# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001752724-25-182202
**Filing Date:** 2025-7
**Character Count:** 493976
**Document Hash:** dadf9e9a204f39ab2a3a1bd39e52d764
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182202.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182202

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INCOME TRUST
- **CENTRAL INDEX KEY:** 0000764624

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 251160016

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS INCOME FUNDS
- **DATE OF NAME CHANGE:** 20060407

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY INCOME FUNDS
- **DATE OF NAME CHANGE:** 19941228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY SHEARSON INCOME FUNDS
- **DATE OF NAME CHANGE:** 19931015

## Series and Classes Contracts Data

### Western Asset Managed Municipals Fund (Series ID: S000016628)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046426 | Class A      | SHMMX           |
| C000046428 | Class C      | SMMCX           |
| C000046429 | Class I      | SMMYX           |
| C000046430 | Class 1      | SMMOX           |
| C000184045 | Class IS     | SSMMX           |

## Nport-Ex

Schedule of Investments (unaudited)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 97.4%** | **Municipal Bonds — 97.4%** | **Municipal Bonds — 97.4%** | **Municipal Bonds — 97.4%** | **Municipal Bonds — 97.4%** |
| *Alabama — 2.8%* | *Alabama — 2.8%* | *Alabama — 2.8%* | *Alabama — 2.8%* | *Alabama — 2.8%* |
| &nbsp;&nbsp;&nbsp; Alabama State Corrections Institution Finance Authority Revenue, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; $10000000 | &nbsp;&nbsp;&nbsp; $10227024<br>|
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 6, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp; 3463080<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3664956<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3311785<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3079468<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2556811<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp; 11114871<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp; 9738805<br>|
| &nbsp;&nbsp;&nbsp; Mobile County, AL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 5720000 | &nbsp;&nbsp;&nbsp; 5376973<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series B | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp; 3840152<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2217481<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 4495000 | &nbsp;&nbsp;&nbsp; 4736468<br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue, <br> Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 9925000 | &nbsp;&nbsp;&nbsp; 10248000<br> <sup>(a)(b)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *73575874* |
| *Alaska — 0.6%* | *Alaska — 0.6%* | *Alaska — 0.6%* | *Alaska — 0.6%* | *Alaska — 0.6%* |
| &nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp; 1550160<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1179367<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 776142<br>|
| &nbsp;&nbsp;&nbsp; Anchorage, AK, Port Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 4325000 | &nbsp;&nbsp;&nbsp; 4113990<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 747589<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1855584<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp; 2081031<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp; 952580<br>|
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset <br> Backed Senior Bonds, Class 1, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 1874664<br>|
| *Total Alaska* | *Total Alaska* | *Total Alaska* | *Total Alaska* | &nbsp;&nbsp; *15131107* |
| *Arizona — 2.1%* | *Arizona — 2.1%* | *Arizona — 2.1%* | *Arizona — 2.1%* | *Arizona — 2.1%* |
| &nbsp;&nbsp;&nbsp; Arizona State Board of Regents University System Revenue, Series D  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1860592<br>|
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Series A, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp; 1296646<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Series S, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp; 941044<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1125487<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 732812<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 456367<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp; 615903<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp; 1800411<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Hospital Revenue, Phoenix Children's Hospital, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 2500819<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* |
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; $7600000 | &nbsp;&nbsp;&nbsp; $7650173<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; 4355605<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 11600000 | &nbsp;&nbsp;&nbsp; 11429389<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA, Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Arizona Project, Series A, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 726470<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Arizona Project, Series C, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 232417<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Arizona Project, Series C, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 443362<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Traditional School Project, Series A, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 536388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Traditional School Project, Series A, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp; 954761<br>|
| &nbsp;&nbsp;&nbsp; Navajo Nation, AZ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp;&nbsp; 3997329<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA, Education Revenue, Great Hearts Academies, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp; 928630<br>|
| &nbsp;&nbsp;&nbsp; Queen Creek, AZ, Excise Tax & State Shared Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp; 1261397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1532769<br>|
| &nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 9110000 | &nbsp;&nbsp;&nbsp; 9514029<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *54892800* |
| *Arkansas — 0.1%* | *Arkansas — 0.1%* | *Arkansas — 0.1%* | *Arkansas — 0.1%* | *Arkansas — 0.1%* |
| &nbsp;&nbsp;&nbsp; Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, United States Steel Corporation Project, Green Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; *3540120*<br> <sup>(c)</sup><br>|
| *California — 10.0%* | *California — 10.0%* | *California — 10.0%* | *California — 10.0%* | *California — 10.0%* |
| &nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 5125000 | &nbsp;&nbsp;&nbsp; 5191465<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; 1726727<br>|
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series A <br> (SIFMA Municipal Swap Index Yield + 1.250%) | &nbsp;&nbsp; 3.220% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 20495000 | &nbsp;&nbsp;&nbsp; 20369917<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp; 3454897<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 29000000 | &nbsp;&nbsp;&nbsp; 29833359<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10398845<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4449276<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; 5627133<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp; 26263375<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 10900000 | &nbsp;&nbsp;&nbsp; 11602690<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Health Facilities Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucile Salter Packard Children's Hospital at Stanford | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp;&nbsp; 5510233<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucile Salter Packard Children's Hospital at Stanford | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1125122<br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue, Senior Lien, LINXS APM Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 15020000 | &nbsp;&nbsp;&nbsp; 14640574<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles <br> International Airport Project  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 886355<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1551814<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 5540000 | &nbsp;&nbsp;&nbsp; 5588011<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 6070000 | &nbsp;&nbsp;&nbsp; 6007705<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California Statewide CDA Revenue, American Baptist Homes of the West, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; 1904620<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Purchase, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; $1900000 | &nbsp;&nbsp;&nbsp; $1982939<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Purchase, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 2830000 | &nbsp;&nbsp;&nbsp; 3108644<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 2430000 | &nbsp;&nbsp;&nbsp; 2500108<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/44 | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; 4307742<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2297431<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; 1254670<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp; 2308821<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp;&nbsp; 5698828<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1498513<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 766517<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 4865000 | &nbsp;&nbsp;&nbsp; 4869313<br>|
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 5315000 | &nbsp;&nbsp;&nbsp; 6260893<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 5515000 | &nbsp;&nbsp;&nbsp; 6510055<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 17615000 | &nbsp;&nbsp;&nbsp; 20749883<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 5820000 | &nbsp;&nbsp;&nbsp; 6870085<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 3295000 | &nbsp;&nbsp;&nbsp; 3460738<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; 1156818<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2020-1, Series 2023, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2193463<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; 1613766<br>|
| &nbsp;&nbsp;&nbsp; Riverside County, CA, Transportation Commission Sales Tax Revenue, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 5390000 | &nbsp;&nbsp;&nbsp; 5568277<br>|
| &nbsp;&nbsp;&nbsp; Roseville, CA, Natural Gas Financing Authority Revenue, Series 2007  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3093755<br>|
| &nbsp;&nbsp;&nbsp; San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1371172<br>|
| &nbsp;&nbsp;&nbsp; San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 682275<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Series A, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2965860<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp;&nbsp; 7922409<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5168<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 3410000 | &nbsp;&nbsp;&nbsp; 3341001<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFO Fuel Company LLC, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 889510<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFO Fuel Company LLC, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1122734<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sanger, CA, USD Revenue, COP, Capital Projects, Unrefunded, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 190055<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue, Asset Backed <br> Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp; 2081612<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *264775173* |
| *Colorado — 2.5%* | *Colorado — 2.5%* | *Colorado — 2.5%* | *Colorado — 2.5%* | *Colorado — 2.5%* |
| &nbsp;&nbsp;&nbsp; Base Village Metropolitan District No 2, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 774000 | &nbsp;&nbsp;&nbsp; 774232<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Colorado — continued* | *Colorado — continued* | *Colorado — continued* | *Colorado — continued* | *Colorado — continued* |
| &nbsp;&nbsp;&nbsp; Broadway Station Metropolitan District No 3, CO, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $627716<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 741358<br>|
| &nbsp;&nbsp;&nbsp; Colorado Springs, CO, Utilities System Revenue, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; 6619828<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Educational & Cultural Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Denver Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 2810000 | &nbsp;&nbsp;&nbsp; 2831349<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Denver Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3720000 | &nbsp;&nbsp;&nbsp; 3738870<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adventhealth Obligated Group, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 8035000 | &nbsp;&nbsp;&nbsp; 7747548<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3610033<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3526499<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 3415000 | &nbsp;&nbsp;&nbsp; 2822852<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement and Refunding Revenue, Bethesda Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 3755000 | &nbsp;&nbsp;&nbsp; 3378745<br>|
| &nbsp;&nbsp;&nbsp; Colorado State High Performance Transportation Enterprise Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1123806<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/51 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; 1163991<br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3189702<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp; 4546770<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3746362<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; District of Vauxmont Metropolitan, CO, GO, Series 2020, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 1139000 | &nbsp;&nbsp;&nbsp; 1120785<br>|
| &nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Revenue  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 6375000 | &nbsp;&nbsp;&nbsp; 7447706<br>|
| &nbsp;&nbsp;&nbsp; Regional Transportation District, CO, Denver Transit Partners Eagle P3 Project, <br> Series A, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 652465<br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 5903900<br> <sup>(d)</sup><br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *65314517* |
| *Connecticut — 0.4%* | *Connecticut — 0.4%* | *Connecticut — 0.4%* | *Connecticut — 0.4%* | *Connecticut — 0.4%* |
| &nbsp;&nbsp;&nbsp; Connecticut Airport Authority, Customer Facility Charge Revenue, Ground <br> Transportation, Center Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1471315<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connecticut State Special Tax Obligation Revenue, Transportation Infrastructure <br> Purpose, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 5880000 | &nbsp;&nbsp;&nbsp; 6010826<br>|
| &nbsp;&nbsp;&nbsp; Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, <br> Harbor Point Project Ltd., Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp; 2925738<br> <sup>(d)</sup><br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *10407879* |
| *Delaware — 0.3%* | *Delaware — 0.3%* | *Delaware — 0.3%* | *Delaware — 0.3%* | *Delaware — 0.3%* |
| &nbsp;&nbsp;&nbsp; Delaware State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acts Retirement Communities, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2156964<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acts Retirement Communities, Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1510141<br>|
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority Revenue, Beebe Medical Center Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2135713<br>|
| &nbsp;&nbsp;&nbsp; Delaware State Transportation Authority Revenue, US 301 Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 2330443<br>|
| *Total Delaware* | *Total Delaware* | *Total Delaware* | *Total Delaware* | &nbsp;&nbsp; *8133261* |
| *District of Columbia — 1.1%* | *District of Columbia — 1.1%* | *District of Columbia — 1.1%* | *District of Columbia — 1.1%* | *District of Columbia — 1.1%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 7020000 | &nbsp;&nbsp;&nbsp; 7029376<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 5465000 | &nbsp;&nbsp;&nbsp; 5318047<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airports Authority Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; $6600000 | &nbsp;&nbsp;&nbsp; $6977002<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 8180000 | &nbsp;&nbsp;&nbsp; 8709346<br> <sup>(c)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *28033771* |
| *Florida — 6.0%* | *Florida — 6.0%* | *Florida — 6.0%* | *Florida — 6.0%* | *Florida — 6.0%* |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp; 2626759<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 2545000 | &nbsp;&nbsp;&nbsp; 2499014<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1192491<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 16700000 | &nbsp;&nbsp;&nbsp; 16437805<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; 1597302<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3067496<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 7875000 | &nbsp;&nbsp;&nbsp; 8229793<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 6535000 | &nbsp;&nbsp;&nbsp; 6779089<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cape Coral, FL, Water & Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3855853<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2576163<br>|
| &nbsp;&nbsp;&nbsp; Cityplace, FL, Community Development District, Special Assessment Revenue, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; 520950<br>|
| &nbsp;&nbsp;&nbsp; FAU Finance Corporation Florida Capital Improvement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing Project, Refunding, <br>Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3166218<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing Project, Refunding, <br>Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3138726<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing Project, Refunding, <br>Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1958470<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue, <br> Renaissance Charter School Inc. Projects, Series A  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2299925<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Passenger Rail Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1469198<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Passenger Rail Project, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2006193<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Passenger Rail Project, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 26150000 | &nbsp;&nbsp;&nbsp; 25732246<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Mid-Bay Bridge Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1471474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; 381033<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp; 2069849<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3795080<br>|
| &nbsp;&nbsp;&nbsp; Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 2606495<br>|
| &nbsp;&nbsp;&nbsp; Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Subordinated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 3605000 | &nbsp;&nbsp;&nbsp; 3566654<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Subordinated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp; 2785031<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, <br> Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 4025000 | &nbsp;&nbsp;&nbsp; 3994407<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp; 1218045<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 5505000 | &nbsp;&nbsp;&nbsp; 5521365<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; $2275000 | &nbsp;&nbsp;&nbsp; $2270932<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus <br> Children's Hospital, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 4935000 | &nbsp;&nbsp;&nbsp; 4825438<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Seaport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 8765000 | &nbsp;&nbsp;&nbsp; 8495329<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp; 6558576<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp; 4574042<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/56 | &nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp; 3425925<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acts Retirement-Life Communities | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1275671<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 660124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp; 876361<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1430117<br>|
| &nbsp;&nbsp;&nbsp; Reunion, FL, East Community Development District, Special Assessment Bond, <br> Series A-2  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 6<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sarasota County, FL, Public Hospital Board Revenue, Sarasota Memorial Hospital, <br> Series B, Refunding, NATL  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp; 2737054<br>|
| &nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 975890<br>|
| &nbsp;&nbsp;&nbsp; Tampa, FL, Sports Authority Revenue, Tampa Bay Arena Project, NATL, GTD  | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 225410<br>|
| &nbsp;&nbsp;&nbsp; Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical <br> University Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/47 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp; 2053979<br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1464786<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1331088<br> <sup>(d)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *159743852* |
