UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811- 6629 |
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Western Asset Managed Municipals Fund Inc. |
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(Exact name of registrant as specified in charter) |
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125 Broad Street, New York, NY |
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10004 |
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(Address of principal executive offices) |
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(Zip code) |
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Robert I. Frenkel, Esq. Legg Mason & Co., LLC 300 First Stamford Place Stamford, CT 06902 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
1-800-451-2010 |
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Date of fiscal year end: |
May 31 |
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Date of reporting period: |
August 31, 2007 |
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ITEM 1. SCHEDULE OF INVESTMENTS
WESTERN ASSET MANAGED MUNICIPALS
FUND INC.
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited)
August 31, 2007
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Face |
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Security |
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Value |
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MUNICIPAL BONDS — 97.2% |
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Alabama — 3.4% |
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$ |
24,510,000 |
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Jefferson County, AL, Sewer Revenue, Capital Improvement Warrants, Series A, FGIC-Insured, Call 2/1/09 @ 101, 5.375% due 2/1/36 (a) |
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$ |
25,309,516 |
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Arizona — 1.7% |
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3,705,000 |
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Greater Arizona Development Authority, Development Authority Infrastructure Revenue, Pinal County Road Project, Series 1, MBIA-Insured, 5.000% due 8/1/19 |
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3,906,293 |
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4,000,000 |
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Mesa, AZ, IDA, Revenue, Discovery Health Systems, Series A, MBIA-Insured, Call 1/1/10 @ 101, 5.625% due 1/1/29 (a) |
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4,205,440 |
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Phoenix, AZ: |
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3,000,000 |
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Civic Improvement Corp. Airport Revenue, Senior Lien, Series B, FGIC-Insured, 5.250% due 7/1/22 (b) |
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3,080,670 |
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1,000,000 |
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GO, Series B, 5.000% due 7/1/27 |
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1,046,090 |
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Total Arizona |
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12,238,493 |
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California — 13.3% |
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California EFA Revenue: |
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4,485,000 |
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Call 7/01/08 @ 101, Series A, 5.625% due 7/1/23 (a) |
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4,600,489 |
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2,555,000 |
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Series A, 5.625% due 7/1/23 |
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2,557,069 |
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California Health Facilities Finance Authority Revenue: |
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6,000,000 |
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Cedars-Sinai Medical Center, Series A, Call 12/1/09 @ 101, 6.250% due 12/1/34 (a) |
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6,388,740 |
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1,000,000 |
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Sutter Health, Series A, 6.250% due 8/15/35 |
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1,059,340 |
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3,600,000 |
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California Housing Finance Agency Revenue, Home Mortgage, Series E, 4.700% due 8/1/24 (b) |
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3,359,916 |
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5,000,000 |
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California State Department of Veterans Affairs, Home Purchase Revenue, Series A, AMBAC-Insured, 5.350% due 12/1/27 |
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5,181,000 |
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19,400,000 |
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California State, GO, Various Purpose, 5.000% due 6/1/37 |
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19,443,068 |
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7,375,000 |
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Garden Grove, CA, Agency for Community Development, Tax Allocation, Refunding, AMBAC-Insured, 5.000% due 10/1/29 |
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7,490,419 |
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Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Revenue: |
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10,000,000 |
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Refunding, Enhanced Asset Backed, Series A, FGIC-Insured, 5.000% due 6/1/38 |
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10,107,900 |
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6,000,000 |
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Series 2003-A-1, Call 6/1/13 @ 100, 6.750% due 6/1/39 (a) |
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6,894,480 |
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7,000,000 |
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Los Angeles County, CA, COP, Antelope Valley Courthouse, Series A, AMBAC-Insured, Call 11/1/10 @ 100, 5.250% due 11/1/33 (a) |
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7,339,150 |
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4,855,000 |
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Pomona, CA, Public Financing Authority Revenue, Water Facilities Project, Series AY, AMBAC-Insured, 5.000% due 5/1/37 |
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4,932,777 |
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3,340,000 |
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Rancho Cucamonga, CA, RDA, Tax Allocation, Rancho Redevelopment Projects, MBIA-Insured, 5.125% due 9/1/30 |
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3,400,788 |
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1,145,000 |
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Sacramento County, CA, COP, Unrefunded Balance, Public Facilities Project, MBIA-Insured, 5.375% due 2/1/19 |
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1,163,858 |
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5,000,000 |
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San Diego, CA, USD GO, Series E, FSA-Insured, 5.000% due 7/1/28 |
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5,305,150 |
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3,000,000 |
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San Jose, CA, Airport Revenue, Series D, MBIA-Insured, 5.000% due 3/1/28 |
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3,061,590 |
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3,000,000 |
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San Mateo County Community College District, COP, MBIA-Insured, Call 10/1/14 @ 100, 5.000% due 10/1/25 (a) |
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3,234,840 |
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2,500,000 |
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Santa Clara, CA, RDA, Tax Allocation, Bayshore North Project, MBIA-Insured, 5.000% due 6/1/23 |
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2,564,975 |
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Total California |
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98,085,549 |
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Colorado — 7.5% |
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4,000,000 |
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Colorado Educational & Cultural Facilities Authority Revenue, University of Denver Project, AMBAC-Insured, Call 3/1/11@ 100, 5.375% due 3/1/23 (a) |
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4,218,144 |
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Colorado Health Facilities Authority Revenue: |
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5,000,000 |
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Refunding Adventist Health, Sunbelt, Series D, 5.250% due 11/15/35 (c) |
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5,024,950 |
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4,000,000 |
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Series B, Remarketed 7/8/98, 5.350% due 8/1/15 (d) |
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4,164,480 |
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See Notes to Schedule of Investments.
