Western Asset Managed Municipals Fund Inc. : Portfolio Composition as of December 31, 2018
January 31, 2019 at 04:01 am IST
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Western Asset Managed Municipals Fund Inc. (NYSE: MMU) announces its
portfolio composition as of December 31, 2018.
Investment Objective: The Fund seeks to maximize current income
exempt from federal income tax as is consistent with preservation of
principal.
Portfolio Composition*:
Asset Allocation
Municipal
100.0%
Top Ten Municipal Sectors
Industrial Revenue
21.1%
Pre refunded / Escrowed to Maturity
19.3%
Transportation
18.7%
Water & Sewer
9.9%
Special Tax Obligation
6.8%
Health Care
6.1%
Education
5.1%
Power
4.0%
Lease Backed
2.7%
State
2.5%
Credit Quality Allocation**
AAA
4.4%
AA
30.9%
A
35.9%
BBB
20.6%
BB
2.2%
CCC
0.4%
CC
0.2%
Not Rated
5.5%
Call Statistics
Not Callable
13.0%
2019
16.1%
2020
12.2%
2021
7.3%
2022
6.1%
2023
10.5%
2024
6.2%
2025
6.1%
2026
4.4%
2027
9.1%
2028
9.0%
Average Life (years)
7.8
Effective Duration (years)
8.4
Average Coupon (%)
5.2
Subject to AMT (%)
14.2
Portfolio Statistics:
Inception Date
June 26, 1992
Inception Price
$12.00
Total Assets***
$816,660,501
Net Assets
$571,010,501
Preferred Shares****
30.08%
Market Price
$12.70
NAV
$13.19
(Daily NAV is available on market quotation systems using the symbol
XMMUX.)
Distribution Rate
$0.0580 per share
Frequency
Monthly (Declared quarterly, paid monthly)
*
Portfolio holdings and weightings are historical and are presented
here for informational purposes only. They are subject to change at
any time.
**
Credit quality is a measure of a bond issuer's ability to repay
interest and principal in a timely manner. The credit ratings shown
are based on each portfolio security’s rating as provided by
Standard and Poor’s, Moody’s Investors Service and/or Fitch Ratings,
Ltd. and typically range from AAA (highest) to D (lowest), or an
equivalent and/or similar rating. For this purpose, when two or more
of the agencies have assigned differing ratings to a security, the
highest rating is used. Securities that are unrated by all three
agencies are reflected as such. The credit quality of the
investments in the Fund's portfolio does not apply to the stability
or safety of the Fund. These ratings are updated monthly and may
change over time. Please note, the Fund itself has not been rated
by an independent rating agency.
***
The difference between total assets and net assets, if any, is due
primarily to the Fund’s use of preferred shares; net assets do not
include preferred shares. The Fund may employ leverage in the form
of preferred stock and/or other instruments. When the Fund engages
in transactions that have a leveraging effect on the Fund’s
portfolio, the value of the Fund will be more volatile and all other
risks will tend to be compounded.
****
Percentages are based on total assets. If the Fund employs leverage,
the Effective Duration is based on net assets.
Western Asset Managed Municipals Fund Inc., a non-diversified closed-end
investment management company, is advised by Legg Mason Partners Fund
Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and is
sub-advised by Western Asset Management Company, an affiliate of the
advisor.
An investment in the Fund involves risk, including loss of principal.
Investment return and the value of shares will fluctuate. Fixed income
securities are subject to credit risk, inflation risk, call risk, and
interest rate risks. As interest rates rise, bond prices fall, reducing
the value of the Fund's share price. Certain investors may be subject to
the alternative minimum tax (AMT). State and local taxes may apply.
Data and commentary provided in this press release are for informational
purposes only. Legg Mason and its affiliates do not engage in selling
shares of the Fund.
For more information, please call Fund Investor Services at
1-888-777-0102, or consult the Fund’s web site at http://www.lmcef.com.
Hard copies of the Fund’s complete audited financial statements are
available free of charge upon request.
FN1112216
View source version on businesswire.com: https://www.businesswire.com/news/home/20190130005714/en/
Western Asset Managed Municipals Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with preservation of capital. When pursuing its investment objective, the Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal. The Fund seeks to achieve its objective by investing primarily in long-term investment grade municipal debt securities issued by state and local governments, political subdivisions, agencies, and public authorities. Under normal market conditions, the Fund will invest at least 80% of its total assets in municipal obligations rated investment grade at the time of investment. The Fund invests in a range of sectors, including health care, power, leasing, education, housing, and others. Legg Mason Partners Fund Advisor, LLC. is the investment manager of the Fund.