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: May 31, 2021

 

 

 


ITEM 1.

REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

 


LOGO

 

Annual Report   May 31, 2021

WESTERN ASSET

MANAGED MUNICIPALS

FUND INC. (MMU)

 

 

 

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


What’s inside      
Letter from the chairman     III  
Fund overview     1  
Fund at a glance     7  
Schedule of investments     8  
Statement of assets and liabilities     31  
Statement of operations     32  
Statements of changes in net assets     33  
Statement of cash flows     34  
Financial highlights     35  
Notes to financial statements     37  
Report of independent registered public accounting firm     53  
Additional shareholder information     54  
Additional information     56  
Annual chief executive officer and principal financial officer certifications     62  
Other shareholder communications regarding accounting matters     63  
Summary of information regarding the Fund     64  
Dividend reinvestment plan     80  
Important tax information     82  

 

*

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.

Fund objective

The Fund’s investment objective is to seek as high a level of current income exempt from federal income tax* as is consistent with preservation of capital.

When pursuing its investment 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.

 

 

 II 

   Western Asset Managed Municipals Fund Inc.


Letter from the chairman

 

LOGO

 

Dear Shareholder,

We are pleased to provide the annual report of Western Asset Managed Municipals Fund Inc. for the twelve-month reporting period ended May 31, 2021. Please read on for a detailed look at prevailing economic and market conditions during the Fund’s reporting period and to learn how those conditions have affected Fund performance.

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.

We look forward to helping you meet your financial goals.

Sincerely,

 

LOGO

Jane Trust, CFA

Chairman, President and Chief Executive Officer

June 30, 2021

 

 

Western Asset Managed Municipals Fund Inc.  

 

 III 


Fund overview

 

Q. What is the Fund’s investment strategy?

A. The Fund’s investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with preservation of capital. When pursuing its investment objective, the Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal. We select securities primarily by identifying undervalued sectors and individual securities, while also selecting securities that we believe will benefit from changes in market conditions.

Under normal market conditions, the Fund invests primarily in investment grade municipal bonds, but it can also invest up to 20% of its total assets in municipal bonds rated below investment grade by a nationally recognized statistical rating organization or, if unrated, determined to be of equivalent quality. The Fund may also use a variety of derivative instruments for investment purposes, as well as for hedging or risk management purposes. For credit ratings purposes, pre-refunded bonds are deemed to be unrated. The subadvisor determines the credit quality of pre-refunded bonds based on the quality of the escrowed collateral and such other factors as the subadvisor deems appropriate.

At Western Asset Management Company, LLC (“Western Asset”), the Fund’s subadviser, we utilize a fixed income team approach, with decisions derived from interaction among various investment management sector specialists. The sector teams are comprised of Western Asset’s senior portfolio management personnel, research analysts and an in-house economist. Under this team approach, management of client fixed income portfolios will reflect a consensus of interdisciplinary views within the Western Asset organization. The individuals responsible for development of investment strategy, day-to-day portfolio management, oversight and coordination of the Fund are S. Kenneth Leech, Robert E. Amodeo and David T. Fare.

 

Q. What were the overall market conditions during the Fund’s reporting period?

A. Fixed income markets experienced periods of elevated volatility and, overall, modestly declined over the twelve-month reporting period ended May 31, 2021. Volatility was driven by a number of factors, including risk aversion as the COVID-19 pandemic escalated, sharply falling and then rising global growth, trade conflicts, inflation concerns, and a number of geopolitical events. Most spread sectors (non-Treasuries) outperformed similar durationi Treasuries, especially as the reporting period progressed. This was driven by continued monetary policy accommodation from the Federal Reserve Board (the “Fed”)ii and the rollout of several COVID-19 vaccines which triggered increased investor risk appetite.

Short-term U.S. Treasury yields edged lower, as the Fed held the federal funds rateiii in a range between 0.00% and 0.25%. The yield for the two-year Treasury note began the reporting period at 0.16% and ended the period at 0.14%. The low of 0.09% occurred on February 5, 2021 and the high of 0.22% took place on June 5 and June 8, 2020. In contrast, long-term U.S. Treasury yields moved sharply higher, as positive economic data triggered inflationary concerns and fears that the Fed may remove its monetary policy accommodations sooner than previously anticipated. The yield for the ten-year Treasury note began the reporting period at 0.65%. The low of 0.52% occurred on August 4, 2020, and the high of 1.74% took place on March 19 and March 31, 2021. The ten-year Treasury yield then ended the period at 1.58%.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 1 

 


Fund overview (cont’d)

 

The municipal bond market posted a positive return and significantly outperformed its taxable bond counterpart during the twelve-month reporting period. Over that time, the Bloomberg Barclays Municipal Bond Indexiv and the Bloomberg Barclays U.S. Aggregate Indexv returned 4.74% and -0.40%, respectively. Both the taxable and tax-free markets were initially supported by falling yields, but were then hurt as longer-term yields moved higher. While the municipal market generated positive absolute returns during nine of the twelve months of the reporting period, a portion of its gains were lost during the other three months.