1
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
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Face |
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Security |
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Value |
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Colorado — 7.5% (continued) |
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Denver, CO: |
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City & County Airport Revenue, Series C: |
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$ |
10,945,000 |
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6.125% due 11/15/25 (b)(d) |
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$ |
12,852,932 |
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13,630,000 |
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Unrefunded Balance, 6.125% due 11/15/25 (b) |
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13,735,632 |
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2,000,000 |
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City & County, COP, Series B, AMBAC-Insured, Call 12/1/10 @ 101, 5.500% due 12/1/25 (a) |
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2,125,940 |
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1,700,000 |
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El Paso County, CO, COP, Detention Facility Project, Series B, AMBAC-Insured, 5.000% due 12/1/23 |
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1,744,744 |
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Garfield County, CO, GO, School District No. 2, FSA-Insured, State Aid Withholding: |
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2,300,000 |
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5.000% due 12/1/23 |
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2,360,536 |
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1,000,000 |
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5.000% due 12/1/25 |
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1,023,510 |
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7,320,000 |
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University of Colorado, COP, Master Lease Purchase Agreement, Series A, AMBAC-Insured, Call 6/1/13 @100, 5.000% due 6/1/28 (a) |
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7,776,475 |
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Total Colorado |
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55,027,343 |
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Connecticut — 1.0% |
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Connecticut State: |
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GO, Series B, Call 6/15/12 @ 100: |
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4,490,000 |
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5.500% due 6/15/21 (a) |
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4,842,735 |
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1,600,000 |
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5.000% due 6/15/22 (a) |
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1,694,544 |
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970,000 |
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HEFA Revenue, Child Care Facilities Project, Series C, AMBAC-Insured, 5.625% due 7/1/29 |
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1,017,006 |
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Total Connecticut |
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7,554,285 |
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Delaware — 1.4% |
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10,000,000 |
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Delaware State, EDA Revenue, PCR, Refunding, Delmarva Project, Series B, AMBAC-Insured, 5.200% due 2/1/19 |
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10,438,900 |
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Florida — 2.6% |
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5,000,000 |
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Florida State Board of Education, Capital Outlay, GO, Public Education, Refunding, Series B, FSA-Insured, 5.000% due 6/1/24 |
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5,137,500 |
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1,465,000 |
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Florida State Department of Transportation, GO, Right of Way Project, FGIC-Insured, 5.000% due 7/1/25 |
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1,496,044 |
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6,500,000 |
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Martin County, FL, IDA Revenue, Indiantown Cogeneration Project, Series A, 7.875% due 12/15/25 (b) |
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6,520,215 |
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1,290,000 |
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Miami Beach, FL, Stormwater Revenue, FGIC-Insured, 5.375% due 9/1/30 |
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1,344,657 |
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2,000,000 |
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Orange County, FL, School Board, COP, Series A, MBIA-Insured, Call 8/1/09 @ 101, 5.250% due 8/1/23 (a) |
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2,077,360 |
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2,500,000 |
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South Brevard, FL, Recreational Facilities Improvement, Special District, AMBAC-Insured, 5.000% due 7/1/20 |
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2,553,225 |
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Total Florida |
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19,129,001 |
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Georgia — 2.2% |
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6,000,000 |
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Augusta, GA, Water & Sewer Revenue, FSA-Insured, 5.250% due 10/1/26 |
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6,244,740 |
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2,335,000 |
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Georgia State, HFA Revenue, Single Family, Series C, Subordinated Series C-2, 4.550% due 12/1/31 (b) |
|
2,100,473 |
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Private Colleges & Universities Authority Revenue, Mercer University Project: |
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|
2,180,000 |
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Call 10/1/11 @ 102, 5.750% due 10/1/21 (a) |
|
2,378,925 |
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Refunding, Series A: |
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|
2,000,000 |
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5.250% due 10/1/25 |
|
2,007,900 |
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1,000,000 |
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5.375% due 10/1/29 |
|
1,005,940 |
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|
2,000,000 |
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Savannah, GA, EDA, Revenue, College of Arts & Design Inc. Project, Call 10/1/09 @ 102, 6.900% due 10/1/29 (a) |
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2,155,600 |
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Total Georgia |
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15,893,578 |
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See Notes to Schedule of Investments.
