# EDGAR Filing Document

**Accession Number:** 0000886043
**File Stem:** 0000940400-25-005508
**Filing Date:** 2025-10
**Character Count:** 313772
**Document Hash:** db710cdaf0cc20f132082c6dccbb8a41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005508.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005508

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET MANAGED MUNICIPALS FUND INC.
- **CENTRAL INDEX KEY:** 0000886043

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06629
- **FILM NUMBER:** 251428618

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 888-777-0102

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGED MUNICIPALS PORTFOLIO INC
- **DATE OF NAME CHANGE:** 19920929

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 145.2%** | **Municipal Bonds — 145.2%** | **Municipal Bonds — 145.2%** | **Municipal Bonds — 145.2%** | **Municipal Bonds — 145.2%** |
| *Alabama — 3.5%* | *Alabama — 3.5%* | *Alabama — 3.5%* | *Alabama — 3.5%* | *Alabama — 3.5%* |
| &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; $710000 | &nbsp;&nbsp;&nbsp; $717403<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; 1050000 | &nbsp;&nbsp;&nbsp; 1114686<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2378884<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; 900000 | &nbsp;&nbsp;&nbsp; 903123<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; 10/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1520186<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3513084<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 2151292<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; 1670000 | &nbsp;&nbsp;&nbsp; 1514963<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; 1250000 | &nbsp;&nbsp;&nbsp; 1087867<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2130935<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; 3050000 | &nbsp;&nbsp;&nbsp; 3197130<br> <sup>(a)(b)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *20229553* |
| *Alaska — 0.7%* | *Alaska — 0.7%* | *Alaska — 0.7%* | *Alaska — 0.7%* | *Alaska — 0.7%* |
| &nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 767347<br>|
| &nbsp;&nbsp;&nbsp; Anchorage, AK, Port Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1262430<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 604891<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Series A, Class 1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp; 1522598<br>|
| *Total Alaska* | *Total Alaska* | *Total Alaska* | *Total Alaska* | &nbsp;&nbsp; *4157266* |
| *Arizona — 5.2%* | *Arizona — 5.2%* | *Arizona — 5.2%* | *Arizona — 5.2%* | *Arizona — 5.2%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue, Basis School Project, Credit Enhanced, <br> Series F, Refunding, SD Credit Program  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 689239<br>|
| &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; 1750000 | &nbsp;&nbsp;&nbsp; 1767775<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; 1300000 | &nbsp;&nbsp;&nbsp; 1311772<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; 3400000 | &nbsp;&nbsp;&nbsp; 3435179<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navajo Nation, AZ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp; 1229565<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 757060<br>|
| &nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2114863<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; 12957576<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5753696<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *30016725* |
| *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* |
| &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; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; *1056713*<br> <sup>(c)</sup><br>|
| *California — 17.4%* | *California — 17.4%* | *California — 17.4%* | *California — 17.4%* | *California — 17.4%* |
| &nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Series C, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; 2670653<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(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;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; $2250000 | &nbsp;&nbsp;&nbsp; $2284913<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; 850000 | &nbsp;&nbsp;&nbsp; 860750<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; 8500000 | &nbsp;&nbsp;&nbsp; 8877368<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; 3100000 | &nbsp;&nbsp;&nbsp; 3271226<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; 1500000 | &nbsp;&nbsp;&nbsp; 1594510<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; 7400000 | &nbsp;&nbsp;&nbsp; 7934514<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; 3200000 | &nbsp;&nbsp;&nbsp; 3480770<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Health Facilities Financing Authority Revenue, Lucile Salter <br> Packard Children's Hospital at Stanford  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 492199<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; 4400000 | &nbsp;&nbsp;&nbsp; 4287391<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue, Poseidon Resources <br> Desalination Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp; 12819562<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Folsom Cordova, CA, USD: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Improvement District No 4, GO, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp; 1948194<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Improvement District No 5, GO, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp; 2449319<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Improvement District No 5, GO, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 1795000 | &nbsp;&nbsp;&nbsp; 1992794<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, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 778888<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 482832<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; 500000 | &nbsp;&nbsp;&nbsp; 507248<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; 2000000 | &nbsp;&nbsp;&nbsp; 1696806<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue, <br> Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2001597<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Waterworks Revenue, Series <br> A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1979689<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; 3430000 | &nbsp;&nbsp;&nbsp; 4100930<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 2490000 | &nbsp;&nbsp;&nbsp; 2977060<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; 9509060<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2377265<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp; 575713<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1423528<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; 1070000 | &nbsp;&nbsp;&nbsp; 1085563<br>|
| &nbsp;&nbsp;&nbsp; San Diego County, CA, Regional Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1487295<br> <sup>(c)</sup><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; 10635000 | &nbsp;&nbsp;&nbsp; 10443889<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; 1500000 | &nbsp;&nbsp;&nbsp; 1477093<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Refunding, San Diego County Tobacco Asset Securitization <br> Corporation, Class 1, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505678<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Refunding, San Diego County Tobacco Asset Securitization <br> Corporation, Class 1, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 758309<br>|
| &nbsp;&nbsp;&nbsp; Tulare, CA, Sewer Revenue, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2003085<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *101135691* |

