WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
MUNICIPAL BONDS - 98.5% | ||||||||||||||||
Alabama - 4.5% | ||||||||||||||||
Alabama State Corrections Institution Finance Authority Revenue, Series A | 5.250 | % | 7/1/47 | $ | 10,000,000 | $ | 10,739,998 | |||||||||
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds: | ||||||||||||||||
Project No 6, Series B | 4.000 | % | 12/1/26 | 3,470,000 | 3,435,712 | (a)(b) | ||||||||||
Series D-1, Refunding | 5.500 | % | 2/1/29 | 3,500,000 | 3,671,532 | (a)(b) | ||||||||||
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019 | 5.750 | % | 10/1/49 | 3,300,000 | 3,290,888 | (c) | ||||||||||
Jefferson County, AL, Sewer Revenue: | ||||||||||||||||
Convertible CAB, Subordinated Lien, Warrants, Series F | 7.750 | % | 10/1/46 | 1,520,000 | 1,598,525 | |||||||||||
Convertible CAB, Subordinated Lien, Warrants, Series F, Refunding | 7.900 | % | 10/1/50 | 53,065,000 | 55,807,813 | |||||||||||
Senior Lien, Warrants, Series A, Refunding, AGM | 5.500 | % | 10/1/53 | 5,465,000 | 5,549,940 | |||||||||||
Subordinated Lien, Warrants, Series D, Refunding | 6.000 | % | 10/1/42 | 6,395,000 | 6,719,680 | |||||||||||
Subordinated Lien, Warrants, Series D, Refunding | 6.500 | % | 10/1/53 | 9,335,000 | 9,810,980 | |||||||||||
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 2, Series A | 4.000 | % | 6/1/24 | 38,405,000 | 38,348,602 | (a)(b) | ||||||||||
|
| |||||||||||||||
Total Alabama | 138,973,670 | |||||||||||||||
|
| |||||||||||||||
Alaska - 0.5% | ||||||||||||||||
Alaska State Housing Finance Corp. Revenue: | ||||||||||||||||
State Capital Project II, Series B | 5.000 | % | 12/1/37 | 1,505,000 | 1,606,511 | |||||||||||
State Capital Project II, Series B | 5.000 | % | 12/1/38 | 1,150,000 | 1,221,088 | |||||||||||
State Capital Project II, Series B | 5.000 | % | 12/1/39 | 760,000 | 803,416 | |||||||||||
Anchorage, AK, Port Revenue, Series A | 5.000 | % | 12/1/50 | 4,325,000 | 4,353,376 | (c) | ||||||||||
Northern Tobacco Securitization Corp., AK, Revenue: | ||||||||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000 | % | 6/1/34 | 760,000 | 772,805 | |||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000 | % | 6/1/35 | 1,900,000 | 1,924,506 | |||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000 | % | 6/1/37 | 2,165,000 | 2,149,609 | |||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000 | % | 6/1/40 | 1,025,000 | 982,015 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
1 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Alaska - (continued) | ||||||||||||||||
Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000 | % | 6/1/50 | $ | 2,250,000 | $ | 1,994,030 | |||||||||
|
| |||||||||||||||
Total Alaska | 15,807,356 | |||||||||||||||
|
| |||||||||||||||
Arizona - 1.7% | ||||||||||||||||
Arizona State Board of Regents University System Revenue: | ||||||||||||||||
Series D | 5.000 | % | 7/1/41 | 2,620,000 | 2,669,847 | |||||||||||
Series D | 5.000 | % | 7/1/46 | 1,900,000 | 1,930,034 | |||||||||||
Arizona State IDA, Education Revenue: | ||||||||||||||||
Academies Math & Science Project, Series A, Refunding, SD Credit Program | 5.000 | % | 7/1/48 | 1,365,000 | 1,373,478 | |||||||||||
Academies Math & Science Project, Series S, Refunding, SD Credit Program | 5.000 | % | 7/1/47 | 985,000 | 991,288 | |||||||||||
Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program | 5.000 | % | 7/1/47 | 1,140,000 | 1,152,499 | |||||||||||
Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program | 5.000 | % | 7/1/52 | 760,000 | 766,009 | |||||||||||
Basis School Project, Series D, Refunding | 5.000 | % | 7/1/37 | 455,000 | 441,887 | (d) | ||||||||||
Basis School Project, Series D, Refunding | 5.000 | % | 7/1/47 | 655,000 | 589,647 | (d) | ||||||||||
Basis School Project, Series D, Refunding | 5.000 | % | 7/1/51 | 1,960,000 | 1,733,199 | (d) | ||||||||||
Arizona State IDA, Hospital Revenue, Phoenix Children’s Hospital, Series A | 4.000 | % | 2/1/50 | 3,035,000 | 2,774,129 | |||||||||||
Arizona State IDA, Revenue Bonds: | ||||||||||||||||
Lincoln South Beltway Project | 5.000 | % | 8/1/27 | 915,000 | 979,873 | |||||||||||
Lincoln South Beltway Project | 5.000 | % | 2/1/28 | 2,095,000 | 2,264,844 | |||||||||||
Lincoln South Beltway Project | 5.000 | % | 8/1/28 | 1,785,000 | 1,946,507 | |||||||||||
Chandler, AZ, IDA Revenue: | ||||||||||||||||
Intel Corp. Project | 3.800 | % | 6/15/28 | 7,600,000 | 7,695,435 | (a)(b) | ||||||||||
Intel Corp. Project | 4.100 | % | 6/15/28 | 4,350,000 | 4,379,229 | (a)(b)(c) | ||||||||||
Maricopa County, AZ, IDA, Education Revenue: | ||||||||||||||||
Great Hearts Arizona Project, Series A, SD Credit Program | 5.000 | % | 7/1/52 | 760,000 | 764,768 | |||||||||||
Great Hearts Arizona Project, Series C, SD Credit Program | 5.000 | % | 7/1/37 | 230,000 | 235,787 | |||||||||||
Great Hearts Arizona Project, Series C, SD Credit Program | 5.000 | % | 7/1/48 | 455,000 | 458,843 |
See Notes to Schedule of Investments.
2 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Arizona - (continued) | ||||||||||||||||
Legacy Traditional School Project, Series A, SD Credit Program | 5.000 | % | 7/1/39 | $ | 530,000 | $ | 545,652 | |||||||||
Legacy Traditional School Project, Series A, SD Credit Program | 5.000 | % | 7/1/49 | 985,000 | 994,329 | |||||||||||
Navajo Nation, AZ, Revenue, Series A, Refunding | 5.500 | % | 12/1/30 | 3,975,000 | 4,062,113 | (d) | ||||||||||
Phoenix, AZ, IDA, Education Revenue, Great Hearts Academies, Refunding | 5.000 | % | 7/1/46 | 985,000 | 935,819 | |||||||||||
Queen Creek, AZ, Excise Tax & State Shared Revenue: | ||||||||||||||||
Series A | 5.000 | % | 8/1/42 | 1,245,000 | 1,316,431 | |||||||||||
Series A | 5.000 | % | 8/1/47 | 1,520,000 | 1,592,507 | |||||||||||
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 | 5.250 | % | 12/1/28 | 9,110,000 | 9,582,251 | |||||||||||
|
| |||||||||||||||
Total Arizona | 52,176,405 | |||||||||||||||
|
| |||||||||||||||
Arkansas - 0.1% | ||||||||||||||||
Arkansas State Development Finance Authority, Environmental Improvement Revenue, United States Steel Corporation Project, Green Bonds | 5.700 | % | 5/1/53 | 3,500,000 | 3,506,072 | (c) | ||||||||||
|
| |||||||||||||||
California - 10.4% | ||||||||||||||||
Alameda, CA, Corridor Transportation Authority Revenue: | ||||||||||||||||
Second Subordinated Lien, Series B, Refunding | 5.000 | % | 10/1/34 | 5,125,000 | 5,246,411 | |||||||||||
Second Subordinated Lien, Series B, Refunding | 5.000 | % | 10/1/37 | 1,710,000 | 1,739,610 | |||||||||||
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series A (SIFMA Municipal Swap Index Yield + 1.250%) | 4.550 | % | 4/1/27 | 20,495,000 | 20,509,166 | (a)(b) | ||||||||||
California State Community Choice Financing Authority Revenue: | ||||||||||||||||
Clean Energy Project, Green Bonds, Series A-1 | 4.000 | % | 8/1/28 | 3,450,000 | 3,424,055 | (a)(b) | ||||||||||
Clean Energy Project, Green Bonds, Series B-1 | 5.000 | % | 8/1/29 | 10,000,000 | 10,379,113 | (a)(b) | ||||||||||
Clean Energy Project, Green Bonds, Series B-1 | 4.000 | % | 8/1/31 | 4,500,000 | 4,390,765 | (a)(b) |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
3 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
California - (continued) | ||||||||||||||||
California State Health Facilities Financing Authority Revenue: | ||||||||||||||||
Lucile Salter Packard Children’s Hospital at Stanford | 5.000 | % | 11/15/49 | $ | 5,695,000 | $ | 5,751,875 | |||||||||
Lucile Salter Packard Children’s Hospital at Stanford | 5.000 | % | 11/15/56 | 1,140,000 | 1,161,272 | |||||||||||
California State Infrastructure & Economic Development Bank Revenue, UCSF 2130 Third Street | 5.000 | % | 5/15/42 | 3,795,000 | 4,020,499 | |||||||||||
California State MFA Revenue: | ||||||||||||||||
Orange County Civic Center, Series A | 5.000 | % | 6/1/48 | 5,315,000 | 5,551,320 | |||||||||||
Senior Lien, LINXS APM Project, Series A | 5.000 | % | 12/31/43 | 15,020,000 | 15,162,914 | (c) | ||||||||||
California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project | 4.000 | % | 7/15/29 | 910,000 | 881,156 | (c) | ||||||||||
California State PCFA Water Furnishing Revenue: | ||||||||||||||||
San Diego County Water Authority Desalination Project | 5.000 | % | 11/21/45 | 6,070,000 | 6,123,879 | (d) | ||||||||||
San Diego County Water Authority Desalination Project, Refunding | 5.000 | % | 7/1/29 | 1,520,000 | 1,582,644 | (d) | ||||||||||
San Diego County Water Authority Desalination Project, Refunding | 5.000 | % | 7/1/39 | 5,540,000 | 5,661,720 | (d) | ||||||||||
California State University Revenue, Systemwide, Series A | 4.000 | % | 11/1/45 | 1,140,000 | 1,145,938 | |||||||||||
California State, GO: | ||||||||||||||||
Various Purpose, Refunding | 5.000 | % | 10/1/45 | 4,750,000 | 5,279,122 | |||||||||||
Various Purpose, Refunding | 4.000 | % | 10/1/50 | 3,750,000 | 3,738,834 | |||||||||||
California Statewide CDA Revenue: | ||||||||||||||||
American Baptist Homes of the West, Refunding | 5.000 | % | 10/1/45 | 1,935,000 | 1,938,088 | |||||||||||
Provident Group-Pomona Properties LLC, Series A | 5.750 | % | 1/15/45 | 8,970,000 | 8,734,239 | (d) | ||||||||||
Eastern Municipal Water District Financing Authority, CA, Water & Wastewater Revenue, Series D | 5.000 | % | 7/1/47 | 12,105,000 | 12,611,988 | |||||||||||
Long Beach, CA, Bond Finance Authority Revenue: | ||||||||||||||||
Natural Gas Purchase, Series A | 5.000 | % | 11/15/29 | 1,900,000 | 1,991,337 | |||||||||||
Natural Gas Purchase, Series A | 5.500 | % | 11/15/37 | 2,830,000 | 3,143,103 | |||||||||||
Long Beach, CA, Harbor Revenue, Series A | 5.000 | % | 5/15/39 | 1,520,000 | 1,655,610 |
See Notes to Schedule of Investments.
4 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
California - (continued) | ||||||||||||||||
Long Beach, CA, Marina System Revenue, Alamitos Bay Marina Project | 5.000 | % | 5/15/40 | $ | 1,710,000 | $ | 1,723,837 | |||||||||
Los Angeles County, CA, MTA, Sales Tax Revenue: | ||||||||||||||||
Senior Proposition C, Series A | 5.000 | % | 7/1/38 | 4,555,000 | 4,909,152 | |||||||||||
Senior Proposition C, Series A | 5.000 | % | 7/1/39 | 3,035,000 | 3,262,977 | |||||||||||
Los Angeles, CA, Department of Airports Revenue: | ||||||||||||||||
Los Angeles International Airport, Subordinated, Series C | 5.000 | % | 5/15/37 | 2,430,000 | 2,586,067 | (c) | ||||||||||
Los Angeles International Airport, Subordinated, Series C | 5.000 | % | 5/15/44 | 4,935,000 | 5,031,102 | (c) | ||||||||||
Los Angeles International Airport, Subordinated, Series D | 5.000 | % | 5/15/38 | 2,275,000 | 2,371,593 | (c) | ||||||||||
Los Angeles International Airport, Subordinated, Series F | 5.000 | % | 5/15/34 | 1,215,000 | 1,301,282 | (c) | ||||||||||
Los Angeles International Airport, Subordinated, Series F | 4.000 | % | 5/15/49 | 2,675,000 | 2,475,965 | (c) | ||||||||||
Los Angeles, CA, Department of Water & Power, Power System Revenue: | ||||||||||||||||
Series A | 5.000 | % | 7/1/42 | 5,695,000 | 5,914,573 | |||||||||||
Series A, Refunding | 5.000 | % | 7/1/46 | 1,520,000 | 1,553,445 | |||||||||||
Series C | 5.000 | % | 7/1/38 | 760,000 | 800,487 | |||||||||||
Series C | 5.000 | % | 7/1/42 | 9,865,000 | 10,303,325 | |||||||||||
Series E | 5.000 | % | 7/1/44 | 7,590,000 | 7,627,043 | |||||||||||
Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated, Series A | 5.000 | % | 6/1/48 | 6,375,000 | 6,679,856 | |||||||||||
M-S-R Energy Authority, CA, Natural Gas Revenue: | ||||||||||||||||
Series A | 7.000 | % | 11/1/34 | 5,315,000 | 6,624,957 | |||||||||||
Series A | 6.500 | % | 11/1/39 | 5,515,000 | 6,782,305 | |||||||||||
Series B | 7.000 | % | 11/1/34 | 20,115,000 | 25,052,571 | |||||||||||
Series B | 6.500 | % | 11/1/39 | 9,865,000 | 12,131,901 | |||||||||||
Series C | 6.125 | % | 11/1/29 | 3,640,000 | 3,899,762 | |||||||||||
Series C | 7.000 | % | 11/1/34 | 3,795,000 | 4,730,332 | |||||||||||
Series C | 6.500 | % | 11/1/39 | 980,000 | 1,205,196 | |||||||||||
River Islands, CA, Public Financing Authority, Special Tax Revenue: | ||||||||||||||||
Community Facilities District No 2003-1, Series A-1, Refunding, AGM | 5.250 | % | 9/1/52 | 6,700,000 | 7,248,628 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
5 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
California - (continued) | ||||||||||||||||
Community Facilities District No 2020-1, Series 2023, AGM | 4.500 | % | 9/1/53 | $ | 2,300,000 | $ | 2,301,968 | |||||||||
Community Facilities District No 2023-1 | 5.625 | % | 9/1/53 | 1,580,000 | 1,585,340 | |||||||||||
Riverside County, CA, Transportation Commission Sales Tax Revenue: | ||||||||||||||||
Series B, Refunding | 5.000 | % | 6/1/38 | 5,390,000 | 5,727,138 | |||||||||||
Series B, Refunding | 5.000 | % | 6/1/39 | 7,535,000 | 7,977,034 | |||||||||||
Roseville, CA, Natural Gas Financing Authority Revenue, Series 2007 | 5.000 | % | 2/15/27 | 3,035,000 | 3,117,648 | |||||||||||
San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM | 5.000 | % | 10/1/38 | 1,330,000 | 1,416,537 | |||||||||||
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A | 5.000 | % | 4/1/48 | 680,000 | 697,938 | |||||||||||
San Francisco, CA, City & County Airport Commission, International Airport Revenue: | ||||||||||||||||
Second Series A, Refunding | 5.000 | % | 5/1/47 | 3,000,000 | 3,036,165 | (c) | ||||||||||
Second Series D, Refunding | 5.000 | % | 5/1/48 | 3,415,000 | 3,470,270 | (c) | ||||||||||
Series A, Refunding | 5.000 | % | 5/1/35 | 7,590,000 | 8,252,360 | (c) | ||||||||||
SFO Fuel Company LLC, Series A, Refunding | 5.000 | % | 1/1/37 | 875,000 | 918,497 | (c) | ||||||||||
SFO Fuel Company LLC, Series A, Refunding | 5.000 | % | 1/1/47 | 1,140,000 | 1,162,335 | (c) | ||||||||||
San Mateo County, CA, Joint Powers Financing Authority, Lease Revenue, Capital Project, Series A | 5.000 | % | 7/15/43 | 4,010,000 | 4,271,311 | |||||||||||
Sanger, CA, USD Revenue, COP: | ||||||||||||||||
Capital Projects, AGM | 5.000 | % | 6/1/52 | 2,085,000 | 2,092,326 | |||||||||||
Capital Projects, AGM | 5.000 | % | 6/1/52 | 190,000 | 190,034 | |||||||||||
South Whittier SD, GO: | ||||||||||||||||
Series B, AGM | 4.000 | % | 8/1/46 | 1,035,000 | 1,025,168 | |||||||||||
Series B, AGM | 4.000 | % | 8/1/48 | 1,725,000 | 1,700,863 | |||||||||||
Southern California Water Replenishment District Financing Authority, Replenishment Revenue, Series 2018 | 5.000 | % | 8/1/48 | 10,885,000 | 11,495,840 | |||||||||||
Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A | 5.000 | % | 6/1/48 | 2,130,000 | 2,167,473 | |||||||||||
|
| |||||||||||||||
Total California | 318,647,259 | |||||||||||||||
|
| |||||||||||||||
Colorado - 2.0% | ||||||||||||||||
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding | 5.500 | % | 12/1/36 | 774,000 | 775,842 |
See Notes to Schedule of Investments.