2
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
|
Face |
|
Security |
|
Value |
||
|
Hawaii — 0.6% |
|
|
||||
|
$ |
4,000,000 |
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Hawaii State, Department of Budget & Finance, Special Purpose Revenue, Kaiser Permanente, Series A, 5.100% due 3/1/14 (d) |
|
$ |
4,105,360 |
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Illinois — 4.1% |
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Chicago, IL: |
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|
4,095,000 |
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Refunding GO, Series D, FGIC-Insured, 5.500% due 1/1/35 |
|
4,251,306 |
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7,400,000 |
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Skyway Toll Bridge Revenue, AMBAC-Insured, Call 1/1/11 @ 101, 5.500% due 1/1/31 (a) |
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7,885,070 |
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|
8,000,000 |
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Illinois Health Facilities Authority Revenue, Order of Saint Francis Healthcare System, Call 11/15/09 @ 101, 6.250% due 11/15/29 (a) |
|
8,492,480 |
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|
5,000,000 |
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Illinois State, GO, First Series, MBIA-Insured, Call 6/1/10 @ 100, 5.625% due 6/1/25 (a) |
|
5,253,550 |
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4,000,000 |
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Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Priority, Series A-1, FSA-Insured, 5.000% due 1/1/22 |
|
4,155,880 |
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Total Illinois |
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30,038,286 |
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Indiana — 0.4% |
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|
3,000,000 |
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Indiana
State DFA Environment Improvement Revenue, USX Corp. Project, |
|
3,121,860 |
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Iowa — 0.9% |
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|
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Iowa Finance Authority Single Family Mortgage Revenue, Series I, GNMA/FNMA-Insured: |
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|
2,500,000 |
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4.900% due 7/1/31 (b) |
|
2,371,875 |
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|
4,275,000 |
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4.950% due 7/1/37 (b) |
|
4,029,145 |
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|
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Total Iowa |
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6,401,020 |
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Kansas — 1.2% |
|
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|
5,000,000 |
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Johnson County, KS, GO, USD No. 229, Refunding, Series B, 5.000% due 10/1/18 |
|
5,278,300 |
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|
3,000,000 |
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Wyandotte County, Kansas City, KS, Unified Government Utilities Systems Revenue, Refunding, Series 2004, AMBAC-Insured, 5.650% due 9/1/17 |
|
3,377,970 |
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Total Kansas |
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8,656,270 |
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Kentucky — 1.7% |
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|
13,000,000 |
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Louisville & Jefferson County, KY, Metro Government Health System Revenue, Norton Healthcare Inc., 5.250% due 10/1/36 |
|
12,789,920 |
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Maine — 0.2% |
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|
1,770,000 |
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Maine State Housing Authority Mortgage Revenue, Series C, 5.300% due 11/15/23 |
|
1,780,425 |
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Maryland — 1.2% |
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Baltimore, MD, Project Revenue, Refunding, Wastewater Projects, Series A, FGIC-Insured: |
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|
2,500,000 |
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5.125% due 7/1/32 |
|
2,553,850 |
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|
3,385,000 |
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5.200% due 7/1/32 |
|
3,476,124 |
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|
3,075,000 |
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Maryland State Health & Higher EFA Revenue, Johns Hopkins Hospital Issue, 5.000% due 11/15/26 |
|
3,097,571 |
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Total Maryland |
|
9,127,545 |
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Massachusetts — 4.3% |
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|
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|
2,430,000 |
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Massachusetts Bay Transportation Authority, Sales Tax Revenue, Senior Series A, Call 7/1/10 @ 100, 5.500% due 7/1/30 (a) |
|
2,545,401 |
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|
1,125,000 |
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Massachusetts DFA Revenue, Merrimack College Issue, MBIA-Insured, 5.200% due 7/1/32 |
|
1,164,150 |
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|
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Massachusetts HEFA Revenue: |
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|
2,500,000 |
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Berklee College of Music, Series A, 5.000% due 10/1/32 |
|
2,515,650 |
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See Notes to Schedule of Investments.
3
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
|
Face |
|
Security |
|
Value |
||
|
Massachusetts — 4.3% (continued) |
|
|
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|
$ |
1,850,000 |
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University of Massachusetts Issue, Series C, FGIC-Insured, 5.125% due 10/1/27 |
|
$ |
1,914,565 |
|
5,000,000 |
|
Massachusetts State Special Obligation Revenue, Consolidated Loan, Series A, FGIC-Insured, Call 6/1/12 @ 100, 5.000% due 6/1/21 (a) |
|
5,271,000 |
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|
|
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Massachusetts State, GO, Consolidated Loan, Series C, Call 11/1/12 @ 100: |
|
|
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|
