Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06629

 

 

Western Asset Managed Municipals Fund Inc.

(Exact name of registrant as specified in charter)

 

 

620 Eighth Avenue, 47th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

 

 

George P Hoyt

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

 

 

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2020

 

 

 


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ITEM 1.

REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.


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LOGO

 

Semi- Annual Report   November 30, 2020

WESTERN ASSET

MANAGED MUNICIPALS FUND INC. (MMU)

 

 

 

Beginning in or after January 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you invest through a financial intermediary and you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. If you have not already elected e-delivery, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account at that financial intermediary. If you are a direct shareholder with the Fund, you can call the Fund at 1-888-888-0151, or write to the Fund by regular mail at P.O. Box 505000, Louisville, KY 40233 or by overnight delivery to Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

 

LOGO

 

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE


Table of Contents
What’s inside      
Letter from the chairman     III  
Performance review     V  
Fund at a glance     1  
Schedule of investments     2  
Statement of assets and liabilities     24  
Statement of operations     25  
Statements of changes in net assets     26  
Statement of cash flows     27  
Financial highlights     28  
Notes to financial statements     30  
Additional shareholder information     45  
Dividend reinvestment plan     46  

 

Fund objective

The Fund seeks to maximize current income exempt from federal income tax* as is consistent with preservation of principal.

The Fund seeks to achieve its objective by investing primarily in long-term investment grade municipal debt securities issued by state and local governments, political subdivisions, agencies and public authorities (municipal obligations). Under normal market conditions, the Fund will invest at least 80% of its total assets in municipal obligations rated investment grade at the time of investment.

 

* 

Certain investors may be subject to the federal alternative minimum tax(“AMT”), and state and local taxes will apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.

 

II   

Western Asset Managed Municipals Fund Inc.


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Letter from the chairman

 

LOGO

 

Dear Shareholder,

We are pleased to provide the semi-annual report of Western Asset Managed Municipals Fund Inc. for the six-month reporting period ended November 30, 2020. Please read on for Fund performance information during the Fund’s reporting period.

Special shareholder notice

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and the subadviser became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended, consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the Fund prior to the transaction. The Fund’s manager and subadviser continue to provide uninterrupted services with respect to the Fund pursuant to new management and subadvisory agreements that were approved by Fund shareholders.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of November 30, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.5 trillion.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.lmcef.com. Here you can gain immediate access to market and investment information, including:

 

 

Fund prices and performance,

 

 

Market insights and commentaries from our portfolio managers, and

 

 

A host of educational resources.

 

Western Asset Managed Municipals Fund Inc.   III


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We look forward to helping you meet your financial goals.

Sincerely,

 

LOGO

Jane Trust, CFA

Chairman, President and Chief Executive Officer

December 31, 2020

 

IV   

Western Asset Managed Municipals Fund Inc.


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Performance review

 

For the six months ended November 30, 2020, Western Asset Managed Municipals Fund Inc. returned 8.18% based on its net asset value (“NAV”)i and 7.13% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Barclays Municipal Bond Indexii, returned 3.29% for the same period. The Lipper General & Insured Municipal Debt (Leveraged) Closed-End Funds Category Averageiii returned 8.09% over the same time frame. Please note that Lipper performance returns are based on each fund’s NAV.

Certain investors may be subject to the federal alternative minimum tax, and state and local taxes will apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.

During this six-month period, the Fund made distributions to shareholders totaling $0.27 per share. As of November 30, 2020, the Fund estimates that all of the distributions were sourced from net investment income.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of November 30, 2020. Past performance is no guarantee of future results.

 

Performance Snapshot as of November 30, 2020 (unaudited)  
Price Per Share   6-Month
Total Return†
 
$ 13.83 (NAV)     8.18 %‡** 
$ 12.61 (Market Price)     7.13 %‡‡ 

All figures represent past performance and are not a guarantee of future results. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

† Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.

‡‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

 

*

These estimates are not for tax purposes. The Fund will issue a Form 1099 with final composition of the distributions for tax purposes after year-end. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder’s investment. For more information about a distribution’s composition, please refer to the Fund’s distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.lmcef.com (click on the name of the Fund).

 

**

The total return based on NAV reflects the impact of the tender and repurchase by the Fund of a portion of its Auction Rate Cumulative Preferred Stock at 85% of the per share liquidation preference. Absent this transaction, the total return based on NAV would have been the same.

 

Western Asset Managed Municipals Fund Inc.   V


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Looking for additional information?

The Fund is traded under the symbol “MMU” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available on-line under the symbol “XMMUX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.lmcef.com (click on the name of the Fund).

In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern Time, for the Fund’s current NAV, market price and other information.

Thank you for your investment in Western Asset Managed Municipals Fund Inc. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

 

LOGO

Jane Trust, CFA

Chairman, President and Chief Executive Officer

December 31, 2020

RISKS: The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. The Fund’s common stock is traded on the New York Stock Exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value. Because the Fund is non-diversified, it may be more susceptible to economic, political or regulatory events than a diversified fund. The Fund’s investments are subject to a number of risks, including interest rate risk, credit risk, leveraging risk and management risk. As interest rates rise, the price of fixed-income investments declines. Lower rated, higher- yielding bonds, known as “high yield” or “junk” bonds, are subject to greater liquidity and credit risk than higher-rated investment grade securities. Municipal securities purchased by the Fund may be adversely affected by changes in the financial condition of municipal issuers and insurers, regulatory and political developments, uncertainties and public perceptions, and other factors. The Fund may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses and could have a potentially large impact on Fund performance. To the extent the Fund enters into tender option bond (“TOB”) transactions, such

 

VI   

Western Asset Managed Municipals Fund Inc.


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Performance review (cont’d)

 

TOB transactions expose the Fund to leverage and credit risk, and generally involve greater risk than investments in fixed rate municipal bonds, including the risk of loss of principal. The Fund may invest in securities of other investment companies. To the extent it does, Fund stockholders will indirectly pay a portion of the operating costs of such companies, in addition to the expenses that the Fund bears directly in connection with its own operations. Investing in securities issued by other investment companies, including exchange-traded funds (“ETFs”) that invest primarily in municipal securities, involves risks similar to those of investing directly in the securities in which those investment companies invest. To the extent the Fund invests in securities of other investment companies, Fund stockholders will indirectly pay a portion of the operating costs of such companies, in addition to the expenses that the Fund bears directly in connection with its own operation. Leverage may result in greater volatility of NAV and market price of common shares and increases a shareholder’s risk of loss. The Fund may also invest in money market funds, including funds affiliated with the Fund’s manager and subadviser.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

 

 

i

Net asset value (“NAV”) is calculated by subtracting total liabilities, including liabilities associated with financial leverage (if any), from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding. The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is the Fund’s market price as determined by supply of and demand for the Fund’s shares.

 

ii 

The Bloomberg Barclays Municipal Bond Index is a market value weighted index of investment grade municipal bonds with maturities of one year or more.

 

iii 

Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the six-month period ended November 30, 2020, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 66 funds in the Fund’s Lipper category.

 

Western Asset Managed Municipals Fund Inc.   VII


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Fund at a glance (unaudited)

 

Investment breakdown (%) as a percent of total investments

 

 

LOGO

 

The bar graph above represents the composition of the Fund’s investments as of November 30, 2020 and May 31, 2020 and does not include derivatives, such as futures contracts. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   1


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Schedule of investments (unaudited)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate    

Maturity

Date

   

Face

Amount

    Value  
Municipal Bonds — 138.9%                                

Alabama — 8.6%

                               

Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019

    5.750     10/1/49     $ 700,000     $ 638,477  (a)  

Jefferson County, AL, Sewer Revenue:

                               

Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% until 10/1/23; 7.900%)

    0.000     10/1/50       11,580,000       11,655,154  

Senior Lien, Warrants, Series A, Refunding, AGM

    5.500     10/1/53       1,400,000       1,566,320  

Subordinated Lien, Warrants, Series D, Refunding

    6.000     10/1/42       9,230,000       10,764,857  

Subordinated Lien, Warrants, Series D, Refunding

    6.500     10/1/53       6,900,000       8,137,515  

Lower Alabama Gas District, Natural Gas Revenue, Series A

    5.000     9/1/46       8,525,000       12,672,668  

Southeast Alabama Gas Supply District, Gas Supply Revenue, Series 2018A

    4.000     6/1/24       5,690,000       6,331,491  (b)(c) 

Total Alabama

                            51,766,482  

Alaska — 0.4%

                               

Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B

    5.000     12/1/38       750,000       944,197  

Anchorage, AK, Port Revenue, Series A

    5.000     12/1/50       1,000,000       1,221,480  (a)(d) 

Total Alaska

                            2,165,677  

Arizona — 5.8%

                               

Arizona State IDA Revenue, Lincoln South Beltway Project, Series 2020

    5.000     2/1/27       1,760,000       2,198,821  

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

    5.000     7/1/52       725,000       840,065  

Chandler, AZ, IDA Revenue, Intel Corp. Project

    5.000     6/3/24       4,120,000       4,736,970  (a)(b)(c) 

Navajo Nation, AZ, Revenue, Series A, Refunding

    5.500     12/1/30       950,000       1,055,260 (e)  

Phoenix, AZ, Civic Improvement Corp., Water System Revenue, Junior Lien, Series A

    5.000     7/1/44       750,000       986,857  

Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A

    5.000     8/1/42       750,000       939,758  

Salt Verde, AZ, Financial Corp., Natural Gas Revenue:

                               

Series 2007

    5.250     12/1/28       2,000,000       2,581,340  

 

See Notes to Financial Statements.

 

2    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


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Western Asset Managed Municipals Fund Inc.

 

Security   Rate    

Maturity

Date

   

Face

Amount

    Value  

Arizona — continued

                               

Series 2007

    5.000     12/1/32     $ 10,000,000     $ 13,386,100  

Series 2007

    5.000     12/1/37       5,500,000       7,782,885  

Total Arizona

                            34,508,056  

California — 17.8%

                               

Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding

    5.000     10/1/34       1,750,000       2,055,077  

Anaheim, CA, Public Financing Authority Lease Revenue, Series A, Refunding

    5.000     5/1/46       2,000,000       2,203,380  

Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA Municipal Swap Index Yield +1.100%)

    1.210     4/1/24       5,500,000       5,582,555  (b)(c) 

California State Health Facilities Financing Authority Revenue, Lucile Salter Packard Children’s Hospital at Stanford

    5.000     11/15/56       500,000       596,055  

California State MFA Revenue:

                               

Senior Lien, LINXS APM Project, Series A

    5.000     12/31/43       1,500,000       1,760,010  (a) 

Senior Lien, LINXS APM Project, Series A

    5.000     12/31/47       1,900,000       2,216,958  (a) 

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

    5.000     11/21/45       12,500,000       13,112,375  (a)(e) 

California State, GO:

                               

Various Purpose, Refunding

    4.000     11/1/36       1,000,000       1,182,590  

Various Purpose, Refunding

    4.000     3/1/40       1,750,000       2,142,157  

California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A

    5.750     1/15/45       1,770,000       1,799,824  (e) 

Chino Valley, CA, USD, GO, Series B

    5.000     8/1/55       1,250,000       1,623,838  

Golden State, CA, Tobacco Securitization Corp. Revenue:

                               

Tobacco Settlement Funded, Series A-1, Refunding

    5.250     6/1/47       2,855,000       2,959,836  

Tobacco Settlement Funded, Series A-2, Refunding

    5.000     6/1/47       550,000       567,661  

Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue, Series A, Refunding

    5.000     9/1/44       2,405,000       2,657,621  

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

                               

Multiple Capital Project II

    5.000     8/1/32       3,000,000       3,234,030  

Multiple Capital Project II

    5.000     8/1/37       1,000,000       1,074,530  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   3


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Schedule of investments (unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate    

Maturity

Date

   

Face

Amount

    Value  

California — continued

                               

Los Angeles, CA, Department of Airports Revenue:

                               

Los Angeles International Airport, Subordinated, Series D

    5.000     5/15/39     $ 500,000     $ 620,390  (a)  

Los Angeles International Airport, Subordinated, Series D

    5.000     5/15/49       2,500,000       3,043,425  (a)  

Los Angeles International Airport, Subordinated, Series F

    5.000     5/15/27       5,565,000       7,004,944  (a)  

Los Angeles International Airport, Subordinated, Series F

    4.000     5/15/49       2,000,000       2,286,800  (a)  

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

    5.000     7/1/48       2,500,000       3,123,400  

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

                               

Power System, Series A

    5.000     7/1/47       4,000,000       4,855,920  

Series C

    5.000     7/1/37       1,000,000       1,253,290  

Series C

    5.000     7/1/42       2,000,000       2,480,840  

Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated, Series A

    5.000     6/1/48       1,500,000       1,885,425  

Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A

    5.000     10/1/42       400,000       441,632  (e)  

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

                               

Series A

    7.000     11/1/34       3,430,000       5,478,876  

Series B

    6.500     11/1/39       8,000,000       13,254,640  

Regents of the University of California Medical Center Pooled Revenue, Series L, Refunding

    5.000     5/15/32       1,750,000       2,119,110  

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

    5.500     9/1/45       2,000,000       2,123,940  

Riverside County, CA, Transportation Commission Sales Tax Revenue, Series B, Refunding

    5.000     6/1/37       1,900,000       2,412,601  

Riverside County, CA, Transportation Commission Toll Revenue:

                               

Senior Lien, Series A

    5.750     6/1/44       200,000       217,604  

Senior Lien, Series A

    5.750     6/1/48       600,000       651,474  

 

See Notes to Financial Statements.

 

4    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


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Western Asset Managed Municipals Fund Inc.

 

Security   Rate    

Maturity

Date

   

Face

Amount

    Value  

California — continued

                               

San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM

    5.000     10/1/36     $ 1,000,000     $ 1,265,890  

San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A

    5.000     4/1/48       2,500,000       2,999,350  

San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Company LLC, Series A

    5.000     1/1/47       1,500,000       1,813,365  (a)  

San Mateo County, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A

    5.000     7/15/43       1,000,000       1,247,590  

Tobacco Securitization Authority of Southern California Revenue:

                               

Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A

    5.000     6/1/39       500,000       640,115  

Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A

    5.000     6/1/48       500,000       617,390  

Total California

                            106,606,508  

Colorado — 8.8%

                               

Base Village Metropolitan District #2, CO, GO, Series A, Refunding

    5.750     12/1/46       500,000       520,275  

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

    5.000     3/1/47       1,600,000       1,868,240  

Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-1

    4.000     8/1/44       1,900,000       2,119,222  

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

    5.000     12/31/51       600,000       654,132  

Denver, CO, Airport System Revenue:

                               

Series C

    6.125     11/15/25       10,945,000       12,818,346  (a)(f) 

Series C

    6.125     11/15/25       13,630,000       14,263,523  (a)  

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

    6.500     11/15/38       13,000,000       20,582,120  

Total Colorado

                            52,825,858  

Connecticut — 1.6%

                               

Connecticut State Special Tax Revenue:

                               

Transportation Infrastructure, Series A

    5.000     1/1/37       1,500,000       1,857,855  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   5


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Schedule of investments (unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Connecticut — continued

                               

Transportation Infrastructure, Series A

    5.000     5/1/38     $ 2,750,000     $ 3,591,555  

Connecticut State, GO:

                               

Series A

    5.000     4/15/35       1,650,000       2,115,399  

Series E

    5.000     10/15/34       930,000       1,124,175  

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

    5.000     4/1/39       900,000       978,687 (e)  

Total Connecticut

                            9,667,671  

District of Columbia — 0.5%

                               

District of Columbia Revenue, KIPP DC Project, Series B, Refunding

    5.000     7/1/48       2,800,000       3,257,184  

Florida — 4.2%

                               

Broward County, FL, Airport System Revenue, Series 2017

    5.000     10/1/47       1,250,000       1,470,863 (a)  

Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A

    6.125     6/15/46       555,000       619,380 (e)  

Florida State Mid-Bay Bridge Authority, Series A, Refunding

    5.000     10/1/30       2,410,000       2,779,019  

Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A

    5.000     10/1/47       1,500,000       1,759,830 (a)  

Miami-Dade County, FL, Aviation Revenue, Series A, Refunding

    5.000     10/1/49       3,000,000       3,624,390 (a)  

Miami-Dade County, FL, Expressway Authority, Series A

    5.000     7/1/40       9,000,000       9,025,380  

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

    5.000     8/1/42       1,250,000       1,483,387  

Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding

    5.000     8/1/47       750,000       817,425  

Palm Beach County, FL, Health Facilities Authority Revenue:

                               

Acts Retirement-Life Communities

    5.000     11/15/45       750,000       853,313  

Toby &Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B-1

    3.000     6/1/27       1,500,000       1,527,555  

Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B

    5.000     7/1/50       1,000,000       1,234,200  

Total Florida

                            25,194,742  

 

See Notes to Financial Statements.

 

6    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


Table of Contents

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate    

Maturity

Date

   

Face

Amount

    Value  

Georgia — 1.4%

                               

Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology

    5.000     6/15/44     $ 1,000,000     $ 1,251,730  

Georgia State Municipal Electric Authority Power Revenue, Project One, Series A

    5.000     1/1/50       1,000,000       1,252,150  

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

                               

Series A

    5.000     5/15/43       800,000       961,768  

Series B

    5.000     3/15/22       4,000,000       4,224,440  

Series C

    5.000     9/1/26       560,000       654,226  (b)(c) 

Total Georgia

                            8,344,314  

Idaho — 0.2%

                               

Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A

    5.000     12/1/47       1,100,000       1,326,270  

Illinois — 17.1%

                               

Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018

    5.000     4/1/42       1,500,000       1,644,450  

Chicago, IL, Board of Education, GO:

                               

Dedicated, Series G, Refunding

    5.000     12/1/34       100,000       108,165  

Dedicated, Series G, Refunding

    5.000     12/1/44       420,000       444,511  

Dedicated, Series H

    5.000     12/1/36       500,000       538,660  

Dedicated, Series H

    5.000     12/1/46       150,000       158,369  

Series D

    5.000     12/1/46       6,435,000       6,869,234  

Chicago, IL, GO:

                               

Series 2002B

    5.500     1/1/37       220,000       235,145  

Series A

    5.000     1/1/44       1,000,000       1,065,050  

Series A, Refunding

    5.000     1/1/26       2,250,000       2,459,205  

Series A, Refunding

    6.000     1/1/38       1,500,000       1,694,100  

Series B

    5.000     1/1/32       3,300,000       3,547,269  

Series C, Refunding

    5.000     1/1/25       3,000,000       3,230,820  

Series D, Refunding

    5.500     1/1/34       10,000       10,727  

Chicago, IL, O’Hare International Airport Revenue:

                               

General Senior Lien, Series B, Refunding

    5.000     1/1/41       1,000,000       1,154,830  

General, Third Lien

    5.625     1/1/35       1,240,000       1,245,468  

General, Third Lien

    5.750     1/1/39       965,000       969,352  

Series A, Refunding

    5.000     1/1/31       1,000,000       1,150,790  (a) 

Series A, Refunding

    5.000     1/1/35       7,000,000       7,989,450  (a) 

Trips Obligated Group

    5.000     7/1/48       700,000       803,390 (a)  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   7


Table of Contents

Schedule of investments (unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturit
Date
    Face
Amount
    Value  

Illinois — continued

                               

Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:

                               

Second Lien

    5.000     12/1/51     $ 1,000,000     $ 1,147,800  

Second Lien, Series A, Refunding

    4.000     12/1/55       1,300,000       1,421,810  

Second Lien, Series A, Refunding

    5.000     12/1/55       500,000       595,990  

Chicago, IL, Wastewater Transmission Revenue:

                               

Second Lien

    5.000     1/1/44       1,000,000       1,104,810  

Second Lien, Series A

    5.000     1/1/47       1,000,000       1,160,540  

Second Lien, Series B, Refunding

    5.000     1/1/38       750,000       893,363  

Chicago, IL, Waterworks Revenue:

                               

Second Lien, Series 2017, Refunding

    5.000     11/1/29       1,800,000       2,257,488  

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/33       1,290,000       1,573,065  

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/36       1,110,000       1,344,232  

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/37       2,500,000       3,020,800  

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/38       2,000,000       2,410,000  

Illinois State Finance Authority Revenue:

                               

Depaul University, Series A

    6.125     10/1/40       5,000,000       5,099,550  (g)  

Northshore University Health System, Refunding

    4.000     8/15/40       1,900,000       2,240,347  

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

    5.000     2/15/50       500,000       475,665  

Illinois State Sports Facilities Authority Revenue:

                               

Sport Facilities Project, Series 2019, Refunding, BAM

    5.000     6/15/28       750,000       936,518  

State Tax Supported, Series 2019, Refunding

    5.000     6/15/30       650,000       739,908  

Illinois State Toll Highway Authority Revenue:

                               

Series A

    4.000     1/1/39       4,000,000       4,681,200  

Series C, Refunding

    5.000     1/1/27       1,600,000       2,012,672  

Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM

    5.000     4/1/37       250,000       304,275  

 

See Notes to Financial Statements.

 

8    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


Table of Contents

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Illinois — continued

                               

Illinois State, GO:

                               

Series 2006

    5.500     1/1/30     $ 275,000     $ 320,166  

Series 2016

    5.000     1/1/33       1,500,000       1,601,520  

Series 2016

    5.000     11/1/33       2,350,000       2,526,979  

Series 2016, Refunding

    5.000     2/1/29       1,660,000       1,821,020  

Series A

    5.000     5/1/36       690,000       746,414  

Series A

    5.000     5/1/39       2,000,000       2,146,220  

Series A, Refunding

    5.000     10/1/29       3,795,000       4,220,040  

Series A, Refunding

    5.000     10/1/30       500,000       552,695  

Series B, Refunding

    5.000     10/1/29       750,000       834,000  

Series D

    5.000     11/1/27       3,325,000       3,668,572  

Metropolitan Pier & Exposition Authority, IL, Revenue:

                               

McCormick Place Expansion Project, Series A, Refunding

    4.000     6/15/50       1,500,000       1,536,345  

McCormick Place Expansion Project, Series A, Refunding

    5.000     6/15/50       7,150,000       8,005,855  

Regional Transportation Authority, IL, GO, Series A, Refunding, NATL

    6.000     7/1/29       4,450,000       5,747,130  

Total Illinois

                            102,465,974  

Indiana —2.5%

                               

Indiana State Finance Authority Revenue:

                               

Marion General Hospital, Series A

    4.000     7/1/45       900,000       997,326  

Private Activity-Ohio River Bridges East End Crossing Project

    5.000     7/1/44       5,000,000       5,338,050 (a)  

Second Lien, CWA Authority, Series B

    5.000     10/1/41       5,000,000       5,168,700  

Indianapolis, IN, Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A

    4.000     2/1/44       2,000,000       2,396,400  

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

    7.000     1/1/44       1,000,000       1,128,790 (a)  

Total Indiana

                            15,029,266  

Iowa —0.1%

                               

Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding

    3.125     12/1/22       540,000       551,410  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   9


Table of Contents

Schedule of investments (unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Kentucky — 2.3%

                               

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

    5.000     12/1/45     $ 1,000,000     $ 1,182,570  

Kentucky State PEA, Gas Supply Revenue:

                               

Series A

    4.000     6/1/26       5,000,000       5,830,150 (b)(c)  

Series C

    4.000     6/1/25       5,800,000       6,603,126 (b)(c)  

Total Kentucky

                            13,615,846  

Louisiana — 1.8%

                               

Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM

    5.000     4/1/43       2,000,000       2,400,380 (a)  

St. Charles Parish, LA, Gulf Opportunity Zone Revenue, Valero Energy Corp., Convertible

    4.000     6/1/22       5,000,000       5,193,100 (b)(c)  

St. John the Baptist Parish, LA, State Revenue:

                               

Marathon Oil Corp. Project, Refunding

    2.200     7/1/26       1,300,000       1,328,184 (b)(c)  

Marathon Oil Corp. Project, Series B-2, Refunding

    2.375     7/1/26       1,750,000       1,804,127 (b)(c)  

Total Louisiana

                            10,725,791  

Massachusetts — 1.4%

                               

Massachusetts State DFA Revenue:

                               

Broad Institute Inc., Refunding

    5.000     4/1/36       1,000,000       1,246,330  

Milford Regional Medical Center, Series F

    5.750     7/15/43       500,000       537,995  

UMass Boston Student Housing Project

    5.000     10/1/48       750,000       750,247  

Wellforce Issue, Series A, Refunding

    5.000     7/1/44       500,000       585,500  

Massachusetts State Port Authority Revenue, Series A, Refunding

    5.000     7/1/36       1,700,000       2,136,747 (a)  

Massachusetts State School Building Authority, Sales Tax Revenue, Senior, Series A

    5.000     5/15/43       3,000,000       3,347,460 (g)  

Total Massachusetts

                            8,604,279  

Michigan — 4.7%

                               

Detroit, MI, Downtown Development Authority Revenue, Series A, Refunding, AGM

    5.000     7/1/48       1,000,000       1,110,540  

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

                               

Senior Lien, Series A

    5.000     7/1/46       5,500,000       6,537,465  

Senior Lien, Series C, Refunding

    5.000     7/1/35       500,000       607,465  

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

    5.000     7/1/37       4,500,000       4,626,855 (g)  

 

See Notes to Financial Statements.

 

10    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


Table of Contents

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Michigan — continued

                               

Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding

    6.750     7/1/44     $ 1,250,000     $ 1,286,600 (e)  

Michigan State Finance Authority Revenue:

                               

Facilities Program, Series 1-A, Refunding

    5.250     10/15/47       650,000       730,470  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding

    5.000     7/1/33       625,000       732,625  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-1, Refunding

    5.000     7/1/44       1,320,000       1,419,277 (g)  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding

    5.000     7/1/33       1,160,000       1,323,316  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-2, Refunding

    5.000     7/1/34       250,000       292,563  

Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding

    4.000     6/1/49       500,000       564,095  

Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding

    5.000     6/1/49       400,000       479,748  

Michigan State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series 2010F-4, Refunding

    5.000     11/15/47       3,000,000       3,803,730  

Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project

    5.000     12/31/43       1,400,000       1,658,370 (a)  

Royal Oak, MI, Hospital Finance Authority Revenue, Beaumont Health Credit Group, Series D, Refunding

    5.000     9/1/39       2,500,000       2,803,175  

Total Michigan

                            27,976,294  

Minnesota — 0.3%

                               

Western Minnesota Municipal Power Agency Revenue, Series A

    5.000     1/1/46       1,530,000       1,753,900 (g)   

Missouri — 0.7%

                               

Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services, Refunding

    5.000     2/1/44       2,710,000       2,890,920  

St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A

    5.000     9/1/38       1,250,000       1,364,825  

Total Missouri

                            4,255,745  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   11


Table of Contents

Schedule of investments(unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

New Jersey — 9.1%

                               

New Jersey Institute of Technology, GO, Series A

    5.000     7/1/45     $ 750,000     $ 857,167  

New Jersey State EDA Revenue:

                               

Cigarette Tax, Refunding

    5.000     6/15/26       2,500,000       2,567,200  

Private Activity-The Goethals Bridge Replacement Project, AGM

    5.125     7/1/42       2,500,000       2,773,400 (a)  

School Facilities Construction, Series BBB, Refunding

    5.500     6/15/31       750,000       892,485  

School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield +1.600%)

    1.710     3/1/28       15,000,000       14,733,300 (c)  

Transit Transportation Project, Series A

    5.000     11/1/32       1,000,000       1,209,710  

New Jersey State EDA, Lease Revenue, State House Project, Series B

    5.000     6/15/43       4,000,000       4,636,920  

New Jersey State EDA, Special Facility Revenue:

                               

Continental Airlines Inc. Project

    5.250     9/15/29       3,000,000       3,147,000 (a)  

Port Newark Container Terminal LLC Project, Refunding

    5.000     10/1/37       650,000       722,092 (a)  

New Jersey State Health Care Facilities Financing Authority Revenue:

                               

Hackensack Meridian Health, Series A, Refunding

    5.000     7/1/38       400,000       483,296  

RWJ Barnabas Health Obligation Group, Series A, Refunding

    5.000     7/1/43       1,200,000       1,408,440  

New Jersey State Transportation Trust Fund Authority Revenue:

                               

Transportation Program, Series AA

    5.250     6/15/43       1,500,000       1,778,940  

Transportation Program, Series BB

    4.000     6/15/36       2,250,000       2,446,065  

Transportation System, Series A, Refunding

    5.000     12/15/25       1,885,000       2,207,731  

Transportation System, Series A, Refunding

    5.000     12/15/28       2,615,000       3,203,401  

New Jersey State Turnpike Authority Revenue, Series G, Refunding

    5.000     1/1/35       2,675,000       3,311,623  

New Jersey State, GO:

                               

COVID-19 Emergency, Series A

    5.000     6/1/28       3,500,000       4,401,320  

COVID-19 Emergency, Series A

    5.000     6/1/29       2,500,000       3,191,250  

Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding

    5.250     6/1/46       600,000       724,128  

Total New Jersey

                            54,695,468  

 

See Notes to Financial Statements.

 

12    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


Table of Contents

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

New York — 17.8%

                               

Brookhaven, NY, Local Development Corp. Revenue:

                               

Long Island Community Hospital Project, Series A

    5.000     10/1/31     $ 1,280,000     $ 1,598,733  

Long Island Community Hospital Project, Series A

    4.000     10/1/45       1,250,000       1,341,563  

MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2

    5.000     11/15/47       1,500,000       1,747,740  

MTA, NY, Transportation Revenue:

                               

Green Bonds, Series A-2

    5.000     11/15/24       500,000       546,215  

Green Bonds, Series C-1, Refunding

    4.000     11/15/37       500,000       527,350  

Green Bonds, Series D

    4.000     11/15/49       1,000,000       1,059,830  

Green Bonds, Series D-1

    5.000     11/15/43       500,000       581,280  

Green Bonds, Series E, Refunding

    5.000     11/15/30       1,500,000       1,782,030  

Green Bonds, Series E, Refunding

    4.000     11/15/45       1,250,000       1,329,163  

Series A-2

    5.000     5/15/30       1,800,000       2,103,948 (b)(c) 

Series C-1

    5.000     11/15/33       350,000       389,309  

New York City, NY, GO, Series D-1

    5.000     3/1/43       2,000,000       2,519,080  

New York City, NY, Industrial Development Agency Revenue:

                               

Yankee Stadium Project, Refunding

    4.000     3/1/45       500,000       570,065  

Yankee Stadium Project, Refunding, AGM

    4.000     3/1/45       750,000       876,420  

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

                               

Second General Resolution Fiscal 2013, Unrefunded

    5.000     6/15/47       2,650,000       2,928,647  

Subordinated, Series BB-1

    5.000     6/15/46       1,500,000       1,828,800  

New York City, NY, TFA Future Tax Secured Revenue:

                               

Subordinated, Series B-1

    5.000     8/1/45       3,000,000       3,656,430  

Subordinated, Series C-1

    4.000     5/1/46       7,000,000       8,261,120  

New York State Dormitory Authority Revenue:

                               

Bidding Group 3 Bonds, Series A

    5.000     3/15/42       1,000,000       1,238,370  

Series B, Refunding

    5.000     2/15/43       5,000       6,547 (g) 

Series B, Refunding

    5.000     2/15/43       2,995,000       3,656,386  

New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, Series E, Refunding

    5.000     3/15/44       2,000,000       2,496,760  

New York State Dormitory Authority, School Districts Revenue Financing Program, Series A, AGM

    5.000     10/1/29       3,250,000       4,180,312  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   13


Table of Contents

Schedule of investments (unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

New York — continued

                               

New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding

    5.000     3/15/46     $ 3,250,000     $ 4,031,072  

New York State Liberty Development Corp., Liberty Revenue:

                               

3 World Trade Center Project, Class 1, Refunding

    5.000     11/15/44       1,750,000       1,814,015 (e) 

4 World Trade Center Project, Refunding

    5.750     11/15/51       5,000,000       5,231,950  

New York State Liberty Development Corp., Revenue:

                               

Goldman Sachs Headquarters

    5.500     10/1/37       1,485,000       2,249,018  

Goldman Sachs Headquarters, Refunding

    5.250     10/1/35       3,045,000       4,399,294  

New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Subordinated, Series B, Refunding

    4.000     1/1/50       3,000,000       3,403,260  

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

                               

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

    5.000     1/1/33       1,750,000       2,004,362 (a) 

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

    4.375     10/1/45       1,500,000       1,667,655 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

    5.000     7/1/41       9,250,000       10,120,147 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

    5.000     7/1/46       250,000       272,883 (a) 

Port Authority of New York & New Jersey Revenue:

                               

Consolidated Series 166, Refunding

    5.000     1/15/41       2,750,000       2,762,100  

Consolidated Series 194, Refunding

    5.000     10/15/41       6,400,000       7,432,576  

Series 221

    4.000     7/15/55       3,600,000       4,082,112 (a)(h) 

Triborough Bridge & Tunnel Authority, NY, Revenue:

                               

General-MTA Bridges & Tunnels, Series A

    5.000     11/15/49       1,000,000       1,287,730  

General-MTA Bridges & Tunnels, Series A

    4.000     11/15/54       1,250,000       1,459,425  

General-MTA Bridges & Tunnels, Series A

    5.000     11/15/54       7,350,000       9,389,331  

Total New York

                            106,833,028  

North Carolina — 1.0%

                               

Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding

    5.000     7/1/49       1,750,000       2,176,247  

 

See Notes to Financial Statements.

 

14    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


Table of Contents

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

North Carolina — continued

                               

Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding

    4.000     6/1/49     $ 750,000     $ 878,993  

North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding

    5.000     1/1/30       300,000       361,818  

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:

                               

Series A, Refunding

    5.000     7/1/47       750,000       847,695  

Series A, Refunding

    5.000     7/1/51       1,500,000       1,690,020  

Total North Carolina

                            5,954,773  

Ohio — 3.2%

                               

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

                               

Senior Bonds, Series A-2, Refunding

    4.000     6/1/48       1,250,000       1,413,287  

Senior Bonds, Series B-2, Refunding

    5.000     6/1/55       4,000,000       4,498,480  

Jobs Ohio Beverage System, Senior Lien, Series A

    5.000     1/1/38       8,000,000       8,795,120 (g) 

Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding

    2.500     10/1/29       1,500,000       1,623,255 (a)(b)(c) 

Ohio State Water Development Authority, U.S. Steel Corp. Project, Refunding

    6.600     5/1/29       3,000,000       3,027,810  

Total Ohio

                            19,357,952  

Oklahoma — 0.1%

                               

Oklahoma State Turnpike Authority Revenue, Second Series C

    5.000     1/1/47       700,000       845,145  

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

    6.875     11/1/46       332,734       1,664 *(i) 

Total Oklahoma

                            846,809  

Oregon — 0.6%

                               

Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding

    5.000     6/1/46       2,000,000       2,309,780  

Port of Portland, OR, Airport Revenue, Portland International Airport, Series C, Refunding

    5.000     7/1/24       1,000,000       1,149,180 (a) 

Total Oregon

                            3,458,960  

Pennsylvania — 4.0%

                               

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

                               

Series 2018

    5.000     6/1/32       250,000       315,510  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   15


Table of Contents

Schedule of investments (unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Pennsylvania — continued

                               

Series 2018

    5.000     6/1/33     $ 500,000     $ 627,750  

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

    5.000     1/1/30       2,375,000       2,593,310  

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

    5.000     7/1/47       550,000       551,678  

Pennsylvania State Higher EFA Revenue, Trustees of University of Pennsylvania, Series A

    5.000     2/15/48       1,250,000       1,526,075  

Pennsylvania State Turnpike Commission Revenue:

                               

Subordinated, Series B

    5.250     12/1/41       2,275,000       2,389,865 (g) 

Subordinated, Series B

    5.250     12/1/41       3,725,000       3,905,402 (g) 

Subordinated, Series B

    5.000     12/1/48       2,900,000       3,483,364  

Subordinated, Series B

    5.000     12/1/50       1,000,000       1,266,070  

Philadelphia, PA, Authority for IDR, Lease Revenue, Refunding

    5.000     10/1/30       1,200,000       1,556,376  

Philadelphia, PA, School District, GO, Series A, State Aid Withholding

    5.000     9/1/33       1,755,000       2,059,615  

Philadelphia, PA, Water & Wastewater Revenue, Series A

    5.000     7/1/45       1,000,000       1,124,990  

State Public School Building Authority, PA, Lease Revenue:

                               

Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding

    5.000     6/1/31       600,000       729,414  

Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding

    5.000     6/1/33       1,780,000       2,144,526  

Total Pennsylvania

                            24,273,945  

Puerto Rico — 4.4%

                               

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A

    5.250     7/1/42       3,920,000       4,076,800  

Puerto Rico Electric Power Authority Revenue:

                               

Series A

    5.000     7/1/42       1,400,000       1,050,000  *(i) 

Series A

    5.050     7/1/42       350,000       262,500  *(i) 

Series XX

    5.250     7/1/40       2,875,000       2,163,438  *(i) 

Series ZZ, Refunding

    5.250     7/1/18       1,250,000       910,938 *(j) 

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:

                               

CAB, Restructured, Series A-1

    0.000     7/1/27       960,000       842,208  

 

See Notes to Financial Statements.

 

16    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


Table of Contents

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Puerto Rico — continued

                               

CAB, Restructured, Series A-1

    0.000     7/1/46     $ 1,040,000     $ 312,166  

CAB, Restructured, Series A-1

    0.000     7/1/51       8,700,000       1,887,639  

Restructured, Series A-1

    4.550     7/1/40       230,000       249,235  

Restructured, Series A-1

    5.000     7/1/58       4,625,000       5,101,236  

Restructured, Series A-2

    4.329     7/1/40       5,380,000       5,751,005  

Restructured, Series A-2A

    4.550     7/1/40       3,550,000       3,846,886  

Total Puerto Rico

                            26,454,051  

South Carolina — 0.3%

                               

South Carolina State Ports Authority Revenue, Series 2018

    5.000     7/1/48       1,750,000       2,091,477 (a)  

South Dakota — 0.1%

                               

South Dakota State HEFA Revenue, Regional Health

    5.000     9/1/40       500,000       600,700  

Tennessee — 1.8%

                               

Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A

    5.000     9/1/40       1,200,000       1,427,640  

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

                               

Subordinated, Green Bonds, Series A

    5.000     7/1/42       500,000       613,110  

Subordinated, Series B, Refunding

    5.000     7/1/46       1,000,000       1,217,770  

Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018

    4.000     11/1/25       6,500,000       7,462,780 (b)(c) 

Total Tennessee

                            10,721,300  

Texas — 9.6%

                               

Alamo, TX, Regional Mobility Authority, Vehicle Registration Fee Revenue, Senior Lien

    5.000     6/15/46       1,300,000       1,509,287  

Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM

    5.000     2/15/48       1,250,000       1,459,650  

Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E

    4.000     1/1/50       2,500,000       2,864,650  

City of Austin, TX, Airport System Revenue, Series B

    5.000     11/15/37       2,050,000       2,564,161 (a) 

Forney, TX, ISD, GO, School Building, Series 2019, PSF - GTD

    5.000     2/15/49       500,000       603,195  

Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Step Bond, Series A, Band C, (0.000% until 10/1/23, 5.500%)

    0.000     10/1/36       4,000,000       4,673,960  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report   17


Table of Contents

Schedule of investments (unaudited) (cont’d)

November 30, 2020

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Texas — continued

                               

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

    5.750     7/1/27     $ 910,000     $ 1,111,674 (f) 

Houston, TX, Airport Systems Revenue, Series B-1

    5.000     7/15/30       5,500,000       5,788,915 (a) 

Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding

    5.000     11/15/44       1,000,000       1,147,090  

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

                               

Series 2017

    5.000     11/1/33       120,000       141,074 (a) 

Series 2017

    5.000     11/1/36       120,000       140,302 (a) 

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

    5.250     11/1/40       14,250,000       14,309,708  

New Hope Cultural Education Facilities Finance Corp., TX, Student Housing Revenue, Collegiate Housing College Station, AGM

    5.000     4/1/46       750,000       808,853  

North Texas Tollway Authority Revenue:

                               

Series A, Refunding

    5.000     1/1/39       825,000       971,718  

Series B, Refunding

    5.000     1/1/40       2,000,000       2,148,320  

Series B, Refunding

    5.000     1/1/45       2,105,000       2,397,153  

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

    5.000     2/15/49       2,250,000       2,905,335  

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

    6.625     11/15/37       610,000       656,079  

Texas State Municipal Gas Acquisition & Supply Corp. III, Series 2012

    5.000     12/15/27       8,550,000       9,218,610  

Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC

    5.000     12/31/45       1,600,000       1,766,832 (a) 

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

                               

Inspired Living at Lewisville Project, Series A-1

    6.750     12/1/51       500,000       381,295  *(e)(i) 

Subordinate, Inspired Living at Lewisville Project, Series B

    10.000     12/1/51       150,000       83,279 *(i) 

Total Texas

                            57,651,140  

 

See Notes to Financial Statements.

 

18    Western Asset Managed Municipals Fund Inc. 2020 Semi-Annual Report


Table of Contents

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

U.S. Virgin Islands — 0.6%