WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06629

Western Asset Managed Municipals Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-(888) 777-0102

Date of fiscal year end: May 31

Date of reporting period: February 28, 2018

 

 

 


 

ITEM 1. SCHEDULE OF INVESTMENTS.


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

FORM N-Q

FEBRUARY 28, 2018


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  
MUNICIPAL BONDS - 140.8%           

Alabama - 6.4%

          

Jefferson County, AL, Sewer Revenue:

          

AGM

     5.500     10/1/53      $ 1,400,000      $ 1,561,588  

Convertible CAB, Subordinated Lien, Step bond, 0.000% until 10/1/23, 7.900%

     0.000     10/1/50        11,580,000        9,568,323  

Subordinated Lien Warrants

     6.000     10/1/42        9,230,000        10,677,633  

Subordinated Lien Warrants

     6.500     10/1/53        6,900,000        8,154,765  

Lower Alabama Gas District, Gas Project Revenue

     5.000     9/1/46        6,000,000        7,222,920  
          

 

 

 

Total Alabama

             37,185,229  
          

 

 

 

Arizona - 4.9%

          

Arizona State IDA, Education Revenue, Basis School Project, Credit Enhanced, SD Credit Program

     5.000     7/1/52        725,000        795,760  

Navajo Nation, AZ, Revenue

     5.500     12/1/30        950,000        1,053,407 (a) 

Phoenix, AZ, Civic Improvement Corp. Airport Revenue

     5.000     7/1/40        5,000,000        5,387,250 (b) 

Queen Creek, AZ ,Excise Tax & State Shared Revenue

     5.000     8/1/42        750,000        861,578  

Salt Verde, AZ, Financial Corp. Senior Gas Revenue

     5.250     12/1/28        2,000,000        2,344,440  

Salt Verde, AZ, Financial Corp. Senior Gas Revenue

     5.000     12/1/32        10,000,000        11,653,000  

Salt Verde, AZ, Financial Corp. Senior Gas Revenue

     5.000     12/1/37        5,500,000        6,452,765  
          

 

 

 

Total Arizona

             28,548,200  
          

 

 

 

California - 20.0%

          

Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien

     5.000     10/1/34        1,750,000        1,963,745  

Anaheim, CA, Public Financing Authority Lease Revenue

     5.000     5/1/46        2,000,000        2,246,240  

Bay Area Toll Authority, CA, Toll Bridge Revenue:

          

San Francisco Bay Area (SIFMA Municipal Swap Index Yield + 1.100%)

     2.190     4/1/24        5,500,000        5,659,005 (c)(d) 

San Francisco Bay Area

     5.125     4/1/39        10,000,000        10,407,900 (b) 

California State Health Facilities Financing Authority Revenue:

          

Lucile Salter Packard Children’s Hospital At Stanford

     5.000     11/15/56        750,000        845,790  

Stanford Hospital & Clinics

     5.150     11/15/40        2,000,000        2,193,720 (b) 

California State PCFA, Water Furnishing Revenue

     5.000     11/21/45        12,500,000        13,308,875 (a)(e) 

California State PCFA, Water Furnishing Revenue

     5.000     11/21/45        4,935,000        5,026,100 (a) 

California State, GO, Various Purpose

     4.000     11/1/36        1,000,000        1,054,940  

California Statewide CDA Revenue, Methodist Hospital Project, FHA

     6.625     8/1/29        5,235,000        5,607,313 (b) 

California Statewide CDA, Student Housing Revenue, Provident Group-Pomona Properties LLC

     5.750     1/15/45        1,770,000        1,895,210  

Imperial Irrigation District, CA, Electric Revenue

     5.500     11/1/41        2,750,000        3,037,650 (b) 

Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue

     5.000     9/1/44        2,405,000        2,620,344  

Los Angeles County, CA, Public Works Financing Authority, Lease Revenue:

          

Multiple Capital Project II

     5.000     8/1/32        3,000,000        3,334,080  

Multiple Capital Project II

     5.000     8/1/37        1,000,000        1,105,600  

Los Angeles, CA, Department of Water & Power Revenue

     5.000     7/1/37        1,000,000        1,165,220  

 

See Notes to Schedule of Investments.