10,950,000 |
|
5.250% due 11/1/30 (a) |
|
11,691,753 |
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|
6,050,000 |
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Refunded Balance, 5.250% due 11/1/30 (a) |
|
6,459,827 |
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|
|
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Total Massachusetts |
|
31,562,346 |
||
|
Michigan — 2.9% |
|
|
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|
5,000,000 |
|
East Lansing, MI, Community School District, GO, School Building & Site, Q-SBLF-Insured, Call 5/1/10 @ 100, 5.625% due 5/1/30 (a) |
|
5,246,200 |
||
|
|
|
Michigan State, COP, AMBAC-Insured, Call 6/1/10 @ 100: |
|
|
||
|
2,345,000 |
|
5.500% due 6/1/19 (a) |
|
2,456,341 |
||
|
6,000,000 |
|
5.500% due 6/1/27 (a) |
|
6,284,880 |
||
|
|
|
Michigan State Hospital Finance Authority Revenue, Refunding: |
|
|
||
|
5,000,000 |
|
Sparrow Hospital Obligated, 5.000% due 11/15/36 |
|
4,778,050 |
||
|
2,500,000 |
|
Trinity Health Credit, Series C, 5.375% due 12/1/23 |
|
2,604,450 |
||
|
|
|
Total Michigan |
|
21,369,921 |
||
|
Minnesota — 1.8% |
|
|
||||
|
1,500,000 |
|
Dakota County, MN, CDA, MFH Revenue, Southfork Apartments, FNMA-Collateralized, 5.625% due 2/1/26 |
|
1,534,125 |
||
|
4,000,000 |
|
Minneapolis & St. Paul, MN, Metropolitan Airports Commission, Airport Revenue, Subordinated Series C, FGIC-Insured, Call 1/1/11 @ 100, 5.250% due 1/1/26 (a) |
|
4,195,760 |
||
|
7,000,000 |
|
Minneapolis, MN, Healthcare System Revenue, Allina Health System, Series A, 6.000% due 11/15/23 |
|
7,451,010 |
||
|
345,000 |
|
Minnesota State Housing Financing Agency, Single-Family Mortgage, Series I, 5.500% due 1/1/17 |
|
348,588 |
||
|
|
|
Total Minnesota |
|
13,529,483 |
||
|
Mississippi — 0.6% |
|
|
||||
|
4,000,000 |
|
Mississippi Development Bank, Special Obligation, Capital Projects & Equipment Program, Series A, AMBAC-Insured, 5.625% due 7/1/31 |
|
4,264,440 |
||
|
Missouri — 3.4% |
|
|
||||
|
1,500,000 |
|
Greene County, MO, Reorganized School District No. 8, GO, Missouri State Aid Direct Deposit Program, FSA-Insured, 5.100% due 3/1/22 |
|
1,573,455 |
||
|
21,000,000 |
|
Missouri State Environmental Improvement & Energy Resource Authority, Water Pollution Revolving Funds Program, Series B, 5.000% due 1/1/24 |
|
21,659,400 |
||
|
2,000,000 |
|
St. Louis, MO, Airport Revenue, Airport Development Program, Series A, MBIA-Insured, Call 7/1/11 @ 100, 5.125% due 7/1/22 (a) |
|
2,099,160 |
||
|
|
|
Total Missouri |
|
25,332,015 |
||
|
Montana — 1.3% |
|
|
||||
|
9,805,000 |
|
Montana State Board of Investment, Resource Recovery Revenue, Yellowstone Energy LP Project, 7.000% due 12/31/19 (b) |
|
9,854,319 |
||
|
Nebraska — 0.4% |
|
|
||||
|
3,000,000 |
|
Nebraska Public Power Generation Agency Revenue, Whelan Energy Center Unit 2-A, AMBAC-Insured, 5.000% due 1/1/25 |
|
3,080,790 |
||
|
New Jersey — 3.3% |
|
|
||||
|
1,000,000 |
|
New Jersey EDA Revenue, School Facilities Construction, Series F, Call 6/15/13 @ 100, 5.000% due 6/15/28 (a) |
|
1,060,070 |
||
|
|
|
New Jersey Health Care Facilities Financing Authority Revenue: |
|
|
||
|
3,875,000 |
|
Englewood Hospital, FHA/MBIA-Insured, 5.000% due 8/1/23 |
|
3,966,140 |
||
|
8,000,000 |
|
Robert Wood Johnson University Hospital, 5.700% due 7/1/20 |
|
8,326,480 |
||
See Notes to Schedule of Investments.
4
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
|
Face |
|
Security |
|
Value |
||
|
New Jersey — 3.3% (continued) |
|
|
||||
|
$ |
2,395,000 |
|
New Jersey State Highway Authority, Garden State Parkway General Revenue, Series Parkway, Call 1/1/10 @ 101, 5.625% due 1/1/30 (a) |
|
$ |
2,520,737 |
|
3,125,000 |
|
New Jersey State, EDA, PCR, Refunding, PSEG Power LLC Project, 5.000% due 3/1/12 |
|
3,182,781 |
||
|
1,350,000 |
|
South Jersey Port Corp., New Jersey Revenue, Refunding, 5.000% due 1/1/26 |
|
1,360,571 |
||
|
3,285,000 |
|
Tobacco Settlement Financing Corp., NJ, Asset-Backed Bonds, 5.750% due 6/1/32 |
|
3,495,109 |
||
|
|
|
Total New Jersey |
|
23,911,888 |
||
|
New Mexico — 0.1% |
|
|
||||
|
575,000 |
|
New Mexico Mortgage Financing Authority, Single-Family Mortgage Revenue, Series D-3, 5.625% due 9/1/28 |
|
577,012 |
||
|
New York — 6.9% |
|
|
||||
|
|
|
Nassau Health Care Corp., New York Health Systems Revenue, FSA-Insured, Call 8/1/09 @ 102: |
|
|
||
|
2,000,000 |
|
5.500% due 8/1/19 (a) |
|
2,105,920 |
||
|
3,000,000 |
|
5.750% due 8/1/29 (a) |
|
3,172,560 |
||
|
|
|
New York City, NY: |
|
|
||
|
5,100,000 |
|
Housing Development Corp. Revenue, Capital Fund Package, New York City Housing Authority, Series A, FGIC-Insured, 5.000% due 7/1/25 |
|
5,245,911 |
||
|
|
|
Municipal Water Finance Authority, Water & Sewer System Revenue, Series D: |
|
|
||
|
6,000,000 |
|
5.250% due 6/15/25 |
|
6,243,420 |
||
|
24,320,000 |
|
5.000% due 6/15/38 |
|
24,646,618 |
||
|
|
|
New York State Dormitory Authority Revenue: |
|
|
||
|
5,000,000 |
|
State University Educational Facility, Series B, FSA-Insured, Call 5/15/10 @ 101, 5.500% due 5/15/30 (a) |
|
5,288,350 |
||
|
1,000,000 |
|
Willow Towers Inc. Project, GNMA-Collateralized, 5.250% due 2/1/22 |
|
1,042,920 |
||
|
3,000,000 |
|
New York State Thruway Authority, Highway & Bridge, Transportation Fund, Series B-1, FGIC-Insured, Call 4/1/10 @ 101, 5.400% due 4/1/17 (a) |
|
3,159,570 |
||
|
|
|
Total New York |
|
50,905,269 |
||
|
North Carolina — 0.8% |
|
|
||||
|
1,750,000 |
|
Charlotte, NC, COP, Governmental Facilities Projects, Series G, 5.000% due 6/1/28 |
|
1,777,772 |
||
|
1,615,000 |
|
Harnett County, NC, GO, Refunded Custody Receipts, AMBAC-Insured, 5.250% due 6/1/24 |
|
1,684,623 |
||
|
|
|
North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue, Elizabeth City State University Housing Foundation LLC Project, Series A, AMBAC-Insured: |
|
|
||
|
1,000,000 |
|
5.000% due 6/1/23 |
|
1,027,010 |
||
|
1,250,000 |
|
5.000% due 6/1/33 |
|
1,272,363 |
||
|
|
|
Total North Carolina |
|
5,761,768 |
||
|
Ohio — 8.6% |
|
|
|
|
||
|
2,000,000 |
|
Canton, OH, City School District, GO, Variable Purpose, Series A, MBIA-Insured, Call 12/1/10 @ 100, 5.500% due 12/1/20 (a) |
|
2,111,320 |
||
|
3,000,000 |
|
Cuyahoga County, OH, Hospital Revenue, University Hospitals Health System Inc., AMBAC-Insured, Call 7/15/09 @ 101, 5.500% due 1/15/30 (a) |
|
3,127,440 |
||
|
1,000,000 |
|
Garfield Heights, OH, City School District, School Improvement, FSA-Insured, 5.000% due 12/15/22 |
|
1,029,770 |
||
|
|
|
Hamilton County, OH: |
|
|
||
|
2,000,000 |
|
Hospital Facilities Revenue, Cincinnati Childrens Hospital, Series J, FGIC-Insured, 5.250% due 5/15/23 |
|
2,083,400 |
||
|
|
|
Sales Tax Revenue, Subordinated Series B, AMBAC-Insured: |
|
|
||
See Notes to Schedule of Investments.
