||||||
| Missouri - 0.3% |
||||||||||||||||
| Missouri State HEFA Revenue, Lutheran Senior Service Projects, Series A |
5.000 | % | 2/1/42 | 150,000 | 167,685 | |||||||||||
| St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A |
5.000 | % | 9/1/38 | 350,000 | 398,526 | |||||||||||
|
|
|
|||||||||||||||
| Total Missouri |
566,211 | |||||||||||||||
|
|
|
|||||||||||||||
| New Jersey - 17.8% |
||||||||||||||||
| Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM |
5.000 | % | 11/1/27 | 240,000 | 268,634 | |||||||||||
| New Jersey State EDA Revenue: |
||||||||||||||||
| Cigarette Tax, Refunding |
5.000 | % | 6/15/29 | 500,000 | 516,912 | |||||||||||
| Private Activity-The Goethals Bridge Replacement Project |
5.375 | % | 1/1/43 | 1,000,000 | 1,114,046 | (a) | ||||||||||
| Provident Group - Rowan Properties LLC, Rowan University Housing Project |
5.000 | % | 1/1/48 | 500,000 | 527,064 | |||||||||||
| School Facilities Construction, Series I, Refunding, State Appropriations, (SIFMA Municipal Swap Index Yield + 1.600%) |
1.620 | % | 3/1/28 | 2,500,000 | 2,536,253 | (c) | ||||||||||
| New Jersey State EDA, Special Facility Revenue: |
||||||||||||||||
| Continental Airlines Inc. Project |
5.250 | % | 9/15/29 | 2,000,000 | 2,101,842 | (a) | ||||||||||
See Notes to Schedule of Investments.
|
8 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| New Jersey - (continued) |
||||||||||||||||
| Port Newark Container Terminal LLC Project, Refunding |
5.000 | % | 10/1/37 | $ | 175,000 | $ | 206,562 | (a) | ||||||||
| New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding |
5.000 | % | 7/1/42 | 3,000,000 | 3,544,005 | |||||||||||
| New Jersey State Health Care Facilities Financing Authority Revenue: |
||||||||||||||||
| Hackensack Meridian Health, Series A, Refunding |
5.000 | % | 7/1/38 | 100,000 | 121,454 | |||||||||||
| RWJ Barnabas Health Obligation Group, Series A, Refunding |
5.000 | % | 7/1/43 | 300,000 | 357,689 | |||||||||||
| New Jersey State Transportation Trust Fund Authority Revenue: |
||||||||||||||||
| Transportation Program, Series AA |
5.000 | % | 6/15/37 | 4,000,000 | 5,068,977 | (e) | ||||||||||
| Transportation Program, Series AA |
5.000 | % | 6/15/38 | 6,000,000 | 6,223,659 | |||||||||||
| Transportation Program, Series AA |
5.000 | % | 6/15/40 | 2,405,000 | 3,077,073 | |||||||||||
| Transportation System, Series A, Refunding |
5.000 | % | 12/15/27 | 200,000 | 250,483 | |||||||||||
| Transportation System, Series A, Refunding |
5.000 | % | 12/15/28 | 1,050,000 | 1,340,569 | |||||||||||
| New Jersey State, GO, COVID-19 Emergency, Series A |
5.000 | % | 6/1/29 | 1,750,000 | 2,279,254 | |||||||||||
| Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding |
5.250 | % | 6/1/46 | 200,000 | 244,931 | |||||||||||
|
|
|
|||||||||||||||
| Total New Jersey |
29,779,407 | |||||||||||||||
|
|
|
|||||||||||||||
| New York - 20.5% |
||||||||||||||||
| Brookhaven, NY, Local Development Corp. Revenue, Long Island Community Hospital Project, Series A, Refunding |
5.000 | % | 10/1/32 | 750,000 | 970,758 | |||||||||||
| MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2 |
5.000 | % | 11/15/47 | 500,000 | 600,186 | |||||||||||
| MTA, NY, Transportation Revenue: |
||||||||||||||||
| Green Bonds, Series A-2 |