| *Georgia — 1.6%* | *Georgia — 1.6%* | *Georgia — 1.6%* | *Georgia — 1.6%* | *Georgia — 1.6%* |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Water & Wastewater Revenue, Series A, NATL  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 502891<br>|
| &nbsp;&nbsp;&nbsp; Brookhaven, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Healthcare of Atlanta, Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1013189<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Healthcare of Atlanta, Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 5315000 | &nbsp;&nbsp;&nbsp; 4550623<br>|
| &nbsp;&nbsp;&nbsp; Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health <br> System, Inc. Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 3640000 | &nbsp;&nbsp;&nbsp; 3580011<br>|
| &nbsp;&nbsp;&nbsp; Cobb-Marietta Counties, GA, Coliseum & Exhibit Hall Authority Revenue, <br> Refunding, NATL  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 223880<br>|
| &nbsp;&nbsp;&nbsp; Fulton County, GA, Development Authority Revenue, Wellstar Health System, Inc. <br> Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp; 2095478<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Higher Education Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USG Real Estate Foundation II LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; 876787<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USG Real Estate Foundation II LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 795275<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4 Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1500202<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project J, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 646480<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project M, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4089266<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project M, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 648424<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project P, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 2391619<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Georgia — continued* | *Georgia — continued* | *Georgia — continued* | *Georgia — continued* | *Georgia — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; $1710000 | &nbsp;&nbsp;&nbsp; $1726512<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp; 1501903<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp;&nbsp; 7751492<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1554589<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp; 1483455<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp; 5069285<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *42001361* |
| *Guam — 0.1%* | *Guam — 0.1%* | *Guam — 0.1%* | *Guam — 0.1%* | *Guam — 0.1%* |
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 789416<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp; 2545267<br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *3334683* |
| *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* |
| &nbsp;&nbsp;&nbsp; Honolulu, HI, City & County Wastewater System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 6790000 | &nbsp;&nbsp;&nbsp; 5339734<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2779436<br>|
| *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | &nbsp;&nbsp; *8119170* |
| *Illinois — 12.5%* | *Illinois — 12.5%* | *Illinois — 12.5%* | *Illinois — 12.5%* | *Illinois — 12.5%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp; 1205109<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 921761<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp; 3347249<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1563451<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; 610563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp; 2810528<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3354450<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2599261<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; 601489<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1233426<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1107240<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3010000 | &nbsp;&nbsp;&nbsp; 2740953<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 7870000 | &nbsp;&nbsp;&nbsp; 7973760<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp; 4621765<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp; 2078108<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 16040000 | &nbsp;&nbsp;&nbsp; 15485411<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; 1952792<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp; 1825545<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp; 3168381<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3225000 | &nbsp;&nbsp;&nbsp; 2936735<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 13035000 | &nbsp;&nbsp;&nbsp; 12350609<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp; 2748461<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; $1710000 | &nbsp;&nbsp;&nbsp; $1718961<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1141493<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 7305000 | &nbsp;&nbsp;&nbsp; 7269948<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1231068<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp; 1133515<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrIPS Obligated Group | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp; 2781189<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp; 3176670<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp; 1400825<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 3260000 | &nbsp;&nbsp;&nbsp; 2722566<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp; 1707089<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; 1216311<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/53 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp; 4306899<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/58 | &nbsp;&nbsp; 6365000 | &nbsp;&nbsp;&nbsp; 6396577<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 3055000 | &nbsp;&nbsp;&nbsp; 3090383<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 766498<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 789665<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 782660<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp;&nbsp; 4668961<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; 1590427<br>|
| &nbsp;&nbsp;&nbsp; Cook County, IL, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp; 1921443<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp;&nbsp; 2585608<br>|
| &nbsp;&nbsp;&nbsp; Elk Grove Village, IL, GO, Cook and DuPage Counties, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp; 1048205<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 700640<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp; 451518<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northshore University Healthsystem, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/39 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp; 2664439<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northshore University Healthsystem, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp; 1140310<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSF Healthcare System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 4180000 | &nbsp;&nbsp;&nbsp; 3598549<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 760382<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 894823<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 739326<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, Health Services Facilities Lease Revenue Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; 1414429<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority, Student Housing & Academic Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Chicago LLC, University of Illinois Chicago Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1414072<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Chicago LLC, University of Illinois Chicago Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; 348101<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1561027<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1573418<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 989497<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1860000 | &nbsp;&nbsp;&nbsp; 1956611<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; $4555000 | &nbsp;&nbsp;&nbsp; $4665329<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 17075000 | &nbsp;&nbsp;&nbsp; 17167605<br>|
| &nbsp;&nbsp;&nbsp; Illinois State University Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System, AG, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 593164<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System, AG, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; 392440<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System, AG, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 583170<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1911500<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp; 1423041<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 18480000 | &nbsp;&nbsp;&nbsp; 18987149<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp; 1007711<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2113798<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp;&nbsp; 3649463<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2303980<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 7855000 | &nbsp;&nbsp;&nbsp; 7817381<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp; 3833122<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3274594<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; 4809894<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4604930<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 29275000 | &nbsp;&nbsp;&nbsp; 30463934<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp; 5891074<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 720159<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, BAM | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/56 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 1337119<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 9680000 | &nbsp;&nbsp;&nbsp; 8649479<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 14600000 | &nbsp;&nbsp;&nbsp; 11985435<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 24000000 | &nbsp;&nbsp;&nbsp; 23299414<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B-1, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 313323<br>|
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 6890000 | &nbsp;&nbsp;&nbsp; 5944033<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, NATL | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 13340000 | &nbsp;&nbsp;&nbsp; 14224990<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *332858381* |
| *Indiana — 1.3%* | *Indiana — 1.3%* | *Indiana — 1.3%* | *Indiana — 1.3%* | *Indiana — 1.3%* |
| &nbsp;&nbsp;&nbsp; Ball State University, IN, Board of Student Fee Bonds, Series S, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp; 1340371<br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3335227<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp; 3726315<br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Wastewater Utility Revenue, CWA Authority <br> Project, Green Bonds, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp; 7241123<br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority, Wastewater Utility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp; 1215482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1404802<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1604417<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1444131<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* |
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank, Indianapolis Airport <br> Authority Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; $11090000 | &nbsp;&nbsp;&nbsp; $11479679<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Indiana Commuter Transportation District, Industrial Revenue, Limited <br> Obligation Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1919185<br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *34710732* |
| *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* |
| &nbsp;&nbsp;&nbsp; Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, <br> Class 1, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp; *1946398*<br>|
| *Kansas — 0.3%* | *Kansas — 0.3%* | *Kansas — 0.3%* | *Kansas — 0.3%* | *Kansas — 0.3%* |
| &nbsp;&nbsp;&nbsp; Sedgwick County, KS, Public Building Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 3305000 | &nbsp;&nbsp;&nbsp; 3308715<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2277413<br>|
| &nbsp;&nbsp;&nbsp; Wyandotte County/Kansas City, KS, Unified Government Utility System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1522297<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2191757<br>|
| *Total Kansas* | *Total Kansas* | *Total Kansas* | *Total Kansas* | &nbsp;&nbsp; *9300182* |
| *Kentucky — 0.4%* | *Kentucky — 0.4%* | *Kentucky — 0.4%* | *Kentucky — 0.4%* | *Kentucky — 0.4%* |
| &nbsp;&nbsp;&nbsp; Kentucky State Economic Development Finance Authority Revenue, Louisville <br> Arena, Louisville Arena Authority Inc., Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2960000 | &nbsp;&nbsp;&nbsp; 2961890<br>|
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3934359<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norton Healthcare Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1595000 | &nbsp;&nbsp;&nbsp; 1637646<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norton Healthcare Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1163799<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norton Healthcare Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 699673<br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *10397367* |
| *Louisiana — 1.1%* | *Louisiana — 1.1%* | *Louisiana — 1.1%* | *Louisiana — 1.1%* | *Louisiana — 1.1%* |
| &nbsp;&nbsp;&nbsp; Lafayette Parish, LA, School Board Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2095804<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp; 2450805<br>|
| &nbsp;&nbsp;&nbsp; Louisiana State PFA, Lease Revenue, Provident Group, Flagship Property, Louisiana <br> University Nicholson Gateway  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3605000 | &nbsp;&nbsp;&nbsp; 3495228<br>|
| &nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue, Series A, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp; 1783574<br>|
| &nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series A-3, Refunding | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 6540000 | &nbsp;&nbsp;&nbsp; 6414531<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp; 3709490<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series C, Refunding | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 8750000 | &nbsp;&nbsp;&nbsp; 8578394<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *28527826* |
| *Maryland — 0.5%* | *Maryland — 0.5%* | *Maryland — 0.5%* | *Maryland — 0.5%* | *Maryland — 0.5%* |
| &nbsp;&nbsp;&nbsp; Baltimore, MD, Water Project Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 4365000 | &nbsp;&nbsp;&nbsp; 3843826<br>|
| &nbsp;&nbsp;&nbsp; Maryland State EDC, EDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Facilities Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 783310<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Facilities Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1548119<br>|
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland, College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; 1593061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland, College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 760558<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Maryland — continued* | *Maryland — continued* | *Maryland — continued* | *Maryland — continued* | *Maryland — continued* |
| &nbsp;&nbsp;&nbsp; Maryland State Stadium Authority, Built to Learn Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; $5235000 | &nbsp;&nbsp;&nbsp; $4659300<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *13188174* |
| *Massachusetts — 1.4%* | *Massachusetts — 1.4%* | *Massachusetts — 1.4%* | *Massachusetts — 1.4%* | *Massachusetts — 1.4%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State Bay Transportation Authority, Sales Tax Revenue, Senior, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1141996<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center, Sustainability Bonds, Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4392639<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxborough Regional Charter, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp; 1707968<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp; 820223<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp; 2828913<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Memorial Health Care, Series I, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp; 1411342<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WGBH Educational Foundation, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp; 1672779<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worcester Polytechnic Institute, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 6735000 | &nbsp;&nbsp;&nbsp; 6748936<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Municipal Wholesale Electric Co. Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1369167<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 3165000 | &nbsp;&nbsp;&nbsp; 3297603<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 3155000 | &nbsp;&nbsp;&nbsp; 3273293<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 547051<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Water Resources Authority Revenue, General, Series C, <br> Green Bond, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 8540000 | &nbsp;&nbsp;&nbsp; 8222948<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *37434858* |
| *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* |
| &nbsp;&nbsp;&nbsp; Great Lakes, MI, Water Authority, Water Supply System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 13430000 | &nbsp;&nbsp;&nbsp; 13451500<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1357074<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3102146<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 2076932<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp; 1636464<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp; 2066240<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, <br> Series D-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 760829<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, <br> Series D-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; 1174923<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2086951<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/28/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1807735<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 584365<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Health Credit Group, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1727175<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 5845000 | &nbsp;&nbsp;&nbsp; 5835259<br> <sup>(c)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *37667593* |
| *Missouri — 0.2%* | *Missouri — 0.2%* | *Missouri — 0.2%* | *Missouri — 0.2%* | *Missouri — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cape Girardeau County, MO, IDA, Health Facilities Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 673643<br>|
| &nbsp;&nbsp;&nbsp; Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport <br> Terminal Modernization Project, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 3415000 | &nbsp;&nbsp;&nbsp; 3471671<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Missouri — continued* | *Missouri — continued* | *Missouri — continued* | *Missouri — continued* | *Missouri — continued* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services <br> Projects, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; $2125000 | &nbsp;&nbsp;&nbsp; $2109232<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *6254546* |
| *Nebraska — 0.4%* | *Nebraska — 0.4%* | *Nebraska — 0.4%* | *Nebraska — 0.4%* | *Nebraska — 0.4%* |
| &nbsp;&nbsp;&nbsp; Douglas County, NE, Hospital Authority No 2, Revenue Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital Obligated Group, Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp; 761895<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital Obligated Group, Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 846410<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital Obligated Group, Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 642779<br>|
| &nbsp;&nbsp;&nbsp; Nebraska State Public Power District Revenue, Series D, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3043876<br>|
| &nbsp;&nbsp;&nbsp; Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 5890000 | &nbsp;&nbsp;&nbsp; 5285075<br>|
| *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | &nbsp;&nbsp; *10580035* |
| *Nevada — 0.5%* | *Nevada — 0.5%* | *Nevada — 0.5%* | *Nevada — 0.5%* | *Nevada — 0.5%* |
| &nbsp;&nbsp;&nbsp; Clark County, NV, GO, Stadium Improvements, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 13780000 | &nbsp;&nbsp;&nbsp; *13837332*<br>|
| *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem Sustainable Energy Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 15200000 | &nbsp;&nbsp;&nbsp; 16396827<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem Sustainable Energy Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 14750000 | &nbsp;&nbsp;&nbsp; 14275132<br> <sup>(g)</sup><br>|
| *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | &nbsp;&nbsp; *30671959* |
| *New Jersey — 4.8%* | *New Jersey — 4.8%* | *New Jersey — 4.8%* | *New Jersey — 4.8%* | *New Jersey — 4.8%* |