5
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
|
Face |
|
Security |
|
Value |
||
|
Ohio — 8.6% (continued) |
|
|
||||
|
$ |
5,075,000 |
|
5.250% due 12/1/32 |
|
$ |
5,229,788 |
|
19,925,000 |
|
Call 12/1/10 @ 100, 5.250% due 12/1/32 (a) |
|
20,883,193 |
||
|
7,500,000 |
|
Lorain County, OH, Hospital Revenue, Catholic Healthcare Partners, 5.375% due 10/1/30 |
|
7,627,725 |
||
|
5,990,000 |
|
Lucas County, OH, Hospital Revenue, Promedica Healthcare Obligation Group, AMBAC-Insured, 5.375% due 11/15/29 |
|
6,192,941 |
||
|
3,025,000 |
|
Muskingum County, OH, GO, Refunding & County Facilities Improvement, MBIA-Insured, 5.125% due 12/1/19 |
|
3,138,377 |
||
|
1,805,000 |
|
Ohio State Revenue, Revitalization Project, Series A, AMBAC-Insured, 5.000% due 4/1/21 |
|
1,882,904 |
||
|
1,375,000 |
|
Ohio State, Higher Educational Facility Commission Revenue, University of Dayton Project, AMBAC-Insured, Call 12/1/10 @ 101, 5.500% due 12/1/25 (a) |
|
1,463,756 |
||
|
1,500,000 |
|
Steubenville, OH, Hospital Revenue, Call 10/1/10 @ 100, 6.375% due 10/1/20 (a) |
|
1,615,020 |
||
|
|
|
Summit County, OH, GO, FGIC-Insured: |
|
|
||
|
1,000,000 |
|
5.000% due 12/1/21 |
|
1,035,120 |
||
|
500,000 |
|
5.000% due 12/1/22 |
|
515,355 |
||
|
1,500,000 |
|
Trumbull County, OH, GO, MBIA-Insured, 5.200% due 12/1/20 |
|
1,578,960 |
||
|
2,000,000 |
|
University of Cincinnati, OH, General Receipts, Series A, FGIC-Insured, Call 6/1/11 @ 101, 5.250% due 6/1/24 (a) |
|
2,126,800 |
||
|
1,500,000 |
|
Warrensville Heights, OH, GO, City School District, School Improvements, FGIC-Insured, Call 12/1/10 @ 101, 5.625% due 12/1/20 (a) |
|
1,602,495 |
||
|
|
|
Total Ohio |
|
63,244,364 |
||
|
Oregon — 1.8% |
|
|
||||
|
3,210,000 |
|
Clackamas County, OR, Hospital Facilities Authority Revenue, Legacy Health System, 5.750% due 5/1/16 |
|
3,393,162 |
||
|
4,895,000 |
|
Oregon State Department of Transportation, Highway User Tax Revenue, Series A, Call 11/15/12 @ 100, 5.125% due 11/15/23 (a) |
|
5,223,993 |
||
|
4,880,000 |
|
Oregon State Veterans Welfare, GO, Series 82, 5.500% due 12/1/42 |
|
4,883,172 |
||
|
|
|
Total Oregon |
|
13,500,327 |
||
|
Pennsylvania — 4.7% |
|
|
||||
|
8,000,000 |
|
Pennsylvania State, Turnpike Commission Revenue, Series A, AMBAC-Insured, 5.000% due 12/1/25 |
|
8,256,640 |
||
|
|
|
State Public School Building Authorities, School Revenue, Philadelphia School District Project, FSA-Insured, State Aid Withholding, Call 6/1/13 @ 100: |
|
|
||
|
18,745,000 |
|
5.250% due 6/1/26 (a) |
|
20,153,499 |
||
|
5,540,000 |
|
5.250% due 6/1/27 (a) |
|
5,956,276 |
||
|
|
|
Total Pennsylvania |
|
34,366,415 |
||
|
South Carolina — 5.1% |
|
|
||||
|
|
|
Berkeley County, SC: |
|
|
||
|
10,000,000 |
|
PCR, Refunding, SC Generating Co. Project, 4.875% due 10/1/14 |
|
10,212,500 |
||
|
2,025,000 |
|
Water & Sewer Revenue, Series A, FSA-Insured, 5.000% due 6/1/23 |
|
2,083,745 |
||
|
15,000,000 |
|
Greenville County, SC, School District Installment Purchase, Refunding, Building Equity Sooner for Tomorrow, Call 12/1/12 @ 101, 5.500% due 12/1/28 (a) |
|
16,368,000 |
||
|
|
|
South Carolina Transportation Infrastructure Bank Revenue: |
|
|
||
|
3,000,000 |
|
Refunding, Series A, AMBAC-Insured, 5.000% due 10/1/23 |
|
3,092,310 |
||
|
|
|
Series A: |
|
|
||
|
2,505,000 |
|
AMBAC-Insured, Call 10/1/11 @ 100, 5.125% due 10/1/31 (a) |
|
2,641,623 |
||
|
3,000,000 |
|
MBIA-Insured, Call 10/1/09 @ 101, 5.500% due 10/1/30 (a) |
|
3,135,090 |
||
|
|
|
Total South Carolina |
|
37,533,268 |
||
See Notes to Schedule of Investments.