5.000 | % | 11/15/24 | 150,000 | 171,666 | |||||||||||
| Green Bonds, Series D-1 |
5.000 | % | 11/15/43 | 250,000 | 313,012 | |||||||||||
| Green Bonds, Series D-3 |
4.000 | % | 11/15/49 | 250,000 | 287,040 | |||||||||||
| Green Bonds, Series E, Refunding |
5.000 | % | 11/15/30 | 250,000 | 329,215 | |||||||||||
| Green Bonds, Series E, Refunding |
4.000 | % | 11/15/45 | 500,000 | 576,445 | |||||||||||
| Series A-2 |
5.000 | % | 5/15/30 | 500,000 | 653,111 | (b)(c) | ||||||||||
| Series B, Refunding |
5.000 | % | 11/15/37 | 250,000 | 296,377 | |||||||||||
| Nassau County, NY, Industrial Development Agency, Continuing Care Retirement Community Revenue, Amsterdam at Harborside, Series C |
2.000 | % | 1/1/49 | 76,191 | 1 | *(g) | ||||||||||
| New York City, NY, GO, Series F-1 |
4.000 | % | 3/1/47 | 1,250,000 | 1,464,361 | |||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
9 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| New York - (continued) |
||||||||||||||||
| New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Refunding |
4.000 | % | 3/1/45 | $ | 400,000 | $ | 457,816 | |||||||||
| New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2022, Series AA, Subseries AA-1 |
4.000 | % | 6/15/51 | 1,300,000 | 1,528,700 | |||||||||||
| New York City, NY, TFA Future Tax Secured Revenue, Series C-1 |
4.000 | % | 5/1/43 | 3,100,000 | 3,672,143 | |||||||||||
| New York State Dormitory Authority Revenue, New School, Series A, Refunding |
5.000 | % | 7/1/35 | 2,000,000 | 2,304,328 | |||||||||||
| New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, Series E, Refunding |
5.000 | % | 3/15/44 | 850,000 | 1,065,001 | |||||||||||
| New York State Dormitory Authority, School Districts Revenue Financing Program, Series A, AGM |
5.000 | % | 10/1/35 | 1,000,000 | 1,264,741 | |||||||||||
| New York State Dormitory Authority, State Personal Income Tax Revenue: |
||||||||||||||||
| Bidding Group 4, Series A, Refunding |
4.000 | % | 3/15/46 | 750,000 | 883,248 | |||||||||||
| Bidding Group 4, Series A, Refunding |
5.000 | % | 3/15/46 | 1,000,000 | 1,244,063 | |||||||||||
| New York State Liberty Development Corp., Liberty Revenue: |
||||||||||||||||
| 3 World Trade Center Project, Class 1, Refunding |
5.000 | % | 11/15/44 | 490,000 | 541,801 | (d) | ||||||||||
| 4 World Trade Center Project, Refunding |
5.750 | % | 11/15/51 | 2,000,000 | 2,022,944 | |||||||||||
| New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Subordinated, Series B, Refunding |
4.000 | % | 1/1/50 | 1,000,000 | 1,164,224 | |||||||||||
| New York State Transportation Development Corp., Special Facilities Revenue: |
||||||||||||||||
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
5.000 | % | 1/1/30 | 500,000 | 613,760 | (a) | ||||||||||
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
5.000 | % | 1/1/32 | 650,000 | 792,448 | (a) | ||||||||||
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
4.375 | % | 10/1/45 | 250,000 | 297,039 | (a) | ||||||||||
| LaGuardia Airport Terminal B Redevelopment Project, Series A |
5.000 | % | 7/1/41 | 2,550,000 | 2,855,953 | (a) | ||||||||||
| LaGuardia Airport Terminal B Redevelopment Project, Series A |
5.000 | % | 7/1/46 | 100,000 | 111,924 | (a) | ||||||||||
See Notes to Schedule of Investments.