6 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Colorado - (continued) | ||||||||||||||||
Broadway Station Metropolitan District No 3, CO, GO: | ||||||||||||||||
Series A | 5.000 | % | 12/1/39 | $ | 750,000 | $ | 641,673 | |||||||||
Series A | 5.000 | % | 12/1/49 | 1,000,000 | 766,935 | |||||||||||
Colorado Springs, CO, Utilities System Revenue, Series B | 4.000 | % | 11/15/46 | 7,300,000 | 7,220,583 | |||||||||||
Colorado State Educational & Cultural Facilities Authority Revenue: | ||||||||||||||||
University of Denver Project, Series A | 5.000 | % | 3/1/43 | 2,810,000 | 2,879,622 | |||||||||||
University of Denver Project, Series A | 5.000 | % | 3/1/47 | 3,720,000 | 3,795,053 | |||||||||||
Colorado State Health Facilities Authority Revenue: | ||||||||||||||||
Adventhealth Obligated Group, Series A | 4.000 | % | 11/15/38 | 8,035,000 | 8,024,800 | |||||||||||
Commonspirit Health Project, Series A | 5.500 | % | 11/1/47 | 3,500,000 | 3,707,137 | |||||||||||
Commonspirit Health Project, Series A | 5.250 | % | 11/1/52 | 3,500,000 | 3,611,746 | |||||||||||
Commonspirit Health Project, Series A-2 | 4.000 | % | 8/1/49 | 3,415,000 | 3,002,496 | |||||||||||
Improvement and Refunding Revenue, Bethesda Project, Series A | 5.000 | % | 9/15/48 | 3,755,000 | 3,238,845 | |||||||||||
Colorado State High Performance Transportation Enterprise Revenue: | ||||||||||||||||
C-470 Express Lanes | 5.000 | % | 12/31/47 | 1,140,000 | 1,140,663 | |||||||||||
C-470 Express Lanes | 5.000 | % | 12/31/51 | 1,215,000 | 1,215,203 | |||||||||||
Denver, CO, Airport System Revenue: | ||||||||||||||||
Subordinated, Series B, Refunding | 5.000 | % | 11/15/30 | 3,000,000 | 3,272,156 | (c) | ||||||||||
Subordinated, Series B, Refunding | 5.000 | % | 11/15/31 | 4,250,000 | 4,663,777 | (c) | ||||||||||
Subordinated, Series B, Refunding | 5.000 | % | 11/15/33 | 3,500,000 | 3,896,464 | (c) | ||||||||||
District of Vauxmont Metropolitan, CO, GO, Series 2020, Refunding, AGM | 5.000 | % | 12/1/50 | 1,139,000 | 1,181,448 | |||||||||||
Public Authority for Colorado Energy, Natural Gas Purchase Revenue | 6.500 | % | 11/15/38 | 6,375,000 | 7,678,336 | |||||||||||
Regional Transportation District, CO, Denver Transit Partners Eagle P3 Project, Series A, Refunding | 3.000 | % | 7/15/37 | 760,000 | 641,466 | |||||||||||
|
| |||||||||||||||
Total Colorado | 61,354,245 | |||||||||||||||
|
| |||||||||||||||
Connecticut - 0.5% | ||||||||||||||||
Connecticut Airport Authority, Customer Facility Charge Revenue, Ground Transportation, Center Project, Series A | 5.000 | % | 7/1/49 | 1,520,000 | 1,522,610 | (c) |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
7 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Connecticut - (continued) | ||||||||||||||||
Connecticut State Special Tax Obligation Revenue: | ||||||||||||||||
Transportation Infrastructure Purpose, Series A | 5.000 | % | 5/1/35 | $ | 3,225,000 | $ | 3,611,441 | |||||||||
Transportation Infrastructure Purpose, Series A | 5.000 | % | 1/1/38 | 5,880,000 | 6,195,210 | |||||||||||
Connecticut State, GO, Series A | 5.000 | % | 4/15/39 | 1,250,000 | 1,334,226 | |||||||||||
Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd., Refunding | 5.000 | % | 4/1/39 | 2,920,000 | 2,932,214 | (d) | ||||||||||
|
| |||||||||||||||
Total Connecticut | 15,595,701 | |||||||||||||||
|
| |||||||||||||||
Delaware - 0.6% | ||||||||||||||||
Delaware State EDA Revenue, Acts Retirement Communities | 5.000 | % | 11/15/48 | 2,275,000 | 2,156,977 | |||||||||||
Delaware State Health Facilities Authority Revenue, Beebe Medical Center Project | 5.000 | % | 6/1/48 | 2,275,000 | 2,265,686 | |||||||||||
Delaware State Transportation Authority Revenue: | ||||||||||||||||
US 301 Project | 5.000 | % | 6/1/45 | 2,330,000 | 2,365,287 | |||||||||||
US 301 Project | 5.000 | % | 6/1/55 | 10,437,000 | 10,545,290 | |||||||||||
|
| |||||||||||||||
Total Delaware | 17,333,240 | |||||||||||||||
|
| |||||||||||||||
District of Columbia - 0.4% | ||||||||||||||||
District of Columbia Revenue: | ||||||||||||||||
KIPP DC Project, Series B, Refunding | 5.000 | % | 7/1/42 | 7,020,000 | 7,125,143 | |||||||||||
KIPP DC Project, Series B, Refunding | 5.000 | % | 7/1/48 | 5,465,000 | 5,504,970 | |||||||||||
|
| |||||||||||||||
Total District of Columbia | 12,630,113 | |||||||||||||||
|
| |||||||||||||||
Florida - 5.8% | ||||||||||||||||
Broward County, FL, Airport System Revenue: | ||||||||||||||||
Series 2017 | 5.000 | % | 10/1/42 | 2,655,000 | 2,712,063 | (c) | ||||||||||
Series 2017 | 5.000 | % | 10/1/47 | 2,545,000 | 2,579,070 | (c) | ||||||||||
Series A | 5.000 | % | 10/1/28 | 1,140,000 | 1,217,174 | (c) | ||||||||||
Series A | 5.000 | % | 10/1/45 | 16,700,000 | 16,749,771 | (c) | ||||||||||
Broward County, FL, Port Facilities Revenue: | ||||||||||||||||
Series 2022 | 4.500 | % | 9/1/47 | 1,725,000 | 1,745,675 | (c) | ||||||||||
Series 2022 | 5.500 | % | 9/1/52 | 3,000,000 | 3,165,310 | (c) | ||||||||||
Series B | 5.000 | % | 9/1/32 | 7,875,000 | 8,392,557 | (c) | ||||||||||
Series B | 5.000 | % | 9/1/33 | 6,535,000 | 6,962,124 | (c) | ||||||||||
Broward County, FL, School Board, COP: | ||||||||||||||||
Series B, Refunding | 5.000 | % | 7/1/31 | 6,640,000 | 6,812,428 | |||||||||||
Series B, Refunding | 5.000 | % | 7/1/32 | 6,070,000 | 6,220,107 |
See Notes to Schedule of Investments.
8 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Florida - (continued) | ||||||||||||||||
Cape Coral, FL, Water & Sewer Revenue: | ||||||||||||||||
Refunding | 5.000 | % | 10/1/39 | $ | 3,795,000 | $ | 3,930,732 | |||||||||
Refunding, BAM | 5.250 | % | 10/1/53 | 2,500,000 | 2,756,771 | |||||||||||
Cityplace, FL, Community Development District, Special Assessment Revenue, Refunding | 5.000 | % | 5/1/26 | 1,460,000 | 1,485,915 | |||||||||||
FAU Finance Corporation Florida Capital Improvement Revenue: | ||||||||||||||||
Student Housing Project, Series A, Refunding | 5.000 | % | 7/1/36 | 3,035,000 | 3,258,258 | |||||||||||
Student Housing Project, Series A, Refunding | 5.000 | % | 7/1/38 | 3,035,000 | 3,204,802 | |||||||||||
Student Housing Project, Series A, Refunding | 5.000 | % | 7/1/39 | 1,900,000 | 1,995,383 | |||||||||||
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A | 6.125 | % | 6/15/46 | 2,300,000 | 2,292,977 | (d) | ||||||||||
Florida State Insurance Assistance Interlocal Agency Inc. Revenue, Series A-1 | 5.000 | % | 9/1/26 | 10,300,000 | 10,734,762 | |||||||||||
Florida State Insurance Assistance Interlocal Agency Inc., Revenue, Series A-1 | 5.000 | % | 9/1/27 | 9,360,000 | 9,815,428 | |||||||||||
Florida State Mid-Bay Bridge Authority Revenue: | ||||||||||||||||
First Senior Lien, Series A, Refunding | 5.000 | % | 10/1/40 | 1,520,000 | 1,528,187 | |||||||||||
Series A, Refunding | 5.000 | % | 10/1/28 | 380,000 | 386,916 | |||||||||||
Series A, Refunding | 5.000 | % | 10/1/29 | 2,065,000 | 2,101,398 | |||||||||||
Series A, Refunding | 5.000 | % | 10/1/35 | 3,795,000 | 3,841,550 | |||||||||||
Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM | 4.000 | % | 10/1/52 | 3,035,000 | 2,817,326 | |||||||||||
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue: | ||||||||||||||||
Priority Subordinated, Series A | 5.000 | % | 10/1/42 | 3,605,000 | 3,682,481 | (c) | ||||||||||
Priority Subordinated, Series A | 5.000 | % | 10/1/47 | 2,825,000 | 2,862,818 | (c) | ||||||||||
Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E | 5.000 | % | 10/1/43 | 4,025,000 | 4,126,067 | (c) | ||||||||||
Miami-Dade County, FL, Aviation Revenue: | ||||||||||||||||
Series A, Refunding | 4.000 | % | 10/1/39 | 1,270,000 | 1,264,601 | |||||||||||
Series A, Refunding | 4.000 | % | 10/1/41 | 760,000 | 748,435 | |||||||||||
Series A, Refunding | 5.000 | % | 10/1/41 | 5,505,000 | 5,600,144 | |||||||||||
Series A, Refunding | 5.000 | % | 10/1/49 | 9,790,000 | 9,925,776 | (c) | ||||||||||
Series B, Refunding | 5.000 | % | 10/1/40 | 2,275,000 | 2,302,079 | (c) |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
9 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Florida - (continued) | ||||||||||||||||
Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus Children’s Hospital, Refunding | 5.000 | % | 8/1/47 | $ | 4,935,000 | $ | 5,012,120 | |||||||||
Miami-Dade County, FL, Seaport Revenue: | ||||||||||||||||
Senior Bonds, Series A, Refunding | 5.000 | % | 10/1/47 | 8,765,000 | 8,980,501 | (c) | ||||||||||
Senior Bonds, Series A, Refunding | 5.250 | % | 10/1/52 | 6,600,000 | 6,877,040 | (c) | ||||||||||
Orange County, FL, Health Facilities Authority Revenue, Orlando Health Inc., Series A | 5.000 | % | 10/1/53 | 4,700,000 | 4,849,519 | |||||||||||
Palm Beach County, FL, Health Facilities Authority Revenue: | ||||||||||||||||
Acts Retirement-Life Communities | 5.000 | % | 11/15/45 | 1,330,000 | 1,278,560 | |||||||||||
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding | 4.000 | % | 6/1/41 | 760,000 | 611,615 | |||||||||||
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A | 5.000 | % | 6/1/55 | 970,000 | 825,016 | |||||||||||
Toby & Leon Cooperman Sinai Residences of Boca Raton, Refunding | 4.000 | % | 6/1/36 | 1,520,000 | 1,318,427 | |||||||||||
Reunion, FL, East Community Development District, Special Assessment Bond, Series A-2 | 7.375 | % | 5/1/33 | 645,000 | 6 | *(e)(f) | ||||||||||
Sarasota County, FL, Public Hospital Board Revenue: | ||||||||||||||||
Sarasota Memorial Hospital, Series B, Refunding, NATL | 5.250 | % | 7/1/24 | 1,585,000 | 1,601,363 | |||||||||||
Sarasota Memorial Hospital, Series B, Refunding, NATL | 5.500 | % | 7/1/28 | 2,645,000 | 2,798,272 | |||||||||||
Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B | 4.000 | % | 7/1/45 | 1,140,000 | 1,068,099 | |||||||||||
Tampa, FL, Sports Authority Revenue, Tampa Bay Arena Project, NATL, GTD | 6.100 | % | 10/1/26 | 420,000 | 439,843 | |||||||||||
Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding | 5.000 | % | 10/15/47 | 2,085,000 | 2,129,069 | |||||||||||
Wildwood, FL, Village Community Development District No 15, Special Assessment Revenue | 5.250 | % | 5/1/54 | 1,500,000 | 1,495,401 | |||||||||||
|
| |||||||||||||||
Total Florida | 176,503,936 | |||||||||||||||
|
| |||||||||||||||
Georgia - 1.5% | ||||||||||||||||
Atlanta, GA, Water & Wastewater Revenue, Series A, NATL | 5.500 | % | 11/1/27 | 625,000 | 660,730 |
See Notes to Schedule of Investments.