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Colorado — 6.2%* | *Colorado — 6.2%* | *Colorado — 6.2%* | *Colorado — 6.2%* | *Colorado — 6.2%* |
| &nbsp;&nbsp;&nbsp; Base Village Metropolitan District No 2, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $999944<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Educational & Cultural Facilities Authority Revenue, University <br> of Denver Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1606471<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series B-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1309361<br> <sup>(a)(b)</sup><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; 2500000 | &nbsp;&nbsp;&nbsp; 2065741<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Second Tier Bonds, Bethesda Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2066778<br>|
| &nbsp;&nbsp;&nbsp; Colorado State High Performance Transportation Enterprise Revenue, C-470 <br> Express Lanes  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/51 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 750297<br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 3235000 | &nbsp;&nbsp;&nbsp; 3253058<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3328386<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Revenue  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 15700000 | &nbsp;&nbsp;&nbsp; 18467338<br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1859995<br> <sup>(d)</sup><br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *35707369* |
| *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* |
| &nbsp;&nbsp;&nbsp; Connecticut State, GO, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500558<br>|
| &nbsp;&nbsp;&nbsp; Harbor Point, CT, Infrastructure Improvement District, Special Obligation <br> Revenue, Harbor Point Project Ltd., Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1152328<br> <sup>(d)</sup><br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *1652886* |
| *Delaware — 0.1%* | *Delaware — 0.1%* | *Delaware — 0.1%* | *Delaware — 0.1%* | *Delaware — 0.1%* |
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority Revenue, Beebe Medical Center <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *465581*<br>|
| *District of Columbia — 1.2%* | *District of Columbia — 1.2%* | *District of Columbia — 1.2%* | *District of Columbia — 1.2%* | *District of Columbia — 1.2%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 810192<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; 2800000 | &nbsp;&nbsp;&nbsp; 2641530<br>|
| &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; 1500000 | &nbsp;&nbsp;&nbsp; 1621883<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; 1500000 | &nbsp;&nbsp;&nbsp; 1639940<br> <sup>(c)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *6713545* |
| *Florida — 7.4%* | *Florida — 7.4%* | *Florida — 7.4%* | *Florida — 7.4%* | *Florida — 7.4%* |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1573066<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; 1000000 | &nbsp;&nbsp;&nbsp; 985077<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 416260<br> <sup>(c)</sup><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; 715000 | &nbsp;&nbsp;&nbsp; 715134<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Revenue, Brightline Passenger Rail <br> Project, Refunding, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp; 5611168<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; 740000 | &nbsp;&nbsp;&nbsp; 741317<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp; 2414289<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; 900000 | &nbsp;&nbsp;&nbsp; 768181<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; 500000 | &nbsp;&nbsp;&nbsp; 500078<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; 1500000 | &nbsp;&nbsp;&nbsp; 1474749<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(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; Hillsborough County, FL, Aviation Authority Revenue, Tampa International <br> Airport, Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; $1250000 | &nbsp;&nbsp;&nbsp; $1238507<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3000376<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Expressway Authority, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 8983695<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; 2000000 | &nbsp;&nbsp;&nbsp; 1945105<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; 2500000 | &nbsp;&nbsp;&nbsp; 2482463<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; 1300000 | &nbsp;&nbsp;&nbsp; 1280734<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; 1150000 | &nbsp;&nbsp;&nbsp; 1039642<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; 750000 | &nbsp;&nbsp;&nbsp; 719414<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp; 2677607<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 567057<br>|
| &nbsp;&nbsp;&nbsp; Pasco County, FL, Capital Improvement, Cigarette Tax Allocation Bonds, H. Lee <br> Moffitt Cancer Center Project, Series A, AG  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp; 2271883<br>|
| &nbsp;&nbsp;&nbsp; Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle <br> Aeronautical University Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 997442<br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue, Series 2024  | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 714581<br> <sup>(d)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *43117825* |
| *Georgia — 1.5%* | *Georgia — 1.5%* | *Georgia — 1.5%* | *Georgia — 1.5%* | *Georgia — 1.5%* |
| &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; 1250000 | &nbsp;&nbsp;&nbsp; 1215875<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue: |  |  |  |  |
| &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; 1150000 | &nbsp;&nbsp;&nbsp; 1161060<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; 750000 | &nbsp;&nbsp;&nbsp; 762599<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project P, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp; 1240378<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1235519<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1448547<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1699041<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *8763019* |
| *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* |
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue, Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp; *1212536*<br>|
| *Hawaii — 0.4%* | *Hawaii — 0.4%* | *Hawaii — 0.4%* | *Hawaii — 0.4%* | *Hawaii — 0.4%* |
| &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; 2000000 | &nbsp;&nbsp;&nbsp; 1607628<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 787355<br>|
| *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | &nbsp;&nbsp; *2394983* |
| *Idaho — 0.2%* | *Idaho — 0.2%* | *Idaho — 0.2%* | *Idaho — 0.2%* | *Idaho — 0.2%* |
| &nbsp;&nbsp;&nbsp; Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; *1072195*<br>|
| *Illinois — 17.0%* | *Illinois — 17.0%* | *Illinois — 17.0%* | *Illinois — 17.0%* | *Illinois — 17.0%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1950627<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund Inc.**