|
10 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| New York - (continued) |
||||||||||||||||
| LaGuardia Airport Terminal B Redevelopment Project, Series A |
5.250 | % | 1/1/50 | $ | 250,000 | $ | 281,204 | (a) | ||||||||
| Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding |
5.000 | % | 12/1/38 | 500,000 | 640,569 | |||||||||||
| Port Authority of New York & New Jersey Revenue, Consolidated |
4.000 | % | 7/15/50 | 1,000,000 | 1,158,938 | (a) | ||||||||||
| Triborough Bridge & Tunnel Authority, NY, Revenue: |
||||||||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/43 | 250,000 | 308,546 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/49 | 800,000 | 1,029,391 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/51 | 500,000 | 644,397 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
4.000 | % | 11/15/54 | 750,000 | 881,666 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/54 | 1,500,000 | 1,922,888 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/56 | 750,000 | 966,595 | |||||||||||
|
|
|
|||||||||||||||
| Total New York |
34,316,499 | |||||||||||||||
|
|
|
|||||||||||||||
| North Carolina - 4.1% |
||||||||||||||||
| Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding |
5.000 | % | 7/1/49 | 500,000 | 627,085 | |||||||||||
| Charlotte, NC, Lease Revenue, COP, Convention Facility Project, |
4.000 | % | 6/1/49 | 250,000 | 293,719 | |||||||||||
| Charlotte-Mecklenburg Hospital Authority, NC, Healthcare System Revenue, Series A, Refunding |
5.000 | % | 1/15/31 | 5,000,000 | 5,089,660 | |||||||||||
| North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding |
5.000 | % | 7/1/47 | 750,000 | 855,033 | |||||||||||
|
|
|
|||||||||||||||
| Total North Carolina |
6,865,497 | |||||||||||||||
|
|
|
|||||||||||||||
| Ohio - 3.9% |
||||||||||||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |
||||||||||||||||
| Senior Bonds, Series A-2, Refunding |
4.000 | % | 6/1/48 | 350,000 | 402,274 | |||||||||||
| Senior Bonds, Series B-2, Refunding |
5.000 | % | 6/1/55 | 1,125,000 | 1,309,155 | |||||||||||
| Northeast, OH, Regional Sewer District, Waste Water Improvement Revenue, Series 2013 |
5.000 | % | 11/15/43 | 4,040,000 | 4,373,807 | (f) | ||||||||||
| Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding |
2.500 | % | 10/1/29 | 450,000 | 496,096 | (a)(b)(c) | ||||||||||
|
|
|
|||||||||||||||
| Total Ohio |
6,581,332 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
11 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| 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 | $ | 499 | *(g) | ||||||||
|
|
|
|||||||||||||||
| Oregon - 1.4% |
||||||||||||||||
| Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest, Series B, School Bond Guaranty |
0.000 | % | 6/15/31 | 1,000,000 | 747,992 | |||||||||||
| Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding |
5.000 | % | 6/1/46 | 600,000 | 704,263 | |||||||||||
| Port of Portland, OR, Airport Revenue, Portland International Airport, Series 26C, Refunding |
5.000 | % | 7/1/26 | 250,000 | 301,226 | (a) | ||||||||||
| Yamhill County, OR, Hospital Authority Revenue, Friendsview Retirement Community, Series A, Refunding |
5.000 | % | 11/15/46 | 475,000 | 522,883 | |||||||||||
|
|
|
|||||||||||||||
| Total Oregon |
2,276,364 | |||||||||||||||
|
|
|
|||||||||||||||
| Pennsylvania - 8.7% |
||||||||||||||||
| Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding |
4.000 | % | 7/15/38 | 500,000 | 589,559 | |||||||||||
| Central Bradford Progress Authority, PA, Guthrie Healthcare Systems |
5.000 | % | 12/1/26 | 3,630,000 | 3,673,584 | (f) | ||||||||||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds, Series 2018 |
5.000 | % | 6/1/33 | 250,000 | 308,683 | |||||||||||
| Cumberland County, PA, Municipal Authority Revenue: |
||||||||||||||||
| Diakon Lutheran Social Ministries Project, Refunding |
5.000 | % | 1/1/29 | 125,000 | 144,094 | (f) | ||||||||||
| Diakon Lutheran Social Ministries Project, Refunding |
5.000 | % | 1/1/29 | 625,000 | 703,614 | |||||||||||
| East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville University |
5.000 | % | 7/1/47 | 250,000 | 293,984 | (f) | ||||||||||
| Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project |
2.150 | % | 7/1/24 | 350,000 | 367,830 | (a)(b)(c) | ||||||||||
| Pennsylvania State Turnpike Commission Revenue: |
||||||||||||||||
| Series B, Refunding |
5.000 | % | 12/1/46 | 500,000 | 645,270 | |||||||||||
| Subordinated, Series B |
5.000 | % | 12/1/50 | 1,000,000 | 1,283,979 | |||||||||||
| Philadelphia, PA, Airport Revenue, Series A, Refunding |
5.000 | % | 6/15/35 | 2,000,000 | 2,307,763 | (a) | ||||||||||
See Notes to Schedule of Investments.