10 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Georgia - (continued) | ||||||||||||||||
Brookhaven, GA, Development Authority Revenue: | ||||||||||||||||
Children’s Healthcare of Atlanta, Inc., Series A | 4.000 | % | 7/1/44 | $ | 1,140,000 | $ | 1,105,869 | |||||||||
Children’s Healthcare of Atlanta, Inc., Series A | 4.000 | % | 7/1/49 | 5,315,000 | 5,082,090 | |||||||||||
Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health System, Inc. Project, Series A | 5.000 | % | 4/1/50 | 3,640,000 | 3,715,205 | |||||||||||
Cobb-Marietta Counties, GA, Coliseum & Exhibit Hall Authority Revenue, Refunding, NATL | 5.625 | % | 10/1/26 | 320,000 | 332,422 | |||||||||||
Fulton County, GA, Development Authority Revenue, Wellstar Health System, Inc. Project, Series A | 4.000 | % | 4/1/50 | 2,465,000 | 2,244,529 | |||||||||||
Georgia State Higher Education Facilities Authority Revenue: | ||||||||||||||||
USG Real Estate Foundation II LLC Project, Refunding | 5.000 | % | 6/15/34 | 835,000 | 904,548 | |||||||||||
USG Real Estate Foundation II LLC Project, Refunding | 5.000 | % | 6/15/35 | 760,000 | 820,612 | |||||||||||
Georgia State Municipal Electric Authority, Power Revenue: | ||||||||||||||||
Plant Vogtle Units 3&4 Project, Series A | 5.000 | % | 1/1/49 | 1,520,000 | 1,533,940 | |||||||||||
Plant Vogtle Units 3&4, Project J, Series A | 4.000 | % | 1/1/51 | 760,000 | 697,444 | |||||||||||
Plant Vogtle Units 3&4, Project J, Series A | 5.000 | % | 1/1/56 | 1,520,000 | 1,537,533 | |||||||||||
Plant Vogtle Units 3&4, Project M, Series A | 4.000 | % | 1/1/51 | 760,000 | 697,444 | |||||||||||
Plant Vogtle Units 3&4, Project M, Series A | 5.250 | % | 7/1/64 | 4,000,000 | 4,170,392 | |||||||||||
Plant Vogtle Units 3&4, Project P, Series A | 5.500 | % | 7/1/64 | 2,350,000 | 2,436,818 | |||||||||||
Project One, Series A | 5.000 | % | 1/1/50 | 1,710,000 | 1,753,137 | |||||||||||
Project One, Subordinated, Series A, Refunding | 5.000 | % | 1/1/45 | 1,480,000 | 1,538,589 | |||||||||||
Series EE, AMBAC | 7.250 | % | 1/1/24 | 380,000 | 381,022 | |||||||||||
Main Street Natural Gas Inc., GA, Gas Project Revenue: | ||||||||||||||||
Series A | 5.500 | % | 9/15/26 | 7,590,000 | 7,843,648 | |||||||||||
Series A | 5.000 | % | 5/15/34 | 1,520,000 | 1,573,824 | |||||||||||
Series A | 5.000 | % | 5/15/43 | 1,480,000 | 1,500,722 | |||||||||||
Series C | 5.000 | % | 9/1/30 | 4,850,000 | 5,069,029 | (a)(b) | ||||||||||
|
| |||||||||||||||
Total Georgia | 45,599,547 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
11 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Guam - 0.1% | ||||||||||||||||
Guam Government, Business Privilege Tax Revenue: | ||||||||||||||||
Series F, Refunding | 5.000 | % | 1/1/29 | $ | 760,000 | $ | 800,112 | |||||||||
Series F, Refunding | 4.000 | % | 1/1/36 | 2,655,000 | 2,595,730 | |||||||||||
|
| |||||||||||||||
Total Guam | 3,395,842 | |||||||||||||||
|
| |||||||||||||||
Illinois - 13.3% | ||||||||||||||||
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue: | ||||||||||||||||
Series 2017 | 5.000 | % | 4/1/46 | 1,235,000 | 1,211,314 | |||||||||||
Series 2018 | 5.000 | % | 4/1/38 | 910,000 | 918,917 | |||||||||||
Series 2018 | 5.000 | % | 4/1/42 | 3,340,000 | 3,341,617 | |||||||||||
Series 2023 | 5.750 | % | 4/1/48 | 1,500,000 | 1,610,669 | |||||||||||
Chicago, IL, Board of Education, GO: | ||||||||||||||||
Dedicated, Series A | 5.000 | % | 12/1/36 | 605,000 | 613,682 | |||||||||||
Dedicated, Series A | 5.000 | % | 12/1/38 | 2,825,000 | 2,828,104 | |||||||||||
Dedicated, Series A | 5.000 | % | 12/1/43 | 3,500,000 | 3,402,531 | |||||||||||
Dedicated, Series A | 5.875 | % | 12/1/47 | 2,500,000 | 2,624,238 | |||||||||||
Dedicated, Series G, Refunding | 5.000 | % | 12/1/34 | 605,000 | 612,274 | |||||||||||
Dedicated, Series G, Refunding | 5.000 | % | 12/1/44 | 1,330,000 | 1,272,743 | |||||||||||
Dedicated, Series H | 5.000 | % | 12/1/36 | 1,140,000 | 1,143,740 | |||||||||||
Dedicated, Series H | 5.000 | % | 12/1/46 | 3,010,000 | 2,846,065 | |||||||||||
Series A | 5.000 | % | 12/1/35 | 7,870,000 | 8,054,574 | |||||||||||
Series A | 5.000 | % | 12/1/39 | 4,700,000 | 4,677,870 | |||||||||||
Series A | 5.000 | % | 12/1/40 | 2,125,000 | 2,100,642 | |||||||||||
Series A | 5.000 | % | 12/1/41 | 16,040,000 | 15,745,695 | |||||||||||
Series B, Refunding | 5.000 | % | 12/1/36 | 1,935,000 | 1,962,769 | |||||||||||
Series C, Refunding | 5.000 | % | 12/1/24 | 150,000 | 150,781 | |||||||||||
Series C, Refunding | 5.000 | % | 12/1/25 | 1,820,000 | 1,845,104 | |||||||||||
Series C, Refunding, AGM | 5.000 | % | 12/1/32 | 3,075,000 | 3,195,173 | |||||||||||
Series D | 5.000 | % | 12/1/46 | 3,225,000 | 3,072,574 | |||||||||||
Chicago, IL, GO: | ||||||||||||||||
Series A | 5.000 | % | 1/1/44 | 13,035,000 | 13,139,026 | |||||||||||
Series A, Refunding | 5.000 | % | 1/1/27 | 3,035,000 | 3,140,441 | |||||||||||
Series A, Refunding | 5.000 | % | 1/1/28 | 2,670,000 | 2,788,063 | |||||||||||
Series A, Refunding | 6.000 | % | 1/1/38 | 5,655,000 | 5,888,057 | |||||||||||
Series C, Refunding | 5.000 | % | 1/1/25 | 1,080,000 | 1,092,658 | |||||||||||
Chicago, IL, O’Hare International Airport Revenue: | ||||||||||||||||
General Senior Lien, Series B, Refunding | 5.000 | % | 1/1/35 | 1,710,000 | 1,758,235 |
See Notes to Schedule of Investments.
12 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Illinois - (continued) | ||||||||||||||||
General Senior Lien, Series B, Refunding | 5.000 | % | 1/1/41 | $ | 1,140,000 | $ | 1,157,430 | |||||||||
Senior Lien, Series D | 5.000 | % | 1/1/47 | 7,305,000 | 7,437,442 | |||||||||||
Senior Lien, Series G | 5.000 | % | 1/1/47 | 1,250,000 | 1,263,699 | (c) | ||||||||||
Senior Lien, Series G | 5.000 | % | 1/1/52 | 1,155,000 | 1,164,583 | (c) | ||||||||||
Series A, Refunding | 5.000 | % | 1/1/34 | 6,215,000 | 6,238,153 | (c) | ||||||||||
Series C | 5.000 | % | 1/1/31 | 2,465,000 | 2,476,980 | (c) | ||||||||||
Series C | 5.000 | % | 1/1/32 | 2,525,000 | 2,536,886 | (c) | ||||||||||
Series C | 5.000 | % | 1/1/33 | 2,275,000 | 2,284,663 | (c) | ||||||||||
Series C | 5.000 | % | 1/1/34 | 2,125,000 | 2,132,916 | (c) | ||||||||||
Series C | 5.000 | % | 1/1/35 | 380,000 | 381,381 | (c) | ||||||||||
Series C | 5.000 | % | 1/1/46 | 5,315,000 | 5,322,803 | (c) | ||||||||||
Series D, Refunding | 5.000 | % | 1/1/46 | 760,000 | 762,853 | |||||||||||
TrIPS Obligated Group | 5.000 | % | 7/1/48 | 2,920,000 | 2,923,523 | (c) | ||||||||||
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | ||||||||||||||||
Second Lien | 5.000 | % | 12/1/51 | 3,340,000 | 3,349,965 | |||||||||||
Second Lien, Series A, Refunding | 5.000 | % | 12/1/45 | 1,430,000 | 1,472,961 | |||||||||||
Second Lien, Series A, Refunding | 4.000 | % | 12/1/49 | 3,260,000 | 2,973,929 | |||||||||||
Second Lien, Series A, Refunding | 4.000 | % | 12/1/55 | 2,125,000 | 1,869,897 | |||||||||||
Chicago, IL, Wastewater Transmission Revenue: | ||||||||||||||||
Second Lien | 5.000 | % | 1/1/44 | 4,555,000 | 4,556,113 | |||||||||||
Second Lien, Series A, AGM | 5.250 | % | 1/1/53 | 4,250,000 | 4,550,831 | |||||||||||
Second Lien, Series A, AGM | 5.250 | % | 1/1/58 | 6,365,000 | 6,723,551 | |||||||||||
Second Lien, Series A, Refunding | 5.000 | % | 1/1/47 | 1,215,000 | 1,226,772 | |||||||||||
Second Lien, Series B, Refunding | 5.000 | % | 1/1/36 | 3,055,000 | 3,130,148 | |||||||||||
Second Lien, Series B, Refunding | 5.000 | % | 1/1/38 | 760,000 | 772,247 | |||||||||||
Second Lien, Series C, Refunding | 5.000 | % | 1/1/39 | 1,520,000 | 1,523,246 | |||||||||||
Chicago, IL, Waterworks Revenue: | ||||||||||||||||
Second Lien Project | 5.000 | % | 11/1/39 | 8,985,000 | 9,030,505 | |||||||||||
Second Lien, Series 2017, Refunding | 5.000 | % | 11/1/29 | 760,000 | 801,938 | |||||||||||
Second Lien, Series 2017-2, Refunding, AGM | 5.000 | % | 11/1/32 | 760,000 | 801,770 | |||||||||||
Second Lien, Series 2017-2, Refunding, AGM | 5.000 | % | 11/1/34 | 4,555,000 | 4,798,307 | |||||||||||
Second Lien, Series 2017-2, Refunding, AGM | 5.000 | % | 11/1/37 | 1,565,000 | 1,634,758 | |||||||||||
Cook County, IL, Sales Tax Revenue: | ||||||||||||||||
Series A, Refunding | 4.000 | % | 11/15/40 | 2,085,000 | 2,051,421 | |||||||||||
Series A, Refunding | 4.000 | % | 11/15/41 | 2,845,000 | 2,770,772 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
13 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Illinois - (continued) | ||||||||||||||||
Elk Grove Village, IL, GO: | ||||||||||||||||
Cook and DuPage Counties | 5.000 | % | 1/1/34 | $ | 1,025,000 | $ | 1,082,662 | |||||||||
Cook and DuPage Counties, Refunding | 5.000 | % | 1/1/36 | 985,000 | 1,035,391 | |||||||||||
Illinois State Finance Authority Revenue: | ||||||||||||||||
Benedictine University, Refunding | 5.000 | % | 10/1/31 | 760,000 | 754,796 | |||||||||||
Benedictine University, Refunding | 4.000 | % | 10/1/33 | 545,000 | 493,777 | |||||||||||
Northshore University Healthsystem, Series A | 5.000 | % | 8/15/35 | 1,520,000 | 1,664,125 | |||||||||||
Northshore University Healthsystem, Series A | 4.000 | % | 8/15/39 | 2,920,000 | 2,885,525 | |||||||||||
Northshore University Healthsystem, Series A, Refunding | 4.000 | % | 8/15/40 | 1,270,000 | 1,245,547 | |||||||||||
OSF Healthcare System, Series A | 4.000 | % | 5/15/50 | 4,180,000 | 3,681,847 | |||||||||||
University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | 5.000 | % | 10/1/44 | 760,000 | 775,818 | |||||||||||
University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | 5.000 | % | 10/1/49 | 910,000 | 920,957 | |||||||||||
University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | 5.000 | % | 10/1/51 | 760,000 | 768,010 | |||||||||||
University of Illinois, Health Services Facilities Lease Revenue Bonds | 4.000 | % | 10/1/50 | 1,710,000 | 1,448,111 | |||||||||||
Illinois State Finance Authority, Student Housing & Academic Facilities Revenue: | ||||||||||||||||
CHF Chicago LLC, University of Illinois Chicago Project | 5.000 | % | 2/15/47 | 1,520,000 | 1,424,727 | |||||||||||
CHF Chicago LLC, University of Illinois Chicago Project | 5.000 | % | 2/15/50 | 380,000 | 351,779 | |||||||||||
Illinois State Sports Facilities Authority Revenue: | ||||||||||||||||
Sport Facilities Project, Series 2019, Refunding | 5.000 | % | 6/15/28 | 1,520,000 | 1,543,023 | |||||||||||
Sport Facilities Project, Series 2019, Refunding | 5.000 | % | 6/15/29 | 1,520,000 | 1,541,561 | |||||||||||
Sport Facilities Project, Series 2019, Refunding, BAM | 5.000 | % | 6/15/28 | 950,000 | 996,334 | |||||||||||
Sport Facilities Project, Series 2019, Refunding, BAM | 5.000 | % | 6/15/29 | 1,860,000 | 1,967,164 | |||||||||||
Illinois State Toll Highway Authority Revenue: | ||||||||||||||||
Series A | 5.000 | % | 1/1/40 | 4,555,000 | 4,905,290 | |||||||||||
Series A | 5.000 | % | 1/1/42 | 17,075,000 | 17,751,640 |
See Notes to Schedule of Investments.