 

1


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

California - (continued)

          

Los Angeles, CA, Department of Water & Power Revenue

     5.000     7/1/47      $ 2,000,000      $ 2,300,520  

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

          

Power System

     5.000     7/1/38        2,000,000        2,309,880  

Power System

     5.000     7/1/47        4,000,000        4,573,040  

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

     5.000     7/1/48        2,500,000        2,881,450 (f) 

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

     7.000     11/1/34        3,430,000        4,817,675  

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

     6.500     11/1/39        8,000,000        11,139,440  

Modesto, CA, Irrigation District COP, Capital Improvement

     6.000     10/1/39        6,500,000        6,821,287 (b) 

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

     5.500     9/1/45        2,000,000        2,137,020  

Riverside County, CA, Transportation Commission Sales Tax Revenue

     5.000     6/1/38        3,500,000        4,065,180  

Riverside County, CA, Transportation Commission Sales Tax Revenue, Limited Tax

     5.250     6/1/39        900,000        1,049,868 (b) 

Riverside County, CA, Transportation Commission Toll Revenue:

          

Senior Lien

     5.750     6/1/44        200,000        222,706  

Senior Lien

     5.750     6/1/48        600,000        666,900  

San Bernardino County, CA, COP, Arrowhead Project

     5.125     8/1/24        5,185,000        5,427,554  

Shafter Wasco Irrigation District Revenue, CA, COP

     5.000     11/1/40        5,000,000        5,329,350  

University of California, CA, Medical Center Pooled Revenue

     5.000     5/15/32        1,750,000        2,015,108  
          

 

 

 

Total California

             117,228,710  
          

 

 

 

Colorado - 11.1%

          

Base Village Metropolitan District #2 Co., GO

     5.750     12/1/46        500,000        509,740  

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

     5.000     12/31/51        600,000        650,058  

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

     5.000     3/1/47        1,600,000        1,797,008  

Colorado State Health Facilities Authority Revenue:

          

Catholic Health Initiatives

     5.000     9/1/41        4,000,000        4,010,040  

Sisters Leavenworth

     5.000     1/1/35        6,000,000        6,297,420  

Denver, CO, City & County Airport Revenue

     6.125     11/15/25        13,630,000        13,685,065 (e) 

Denver, CO, City & County Airport Revenue

     6.125     11/15/25        10,945,000        12,955,049 (e)(g) 

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

     6.500     11/15/38        18,000,000        24,762,420  
          

 

 

 

Total Colorado

             64,666,800  
          

 

 

 

Connecticut - 0.6%

          

Connecticut State Special Tax Obligation Revenue, Transportation Infrastructure Purpose

     5.000     1/1/37        1,500,000        1,664,625  

Connecticut State, GO

     5.000     10/15/34        930,000        1,021,373  

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

     5.000     4/1/39        900,000        966,519 (a) 
          

 

 

 

Total Connecticut

             3,652,517  
          

 

 

 

 

See Notes to Schedule of Investments.

 

2


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

District of Columbia - 0.6%

          

District of Columbia Revenue:

          

Ingleside Rock Creek Project

     5.000     7/1/52      $ 400,000      $ 412,308  

KIPP DC Project

     5.000     7/1/48        2,800,000        3,092,684  
          

 

 

 

Total District of Columbia

             3,504,992  
          

 

 

 

Florida - 9.8%

          

Broward County, FL, Airport System Revenue

     5.000     10/1/47        1,250,000        1,392,850 (e) 

Capital Trust Agency, FL, Senior Living Revenue, Elim Senior Housing Inc.

     5.875     8/1/52        350,000        357,718 (a) 

Central Florida Expressway Authority Revenue, Senior Lien

     5.000     7/1/42        650,000        740,331  

Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Project

     6.125     6/15/46        555,000        576,212 (a) 

Florida State Mid-Bay Bridge Authority Revenue

     5.000     10/1/30        2,410,000        2,711,973  

Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue

     5.000     10/1/47        1,500,000        1,663,710 (e) 

Miami-Dade County, FL, Aviation Revenue

     5.000     10/1/30        3,000,000        3,284,520 (e) 

Miami-Dade County, FL, Aviation Revenue

     5.500     10/1/41        10,000,000        10,569,000  

Miami-Dade County, FL, Aviation Revenue, Miami International Airport

     5.375     10/1/35        10,705,000        11,626,058  

Miami-Dade County, FL, Expressway Authority Toll System Revenue

     5.000     7/1/40        9,000,000        9,562,860  

Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital

     5.000     8/1/42        1,250,000        1,387,787  

Orange County, FL, Health Facilities Authority Revenue:

          

Balance Hospital-Orlando Regional Healthcare, AGM

     5.000     11/1/35        2,670,000        2,735,041 (b) 

Presbyterian Retirement Communities

     5.000     8/1/47        750,000        821,317  

Orange County, FL, School Board, COP, AGC

     5.500     8/1/34        8,000,000        8,449,360 (b) 

Tampa-Hillsborough County, FL, Expressway Authority Revenue

     5.000     7/1/48        1,400,000        1,585,864  
          

 

 

 

Total Florida

             57,464,601  
          

 

 

 

Georgia - 4.3%

          

Atlanta, GA, Water & Wastewater Revenue

     6.250     11/1/39        13,000,000        13,997,230 (b) 

DeKalb, Newton & Gwinnett Counties, GA, Joint Development Authority Revenue, GGC Foundation LLC Project