| &nbsp;&nbsp;&nbsp; New Brunswick, NJ, Parking Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Municipal Government GTD, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; 1728218<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, Municipal Government GTD, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3059836<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1900500<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1141858<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 761044<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1654626<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1292792<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series SSS, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1094839<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 757528<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Department and Taxation Division Office Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 4895000 | &nbsp;&nbsp;&nbsp; 5003377<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State House Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/43 | &nbsp;&nbsp; 2555000 | &nbsp;&nbsp;&nbsp; 2562907<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA, Special Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Airlines Inc. Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp;&nbsp; 5697964<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Airlines Inc. Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp; 1405731<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1448238<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3796750<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EFA Revenue, Stevens Institute of Technology, Green Bonds, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp; 2670897<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackensack Meridian Health, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1347362<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWJ Barnabas Health Obligation Group, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 5315000 | &nbsp;&nbsp;&nbsp; 5271516<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3722241<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp; 2629320<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; $7400000 | &nbsp;&nbsp;&nbsp; $6247409<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4178313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp; 12224519<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 5880000 | &nbsp;&nbsp;&nbsp; 5741674<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 614328<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 6830000 | &nbsp;&nbsp;&nbsp; 6813805<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 7756116<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp; 11281955<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, CAB, Series C, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp; 1908412<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 2890675<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; 4194314<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue, Series G, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 11905000 | &nbsp;&nbsp;&nbsp; 12289690<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 1715000 | &nbsp;&nbsp;&nbsp; 1722064<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *126810818* |
| *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Municipal Energy Acquisition Authority, Gas Supply Revenue, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; *7218257*<br> <sup>(a)(b)</sup><br>|
| *New York — 15.8%* | *New York — 15.8%* | *New York — 15.8%* | *New York — 15.8%* | *New York — 15.8%* |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter <br> School Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/1/62 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1385322<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp;&nbsp; 4654260<br>|
| &nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority Electric System Revenue, Series B  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3846702<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Dedicated Tax Fund Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 5695000 | &nbsp;&nbsp;&nbsp; 5723601<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Subseries B-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 15860000 | &nbsp;&nbsp;&nbsp; 13797743<br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp; 2352719<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1928597<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-2A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1068163<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; 1832817<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp; 5558829<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 6905000 | &nbsp;&nbsp;&nbsp; 7195109<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 3555000 | &nbsp;&nbsp;&nbsp; 3670671<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp;&nbsp; 4271922<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 6415000 | &nbsp;&nbsp;&nbsp; 6497231<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp; 2224685<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, Impact Revenue, Sustainable Development Bonds, Series <br> A, HUD Section 8  | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/1/53 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3929687<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; 1699566<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 3985000 | &nbsp;&nbsp;&nbsp; 3587406<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2022, Series AA, Subseries AA-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 17460000 | &nbsp;&nbsp;&nbsp; 14892861<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Subseries B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; $3500000 | &nbsp;&nbsp;&nbsp; $3269398<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Subseries F-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 10550000 | &nbsp;&nbsp;&nbsp; 10629050<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Subseries A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1792209<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Subseries B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 5935000 | &nbsp;&nbsp;&nbsp; 5308391<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Subseries C-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp; 2377410<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Subseries C-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp; 23304865<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Subseries F-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; 10552837<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt SD Program, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10668<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt SD Program, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5334<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt SD Program, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5334<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, Memorial Sloan-Kettering Cancer Center, Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp; 5810070<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, SD, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5334<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Bidding Group 3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp;&nbsp; 7644565<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, Series E, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp; 1566757<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 3, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10435<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 3, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10435<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 3, Series B, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 7040000 | &nbsp;&nbsp;&nbsp; 7150354<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 4, Series D, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 12815000 | &nbsp;&nbsp;&nbsp; 12022848<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue, 3 World Trade Center Project, <br> Class 1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 7180000 | &nbsp;&nbsp;&nbsp; 6983708<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority General Revenue, Junior Indebtedness <br> Obligations, Junior Lien, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 4615000 | &nbsp;&nbsp;&nbsp; 4101820<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp; 1386053<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 11055000 | &nbsp;&nbsp;&nbsp; 11164726<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp; 821605<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 8250000 | &nbsp;&nbsp;&nbsp; 8961511<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp; 6820289<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 4365000 | &nbsp;&nbsp;&nbsp; 3870898<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/54 | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp;&nbsp; 7710352<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp; 17421353<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 17750000 | &nbsp;&nbsp;&nbsp; 17582456<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Four Project, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp; 2319313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Four Project, Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1398110<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 2805617<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; 5698539<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series B, Refunding, AG, Step bond (0.000% to 12/31/34 then <br> 5.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 1720966<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp; 1640227<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; $16120000 | &nbsp;&nbsp;&nbsp; $16120234<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 22380000 | &nbsp;&nbsp;&nbsp; 21782047<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp. Revenue, Personal Income Tax, Series C, <br> Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 4680000 | &nbsp;&nbsp;&nbsp; 3310164<br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Revenue, State Personal Income Tax, <br> Series C, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 5560000 | &nbsp;&nbsp;&nbsp; 4946712<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 194, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp;&nbsp; 7615029<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 194, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 24025000 | &nbsp;&nbsp;&nbsp; 24050479<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 218 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 8630000 | &nbsp;&nbsp;&nbsp; 7320080<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 221 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/55 | &nbsp;&nbsp; 4495000 | &nbsp;&nbsp;&nbsp; 3679206<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 226, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2317599<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 226, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1351425<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 18325000 | &nbsp;&nbsp;&nbsp; 18435690<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp; 2781131<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series C-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 7810000 | &nbsp;&nbsp;&nbsp; 7846392<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp; 4918700<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA Bridges & Tunnels, Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp;&nbsp; 7494825<br>|
| &nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rensselaer Polytechnic Institute Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 789819<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rensselaer Polytechnic Institute Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; 1998097<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *420759357* |
| *North Carolina — 0.5%* | *North Carolina — 0.5%* | *North Carolina — 0.5%* | *North Carolina — 0.5%* | *North Carolina — 0.5%* |
| &nbsp;&nbsp;&nbsp; Charlotte, NC, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1155346<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp; 1557167<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp; 946116<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp; 2058456<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 6410000 | &nbsp;&nbsp;&nbsp; 6276346<br>|
| &nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Triangle Expressway System Revenue, <br> Senior Lien, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; 852778<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *12846209* |
| *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* |
| &nbsp;&nbsp;&nbsp; Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, <br> AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 11710000 | &nbsp;&nbsp;&nbsp; *8484461*<br>|
| *Ohio — 1.5%* | *Ohio — 1.5%* | *Ohio — 1.5%* | *Ohio — 1.5%* | *Ohio — 1.5%* |
| &nbsp;&nbsp;&nbsp; Allen County, OH, Hospital Facilities Authority Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp; 1774402<br>|
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center Project, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1847146<br>|
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp; 2134546<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 702202<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 7960000 | &nbsp;&nbsp;&nbsp; 6898045<br>|
| &nbsp;&nbsp;&nbsp; Franklin County, OH, Revenue, Trinity Health Group, Series 2017  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2977258<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* |
| &nbsp;&nbsp;&nbsp; Indian Creek, OH, Local SD, GO, Series A, SD Credit Program  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1009023<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1062941<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series D, Refunding | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2810000 | &nbsp;&nbsp;&nbsp; 2780273<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co. Project, Series A, Refunding | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp; 1271736<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Vanadium Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 8960000 | &nbsp;&nbsp;&nbsp; 7859588<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3985000 | &nbsp;&nbsp;&nbsp; 4016184<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Commission College & University Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 426697<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 774754<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue, University Hospitals Health Systems Inc., Series E, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/41 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; 914620<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Private Activity Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portsmouth Bypass Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/39 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp; 1744624<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portsmouth Bypass Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1166055<br> <sup>(c)</sup><br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *39360094* |
| *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* |
| &nbsp;&nbsp;&nbsp; Tulsa, OK, Municipal Airport Trust Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 5197411<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 607319<br> <sup>(c)</sup><br>|
| *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | &nbsp;&nbsp; *5804730* |
| *Oregon — 0.5%* | *Oregon — 0.5%* | *Oregon — 0.5%* | *Oregon — 0.5%* | *Oregon — 0.5%* |
| &nbsp;&nbsp;&nbsp; Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2264446<br>|
| &nbsp;&nbsp;&nbsp; Oregon State Business Development Commission Revenue, Recovery Zone Facility <br> Bonds, Intel Corp. Project, Series 232  | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 9150000 | &nbsp;&nbsp;&nbsp; 9210406<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oregon State University General Revenue, Series A  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1147423<br>|
| &nbsp;&nbsp;&nbsp; Portland, OR, International Airport Revenue, Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; 871609<br> <sup>(c)</sup><br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *13493884* |
| *Pennsylvania — 4.3%* | *Pennsylvania — 4.3%* | *Pennsylvania — 4.3%* | *Pennsylvania — 4.3%* | *Pennsylvania — 4.3%* |
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh Medical Center, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 3415000 | &nbsp;&nbsp;&nbsp; 3209765<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh Medical Center, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp;&nbsp; 3873033<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment <br> Revenue Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1577118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1376231<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 781258<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 2555000 | &nbsp;&nbsp;&nbsp; 2527742<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 747154<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1452661<br>|
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 3585000 | &nbsp;&nbsp;&nbsp; 2983847<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Penn State Health, Series 2021  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 11385000 | &nbsp;&nbsp;&nbsp; 11353256<br>|
| &nbsp;&nbsp;&nbsp; Montgomery County, PA, IDA, Retirement Communities Revenue, Acts Retirement-<br> Life Communities, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1115657<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* |
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series C, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $1502273<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005053<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series B-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 2042313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp; 8752090<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 22300000 | &nbsp;&nbsp;&nbsp; 21785619<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1913136<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 3015000 | &nbsp;&nbsp;&nbsp; 3037925<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; 8160000 | &nbsp;&nbsp;&nbsp; 8194189<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4098888<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1206039<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 1966241<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Airport Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1496689<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1587489<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp; 1892945<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; 1768327<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, SD, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp; 2062909<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 912800<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Water & Wastewater Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3852536<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; 3011838<br>|
| &nbsp;&nbsp;&nbsp; State Public School Building Authority, PA, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp; 2690970<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 7970000 | &nbsp;&nbsp;&nbsp; 8054881<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *113832872* |
| *Puerto Rico — 5.4%* | *Puerto Rico — 5.4%* | *Puerto Rico — 5.4%* | *Puerto Rico — 5.4%* | *Puerto Rico — 5.4%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; 315278<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 614326<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 414817<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 10625000 | &nbsp;&nbsp;&nbsp; 10894773<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 10895000 | &nbsp;&nbsp;&nbsp; 11040802<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 12145000 | &nbsp;&nbsp;&nbsp; 10409843<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; 1989177<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 36355000 | &nbsp;&nbsp;&nbsp; 34497387<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 256303 | &nbsp;&nbsp;&nbsp; 173726<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 110752 | &nbsp;&nbsp;&nbsp; 110831<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 219802 | &nbsp;&nbsp;&nbsp; 225632<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 216236 | &nbsp;&nbsp;&nbsp; 226671<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 210028 | &nbsp;&nbsp;&nbsp; 224864<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 199162 | &nbsp;&nbsp;&nbsp; 191617<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 4779020 | &nbsp;&nbsp;&nbsp; 4514519<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; $12810518 | &nbsp;&nbsp;&nbsp; $11840691<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1508900 | &nbsp;&nbsp;&nbsp; 1293754<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 217253 | &nbsp;&nbsp;&nbsp; 178688<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 821838 | &nbsp;&nbsp;&nbsp; 494130<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 3635000 | &nbsp;&nbsp;&nbsp; 1,772,062<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 7945000 | &nbsp;&nbsp;&nbsp; 3,873,187<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp; 721,500<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/21 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 12,125<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/24 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 4,850<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/24 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 368,600<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 12,188<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 231,563<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/19 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 7,275<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/21 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 160,050<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/21 | &nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp; 1,307,075<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/17 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 12,125<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/24 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 43,650<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2985000 | &nbsp;&nbsp;&nbsp; 1,455,187<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 10665000 | &nbsp;&nbsp;&nbsp; 5,199,187<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/23 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp; 295,850<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 4625000 | &nbsp;&nbsp;&nbsp; 4256833<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 16775000 | &nbsp;&nbsp;&nbsp; 5385350<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 918000 | &nbsp;&nbsp;&nbsp; 875794<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 17117000 | &nbsp;&nbsp;&nbsp; 15675661<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 7008000 | &nbsp;&nbsp;&nbsp; 6584406<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 5658000 | &nbsp;&nbsp;&nbsp; 5283524<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 759000 | &nbsp;&nbsp;&nbsp; 708000<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *143897568* |