14 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Illinois - (continued) | ||||||||||||||||
Illinois State University Revenue: | ||||||||||||||||
Auxiliary Facilities System, AGM, Refunding | 5.000 | % | 4/1/31 | $ | 570,000 | $ | 611,617 | |||||||||
Auxiliary Facilities System, AGM, Refunding | 5.000 | % | 4/1/33 | 380,000 | 407,487 | |||||||||||
Auxiliary Facilities System, AGM, Refunding | 5.000 | % | 4/1/36 | 570,000 | 607,328 | |||||||||||
Illinois State, GO: | ||||||||||||||||
Series 2014 | 5.250 | % | 2/1/32 | 4,195,000 | 4,196,047 | |||||||||||
Series 2016 | 5.000 | % | 1/1/33 | 1,900,000 | 1,934,552 | |||||||||||
Series 2016 | 5.000 | % | 11/1/33 | 1,405,000 | 1,439,042 | |||||||||||
Series 2016, Refunding | 5.000 | % | 2/1/27 | 18,480,000 | 19,338,220 | |||||||||||
Series 2016, Refunding | 5.000 | % | 2/1/29 | 985,000 | 1,031,199 | |||||||||||
Series A | 5.000 | % | 3/1/34 | 2,000,000 | 2,187,155 | |||||||||||
Series A | 4.000 | % | 3/1/39 | 3,975,000 | 3,872,290 | |||||||||||
Series A | 5.000 | % | 5/1/39 | 2,275,000 | 2,352,608 | |||||||||||
Series A | 5.000 | % | 3/1/46 | 7,855,000 | 8,085,112 | |||||||||||
Series A, Refunding | 5.000 | % | 10/1/30 | 3,680,000 | 3,911,945 | |||||||||||
Series B | 4.000 | % | 12/1/37 | 3,500,000 | 3,462,986 | |||||||||||
Series C | 5.000 | % | 12/1/41 | 9,500,000 | 10,136,593 | (g) | ||||||||||
Series D | 5.000 | % | 11/1/27 | 29,275,000 | 31,018,856 | |||||||||||
Series D | 5.000 | % | 11/1/28 | 5,700,000 | 6,038,124 | |||||||||||
Metropolitan Pier & Exposition Authority, IL, Revenue: | ||||||||||||||||
McCormick Place Expansion Project, Series A | 5.000 | % | 6/15/57 | 760,000 | 765,822 | |||||||||||
McCormick Place Expansion Project, Series A, Refunding | 4.000 | % | 12/15/42 | 9,680,000 | 9,302,865 | |||||||||||
McCormick Place Expansion Project, Series A, Refunding | 4.000 | % | 6/15/50 | 14,600,000 | 13,228,666 | |||||||||||
McCormick Place Expansion Project, Series A, Refunding | 5.000 | % | 6/15/50 | 24,000,000 | 24,313,596 | |||||||||||
Regional Transportation Authority, IL, GO: | ||||||||||||||||
Series A | 4.000 | % | 6/1/46 | 6,890,000 | 6,780,333 | |||||||||||
Series A, Refunding, NATL | 6.000 | % | 7/1/29 | 19,585,000 | 21,787,500 | |||||||||||
|
| |||||||||||||||
Total Illinois | 405,208,026 | |||||||||||||||
|
| |||||||||||||||
Indiana - 1.3% | ||||||||||||||||
Ball State University, IN, Board of Student Fee Bonds, Series S | 4.000 | % | 7/1/36 | 1,365,000 | 1,375,553 | |||||||||||
Indiana State Finance Authority Revenue: | ||||||||||||||||
Marion General Hospital, Series A | 4.000 | % | 7/1/45 | 3,795,000 | 3,419,042 | |||||||||||
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | 4.250 | % | 11/1/30 | 3,680,000 | 3,700,500 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
15 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Indiana - (continued) | ||||||||||||||||
Indiana State Finance Authority Wastewater Utility Revenue, CWA Authority Project, Green Bonds, Series A, NATL | 5.000 | % | 10/1/46 | $ | 7,200,000 | $ | 7,347,842 | |||||||||
Indiana State Finance Authority, Wastewater Utility Revenue: | ||||||||||||||||
CWA Authority Project, Series A, Refunding | 5.000 | % | 10/1/41 | 1,155,000 | 1,216,354 | (g) | ||||||||||
CWA Authority Project, Series A, Refunding | 5.000 | % | 10/1/42 | 1,350,000 | 1,417,062 | (g) | ||||||||||
CWA Authority Project, Series A, Refunding | 5.000 | % | 10/1/43 | 1,550,000 | 1,622,665 | (g) | ||||||||||
CWA Authority Project, Series A, Refunding | 5.000 | % | 10/1/44 | 1,400,000 | 1,460,851 | (g) | ||||||||||
Indianapolis, IN, Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, Series A | 5.000 | % | 1/1/28 | 11,090,000 | 11,727,901 | (c) | ||||||||||
Northern Indiana Commuter Transportation District, Industrial Revenue, Limited Obligation Revenue | 5.000 | % | 7/1/41 | 1,900,000 | 1,940,671 | |||||||||||
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project | 7.000 | % | 1/1/44 | 3,795,000 | 3,799,665 | (c) | ||||||||||
|
| |||||||||||||||
Total Indiana | 39,028,106 | |||||||||||||||
|
| |||||||||||||||
Iowa - 0.6% | ||||||||||||||||
Iowa State Finance Authority Revenue, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding | 5.000 | % | 12/1/42 | 15,180,000 | 15,190,814 | (a)(b) | ||||||||||
Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, Class 1, Series A-2, Refunding | 4.000 | % | 6/1/49 | 2,290,000 | 2,037,678 | |||||||||||
|
| |||||||||||||||
Total Iowa | 17,228,492 | |||||||||||||||
|
| |||||||||||||||
Kansas - 0.3% | ||||||||||||||||
Sedgwick County, KS, Public Building Commission Revenue: | ||||||||||||||||
Series 3 | 5.000 | % | 2/1/39 | 3,305,000 | 3,353,488 | |||||||||||
Series 3 | 5.000 | % | 2/1/44 | 2,275,000 | 2,306,308 | |||||||||||
Wyandotte County/Kansas City, KS, Unified Government Utility System Revenue: | ||||||||||||||||
Improvement, Series A | 5.000 | % | 9/1/40 | 1,520,000 | 1,543,248 | |||||||||||
Improvement, Series A | 5.000 | % | 9/1/45 | 2,275,000 | 2,302,153 | |||||||||||
|
| |||||||||||||||
Total Kansas | 9,505,197 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
16 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
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 | $ | 2,960,000 | $ | 3,055,663 | |||||||||
Kentucky State PEA, Gas Supply Revenue: | ||||||||||||||||
Series A | 4.000 | % | 6/1/26 | 21,440,000 | 21,096,829 | (a)(b) | ||||||||||
Series C | 4.000 | % | 6/1/25 | 34,460,000 | 34,310,302 | (a)(b) | ||||||||||
Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue: | ||||||||||||||||
Gas and Electric Company Project, Series A | 1.750 | % | 7/1/26 | 4,365,000 | 4,148,115 | (a)(b) | ||||||||||
Norton Healthcare Inc., Series A | 5.000 | % | 10/1/37 | 1,595,000 | 1,663,041 | |||||||||||
Norton Healthcare Inc., Series A | 5.000 | % | 10/1/38 | 1,140,000 | 1,182,101 | |||||||||||
Norton Healthcare Inc., Series A | 4.000 | % | 10/1/39 | 760,000 | 727,715 | |||||||||||
Owensboro, KY, Electric Light & Power System Revenue: | ||||||||||||||||
Series B, Refunding | 4.000 | % | 1/1/25 | 1,710,000 | 1,715,305 | |||||||||||
Series B, Refunding | 5.000 | % | 1/1/26 | 910,000 | 942,399 | |||||||||||
Series B, Refunding | 5.000 | % | 1/1/27 | 2,275,000 | 2,398,743 | |||||||||||
|
| |||||||||||||||
Total Kentucky | 71,240,213 | |||||||||||||||
|
| |||||||||||||||
Louisiana - 0.7% | ||||||||||||||||
Lafayette Parish, LA, School Board Sales Tax Revenue: | ||||||||||||||||
Series 2023 | 4.000 | % | 4/1/48 | 2,400,000 | 2,312,503 | |||||||||||
Series 2023 | 4.000 | % | 4/1/53 | 2,850,000 | 2,708,154 | |||||||||||
Louisiana State PFA, Lease Revenue, Provident Group, Flagship Property, Louisiana University Nicholson Gateway | 5.000 | % | 7/1/46 | 3,605,000 | 3,643,481 | |||||||||||
Shreveport, LA, Water & Sewer Revenue, Series A, AGM | 5.000 | % | 12/1/41 | 1,775,000 | 1,829,892 | |||||||||||
St. John the Baptist Parish, LA, State Revenue: | ||||||||||||||||
Marathon Oil Corp. Project, Series A-3, Refunding | 2.200 | % | 7/1/26 | 6,540,000 | 6,214,606 | (a)(b) | ||||||||||
Marathon Oil Corp. Project, Series B-2, Refunding | 2.375 | % | 7/1/26 | 3,775,000 | 3,588,097 | (a)(b) | ||||||||||
|
| |||||||||||||||
Total Louisiana | 20,296,733 | |||||||||||||||
|
| |||||||||||||||
Maryland - 0.5% | ||||||||||||||||
Baltimore, MD, Water Project Revenue, Series A | 4.000 | % | 7/1/49 | 4,365,000 | 4,186,786 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
17 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Maryland - (continued) | ||||||||||||||||
Maryland State EDC, EDR: | ||||||||||||||||
Transportation Facilities Project, Series A, Refunding | 5.000 | % | 6/1/30 | $ | 760,000 | $ | 797,016 | |||||||||
Transportation Facilities Project, Series A, Refunding | 5.000 | % | 6/1/35 | 1,520,000 | 1,582,437 | |||||||||||
Maryland State EDC, Student Housing Revenue: | ||||||||||||||||
University of Maryland, College Park Project, Refunding, AGM | 5.000 | % | 6/1/35 | 1,580,000 | 1,634,097 | |||||||||||
University of Maryland, College Park Project, Refunding, AGM | 5.000 | % | 6/1/43 | 760,000 | 771,273 | |||||||||||
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021 | 4.000 | % | 6/1/46 | 5,235,000 | 4,999,495 | |||||||||||
|
| |||||||||||||||
Total Maryland | 13,971,104 | |||||||||||||||
|
| |||||||||||||||
Massachusetts - 1.6% | ||||||||||||||||
Massachusetts State Bay Transportation Authority, Sales Tax Revenue, Senior, Series A | 5.000 | % | 7/1/45 | 1,140,000 | 1,153,835 | |||||||||||
Massachusetts State DFA Revenue: | ||||||||||||||||
Boston Medical Center, Sustainability Bonds, Series G, Refunding | 5.250 | % | 7/1/52 | 4,500,000 | 4,697,467 | |||||||||||
Boston University, Series BB1 | 5.000 | % | 10/1/46 | 3,795,000 | 3,885,114 | |||||||||||
Foxborough Regional Charter, Refunding | 5.000 | % | 7/1/42 | 1,820,000 | 1,743,072 | |||||||||||
Milford Regional Medical Center, Series F | 5.750 | % | 7/15/43 | 1,140,000 | 1,124,750 | |||||||||||
Seven Hills Foundation, Refunding | 4.000 | % | 9/1/48 | 1,045,000 | 840,407 | |||||||||||
UMass Boston Student Housing Project | 5.000 | % | 10/1/48 | 3,075,000 | 2,972,934 | |||||||||||
UMass Memorial Health Care, Series I, Refunding | 5.000 | % | 7/1/46 | 1,465,000 | 1,473,566 | |||||||||||
WGBH Educational Foundation, Refunding | 5.000 | % | 1/1/40 | 1,670,000 | 1,714,343 | |||||||||||
Worcester Polytechnic Institute, Series B, Refunding | 5.000 | % | 9/1/42 | 6,735,000 | 6,982,649 | |||||||||||
Massachusetts State Municipal Wholesale Electric Co. Revenue, Series A | 4.000 | % | 7/1/46 | 1,520,000 | 1,490,147 | |||||||||||
Massachusetts State Port Authority Revenue: | ||||||||||||||||
Series A | 5.000 | % | 7/1/34 | 3,165,000 | 3,391,908 | (c) | ||||||||||
Series A | 5.000 | % | 7/1/35 | 3,155,000 | 3,369,811 | (c) | ||||||||||
Series A, Refunding | 5.000 | % | 7/1/36 | 530,000 | 562,649 | (c) | ||||||||||
Series E | 5.000 | % | 7/1/46 | 5,505,000 | 5,692,523 | (c) |
See Notes to Schedule of Investments.
18 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Massachusetts - (continued) | ||||||||||||||||
Massachusetts State Water Resources Authority Revenue, General, Series C, Green Bond, Refunding | 4.000 | % | 8/1/40 | $ | 8,540,000 | $ | 8,540,741 | |||||||||
|
| |||||||||||||||
Total Massachusetts | 49,635,916 | |||||||||||||||
|
| |||||||||||||||
Michigan - 1.7% | ||||||||||||||||
Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM | 5.000 | % | 7/1/48 | 4,250,000 | 4,256,118 | |||||||||||
Great Lakes, MI, Water Authority, Sewage Disposal System Revenue, Senior Lien, Series A, Refunding | 5.000 | % | 7/1/38 | 3,500,000 | 3,941,083 | (g) | ||||||||||
Great Lakes, MI, Water Authority, Water Supply System Revenue: | ||||||||||||||||
Senior Lien, Series A | 5.000 | % | 7/1/46 | 13,430,000 | 13,638,926 | |||||||||||
Senior Lien, Series B | 5.000 | % | 7/1/43 | 1,300,000 | 1,426,648 | (g) | ||||||||||
Senior Lien, Series B | 5.250 | % | 7/1/53 | 3,000,000 | 3,293,089 | (g) | ||||||||||
Senior Lien, Series C, Refunding | 5.000 | % | 7/1/35 | 2,050,000 | 2,120,394 | |||||||||||
Michigan State Finance Authority Revenue: | ||||||||||||||||
Henry Ford Health System, Refunding | 5.000 | % | 11/15/41 | 1,635,000 | 1,649,256 | |||||||||||
Henry Ford Health System, Series A | 4.000 | % | 11/15/50 | 2,465,000 | 2,179,633 | |||||||||||
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-1, Refunding | 5.000 | % | 7/1/34 | 760,000 | 773,760 | |||||||||||
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-2, Refunding | 5.000 | % | 7/1/34 | 1,175,000 | 1,191,074 | |||||||||||
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding | 5.000 | % | 6/1/49 | 910,000 | 927,734 | |||||||||||
Trinity Health Credit Group, Series A, Refunding | 5.000 | % | 12/1/41 | 1,700,000 | 1,776,763 | |||||||||||
Michigan State Strategic Fund Limited Obligation Revenue: | ||||||||||||||||
Consumers Energy Company Project | 1.800 | % | 10/1/24 | 10,245,000 | 10,049,052 | (a)(b)(c) | ||||||||||
I-75 Improvement Project | 5.000 | % | 12/31/43 | �� | 5,845,000 | 5,906,045 | (c) | |||||||||
|
| |||||||||||||||
Total Michigan | 53,129,575 | |||||||||||||||
|
| |||||||||||||||
Missouri - 0.2% | ||||||||||||||||
Cape Girardeau County, MO, IDA, Health Facilities Revenue, Series 2021 | 4.000 | % | 3/1/46 | 760,000 | 633,125 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
19 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Missouri - (continued) | ||||||||||||||||
Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport Terminal Modernization Project, Series B | 5.000 | % | 3/1/37 | $ | 3,415,000 | $ | 3,528,436 | (c) | ||||||||
Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services Projects, Series A | 5.000 | % | 2/1/42 | 2,125,000 | 2,010,790 | |||||||||||
|
| |||||||||||||||
Total Missouri | 6,172,351 | |||||||||||||||
|
| |||||||||||||||
Nebraska - 0.4% | ||||||||||||||||
Douglas County, NE, Hospital Authority No 2, Revenue Bonds: | ||||||||||||||||
Children’s Hospital Obligated Group, Refunding, Series A | 4.000 | % | 11/15/37 | 795,000 | 788,471 | |||||||||||
Children’s Hospital Obligated Group, Refunding, Series A | 4.000 | % | 11/15/39 | 910,000 | 884,506 | |||||||||||
Children’s Hospital Obligated Group, Refunding, Series A | 4.000 | % | 11/15/50 | 760,000 | 683,732 | |||||||||||
Nebraska State Public Power District Revenue, Series D | 5.000 | % | 1/1/46 | 3,035,000 | 3,087,762 | |||||||||||
Omaha, NE, Public Power District, Electric System Revenue, | 4.000 | % | 2/1/46 | 5,890,000 | 5,830,970 | |||||||||||
|
| |||||||||||||||
Total Nebraska | 11,275,441 | |||||||||||||||
|
| |||||||||||||||
Nevada - 0.5% | ||||||||||||||||
Clark County, NV, GO, Stadium Improvements, Series A | 5.000 | % | 5/1/48 | 15,180,000 | 15,680,000 | |||||||||||
|
| |||||||||||||||
New Hampshire - 0.2% | ||||||||||||||||
National Finance Authority, NH, Solid Waste Disposal Revenue: | ||||||||||||||||
Waste Management, Inc. Project, Series A-2, Refunding | 2.150 | % | 7/1/24 | 1,900,000 | 1,876,803 | (a)(b)(c) | ||||||||||
Waste Management, Inc. Project, Series A-3, Refunding | 2.150 | % | 7/1/24 | 3,035,000 | 2,997,946 | (a)(b)(c) | ||||||||||
|
| |||||||||||||||
Total New Hampshire | 4,874,749 | |||||||||||||||
|
| |||||||||||||||
New Jersey - 5.2% | ||||||||||||||||
New Brunswick, NJ, Parking Authority Revenue: | ||||||||||||||||
Series 2017, GTD, AGM | 5.000 | % | 9/1/42 | 1,710,000 | 1,780,584 | |||||||||||
Series A, Refunding, GTD, BAM | 5.000 | % | 9/1/39 | 3,035,000 | 3,123,352 | |||||||||||
New Jersey State EDA Revenue: | ||||||||||||||||
Private Activity-The Goethals Bridge Replacement Project | 5.375 | % | 1/1/43 | 1,900,000 | 1,901,475 | (c) |
See Notes to Schedule of Investments.