|
12 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Pennsylvania - (continued) |
||||||||||||||||
| Philadelphia, PA, Authority for IDR: |
||||||||||||||||
| Charter School Revenue, A String Theory Charter School Project |
5.000 | % | 6/15/40 | $ | 500,000 | $ | 591,942 | |||||||||
| City Service Agreement Revenue, Rebuild Project |
5.000 | % | 5/1/38 | 500,000 | 615,524 | |||||||||||
| Philadelphia, PA, Authority for IDR, City Service Agreement Revenue, Rebuild Project |
5.000 | % | 5/1/35 | 250,000 | 310,092 | |||||||||||
| Philadelphia, PA, Authority for IDR, Lease Revenue, Series 2019, Refunding |
5.000 | % | 10/1/30 | 350,000 | 458,016 | |||||||||||
| Philadelphia, PA, GO, Series B |
5.000 | % | 2/1/38 | 250,000 | 315,037 | |||||||||||
| School District Philadelphia, PA, GO, Series A, State Aid Withholding |
5.000 | % | 9/1/32 | 1,000,000 | 1,172,098 | |||||||||||
| State Public School Building Authority, PA, Lease Revenue: |
||||||||||||||||
| Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding |
5.000 | % | 6/1/31 | 200,000 | 243,395 | |||||||||||
| Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding |
5.000 | % | 6/1/33 | 500,000 | 606,479 | |||||||||||
|
|
|
|||||||||||||||
| Total Pennsylvania |
14,630,943 | |||||||||||||||
|
|
|
|||||||||||||||
| Puerto Rico - 5.4% |
||||||||||||||||
| Puerto Rico Commonwealth Public Improvement, GO, Series A, Refunding |
5.000 | % | 7/1/41 | 375,000 | 322,031 | *(g) | ||||||||||
| Puerto Rico Electric Power Authority Revenue: |
||||||||||||||||
| Series A |
5.000 | % | 7/1/42 | 650,000 | 637,000 | *(g) | ||||||||||
| Series A |
5.050 | % | 7/1/42 | 100,000 | 98,000 | *(g) | ||||||||||
| Series XX |
5.250 | % | 7/1/40 | 1,075,000 | 1,057,531 | *(g) | ||||||||||
| Series ZZ, Refunding |
5.250 | % | 7/1/18 | 300,000 | 290,625 | *(h) | ||||||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |
||||||||||||||||
| CAB, Restructured, Series A-1 |
0.000 | % | 7/1/27 | 280,000 | 258,477 | |||||||||||
| CAB, Restructured, Series A-1 |
0.000 | % | 7/1/46 | 310,000 | 103,583 | |||||||||||
| CAB, Restructured, Series A-1 |
0.000 | % | 7/1/51 | 3,000,000 | 729,045 | |||||||||||
| Restructured, Series A-1 |
4.550 | % | 7/1/40 | 70,000 | 80,551 | |||||||||||
| Restructured, Series A-1 |
5.000 | % | 7/1/58 | 2,050,000 | 2,373,611 | |||||||||||
| Restructured, Series A-2 |
4.329 | % | 7/1/40 | 1,610,000 | 1,830,222 | |||||||||||
| Restructured, Series A-2A |
4.550 | % | 7/1/40 | 1,050,000 | 1,208,257 | |||||||||||
|
|
|
|||||||||||||||
| Total Puerto Rico |
8,988,933 | |||||||||||||||
|
|
|
|||||||||||||||
| South Carolina - 0.4% |
||||||||||||||||
| South Carolina State Ports Authority Revenue, Series 2018 |
5.000 | % | 7/1/36 | 500,000 | 620,246 | (a) | ||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
13 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| South Dakota - 0.1% |
||||||||||||||||
| South Dakota State HEFA Revenue, Regional Health |
5.000 | % | 9/1/40 | $ | 200,000 | $ | 240,071 | |||||||||
|
|
|
|||||||||||||||
| Tennessee - 1.3% |
||||||||||||||||
| Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A |
5.000 | % | 9/1/40 | 350,000 | 423,653 | |||||||||||
| Tennessee State Energy Acquisition Corp., Natural Gas Revenue, |
4.000 | % | 11/1/25 | 1,500,000 | 1,700,783 | (b)(c) | ||||||||||
|
|
|
|||||||||||||||
| Total Tennessee |
2,124,436 | |||||||||||||||
|
|
|
|||||||||||||||
| Texas - 8.7% |
||||||||||||||||
| Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD |
5.000 | % | 12/1/47 | 250,000 | 301,865 | |||||||||||
| Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM |
5.000 | % | 2/15/48 | 350,000 | 422,011 | |||||||||||
| Central Texas Regional Mobility Authority Revenue: |
||||||||||||||||
| Senior Lien, Series B |
4.000 | % | 1/1/51 | 250,000 | 292,583 | |||||||||||
| Senior Lien, Series E |
4.000 | % | 1/1/50 | 750,000 | 870,657 | |||||||||||
| City of Austin, TX, Airport System Revenue, Series B |
5.000 | % | 11/15/37 | 600,000 | 763,722 | (a) | ||||||||||
| Corpus Christi, TX, Utility System Revenue, Junior Lien, Series A |
5.000 | % | 7/15/31 | 2,905,000 | 3,403,007 | |||||||||||
| Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Step bond, Series A, B and C, (0.000% to 10/1/23 then 5.500%) |
0.000 | % | 10/1/36 | 2,000,000 | 2,334,083 | |||||||||||
| Houston, TX, Airport System Revenue: |
||||||||||||||||
| Series B-1 |
5.000 | % | 7/15/30 | 1,000,000 | 1,119,818 | (a) | ||||||||||
| Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B1 |
4.000 | % | 7/15/41 | 600,000 | 654,062 | (a) | ||||||||||
| Subordinated Lien, Series A, Refunding |
4.000 | % | 7/1/40 | 750,000 | 895,447 | (a) | ||||||||||
| Love Field, TX, Airport Modernization Corp., General Airport Revenue: |
||||||||||||||||
| Series 2017 |
5.000 | % | 11/1/33 | 40,000 | 48,083 | (a) | ||||||||||
| Series 2017 |
5.000 | % | 11/1/36 | 40,000 | 48,037 | (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 | 933,495 | (f) | ||||||||||
See Notes to Schedule of Investments.
|
14 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Texas - (continued) |
||||||||||||||||
| North Texas Tollway Authority Revenue: |
||||||||||||||||
| Series A, Refunding |
5.000 | % | 1/1/39 | $ | 250,000 | $ | 295,397 | |||||||||
| Series B, Refunding |
5.000 | % | 1/1/40 | 600,000 | 637,002 | |||||||||||
| Series B, Refunding |
5.000 | % | 1/1/45 | 600,000 | 682,027 | |||||||||||
| 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 | 196,098 | |||||||||||
| Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC |
5.000 | % | 12/31/40 | 460,000 | 521,567 | (a) | ||||||||||
| Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue: |
||||||||||||||||
| Inspired Living at Lewisville Project, Series A-1 |
6.750 | % | 12/1/51 | 150,000 | 105,000 | *(d)(g) | ||||||||||
| Subordinated, Inspired Living at Lewisville Project, Series B |
10.000 | % | 12/1/51 | 50,000 | 25,000 | *(g) | ||||||||||
|
|
|
|||||||||||||||
| Total Texas |
14,548,961 | |||||||||||||||
|
|
|
|||||||||||||||
| U.S. Virgin Islands - 0.5% |
||||||||||||||||
| Virgin Islands Public Finance Authority Revenue: |
||||||||||||||||
| Matching Fund Loan, Senior Lien, Series A |
5.000 | % | 10/1/29 | 235,000 | 235,592 | |||||||||||
| Subordinated, Matching Fund Loan, Cruzan Project, Series A |
6.000 | % | 10/1/39 | 405,000 | 405,996 | |||||||||||
| Subordinated, Matching Fund Loan, Diageo Project, Series A |
6.625 | % | 10/1/29 | 200,000 | 201,750 | |||||||||||
|
|
|
|||||||||||||||
| Total U.S. Virgin Islands |
843,338 | |||||||||||||||
|
|
|
|||||||||||||||
| 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 | 286,305 | |||||||||||
| Utah State Infrastructure Agency, Telecommunications Revenue: |
||||||||||||||||
| Series 2019 |
4.000 | % | 10/15/42 | 300,000 | 342,875 | |||||||||||
| Series 2021 |
4.000 | % | 10/15/36 | 100,000 | 117,729 | |||||||||||
|
|
|
|||||||||||||||
| Total Utah |
746,909 | |||||||||||||||
|
|
|
|||||||||||||||
| Virginia - 1.3% |
||||||||||||||||
| Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding |
5.000 | % | 7/1/35 | 250,000 | 326,551 | |||||||||||
| Virginia State Port Authority, Port Facilities Revenue: |
||||||||||||||||
| Series B, Refunding |
5.000 | % | 7/1/41 | 300,000 | 352,100 | (a) | ||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
15 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Virginia - (continued) |
||||||||||||||||
| Series B, Refunding |
5.000 | % | 7/1/45 | $ | 500,000 | $ | 582,495 | (a) | ||||||||
| Virginia State Small Business Financing Authority Revenue: |
||||||||||||||||
| Bon Secours Mercy Health, Series A, Refunding |
4.000 | % | 12/1/49 | 550,000 | 642,109 | |||||||||||
| National Senior Campuses, Inc., Series A, Refunding |
5.000 | % | 1/1/34 | 250,000 | 307,526 | |||||||||||
|
|
|
|||||||||||||||
| Total Virginia |
2,210,781 | |||||||||||||||
|
|
|
|||||||||||||||
| Washington - 3.0% |
||||||||||||||||
| Port of Seattle, WA, Intermediate Lien Revenue: |
||||||||||||||||
| Series 2019 |
4.000 | % | 4/1/44 | 250,000 | 284,148 | (a) | ||||||||||
| Series 2019 |
5.000 | % | 4/1/44 | 500,000 | 609,121 | (a) | ||||||||||
| Series A, Refunding |
5.000 | % | 8/1/25 | 2,395,000 | 2,499,726 | |||||||||||
| Washington State Health Care Facilities Authority Revenue: |
||||||||||||||||
| Commonspirit Health, Series B, Refunding |
5.000 | % | 8/1/26 | 300,000 | 355,661 | (b)(c) | ||||||||||
| Seattle Cancer Care Alliance |
4.000 | % | 12/1/40 | 500,000 | 597,785 | |||||||||||
| Seattle Cancer Care Alliance, Refunding |
5.000 | % | 9/1/50 | 500,000 | 637,964 | |||||||||||
|
|
|
|||||||||||||||
| Total Washington |
4,984,405 | |||||||||||||||
|
|
|
|||||||||||||||
| West Virginia - 0.3% |
||||||||||||||||
| West Virginia University Revenue, West Virginia Projects, Series B, Refunding |
5.000 | % | 10/1/29 | 400,000 | 513,894 | (b)(c) | ||||||||||
|
|
|
|||||||||||||||
| Wisconsin - 3.2% |
||||||||||||||||
| Mount Pleasant, WI, Tax Increment Revenue, Series A |
5.000 | % | 4/1/48 | 500,000 | 595,856 | |||||||||||
| Public Finance Authority, WI, Airport Facilities Revenue, Transportation Infrastructure Properties LLC, Series B, Refunding |
5.000 | % | 7/1/42 | 4,000,000 | 4,121,193 | (a) | ||||||||||
| Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project, Series 2017 |
7.000 | % | 12/1/50 | 400,000 | 460,000 | (d) | ||||||||||
| Public Finance Authority, WI, Revenue, Carmelite System Inc., Obligated Group, Series 2020 |
5.000 | % | 1/1/40 | 200,000 | 243,346 | |||||||||||
|
|
|
|||||||||||||||
| Total Wisconsin |
5,420,395 | |||||||||||||||
|
|
|
|||||||||||||||
| TOTAL MUNICIPAL BONDS |
253,940,999 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
|
16 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(i) - 1.7% |
|
|||||||||||||||
| New York - 1.7% |
||||||||||||||||
| New York State Urban Development Corp. Revenue, State Personal Income Tax Revenue Bonds, Bidding Group 3, Series E,
Refunding |
4.000 | % | 3/15/41 | $ | 2,475,000 | $ | 2,917,212 | |||||||||
|
|
|
|||||||||||||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS |
|
256,858,211 | ||||||||||||||
|
|
|
|||||||||||||||
| SHORT-TERM INVESTMENTS - 1.7% | ||||||||||||||||
| MUNICIPAL BONDS - 1.7% | ||||||||||||||||
| Arizona - 0.1% |
||||||||||||||||
| Phoenix, AZ, IDA, Health Care Facilities Revenue, Mayo Clinic, |
0.010 | % | 11/15/52 | 100,000 | 100,000 | (j)(k) | ||||||||||
|
|
|
|||||||||||||||
| Florida - 0.3% |
||||||||||||||||
| St. Lucie County, FL, Solid Waste Disposal Revenue, Florida Power & Light Co. Project, Refunding |
0.020 | % | 5/1/24 | 600,000 | 600,000 | (a)(j)(k) | ||||||||||
|
|
|
|||||||||||||||
| Indiana - 0.1% |
||||||||||||||||
| Indiana State Finance Authority Hospital Revenue, Parkview Health System Obligated Group, Series D, Refunding, LOC - Wells Fargo Bank N.A. |
0.020 | % | 11/1/39 | 100,000 | 100,000 | (j)(k) | ||||||||||
|
|
|
|||||||||||||||
| New York - 0.8% |
||||||||||||||||
| MTA, NY, Dedicated Tax Revenue, Series A-1, Refunding, LOC - TD Bank N.A. |
0.010 | % | 11/1/31 | 100,000 | 100,000 | (j)(k) | ||||||||||
| New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2014, Series AA-5, Refunding, SPA - Mizuho Bank Ltd. |
0.010 | % | 6/15/48 | 100,000 | 100,000 | (j)(k) | ||||||||||
| New York City, NY, TFA Revenue Future Tax Secured, Subseries D-3, SPA - Mizuho Bank Ltd. |
0.010 | % | 2/1/44 | 600,000 | 600,000 | (j)(k) | ||||||||||
| New York State HFA Revenue, 42nd & 10th Housing, Series A, LIQ - FHLMC |
0.030 | % | 11/1/41 | 600,000 | 600,000 | (a)(j)(k) | ||||||||||
|
|
|
|||||||||||||||
| Total New York |
1,400,000 | |||||||||||||||
|
|
|
|||||||||||||||
| Utah - 0.3% |
||||||||||||||||
| Murray, UT, Hospital Revenue, IHC Health Services Inc., Series A, SPA - JPMorgan Chase |
0.010 | % | 5/15/37 | 100,000 | 100,000 | (j)(k) | ||||||||||
| Utah County, UT, Hospital Revenue, IHC Health Services Inc., Series C, SPA - TD Bank N.A. |
0.010 | % | 5/15/58 | 400,000 | 400,000 | (j)(k) | ||||||||||
|
|
|
|||||||||||||||
| Total Utah |
500,000 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
17 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
(Percentages shown based on Fund net assets)
| SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
| Washington - 0.1% |
||||||||||||||||
| King County, WA, GO, Series A, Refunding, SPA - TD Bank N.A. |
0.010 | % | 1/1/46 | $ | 100,000 | $ | 100,000 | (j)(k) | ||||||||
|
|
|
|||||||||||||||
| TOTAL MUNICIPAL BONDS |
2,800,000 | |||||||||||||||
|
|
|
|||||||||||||||
| SHARES | ||||||||||||||||
| MONEY MARKET FUNDS - 0.0%†† | ||||||||||||||||
| Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $44,031) |
0.010 | % | 44,031 | 44,031 | (l) | |||||||||||
|
|
|
|||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS |
|
2,844,031 | ||||||||||||||
|
|
|
|||||||||||||||
| TOTAL INVESTMENTS - 154.8% |
|
259,702,242 | ||||||||||||||
| Auction Rate Cumulative Preferred Stock, at Liquidation Value - (10.9)% |
|
(18,350,000 | ) | |||||||||||||
| Variable Rate Demand Preferred Stock, at Liquidation Value - (39.7)% |
|
(66,500,000 | ) | |||||||||||||
| TOB Floating Rate Notes - (1.1)% |
(1,855,000 | ) | ||||||||||||||
| Other Liabilities in Excess of Other Assets - (3.1)% |
(5,236,538 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0% |
|
$ | 167,760,704 | |||||||||||||
|
|
|
|||||||||||||||
See Notes to Schedule of Investments.
|
18 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
| †† | Represents less than 0.1%. |
| * | Non-income producing security. |
| (a) | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”). |
| (b) | Maturity date shown represents the mandatory tender date. |
| (c) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (d) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (e) | 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 this security is currently in default as of August 31, 2021. |
| (h) | The maturity principal is currently in default as of August 31, 2021. |
| (i) | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust. |
| (j) | Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System. |
| (k) | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |
| (l) | 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 August 31, 2021, the total market value of investments in Affiliated Companies was $44,031 and the cost was $44,031 (Note 2). |
See Notes to Schedule of Investments.
| Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
19 |
WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
| Schedule of investments (unaudited) (cont’d) | August 31, 2021 |
Abbreviation(s) used in this schedule:
| AGM | — Assured Guaranty Municipal Corporation — Insured Bonds | |
| BAM | — Build America Mutual — Insured Bonds | |
| CAB | — Capital Appreciation Bonds | |
| COP | — Certificates of Participation | |
| CSCE | — Charter School Credit Enhancement | |
| DFA | — Development Finance Agency | |
| EDA | — Economic Development Authority | |
| EDC | — Economic Development Corporation | |
| EFA | — Educational Facilities Authority | |
| FHLMC | — Federal Home Loan Mortgage Corporation | |
| GO | — General Obligation | |
| GTD | — Guaranteed | |
| HDA | — Housing Development Authority | |
| HEFA | — Health & Educational Facilities Authority | |
| HFA | — Housing Finance Agency | |
| IDA | — Industrial Development Authority | |
| IDR | — Industrial Development Revenue | |
| LIQ | — Liquidity Facility | |
| 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 | |
| PSF | — Permanent School Fund | |
| RDA | — Redevelopment Agency | |
| SD | — School District | |
| SIFMA | — Securities Industry and Financial Markets Association | |
| SPA | — Standby Bond Purchase Agreement — Insured Bonds | |
| TFA | — Transitional Finance Authority | |
| USD | — Unified School District |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi — annual shareholder report.
See Notes to Schedule of Investments.
|
20 |
Western Asset Municipal Partners Fund Inc. 2021 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Municipal Partners Fund Inc. (the “Fund”) was incorporated in Maryland on November 24, 1992 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s primary investment objective is to seek a high level of current income which is exempt from regular federal income taxes, consistent with the preservation of capital. As a secondary investment objective, the Fund intends to enhance portfolio value by purchasing tax-exempt securities that, in the opinion of the investment manager, may appreciate in value relative to other similar obligations in the marketplace.
Under normal market conditions, the Fund pursues its objectives by investing substantially all of its assets in a diversified portfolio of tax-exempt securities. As a matter of fundamental policy which cannot be changed without shareholder approval, under normal market conditions at least 80% of the Fund’s net assets will be invested in tax-exempt securities. The Fund invests primarily in tax-exempt securities that are rated “investment grade” at the time of purchase by at least one rating agency and that the subadviser believes do not involve undue risk to income or principal or, if unrated, determined to be of comparable credit quality by the subadviser, but the Fund may invest up to 20% of its net assets in securities rated below “investment grade” (commonly known as “high yield” or “junk” bonds) at the time of purchase. For credit ratings purposes, pre-refunded bonds are deemed to be unrated. The subadviser determines the credit quality of pre-refunded bonds based on the quality of the escrowed collateral and such other factors as the subadviser deems appropriate.
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
|
21 |
Notes to Schedule of Investments (unaudited) (continued)
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 (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
|
22 |
Notes to Schedule of Investments (unaudited) (continued)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
| ASSETS |
||||||||||||||||
| DESCRIPTION |
QUOTED PRICES (LEVEL 1) |
OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |
TOTAL | ||||||||||||
| Long-Term Investments†: |
||||||||||||||||
| Municipal Bonds |
— | $ | 253,940,999 | — | $ | 253,940,999 | ||||||||||
| Municipal Bonds Deposited in Tender Option Bond Trust |
— | 2,917,212 | — | 2,917,212 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Long-Term Investments |
— | 256,858,211 | — | 256,858,211 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Short-Term Investments†: |
||||||||||||||||
| Municipal Bonds |
— | 2,800,000 | — | 2,800,000 | ||||||||||||
| Money Market Funds |
$ | 44,031 | — | — | 44,031 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Short-Term Investments |
44,031 | 2,800,000 | — | 2,844,031 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments | $ | 44,031 | $ | 259,658,211 | — | $ | 259,702,242 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| † | 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 August 31, 2021. The following transactions were effected in such company for the period ended August 31, 2021.
|
23 |
Notes to Schedule of Investments (unaudited) (continued)
| Affiliate Value at November 30, 2020 |
Purchased | Sold | ||||||||||||||||||
| Cost | Shares | Cost | Shares | |||||||||||||||||
| Western Asset Premier Institutional Government Reserves, Premium Shares |
— | $ | 1,166,266 | 1,166,266 | $ | 1,122,235 | 1,122,235 | |||||||||||||
| (cont’d) |
Realized Gain (Loss) |
Interest Income |
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) |
Affiliate Value at August 31, 2021 |
||||||||||||
| Western Asset Premier Institutional Government Reserves, Premium Shares |
— | $ | 2 | — | $ | 44,031 | ||||||||||
|
24 |