| *Rhode Island — 0.3%* | *Rhode Island — 0.3%* | *Rhode Island — 0.3%* | *Rhode Island — 0.3%* | *Rhode Island — 0.3%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; 1221068<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 2987590<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public School Program, Series F, State Aid Withholding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 2885000 | &nbsp;&nbsp;&nbsp; 2546236<br>|
| *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | &nbsp;&nbsp; *6754894* |
| *South Carolina — 0.6%* | *South Carolina — 0.6%* | *South Carolina — 0.6%* | *South Carolina — 0.6%* | *South Carolina — 0.6%* |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, <br> Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.788% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3867586<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 5820000 | &nbsp;&nbsp;&nbsp; 5178712<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Ports Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 579018<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; 1229414<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3037141<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *South Carolina — continued* | *South Carolina — continued* | *South Carolina — continued* | *South Carolina — continued* | *South Carolina — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; $2085000 | &nbsp;&nbsp;&nbsp; $2053724<br> <sup>(c)</sup><br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *15945595* |
| *South Dakota — 0.1%* | *South Dakota — 0.1%* | *South Dakota — 0.1%* | *South Dakota — 0.1%* | *South Dakota — 0.1%* |
| &nbsp;&nbsp;&nbsp; South Dakota State HEFA Revenue, Regional Health | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp; *2087575*<br>|
| *Tennessee — 1.8%* | *Tennessee — 1.8%* | *Tennessee — 1.8%* | *Tennessee — 1.8%* | *Tennessee — 1.8%* |
| &nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 8858793<br>|
| &nbsp;&nbsp;&nbsp; Knox County, TN, Health, Educational & Housing Facility Board Revenue, University <br> Health System Inc., Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 4745000 | &nbsp;&nbsp;&nbsp; 4696640<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, GO, Series C, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 18205000 | &nbsp;&nbsp;&nbsp; 17099274<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Sports Authority <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6242997<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1963477<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1537210<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1921512<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3018116<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp; 1404293<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp; 2212487<br> <sup>(c)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *48954799* |
| *Texas — 6.8%* | *Texas — 6.8%* | *Texas — 6.8%* | *Texas — 6.8%* | *Texas — 6.8%* |
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift <br> Education, Series A, Refunding, PSF - GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp; 1791422<br>|
| &nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 5315000 | &nbsp;&nbsp;&nbsp; 5303963<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp; 6331662<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 3615000 | &nbsp;&nbsp;&nbsp; 3691830<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 2390000 | &nbsp;&nbsp;&nbsp; 2442105<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3069149<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp; 1449941<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2067633<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp; 2606289<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bexar County, TX, Hospital District, GO, Certificates of Obligation  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 2441039<br>|
| &nbsp;&nbsp;&nbsp; Castleberry, TX, ISD, GO, Series B, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp; 2754875<br>|
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3306969<br>|
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Tier, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1154854<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp; 4427397<br>|
| &nbsp;&nbsp;&nbsp; Dallas, TX, Hotel Occupancy Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/36 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp; 1886879<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1393031<br>|
| &nbsp;&nbsp;&nbsp; Denton, TX, GO, Certificates of Obligation  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 5710000 | &nbsp;&nbsp;&nbsp; 5100761<br>|
| &nbsp;&nbsp;&nbsp; Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 10600000 | &nbsp;&nbsp;&nbsp; 9436922<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, <br> Series B  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; $3795000 | &nbsp;&nbsp;&nbsp; $3999645<br>|
| &nbsp;&nbsp;&nbsp; Gulf Coast IDA, Texas Solid Waste Disposal Revenue, Citgo Petroleum Project  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3799139<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Series 2021, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 7590000 | &nbsp;&nbsp;&nbsp; 6872568<br>|
| &nbsp;&nbsp;&nbsp; Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 4875000 | &nbsp;&nbsp;&nbsp; 4403732<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, GO, Series A  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/51 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3494530<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Airport Terminal E Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3291454<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Technical Operations Center Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 5615000 | &nbsp;&nbsp;&nbsp; 5640037<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1388893<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; 2509834<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3290627<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1280098<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1399878<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1376573<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2276494<br>|
| &nbsp;&nbsp;&nbsp; Joshua, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; 4094208<br>|
| &nbsp;&nbsp;&nbsp; Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 6686590<br>|
| &nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., General Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 544700<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 542367<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest <br> Airlines Co. Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp; 2120174<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Matagorda County, TX, Navigation District No 1, PCR, Central Power and Light <br> Company Project, Series A, Refunding  | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp; 3609147<br>|
| &nbsp;&nbsp;&nbsp; Melissa, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 4565000 | &nbsp;&nbsp;&nbsp; 3955684<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Advanced Transportation District, TX, Sales Tax Revenue, <br> Bexar County  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4250019<br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging International, <br> LLC Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp; 2606101<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX, Educational Facilities <br> Revenue, Texas A&M University, Cain Hall Redevelopment Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp;&nbsp; 4204888<br>|
| &nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TLC Academy, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 761731<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TLC Academy, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp; 1078817<br>|
| &nbsp;&nbsp;&nbsp; Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue, Jefferson <br> Gulf Coast Energy Project, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp; 1151878<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospitals of Dallas | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1399748<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospitals of Dallas | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp; 2705632<br>|
| &nbsp;&nbsp;&nbsp; Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, <br> Senior Lien, Series D  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 10995000 | &nbsp;&nbsp;&nbsp; 11264527<br>|
| &nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 1903356<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2239241<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series <br> A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; $2765000 | &nbsp;&nbsp;&nbsp; $2686082<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series <br> A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/37 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 722586<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, NTE Mobility Partners Segments 3 LLC, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1334595<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Van Alstyne, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 9250000 | &nbsp;&nbsp;&nbsp; 8013852<br>|
| &nbsp;&nbsp;&nbsp; West Harris County, TX, Regional Water Authority Revenue, Series 2019, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp;&nbsp; 2395484<br>|
| &nbsp;&nbsp;&nbsp; Whitesboro, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4331812<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *180283442* |
| *Utah — 1.1%* | *Utah — 1.1%* | *Utah — 1.1%* | *Utah — 1.1%* | *Utah — 1.1%* |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City International Airport, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7567915<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3645000 | &nbsp;&nbsp;&nbsp; 3671017<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp; 2667715<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2574092<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp; 1189193<br>|
| &nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/42 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1330677<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/47 | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp;&nbsp; 2808918<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter Academies Inc., UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/43 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 872496<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter Academies Inc., UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/48 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 888964<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/25 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp; 848575<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp; 1538287<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 740063<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1215365<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/45 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 526327<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *28439604* |
| *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* |
| &nbsp;&nbsp;&nbsp; University of Vermont & State Agricultural College, Green Bonds, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1910874<br>|
| &nbsp;&nbsp;&nbsp; Vermont State Educational & Health Buildings Financing Agency Revenue, <br> Middlebury College Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2069034<br>|
| *Total Vermont* | *Total Vermont* | *Total Vermont* | *Total Vermont* | &nbsp;&nbsp; *3979908* |
| *Virginia — 1.3%* | *Virginia — 1.3%* | *Virginia — 1.3%* | *Virginia — 1.3%* | *Virginia — 1.3%* |
| &nbsp;&nbsp;&nbsp; Arlington County, VA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1260266<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 789156<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1593061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 631378<br>|
| &nbsp;&nbsp;&nbsp; Isle of Wight County, VA, EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Health System, Series 2023, AG | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3849513<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Health System, Series 2023, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1771692<br>|
| &nbsp;&nbsp;&nbsp; Virginia State Port Authority, Port Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 4820000 | &nbsp;&nbsp;&nbsp; 4757224<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 7385000 | &nbsp;&nbsp;&nbsp; 7149610<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Virginia — continued* | *Virginia — continued* | *Virginia — continued* | *Virginia — continued* | *Virginia — continued* |
| &nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; $3795000 | &nbsp;&nbsp;&nbsp; $3136137<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 HOT Lanes Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 5465000 | &nbsp;&nbsp;&nbsp; 5483107<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp; 1319196<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp; 2139107<br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *33879447* |
| *Washington — 1.6%* | *Washington — 1.6%* | *Washington — 1.6%* | *Washington — 1.6%* | *Washington — 1.6%* |
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1621650<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3002209<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2557262<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5601020<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp; 6447694<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3448382<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 497805<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series B-3, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp; 11075882<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1664903<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 3915000 | &nbsp;&nbsp;&nbsp; 3811457<br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC Revenue, Presbyterian Retirement Communities North West <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp; 2144320<br> <sup>(d)</sup><br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *41872584* |
| *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* |
| &nbsp;&nbsp;&nbsp; West Virginia State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Commercial Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp; 2138966<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Core Natural Resources Inc. Project, Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; 1939776<br> <sup>(a)(b)(c)</sup><br>|
| *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | &nbsp;&nbsp; *4078742* |
| *Wisconsin — 0.8%* | *Wisconsin — 0.8%* | *Wisconsin — 0.8%* | *Wisconsin — 0.8%* | *Wisconsin — 0.8%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Hospital Revenue Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Regional Medical Center Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1393973<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Regional Medical Center Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1946092<br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Retirement Communities Revenue, Acts Retirement <br> Life Communities, Inc., Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1338618<br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue, The Carmelite System Inc. Obligated Group, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 2152043<br>|
| &nbsp;&nbsp;&nbsp; Village of Mount Pleasant, WI, Tax Increment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Moral Obligations | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1348752<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Moral Obligations | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 9110000 | &nbsp;&nbsp;&nbsp; 9124354<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue, Bellin Memorial Hospital, Inc., Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4602574<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *21906406* |
| **Total Municipal Bonds (Cost — $2,696,427,226)** | **Total Municipal Bonds (Cost — $2,696,427,226)** | **Total Municipal Bonds (Cost — $2,696,427,226)** | **Total Municipal Bonds (Cost — $2,696,427,226)** | &nbsp;&nbsp; **2585070197** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 4.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 4.4%** |
| *Alabama — 0.3%* | *Alabama — 0.3%* | *Alabama — 0.3%* | *Alabama — 0.3%* | *Alabama — 0.3%* |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; *8321130*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — 4.1%* | *New York — 4.1%* | *New York — 4.1%* | *New York — 4.1%* | *New York — 4.1%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2023, Subseries AA-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; $17015000 | &nbsp;&nbsp;&nbsp; $17560089<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2023, Subseries AA-3, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 11695000 | &nbsp;&nbsp;&nbsp; 11910034<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp; 22258640<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp; 23066512<br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp; 30652620<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/49 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 4284563<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *109732458* |
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $123,140,883)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $123,140,883)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $123,140,883)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $123,140,883)** | &nbsp;&nbsp; **118053588** |
| **Total Investments before Short-Term Investments (Cost — $2,819,568,109)** | **Total Investments before Short-Term Investments (Cost — $2,819,568,109)** | **Total Investments before Short-Term Investments (Cost — $2,819,568,109)** | **Total Investments before Short-Term Investments (Cost — $2,819,568,109)** | &nbsp;&nbsp; **2703123785** |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Municipal Bonds — 0.5%** | **Municipal Bonds — 0.5%** | **Municipal Bonds — 0.5%** | **Municipal Bonds — 0.5%** | **Municipal Bonds — 0.5%** |
| *Connecticut — 0.0%††* | *Connecticut — 0.0%††* | *Connecticut — 0.0%††* | *Connecticut — 0.0%††* | *Connecticut — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Connecticut State Housing Finance Authority Revenue, Housing Mortgage Finance, <br> Series C, Refunding, SPA - TD Bank N.A. | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; *150000*<br> <sup>(j)(k)</sup><br>|
| *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Highlands County, FL, Health Facilities Authority Hospital Revenue, Adventist <br> Health System/Sunbelt Obligated Group, Series I-2, Refunding  | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 600000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hillsborough County, FL, IDA Revenue, Baycare Health System, Series B, <br> Refunding, LOC - TD Bank N.A.  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400000<br> <sup>(j)(k)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *1000000* |
| *Illinois — 0.0%††* | *Illinois — 0.0%††* | *Illinois — 0.0%††* | *Illinois — 0.0%††* | *Illinois — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue, University of Chicago Medical Center, <br> Series B, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; *100000*<br> <sup>(j)(k)</sup><br>|
| *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Partners HealthCare System, Mass General <br> Brigham Inc., Series K-1, SPA - Wells Fargo Bank N.A. | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; *300000*<br> <sup>(j)(k)</sup><br>|
| *New York — 0.3%* | *New York — 0.3%* | *New York — 0.3%* | *New York — 0.3%* | *New York — 0.3%* |
| &nbsp;&nbsp;&nbsp; Battery Park City Authority Junior Revenue, NY, Subseries D-2, Refunding, SPA - TD <br> Bank N.A.  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue, Subseries G-2, Refunding, LOC - TD Bank N.A.  | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nassau County, NY, Industrial Development Agency Revenue, Cold Spring Harbor <br> Laboratory, Refunding, SPA - TD Bank N.A.  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, SPA - Bank of Montreal | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-4, SPA - TD Bank N.A. | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries D-4, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 5020000 | &nbsp;&nbsp;&nbsp; 5020000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2009, Series BB-2, Refunding, SPA - UBS AG | &nbsp;&nbsp; 3.020% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2016, Series AA-1, Refunding, SPA - Bank of <br> America N.A. | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(j)(k)</sup><br>|