20 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
New Jersey - (continued) | ||||||||||||||||
Private Activity-The Goethals Bridge Replacement Project, AGM | 5.125 | % | 1/1/39 | $ | 1,140,000 | $ | 1,140,153 | (c) | ||||||||
Private Activity-The Goethals Bridge Replacement Project, AGM | 5.125 | % | 7/1/42 | 760,000 | 760,085 | (c) | ||||||||||
School Facilities Construction, Series QQQ | 4.000 | % | 6/15/46 | 1,900,000 | 1,773,865 | |||||||||||
School Facilities Construction, Series QQQ, State Appropriations | 4.000 | % | 6/15/50 | 1,520,000 | 1,399,357 | |||||||||||
School Facilities Construction, Series SSS, Refunding | 5.250 | % | 6/15/36 | 1,000,000 | 1,109,658 | (g) | ||||||||||
Special Facility, Port Newark Container Terminal LLC Project, Refunding | 5.000 | % | 10/1/37 | 760,000 | 768,378 | (c) | ||||||||||
New Jersey State EDA, Lease Revenue: | ||||||||||||||||
Health Department and Taxation Division Office Project, Series A | 5.000 | % | 6/15/33 | 4,895,000 | 5,213,303 | |||||||||||
State House Project, Series B | 5.000 | % | 6/15/43 | 2,555,000 | 2,651,214 | |||||||||||
New Jersey State EDA, Special Facility Revenue: | ||||||||||||||||
Continental Airlines Inc. Project | 5.625 | % | 11/15/30 | 5,695,000 | 5,729,653 | (c) | ||||||||||
Continental Airlines Inc. Project | 5.625 | % | 11/15/30 | 1,405,000 | 1,413,549 | (c) | ||||||||||
Port Newark Container Terminal LLC Project, Refunding | 5.000 | % | 10/1/47 | 1,520,000 | 1,494,948 | (c) | ||||||||||
United Airlines Project | 5.500 | % | 6/1/33 | 3,795,000 | 3,810,011 | (c) | ||||||||||
New Jersey State EFA Revenue, Stevens Institute of Technology, Green Bonds, Series A | 5.000 | % | 7/1/45 | 2,655,000 | 2,721,610 | |||||||||||
New Jersey State Health Care Facilities Financing Authority Revenue: | ||||||||||||||||
Hackensack Meridian Health, Refunding | 5.000 | % | 7/1/37 | 1,330,000 | 1,392,669 | |||||||||||
RWJ Barnabas Health Obligation Group, Series A, Refunding | 5.000 | % | 7/1/43 | 5,315,000 | 5,376,540 | |||||||||||
University Hospital, Series A, Refunding, AGM | 5.000 | % | 7/1/46 | 3,795,000 | 3,802,110 | |||||||||||
New Jersey State Institute of Technology, GO, Series A | 5.000 | % | 7/1/45 | 13,285,000 | 13,436,390 | |||||||||||
New Jersey State Transportation Trust Fund Authority Revenue: | ||||||||||||||||
Transportation Program, Series AA | 4.000 | % | 6/15/37 | 2,730,000 | 2,777,418 | |||||||||||
Transportation Program, Series AA | 5.000 | % | 6/15/38 | 2,430,000 | 2,579,992 | |||||||||||
Transportation Program, Series AA | 5.250 | % | 6/15/41 | 10,100,000 | 10,274,579 | |||||||||||
Transportation Program, Series AA | 5.250 | % | 6/15/43 | 12,070,000 | 12,660,207 | |||||||||||
Transportation Program, Series AA | 5.000 | % | 6/15/45 | 3,295,000 | 3,325,342 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
21 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
New Jersey - (continued) | ||||||||||||||||
Transportation Program, Series AA | 4.000 | % | 6/15/50 | $ | 7,400,000 | $ | 6,873,496 | |||||||||
Transportation Program, Series AA, Refunding | 5.000 | % | 6/15/36 | 2,715,000 | 3,036,473 | |||||||||||
Transportation Program, Series AA, Refunding | 5.000 | % | 6/15/39 | 4,000,000 | 4,437,926 | |||||||||||
Transportation Program, Series BB | 4.000 | % | 6/15/36 | 5,880,000 | 5,949,504 | |||||||||||
Transportation Program, Series BB | 4.000 | % | 6/15/38 | 645,000 | 648,041 | |||||||||||
Transportation Program, Series BB | 5.000 | % | 6/15/44 | 6,830,000 | 7,084,103 | |||||||||||
Transportation Program, Series BB | 5.000 | % | 6/15/50 | 3,795,000 | 3,890,457 | |||||||||||
Transportation Program, Series CC | 5.500 | % | 6/15/50 | 2,000,000 | 2,172,359 | |||||||||||
Transportation System, Series A | 4.000 | % | 6/15/38 | 3,035,000 | 3,079,806 | |||||||||||
Transportation System, Series A, Refunding | 4.250 | % | 6/15/40 | 4,400,000 | 4,495,297 | |||||||||||
New Jersey State Turnpike Authority Revenue: | ||||||||||||||||
Series A | 5.000 | % | 1/1/48 | 3,795,000 | 3,970,200 | |||||||||||
Series G, Refunding | 5.000 | % | 1/1/36 | 16,905,000 | 18,039,378 | |||||||||||
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding | 5.250 | % | 6/1/46 | 1,715,000 | 1,749,312 | |||||||||||
|
| |||||||||||||||
Total New Jersey | 157,842,794 | |||||||||||||||
|
| |||||||||||||||
New York - 16.1% | ||||||||||||||||
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter School Project | 5.750 | % | 6/1/62 | 1,450,000 | 1,452,322 | (d) | ||||||||||
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding | 5.000 | % | 2/15/35 | 4,555,000 | 4,774,229 | |||||||||||
MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2 | 5.000 | % | 11/15/47 | 5,695,000 | 5,847,192 | |||||||||||
MTA, NY, Transportation Revenue: | ||||||||||||||||
Green Bonds, Series A | 5.000 | % | 11/15/24 | 1,105,000 | 1,121,983 | |||||||||||
Green Bonds, Series A | 5.000 | % | 11/15/51 | 1,520,000 | 1,538,170 | |||||||||||
Green Bonds, Series C-1 | 5.250 | % | 11/15/55 | 1,900,000 | 1,964,793 | |||||||||||
Green Bonds, Series C-1, Refunding | 4.000 | % | 11/15/37 | 2,465,000 | 2,439,591 | |||||||||||
Green Bonds, Series C-2A, Refunding | 4.000 | % | 11/15/38 | 1,140,000 | 1,118,571 | |||||||||||
Green Bonds, Series E | 5.000 | % | 11/15/29 | 2,275,000 | 2,483,649 | |||||||||||
Green Bonds, Series E | 5.000 | % | 11/15/33 | 1,710,000 | 1,866,941 | |||||||||||
Green Bonds, Series E, Refunding | 4.000 | % | 11/15/45 | 6,450,000 | 5,963,910 | |||||||||||
Green Bonds, Series F | 5.000 | % | 11/15/24 | 1,030,000 | 1,045,830 | |||||||||||
Series A-2 | 5.000 | % | 5/15/30 | 6,905,000 | 7,336,779 | (a)(b) | ||||||||||
New York City, NY, GO: | ||||||||||||||||
Series A | 5.000 | % | 8/1/51 | 2,500,000 | 2,689,941 | |||||||||||
Series A | 4.125 | % | 8/1/53 | 5,000,000 | 4,896,388 |
See Notes to Schedule of Investments.
22 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
New York - (continued) | ||||||||||||||||
Subseries A-1 | 5.000 | % | 8/1/39 | $ | 3,555,000 | $ | 3,797,017 | |||||||||
Subseries A-1 | 4.000 | % | 8/1/40 | 4,555,000 | 4,569,740 | |||||||||||
Subseries A-1 | 5.000 | % | 8/1/47 | 6,415,000 | 6,855,038 | |||||||||||
Subseries B-1 | 5.000 | % | 10/1/42 | 2,180,000 | 2,310,544 | |||||||||||
Subseries D-1 | 5.000 | % | 3/1/43 | 1,000,000 | 1,068,642 | |||||||||||
New York City, NY, HDC, Impact Revenue, Sustainable Development Bonds, Series A, HUD Section 8 | 4.800 | % | 2/1/53 | 4,000,000 | 4,087,744 | |||||||||||
New York City, NY, Industrial Development Agency Revenue: | ||||||||||||||||
Yankee Stadium Project, Refunding | 4.000 | % | 3/1/45 | 1,935,000 | 1,784,058 | |||||||||||
Yankee Stadium Project, Refunding, AGM | 4.000 | % | 3/1/45 | 3,985,000 | 3,821,881 | |||||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | ||||||||||||||||
Second General Resolution Fiscal 2022, Series AA, Subseries AA-1 | 4.000 | % | 6/15/51 | 17,460,000 | 17,017,677 | |||||||||||
Second General Resolution, Series CC | 5.000 | % | 6/15/48 | 6,400,000 | 6,640,884 | |||||||||||
New York City, NY, TFA, Future Tax Secured Revenue: | ||||||||||||||||
Subordinated, Series A | 4.000 | % | 5/1/45 | 2,000,000 | 1,967,185 | |||||||||||
Subordinated, Series B | 4.000 | % | 11/1/41 | 3,500,000 | 3,497,020 | |||||||||||
Subordinated, Series B | 4.000 | % | 8/1/45 | 5,935,000 | 5,835,221 | |||||||||||
Subordinated, Series C | 4.000 | % | 5/1/45 | 2,655,000 | 2,611,438 | |||||||||||
Subordinated, Series C | 5.000 | % | 2/1/47 | 23,000,000 | 24,731,668 | |||||||||||
Subordinated, Series F | 5.000 | % | 5/1/42 | 10,550,000 | 10,948,711 | |||||||||||
Subordinated, Series F | 5.000 | % | 2/1/45 | 7,000,000 | 7,630,937 | |||||||||||
Subordinated, Series F | 4.000 | % | 2/1/51 | 12,000,000 | 11,593,516 | |||||||||||
New York State Dormitory Authority Revenue: | ||||||||||||||||
Non-State Supported Debt SD Program, Series A, AGM | 5.000 | % | 10/1/30 | 10,000 | 11,013 | (h) | ||||||||||
Non-State Supported Debt SD Program, Series A, AGM | 5.000 | % | 10/1/32 | 5,000 | 5,507 | (h) | ||||||||||
Non-State Supported Debt SD Program, Series A, AGM | 5.000 | % | 10/1/34 | 5,000 | 5,507 | (h) | ||||||||||
Non-State Supported Debt, Memorial Sloan-Kettering Cancer Center, Series B-1 | 4.000 | % | 7/1/51 | 6,750,000 | 6,376,824 | |||||||||||
Non-State Supported Debt, SD, Series A, AGM | 5.000 | % | 10/1/29 | 5,000 | 5,506 | (h) | ||||||||||
Series A, Bidding Group 3 | 5.000 | % | 3/15/43 | 7,590,000 | 7,950,835 | |||||||||||
Series B, Refunding | 5.000 | % | 2/15/43 | 10,000 | 10,793 | (h) | ||||||||||
Series E, Refunding | 5.000 | % | 3/15/34 | 18,975,000 | 19,469,710 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
23 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
New York - (continued) | ||||||||||||||||
New York State Dormitory Authority, Income Tax Revenue, Series B, Refunding | 5.000 | % | 2/15/41 | $ | 7,050,000 | $ | 7,360,880 | |||||||||
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, Series E, Refunding | 5.000 | % | 3/15/44 | 1,555,000 | 1,633,992 | |||||||||||
New York State Dormitory Authority, State Personal Income Tax Revenue: | ||||||||||||||||
Bidding Group 4, Series A, Refunding | 5.000 | % | 3/15/45 | 6,500,000 | 6,805,158 | |||||||||||
Bidding Group 4, Series D, Refunding | 4.000 | % | 2/15/40 | 12,815,000 | 12,844,740 | |||||||||||
New York State Liberty Development Corp., Revenue, 3 World Trade Center Project, Class 1, Refunding | 5.000 | % | 11/15/44 | 7,180,000 | 6,997,848 | (d) | ||||||||||
New York State Thruway Authority General Revenue: | ||||||||||||||||
Junior Indebtedness Obligations, Junior Lien, Series A | 5.000 | % | 1/1/46 | 8,690,000 | 8,797,931 | |||||||||||
Junior Indebtedness Obligations, Junior Lien, Series B | 4.000 | % | 1/1/45 | 4,615,000 | 4,412,486 | |||||||||||
New York State Transportation Development Corp., Special Facilities Revenue: | ||||||||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000 | % | 1/1/30 | 1,365,000 | 1,384,833 | (c) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000 | % | 1/1/32 | 11,055,000 | 11,203,723 | (c) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000 | % | 1/1/33 | 815,000 | 825,537 | (c) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 6.000 | % | 4/1/35 | 8,250,000 | 8,930,097 | (c) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.625 | % | 4/1/40 | 6,650,000 | 6,905,801 | (c) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 4.375 | % | 10/1/45 | 4,365,000 | 3,940,292 | (c) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds | 6.000 | % | 6/30/54 | 7,350,000 | 7,812,792 | (c)(g) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds | 5.125 | % | 6/30/60 | 17,750,000 | 17,876,595 | (c)(g) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds | 5.375 | % | 6/30/60 | 10,000,000 | 10,008,819 | (c)(g) | ||||||||||
LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000 | % | 7/1/34 | 1,640,000 | 1,642,608 | (c) |
See Notes to Schedule of Investments.
24 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
New York - (continued) | ||||||||||||||||
LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000 | % | 7/1/41 | $ | 16,120,000 | $ | 16,131,937 | (c) | ||||||||
LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000 | % | 7/1/46 | 22,380,000 | 22,186,288 | (c) | ||||||||||
Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding | 5.000 | % | 12/1/37 | 2,230,000 | 2,337,938 | |||||||||||
Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding | 4.000 | % | 12/1/40 | 1,520,000 | 1,464,562 | |||||||||||
New York State Urban Development Corp. Revenue, Personal Income Tax, Series C, Refunding | 3.000 | % | 3/15/48 | 4,680,000 | 3,535,346 | |||||||||||
New York State Urban Development Corp., Revenue, State Personal Income Tax, Series C, Refunding | 4.000 | % | 3/15/45 | 5,560,000 | 5,452,733 | |||||||||||
Port Authority of New York & New Jersey Revenue: | ||||||||||||||||
Consolidated Series 193, Refunding | 5.000 | % | 10/15/30 | 4,175,000 | 4,283,610 | (c) | ||||||||||
Consolidated Series 194, Refunding | 5.000 | % | 10/15/34 | 7,590,000 | 7,816,522 | |||||||||||
Consolidated Series 194, Refunding | 5.000 | % | 10/15/41 | 24,025,000 | 24,523,636 | |||||||||||
Consolidated Series 198, Refunding | 5.000 | % | 11/15/46 | 3,795,000 | 3,889,699 | |||||||||||
Consolidated Series 218 | 4.000 | % | 11/1/47 | 8,630,000 | 8,089,509 | (c) | ||||||||||
Consolidated Series 221 | 4.000 | % | 7/15/55 | 4,495,000 | 4,038,272 | (c) | ||||||||||
Consolidated Series 226, Refunding | 5.000 | % | 10/15/40 | 2,275,000 | 2,394,525 | (c) | ||||||||||
Consolidated Series 226, Refunding | 5.000 | % | 10/15/41 | 1,330,000 | 1,394,971 | (c) | ||||||||||
Triborough Bridge & Tunnel Authority, NY, Revenue: | ||||||||||||||||
General-MTA Bridges & Tunnels, Series A | 5.000 | % | 11/15/49 | 28,325,000 | 29,968,572 | |||||||||||
General-MTA Bridges & Tunnels, Series A | 5.000 | % | 11/15/51 | 3,750,000 | 3,976,644 | |||||||||||
General-MTA Bridges & Tunnels, Series A | 4.000 | % | 11/15/56 | 3,275,000 | 3,153,956 | |||||||||||
General-MTA Bridges & Tunnels, Series C | 5.000 | % | 11/15/42 | 7,810,000 | 8,152,747 | |||||||||||
Payroll Mobility Tax-MTA Bridges & Tunnels, Senior Lien, | 5.000 | % | 5/15/51 | 6,335,000 | 6,705,350 | |||||||||||
Payroll Mobility Tax-MTA Bridges & Tunnels, Senior Lien, | 5.000 | % | 5/15/47 | 7,350,000 | 7,887,369 | |||||||||||
Troy, NY, Capital Resource Corp. Revenue: | ||||||||||||||||
Rensselaer Polytechnic Institute Project, Series A, Refunding | 5.000 | % | 9/1/36 | 760,000 | 811,784 | |||||||||||
Rensselaer Polytechnic Institute Project, Series A, Refunding | 5.000 | % | 9/1/39 | 1,950,000 | 2,043,747 | |||||||||||
|
| |||||||||||||||
Total New York | 490,768,754 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
25 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
North Carolina - 0.8% | ||||||||||||||||
Charlotte, NC, Airport Revenue: | ||||||||||||||||
Charlotte Douglas International Airport | 4.000 | % | 7/1/44 | $ | 1,250,000 | $ | 1,240,297 | |||||||||
Charlotte Douglas International Airport | 4.000 | % | 7/1/44 | 1,740,000 | 1,633,839 | (c) | ||||||||||
Charlotte Douglas International Airport | 5.000 | % | 7/1/49 | 1,770,000 | 1,798,875 | (c) | ||||||||||
Charlotte Douglas International Airport, Series A, Refunding | 5.000 | % | 7/1/49 | 5,695,000 | 5,972,965 | |||||||||||
Charlotte, NC, Lease Revenue, COP: | ||||||||||||||||
Convention Facility Project, Series A, Refunding | 5.000 | % | 6/1/46 | 2,655,000 | 2,793,492 | |||||||||||
Convention Facility Project, Series A, Refunding | 4.000 | % | 6/1/49 | 340,000 | 331,315 | |||||||||||
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue: | ||||||||||||||||
Series A, Refunding | 5.000 | % | 7/1/42 | 945,000 | 958,817 | |||||||||||
Series A, Refunding | 5.000 | % | 7/1/47 | 2,085,000 | 2,106,354 | |||||||||||
Series A, Refunding | 5.000 | % | 7/1/51 | 6,410,000 | 6,468,055 | |||||||||||
North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding | 5.000 | % | 1/1/32 | 835,000 | 866,920 | |||||||||||
|
| |||||||||||||||
Total North Carolina | 24,170,929 | |||||||||||||||
|
| |||||||||||||||
North Dakota - 0.3% | ||||||||||||||||
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, AGM | 3.000 | % | 12/1/46 | 11,710,000 | 8,525,044 | |||||||||||
|
| |||||||||||||||
Ohio - 1.6% | ||||||||||||||||
Allen County, OH, Hospital Facilities Authority Revenue, Bon Secours Mercy Health Inc., Series A, Refunding | 4.000 | % | 12/1/40 | 1,920,000 | 1,872,551 | |||||||||||
American Municipal Power Inc., OH, Revenue: | ||||||||||||||||
AMP Fremont Energy Center Project, Series A, Refunding | 5.000 | % | 2/15/35 | 2,655,000 | 2,930,576 | |||||||||||
AMP Fremont Energy Center Project, Series A, Refunding | 4.000 | % | 2/15/36 | 1,520,000 | 1,553,209 | |||||||||||
AMP Fremont Energy Center Project, Series A, Refunding | 4.000 | % | 2/15/38 | 1,900,000 | 1,884,618 | |||||||||||
Buckeye, OH, Tobacco Settlement Financing Authority Revenue: | ||||||||||||||||
Senior Bonds, Series A-2, Refunding | 4.000 | % | 6/1/38 | 2,280,000 | 2,240,105 | |||||||||||
Senior Bonds, Series A-2, Refunding | 4.000 | % | 6/1/39 | 760,000 | 742,815 | |||||||||||
Senior Bonds, Series B-2, Refunding | 5.000 | % | 6/1/55 | 8,060,000 | 7,121,347 |
See Notes to Schedule of Investments.
26 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Ohio - (continued) | ||||||||||||||||
Franklin County, OH, Revenue, Trinity Health Group, Series 2017 | 5.000 | % | 12/1/46 | $ | 3,000,000 | $ | 3,033,028 | |||||||||
Greater Cincinnati, OH, Elderly HDC Mortgage Revenue, Cambridge Apartments, Series A, Refunding, FHA | 6.600 | % | 8/1/25 | 95,000 | 95,322 | |||||||||||
Indian Creek, OH, Local SD, GO, Series A, SD Credit Program | 5.000 | % | 11/1/45 | 1,000,000 | 1,045,922 | |||||||||||
Ohio State Air Quality Development Authority Revenue: | ||||||||||||||||
American Electric Co. Project, Series B, Refunding | 2.500 | % | 10/1/29 | 1,140,000 | 993,471 | (a)(b)(c) | ||||||||||
American Electric Co. Project, Series D, Refunding | 2.100 | % | 10/1/24 | 8,785,000 | 8,538,091 | (a)(b)(c) | ||||||||||
AMG Vanadium Project, Series 2019 | 5.000 | % | 7/1/49 | 8,960,000 | 7,619,641 | (c) | ||||||||||
Duke Energy Corp. Project, Series B, Refunding | 4.250 | % | 6/1/27 | 3,985,000 | 4,002,948 | (a)(b)(c) | ||||||||||
Ohio State Higher Educational Facility Commission College & University Revenue: | ||||||||||||||||
University of Dayton 2018 Project, Series B, Refunding | 5.000 | % | 12/1/34 | 415,000 | 441,040 | |||||||||||
University of Dayton 2018 Project, Series B, Refunding | 5.000 | % | 12/1/36 | 760,000 | 798,044 | |||||||||||
Ohio State Hospital Revenue: | ||||||||||||||||
University Hospitals Health Systems Inc., Series E | 4.000 | % | 1/15/37 | 1,520,000 | 1,523,729 | |||||||||||
University Hospitals Health Systems Inc., Series E, Refunding | 4.000 | % | 1/15/41 | 1,005,000 | 961,421 | |||||||||||
Ohio State Private Activity Revenue: | ||||||||||||||||
Portsmouth Bypass Project | 5.000 | % | 12/31/39 | 1,785,000 | 1,794,783 | (c) | ||||||||||
Portsmouth Bypass Project | 5.000 | % | 6/30/53 | 1,250,000 | 1,251,221 | (c) | ||||||||||
|
| |||||||||||||||
Total Ohio | 50,443,882 | |||||||||||||||
|
| |||||||||||||||
Oregon - 0.4% | ||||||||||||||||
Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, Refunding | 5.000 | % | 8/15/45 | 2,275,000 | 2,343,633 | |||||||||||
Oregon State Business Development Commission Revenue, Recovery Zone Facility Bonds, Intel Corp. Project, Series 232 | 3.800 | % | 6/15/28 | 9,150,000 | 9,250,746 | (a)(b) | ||||||||||
Portland, OR, International Airport Revenue, Series C, Refunding | 5.000 | % | 7/1/28 | 835,000 | 888,353 | (c) | ||||||||||
|
| |||||||||||||||
Total Oregon | 12,482,732 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
27 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Pennsylvania - 4.5% | ||||||||||||||||
Allegheny County, PA, HDA Revenue: | ||||||||||||||||
University Pittsburgh Medical Center, Series A, Refunding | 4.000 | % | 7/15/38 | $ | 3,415,000 | $ | 3,372,443 | |||||||||
University Pittsburgh Medical Center, Series A, Refunding | 4.000 | % | 7/15/39 | 4,175,000 | 4,099,072 | |||||||||||
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds: | ||||||||||||||||
Series 2018 | 5.000 | % | 6/1/31 | 1,520,000 | 1,621,528 | |||||||||||
Series 2018 | 5.000 | % | 6/1/32 | 1,330,000 | 1,418,023 | |||||||||||
Series 2018 | 5.000 | % | 6/1/34 | 760,000 | 808,754 | |||||||||||
Cumberland County, PA, Municipal Authority Revenue: | ||||||||||||||||
Diakon Lutheran Social Ministries | 5.000 | % | 1/1/38 | 740,000 | 753,234 | (h) | ||||||||||
Diakon Lutheran Social Ministries, Refunding | 5.000 | % | 1/1/38 | 3,080,000 | 3,135,080 | (h) | ||||||||||
Diakon Lutheran Social Ministries, Refunding | 5.000 | % | 1/1/38 | 3,770,000 | 3,721,143 | |||||||||||
Penn State Health | 4.000 | % | 11/1/35 | 760,000 | 748,218 | |||||||||||
Penn State Health | 4.000 | % | 11/1/37 | 1,520,000 | 1,480,049 | |||||||||||
Dauphin County, PA, IDA Revenue, Dauphin Consolidated Water Supply, Series A | 6.900 | % | 6/1/24 | 1,820,000 | 1,849,069 | (c) | ||||||||||
East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville University | 5.000 | % | 7/1/47 | 2,050,000 | 2,105,647 | (h) | ||||||||||
Erie City, Erie County, PA, Water Authority, Water Revenue, Refunding | 5.000 | % | 12/1/43 | 1,520,000 | 1,615,954 | (h) | ||||||||||
General Authority of Southcentral Pennsylvania Revenue, Refunding | 4.000 | % | 6/1/49 | 3,585,000 | 3,298,700 | |||||||||||
Lancaster County, PA, Hospital Authority Revenue, Penn State Health, Series 2021 | 5.000 | % | 11/1/46 | 11,385,000 | 11,694,126 | |||||||||||
Monroe County, PA, Hospital Authority Revenue, Pocono Medical Centre, Series A, Refunding | 5.000 | % | 7/1/36 | 1,300,000 | 1,322,550 | |||||||||||
Montgomery County, PA, IDA, Retirement Communities Revenue, Acts Retirement-Life Communities, Series C | 5.000 | % | 11/15/45 | 1,140,000 | 1,095,909 | |||||||||||
Pennsylvania State Economic Development Financing Authority Revenue: | ||||||||||||||||
Presbyterian Senior Living Project, Series B | 5.250 | % | 7/1/46 | 1,000,000 | 981,799 |
See Notes to Schedule of Investments.
28 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Pennsylvania - (continued) | ||||||||||||||||
Presbyterian Senior Living Project, Series B-1 | 5.250 | % | 7/1/49 | $ | 2,050,000 | $ | 1,990,943 | |||||||||
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | 5.750 | % | 6/30/48 | 8,600,000 | 9,313,400 | (c) | ||||||||||
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | 5.250 | % | 6/30/53 | 22,300,000 | 23,034,495 | (c) | ||||||||||
Pennsylvania State Turnpike Commission Revenue: | ||||||||||||||||
Series A | 5.000 | % | 12/1/44 | 1,900,000 | 1,984,286 | |||||||||||
Series A-1 | 5.000 | % | 12/1/42 | 1,900,000 | 1,974,287 | |||||||||||
Series A-1 | 5.000 | % | 12/1/47 | 3,015,000 | 3,086,929 | |||||||||||
Series A-2, Refunding | 5.000 | % | 12/1/48 | 8,160,000 | 8,388,553 | |||||||||||
Series B | 5.000 | % | 12/1/45 | 4,000,000 | 4,233,440 | |||||||||||
Series B, Refunding | 5.250 | % | 12/1/44 | 1,150,000 | 1,262,591 | |||||||||||
Series B, Refunding | 5.250 | % | 12/1/52 | 3,000,000 | 3,262,969 | |||||||||||
Series C, Refunding | 4.000 | % | 12/1/51 | 2,275,000 | 2,153,380 | |||||||||||
Philadelphia, PA, Airport Revenue, Series B, Refunding | 5.000 | % | 7/1/47 | 1,520,000 | 1,539,161 | (c) | ||||||||||
Philadelphia, PA, GO: | ||||||||||||||||
Series B | 5.000 | % | 2/1/36 | 1,520,000 | 1,653,491 | |||||||||||
Series B | 5.000 | % | 2/1/37 | 1,820,000 | 1,960,360 | |||||||||||
Series B | 5.000 | % | 2/1/38 | 1,710,000 | 1,824,052 | |||||||||||
Philadelphia, PA, SD, GO: | ||||||||||||||||
Series A, State Aid Withholding | 5.000 | % | 9/1/30 | 2,055,000 | 2,104,169 | |||||||||||
Series A, State Aid Withholding | 5.000 | % | 9/1/35 | 910,000 | 926,834 | |||||||||||
Philadelphia, PA, Water & Wastewater Revenue: | ||||||||||||||||
Series A | 5.000 | % | 10/1/43 | 3,795,000 | 3,946,647 | |||||||||||
Series A, Refunding | 5.000 | % | 11/1/45 | 2,950,000 | 3,109,945 | |||||||||||
State Public School Building Authority, PA, Lease Revenue: | ||||||||||||||||
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding | 5.000 | % | 6/1/31 | 2,655,000 | 2,772,088 | |||||||||||
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding | 5.000 | % | 6/1/33 | 7,970,000 | 8,323,793 | |||||||||||
University of Pittsburgh - Of the Commonwealth System of Higher Education, Series 2019 (SIFMA Municipal Swap Index Yield + 0.360%) | 3.660 | % | 2/15/24 | 3,795,000 | 3,795,309 | (b)(i) | ||||||||||
|
| |||||||||||||||
Total Pennsylvania | 137,762,420 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
29 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Puerto Rico - 4.6% | ||||||||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: | ||||||||||||||||
Senior Lien, Series A, Refunding | 5.000 | % | 7/1/25 | $ | 315,000 | $ | 316,692 | (d) | ||||||||
Senior Lien, Series A, Refunding | 5.000 | % | 7/1/33 | 600,000 | 606,764 | (d) | ||||||||||
Senior Lien, Series A, Refunding | 5.000 | % | 7/1/33 | 10,625,000 | 10,752,592 | (d) | ||||||||||
Senior Lien, Series A, Refunding | 5.000 | % | 7/1/37 | 410,000 | 410,753 | (d) | ||||||||||
Senior Lien, Series A, Refunding | 5.000 | % | 7/1/37 | 10,895,000 | 10,917,168 | (d) | ||||||||||
Senior Lien, Series A, Refunding | 4.000 | % | 7/1/42 | 12,145,000 | 10,579,485 | (d) | ||||||||||
Senior Lien, Series A, Refunding | 4.000 | % | 7/1/47 | 2,450,000 | 2,038,507 | (d) | ||||||||||
Senior Lien, Series A, Refunding | 5.000 | % | 7/1/47 | 36,355,000 | 35,275,998 | (d) | ||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority Revenue: | ||||||||||||||||
CAB, Restructured, Series B | 0.000 | % | 7/1/32 | 1,434,000 | 930,202 | |||||||||||
Restructured, Series A | 5.000 | % | 7/1/62 | 1,535,000 | 1,519,650 | |||||||||||
Puerto Rico Commonwealth, GO: | ||||||||||||||||
CAB, Restructured, Series A-1 | 0.000 | % | 7/1/24 | 26,713 | 26,075 | |||||||||||
CAB, Restructured, Series A-1 | 0.000 | % | 7/1/33 | 256,303 | 156,358 | |||||||||||
Restructured, Series A-1 | 5.375 | % | 7/1/25 | 221,811 | 225,735 | |||||||||||
Restructured, Series A-1 | 5.625 | % | 7/1/27 | 219,802 | 229,720 | |||||||||||
Restructured, Series A-1 | 5.625 | % | 7/1/29 | 216,236 | 228,869 | |||||||||||
Restructured, Series A-1 | 5.750 | % | 7/1/31 | 210,028 | 226,295 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/33 | 199,162 | 186,311 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/35 | 4,779,020 | 4,382,463 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/37 | 12,810,518 | 11,476,645 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/41 | 1,508,900 | 1,306,616 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/46 | 217,253 | 181,070 | |||||||||||
Subseries CW | 0.000 | % | 11/1/43 | 880,525 | 458,974 | (b) | ||||||||||
Puerto Rico Electric Power Authority Revenue: | ||||||||||||||||
Series A | 5.000 | % | 7/1/29 | 3,635,000 | 917,838 | *(e) | ||||||||||
Series A | 5.000 | % | 7/1/42 | 7,945,000 | 2,006,113 | *(e) | ||||||||||
Series A | 5.050 | % | 7/1/42 | 1,480,000 | 373,700 | *(e) | ||||||||||
Series CCC | — | 7/1/21 | 25,000 | 6,250 | *(j) | |||||||||||
Series CCC | 4.600 | % | 7/1/24 | 10,000 | 2,525 | *(e) | ||||||||||
Series CCC | 5.000 | % | 7/1/24 | 760,000 | 191,900 | *(e) | ||||||||||
Series CCC | 4.625 | % | 7/1/25 | 25,000 | 6,313 | *(e) | ||||||||||
Series CCC | 5.000 | % | 7/1/28 | 475,000 | 119,938 | *(e) | ||||||||||
Series DDD, Refunding | — | 7/1/19 | 15,000 | 3,750 | *(j) | |||||||||||
Series DDD, Refunding | — | 7/1/21 | 330,000 | 82,500 | *(j) | |||||||||||
Series DDD, Refunding | — | 7/1/21 | 2,695,000 | 673,750 | *(j) |
See Notes to Schedule of Investments.