(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, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp;&nbsp; $3044719<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100320<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 653679<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 493482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; 4613543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 8435000 | &nbsp;&nbsp;&nbsp; 7206526<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1031171<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 956456<br>|
| &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; 1/1/41 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1250427<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2469863<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500170<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 497949<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 742409<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; 900000 | &nbsp;&nbsp;&nbsp; 851313<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; 1250000 | &nbsp;&nbsp;&nbsp; 1214432<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501074<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1541862<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; 2700000 | &nbsp;&nbsp;&nbsp; 2683474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/53 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507074<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1517093<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; 1800000 | &nbsp;&nbsp;&nbsp; 1887921<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; 1328038<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; 3610000 | &nbsp;&nbsp;&nbsp; 3660326<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2020630<br>|
| &nbsp;&nbsp;&nbsp; Cook County, IL, Sales Tax Revenue, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2270685<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northshore University Healthsystem, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2200397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surface Freight Transfer Facilites, Centerpoint Joliet Terminal Railroad <br> Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2102861<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority, Student Housing & Academic Facilities <br> Revenue, CHF Chicago LLC, University of Illinois Chicago Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 446219<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue: |  |  |  |  |
| &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; 750000 | &nbsp;&nbsp;&nbsp; 791662<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; 250000 | &nbsp;&nbsp;&nbsp; 268122<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3510687<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; 2000000 | &nbsp;&nbsp;&nbsp; 2009770<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3046238<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2168685<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; 2144109<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(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;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; $940000 | &nbsp;&nbsp;&nbsp; $960385<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 781618<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2622443<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2184937<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 5095000 | &nbsp;&nbsp;&nbsp; 5437047<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 530279<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4051617<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2518868<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 789106<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &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; 3500000 | &nbsp;&nbsp;&nbsp; 3120335<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1253916<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; 8150000 | &nbsp;&nbsp;&nbsp; 7810928<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1507502<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; 3000000 | &nbsp;&nbsp;&nbsp; 968422<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *98721416* |
| *Indiana — 1.6%* | *Indiana — 1.6%* | *Indiana — 1.6%* | *Indiana — 1.6%* | *Indiana — 1.6%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHI Senior Living Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 1933770<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1041415<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; 1150000 | &nbsp;&nbsp;&nbsp; 1177482<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Courthouse and Jail Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1794840<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Courthouse and Jail Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 836882<br>|
| &nbsp;&nbsp;&nbsp; Valparaiso, IN, Exempt Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper LLC Project, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1222557<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper LLC Project, Refunding | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1422623<br> <sup>(c)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *9429569* |
| *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 <br> Bonds, Class 1, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; *603667*<br>|
| *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; 1000000 | &nbsp;&nbsp;&nbsp; 994399<br>|
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1278131<br> <sup>(a)(b)</sup><br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *2272530* |
| *Louisiana — 2.4%* | *Louisiana — 2.4%* | *Louisiana — 2.4%* | *Louisiana — 2.4%* | *Louisiana — 2.4%* |
| &nbsp;&nbsp;&nbsp; Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, <br> AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2491800<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp; 2090279<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; 2250000 | &nbsp;&nbsp;&nbsp; 2235460<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; 4650000 | &nbsp;&nbsp;&nbsp; 4626570<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; 2500000 | &nbsp;&nbsp;&nbsp; 2522802<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *13966911* |

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Maryland — 0.6%* | *Maryland — 0.6%* | *Maryland — 0.6%* | *Maryland — 0.6%* | *Maryland — 0.6%* |
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Senior Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan State University Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $454493<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan State University Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1099066<br>|
| &nbsp;&nbsp;&nbsp; Maryland State Stadium Authority, Built to Learn Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp; 1628872<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *3182431* |
| *Massachusetts — 2.6%* | *Massachusetts — 2.6%* | *Massachusetts — 2.6%* | *Massachusetts — 2.6%* | *Massachusetts — 2.6%* |
| &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; 1800000 | &nbsp;&nbsp;&nbsp; 1701522<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Charter School, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp; 1776441<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeastern University Issue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2809780<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 854235<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosfuel Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1463172<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; 1700000 | &nbsp;&nbsp;&nbsp; 1748234<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4957649<br> <sup>(c)</sup><br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *15311033* |
| *Michigan — 2.9%* | *Michigan — 2.9%* | *Michigan — 2.9%* | *Michigan — 2.9%* | *Michigan — 2.9%* |
| &nbsp;&nbsp;&nbsp; Great Lakes, MI, Water Authority, Sewage Disposal System Revenue, Senior <br> Lien, Series C  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2059891<br>|
| &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; 7/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1073933<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 6790000 | &nbsp;&nbsp;&nbsp; 6798646<br>|
| &nbsp;&nbsp;&nbsp; Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue, <br> County GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 979328<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Act 38 Facilities, Senior Green Bonds | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/57 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1003358<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; 90000 | &nbsp;&nbsp;&nbsp; 86378<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority Revenue, Ascension Health Senior <br> Credit Group, Series 2010 F-4, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3004558<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement <br> Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1743613<br> <sup>(c)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *16749705* |
| *Missouri — 0.3%* | *Missouri — 0.3%* | *Missouri — 0.3%* | *Missouri — 0.3%* | *Missouri — 0.3%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior <br> Services Projects, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 145559<br>|
| &nbsp;&nbsp;&nbsp; St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, <br> St. Louis Obligated Group, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1598705<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *1744264* |
| *Nebraska — 0.3%* | *Nebraska — 0.3%* | *Nebraska — 0.3%* | *Nebraska — 0.3%* | *Nebraska — 0.3%* |
| &nbsp;&nbsp;&nbsp; Omaha, NE, Public Power District, Electric System Revenue, Series B, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; *1753662*<br>|
| *New Hampshire — 1.8%* | *New Hampshire — 1.8%* | *New Hampshire — 1.8%* | *New Hampshire — 1.8%* | *New Hampshire — 1.8%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 913201<br>|
| &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; 4900000 | &nbsp;&nbsp;&nbsp; 5253890<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New Hampshire — continued* | *New Hampshire — continued* | *New Hampshire — continued* | *New Hampshire — continued* | *New Hampshire — continued* |
| &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; $4750000 | &nbsp;&nbsp;&nbsp; $4458268<br>|
| *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | &nbsp;&nbsp; *10625359* |
| *New Jersey — 8.1%* | *New Jersey — 8.1%* | *New Jersey — 8.1%* | *New Jersey — 8.1%* | *New Jersey — 8.1%* |
| &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; 1000000 | &nbsp;&nbsp;&nbsp; 1000487<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; 2500000 | &nbsp;&nbsp;&nbsp; 2501501<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 442971<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; 3500000 | &nbsp;&nbsp;&nbsp; 3526910<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA, Lease Revenue, State House Project, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/43 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4027898<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA, Special Facility Revenue, Continental Airlines Inc. <br> Project  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 4285000 | &nbsp;&nbsp;&nbsp; 4289474<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3007597<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue, RWJ <br> Barnabas Health Obligation Group, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500112<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; 5.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp; 2198318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp; 1343552<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4284371<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3173072<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 615010<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 4325000 | &nbsp;&nbsp;&nbsp; 4327997<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2224511<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2007309<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1134238<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 714399<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue, Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4133813<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 792946<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *47246486* |
| *New Mexico — 0.4%* | *New Mexico — 0.4%* | *New Mexico — 0.4%* | *New Mexico — 0.4%* | *New Mexico — 0.4%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Municipal Energy Acquisition Authority, Gas Supply <br> Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; *2347204*<br> <sup>(a)(b)</sup><br>|
| *New York — 24.7%* | *New York — 24.7%* | *New York — 24.7%* | *New York — 24.7%* | *New York — 24.7%* |
| &nbsp;&nbsp;&nbsp; Brookhaven, NY, Local Development Corp. Revenue, Long Island Community <br> Hospital Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1102443<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; 1250000 | &nbsp;&nbsp;&nbsp; 1248123<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; 2000000 | &nbsp;&nbsp;&nbsp; 2003151<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; 4600000 | &nbsp;&nbsp;&nbsp; 3903823<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; 500000 | &nbsp;&nbsp;&nbsp; 485955<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1939750<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1485840<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2418775<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 252635<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 356520<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund Inc.**

(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, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/51 | &nbsp;&nbsp; $2500000 | &nbsp;&nbsp;&nbsp; $2503703<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1175886<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp; 2070127<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; 900000 | &nbsp;&nbsp;&nbsp; 776053<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 671388<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 2017, Series CC-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2005521<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2018, Series CC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 601584<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2022, Series AA, Subseries AA-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp; 4995459<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2023, Series AA, Subseries AA-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp; 2063036<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series F, Subseries F-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 10250000 | &nbsp;&nbsp;&nbsp; 10320222<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Subseries F-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3027027<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, Memorial Sloan-Kettering Cancer Center, Series <br> B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2138101<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; 5391<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1013048<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; 5000 | &nbsp;&nbsp;&nbsp; 5262<br> <sup>(f)</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; 5000 | &nbsp;&nbsp;&nbsp; 5262<br> <sup>(f)</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; 2990000 | &nbsp;&nbsp;&nbsp; 3031996<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 4, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 2475000 | &nbsp;&nbsp;&nbsp; 2187937<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 4, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/46 | &nbsp;&nbsp; 7240000 | &nbsp;&nbsp;&nbsp; 6340486<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; 3100000 | &nbsp;&nbsp;&nbsp; 2927164<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 World Trade Center Project, Class 1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp; 2176856<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 World Trade Center Project, Class 2, Refunding | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 3513328<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Headquarters | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp; 1691291<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; 4000000 | &nbsp;&nbsp;&nbsp; 3537503<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 <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 512947<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 662261<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1777526<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2983547<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2267362<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(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; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; $1750000 | &nbsp;&nbsp;&nbsp; $1520070<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/54 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp; 2184653<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp; 6266775<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; 5080051<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project, Series C, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp; 1954206<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; 850000 | &nbsp;&nbsp;&nbsp; 827085<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; 2000000 | &nbsp;&nbsp;&nbsp; 1707855<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; 850000 | &nbsp;&nbsp;&nbsp; 503789<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; 7/1/41 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1549922<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; 11850000 | &nbsp;&nbsp;&nbsp; 11224139<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Revenue, State Personal Income <br> Tax, Series C, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 2877376<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; 10/15/41 | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; 6405871<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 218 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2173586<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 221 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 854443<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; 1000000 | &nbsp;&nbsp;&nbsp; 809868<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; 11/15/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250948<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 8950000 | &nbsp;&nbsp;&nbsp; 8992078<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; 1953797<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; 2000000 | &nbsp;&nbsp;&nbsp; 1674757<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; 2500000 | &nbsp;&nbsp;&nbsp; 2510927<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *143506485* |
| *North Carolina — 0.8%* | *North Carolina — 0.8%* | *North Carolina — 0.8%* | *North Carolina — 0.8%* | *North Carolina — 0.8%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, Retirement Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Forest at Duke Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 429760<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Forest at Duke Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp; 566086<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Forest at Duke Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 752600<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; 7/1/47 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1490450<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1468696<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *4707592* |
| *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* |
| &nbsp;&nbsp;&nbsp; Grand Forks, ND, Health Care System Revenue, Altru Health System, <br> Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; *2539465*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* |
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, <br> Series B-2, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; $3425000 | &nbsp;&nbsp;&nbsp; $2771196<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; 1950000 | &nbsp;&nbsp;&nbsp; 1861756<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; 720000 | &nbsp;&nbsp;&nbsp; 721835<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; 2650000 | &nbsp;&nbsp;&nbsp; 2308208<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; 1300000 | &nbsp;&nbsp;&nbsp; 1324457<br> <sup>(a)(b)(c)</sup><br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *8987452* |