---

See Notes to Schedule of Investments.

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Western Asset Managed Municipals Fund 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset Managed Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Subseries D-3, <br> SPA - Mizuho Bank Ltd.  | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp;&nbsp; $150000<br> <sup>(j)(k)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *6570000* |
| *North Carolina — 0.0%††* | *North Carolina — 0.0%††* | *North Carolina — 0.0%††* | *North Carolina — 0.0%††* | *North Carolina — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, NC, Atrium Health Care System <br> Revenue, Series E, Refunding, LOC - Royal Bank of Canada | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/15/42 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; *300000*<br> <sup>(j)(k)</sup><br>|
| *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* | *Pennsylvania — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Pennsylvania HFA, Single Family Mortgage Revenue Bonds, Series B, SPA - TD <br> Bank N.A. | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; *100000*<br> <sup>(j)(k)</sup><br>|
| *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* |
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, <br> Methodist Hospitals of Dallas Project, Series A, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; 5250000<br> <sup>(j)(k)</sup><br>|
| **Total Short-Term Investments (Cost — $13,770,000)** | **Total Short-Term Investments (Cost — $13,770,000)** | **Total Short-Term Investments (Cost — $13,770,000)** | **Total Short-Term Investments (Cost — $13,770,000)** | &nbsp;&nbsp; **13770000** |
| **Total Investments — 102.3% (Cost — $2,833,338,109)** | **Total Investments — 102.3% (Cost — $2,833,338,109)** | **Total Investments — 102.3% (Cost — $2,833,338,109)** | **Total Investments — 102.3% (Cost — $2,833,338,109)** | &nbsp;&nbsp; **2716893785** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; (66595000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; 4820100 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2655118885** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> 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 <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(d)</sup> | 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 <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(e)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(f)</sup> | The coupon payment on this security is currently in default as of May 31, 2025. |
| <sup>(g)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(h)</sup> | The maturity principal is currently in default as of May 31, 2025. |
| <sup>(i)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust.. |
| <sup>(j)</sup> | 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 <br> 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 <br> remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The <br> SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's <br> Short-term Obligation Rate Transparency System.<br>|
| <sup>(k)</sup> | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

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Western Asset Managed Municipals Fund 2025 Quarterly Report

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 **Western Asset Managed Municipals Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — 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 |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| HFC |  | Housing Finance Commission |
| HUD |  | Housing & Urban Development |
| IDA |  | Industrial Development Authority |
| 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.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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 (the "Board").

Pursuant to policies adopted by the Board, 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. 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 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, 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 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.

------

Western Asset Managed Municipals Fund 2025 Quarterly Report

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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.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $2585070197 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2585070197 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 118053588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118053588 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2703123785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2703123785 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 13770000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13770000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2716893785** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2716893785** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations.

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Western Asset Managed Municipals Fund 2025 Quarterly Report

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## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Legg Mason Partners Income Trust

- **b. Investment Company Act file number:** 811-04254

- **c. CIK number of Registrant:** 0000764624

- **d. LEI of Registrant:** 549300Y1U2UCLTK83X35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-656-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Western Asset Managed Municipals Fund

- **b. EDGAR series identifier (if any):** S000016628

- **c. LEI of Series:** 5493003ADJT3VWCXBJ73

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2758107803.48

**Total Liabilities:** $107844270.41

**Net Assets:** $2650263533.07

**Delayed Delivery Securities:** $30456950.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 897.30000000 | **1-Year:** 67258.47000000 | **5-Year:** 409790.74000000 | **10-Year:** 1285383.18000000 | **30-Year:** 200498.87000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 370.76000000 | **1-Year:** 2266.76000000 | **5-Year:** 42914.13000000 | **10-Year:** 160317.57000000 | **30-Year:** 5224.34000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000046426 | -1.77%               | -1.07%               | -0.60%               |
| Class ID C000046428 | -1.82%               | -1.05%               | -0.72%               |
| Class ID C000046429 | -1.75%               | -0.99%               | -0.65%               |
| Class ID C000046430 | -1.79%               | -0.95%               | -0.68%               |
| Class ID C000184045 | -1.75%               | -0.99%               | -0.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $303485.22               | $-59735373.31                              |
| Month 2  | $-8644257.90             | $-30044749.02                              |
| Month 3  | $-1504344.88             | $-23598492.59                              |