30 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Puerto Rico - (continued) | ||||||||||||||||
Series TT | — | 7/1/17 | $ | 25,000 | $ | 6,250 | *(j) | |||||||||
Series TT | 5.000 | % | 7/1/24 | 90,000 | 22,725 | *(e) | ||||||||||
Series TT | 5.000 | % | 7/1/37 | 2,985,000 | 753,713 | *(e) | ||||||||||
Series XX | 5.250 | % | 7/1/40 | 10,665,000 | 2,692,912 | *(e) | ||||||||||
Series ZZ, Refunding | — | 7/1/23 | 610,000 | 152,500 | *(j) | |||||||||||
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: | ||||||||||||||||
CAB, Restructured, Series A-1 | 0.000 | % | 7/1/27 | 4,625,000 | 3,994,755 | |||||||||||
CAB, Restructured, Series A-1 | 0.000 | % | 7/1/46 | 16,775,000 | 4,950,183 | |||||||||||
Restructured, Series A-1 | 4.550 | % | 7/1/40 | 918,000 | 894,293 | |||||||||||
Restructured, Series A-1 | 4.750 | % | 7/1/53 | 17,117,000 | 16,199,058 | |||||||||||
Restructured, Series A-1 | 5.000 | % | 7/1/58 | 7,008,000 | 6,812,335 | |||||||||||
Restructured, Series A-2 | 4.329 | % | 7/1/40 | 5,658,000 | 5,369,706 | |||||||||||
Restructured, Series A-2 | 4.329 | % | 7/1/40 | 759,000 | 720,343 | |||||||||||
|
| |||||||||||||||
Total Puerto Rico | 139,386,292 | |||||||||||||||
|
| |||||||||||||||
Rhode Island - 0.1% | ||||||||||||||||
Rhode Island State Health & Educational Building Corp. Revenue: | ||||||||||||||||
Hospital Financing Lifespan Obligated Group, Refunding | 5.000 | % | 5/15/34 | 1,215,000 | 1,225,420 | |||||||||||
Hospital Financing Lifespan Obligated Group, Refunding | 5.000 | % | 5/15/39 | 3,035,000 | 3,038,632 | |||||||||||
|
| |||||||||||||||
Total Rhode Island | 4,264,052 | |||||||||||||||
|
| |||||||||||||||
South Carolina - 0.5% | ||||||||||||||||
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, Refunding (SOFR x 0.670 + 1.900%) | 5.464 | % | 3/1/31 | 3,750,000 | 3,783,774 | (a)(b) | ||||||||||
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding | 4.000 | % | 12/1/44 | 5,820,000 | 5,460,600 | |||||||||||
South Carolina State Ports Authority Revenue: | ||||||||||||||||
Series 2018 | 5.000 | % | 7/1/37 | 570,000 | 594,006 | (c) | ||||||||||
Series 2018 | 5.000 | % | 7/1/38 | 1,215,000 | 1,258,930 | (c) | ||||||||||
Series 2018 | 5.000 | % | 7/1/43 | 3,035,000 | 3,101,409 | (c) | ||||||||||
Series 2018 | 5.000 | % | 7/1/48 | 2,085,000 | 2,112,183 | (c) | ||||||||||
|
| |||||||||||||||
Total South Carolina | 16,310,902 | |||||||||||||||
|
| |||||||||||||||
South Dakota - 0.1% | ||||||||||||||||
South Dakota State HEFA Revenue, Regional Health | 5.000 | % | 9/1/40 | 2,105,000 | 2,149,239 | |||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
31 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Tennessee - 1.8% | ||||||||||||||||
Clarksville, TN, Water, Sewer & Gas Revenue, Series A | 4.000 | % | 2/1/51 | $ | 10,000,000 | $ | 9,659,480 | |||||||||
Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A | 5.000 | % | 9/1/40 | 4,745,000 | 4,720,786 | |||||||||||
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Revenue: | ||||||||||||||||
Series A, AGM | 5.250 | % | 7/1/48 | 6,000,000 | 6,508,271 | |||||||||||
Series A, AGM | 5.250 | % | 7/1/53 | 1,900,000 | 2,048,155 | |||||||||||
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue: | ||||||||||||||||
Subordinated, Green Bonds, Series A | 5.000 | % | 7/1/42 | 1,520,000 | 1,570,539 | |||||||||||
Subordinated, Series B | 5.000 | % | 7/1/42 | 1,900,000 | 1,963,174 | |||||||||||
Subordinated, Series B, Refunding | 5.000 | % | 7/1/46 | 3,000,000 | 3,084,373 | |||||||||||
Metropolitan Nashville Airport Authority Revenue: | ||||||||||||||||
Subordinated, Series B | 5.000 | % | 7/1/27 | 1,365,000 | 1,428,339 | (c) | ||||||||||
Subordinated, Series B | 5.000 | % | 7/1/28 | 2,125,000 | 2,252,473 | (c) | ||||||||||
Tennessee State Energy Acquisition Corp., Natural Gas Revenue: | ||||||||||||||||
Series 2018 | 4.000 | % | 11/1/25 | 17,350,000 | 17,241,403 | (a)(b) | ||||||||||
Series A | 5.250 | % | 9/1/24 | 3,825,000 | 3,851,020 | |||||||||||
|
| |||||||||||||||
Total Tennessee | 54,328,013 | |||||||||||||||
|
| |||||||||||||||
Texas - 6.1% | ||||||||||||||||
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD | 5.000 | % | 12/1/47 | 1,785,000 | 1,824,382 | |||||||||||
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM | 5.000 | % | 2/15/48 | 5,540,000 | 5,717,154 | |||||||||||
Austin, TX, Airport System Revenue: | ||||||||||||||||
Series 2014 | 5.000 | % | 11/15/39 | 5,315,000 | 5,322,816 | (c) | ||||||||||
Series 2014 | 5.000 | % | 11/15/44 | 6,450,000 | 6,458,328 | (c) | ||||||||||
Series 2019 | 5.000 | % | 11/15/36 | 3,615,000 | 3,825,882 | (c) | ||||||||||
Series 2022 | 5.000 | % | 11/15/39 | 2,390,000 | 2,532,017 | (c) | ||||||||||
Series 2022 | 5.250 | % | 11/15/47 | 3,035,000 | 3,205,094 | (c) | ||||||||||
Series 2022 | 5.000 | % | 11/15/52 | 1,480,000 | 1,516,899 | (c) | ||||||||||
Series B | 5.000 | % | 11/15/33 | 2,000,000 | 2,152,805 | (c) | ||||||||||
Series B | 5.000 | % | 11/15/44 | 2,655,000 | 2,729,691 | (c) |
See Notes to Schedule of Investments.
32 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Texas - (continued) | ||||||||||||||||
Bexar County, TX, Hospital District, GO: | ||||||||||||||||
Certificates of Obligation | 5.000 | % | 2/15/40 | $ | 2,350,000 | $ | 2,555,490 | |||||||||
Certificates of Obligation | 5.000 | % | 2/15/48 | 3,000,000 | 3,195,629 | |||||||||||
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B | 4.000 | % | 1/1/51 | 3,795,000 | 3,454,579 | |||||||||||
Central Texas Turnpike System Revenue, Subordinated, Series C, Refunding | 5.000 | % | 8/15/42 | 11,385,000 | 11,423,526 | |||||||||||
Dallas, TX, Hotel Occupancy Tax Revenue: | ||||||||||||||||
Series 2021, Refunding | 4.000 | % | 8/15/36 | 1,975,000 | 1,943,403 | |||||||||||
Series 2021, Refunding | 4.000 | % | 8/15/38 | 1,500,000 | 1,425,106 | |||||||||||
Dallas, TX, Waterworks & Sewer System Revenue, Series 2017 | 5.000 | % | 10/1/46 | 6,070,000 | 6,296,552 | |||||||||||
Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series 2019, PSF - GTD | 5.000 | % | 2/15/49 | 1,235,000 | 1,267,671 | |||||||||||
Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Series B | 5.450 | % | 10/1/34 | 3,795,000 | 4,220,503 | |||||||||||
Gulf Coast IDA, Texas Solid Waste Disposal Revenue, Citgo Petroleum Project | 8.000 | % | 4/1/28 | 3,795,000 | 3,797,597 | (c) | ||||||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Series 2021 | 4.000 | % | 10/1/42 | 7,590,000 | 7,305,561 | |||||||||||
Harris County, TX, Health Facilities Development Corp. Revenue, School Health Care System, Series B | 5.750 | % | 7/1/27 | 1,205,000 | 1,262,444 | (i) | ||||||||||
Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM | 5.000 | % | 11/15/27 | 3,035,000 | 3,083,317 | |||||||||||
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD | 4.000 | % | 2/15/47 | 4,875,000 | 4,787,582 | |||||||||||
Houston, TX, Airport System Revenue: | ||||||||||||||||
Special Facilities, United Airlines Inc., Airport Terminal E Project, Series A | 4.000 | % | 7/1/41 | 3,795,000 | 3,204,340 | (c) | ||||||||||
Special Facilities, United Airlines Inc., Technical Operations Center Project | 5.000 | % | 7/15/28 | 5,615,000 | 5,608,731 | (c) | ||||||||||
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1 | 4.000 | % | 7/15/41 | 3,795,000 | 3,203,501 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding | 4.000 | % | 7/1/37 | 1,330,000 | 1,314,431 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding | 4.000 | % | 7/1/39 | 1,500,000 | 1,459,856 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding | 4.000 | % | 7/1/41 | 1,520,000 | 1,454,885 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding | 4.000 | % | 7/1/46 | 2,935,000 | 2,699,097 | (c) |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
33 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Texas - (continued) | ||||||||||||||||
Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding | 5.000 | % | 11/15/44 | $ | 2,275,000 | $ | 2,280,078 | |||||||||
Love Field, TX, Airport Modernization Corp., General Airport Revenue: | ||||||||||||||||
Series 2017 | 5.000 | % | 11/1/33 | 540,000 | 548,411 | (c) | ||||||||||
Series 2017 | 5.000 | % | 11/1/36 | 540,000 | 547,188 | (c) | ||||||||||
Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project | 5.000 | % | 11/1/28 | 2,590,000 | 2,590,288 | (c) | ||||||||||
Matagorda County, TX, Navigation District No 1, PCR, Central Power and Light Company Project, Series A | 2.600 | % | 11/1/29 | 3,795,000 | 3,408,080 | |||||||||||
New Hope Cultural Education Facilities Finance Corp., TX, Educational Facilities Revenue, Texas A&M University, Cain Hall Redevelopment Project | 5.000 | % | 4/1/46 | 4,175,000 | 4,278,807 | |||||||||||
Newark, TX, Higher Education Finance Corp., Education Revenue: | ||||||||||||||||
TLC Academy, Series A | 4.000 | % | 8/15/31 | 880,000 | 828,591 | |||||||||||
TLC Academy, Series A | 4.000 | % | 8/15/41 | 1,280,000 | 1,048,054 | |||||||||||
North Texas Tollway Authority Revenue: | ||||||||||||||||
Series A, Refunding | 4.000 | % | 1/1/39 | 3,795,000 | 3,790,214 | |||||||||||
Series B, Refunding | 5.000 | % | 1/1/45 | 8,350,000 | 8,419,307 | |||||||||||
Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue, Jefferson Gulf Coast Energy Project, Series A | 3.000 | % | 1/1/50 | 1,785,000 | 1,017,095 | (c)(d) | ||||||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue: | ||||||||||||||||
Methodist Hospitals of Dallas | 4.000 | % | 10/1/41 | 1,520,000 | 1,470,891 | |||||||||||
Methodist Hospitals of Dallas | 4.000 | % | 10/1/47 | 3,150,000 | 2,901,088 | |||||||||||
Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D | 6.250 | % | 12/15/26 | 20,280,000 | 20,954,446 | |||||||||||
Texas State Private Activity Bond Surface Transportation Corp. Revenue: | ||||||||||||||||
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | 5.375 | % | 6/30/39 | 1,850,000 | 1,962,584 | (c) | ||||||||||
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | 5.500 | % | 6/30/40 | 1,300,000 | 1,387,750 | (c) | ||||||||||
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | 5.500 | % | 6/30/43 | 2,200,000 | 2,338,265 | (c) |
See Notes to Schedule of Investments.