| *Oklahoma — 0.3%* | *Oklahoma — 0.3%* | *Oklahoma — 0.3%* | *Oklahoma — 0.3%* | *Oklahoma — 0.3%* |
| &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; 1500000 | &nbsp;&nbsp;&nbsp; 1657655<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; 185000 | &nbsp;&nbsp;&nbsp; 200568<br> <sup>(c)</sup><br>|
| *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | &nbsp;&nbsp; *1858223* |
| *Oregon — 1.0%* | *Oregon — 1.0%* | *Oregon — 1.0%* | *Oregon — 1.0%* | *Oregon — 1.0%* |
| &nbsp;&nbsp;&nbsp; Oregon State Business Development Commission Revenue, Recovery Zone <br> Facility Bonds, Intel Corp. Project, Series 232  | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3146605<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2564495<br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *5711100* |
| *Pennsylvania — 6.7%* | *Pennsylvania — 6.7%* | *Pennsylvania — 6.7%* | *Pennsylvania — 6.7%* | *Pennsylvania — 6.7%* |
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 459769<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment <br> Revenue Bonds, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 262411<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; 1/1/29 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 225109<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 775317<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Convention Center Authority Revenue, Hotel Room <br> Rental Tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding, County GTD | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1877441<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding, County GTD | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2344491<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Penn State Health, <br> Series 2021  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3446058<br>|
| &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 B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005376<br> <sup>(a)(b)</sup><br>|
| &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; 2200000 | &nbsp;&nbsp;&nbsp; 2214931<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Core Natural Resources Inc. Project, <br> Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 865733<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One <br> Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2026628<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One <br> Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp; 6926016<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2868880<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2006889<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2023168<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1537573<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(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;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $1684294<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, A String Theory Charter School Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 475209<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Service Agreement Revenue, Rebuild Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 260128<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Service Agreement Revenue, Rebuild Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 514620<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, SD, GO, Series A, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 1755000 | &nbsp;&nbsp;&nbsp; 1758364<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; 800000 | &nbsp;&nbsp;&nbsp; 818670<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; 2280000 | &nbsp;&nbsp;&nbsp; 2325898<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *38702973* |
| *Puerto Rico — 6.7%* | *Puerto Rico — 6.7%* | *Puerto Rico — 6.7%* | *Puerto Rico — 6.7%* | *Puerto Rico — 6.7%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp; 1896271<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; 4700000 | &nbsp;&nbsp;&nbsp; 4396773<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; 78612 | &nbsp;&nbsp;&nbsp; 55051<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 67418 | &nbsp;&nbsp;&nbsp; 69726<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 66323 | &nbsp;&nbsp;&nbsp; 70685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 64420 | &nbsp;&nbsp;&nbsp; 70696<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 61087 | &nbsp;&nbsp;&nbsp; 59768<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1209908 | &nbsp;&nbsp;&nbsp; 1160150<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 4065000 | &nbsp;&nbsp;&nbsp; 3775791<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 629073 | &nbsp;&nbsp;&nbsp; 547729<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 66635 | &nbsp;&nbsp;&nbsp; 55073<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 252075 | &nbsp;&nbsp;&nbsp; 158492<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; 7/1/42 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 1,906,750<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 295,875<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 4570000 | &nbsp;&nbsp;&nbsp; 3,004,775<br> \*<sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/18 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1,015,250<br> \*<sup>(i)</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; 887000 | &nbsp;&nbsp;&nbsp; 835407<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 7830000 | &nbsp;&nbsp;&nbsp; 2474729<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 286312<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp; 1104575<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 3870000 | &nbsp;&nbsp;&nbsp; 3549789<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 8290000 | &nbsp;&nbsp;&nbsp; 7688497<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2A | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; 4390119<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *38868283* |
| *South Carolina — 1.0%* | *South Carolina — 1.0%* | *South Carolina — 1.0%* | *South Carolina — 1.0%* | *South Carolina — 1.0%* |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries <br> B-2, Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.835% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1290579<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours <br> Mercy Health Inc., Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp; 2239523<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; 7/1/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 510021<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund Inc.**