6
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
|
Face |
|
Security |
|
Value |
||
|
Tennessee — 1.9% |
|
|
||||
|
$ |
1,025,000 |
|
Hardeman County, TN, Correctional Facilities Corp., Correctional Facilities Revenue, 7.750% due 8/1/17 |
|
$ |
1,050,840 |
|
6,420,000 |
|
Memphis-Shelby County, TN, Sports Authority Income Revenue, Memphis Arena Project, Series A, AMBAC-Insured, Call 11/1/12 @ 100, 5.125% due 11/1/21 (a) |
|
6,848,599 |
||
|
3,000,000 |
|
Tennessee Energy Acquisition Corp., Gas Revenue, Series C, 5.000% due 2/1/27 |
|
2,930,670 |
||
|
3,000,000 |
|
Tennessee State, GO, Series A, Call 3/1/10 @ 100, 5.250% due 3/1/17 (a) |
|
3,108,870 |
||
|
|
|
Total Tennessee |
|
13,938,979 |
||
|
Texas — 1.1% |
|
|
||||
|
5,000,000 |
|
Dallas-Fort Worth, TX, International Airport Facilities Improvement Corp. Revenue, American Airlines Inc., Guarantee Agreement, 6.375% due 5/1/35 (b) |
|
4,913,400 |
||
|
1,000,000 |
|
Harris County, TX, Health Facilities Development Corp., School Health Care System, Revenue, Series B, 5.750% due 7/1/27 (d) |
|
1,139,420 |
||
|
2,335,000 |
|
Pasadena, TX, ISD, GO, School Building, PSF-GTD-Insured, 4.750% due 2/15/24 |
|
2,341,982 |
||
|
|
|
Total Texas |
|
8,394,802 |
||
|
Virginia — 3.4% |
|
|
||||
|
3,000,000 |
|
Chesapeake, VA, IDA, PCR, Remarketed 11/8/02, 5.250% due 2/1/08 |
|
3,003,300 |
||
|
3,000,000 |
|
Chesterfield County, VA, IDA, PCR, Virginia Electric & Power Co., Series A, Remarketed 11/8/02, 5.875% due 6/1/17 |
|
3,162,600 |
||
|
1,500,000 |
|
Fairfax County, VA, Water Authority Water Revenue, Call 4/1/14 @ 100, 5.000% due 4/1/26 (a) |
|
1,601,085 |
||
|
10,000,000 |
|
Virginia State HDA Commonwealth Mortgage Revenue, Series H, Sub-Series H-1, MBIA-Insured, 5.350% due 7/1/31 |
|
10,195,600 |
||
|
7,000,000 |
|
York County, VA, IDA, PCR, Virginia Electrical & Power Co., Remarketed 11/8/02, 5.500% due 7/1/09 |
|
7,051,240 |
||
|
|
|
Total Virginia |
|
25,013,825 |
||
|
Washington — 0.4% |
|
|
||||
|
3,000,000 |
|
State of Washington, GO, Series R-2006A, AMBAC-Insured, 5.000% due 7/1/20 |
|
3,132,000 |
||
|
West Virginia — 0.7% |
|
|
||||
|
|
|
West Virginia State Housing Development Fund, Housing Finance Revenue: |
|
|
||
|
3,845,000 |
|
Series B, 5.300% due 5/1/24 |
|
3,899,484 |
||
|
1,420,000 |
|
Series C, 5.350% due 11/1/27 |
|
1,442,478 |
||
|
|
|
Total West Virginia |
|
5,341,962 |
||
|
Wisconsin — 0.3% |
|
|
||||
|
|
|
Wisconsin State HEFA Revenue: |
|
|
||
|
1,100,000 |
|
Kenosha Hospital & Medical Center Project, 5.700% due 5/15/20 |
|
1,124,937 |
||
|
1,250,000 |
|
Medical College of Wisconsin Inc. Project, MBIA-Insured, 5.400% due 12/1/16 |
|
1,267,262 |
||
|
|
|
Total Wisconsin |
|
2,392,199 |
||
|
|
|
TOTAL
INVESTMENTS BEFORE SHORT-TERM INVESTMENTS |
|
716,704,743 |
||
|
SHORT-TERM INVESTMENTS — 2.8% |
|
|
||||
|
Colorado — 0.1% |
|
|
||||
|
1,000,000 |
|
Colorado Educational & Cultural Facilities Authority Revenue, National Jewish Federation Bond Program, Series A-8, LOC-Bank of America, 3.960%, 9/4/07 (e) |
|
1,000,000 |
||
|
|
|
|
|
|
||
See Notes to Schedule of Investments.