**Designated Index Information**

- **Index Name:** BBG POINT MUNI index

- **Index Identifier:** 5523

### Schedule of Portfolio Investments

| Name                                            | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QFR6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2224685.20   | 0.08%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224ZD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3015000 | PA      | $3037924.85   | 0.11%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2134545.80   | 0.08%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    918000 | PA      | $875793.85    | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL PUBLIC HOSP B                  | Sarasota County Public Hospital District                                        | CUSIP: 803300CZ3<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2737053.67   | 0.10%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                  | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3664956.40   | 0.14%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YCC7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2695000 | PA      | $1307075.00   | 0.05%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQC5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10667.91     | 0.00%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                         | CUSIP: 717813XL8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1587489.22   | 0.06%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                       | CUSIP: 155498LX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3306968.69   | 0.12%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R                  | City of Philadelphia PA Water & Wastewater Revenue                              | CUSIP: 717893H87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3852536.37   | 0.15%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TJ4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    530000 | PA      | $547050.68    | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM                  | Delaware State Economic Development Authority                                   | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2156964.58   | 0.08%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TXG3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1727175.35   | 0.07%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 7621968K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2546236.09   | 0.10%             | 2054-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                  | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VE26<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2087575.23   | 0.08%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                               | CUSIP: 7599112J8<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   6890000 | PA      | $5944032.63   | 0.22%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1125486.55   | 0.04%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $941043.69    | 0.04%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JGU1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4602574.35   | 0.17%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9738805.30   | 0.37%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQB7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5333.95      | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                     | New Jersey Economic Development Authority                                       | CUSIP: 64578EJV0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4895000 | PA      | $5003376.77   | 0.19%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS CNTY FL HLTH FACS AU                  | Highlands County Health Facilities Authority                                    | CUSIP: 431022TN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.02%             | 2032-11-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT                     | Reunion East Community Development District                                     | CUSIP: 761311AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $6.45         | 0.00%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM                  | Arkansas Development Finance Authority                                          | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3540119.80   | 0.13%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MOUNT PLEASANT WI TAX INCR REV                  | Village of Mount Pleasant WI                                                    | CUSIP: 622823AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1348752.07   | 0.05%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HXK6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1664902.99   | 0.06%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $921760.84    | 0.03%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1500201.70   | 0.06%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10398845.00  | 0.39%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                               | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  13340000 | PA      | $14224990.27  | 0.54%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                         | CUSIP: 717813XM6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1892945.42   | 0.07%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17500000 | PA      | $17421353.25  | 0.66%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    910000 | PA      | $894822.93    | 0.03%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                        | CUSIP: 31200CCH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3138725.68   | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445GB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4307741.49   | 0.16%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                        | CUSIP: 31200CCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3166218.23   | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QH37<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2049-09-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BCQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $456367.28    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BEU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $732811.99    | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                  | Public Finance Authority                                                        | CUSIP: 74442CCU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1393973.53   | 0.05%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153CB3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3274593.70   | 0.12%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                   | CUSIP: 59334NDZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4825438.07   | 0.18%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                             | CUSIP: 717883QH8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2062908.67   | 0.08%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $760382.43    | 0.03%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $702201.54    | 0.03%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                            | CUSIP: 25483VTS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   7020000 | PA      | $7029375.91   | 0.27%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576GS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1189193.50   | 0.04%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RGR0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3275000 | PA      | $2781130.66   | 0.10%             | 2056-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $642779.35    | 0.02%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | Empire State Development Corp                                                   | CUSIP: 6500357N2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   5560000 | PA      | $4946711.98   | 0.19%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                   | Kentucky Economic Development Finance Authority                                 | CUSIP: 49127KBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $2961890.26   | 0.11%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152M81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1423041.18   | 0.05%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT                  | Allegheny County Hospital Development Authority                                 | CUSIP: 01728A5A0<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3209764.99   | 0.12%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7008000 | PA      | $6584405.64   | 0.25%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990FWS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10435.27     | 0.00%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YDG7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7945000 | PA      | $3873187.50   | 0.15%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                       | CUSIP: 84131TAY8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2217481.35   | 0.08%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 64579F7P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3722241.50   | 0.14%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YCE3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $12125.00     | 0.00%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                         | CUSIP: 717813XN4<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1768326.90   | 0.07%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                            | CUSIP: 25483VTT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5465000 | PA      | $5318047.24   | 0.20%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                          | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  15020000 | PA      | $14640573.77  | 0.55%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $615902.66    | 0.02%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ PKG AUTH                       | New Brunswick Parking Authority                                                 | CUSIP: 642835QA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1728218.00   | 0.07%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XM3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    605000 | PA      | $610562.98    | 0.02%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $722585.81    | 0.03%             | 2037-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WHITESBORO TX INDEP SCH DIST                    | Whitesboro Independent School District                                          | CUSIP: 965611KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4331812.00   | 0.16%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSPA                  | Charlotte-Mecklenburg Hospital Authority/The                                    | CUSIP: 160853VA2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2042-01-15      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153HM4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4604929.65   | 0.17%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENTON TX                                       | City of Denton TX                                                               | CUSIP: 248867HE6<br>LEI: 549300UWEY8IKYK09T27 | Long             | DBT              | MUN               | US        |   5710000 | PA      | $5100760.70   | 0.19%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QH29<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2049-09-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232417.39    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                  | City of Houston TX Combined Utility System Revenue                              | CUSIP: 4424355Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2276493.54   | 0.09%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNP0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    875000 | PA      | $889510.39    | 0.03%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17117000 | PA      | $15675661.30  | 0.59%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333PZ92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2270932.30   | 0.09%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB-MARIETTA COLISEUM & EXHIB                  | Cobb-Marietta Coliseum & Exhibit Hall Authority                                 | CUSIP: 190760BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $223880.18    | 0.01%             | 2026-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWA3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5168.25      | 0.00%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HAB3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4870000 | PA      | $4918700.00   | 0.19%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  13035000 | PA      | $12350609.06  | 0.47%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                                  | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3840151.68   | 0.14%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153KD0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $4809893.94   | 0.18%             | 2046-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MPP5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1215481.81   | 0.05%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                  | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885FEJ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    985000 | PA      | $928630.03    | 0.04%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R                  | Georgia Higher Education Facilities Authority                                   | CUSIP: 373511HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $876786.57    | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                       | CUSIP: 010869GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5191464.59   | 0.20%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QBE8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5250000.00   | 0.20%             | 2041-10-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV                  | Build NYC Resource Corp                                                         | CUSIP: 12008ETL0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1385322.17   | 0.05%             | 2062-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                               | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $789416.10    | 0.03%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6905000 | PA      | $7195108.74   | 0.27%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                  | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8180000 | PA      | $8709345.80   | 0.33%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5891073.69   | 0.22%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1376231.20   | 0.05%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445NV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2308820.59   | 0.09%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1636463.49   | 0.06%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST ARPT AUTH CUSTO                  | State of Connecticut Bradley International Airport CFC Revenue                  | CUSIP: 20773CAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1471314.55   | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK PORT REVENUE                       | Municipality of Anchorage AK                                                    | CUSIP: 033252AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4113990.17   | 0.16%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XE61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5935000 | PA      | $5308391.01   | 0.20%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 5444953P7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    760000 | PA      | $766517.00    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MPQ3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1404801.90   | 0.05%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160UC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10625000 | PA      | $10894773.00  | 0.41%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QCT5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3555000 | PA      | $3670671.17   | 0.14%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP                   | Troy Capital Resource Corp                                                      | CUSIP: 897579BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1998096.95   | 0.08%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                             | CUSIP: 438701J47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6790000 | PA      | $5339734.09   | 0.20%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                           | CUSIP: 54714FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2120174.48   | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                                  | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5720000 | PA      | $5376972.74   | 0.20%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN                  | Public Authority for Colorado Energy                                            | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   6375000 | PA      | $7447705.95   | 0.28%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FL WTR & SWR REVENU                  | City of Cape Coral FL Water & Sewer Revenue                                     | CUSIP: 139372RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3855852.83   | 0.15%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                          | CUSIP: 64966WHK6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3929686.80   | 0.15%             | 2053-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1271736.49   | 0.05%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH                       | Battery Park City Authority                                                     | CUSIP: 07133AJC7<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2038-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                  | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542WAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4204887.57   | 0.16%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R                  | Georgia Higher Education Facilities Authority                                   | CUSIP: 373511HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $795274.79    | 0.03%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TGA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1174922.80   | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4256832.89   | 0.16%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160UD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10895000 | PA      | $11040802.34  | 0.42%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                  | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647MM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6977001.90   | 0.26%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT PIERCE FL UTILITIES AUTH                   | Fort Pierce Utilities Authority                                                 | CUSIP: 348430PV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2606495.03   | 0.10%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAJ9<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1156818.46   | 0.04%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                | CUSIP: 20282EAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1577117.65   | 0.06%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL SPORTS AUTH REVENUE                    | Tampa Sports Authority                                                          | CUSIP: 875263CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $225409.89    | 0.01%             | 2026-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2069849.45   | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $3378745.25   | 0.13%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467BJ0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    760000 | PA      | $740062.62    | 0.03%             | 2034-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES                   | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 1966322P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $6619827.61   | 0.25%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VAN ALSTYNE TX INDEP SCH DIST                   | Van Alstyne Independent School District                                         | CUSIP: 920496XA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $8013852.20   | 0.30%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262078G2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    760000 | PA      | $646479.86    | 0.02%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                   | Omaha Public Power District                                                     | CUSIP: 682001HC9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   5890000 | PA      | $5285075.21   | 0.20%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2377409.66   | 0.09%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                     | New Jersey Economic Development Authority                                       | CUSIP: 64578EMG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2562906.70   | 0.10%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1928596.71   | 0.07%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593YN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1133515.38   | 0.04%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900500.08   | 0.07%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971WEY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2044-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                    | CUSIP: 02765URH9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1847146.18   | 0.07%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELGIN TX INDEP SCH DIST                         | Elgin Independent School District                                               | CUSIP: 286533UL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10600000 | PA      | $9436922.42   | 0.36%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389J33<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3002208.65   | 0.11%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YAM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     15000 | PA      | $7275.00      | 0.00%             | 2019-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389J25<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1621649.81   | 0.06%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22380000 | PA      | $21782046.68  | 0.82%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YCQ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    475000 | PA      | $231562.50    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727ZF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3090383.32   | 0.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST TRANSPRTN AUTH US                   | Delaware Transportation Authority                                               | CUSIP: 246430AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2330442.70   | 0.09%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1163990.66   | 0.04%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                     | CUSIP: 825485VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1783573.78   | 0.07%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $631377.86    | 0.02%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                        | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2152042.85   | 0.08%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD PROJ REVENUE                       | City of Baltimore MD                                                            | CUSIP: 05922KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $3843826.42   | 0.15%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST UNIV GEN REVENUE                      | Oregon State University                                                         | CUSIP: 68608WAZ5<br>LEI: 549300UBMR6O3SFCEV73 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1147423.50   | 0.04%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  10900000 | PA      | $11602690.30  | 0.44%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3079467.60   | 0.12%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON                  | Maryland Economic Development Corp                                              | CUSIP: 57420NBX8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    760000 | PA      | $783309.81    | 0.03%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1590427.18   | 0.06%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5697964.25   | 0.21%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PDL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3260000 | PA      | $2722566.18   | 0.10%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    110752 | PA      | $110830.72    | 0.00%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894XT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2626758.77   | 0.10%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority              | New York State Dormitory Authority (TOBs)                                       | CUSIP: 64990FZW7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $23066512.50  | 0.87%             | 2041-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 69650MAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1275670.96   | 0.05%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN WTR SWR & GAS R                  | City of Clarksville TN Water Sewer & Gas Revenue                                | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8858793.00   | 0.33%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                  | Greater Orlando Aviation Authority                                              | CUSIP: 392274X43<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2785030.77   | 0.11%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2987590.27   | 0.11%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13430000 | PA      | $13451500.09  | 0.51%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5658000 | PA      | $5283524.14   | 0.20%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AQL4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2352719.00   | 0.09%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE                  | Metropolitan Transportation Authority Dedicated Tax Fund                        | CUSIP: 59259N6Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5723601.43   | 0.22%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST MUNI WHOLESAL                  | Massachusetts Municipal Wholesale Electric Co                                   | CUSIP: 575766AU4<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1369167.21   | 0.05%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV                  | Delaware State Health Facilities Authority                                      | CUSIP: 246388TM4<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2135713.35   | 0.08%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 645790KC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1347362.22   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XEY8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094839.20   | 0.04%             | 2036-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592248BE7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $313323.40    | 0.01%             | 2047-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO                  | Riverside County Transportation Commission Sales Tax Revenue                    | CUSIP: 769125GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5390000 | PA      | $5568277.48   | 0.21%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XCU8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1292791.62   | 0.05%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                                  | CUSIP: 088365LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2441039.00   | 0.09%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NBV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $726469.94    | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                          | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   7970000 | PA      | $8054881.30   | 0.30%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11075882.40  | 0.42%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16120000 | PA      | $16120233.74  | 0.61%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YCR4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     90000 | PA      | $43650.00     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DE1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $1337118.75   | 0.05%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 4423487V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5615000 | PA      | $5640036.72   | 0.21%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CDN5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4178313.20   | 0.16%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                       | CUSIP: 452272C54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $583169.68    | 0.02%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1215364.77   | 0.05%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV                  | Arizona Industrial Development Authority                                        | CUSIP: 04052EAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2500818.76   | 0.09%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                  | California Health Facilities Financing Authority                                | CUSIP: 13032UPX0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1125122.09   | 0.04%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                  | Indiana Finance Authority                                                       | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3726314.64   | 0.14%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $443361.74    | 0.02%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JGN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1357074.42   | 0.05%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225AW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4098888.00   | 0.15%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority              | New York State Dormitory Authority (TOBs)                                       | CUSIP: 64990FYN8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $22258637.50  | 0.84%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486G29<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2748461.15   | 0.10%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FL WTR & SWR REVENU                  | City of Cape Coral FL Water & Sewer Revenue                                     | CUSIP: 139372SM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2576163.00   | 0.10%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CBV2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1405731.30   | 0.05%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INDIAN CREEK OH LOCAL SCH DIST                  | Indian Creek Local School District                                              | CUSIP: 454146DR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009022.70   | 0.04%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894XU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2499014.40   | 0.09%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                  | Greater Orlando Aviation Authority                                              | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3566653.62   | 0.13%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MPR1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1604416.94   | 0.06%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KHC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1597302.05   | 0.06%             | 2047-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727ZH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $766498.23    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QCU2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4271921.78   | 0.16%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                                   | County of Clark NV                                                              | CUSIP: 180848XJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13780000 | PA      | $13837331.69  | 0.52%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADWAY STATION MET DIST NO 3                  | Broadway Station Metropolitan District No 3                                     | CUSIP: 111571AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $741357.90    | 0.03%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1640226.65   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                  | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAV5<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1982939.18   | 0.07%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467BE1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1538287.20   | 0.06%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY                     | Nassau County Industrial Development Agency                                     | CUSIP: 631657KW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2034-01-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190NS7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1404293.30   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225GH3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1206038.58   | 0.05%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  29275000 | PA      | $30463933.87  | 1.15%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098Q83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1537209.90   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                  | Grand Parkway Transportation Corp                                               | CUSIP: 38611TAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3999645.00   | 0.15%             | 2034-10-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ELK GROVE VLG IL                                | Village of Elk Grove Village IL                                                 | CUSIP: 287299LQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1048204.67   | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |  17615000 | PA      | $20749883.42  | 0.78%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT                  | Public Finance Authority                                                        | CUSIP: 74446CAD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1338618.00   | 0.05%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                            | CUSIP: 650346DY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1078817.41   | 0.04%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA KENNESTONE HOSP A                  | Cobb County Kennestone Hospital Authority                                       | CUSIP: 190813SC0<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3580010.62   | 0.14%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                               | CUSIP: 40065NCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2545267.26   | 0.10%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3796749.87   | 0.14%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                              | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1593060.75   | 0.06%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                     | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3846702.40   | 0.15%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2442104.87   | 0.09%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                     | CUSIP: 67756DQW9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    