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)
Registrants 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 Childrens 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) (contd) | 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) (contd) | 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 Childrens 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) (contd) | 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, OHare International Airport Revenue |
5.000 | % | 1/1/31 | 1,000,000 | 1,116,110 | (e) | ||||||||||
Chicago, IL, OHare International Airport Revenue |
5.000 | % | 1/1/35 | 7,000,000 | 7,731,150 | (e) | ||||||||||
Chicago, IL, OHare 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) (contd) | 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) (contd) | February 28, 2018 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Missouri - (continued) |
||||||||||||||||
Childrens Mercy Hospital |
5.625 | % | 5/15/39 | $ | 4,980,000 | $ | 5,222,625 | (b) | ||||||||
Childrens 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) (contd) | 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) (contd) | 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) (contd) | 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) (contd) | February 28, 2018 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Washington - 0.7% |
||||||||||||||||
Washington State HFC Revenue: |
||||||||||||||||
Herons Key |
6.500 | % | 7/1/30 | $ | 350,000 | $ | 371,497 | (a) | ||||||||
Herons 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 |
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) (contd) | 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 |
8,335,000 | |||||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS - 142.2% |
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 Boards 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) (contd) | 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 Funds investments as of the date of the schedule. Other information regarding the Fund is available in the Funds most recent annual or semiannual 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 investments 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 Funds 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 Funds 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 issuers 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 Funds 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 Funds 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 registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are likely to materially affect the registrants 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 |