(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; $1750000 | &nbsp;&nbsp;&nbsp; $1711398<br> <sup>(c)</sup><br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *5751521* |
| *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; 700000 | &nbsp;&nbsp;&nbsp; *697868*<br>|
| *Tennessee — 1.3%* | *Tennessee — 1.3%* | *Tennessee — 1.3%* | *Tennessee — 1.3%* | *Tennessee — 1.3%* |
| &nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 2774152<br>|
| &nbsp;&nbsp;&nbsp; Knox County, TN, Health, Educational & Housing Facility Board Revenue, <br> University Health System Inc., Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1530964<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Sports <br> Authority Revenue, Series A, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2284931<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer <br> Revenue, Subordinated, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1004168<br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *7594215* |
| *Texas — 9.8%* | *Texas — 9.8%* | *Texas — 9.8%* | *Texas — 9.8%* | *Texas — 9.8%* |
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Refunding | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/65 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1226315<br> <sup>(d)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250198<br>|
| &nbsp;&nbsp;&nbsp; Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/48 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1594413<br>|
| &nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1941958<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp; 3305651<br> <sup>(c)</sup><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; 4320000 | &nbsp;&nbsp;&nbsp; 3661004<br>|
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 781075<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1034261<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; 3100000 | &nbsp;&nbsp;&nbsp; 2694396<br>|
| &nbsp;&nbsp;&nbsp; Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series 2019, PSF - <br> GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501013<br>|
| &nbsp;&nbsp;&nbsp; Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp; 1649053<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1333222<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1307711<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible <br> CAB, Series A, B and C  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6333185<br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp., Hospital <br> Revenue, Texas Children's Hospital, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1824090<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, GO, Certificates of Obligation  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/49 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 4153266<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; 1650000 | &nbsp;&nbsp;&nbsp; 1489668<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, GO, Series A  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/51 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1045082<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6500129<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series <br> B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 1803288<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1827879<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; 750000 | &nbsp;&nbsp;&nbsp; 672096<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; 1000000 | &nbsp;&nbsp;&nbsp; 1000227<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; 2250000 | &nbsp;&nbsp;&nbsp; 1959050<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(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; 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; $160000 | &nbsp;&nbsp;&nbsp; $161891<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; 160000 | &nbsp;&nbsp;&nbsp; 161089<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging <br> International, LLC Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 813454<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX, Student Housing <br> Revenue, Collegiate Housing College Station, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 738189<br>|
| &nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue, TLC <br> Academy, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 964799<br>|
| &nbsp;&nbsp;&nbsp; Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue, <br> Jefferson Gulf Coast Energy Project, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 246792<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital <br> Revenue, Methodist Hospitals of Dallas  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2283093<br>|
| &nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior <br> Lien, NTE Mobility Partners Segments 3 LLC, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/41 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1694165<br> <sup>(c)</sup><br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *56951702* |
| *Utah — 1.4%* | *Utah — 1.4%* | *Utah — 1.4%* | *Utah — 1.4%* | *Utah — 1.4%* |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series <br> A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; 5201995<br> <sup>(c)</sup><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; 250000 | &nbsp;&nbsp;&nbsp; 249709<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; 1000000 | &nbsp;&nbsp;&nbsp; 973154<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1144530<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 94623<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 459343<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *8123354* |
| *Virginia — 2.6%* | *Virginia — 2.6%* | *Virginia — 2.6%* | *Virginia — 2.6%* | *Virginia — 2.6%* |
| &nbsp;&nbsp;&nbsp; Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 744270<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; 1250000 | &nbsp;&nbsp;&nbsp; 1192960<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; 500000 | &nbsp;&nbsp;&nbsp; 503252<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; 1400000 | &nbsp;&nbsp;&nbsp; 1424282<br> <sup>(c)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2034689<br> <sup>(c)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 526053<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 575848<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3117316<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026504<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1272306<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; 2500000 | &nbsp;&nbsp;&nbsp; 2396656<br> <sup>(c)</sup><br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *14814136* |
| *Washington — 1.5%* | *Washington — 1.5%* | *Washington — 1.5%* | *Washington — 1.5%* | *Washington — 1.5%* |
| &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; 1000000 | &nbsp;&nbsp;&nbsp; 857531<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