     6.125     7/1/40        6,220,000        6,596,559 (b) 

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

     5.000     3/15/22        4,000,000        4,401,000  
          

 

 

 

Total Georgia

             24,994,789  
          

 

 

 

Hawaii - 1.3%

          

Hawaii State Airports System Revenue

     5.000     7/1/39        7,000,000        7,464,100  
          

 

 

 

Idaho - 0.2%

          

Idaho State Health Facilities Authority Hospital Revenue, Trinity Health Credit Group

     5.000     12/1/47        1,100,000        1,228,469  
          

 

 

 

Illinois - 13.7%

          

Chicago, IL, Board of Education, GO

     5.000     12/1/34        100,000        102,160  

Chicago, IL, Board of Education, GO

     5.000     12/1/36        500,000        506,120  

Chicago, IL, Board of Education, GO

     5.000     12/1/44        420,000        420,290  

Chicago, IL, Board of Education, GO

     5.000     12/1/46        150,000        150,103  

Chicago, IL, GO

     5.000     1/1/25        3,000,000        3,257,850  

Chicago, IL, GO

     5.500     1/1/32        3,300,000        3,536,049  

Chicago, IL, GO

     5.500     1/1/34        10,000        10,660  

 

See Notes to Schedule of Investments.

 

3


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Illinois - (continued)

          

Chicago, IL, GO

     5.500     1/1/37      $ 220,000      $ 232,932  

Chicago, IL, GO

     6.000     1/1/38        1,500,000        1,703,325  

Chicago, IL, O’Hare International Airport Revenue

     5.000     1/1/31        1,000,000        1,116,110 (e) 

Chicago, IL, O’Hare International Airport Revenue

     5.000     1/1/35        7,000,000        7,731,150 (e) 

Chicago, IL, O’Hare International Airport Revenue:

          

General, Senior Lien

     5.000     1/1/41        1,000,000        1,114,230  

Third Lien

     5.625     1/1/35        5,175,000        5,730,847 (b) 

Third Lien

     5.625     1/1/35        1,240,000        1,356,597  

Third Lien

     5.750     1/1/39        5,035,000        5,593,130 (b) 

Third Lien

     5.750     1/1/39        965,000        1,059,879  

Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien

     5.000     12/1/51        1,000,000        1,060,250  

Chicago, IL, Wastewater Transmission Revenue:

          

Second Lien

     5.000     1/1/38        750,000        813,427  

Second Lien

     5.000     1/1/44        1,000,000        1,064,870  

Second Lien

     5.000     1/1/47        1,000,000        1,074,500  

Chicago, IL, Waterworks Revenue:

          

Second Lien

     5.000     11/1/29        1,800,000        2,035,440  

Second Lien Project, AGM

     5.000     11/1/33        1,290,000        1,461,015  

Second Lien, AGM

     5.000     11/1/36        1,110,000        1,246,441  

Second Lien, AGM

     5.000     11/1/37        2,500,000        2,809,475  

Second Lien, AGM

     5.000     11/1/38        2,000,000        2,245,840  

Illinois State Finance Authority Revenue:

          

Depaul University

     6.125     10/1/40        5,000,000        5,645,100 (b) 

Memorial Health System

     5.500     4/1/39        7,000,000        7,263,550  

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

     5.000     2/15/50        500,000        522,590  

Illinois State University Revenue, Auxiliary Facilities System, AGM

     5.000     4/1/37        250,000        268,845  

Illinois State, GO

     5.000     2/1/28        2,840,000        2,953,799  

Illinois State, GO

     5.000     2/1/29        1,660,000        1,717,868  

Illinois State, GO

     5.000     1/1/33        1,500,000        1,530,090  

Metropolitan Pier & Exposition Authority, IL, Dedicated State Tax Revenue, McCormick Project, State Appropriations

     5.250     6/15/50        12,000,000        12,284,280  

Metropolitan Pier & Exposition Authority, IL, Revenue, CAB-McCormick Place Expansion Project

     0.000     12/15/52        3,100,000        521,544  
          

 

 

 

Total Illinois

             80,140,356  
          

 

 

 

Indiana - 2.9%

          

Indiana Finance Authority, Wastewater Utility Revenue, CWA Authority

     5.000     10/1/41        5,000,000        5,452,350  

Indiana State Finance Authority Revenue, Private Activity-Ohio River Bridges East End Crossing Project

     5.000     7/1/44        5,000,000        5,356,550 (e) 

Richmond, IN, Hospital Authority Revenue, Reid Hospital & Health Care Services Inc. Project

     6.625     1/1/39        5,000,000        5,208,900 (b) 

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

     7.000     1/1/44        1,000,000        1,181,930 (e) 
          

 

 

 

Total Indiana

             17,199,730  
          

 

 

 

 

See Notes to Schedule of Investments.

 

4


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Kentucky - 0.2%

          

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

     5.000     12/1/45      $ 1,000,000      $ 1,090,970  

Louisiana - 1.3%

          

Port New Orleans, LA, Board of Commissioners Port Facilities Revenue, AGM

     5.000     4/1/43        2,000,000        2,262,000 (e)(f) 

St. Charles Parish, LA, Gulf Zone Opportunity Zone Revenue, Valero Refining-New Orleans LLC

     4.000     6/1/22        5,000,000        5,314,800 (c)(d) 
          

 

 

 

Total Louisiana

             7,576,800  
          

 

 

 

Massachusetts - 5.6%

          

Massachusetts State DFA Revenue:

          

Broad Institute Inc.

     5.000     4/1/36        1,000,000        1,160,020  

Broad Institute Inc.

     5.250     4/1/37        8,000,000        8,836,000 (b) 

Milford Regional Medical Center

     5.750     7/15/43        500,000        541,125  

Partners Healthcare System

     5.000     7/1/47        5,750,000        6,412,285  

Suffolk University

     5.750     7/1/39        2,680,000        2,786,369  

UMass Boston Student Housing Project

     5.000     10/1/48        750,000        813,638  

Massachusetts State Housing Finance Agency, Housing Revenue

     7.000     12/1/38        4,575,000        4,678,761  

Massachusetts State School Building Authority, Sales Tax Revenue

     5.000     5/15/43        3,000,000        3,340,410  

Massachusetts State Transportation Fund Revenue, Rail Enhancement & Accelerated Bridge Programs

     5.000     6/1/42        3,600,000        4,130,496  
          

 

 

 

Total Massachusetts

             32,699,104  
          

 

 

 

Michigan - 4.0%

          

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

          

Senior Lien

     5.000     7/1/35        500,000        559,515  

Senior Lien

     5.000     7/1/46        5,500,000        6,125,075  

Lansing, MI, Board of Water & Light Utility System Revenue

     5.000     7/1/37        7,000,000        7,595,350  

Michigan State Building Authority Revenue, Facilities Program

     5.250     10/15/47        650,000        727,590  

Michigan State Finance Authority Ltd. Obligation Revenue, Higher Education, Thomas M Cooley Law School Project

     6.750     7/1/44        1,600,000        1,603,056 (a) 

Michigan State Finance Authority Revenue:

          

Local Government Loan Program, Detroit Water & Sewer Department

     5.000     7/1/33        625,000        688,519  

Local Government Loan Program, Detroit Water & Sewer Department

     5.000     7/1/34        250,000        273,543  

Senior Lien Detroit Water & Sewer

     5.000     7/1/33        1,270,000        1,397,711  

Senior Lien Detroit Water & Sewer

     5.000     7/1/44        1,320,000        1,433,678  

Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital

     5.000     9/1/39        2,500,000        2,711,600  
          

 

 

 

Total Michigan

             23,115,637  
          

 

 

 

Minnesota - 0.3%

          

Western Minnesota Municipal Power Agency Revenue

     5.000     1/1/46        1,530,000        1,705,506  
          

 

 

 

Missouri - 1.9%

          

Kansas City, MO, IDA, Senior Living Facilities Revenue, Kansas City United Methodist Retirement Home Inc.

     6.000     11/15/51        900,000        890,910 (a) 

Kansas City, MO, Water Revenue

     5.250     12/1/32        1,000,000        1,027,960  

Missouri State HEFA Revenue:

          

 

See Notes to Schedule of Investments.

 

5


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Missouri - (continued)

          

Children’s Mercy Hospital

     5.625     5/15/39      $ 4,980,000      $ 5,222,625 (b) 

Children’s Mercy Hospital

     5.625     5/15/39        1,020,000        1,065,737  

Lutheran Senior Services

     5.000     2/1/44        2,710,000        2,877,749  
          

 

 

 

Total Missouri

             11,084,981  
          

 

 

 

Nebraska - 0.2%

          

Central Plains Energy Project, NE, Gas Project Revenue, Project #3

     5.000     9/1/42        900,000        1,066,392  
          

 

 

 

Nevada - 0.2%

          

Reno, NV, Hospital Revenue, Washoe Medical Center, AGM

     5.500     6/1/33        1,185,000        1,195,120  
          

 

 

 

New Jersey - 9.6%

          

New Jersey Institute of Technology Revenue

     5.000     7/1/45        750,000        839,115  

New Jersey State EDA Revenue

     5.000     6/15/26        2,500,000        2,700,625  

New Jersey State EDA Revenue:

          

Continental Airlines Inc. Project

     4.875     9/15/19        990,000        1,017,611 (e) 

Continental Airlines Inc. Project

     5.125     9/15/23        2,000,000        2,208,920 (e) 

Continental Airlines Inc. Project

     5.250     9/15/29        3,000,000        3,274,830 (e) 

Private Activity-The Goethals Bridge Replacement Project, AGM

     5.125     7/1/42        2,500,000        2,754,025 (e) 

School Facilities Construction (SIFMA Municipal Swap Index Yield + 1.600%)

     2.690     3/1/28        15,000,000        14,816,250 (c) 

New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project

     5.000     10/1/37        650,000        704,522 (e) 

New Jersey State Health Care Facilities Financing Authority Revenue:

          

Hackensack Meridian Health

     5.000     7/1/38        400,000        454,212  

RWJ Barnabas Health Obligation Group

     5.000     7/1/43        1,200,000        1,324,680  

New Jersey State Higher Education Assistance Authority, Student Loan Revenue

     5.625     6/1/30        12,320,000        12,823,395  

New Jersey State Higher Education Assistance Authority, Student Loan Revenue, AGC

     6.125     6/1/30        4,835,000        4,869,716 (e) 

New Jersey State Transportation Trust Fund Authority Revenue, Capital Appreciation Transportation System, NATL

     0.000     12/15/31        7,500,000        4,066,350  

New Jersey State Turnpike Authority Revenue

     5.000     1/1/35        3,830,000        4,389,984  
          

 

 

 

Total New Jersey

             56,244,235  
          

 

 

 

New York - 16.5%

          

Hudson Yards Infrastructure Corp. Revenue, NY

     5.000     2/15/42        3,000,000        3,394,980  

Liberty, NY, Development Corp. Revenue:

          

Goldman Sachs Headquarters

     5.250     10/1/35        3,045,000        3,749,217  

Goldman Sachs Headquarters

     5.500     10/1/37        1,485,000        1,886,247  

Long Island Power Authority, NY, Electric System Revenue

     6.000     5/1/33        24,570,000        25,822,824 (b) 

MTA Hudson Rail Yards Trust Obligations Revenue

     5.000     11/15/56        2,750,000        3,054,480  

MTA, NY, Dedicated Tax Fund Revenue, Green Bonds

     5.000     11/15/47        1,500,000        1,702,170  

MTA, NY, Revenue

     5.250     11/15/40        5,000,000        5,486,300 (b) 

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue

     5.000     6/15/46        1,500,000        1,710,180  

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2013

     5.000     6/15/47        5,000,000        5,586,300  

New York City, NY, TFA Revenue

     5.000     8/1/45        3,000,000        3,404,520  

New York City, NY, TFA, Building Aid Revenue

     5.000     1/15/32        4,000,000        4,111,960  

 

See Notes to Schedule of Investments.

 

6


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

New York - (continued)

          

New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 3 Bonds

     5.000     2/15/43      $ 3,000,000      $ 3,424,290  

New York State Liberty Development Corp., Liberty Revenue:

          

3 World Trade Center LLC Project

     5.000     11/15/44        1,750,000        1,851,903 (a) 

4 World Trade Center LLC Project

     5.750     11/15/51        5,000,000        5,623,900  

Second Priority, Bank of America Tower

     5.125     1/15/44        1,000,000        1,055,150  

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

          

LaGuardia Airport Terminal B Redevelopment Project

     5.000     7/1/41        8,000,000        8,723,200 (e) 

LaGuardia Airport Terminal B Redevelopment Project

     5.000     7/1/46        1,500,000        1,629,360 (e) 

New York State Urban Development Corp. Revenue, Personal Income Tax

     5.000     3/15/42        2,850,000        3,256,125  

Port Authority of New York & New Jersey Revenue

     5.000     1/15/41        2,750,000        2,980,505  

Port Authority of New York & New Jersey Revenue

     5.000     10/15/41        6,400,000        7,251,904  

Triborough Bridge & Tunnel Authority, NY, Revenue, MTA Bridges & Tunnels

     5.000     11/15/42        900,000        1,032,552  
          

 

 

 

Total New York

             96,738,067  
          

 

 

 

North Carolina - 0.5%

          

North Carolina State Turnpike Authority Monroe Expressway Toll Revenue

     5.000     7/1/47        750,000        818,190  

North Carolina State Turnpike Authority Monroe Expressway Toll Revenue

     5.000     7/1/51        1,500,000        1,635,255  

North Carolina State Turnpike Authority Revenue, Senior Lien

     5.000     1/1/30        300,000        348,504  
          

 

 

 

Total North Carolina

             2,801,949  
          

 

 

 

Ohio - 2.0%

          

JobsOhio Beverage System Statewide Liquor Profits Revenue

     5.000     1/1/38        8,000,000        8,835,440  

Ohio State Water Development Authority, Environmental Improvement Revenue, U.S. Steel Corp. Project

     6.600     5/1/29        3,000,000        3,105,870  
          

 

 

 

Total Ohio

             11,941,310  
          

 

 

 

Oklahoma - 0.2%

          

Oklahoma State Turnpike Authority Revenue

     5.000     1/1/47        700,000        790,482  

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

     6.875     11/1/46        500,000        370,470  
          

 

 

 

Total Oklahoma

             1,160,952  
          

 

 

 

Oregon - 0.8%

          

Oregon State Facilities Authority Revenue, Legacy Health Project

     5.000     6/1/46        2,000,000        2,223,800  

Umatilla County, OR, Hospital Facility Authority Revenue, Catholic Health Initiatives

     5.000     5/1/32        510,000        515,263  

Washington Multnomah & Yamhill County, OR, School District No. 1 West Union, GO, Hillsboro, School Board Guaranty

     5.000     6/15/35        1,500,000        1,742,835  
          

 

 

 

Total Oregon

             4,481,898  
          

 

 

 

 

See Notes to Schedule of Investments.

 

7


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Pennsylvania - 2.8%

          

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

          

Tobacco Master Settlement Payment Bonds

     5.000     6/1/32      $ 250,000      $ 279,533  

Tobacco Master Settlement Payment Bonds

     5.000     6/1/33        500,000        556,345  

Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social Ministries Project

     5.000     1/1/30        2,375,000        2,620,005  

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

     5.000     7/1/47        550,000        580,327  

Pennsylvania State Turnpike Commission Revenue

     5.250     12/1/41        3,725,000        4,043,189  

Pennsylvania State Turnpike Commission Revenue

     5.250     12/1/41        2,275,000        2,558,124 (b) 

Philadelphia, PA, School District, GO

     5.000     9/1/33        1,755,000        1,891,276  

Philadelphia, PA, Water & Wastewater Revenue

     5.000     7/1/45        1,000,000        1,109,020  

State Public School Building Authority PA, Lease Revenue:

          

Philadelphia School District Project, AGM

     5.000     6/1/31        600,000        660,156  

Philadelphia School District Project, AGM

     5.000     6/1/33        1,780,000        1,944,525  
          

 

 

 

Total Pennsylvania

             16,242,500  
          

 

 

 

Rhode Island - 0.9%

          

Rhode Island State Health & Educational Building Corp. Revenue, Hospital Financing

     7.000     5/15/39        5,000,000        5,328,300 (b) 
          

 

 

 

South Carolina - 0.5%

          

South Carolina State Ports Authority Revenue

     5.250     7/1/40        2,500,000        2,679,900  
          

 

 

 

South Dakota - 0.1%

          

South Dakota State HEFA Revenue, Regional Health

     5.000     9/1/40        500,000        556,820  
          

 

 

 

Tennessee - 0.3%

          

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

     5.000     7/1/46        1,000,000        1,143,300  

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

     5.000     7/1/42        500,000        573,385  
          

 

 

 

Total Tennessee

             1,716,685  
          

 

 

 

Texas - 12.9%

          

Alamo, TX, Regional Mobility Authority Revenue, Senior Lien

     5.000     6/15/46        1,300,000        1,462,630  

Dallas-Fort Worth, TX, International Airport Revenue, Joint Improvement

     5.000     11/1/45        8,500,000        9,125,940  

Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Step bond, 0.000% until 10/1/23; 5.500%

     0.000     10/1/36        4,000,000        3,685,760  

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

     5.750     7/1/27        1,000,000        1,185,680 (g) 

Houston, TX, Airport Systems Revenue, United Airlines Inc.

     5.000     7/15/30        5,500,000        6,001,765 (e) 

Houston, TX, Utility System Revenue, Combined First Lien

     5.000     11/15/44        1,000,000        1,130,950  

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

     5.000     11/1/33        120,000        135,162 (e) 

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

     5.000     11/1/35        130,000        145,594 (e) 

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

     5.000     11/1/36        120,000        134,107 (e) 

Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project

     5.250     11/1/40        14,250,000        15,299,085  

 

See Notes to Schedule of Investments.

 

8


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Texas - (continued)

          

New Hope Cultural Education Facilities Finance Corp., TX, Student Housing Revenue, Collegiate Housing College Station LLC, Texas A&M University Project, AGM

     5.000     4/1/46      $ 750,000      $ 808,987  

North Texas Tollway Authority Revenue

     5.000     1/1/39        825,000        921,657  

North Texas Tollway Authority Revenue

     5.000     1/1/40        2,000,000        2,177,600  

North Texas Tollway Authority Revenue

     5.000     1/1/45        2,105,000        2,327,583  

Socorro, TX, ISD, GO, School Building, PSF-GTD

     5.000     8/15/42        2,750,000        3,125,760  

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

     6.625     11/15/37        610,000        676,643  

Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue

     5.000     12/15/27        8,550,000        9,402,862  

Texas State Private Activity Bond Surface Transportation Corp. Revenue:

          

LBJ Infrastructure Group LLC

     7.000     6/30/40        7,000,000        7,741,230  

Senior Lien, Blueridge Transportation Group LLC

     5.000     12/31/45        1,600,000        1,745,888 (e) 

Texas State Water Development Board Revenue

     5.000     10/15/47        6,250,000        7,147,125  

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

          

Inspired Living Lewsville Project

     6.750     12/1/51        1,000,000        1,037,950 (a) 

Inspired Living Lewsville Project

     10.000     12/1/51        150,000        156,888  
          

 

 

 

Total Texas

             75,576,846  
          

 

 

 

U.S. Virgin Islands - 0.4%

          

Virgin Islands Public Finance Authority Revenue:

          

Matching Fund Loan

     6.750     10/1/37        2,320,000        1,409,400  

Matching Fund Loan

     6.000     10/1/39        1,475,000        859,188  
          

 

 

 

Total U.S. Virgin Islands

             2,268,588  
          

 

 

 

Utah - 0.2%

          

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

     5.000     4/15/47        1,000,000        1,094,090  
          

 

 

 

Virginia - 2.4%

          

Virginia State College Building Authority, VA, Educational Facilities Revenue, 21st Century College & Equipment Programs

     5.000     2/1/32        2,630,000        3,102,848  

Virginia State Port Authority Port Facility Revenue

     5.000     7/1/41        1,100,000        1,223,332 (e) 

Virginia State Port Authority Port Facility Revenue

     5.000     7/1/45        1,500,000        1,656,735 (e) 

Virginia State Public Building Authority, Public Facilities Revenue

     5.000     8/1/29        820,000        973,586  

Virginia State Small Business Financing Authority Revenue:

          

Elizabeth River Crossings OpCo LLC Project

     5.250     1/1/32        3,000,000        3,298,950 (e) 

Elizabeth River Crossings OpCo LLC Project

     5.500     1/1/42        2,000,000        2,204,960 (e) 

Senior Lien, 95 Express Lanes LLC

     5.000     1/1/40        1,500,000        1,599,330 (e) 
          

 

 

 

Total Virginia

             14,059,741  
          

 

 

 

 

See Notes to Schedule of Investments.

 

9


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Washington - 0.7%

          

Washington State HFC Revenue:

          

Heron’s Key

     6.500     7/1/30      $ 350,000      $ 371,497 (a) 

Heron’s Key

     6.750     7/1/35        370,000        393,203 (a) 

Washington State, GO

     5.000     8/1/34        3,000,000        3,486,150  
          

 

 

 

Total Washington

             4,250,850  
          

 

 

 

Wisconsin - 0.5%

          

Public Finance Authority, WI, Ltd. Obligation Pilot Revenue, American Dream @ Meadowlands Project

     7.000     12/1/50        1,500,000        1,735,350 (a) 

Public Finance Authority, WI, Revenue, Denver International Airport Great Hall Project

     5.000     9/30/49        1,000,000        1,088,020 (e) 
          

 

 

 

Total Wisconsin

             2,823,370  
          

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $763,780,401)

             822,779,104  
          

 

 

 
SHORT-TERM INVESTMENTS - 1.4%           

California - 0.0%

          

Metropolitan Water District of Southern California Revenue

     1.020     7/1/35        200,000        200,000 (h)(i) 
          

 

 

 

Missouri - 0.2%

          

Missouri State HEFA Revenue, BJC Health System

     1.110     5/15/38        1,000,000        1,000,000 (h)(i) 
          

 

 

 

New Jersey - 0.0%

          

New Jersey State Health Care Facilities Financing Authority Revenue, LOC-Wells Fargo Bank N.A.

     1.120     7/1/36        100,000        100,000 (h)(i) 
          

 

 

 

New York - 0.6%

          

New York City, NY, GO:

          

LIQ-JPMorgan Chase

     1.100     3/1/40        200,000        200,000 (h)(i) 

SPA-JPMorgan Chase

     1.100     8/1/38        600,000        600,000 (h)(i) 

New York City, NY, TFA Revenue:

          

Future Tax Secured, SPA-Dexia Credit Local

     1.270     8/1/22        1,200,000        1,200,000 (h)(i) 

Future Tax Secured, SPA-Dexia Credit Local

     1.270     8/1/23        1,000,000        1,000,000 (h)(i) 

New York City Recovery Project, SPA-Royal Bank of Canada

     1.100     11/1/22        200,000        200,000 (h)(i) 

New York City Recovery Project, SPA-Royal Bank of Canada

     1.100     11/1/22        100,000        100,000 (h)(i) 

New York State Housing Finance Agency Revenue, 625 West 57th Street, LOC-Bank of New York Mellon

     1.100     5/1/49        100,000        100,000 (h)(i) 
          

 

 

 

Total New York

             3,400,000  
          

 

 

 

North Carolina - 0.0%

          

Charlotte, NC, Water & Sewer System Revenue, SPA-Wells Fargo Bank N.A.

     1.090     7/1/36        100,000        100,000 (h)(i) 
          

 

 

 

Texas - 0.2%

          

Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Methodist Hospital

     1.140     12/1/24        700,000        700,000 (h)(i) 

Rockwall, TX, ISD, GO, School Building, PSF-GTD, SPA-Wells Fargo Bank N.A.

     1.120     8/1/37        600,000        600,000 (h)(i) 
          

 

 

 

Total Texas

             1,300,000  
          

 

 

 

 

See Notes to Schedule of Investments.

 

10


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Utah - 0.1%

          

Emery County, UT, PCR, Pacificorp, LOC-Canadian Imperial Bank

     1.130     11/1/24      $ 400,000      $ 400,000 (h)(i) 
          

 

 

 

Washington - 0.3%

          

Vancouver, WA, Housing Authority Revenue, LIQ-FHLMC

     1.120     12/1/38        1,835,000        1,835,000 (h)(i) 
          

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Cost - $8,335,000)

             8,335,000  
          

 

 

 

TOTAL INVESTMENTS - 142.2%
(Cost - $772,115,401)

             831,114,104  

Auction Rate Cumulative Preferred Stock, at Liquidation Value - (5.5)%

             (32,075,000

Variable Rate Demand Preferred Stock, at Liquidation Value - (37.2)%

             (217,575,000

Other Assets in Excess of Liabilities - 0.5%

             3,136,881  
          

 

 

 

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

           $ 584,600,985  
          

 

 

 

 

(a) 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.

 

(b) Pre-Refunded bonds are escrowed with U.S. government obligations and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if issuer has not applied for new ratings.

 

(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) Maturity date shown represents the mandatory tender date.

 

(e) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

 

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

 

(g) Bonds are escrowed to maturity by government securities and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if issuer has not applied for new ratings.

 

(h) 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.

 

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

 

See Notes to Schedule of Investments.

 

11


WESTERN ASSET MANAGED MUNICIPALS FUND INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2018

 

Abbreviations used in this schedule:

 

AGC    — Assured Guaranty Corporation - Insured Bonds
AGM    — Assured Guaranty Municipal Corporation - Insured Bonds
CAB    — Capital Appreciation Bonds
CDA    — Communities Development Authority
COP    — Certificates of Participation
CSCE    — Charter School Credit Enhancement
CWA    — Clean Water Act
DFA    — Development Finance Agency
EDA    — Economic Development Authority
FHA    — Federal Housing Administration
FHLMC    — Federal Home Loan Mortgage Corporation
GO    — General Obligation
GTD    — Guaranteed
HEFA    — Health & Educational Facilities Authority
HFC    — Housing Finance Commission
IDA    — Industrial Development Authority
ISD    — Independent School District
LIQ    — Liquidity Facility
LOC    — Letter of Credit
MTA    — Metropolitan Transportation Authority
NATL    — National Public Finance Guarantee Corporation - Insured Bonds
PCFA    — Pollution Control Financing Authority
PCR    — Pollution Control Revenue
PSF    — Permanent School Fund
SIFMA    — Securities Industry and Financial Markets Association
SPA    — Standby Bond Purchase Agreement - Insured Bonds
TFA    — Transitional Finance Authority

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.

 

12


Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

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

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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. Prior to December 1, 2017, short-term fixed income securities that would mature in 60 days or less were valued at amortized cost, unless it was determined that using this method would not reflect an investment’s fair value. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

   

Level 1 – quoted prices in active markets for identical investments

 

   

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

   

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

13


Notes to Schedule of Investments (unaudited) (continued)

 

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

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

 

ASSETS

 

DESCRIPTION

   QUOTED PRICES
(LEVEL 1)
     OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
     SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
     TOTAL  

Municipal Bonds†

     —        $ 822,779,104        —        $ 822,779,104  
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-Term Investments†

     —          8,335,000        —          8,335,000  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

     —        $ 831,114,104        —        $ 831,114,104  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See Schedule of Investments for additional detailed categorizations.

 

14


 

ITEM 2. CONTROLS AND PROCEDURES.

 

  (a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Western Asset Managed Municipals Fund Inc.

 

By

 

/s/     JANE TRUST        

  Jane Trust
  Chief Executive Officer

Date:

 

April 23, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By

 

/s/     JANE TRUST        

  Jane Trust
  Chief Executive Officer

Date:

 

April 23, 2018

By

 

/s/     RICHARD F. SENNETT        

  Richard F. Sennett
  Principal Financial Officer

Date:

 

April 23, 2018