Q. How did we respond to these changing market conditions?

A. A number of adjustments were made to the Fund’s portfolio during the reporting period. We reduced the Fund’s duration versus that of the benchmark. From a sector perspective, we increased the Fund’s allocations to the State General Obligation bonds and Transportation sectors, while reducing its exposures to Industrial Revenue and Pre-Refundedvi securities. In terms of the Fund’s quality positioning, we increased its exposure to securities rated BBB and below-investment-grade securities, and reduced its allocations to securities rated AA and A.

We employed the use of U.S. Treasury futures during the reporting period to manage duration. This strategy modestly contributed to the Fund’s performance.

During the reporting period, we utilized leverage in the Fund. We ended the period with leverage as a percentage of gross assets of approximately 28%, versus roughly 30% at the beginning of the period. The use of leverage contributed to performance over the reporting period.

Performance review

For the twelve months ended May 31, 2021, Western Asset Managed Municipals Fund Inc. returned 13.09% based on its net asset value (“NAV”)vii and 16.67% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Barclays Municipal Bond Index, returned 4.74% for the same period. The Lipper General & Insured Municipal Debt (Leveraged) Closed-End Funds Category Averageviii returned 13.44% over the same time frame. Please note that Lipper performance returns are based on each fund’s NAV.

 

 2      Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

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 the twelve-month period, the Fund made distributions to shareholders totaling $0.53 per share.* The performance table shows the Fund’s twelve-month total return based on its NAV and market price as of May 31, 2021. Past performance is no guarantee of future results.

 

Performance Snapshot as of May 31, 2021  
Price Per Share   12-Month
Total Return†
 
$14.19 (NAV)     13.09 %‡** 
$ 13.46 (Market Price)     16.67 %‡‡ 

All figures represent past performance and are not a guarantee of future results.

† 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 at NAV.

‡ ‡ Total return assumes the reinvestment of all distributions in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

Q. What were the leading contributors to performance?

A. The largest contributor to the Fund’s relative performance during the reporting period was its security selection. In particular, holdings in the Industrial Revenue, Leasing and State General Obligation bond sectors were additive for results. The Fund’s quality biases were also rewarded, driven by overweights to securities rated BBB and below-investment-grade securities, as they outperformed their higher quality counterparts. From a sector allocation perspective, overweights to the Industrial Revenue and Transportation sectors contributed to returns.

Q. What were the leading detractors from performance?

A. The largest detractor from the Fund’s relative performance during the reporting period was its yield curveix positioning. This was due to an overweight to the ten-year portion of the municipal yield curve. Looking at sector allocation, an underweight to the Health Care sector and an overweight to the Water & Sewer sector were headwind for results. There were meaningful detractors from performance from a security selection perspective among sectors.

 

*

For the character of distributions paid during the fiscal year ended May 31, 2021, please refer to page 50 of this report.

 

**

The total return based on the 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 the NAV would have been the same.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 3 

 


Fund overview (cont’d)

 

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 online 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,

Western Asset Management Company, LLC

June 16, 2021

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 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

 

 

 4 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

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. The Fund may enter into tender option bond (“TOB”) transactions, which 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 interest payments that the Fund would typically receive on inverse floaters acquired in such transactions vary inversely with short-term interest rates and will be reduced (and potentially eliminated) when short-term interest rates increase. Inverse floaters will generally underperform the market for fixed rate municipal securities when interest rates rise. The value and market for inverse floaters can be volatile, and inverse floaters can have limited liquidity. Investments in inverse floaters issued in TOB transactions are derivative instruments and, therefore, are also subject to the risks generally applicable to investments in derivatives. For more information on Fund risks, see Summary of information regarding the Fund -Principal Risk Factors in this report.

The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. Portfolio holdings are subject to change at any time and may not be representative of the portfolio managers’ current or future investments. The Fund’s portfolio composition is subject to change at any time.

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.

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 5 

 


Fund overview (cont’d)

 

    

    

    

 

i 

Duration is the measure of the price sensitivity of a fixed income security to an interest rate change of 100 basis points. Calculation is based on the weighted average of the present values for all cash flows.

 

ii 

The Federal Reserve Board (the “Fed”) is responsible for the formulation of U.S. policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.

 

iii 

The federal funds rate is the target interest rate set by the Federal Open Market Committee at which commercial banks borrow and lend their excess reserves to each other overnight.

 

iv 

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

 

v 

The Bloomberg Barclays U.S. Aggregate Index is a broad-based bond index comprised of government, corporate, mortgage- and asset-backed issues, rated investment grade or higher, and having at least one year to maturity.

 

vi 

A pre-refunded bond is a bond in which the original security has been replaced by an escrow, usually consisting of treasuries or agencies, which has been structured to pay principal and interest and any call premium, either to a call date (in the case of a pre-refunded bond), or to maturity (in the case of an escrowed to maturity bond).

 

vii 

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.

 

viii 

Lipper, Inc., a wholly-owned subsidiary of Refinitiv, provides independent insight on global collective investments. Returns are based on the period ended May 31, 2021, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 59 funds for the six-month period and among the 57 funds for the twelve-month period in the Fund’s Lipper category.

 

ix 

The yield curve is the graphical depiction of the relationship between the yield on bonds of the same credit quality but different maturities.