7
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
|
Face |
|
Security |
|
Value |
||
|
Connecticut — 0.3% |
|
|
||||
|
$ |
2,200,000 |
|
Connecticut State HEFA Revenue, Yale University, Series X-3, 3.920%, 9/4/07 (e) |
|
$ |
2,200,000 |
|
Kansas — 0.2% |
|
|
||||
|
1,230,000 |
|
Kansas State Department of Transportation, Highway Revenue, Series B-2, 3.900%, 9/4/07 (e) |
|
1,230,000 |
||
|
Massachusetts — 0.0% |
|
|
||||
|
100,000 |
|
Massachusetts State HEFA Revenue, Capital Asset Program, Series C, MBIA-Insured, SPA-State Street Bank & Trust Co., 3.850%, 9/4/07 (e) |
|
100,000 |
||
|
200,000 |
|
Massachusetts State Water Resources Authority, Multi-Modal, Refunding, Subordinated Series D, LOC-Landesbank Baden-Wurttemberg, 4.050%, 9/4/07 (e) |
|
200,000 |
||
|
|
|
Total Massachusetts |
|
300,000 |
||
|
Michigan — 0.3% |
|
|
||||
|
1,180,000 |
|
Michigan State Hospital Finance Authority Revenue, Trinity Health Credit, Series F, SPA-Bank of America N.A., 3.950%, 9/4/07 (e) |
|
1,180,000 |
||
|
800,000 |
|
Royal Oak, MI, Hospital Finance Authority, Revenue, Refunding, William Beaumont Hospital, AMBAC-Insured, SPA-Morgan Stanley, 3.940%, 9/4/07 (e) |
|
800,000 |
||
|
|
|
Total Michigan |
|
1,980,000 |
||
|
Missouri — 0.5% |
|
|
||||
|
3,900,000 |
|
Missouri State HEFA Revenue, Washington University, Series B, SPA-Dexia Credit Local, 3.990%, 9/4/07 (e) |
|
3,900,000 |
||
|
New York — 0.2% |
|
|
||||
|
1,200,000 |
|
New York City, NY, TFA, New York City Recovery Project Revenue, Series 1, Subordinated Series 1-C, LIQ-JPMorgan Chase, 3.950%, 9/4/07 (e) |
|
1,200,000 |
||
|
Oregon — 0.6% |
|
|
||||
|
4,100,000 |
|
Oregon State GO, Veterans Welfare, Series 86, SPA-Dexia Credit Local, 3.950%, 9/4/07 (e) |
|
4,100,000 |
||
|
Pennsylvania — 0.0% |
|
|
||||
|
200,000 |
|
Geisinger Authority, PA, Health System Revenue, Geisinger Health System, Series C, SPA-Wachovia Bank, 3.930%, 9/4/07 (e) |
|
200,000 |
||
|
Texas — 0.6% |
|
|
||||
|
1,900,000 |
|
Gulf Coast Waste Disposal Authority, PCR, Refunding, Exxon Project, 3.880%, 9/4/07 (e) |
|
1,900,000 |
||
|
2,300,000 |
|
Harris County, TX, Health Facilities Development Corp. Revenue, Special Facilities, Texas Medical Center Project, MBIA-Insured, SPA-JPMorgan Chase, 3.960%, 9/4/07 (e) |
|
2,300,000 |
||
|
|
|
Total Texas |
|
4,200,000 |
||
|
Utah — 0.0% |
|
|
||||
|
200,000 |
|
Murray City, UT, Hospital Revenue, IHC Health Services Inc., Series C, 3.960%, 9/4/07 (e) |
|
200,000 |
||
|
|
|
TOTAL
SHORT-TERM INVESTMENTS |
|
20,510,000 |
||
|
|
|
TOTAL INVESTMENTS — 100.0% (Cost — $706,672,041#) |
|
737,214,743 |
||
See Notes to Schedule of Investments.