34 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Texas - (continued) | ||||||||||||||||
Senior Lien, Blueridge Transportation Group LLC | 5.000 | % | 12/31/50 | $ | 6,830,000 | $ | 6,845,999 | (c) | ||||||||
Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series A, Refunding | 4.000 | % | 12/31/35 | 2,765,000 | 2,768,680 | |||||||||||
Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series A, Refunding | 4.000 | % | 6/30/37 | 760,000 | 753,446 | |||||||||||
Texas State Public Finance Authority Lease Revenue, Series A, Refunding | 4.000 | % | 2/1/38 | 3,795,000 | 3,820,245 | |||||||||||
West Harris County, TX, Regional Water Authority Revenue, Series 2019 | 4.000 | % | 12/15/49 | 2,845,000 | 2,676,285 | |||||||||||
Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue: | ||||||||||||||||
Inspired Living at Lewisville Project, Series A-1 | 6.750 | % | 12/1/51 | 1,416,216 | 28,324 | *(d)(e) | ||||||||||
Subordinated, Inspired Living at Lewisville Project, Series B | 10.000 | % | 12/1/51 | 645,000 | 32,250 | *(e) | ||||||||||
|
| |||||||||||||||
Total Texas | 186,945,235 | |||||||||||||||
|
| |||||||||||||||
Utah - 1.2% | ||||||||||||||||
Salt Lake City, UT, Airport Revenue: | ||||||||||||||||
Salt Lake City International Airport, Series A | 5.250 | % | 7/1/48 | 7,500,000 | 7,927,891 | (c) | ||||||||||
Series A | 5.000 | % | 7/1/36 | 3,645,000 | 3,785,607 | (c) | ||||||||||
Series A | 5.000 | % | 7/1/37 | 2,655,000 | 2,744,052 | (c) | ||||||||||
Series A | 5.250 | % | 7/1/42 | 2,500,000 | 2,684,349 | (c) | ||||||||||
Series A | 5.500 | % | 7/1/53 | 6,000,000 | 6,477,742 | (c) | ||||||||||
Series B | 5.000 | % | 7/1/47 | 1,195,000 | 1,224,701 | |||||||||||
Utah State Charter School Finance Authority, Charter School Revenue: | ||||||||||||||||
Syracuse Arts Academy Project, UT CSCE | 5.000 | % | 4/15/42 | 1,330,000 | 1,341,956 | |||||||||||
Syracuse Arts Academy Project, UT CSCE | 5.000 | % | 4/15/47 | 2,845,000 | 2,859,151 | |||||||||||
Utah Charter Academies Inc., UT CSCE | 5.000 | % | 10/15/43 | 875,000 | 885,204 | |||||||||||
Utah Charter Academies Inc., UT CSCE | 5.000 | % | 10/15/48 | 910,000 | 915,684 | |||||||||||
Utah State Infrastructure Agency, Telecommunications Revenue: | ||||||||||||||||
Series 2019 | 4.000 | % | 10/15/24 | 1,150,000 | 1,142,181 | |||||||||||
Series 2019 | 5.000 | % | 10/15/25 | 845,000 | 850,411 | |||||||||||
Series 2019 | 4.000 | % | 10/15/30 | 1,535,000 | 1,473,796 | |||||||||||
Series 2019 | 4.000 | % | 10/15/34 | 760,000 | 700,879 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
35 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Utah - (continued) | ||||||||||||||||
Series 2019 | 4.000 | % | 10/15/39 | $ | 1,330,000 | $ | 1,135,733 | |||||||||
Series 2021 | 3.000 | % | 10/15/45 | 760,000 | 494,417 | |||||||||||
|
| |||||||||||||||
Total Utah | 36,643,754 | |||||||||||||||
|
| |||||||||||||||
Vermont - 0.1% | ||||||||||||||||
University of Vermont & State Agricultural College, Green Bonds, Series A | 5.000 | % | 10/1/49 | 1,900,000 | 1,967,820 | |||||||||||
Vermont State Educational & Health Buildings Financing Agency Revenue, Middlebury College Project | 5.000 | % | 11/1/45 | 2,000,000 | 2,163,318 | |||||||||||
|
| |||||||||||||||
Total Vermont | 4,131,138 | |||||||||||||||
|
| |||||||||||||||
Virginia - 1.1% | ||||||||||||||||
Arlington County, VA, IDA Revenue: | ||||||||||||||||
Refunding | 5.000 | % | 2/15/43 | 1,250,000 | 1,297,235 | |||||||||||
Virginia Hospital Center, Refunding | 5.000 | % | 7/1/27 | 760,000 | 804,948 | |||||||||||
Virginia Hospital Center, Refunding | 5.000 | % | 7/1/36 | 1,520,000 | 1,642,481 | |||||||||||
Virginia Hospital Center, Refunding | 4.000 | % | 7/1/38 | 645,000 | 646,066 | |||||||||||
Isle of Wight County, VA, EDA Revenue: | ||||||||||||||||
Riverside Health System, Series 2023 | 4.750 | % | 7/1/53 | 4,000,000 | 4,008,101 | (g) | ||||||||||
Riverside Health System, Series 2023 | 5.250 | % | 7/1/53 | 1,750,000 | 1,846,335 | (g) | ||||||||||
Virginia State Port Authority, Port Facilities Revenue: | ||||||||||||||||
Series B, Refunding | 5.000 | % | 7/1/41 | 4,820,000 | 4,882,754 | (c) | ||||||||||
Series B, Refunding | 5.000 | % | 7/1/45 | 7,385,000 | 7,447,151 | (c) | ||||||||||
Virginia State Small Business Financing Authority Revenue: | ||||||||||||||||
Senior Lien, 95 Express Lanes LLC Project, Refunding | 4.000 | % | 1/1/48 | 3,795,000 | 3,354,760 | (c) | ||||||||||
Senior Lien, I-495 HOT Lanes Project, Refunding | 5.000 | % | 12/31/47 | 5,465,000 | 5,600,073 | (c) | ||||||||||
Series A | 5.000 | % | 1/1/33 | 1,265,000 | 1,327,240 | |||||||||||
Series A | 5.000 | % | 1/1/35 | 2,070,000 | 2,156,248 | |||||||||||
|
| |||||||||||||||
Total Virginia | 35,013,392 | |||||||||||||||
|
| |||||||||||||||
Washington - 1.4% | ||||||||||||||||
Port of Seattle, WA, Intermediate Lien Revenue: | ||||||||||||||||
Series 2019 | 4.000 | % | 4/1/44 | 1,900,000 | 1,767,681 | (c) | ||||||||||
Series 2019 | 5.000 | % | 4/1/44 | 3,035,000 | 3,125,929 | (c) | ||||||||||
Series B, Refunding | 5.000 | % | 8/1/39 | 2,500,000 | 2,638,394 | (c) | ||||||||||
Series B, Refunding | 5.000 | % | 8/1/40 | 5,500,000 | 5,801,842 | (c) | ||||||||||
Series C | 5.000 | % | 5/1/42 | 6,450,000 | 6,513,149 | (c) |
See Notes to Schedule of Investments.
36 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Washington - (continued) | ||||||||||||||||
Washington State Health Care Facilities Authority Revenue: | ||||||||||||||||
Commonspirit Health, Series A-1, Refunding | 4.000 | % | 8/1/44 | $ | 570,000 | $ | 516,727 | |||||||||
Commonspirit Health, Series A-2, Refunding | 5.000 | % | 8/1/44 | 3,500,000 | 3,573,674 | |||||||||||
Commonspirit Health, Series B-3, Refunding | 5.000 | % | 8/1/26 | 11,000,000 | 11,307,952 | (a)(b) | ||||||||||
Seattle Cancer Care Alliance, Refunding | 5.000 | % | 9/1/50 | 1,700,000 | 1,746,412 | |||||||||||
Seattle Cancer Care Alliance, Refunding | 5.000 | % | 9/1/55 | 3,915,000 | 4,007,291 | |||||||||||
Washington State HFC Revenue, Presbyterian Retirement Communities North West Project, Series A, Refunding | 5.000 | % | 1/1/51 | 2,465,000 | 1,834,273 | (d) | ||||||||||
|
| |||||||||||||||
Total Washington | 42,833,324 | |||||||||||||||
|
| |||||||||||||||
Wisconsin - 0.9% | ||||||||||||||||
Mount Pleasant, WI, Tax Increment Revenue, Series A | 5.000 | % | 4/1/48 | 9,110,000 | 9,320,877 | |||||||||||
Public Finance Authority, WI, Hospital Revenue Bonds: | ||||||||||||||||
Renown Regional Medical Center Project, Series A | 5.000 | % | 6/1/34 | 1,330,000 | 1,418,600 | |||||||||||
Renown Regional Medical Center Project, Series A | 5.000 | % | 6/1/38 | 1,900,000 | 1,967,108 | |||||||||||
Public Finance Authority, WI, Retirement Communities Revenue, Acts Retirement Life Communities, Inc., Series A | 5.000 | % | 11/15/41 | 1,330,000 | 1,311,370 | |||||||||||
Public Finance Authority, WI, Revenue: | ||||||||||||||||
Cone Health, Series A | 5.000 | % | 10/1/52 | 5,450,000 | 5,657,040 | |||||||||||
The Carmelite System Inc. Obligated Group, Refunding | 5.000 | % | 1/1/45 | 2,275,000 | 2,096,691 | |||||||||||
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral Obligations | 5.000 | % | 4/1/43 | 1,330,000 | 1,385,684 | |||||||||||
Wisconsin State HEFA Revenue, Bellin Memorial Hospital, Inc., Series B | 5.250 | % | 12/1/48 | 4,500,000 | 4,666,656 | |||||||||||
|
| |||||||||||||||
Total Wisconsin | 27,824,026 | |||||||||||||||
|
| |||||||||||||||
TOTAL MUNICIPAL BONDS (Cost - $3,063,614,110) | 3,010,595,211 | |||||||||||||||
|
| |||||||||||||||
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS (k) - 3.8% |
| |||||||||||||||
New York - 3.8% | ||||||||||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | ||||||||||||||||
Second General Resolution Fiscal 2023, Subseries AA-1 | 5.250 | % | 6/15/52 | 17,015,000 | 18,657,701 | |||||||||||
Second General Resolution Fiscal 2023, Subseries AA-3, Refunding | 5.000 | % | 6/15/47 | 11,695,000 | 12,634,951 |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
37 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
New York - (continued) | ||||||||||||||||
New York State Dormitory Authority, State Personal Income Tax Revenue: | ||||||||||||||||
Series A | 4.000 | % | 3/15/45 | $ | 25,000,000 | $ | 24,483,005 | |||||||||
Series A, Refunding | 4.000 | % | 3/15/41 | 25,000,000 | 24,985,740 | |||||||||||
New York State Urban Development Corp.: | ||||||||||||||||
State Sales Tax Revenue, Series A | 5.000 | % | 3/15/48 | 30,000,000 | 32,412,700 | |||||||||||
State Sales Tax Revenue, Series A | 5.000 | % | 3/15/49 | 4,200,000 | 4,534,193 | |||||||||||
|
| |||||||||||||||
TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS (Cost - $114,848,409) |
| 117,708,290 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $3,178,462,519) |
| 3,128,303,501 | ||||||||||||||
|
| |||||||||||||||
SHORT-TERM INVESTMENTS - 0.2% | ||||||||||||||||
MUNICIPAL BONDS - 0.2% | ||||||||||||||||
Delaware - 0.0%†† | ||||||||||||||||
University of Delaware, Revenue, Series C, Refunding, SPA - TD Bank N.A. | 3.200 | % | 11/1/37 | 200,000 | 200,000 | (l)(m) | ||||||||||
|
| |||||||||||||||
Georgia - 0.1% | ||||||||||||||||
Bartow County, GA, Development Authority Revenue, Solid Waste Disposal Facility, Georgia Power Company Plant Bowen Project | 3.750 | % | 11/1/62 | 2,600,000 | 2,600,000 | (c)(l)(m) | ||||||||||
|
| |||||||||||||||
Mississippi - 0.1% | ||||||||||||||||
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron USA Inc. Project, Series E | 3.400 | % | 12/1/30 | 2,300,000 | 2,300,000 | (l)(m) | ||||||||||
|
| |||||||||||||||
Oregon - 0.0%†† | ||||||||||||||||
Oregon State Facilities Authority Revenue, Peacehealth, Series A, Refunding, LOC - U.S. Bank N.A. | 3.250 | % | 8/1/34 | 100,000 | 100,000 | (l)(m) | ||||||||||
|
| |||||||||||||||
Pennsylvania - 0.0%†† | ||||||||||||||||
Pennsylvania State Turnpike Commission Revenue, Series 2020, Refunding, LOC - TD Bank N.A. | 3.250 | % | 12/1/39 | 300,000 | 300,000 | (l)(m) | ||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $5,500,000) |
| 5,500,000 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 102.5% (Cost - $3,183,962,519) |
| 3,133,803,501 | ||||||||||||||
TOB Floating Rate Notes - (2.0)% | (61,235,000 | ) | ||||||||||||||
Other Liabilities in Excess of Other Assets - (0.5)% |
| (15,080,228 | ) | |||||||||||||
|
| |||||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 3,057,488,273 | ||||||||||||||
|
|
†† | Represents less than 0.1%. |
See Notes to Schedule of Investments.
38 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
* | Non-income producing security. |
(a) | Maturity date shown represents the mandatory tender date. |
(b) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(c) | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”). |
(d) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. |
(e) | The coupon payment on this security is currently in default as of November 30, 2023. |
(f) | Security is valued using significant unobservable inputs (Note 1). |
(g) | Securities traded on a when-issued or delayed delivery basis. |
(h) | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
(i) | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities. |
(j) | The maturity principal is currently in default as of November 30, 2023. |
(k) | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust. |
(l) | Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System. |
(m) | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |
See Notes to Schedule of Investments.
Western Asset Managed Municipals Fund 2023 Quarterly Report |
39 |
WESTERN ASSET MANAGED MUNICIPALS FUND
Schedule of investments (unaudited) (cont’d) | November 30, 2023 |
Abbreviation(s) used in this schedule:
AGM | — Assured Guaranty Municipal Corporation - Insured Bonds | |
AMBAC | — American Municipal Bond Assurance Corporation - Insured Bonds | |
BAM | — Build America Mutual - Insured Bonds | |
CAB | — Capital Appreciation Bonds | |
CDA | — Communities Development Authority | |
COP | — Certificates of Participation | |
CSCE | — Charter School Credit Enhancement | |
CWA | — Clean Water Act | |
DFA | — Development Finance Agency | |
EDA | — Economic Development Authority | |
EDC | — Economic Development Corporation | |
EDR | — Economic Development Revenue | |
EFA | — Educational Facilities Authority | |
FHA | — Federal Housing Administration - Insured Bonds | |
GO | — General Obligation | |
GTD | — Guaranteed | |
HDA | — Housing Development Authority | |
HDC | — Housing Development Corporation | |
HEFA | — Health & Educational Facilities Authority | |
HFC | — Housing Finance Commission | |
HUD | — Housing & Urban Development | |
IDA | — Industrial Development Authority | |
IDR | — Industrial Development Revenue | |
ISD | — Independent School District | |
LOC | — Letter of Credit | |
MFA | — Municipal Finance Authority | |
MTA | — Metropolitan Transportation Authority | |
NATL | — National Public Finance Guarantee Corporation - Insured Bonds | |
PCFA | — Pollution Control Financing Authority | |
PCR | — Pollution Control Revenue | |
PEA | — Public Energy Authority | |
PFA | — Public Facilities Authority | |
PSF | — Permanent School Fund | |
SD | — School District | |
SIFMA | — Securities Industry and Financial Markets Association | |
SOFR | — Secured Overnight Financing Rate | |
SPA | — Standby Bond Purchase Agreement - Insured Bonds | |
TFA | — Transitional Finance Authority | |
USD | — Unified School District |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
40 | Western Asset Managed Municipals Fund 2023 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Managed Municipals Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.
Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies
41 |
Notes to Schedule of Investments (unaudited) (continued)
include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
• | Level 1 – unadjusted quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
42 |
Notes to Schedule of Investments (unaudited) (continued)
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
ASSETS | ||||||||||||||||
DESCRIPTION | QUOTED PRICES (LEVEL 1) | OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | TOTAL | ||||||||||||
Long-Term Investments†: | ||||||||||||||||
Municipal Bonds | — | $ | 3,010,595,205 | $ | 6 | $ | 3,010,595,211 | |||||||||
Municipal Bonds Deposited in Tender Option Bond Trusts | — | 117,708,290 | — | 117,708,290 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | — | 3,128,303,495 | 6 | 3,128,303,501 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments† | — | 5,500,000 | — | 5,500,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | — | $ | 3,133,803,495 | $ | 6 | $ | 3,133,803,501 | |||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
43 |