 

 

 6 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


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 May 31, 2021 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. 2021 Annual Report    

 

 

 7 

 


Schedule of investments

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  
Municipal Bonds — 133.6%                                

Alabama — 6.4%

                               

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

    5.750     10/1/49     $ 700,000     $ 844,371  (a) 

Jefferson County, AL, Sewer Revenue:

                               

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

    0.000     10/1/50       11,580,000       11,899,413  

Senior Lien, Warrants, Series A, Refunding, AGM

    5.500     10/1/53       1,400,000       1,574,920  

Subordinated Lien, Warrants, Series D, Refunding

    6.000     10/1/42       9,230,000       10,757,659  

Subordinated Lien, Warrants, Series D, Refunding

    6.500     10/1/53       6,900,000       8,121,657  

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

    4.000     6/1/24       5,690,000       6,253,821  (b)(c) 

Total Alabama

                            39,451,841  

Alaska — 0.4%

                               

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

    5.000     12/1/38       750,000       949,634  

Anchorage, AK, Port Revenue, Series A

    5.000     12/1/50       1,000,000       1,201,746  (a) 

Total Alaska

                            2,151,380  

Arizona — 5.1%

                               

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

    5.000     7/1/52       725,000       837,395  

Chandler, AZ, IDA Revenue, Intel Corp. Project

    5.000     6/3/24       4,120,000       4,666,235  (a)(b)(c) 

Navajo Nation, AZ, Revenue, Series A, Refunding

    5.500     12/1/30       950,000       1,077,507  (d) 

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

    5.000     8/1/42       750,000       931,891  

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

                               

Series 2007

    5.250     12/1/28       2,000,000       2,538,068  

Series 2007

    5.000     12/1/32       10,000,000       13,295,822  

Series 2007

    5.000     12/1/37       5,500,000       7,753,250  

Total Arizona

                            31,100,168  

California — 17.1%

                               

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

    5.000     10/1/34       1,750,000       2,076,374  

 

See Notes to Financial Statements.

 

 

 8 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

California — continued

                               

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

    5.000     5/1/46     $ 2,000,000     $ 2,179,430  

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

    1.150     4/1/24       5,500,000       5,594,091  (b)(c) 

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

    5.000     11/15/56       500,000       608,414  

California State MFA Revenue:

                               

Senior Lien, LINXS APM Project, Series A

    5.000     12/31/43       1,500,000       1,825,813  (a) 

Senior Lien, LINXS APM Project, Series A

    5.000     12/31/47       1,900,000       2,305,758  (a) 

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

    5.000     11/21/45       12,500,000       13,208,570  (a)(d) 

California State, GO:

                               

Various Purpose, Refunding

    4.000     11/1/36       1,000,000       1,183,239  

Various Purpose, Refunding

    5.000     9/1/41       3,250,000       4,268,935  (e) 

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

    5.750     1/15/45       1,770,000       1,867,056  (d) 

Chino Valley, CA, USD, GO, Series B

    5.000     8/1/55       1,250,000       1,606,265  

Golden State, CA, Tobacco Securitization Corp. Revenue:

                               

Tobacco Settlement Funded, Series A-1, Refunding

    5.250     6/1/47       2,855,000       2,966,663  

Tobacco Settlement Funded, Series A-2, Refunding

    5.000     6/1/47       550,000       569,595  

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

    5.000     9/1/44       2,405,000       2,628,156  

Los Angeles County, CA, Public Works Financing Authority Revenue, Multiple Capital Project II

    5.000     8/1/37       1,000,000       1,054,676  

Los Angeles, CA, Department of Airports Revenue:

                               

Los Angeles International Airport, Subordinated, Series D

    5.000     5/15/39       500,000       628,717  (a) 

Los Angeles International Airport, Subordinated, Series D

    5.000     5/15/49       2,500,000       3,095,347  (a) 

Los Angeles International Airport, Subordinated, Series F

    5.000     5/15/27       5,565,000       6,911,713  (a) 

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 9 

 


Schedule of investments (cont’d)

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

California — continued

                               

Los Angeles International Airport, Subordinated, Series F

    4.000     5/15/49     $ 2,000,000     $ 2,293,082  (a) 

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

    5.000     7/1/48       2,500,000       3,082,963  

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

                               

Series A

    5.000     7/1/47       4,000,000       4,876,096  

Series C

    5.000     7/1/37       1,000,000       1,247,753  

Series C

    5.000     7/1/42       2,000,000       2,480,904  

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

    5.000     6/1/48       1,500,000       1,862,061  

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

                               

Series A

    7.000     11/1/34       3,430,000       5,426,906  

Series B

    6.500     11/1/39       8,000,000       13,189,114  

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

    5.000     5/15/32       1,750,000       2,105,430  

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

    5.500     9/1/45       2,000,000       2,111,298  

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

    5.000     6/1/37       1,900,000       2,397,033  

Riverside County, CA, Transportation Commission Toll Revenue:

                               

Senior Lien, Series A

    5.750     6/1/44       200,000       217,745  

Senior Lien, Series A

    5.750     6/1/48       600,000       653,211  

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

    5.000     10/1/36       1,000,000       1,237,709  

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

    5.000     4/1/48       2,500,000       2,970,740  

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

    5.000     1/1/47       1,500,000       1,831,197  (a) 

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

    5.000     7/15/43       1,000,000       1,229,207  

 

See Notes to Financial Statements.

 

 

 10 

   

Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

California — continued

                               

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     $ 636,383  

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

    5.000     6/1/48       500,000       624,653  

Total California

                            105,052,297  

Colorado — 6.0%

                               

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

    5.750     12/1/46       500,000       521,439  

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

    5.000     3/1/47       1,600,000       1,948,040  

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

    4.000     8/1/44       1,900,000       2,161,228  

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

    5.000     12/31/51       600,000       690,080  

Denver, CO, Airport System Revenue, Series C

    6.125     11/15/25       10,945,000       12,562,297  (a)(f) 

Public Authority for Colorado Energy, Natural Gas Purchase Revenue

    6.500     11/15/38       12,200,000       19,045,272  

Total Colorado

                            36,928,356  

Connecticut — 1.6%

                               

Connecticut State Special Tax Revenue:

                               

Transportation Infrastructure, Series A

    5.000     1/1/37       1,500,000       1,849,363  

Transportation Infrastructure, Series A

    5.000     5/1/38       2,750,000       3,565,715  

Connecticut State, GO:

                               

Series A

    5.000     4/15/35       1,650,000       2,107,698  

Series E

    5.000     10/15/34       930,000       1,127,706  

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

    5.000     4/1/39       900,000       1,041,432  (d) 

Total Connecticut

                            9,691,914  

District of Columbia — 0.5%

                               

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

    5.000     7/1/48       2,800,000       3,283,048  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report

   

 

 

 11 

 


Schedule of investments (cont’d)

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Florida — 3.9%

                               

Broward County, FL, Airport System Revenue, Series 2017

    5.000     10/1/47     $ 1,250,000     $ 1,514,715  (a) 

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

    6.125     6/15/46       555,000       628,195  (d) 

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

    5.000     10/1/30       2,410,000       2,783,083  

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

    5.000     10/1/47       1,500,000       1,817,657  (a) 

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

    5.000     10/1/49       3,000,000       3,696,755  (a) 

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

    5.000     7/1/40       9,000,000       9,024,960  

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

    5.000     8/1/47       750,000       817,756  

Palm Beach County, FL, Health Facilities Authority Revenue:

                               

Acts Retirement-Life Communities

    5.000     11/15/45       750,000       866,685  

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

    3.000     6/1/27       1,500,000       1,568,796  

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

    5.000     7/1/50       1,000,000       1,250,304  

Total Florida

                            23,968,906  

Georgia — 1.3%

                               

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

    5.000     6/15/44       1,000,000       1,252,852  

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

    5.000     1/1/50       1,000,000       1,258,603  

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

                               

Series A

    5.000     5/15/43       800,000       965,329  

Series B

    5.000     3/15/22       4,000,000       4,147,054  

Series C

    4.000     9/1/26       560,000       649,679  (b)(c) 

Total Georgia

                            8,273,517  

Guam — 0.2%

                               

Guam Government, Business Privilege Tax Revenue, Series F, Refunding

    4.000     1/1/42       1,000,000       1,140,051  (e) 

 

See Notes to Financial Statements.

 

 

 12 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Idaho — 0.2%

                               

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

    5.000     12/1/47     $ 1,100,000     $ 1,338,665  

Illinois — 16.8%

                               

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

    5.000     4/1/42       1,500,000       1,765,147  

Chicago, IL, Board of Education, GO:

                               

Dedicated, Series G, Refunding

    5.000     12/1/34       100,000       120,297  

Dedicated, Series G, Refunding

    5.000     12/1/44       420,000       495,799  

Dedicated, Series H

    5.000     12/1/36       500,000       598,977  

Dedicated, Series H

    5.000     12/1/46       150,000       176,697  

Series D

    5.000     12/1/46       6,435,000       7,733,525  

Chicago, IL, GO:

                               

Series 2002B

    5.500     1/1/37       220,000       247,380  

Series A

    5.000     1/1/44       1,000,000       1,190,201  

Series A, Refunding

    5.000     1/1/26       2,250,000       2,637,172  

Series A, Refunding

    6.000     1/1/38       1,500,000       1,825,924  

Series B

    5.500     1/1/32       3,300,000       3,737,648  

Series C, Refunding

    5.000     1/1/25       3,000,000       3,427,654  

Series D, Refunding

    5.500     1/1/34       10,000       11,286  

Chicago, IL, O’Hare International Airport Revenue:

                               

General Senior Lien, Series B, Refunding

    5.000     1/1/41       1,000,000       1,181,530  

Series A, Refunding

    5.000     1/1/31       1,000,000       1,143,506  (a) 

Series A, Refunding

    5.000     1/1/35       7,000,000       7,962,054  (a) 

TrIPS Obligated Group

    5.000     7/1/48       700,000       832,796  (a) 

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

                               

Second Lien

    5.000     12/1/51       1,000,000       1,189,779  

Second Lien, Series A, Refunding

    4.000     12/1/55       1,300,000       1,479,266  

Second Lien, Series A, Refunding

    5.000     12/1/55       500,000       615,321  

Chicago, IL, Wastewater Transmission Revenue:

                               

Second Lien

    5.000     1/1/44       1,000,000       1,107,672  

Second Lien, Series A

    5.000     1/1/47       1,000,000       1,183,564  

Second Lien, Series B, Refunding

    5.000     1/1/38       750,000       901,984  

Chicago, IL, Waterworks Revenue:

                               

Second Lien, Series 2017, Refunding

    5.000     11/1/29       1,800,000       2,262,015  

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/33       1,290,000       1,604,346  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 13 

 


Schedule of investments (cont’d)

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Illinois — continued

                               

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/36     $ 1,110,000     $ 1,372,774  

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/37       2,500,000       3,085,466  

Second Lien, Series 2017-2, Refunding, AGM

    5.000     11/1/38       2,000,000       2,465,239  

Cook County, IL, Sales Tax Revenue, Series A, Refunding

    4.000     11/15/40       1,750,000       2,092,154  

Illinois State Finance Authority Revenue, Northshore University Health System, Refunding

    4.000     8/15/40       1,900,000       2,278,235  

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

    5.000     2/15/50       500,000       560,099  

Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, Series 2019, Refunding, BAM

    5.000     6/15/28       750,000       935,126  

Illinois State Toll Highway Authority Revenue, Series A

    4.000     1/1/39       4,000,000       4,677,346  

Illinois State, GO:

                               

Series 2006

    5.500     1/1/30       250,000       328,033  

Series 2016

    5.000     1/1/33       1,500,000       1,714,579  

Series 2016

    5.000     11/1/33       2,350,000       2,746,014  

Series 2016, Refunding

    5.000     2/1/29       1,660,000       1,980,435  

Series A

    5.000     3/1/36       1,500,000       1,913,684  

Series A

    5.000     5/1/36       690,000       828,203  

Series A

    5.000     5/1/39       2,000,000       2,384,748  

Series A

    5.000     3/1/46       1,750,000       2,175,975  

Series A, Refunding

    5.000     10/1/29       3,795,000       4,698,867  

Series A, Refunding

    5.000     10/1/30       500,000       614,787  

Series B, Refunding

    5.000     10/1/29       750,000       928,630  

Series D

    5.000     11/1/27       3,325,000       4,095,789  

Metropolitan Pier & Exposition Authority, IL, Revenue:

                               

McCormick Place Expansion Project, Series A, Refunding

    4.000     6/15/50       1,500,000       1,722,569  

 

See Notes to Financial Statements.

 

 

 14 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Illinois — continued

                               

McCormick Place Expansion Project, Series A, Refunding

    5.000     6/15/50     $ 7,150,000     $ 8,767,172  

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

    6.000     7/1/29       4,450,000       5,738,251  

Total Illinois

                            103,535,715  

Indiana — 2.4%

                               

Indiana State Finance Authority Revenue:

                               

Marion General Hospital, Series A

    4.000     7/1/45       900,000       1,039,715  

Private Activity-Ohio River Bridges East End Crossing Project

    5.000     7/1/44       5,000,000       5,439,859  (a) 

Second Lien, CWA Authority, Series B

    5.000     10/1/41       5,000,000       5,076,246  

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

    4.000     2/1/44       2,000,000       2,352,945  

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

    7.000     1/1/44       1,000,000       1,124,046  (a) 

Total Indiana

                            15,032,811  

Iowa — 0.3%

                               

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

    3.125     12/1/22       430,000       438,700  

Iowa State Tobacco Settlement Authority Revenue:

                               

Asset Backed Senior Bonds, Class 1, Series A-2, Refunding

    4.000     6/1/49       500,000       580,373  

Asset Backed Senior Bonds, Class 2, Series B-1, Refunding

    4.000     6/1/49       750,000       874,219  

Total Iowa

                            1,893,292  

Kentucky — 2.2%

                               

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

    5.000     12/1/45       1,000,000       1,220,191  

Kentucky State PEA, Gas Supply Revenue:

                               

Series A

    4.000     6/1/26       5,000,000       5,776,833  (b)(c) 

Series C

    4.000     6/1/25       5,800,000       6,538,598  (b)(c) 

Total Kentucky

                            13,535,622  

Louisiana — 1.7%

                               

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

    5.000     4/1/43       2,000,000       2,382,006  (a) 

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 15 

 


Schedule of investments (cont’d)

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
   

Face

Amount

    Value  

Louisiana — continued

                               

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

    4.000     6/1/22     $ 5,000,000     $ 5,178,770  (b)(c) 

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

                               

Marathon Oil Corp. Project, Refunding

    2.200     7/1/26       1,300,000       1,354,727  (b)(c) 

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

    2.375     7/1/26       1,750,000       1,838,663  (b)(c) 

Total Louisiana

                            10,754,166  

Maryland — 0.2%

                               

Maryland EDC, Senior Student Housing Revenue, Morgan State University Project

    5.000     7/1/50       1,150,000       1,415,838  

Massachusetts — 1.9%

                               

Massachusetts State DFA Revenue:

                               

Broad Institute Inc., Refunding

    5.000     4/1/36       1,000,000       1,233,273  

Milford Regional Medical Center, Series F

    5.750     7/15/43       500,000       536,732  

UMass Boston Student Housing Project

    5.000     10/1/48       750,000       844,602  

Wellforce Issue, Series A, Refunding

    5.000     7/1/44       500,000       606,525  

Massachusetts State Port Authority Revenue:

                               

Bosfuel Project, Series A, Refunding

    4.000     7/1/44       1,100,000       1,261,490  (a) 

Series A, Refunding

    5.000     7/1/36       1,700,000       2,141,469  (a) 

Series E

    5.000     7/1/46       1,500,000       1,923,738  (a) 

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

    5.000     5/15/43       3,000,000       3,286,085  (g) 

Total Massachusetts

                            11,833,914  

Michigan — 4.0%

                               

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

    5.000     7/1/48       1,000,000       1,119,991  

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

                               

Senior Lien, Series A

    5.000     7/1/46       5,500,000       6,513,795  

Senior Lien, Series C, Refunding

    5.000     7/1/35       500,000       605,052  

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

    5.000     7/1/37       2,000,000       2,007,956  (g) 

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

    6.750     7/1/44       425,000       451,448  (d) 

Michigan State Finance Authority Revenue:

                               

Facilities Program, Series 1-A, Refunding

    5.250     10/15/47       650,000       720,104  

 

See Notes to Financial Statements.

 

 

 16 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
   

Face

Amount

    Value  

Michigan — continued

                               

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

    5.000     7/1/33     $ 625,000     $ 732,135  

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

    5.000     7/1/44       1,320,000       1,389,982  (g) 

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

    5.000     7/1/33       1,160,000       1,316,989  

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

    5.000     7/1/34       250,000       292,414  

Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding

    4.000     6/1/49       500,000       576,294  

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

    5.000     6/1/49       400,000       484,828  

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

    5.000     11/15/47       3,000,000       3,806,357  

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

    5.000     12/31/43       1,400,000       1,699,924  (a) 

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

    5.000     9/1/39       2,500,000       2,778,578  

Total Michigan

                            24,495,847  

Minnesota — 0.3%

                               

Western Minnesota Municipal Power Agency Revenue, Series A

    5.000     1/1/46       1,530,000       1,718,931  (g)  

Missouri — 0.7%

                               

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

    5.000     2/1/44       2,710,000       2,927,149  

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       1,414,877  

Total Missouri

                            4,342,026  

New Jersey — 10.7%

                               

New Jersey Institute of Technology, GO, Series A

    5.000     7/1/45       750,000       868,933  

New Jersey State EDA Revenue:

                               

Cigarette Tax, Refunding

    5.000     6/15/26       2,500,000       2,592,513  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 17 

 


Schedule of investments (cont’d)

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
   

Face

Amount

    Value  

New Jersey — continued

                               

Private Activity-The Goethals Bridge Replacement Project, AGM

    5.125     7/1/42     $ 2,500,000     $ 2,793,340  (a) 

School Facilities Construction, Series BBB, Refunding

    5.500     6/15/31       750,000       917,726  

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

    1.650     3/1/28       15,000,000       15,252,582  (c) 

Transit Transportation Project, Series A

    5.000     11/1/32       1,000,000       1,267,276  

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

    5.000     6/15/43       4,000,000       4,905,704  

New Jersey State EDA, Special Facility Revenue:

                               

Continental Airlines Inc. Project

    5.250     9/15/29       3,000,000       3,178,611  (a) 

Port Newark Container Terminal LLC Project, Refunding

    5.000     10/1/37       650,000       762,859  (a) 

New Jersey State Health Care Facilities Financing Authority Revenue:

                               

Hackensack Meridian Health, Series A, Refunding

    5.000     7/1/38       400,000       484,242  

RWJ Barnabas Health Obligation Group, Series A, Refunding

    5.000     7/1/43       1,200,000       1,434,916  

New Jersey State Transportation Trust Fund Authority Revenue:

                               

Transportation Program, Series AA

    5.250     6/15/43       1,500,000       1,865,980  

Transportation Program, Series AA

    5.000     6/15/45       7,500,000       9,356,218  

Transportation Program, Series BB

    4.000     6/15/36       2,250,000       2,590,922  

Transportation System, Series A, Refunding

    5.000     12/15/25       1,885,000       2,251,619  

Transportation System, Series A, Refunding

    5.000     12/15/28       2,615,000       3,322,198  

New Jersey State Turnpike Authority Revenue, Series G, Refunding

    5.000     1/1/35       2,675,000       3,279,064  

New Jersey State, GO:

                               

COVID-19 Emergency, Series A

    5.000     6/1/28       3,500,000       4,457,281  

COVID-19 Emergency, Series A

    5.000     6/1/29       2,500,000       3,251,250  

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

    5.250     6/1/46       600,000       731,114  

Total New Jersey

                            65,564,348  

New York — 18.9%

                               

Brookhaven, NY, Local Development Corp. Revenue:

                               

Long Island Community Hospital Project, Series A

    5.000     10/1/31       1,280,000       1,642,470  

 

See Notes to Financial Statements.

 

 

 18 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
   

Face

Amount

    Value  

New York — continued

                               

Long Island Community Hospital Project, Series A

    4.000     10/1/45     $ 1,250,000     $ 1,413,406  

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

    5.000     11/15/47       1,500,000       1,786,173  

MTA, NY, Transportation Revenue:

                               

Green Bonds, Series A-2

    5.000     11/15/24       500,000       577,070  

Green Bonds, Series C-1, Refunding

    4.000     11/15/37       500,000       567,444  

Green Bonds, Series D-1

    5.000     11/15/43       500,000       626,439  

Green Bonds, Series D-3

    4.000     11/15/49       1,000,000       1,146,394  

Green Bonds, Series E, Refunding

    5.000     11/15/30       1,500,000       1,984,337  

Green Bonds, Series E, Refunding

    4.000     11/15/45       1,250,000       1,438,485  

Series A-2

    5.000     5/15/30       1,800,000       2,335,578  (b)(c) 

Series C-1

    5.000     11/15/33       350,000       419,453  

New York City, NY, GO:

                               

Subseries D-1

    5.000     3/1/43       2,000,000       2,530,148  

Subseries F-1

    5.000     3/1/50       2,000,000       2,551,218  

New York City, NY, Industrial Development Agency Revenue:

                               

Yankee Stadium Project, Refunding

    4.000     3/1/45       500,000       570,742  

Yankee Stadium Project, Refunding, AGM

    4.000     3/1/45       750,000       877,220  

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       2,882,796  

Subordinated, Series BB-1

    5.000     6/15/46       1,500,000       1,847,064  

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

                               

Subordinated, Series B-1

    5.000     8/1/45       3,000,000       3,706,807  

Subordinated, Series C-1

    4.000     5/1/46       7,000,000       8,305,348  

New York State Dormitory Authority Revenue:

                               

Bidding Group 3, Series A

    5.000     3/15/42       1,000,000       1,243,652  

Series B, Refunding

    5.000     2/15/43       5,000       6,299  (g) 

Series B, Refunding

    5.000     2/15/43       2,995,000       3,679,077  

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

    5.000     3/15/44       2,000,000       2,512,401  

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

    5.000     10/1/29       3,250,000       4,207,456  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 19 

 


Schedule of investments (cont’d)

May 31, 2021

 

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

    4.000     3/15/46     $ 2,500,000     $ 2,951,431  

Bidding Group 4, Series A, Refunding

    5.000     3/15/46       3,250,000       4,033,744  

New York State Liberty Development Corp., Liberty Revenue:

                               

3 World Trade Center Project, Class 1, Refunding

    5.000     11/15/44       1,750,000       1,936,640  (d) 

4 World Trade Center Project, Refunding

    5.750     11/15/51       5,000,000       5,118,945  

New York State Liberty Development Corp., Revenue, Goldman Sachs Headquarters

    5.500     10/1/37       1,485,000       2,245,037  

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

    4.000     1/1/50       3,000,000       3,468,912  

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       2,128,414  (a) 

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

    4.375     10/1/45       1,500,000       1,780,437  (a) 

Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding

    4.000     12/1/39       1,800,000       2,149,565  

LaGuardia Airport Terminal B Redevelopment Project, Series A

    5.000     7/1/41       9,250,000       10,481,627  (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

    5.000     7/1/46       250,000       282,898  (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

    5.250     1/1/50       1,000,000       1,136,523  (a) 

Port Authority of New York & New Jersey Revenue:

                               

Consolidated Series 194, Refunding

    5.000     10/15/41       6,400,000       7,528,034  

Series 221

    4.000     7/15/55       3,600,000       4,152,898  (a) 

Triborough Bridge & Tunnel Authority, NY, Revenue:

                               

General-MTA Bridges & Tunnels, Series A

    5.000     11/15/49       2,250,000       2,874,211  

General-MTA Bridges & Tunnels, Series A

    5.000     11/15/51       1,000,000       1,287,171  

General-MTA Bridges & Tunnels, Series A

    4.000     11/15/54       1,250,000       1,466,624  

General-MTA Bridges & Tunnels, Series A

    5.000     11/15/54       7,350,000       9,327,040  

General-MTA Bridges & Tunnels, Series A

    5.000     11/15/56       2,500,000       3,182,614  

Total New York

                            116,390,242  

 

See Notes to Financial Statements.

 

 

 20 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

North Carolina — 1.3%

                               

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

    5.000     7/1/49     $ 1,750,000     $ 2,196,306  

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

    4.000     6/1/49       750,000       882,856  

North Carolina State Medical Care Commission, Retirement Facilities Revenue:

                               

The Forest at Duke Project

    4.000     9/1/41       500,000       581,957  (e) 

The Forest at Duke Project

    4.000     9/1/46       715,000       824,273  (e) 

The Forest at Duke Project

    4.000     9/1/51       1,000,000       1,146,967  (e) 

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue:

                               

Series A, Refunding

    5.000     7/1/47       750,000       858,575  

Series A, Refunding

    5.000     7/1/51       1,500,000       1,712,693  

Total North Carolina

                            8,203,627  

Ohio — 2.9%

                               

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

                               

Senior Bonds, Series A-2, Refunding

    4.000     6/1/48       1,250,000       1,447,095  

Senior Bonds, Series B-2, Refunding

    5.000     6/1/55       2,400,000       2,782,172  

JobsOhio Beverage System, Senior Lien, Series A

    5.000     1/1/38       8,000,000       8,618,927  (g) 

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

    2.500     10/1/29       1,500,000       1,658,752  (a)(b)(c) 

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

    6.600     5/1/29       3,000,000       3,059,033  

Total Ohio

                            17,565,979  

Oklahoma — 0.0%††

                               

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

    6.875     11/1/46       332,733       1,664  *(h) 

Oregon — 0.6%

                               

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

    5.000     6/1/46       2,000,000       2,355,337  

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

    5.000     7/1/24       1,000,000       1,135,994  (a) 

Total Oregon

                            3,491,331  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 21 

 


Schedule of investments (cont’d)

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security    Rate      Maturity
Date
    

Face

Amount

     Value  

Pennsylvania — 4.0%

                                   

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

                                   

Series 2018

     5.000      6/1/32      $ 250,000      $ 309,040  

Series 2018

     5.000      6/1/33        500,000        615,713  

Cumberland County, PA, Municipal Authority Revenue:

                                   

Diakon Lutheran Social Ministries, Refunding

     5.000      1/1/30        375,000        435,244  (g) 

Diakon Lutheran Social Ministries, Refunding

     5.000      1/1/30        2,000,000        2,243,859  

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

     5.000      7/1/47        550,000        590,189  

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

     5.000      2/15/48        1,250,000        1,528,230  

Pennsylvania State Turnpike Commission Revenue:

                                   

Subordinated, Series B

     5.250      12/1/41        2,275,000        2,333,691  (g) 

Subordinated, Series B

     5.250      12/1/41        3,725,000        3,820,148  (g) 

Subordinated, Series B

     5.000      12/1/48        2,900,000        3,571,067  

Subordinated, Series B

     5.000      12/1/50        1,000,000        1,277,193  

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

     5.000      10/1/30        1,200,000        1,527,170  

Philadelphia, PA, SD, GO, Series A, State Aid Withholding

     5.000      9/1/33        1,755,000        2,064,098  

Philadelphia, PA, Water & Wastewater Revenue, Series A

     5.000      7/1/45        1,000,000        1,122,261  

State Public School Building Authority, PA, Lease Revenue:

                                   

Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding

     5.000      6/1/31        600,000        732,275  

Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding

     5.000      6/1/33        1,780,000        2,164,945  

Total Pennsylvania

                                24,335,123  

Puerto Rico — 5.4%

                                   

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

     5.250      7/1/42        3,920,000        4,148,771  

 

See Notes to Financial Statements.

 

 

 22 

    Western Asset Managed Municipals Fund Inc. 2021 Annual Report


 

 

Western Asset Managed Municipals Fund Inc.

 

Security    Rate      Maturity
Date
     Face
Amount
     Value  

Puerto Rico — continued

                                   

Puerto Rico Commonwealth Public Improvement Bonds, GO, Series A, Refunding

     5.000      7/1/41      $ 1,250,000      $ 1,006,250  *(h) 

Puerto Rico Electric Power Authority Revenue:

                                   

Series A

     5.000      7/1/42        2,200,000        2,106,500  *(h) 

Series A

     5.050      7/1/42        350,000        335,125  *(h) 

Series XX

     5.250      7/1/40        3,495,000        3,355,200  *(h) 

Series ZZ, Refunding

     5.250      7/1/18        1,250,000        1,182,812  *(i) 

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

                                   

CAB, Restructured, Series A-1

     0.000      7/1/27        960,000        862,831  

CAB, Restructured, Series A-1

     0.000      7/1/46        1,040,000        338,593  

CAB, Restructured, Series A-1

     0.000      7/1/51        10,200,000        2,412,129  

Restructured, Series A-1

     4.550      7/1/40        230,000        258,452  

Restructured, Series A-1

     5.000      7/1/58        6,600,000        7,529,316  

Restructured, Series A-2

     4.329      7/1/40        5,380,000        5,969,256  

Restructured, Series A-2A

     4.550      7/1/40        3,550,000        3,989,156  

Total Puerto Rico

                                33,494,391  

South Carolina — 0.3%

                                   

South Carolina State Ports Authority Revenue, Series 2018

     5.000      7/1/48        1,750,000        2,146,513  (a) 

South Dakota — 0.1%

                                   

South Dakota State HEFA Revenue, Regional Health

     5.000      9/1/40        500,000        602,326  

Tennessee — 1.7%

                                   

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

     5.000      9/1/40        1,200,000        1,455,154  

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

                                   

Subordinated, Green Bonds, Series A

     5.000      7/1/42        500,000        617,893  

Subordinated, Series B, Refunding

     5.000      7/1/46        1,000,000        1,236,307  

Tennessee State Energy Acquisition Corp.,

                                   

Natural Gas Revenue, Series 2018

     4.000      11/1/25        6,500,000        7,365,516  (b)(c) 

Total Tennessee

                                10,674,870  

Texas — 7.7%

                                   

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

     5.000      6/15/46        1,300,000        1,494,375  

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

     5.000      2/15/48        1,250,000        1,514,028  

 

See Notes to Financial Statements.

 

Western Asset Managed Municipals Fund Inc. 2021 Annual Report    

 

 

 23 

 


Schedule of investments (cont’d)

May 31, 2021

 

Western Asset Managed Municipals Fund Inc.

 

Security   Rate     Maturity
Date
    Face
Amount
    Value  

Texas — continued

                               

Central Texas Regional Mobility Authority Revenue:

                               

Senior Lien, Series B

    4.000     1/1/51     $ 750,000     $ 880,102  

Senior Lien, Series E

    4.000     1/1/50       2,500,000       2,897,166  

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

    5.000     11/15/37       2,050,000       2,593,954  (a) 

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

    5.000     2/15/49       500,000       595,495  

Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Step bond, Series A, B and C, (0.000% to 10/1/23 then 5.500%)

    0.000     10/1/36       4,000,000       4,634,210  

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

    5.750     7/1/27       910,000