8
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
|
(a) |
Pre-Refunded bonds are escrowed with government obligations and/or government agency securities and are considered by the manager to be triple-A rated even if issuer has not applied for new ratings. |
|
|
(b) |
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”). |
|
|
(c) |
Variable rate security. Interest rate disclosed is that which is in effect at August 31, 2007. |
|
|
(d) |
Bonds are escrowed to maturity by government securities and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if issuer has not applied for new ratings. |
|
|
(e) |
Variable rate demand obligations have a demand feature under which the Fund can tender them back to the issuer on no more than 7 days notice. Date shown is the date of the next interest rate change. |
|
|
# |
Aggregate cost for federal income tax purposes is substantially the same. |
|
|
|
|
|
|
|
|
|
|
|
Abbreviations used in this schedule: |
|
|
|
AMBAC - Ambac Assurance Corporation |
|
|
|
CDA - Community Development Authority |
|
|
|
COP - Certificate of Participation |
|
|
|
DFA - Development Finance Agency |
|
|
|
EDA - Economic Development Authority |
|
|
|
EFA - Educational Facilities Authority |
|
|
|
FGIC - Financial Guaranty Insurance Company |
|
|
|
FHA - Federal Housing Administration |
|
|
|
FNMA - Federal National Mortgage Association |
|
|
|
FSA - Financial Security Assurance |
|
|
|
GNMA - Government National Mortgage Association |
|
|
|
GO - General Obligation |
|
|
|
GTD - Guaranteed |
|
|
|
HDA - Housing Development Agency |
|
|
|
HEFA - Health & Educational Facilities Authority |
|
|
|
HFA - Housing Finance Authority |
|
|
|
IDA - Industrial Development Authority |
|
|
|
ISD - Independent School District |
|
|
|
LIQ - Liquidity Facility |
|
|
|
LOC - Letter of Credit |
|
|
|
MBIA - Municipal Bond Investors Assurance Corporation |
|
|
|
MFH - Multi-Family Housing |
|
|
|
PCR - Pollution Control Revenue |
|
|
|
PSF - Permanent School Fund |
|
|
|
Q-SBLF - Qualified School Board Loan Fund |
|
|
|
RDA - Redevelopment Agency |
|
|
|
SPA - Standby Bond Purchase Agreement |
|
|
|
TFA - Transitional Finance Authority |
|
|
|
USD - Unified School District |
|
|
Summary of Investments by Industry (unaudited) * |
|
|
|
|
|
|
|
Pre-Refunded |
36.4 |
% |
|
Hospitals |
10.6 |
|
|
General Obligation |
9.9 |
|
|
Water & Sewer |
9.3 |
|
|
Transportation |
5.8 |
|
|
Housing: Single-Family |
5.5 |
|
|
Utilities |
4.2 |
|
|
Pollution Control |
3.5 |
|
|
Escrowed to Maturity |
3.0 |
|
|
Education |
2.7 |
|
|
Tax Allocation |
2.5 |
|
|
Cogeneration Facilities |
2.2 |
|
|
Tobacco |
2.1 |
|
|
Miscellaneous |
1.0 |
|
|
Public Facilities |
0.7 |
|
|
Government Facilities |
0.2 |
|
|
Housing: Multi-Family |
0.2 |
|
|
Finance |
0.2 |
|
|
|
|
|
|
|
100 |
% |
See Notes to Schedule of Investments.
9
Western Asset Managed Municipals Fund Inc.
Schedule of Investments (unaudited) (continued)
August 31, 2007
* As a percentage of total investments. Please note that the Fund holdings are as of August 31, 2007 and are subject to change.
Ratings Table† (August 31, 2007) (unaudited)
|
S&P/Moody’s ** |
|
|
|
|
|
AAA/Aaa |
|
57.0 |
% |
|
|
AA/Aa |
|
16.2 |
|
|
|
A |
|
14.1 |
|
|
|
BBB/Baa |
|
4.8 |
|
|
|
BB/Ba |
|
1.9 |
|
|
|
CCC/Caa |
|
0.7 |
|
|
|
A-1/VMIG1 |
|
2.6 |
|
|
|
P-1 |
|
0.1 |
|
|
|
NR |
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
†As a percentage of total investments
** S&P primary rating, then Moody’s.
See pages 11 and 12 for definitions of ratings.
See Notes to Schedule of Investments.
10
Bond Ratings (unaudited)
The definitions of the applicable rating symbols are set forth below:
Standard & Poor’s Ratings Service (“Standard & Poor’s”)—Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (–) sign to show relative standings within the major rating categories.
|
AAA |
— Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong. |
|
AA |
— Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree. |
|
A |
— Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories. |
|
BBB |
— Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories. |
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BB, B, |
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CCC, |
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CC and C |
— Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions. |
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D |
— Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears. |
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|
|
|
Moody’s Investors Service (“Moody’s”)—Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category. |
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|
|
|
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Aaa |
— Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues. |
|
Aa |
— Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities. |
|
A |
— Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future. |
|
Baa |
— Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well. |
|
Ba |
— Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class. |
11
|
Bond Ratings (unaudited)(continued) |
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|
|
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B |
— Bonds rated “B” generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small. |
|
Caa |
— Bonds rated “Caa” are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest. |
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Ca |
— Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings. |
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C |
— Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing. |
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NR |
— Indicates that the bond is not rated by Standard & Poor’s or Moody’s. |
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Short-Term Security Ratings (unaudited) |
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SP-1 |
— Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign. |
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A-1 |
— Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign. |
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VMIG 1 |
— Moody’s highest rating for issues having a demand feature— VRDO. |
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MIG1 |
— Moody’s highest rating for short-term municipal obligations. |
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P-1 |
— Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating. |
12
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
Western Asset Managed Municipals Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Fund’s investment objective is to seek as high a level of current income exempt from federal tax as is consistent with the preservation of capital.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) Investment Valuation. Debt securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. When prices are not readily available, or are determined not to reflect fair value, 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 may value these securities at fair value as determined in accordance with the procedures approved by the Fund’s Board of Trustees. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value.
(b) Security Transactions. Security transactions are accounted for on a trade date basis.
2. Investments
At August 31, 2007, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
Gross unrealized appreciation |
|
$ |
33,406,348 |
|
|
Gross unrealized depreciation |
|
(2,863,646 |
) |
|
|
Net unrealized appreciation |
|
$ |
30,542,702 |
|
13
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Western Asset Managed Municipals Fund Inc.
|
By |
/s/ R. Jay Gerken |
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||
|
R. Jay Gerken |
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|||
|
Chief Executive Officer |
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|||
|
Date: |
October 29, 2007 |
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||
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|||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By |
/s/ R. Jay Gerken |
|
|||
|
R. Jay Gerken |
|
||||
|
Chief Executive Officer |
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||||
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||||
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Date: |
October 29, 2007 |
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||||
|
By |
/s/ Kaprel Ozsolak |
|
|||
|
Kaprel Ozsolak |
|
||||
|
Chief Financial Officer |
|
||||
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|
|
||||
|
Date: |
October 29, 2007 |
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