760000 | PA      | $774753.73    | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153AT6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3975000 | PA      | $3649463.40   | 0.14%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11429389.52  | 0.43%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1637645.99   | 0.06%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                         | CUSIP: 59335KFA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8765000 | PA      | $8495329.00   | 0.32%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7350000 | PA      | $7710352.13   | 0.29%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                          | CUSIP: 85732GUF5<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2690969.94   | 0.10%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MPS9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1444130.52   | 0.05%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4355604.98   | 0.16%             | 2037-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| OREGON ST BUSINESS DEV COMMISS                  | Oregon State Business Development Commission                                    | CUSIP: 68609AAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $9210405.56   | 0.35%             | 2040-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $782660.16    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA NATURAL GAS FIN A                  | Roseville Natural Gas Financing Authority                                       | CUSIP: 777863AU5<br>LEI: 549300UJZ7YWGGGM4856 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3093755.17   | 0.12%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190NT5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2212487.31   | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                            | CUSIP: 650346DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $761730.87    | 0.03%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   5820000 | PA      | $6870085.14   | 0.26%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262075E0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1501903.41   | 0.06%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461367A3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2629319.78   | 0.10%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $381033.26    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XNK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3269397.95   | 0.12%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITYPLACE FL CDD SPL ASSMNT RE                  | Cityplace Community Development District                                        | CUSIP: 17877SAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $520949.95    | 0.02%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445RB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2500107.69   | 0.09%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   5315000 | PA      | $6260893.01   | 0.24%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                  | Black Belt Energy Gas District (TOBs)                                           | CUSIP: 09182TDU8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8321129.60   | 0.31%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45200F6G9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2044-08-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2599261.00   | 0.10%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                           | CUSIP: 54714CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $542367.47    | 0.02%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                    | New Hampshire Business Finance Authority                                        | CUSIP: 63607YCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14750000 | PA      | $14275132.60  | 0.54%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XCT1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1654626.21   | 0.06%             | 2046-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YCM5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    760000 | PA      | $368600.00    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                                  | CUSIP: 92242SBE2<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |   1139000 | PA      | $1120785.11   | 0.04%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563451.35   | 0.06%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                                      | CUSIP: 59447NBD7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1807734.80   | 0.07%             | 2054-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TG0<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3297602.74   | 0.12%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | Empire State Development Corp                                                   | CUSIP: 650036CJ3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   4680000 | PA      | $3310164.00   | 0.12%             | 2048-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO                  | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RAX8<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4654260.28   | 0.18%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX INDL DEV AUTH                     | Gulf Coast Industrial Development Authority                                     | CUSIP: 40220MAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3799139.21   | 0.14%             | 2028-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAG5<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3460737.51   | 0.13%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                       | CUSIP: 452272C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $392440.44    | 0.01%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262075F7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1726511.76   | 0.07%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5465000 | PA      | $5483106.64   | 0.21%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JGQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3102146.10   | 0.12%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                     | CUSIP: 67756DQU3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    415000 | PA      | $426697.52    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727C53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6365000 | PA      | $6396577.40   | 0.24%             | 2058-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE                  | Cape Girardeau County Industrial Development Authority                          | CUSIP: 139404HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $673643.18    | 0.03%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525XA0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2780272.73   | 0.10%             | 2028-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                        | CUSIP: 207758XS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5880000 | PA      | $6010825.88   | 0.23%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593YM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1231068.13   | 0.05%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $699672.72    | 0.03%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $747589.35    | 0.03%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 544495S47<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1498512.67   | 0.06%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1163799.32   | 0.04%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                                      | CUSIP: 59447NBC9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086950.80   | 0.08%             | 2049-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971W7B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10550000 | PA      | $10629050.10  | 0.40%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADWAY STATION MET DIST NO 3                  | Broadway Station Metropolitan District No 3                                     | CUSIP: 111571AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $627715.65    | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                       | CUSIP: 84131TAZ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   4495000 | PA      | $4736468.25   | 0.18%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY                  | Arizona Board of Regents                                                        | CUSIP: 04048RNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1860592.29   | 0.07%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4668960.63   | 0.18%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   7855000 | PA      | $7817380.83   | 0.29%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17750000 | PA      | $17582455.98  | 0.66%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3225000 | PA      | $2936735.31   | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $5069284.99   | 0.19%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1398110.44   | 0.05%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3454896.93   | 0.13%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $26263375.00  | 0.99%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2081031.12   | 0.08%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP                  | California Municipal Finance Authority                                          | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    910000 | PA      | $886355.02    | 0.03%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                  | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3108644.35   | 0.12%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2042312.91   | 0.08%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2509834.39   | 0.09%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1956610.63   | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FBE4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1140309.89   | 0.04%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                   | Louisiana Public Facilities Authority                                           | CUSIP: 54639TBS0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3495227.75   | 0.13%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CAA6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2890674.82   | 0.11%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY                  | Patriots Energy Group Financing Agency                                          | CUSIP: 70342PAS3<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3867586.13   | 0.15%             | 2054-02-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAB8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    945000 | PA      | $946116.33    | 0.04%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV                  | Isle Wight County Industrial Development Authority                              | CUSIP: 464637AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3849512.80   | 0.15%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W                  | Mission Economic Development Corp                                               | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2606100.51   | 0.10%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11055000 | PA      | $11164726.40  | 0.42%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE PARISH LA SCH BRD SA                  | Lafayette Parish School Board Sale Tax Revenue                                  | CUSIP: 506624UR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2450805.63   | 0.09%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3833121.49   | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XX9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1952792.33   | 0.07%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                       | CUSIP: 010869HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1726727.22   | 0.07%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4779020 | PA      | $4514518.93   | 0.17%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614NZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1452660.66   | 0.05%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FGP4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    545000 | PA      | $451518.22    | 0.02%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MFE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7241122.80   | 0.27%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                          | Brookhaven Development Authority                                                | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1013188.45   | 0.04%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593WR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7305000 | PA      | $7269948.42   | 0.27%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1399877.85   | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STHRN UTE INDIAN TRIBE OF STHR                  | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado           | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5903900.24   | 0.22%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                  | Illinois Finance Authority                                                      | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1414072.26   | 0.05%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2297431.05   | 0.09%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                           | CUSIP: 54714CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $544700.05    | 0.02%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HVT9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    570000 | PA      | $497804.83    | 0.02%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU                  | Montgomery County Industrial Development Authority/PA                           | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1115657.01   | 0.04%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TFX6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    760000 | PA      | $760828.86    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1376573.26   | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC                  | San Bernardino City Unified School District                                     | CUSIP: 796714ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1371172.01   | 0.05%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727C46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4306899.00   | 0.16%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FBD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2664438.68   | 0.10%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $5698538.88   | 0.22%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                  | Illinois Finance Authority                                                      | CUSIP: 45203KAQ8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    380000 | PA      | $348100.56    | 0.01%             | 2050-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST CORRS INSTN FIN AUT                  | Alabama Corrections Institution Finance Authority                               | CUSIP: 010507CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10227024.00  | 0.39%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH HOSP                    | Development Authority for Fulton County                                         | CUSIP: 36005GAZ6<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2095477.52   | 0.08%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION                   | Texas Municipal Gas Acquisition and Supply Corp I                               | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |  10995000 | PA      | $11264527.03  | 0.43%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE PARISH LA SCH BRD SA                  | Lafayette Parish School Board Sale Tax Revenue                                  | CUSIP: 506624UQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2095803.84   | 0.08%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    199162 | PA      | $191616.89    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                                      | City of Houston TX                                                              | CUSIP: 442332EE8<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3494529.60   | 0.13%             | 2051-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    835000 | PA      | $852778.24    | 0.03%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TX NAV DIST #1                   | Matagorda County Navigation District No 1                                       | CUSIP: 576528DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3609147.47   | 0.14%             | 2029-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YBF1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     10000 | PA      | $4850.00      | 0.00%             | 2024-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505VS2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1825544.99   | 0.07%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVAJO NATION AZ                                | Navajo Nation                                                                   | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3975000 | PA      | $3997328.77   | 0.15%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1855583.51   | 0.07%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                        | CUSIP: 76827QJZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1613765.55   | 0.06%             | 2053-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2805616.52   | 0.11%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                    | CUSIP: 48504NAZ2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3471671.24   | 0.13%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON                  | Maryland Economic Development Corp                                              | CUSIP: 57420NCC3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1548118.94   | 0.06%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7600000 | PA      | $7650172.92   | 0.29%             | 2035-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $1720966.24   | 0.06%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6830000 | PA      | $6813805.39   | 0.26%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1123806.07   | 0.04%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XRU7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1672778.88   | 0.06%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990FPT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  12815000 | PA      | $12022848.46  | 0.45%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YCY9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3635000 | PA      | $1772062.50   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH REVENUE                        | County of Franklin OH                                                           | CUSIP: 353202FM1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2977257.90   | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182UR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3189702.00   | 0.12%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAD4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   6410000 | PA      | $6276345.73   | 0.24%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                            | CUSIP: 161036QX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1557167.06   | 0.06%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358XCL4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2317598.92   | 0.09%             | 2040-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1508900 | PA      | $1293754.10   | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1554588.66   | 0.06%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                         | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6558575.76   | 0.25%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XZ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3354450.40   | 0.13%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18480000 | PA      | $18987148.49  | 0.72%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIA MET TRANSIT ADVANCED TRANS                  | Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue     | CUSIP: 92555FDH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4250019.50   | 0.16%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                  | Tulsa Municipal Airport Trust Trustees/OK                                       | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5197411.05   | 0.20%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2319313.28   | 0.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                          | Brookhaven Development Authority                                                | CUSIP: 113073AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $4550623.28   | 0.17%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QSA8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2705632.34   | 0.10%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                  | Tulsa Municipal Airport Trust Trustees/OK                                       | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $607319.29    | 0.02%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224K57<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   8160000 | PA      | $8194188.77   | 0.31%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2965860.00   | 0.11%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467CE0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    760000 | PA      | $526326.68    | 0.02%             | 2045-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV                  | Isle Wight County Industrial Development Authority                              | CUSIP: 464637AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1771692.13   | 0.07%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $821605.09    | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2058455.66   | 0.08%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                  | Washington State Housing Finance Commission                                     | CUSIP: 939783TK2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2144319.77   | 0.08%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                           | CUSIP: 452252NM7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4665329.39   | 0.18%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4495000 | PA      | $3679206.05   | 0.14%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YCZ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $721500.00    | 0.03%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  24000000 | PA      | $23299413.60  | 0.88%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  12810518 | PA      | $11840691.33  | 0.45%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority (TOBs)                          | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  17015000 | PA      | $17560089.43  | 0.66%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 04144REK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1260266.00   | 0.05%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358XCM2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1351424.57   | 0.05%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                              | CUSIP: 57420VPC1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    760000 | PA      | $760557.54    | 0.03%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FGM1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $700640.43    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BPS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $5810069.93   | 0.22%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST PUBLIC PWR DIST RE                  | Nebraska Public Power District                                                  | CUSIP: 63968AS89<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3043875.86   | 0.11%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUEEN CREEK AZ EXCISE TAX & ST                  | Town of Queen Creek AZ Excise Tax Revenue                                       | CUSIP: 74823YCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1261397.27   | 0.05%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                             | CUSIP: 735240V83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $871608.91    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION                   | Hillsborough County Aviation Authority                                          | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $3994406.78   | 0.15%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                   | Central Texas Turnpike System                                                   | CUSIP: 88283KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1154854.03   | 0.04%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                  | West Virginia Economic Development Authority                                    | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2138966.42   | 0.08%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                  | Public Finance Authority                                                        | CUSIP: 74442CCY8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1946091.91   | 0.07%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    759000 | PA      | $708000.06    | 0.03%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                       | CUSIP: 68450LHL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4574041.88   | 0.17%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                  | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009QV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7590000 | PA      | $6872568.15   | 0.26%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK                  | Port of Beaumont Navigation District                                            | CUSIP: 73360CAN4<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1151877.64   | 0.04%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                              | CUSIP: 64990AHY4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7644565.27   | 0.29%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6650000 | PA      | $6820288.55   | 0.26%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2109231.86   | 0.08%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YAN9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   6735000 | PA      | $6748936.06   | 0.25%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    216236 | PA      | $226670.51    | 0.01%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HHP0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4089266.40   | 0.15%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067633.40   | 0.08%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                             | CUSIP: 4387014N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2779435.75   | 0.10%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1062940.90   | 0.04%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5540000 | PA      | $5588011.30   | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUEEN CREEK AZ EXCISE TAX & ST                  | Town of Queen Creek AZ Excise Tax Revenue                                       | CUSIP: 74823YCU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1532769.37   | 0.06%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PBT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3176670.33   | 0.12%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AHU4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1068162.67   | 0.04%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ81<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1832817.16   | 0.07%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASTLEBERRY TX INDEP SCH DIST                   | Castleberry Independent School District                                         | CUSIP: 148537QK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3090000 | PA      | $2754875.29   | 0.10%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                  | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R6C0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2831348.98   | 0.11%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                  | State of Ohio                                                                   | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1744623.84   | 0.07%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KHB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3067495.80   | 0.12%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3526499.55   | 0.13%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1216310.99   | 0.05%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                    | New Hampshire Business Finance Authority                                        | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15200000 | PA      | $16396826.72  | 0.62%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN INDIANA COMMUTER TRAN                  | Northern Indiana Commuter Transportation District                               | CUSIP: 66528PBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1919185.06   | 0.07%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MELISSA TX INDEP SCH DIST                       | Melissa Independent School District                                             | CUSIP: 585488ZQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4565000 | PA      | $3955683.89   | 0.15%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $952579.55    | 0.04%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6070000 | PA      | $6007705.41   | 0.23%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1221067.35   | 0.05%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971X8G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1792208.60   | 0.07%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16775000 | PA      | $5385350.38   | 0.20%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 696507VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1430116.62   | 0.05%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                  | West Virginia Economic Development Authority                                    | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1939775.76   | 0.07%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1280098.00   | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                  | Metropolitan Government Nashville & Davidson County Sports Authority            | CUSIP: 592090JZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1963477.29   | 0.07%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57583R6H3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2046-07-01      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 646136EU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $1908411.52   | 0.07%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182US3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4546769.85   | 0.17%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TSB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1330676.84   | 0.05%             | 2042-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YAP0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    330000 | PA      | $160050.00    | 0.01%             | 2021-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FORNEY TX INDEP SCH DIST                        | Forney Independent School District                                              | CUSIP: 346425EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1238280.16   | 0.05%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HHQ8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2391619.44   | 0.09%             | 2064-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQE1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5333.95      | 0.00%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $781258.11    | 0.03%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2076931.88   | 0.08%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $789665.16    | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    219802 | PA      | $225632.03    | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XA27<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2828912.98   | 0.11%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3610032.65   | 0.14%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                  | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R6D8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   3720000 | PA      | $3738870.07   | 0.14%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                  | New York Liberty Development Corp                                               | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7180000 | PA      | $6983708.13   | 0.26%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                  | Metropolitan Government Nashville & Davidson County Sports Authority            | CUSIP: 592090JY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6242996.40   | 0.24%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614TH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2527741.73   | 0.10%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8600000 | PA      | $8752090.14   | 0.33%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   5515000 | PA      | $6510054.91   | 0.25%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971X7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10552837.20  | 0.40%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1386053.08   | 0.05%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389V62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5601020.15   | 0.21%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YBS3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $12125.00     | 0.00%             | 2017-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                       | CUSIP: 452272B89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $593163.77    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                  | California Statewide Communities Development Authority                          | CUSIP: 13080SGV0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1904619.92   | 0.07%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1471474.46   | 0.06%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153AN9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113798.20   | 0.08%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    210028 | PA      | $224863.85    | 0.01%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098T49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3018115.80   | 0.11%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7960000 | PA      | $6898045.26   | 0.26%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152B26<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1911500.32   | 0.07%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                  | Salt Verde Financial Corp                                                       | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   9110000 | PA      | $9514029.41   | 0.36%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12145000 | PA      | $10409842.64  | 0.39%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                       | CUSIP: 68450LJR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3425925.37   | 0.13%             | 2056-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                            | CUSIP: 161036PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1155346.25   | 0.04%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4392639.45   | 0.17%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1388893.10   | 0.05%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4449276.00   | 0.17%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                  | Bay Area Toll Authority                                                         | CUSIP: 072024ST0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |  20495000 | PA      | $20369916.97  | 0.77%             | 2036-04-01      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB                  | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $1946398.32   | 0.07%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL TRANSPR                  | San Diego County Regional Transportation Commission                             | CUSIP: 797400KX5<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |    680000 | PA      | $682274.87    | 0.03%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389V54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2557262.50   | 0.10%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182UU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3746362.20   | 0.14%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1874664.00   | 0.07%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $5558829.30   | 0.21%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT                  | Hoover Industrial Development Board                                             | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3311785.29   | 0.12%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505VY9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3168381.29   | 0.12%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA                  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502272.95   | 0.06%             | 2037-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA WTR & WSTWTR REVENU                  | City of Atlanta GA Water & Wastewater Revenue                                   | CUSIP: 047870CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $502891.12    | 0.02%             | 2027-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                    | City of Philadelphia PA Airport Revenue                                         | CUSIP: 717817UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1496688.98   | 0.06%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP                   | Troy Capital Resource Corp                                                      | CUSIP: 897579BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $789819.13    | 0.03%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $2822852.32   | 0.11%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160UF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $1989177.30   | 0.08%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                  | California Health Facilities Financing Authority                                | CUSIP: 13032UUN6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5510233.13   | 0.21%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                  | Pennsylvania Housing Finance Agency                                             | CUSIP: 70879QHZ9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2050-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                  | New Mexico Municipal Energy Acquisition Authority                               | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   6900000 | PA      | $7218256.98   | 0.27%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                   | Central Texas Turnpike System                                                   | CUSIP: 88283KCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4427396.70   | 0.17%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1921512.37   | 0.07%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALL IN ST UNIV UNIV REVENUE                    | Ball State University                                                           | CUSIP: 058508KY7<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1340371.44   | 0.05%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TH9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1233426.31   | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365H0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5880000 | PA      | $5741674.18   | 0.22%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3709489.78   | 0.14%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| HAYS TX CONSOL INDEP SCH DIST                   | Hays Consolidated Independent School District                                   | CUSIP: 4211107D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4875000 | PA      | $4403731.80   | 0.17%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1800410.53   | 0.07%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XP6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2810527.53   | 0.11%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R                  | City of Grand Forks ND                                                          | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11710000 | PA      | $8484460.59   | 0.32%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HDP9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   7350000 | PA      | $7494825.14   | 0.28%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $6247408.56   | 0.24%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX                   | City of Dallas TX Hotel Occupancy Tax Revenue                                   | CUSIP: 235286AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1886878.66   | 0.07%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5627133.18   | 0.21%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                     | CUSIP: 011839VV6<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    760000 | PA      | $776142.17    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2606288.72   | 0.10%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU                  | County of Allen OH Hospital Facilities Revenue                                  | CUSIP: 01757LGX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1774402.18   | 0.07%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                  | Florida Development Finance Corp                                                | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2299925.02   | 0.09%             | 2046-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CNTY KS PUBLIC BLDG C                  | Sedgwick County Public Building Commission                                      | CUSIP: 81533PLH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2277412.87   | 0.09%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    821838 | PA      | $494130.37    | 0.02%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389A24<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6447694.13   | 0.24%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                  | CUSIP: 837123HL5<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3037141.19   | 0.11%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                     | CUSIP: 64971PKJ3<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3587406.19   | 0.14%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                           | CUSIP: 452252MT3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  17075000 | PA      | $17167604.56  | 0.65%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONGVIEW TX INDEP SCH DIST                      | Longview Independent School District                                            | CUSIP: 543264ZJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6686590.50   | 0.25%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1400824.85   | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1903355.85   | 0.07%             | 2039-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7567915.50   | 0.29%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QXW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6415000 | PA      | $6497230.68   | 0.25%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    605000 | PA      | $601489.00    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV                  | Hillsborough County Industrial Development Authority                            | CUSIP: 43233KAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.02%             | 2038-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160TR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $614325.78    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                                    | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1331088.11   | 0.05%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                              | CUSIP: 64990AMV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1566756.58   | 0.06%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $954761.09    | 0.04%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $8578394.13   | 0.32%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT CT INFRASTRUCTURE                  | Harbor Point Infrastructure Improvement District                                | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2925738.38   | 0.11%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2985000 | PA      | $1455187.50   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                     | CUSIP: 011839VU8<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1179367.21   | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225EV4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $1966241.10   | 0.07%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160TS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $414816.52    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                  | CUSIP: 837123HM3<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2053724.37   | 0.08%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XKB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1411342.18   | 0.05%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HAW2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    760000 | PA      | $648424.32    | 0.02%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3290627.42   | 0.12%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                        | CUSIP: 31200CCJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1958469.84   | 0.07%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152Y47<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2303980.32   | 0.09%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   9680000 | PA      | $8649478.82   | 0.33%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8961510.53   | 0.34%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1107240.16   | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT PLEASANT WI TAX INCR REV                  | Village of Mount Pleasant WI                                                    | CUSIP: 622823AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9110000 | PA      | $9124353.72   | 0.34%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TWK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $872495.58    | 0.03%             | 2043-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                         | CUSIP: 041806MW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1791422.25   | 0.07%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                           | City of Tampa FL                                                                | CUSIP: 875161DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $975890.50    | 0.04%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2078107.84   | 0.08%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRL PA GEN AUTH REVENU                  | General Authority of Southcentral Pennsylvania                                  | CUSIP: 84129NMD8<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   3585000 | PA      | $2983847.48   | 0.11%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TSC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2808918.00   | 0.11%             | 2047-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3347248.80   | 0.13%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438GP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $789155.88    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                                | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3934359.00   | 0.15%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1007711.05   | 0.04%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWD7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3341001.38   | 0.13%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                   | Empire State Development Corp (TOBs)                                            | CUSIP: 64985TEQ0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30652620.00  | 1.16%             | 2048-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    590000 | PA      | $584365.15    | 0.02%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 544495Z64<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5698827.61   | 0.22%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                  | CUSIP: 837123HJ0<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    570000 | PA      | $579017.91    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  10665000 | PA      | $5199187.50   | 0.20%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                     | CUSIP: 011839VT1<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1550159.93   | 0.06%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GZH0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  17460000 | PA      | $14892861.44  | 0.56%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                     | CUSIP: 64971PKL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1699566.42   | 0.06%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                                | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $652464.94    | 0.02%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                         | Florida Development Finance Corp                                                | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1469198.40   | 0.06%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQG6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5333.95      | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YBG9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $12187.50     | 0.00%             | 2025-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TWL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $888964.26    | 0.03%             | 2048-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XQ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4621765.21   | 0.17%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593UY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1718961.26   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3645000 | PA      | $3671016.55   | 0.14%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE                  | Medford Hospital Facilities Authority                                           | CUSIP: 584283HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2264446.28   | 0.09%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU                  | Volusia County Educational Facility Authority                                   | CUSIP: 928836MP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2053978.95   | 0.08%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HWK7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3448382.00   | 0.13%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                | CUSIP: 13054WAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1551813.60   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333PU30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5505000 | PA      | $5521365.26   | 0.21%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE                  | Metropolitan Transportation Authority Dedicated Tax Fund                        | CUSIP: 59260XCX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15860000 | PA      | $13797743.23  | 0.52%             | 2054-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182B8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1141857.63   | 0.04%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2139106.54   | 0.08%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HXM2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3915000 | PA      | $3811456.86   | 0.14%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4615000 | PA      | $4101819.85   | 0.15%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467AZ5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    845000 | PA      | $848575.20    | 0.03%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR RESOURCES                  | Massachusetts Water Resources Authority                                         | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   8540000 | PA      | $8222948.23   | 0.31%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                  | CUSIP: 837123HK7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1229413.42   | 0.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3291453.59   | 0.12%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1141492.72   | 0.04%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1722063.74   | 0.06%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2239240.74   | 0.08%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3795080.07   | 0.14%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                             | CUSIP: 717883QN5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    910000 | PA      | $912799.71    | 0.03%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DTP4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7922409.36   | 0.30%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ PKG AUTH                       | New Brunswick Parking Authority                                                 | CUSIP: 642835PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3059835.71   | 0.12%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XL71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23304865.00  | 0.88%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2066239.66   | 0.08%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1218045.06   | 0.05%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3069149.21   | 0.12%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1483455.06   | 0.06%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1448237.61   | 0.05%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160TM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315278.11    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6540000 | PA      | $6414530.75   | 0.24%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3691830.32   | 0.14%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOSHUA TX INDEP SCH DIST                        | Joshua Independent School District                                              | CUSIP: 481052VT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4094207.92   | 0.15%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  14600000 | PA      | $11985434.92  | 0.45%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority (TOBs)                          | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  11695000 | PA      | $11910034.30  | 0.45%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576FW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2667715.06   | 0.10%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FJC9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   8035000 | PA      | $7747547.88   | 0.29%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS                  | Knox County Health Educational & Housing Facility Board                         | CUSIP: 49952MEJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4745000 | PA      | $4696639.91   | 0.18%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $761894.37    | 0.03%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                        | CUSIP: 76827QJU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2193463.08   | 0.08%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE                  | County of Cook IL Sales Tax Revenue                                             | CUSIP: 213248CN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $1921443.43   | 0.07%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UD81<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |  11090000 | PA      | $11479679.31  | 0.43%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    760000 | PA      | $720158.52    | 0.03%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358WZF4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7615028.78   | 0.29%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    217253 | PA      | $178687.55    | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3463079.43   | 0.13%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1561027.23   | 0.06%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT                  | New Jersey Educational Facilities Authority                                     | CUSIP: 6460666J4<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2670896.55   | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  18325000 | PA      | $18435690.33  | 0.70%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1573417.51   | 0.06%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FEF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4180000 | PA      | $3598549.04   | 0.14%             | 2050-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                       | CUSIP: 45471ATD4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3335227.40   | 0.13%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY/KANSAS CITY KS                   | Wyandotte County-Kansas City Unified Government Utility System Revenue          | CUSIP: 982674KZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2191756.84   | 0.08%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS                  | Connecticut Housing Finance Authority                                           | CUSIP: 20775CB78<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2048-11-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YW21<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $820222.59    | 0.03%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894YD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1192490.62   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                   | CUSIP: 67756CFV5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $914620.45    | 0.03%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    760000 | PA      | $757527.95    | 0.03%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614NX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $747153.64    | 0.03%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7756116.30   | 0.29%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2740952.96   | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $3870897.71   | 0.15%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QRY7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1399748.09   | 0.05%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CEX2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11900000 | PA      | $12224518.95  | 0.46%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E                  | Ohio Air Quality Development Authority                                          | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   8960000 | PA      | $7859588.35   | 0.30%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XS0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  16040000 | PA      | $15485410.58  | 0.58%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH                  | West Harris County Regional Water Authority                                     | CUSIP: 95308RRG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2395484.03   | 0.09%             | 2049-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PPE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005053.00   | 0.04%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1319196.14   | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                  | State of Ohio                                                                   | CUSIP: 67759YAQ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1166054.88   | 0.04%             | 2053-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX                   | City of Dallas TX Hotel Occupancy Tax Revenue                                   | CUSIP: 235286AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1393030.50   | 0.05%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2781188.46   | 0.10%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KFB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6535000 | PA      | $6779088.79   | 0.26%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BASE VLG MET DIST #2 CO                         | Base Village Metropolitan District No 2                                         | CUSIP: 069781AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    774000 | PA      | $774231.66    | 0.03%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $846410.02    | 0.03%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                         | Florida Development Finance Corp                                                | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006192.60   | 0.08%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CNTY KS PUBLIC BLDG C                  | Sedgwick County Public Building Commission                                      | CUSIP: 81533PLF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3305000 | PA      | $3308715.15   | 0.12%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R                  | City of Philadelphia PA Water & Wastewater Revenue                              | CUSIP: 717893Q46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3011837.90   | 0.11%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  29000000 | PA      | $29833358.50  | 1.13%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358WZH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  24025000 | PA      | $24050478.51  | 0.91%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO                  | Maryland Stadium Authority                                                      | CUSIP: 574294AV6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   5235000 | PA      | $4659300.24   | 0.18%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182F9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    760000 | PA      | $761044.47    | 0.03%             | 2042-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PORT AUTH PORT FAC                  | Virginia Port Authority                                                         | CUSIP: 928077JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4820000 | PA      | $4757224.32   | 0.18%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 696507UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $876361.24    | 0.03%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    256303 | PA      | $173725.58    | 0.01%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990KAW3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10435.27     | 0.00%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE                  | County of Cook IL Sales Tax Revenue                                             | CUSIP: 213248CP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2585607.98   | 0.10%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                                    | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464785.85   | 0.06%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1334595.21   | 0.05%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN                       | CUSIP: 592112XW1<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  18205000 | PA      | $17099273.81  | 0.65%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11281955.30  | 0.43%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365K3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    645000 | PA      | $614327.93    | 0.02%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM                  | Delaware State Economic Development Authority                                   | CUSIP: 246371AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510140.60   | 0.06%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                          | CUSIP: 514045W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11385000 | PA      | $11353256.34  | 0.43%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                   | Empire State Development Corp (TOBs)                                            | CUSIP: 64985TER8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4284562.80   | 0.16%             | 2049-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN                  | Massachusetts Bay Transportation Authority Sales Tax Revenue                    | CUSIP: 575579YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1141996.03   | 0.04%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT                  | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   9925000 | PA      | $10248000.19  | 0.39%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF VERMONT & ST AGRIC CLG                  | University of Vermont and State Agricultural College                            | CUSIP: 915200ZN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1910874.46   | 0.07%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5020000.00   | 0.19%             | 2040-08-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KFA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7875000 | PA      | $8229793.16   | 0.31%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                  | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5820000 | PA      | $5178711.66   | 0.20%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                    | Sanger Unified School District                                                  | CUSIP: 800860EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190054.53    | 0.01%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YDK2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1707968.26   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                         | Florida Development Finance Corp                                                | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  26150000 | PA      | $25732245.91  | 0.97%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1449940.61   | 0.05%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5303963.40   | 0.20%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59259Y7S2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2032-11-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| VERMONT ST EDUCTNL & HLTH BLDG                  | Vermont Educational & Health Buildings Financing Agency                         | CUSIP: 924166LN9<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069033.60   | 0.08%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TH8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3273292.94   | 0.12%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36355000 | PA      | $34497386.74  | 1.30%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398ER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6331661.85   | 0.24%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $536388.09    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PORT AUTH PORT FAC                  | Virginia Port Authority                                                         | CUSIP: 928077JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7385000 | PA      | $7149610.51   | 0.27%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104PX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3136137.15   | 0.12%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2081611.73   | 0.08%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                         | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5845000 | PA      | $5835259.31   | 0.22%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $989497.01    | 0.04%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224ZC6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1913136.41   | 0.07%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16700000 | PA      | $16437804.99  | 0.62%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1205108.80   | 0.05%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5271516.39   | 0.20%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 696507VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $660123.54    | 0.02%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22300000 | PA      | $21785619.28  | 0.82%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2686081.65   | 0.10%             | 2035-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT                  | Allegheny County Hospital Development Authority                                 | CUSIP: 01728A5C6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $3873033.11   | 0.15%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AT3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $739326.25    | 0.03%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445NN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1254669.63   | 0.05%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY/KANSAS CITY KS                   | Wyandotte County-Kansas City Unified Government Utility System Revenue          | CUSIP: 982674KY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1522297.18   | 0.06%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNT2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1122734.13   | 0.04%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56036YDH5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7751492.43   | 0.29%             | 2026-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358W4B7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   8630000 | PA      | $7320079.92   | 0.28%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 5444953Q5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4869313.31   | 0.18%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2039-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576LZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2574091.75   | 0.10%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1593060.78   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CCU0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4194314.08   | 0.16%             | 2040-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YDL6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    610000 | PA      | $295850.00    | 0.01%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GJN5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2048-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                   | CUSIP: 646140CQ4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  11905000 | PA      | $12289689.84  | 0.46%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1707088.58   | 0.06%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $4016183.82   | 0.15%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BFU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1296646.12   | 0.05%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   7870000 | PA      | $7973759.65   | 0.30%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990KDC4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7040000 | PA      | $7150354.11   | 0.27%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RCL7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   7810000 | PA      | $7846392.26   | 0.30%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                      | CUSIP: 452031AQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1414429.07   | 0.05%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11114870.80  | 0.42%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2556810.75   | 0.10%             | 2045-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Legg Mason Partners Income Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer