NPORT-EX 2 LMF5300WAMuniPartFd.htm FOR VALIDATION PURPOSES ONLY - [223278.TX]

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,
Series A

      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
Series 221

      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,
Series A, Refunding

      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,
Series 2018

      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
(Cost - $229,742,712)

              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
(Cost - $2,907,824)

      4.000 %      3/15/41      $ 2,475,000      $ 2,917,212  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $232,650,536)

 

      256,858,211  
          

 

 

  
SHORT-TERM INVESTMENTS - 1.7%           
MUNICIPAL BONDS - 1.7%           

Arizona - 0.1%

           

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

      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
(Cost - $2,800,000)

              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
(Cost - $2,844,031)

 

           2,844,031  
          

 

 

  

TOTAL INVESTMENTS - 154.8%
(Cost - $235,494,567)

 

           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