 **Western Asset Managed Municipals Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; $3250000 | &nbsp;&nbsp;&nbsp; $3285179<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; 1500000 | &nbsp;&nbsp;&nbsp; 1498452<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 457050<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1031910<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1449526<br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *8579648* |
| *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, Solid Waste Disposal Facility, Commercial <br> Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; *738031*<br> <sup>(a)(b)(c)</sup><br>|
| *Wisconsin — 2.2%* | *Wisconsin — 2.2%* | *Wisconsin — 2.2%* | *Wisconsin — 2.2%* | *Wisconsin — 2.2%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Airport Facilities Revenue, Transportation <br> Infrastructure Properties LLC, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3915146<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cone Health, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1971343<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Carmelite System Inc. Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 660905<br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Student Housing Revenue, University of Hawai'i <br> Foundation Project, Green Bonds, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1344939<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral <br> Obligations  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3001029<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1652857<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *12546219* |
| **Total Municipal Bonds (Cost — $865,261,331)** | **Total Municipal Bonds (Cost — $865,261,331)** | **Total Municipal Bonds (Cost — $865,261,331)** | **Total Municipal Bonds (Cost — $865,261,331)** | &nbsp;&nbsp; **842328391** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.3%** |
| *New York — 4.3%* | *New York — 4.3%* | *New York — 4.3%* | *New York — 4.3%* | *New York — 4.3%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries AA-1  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 6920000 | &nbsp;&nbsp;&nbsp; 7067269<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 8480000 | &nbsp;&nbsp;&nbsp; 7496448<br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Sales Tax Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/49 | &nbsp;&nbsp; 10200000 | &nbsp;&nbsp;&nbsp; 10358502<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $26,006,322)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $26,006,322)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $26,006,322)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $26,006,322)** | &nbsp;&nbsp; **24922219** |
| **Total Investments before Short-Term Investments (Cost — $891,267,653)** | **Total Investments before Short-Term Investments (Cost — $891,267,653)** | **Total Investments before Short-Term Investments (Cost — $891,267,653)** | **Total Investments before Short-Term Investments (Cost — $891,267,653)** | &nbsp;&nbsp; **867250610** |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** | **Municipal Bonds — 1.1%** |
| *Illinois — 0.5%* | *Illinois — 0.5%* | *Illinois — 0.5%* | *Illinois — 0.5%* | *Illinois — 0.5%* |
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue, University of Chicago Medical Center, <br> Series D-1, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; *3000000*<br> <sup>(k)(l)</sup><br>|
| *Indiana — 0.2%* | *Indiana — 0.2%* | *Indiana — 0.2%* | *Indiana — 0.2%* | *Indiana — 0.2%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Environmental Facilities Revenue, Series A-5, <br> Refunding, LOC - Sumitomo Mitsui Banking  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Hospital Revenue, Parkview Health System <br> Obligated Group, Series D, Refunding, LOC - TD Bank N.A.  | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000000<br> <sup>(k)(l)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *1100000* |
| *Massachusetts — 0.2%* | *Massachusetts — 0.2%* | *Massachusetts — 0.2%* | *Massachusetts — 0.2%* | *Massachusetts — 0.2%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Children Hospital Issue, Series U-1, <br> Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; *1500000*<br> <sup>(k)(l)</sup><br>|

---

See Notes to Schedule of Investments.

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Western Asset Managed Municipals Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Managed Municipals Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — 0.2%* | *New York — 0.2%* | *New York — 0.2%* | *New York — 0.2%* | *New York — 0.2%* |
| &nbsp;&nbsp;&nbsp; MTA, NY, Dedicated Tax Revenue, Series A-1, Refunding, LOC - TD Bank N.A.  | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp;&nbsp; $200000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Multi-Family Rental HDC Revenue, Related-Sierra <br> Development, Series A, LOC - FNMA  | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500000<br> <sup>(c)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries BB-2, Refunding, <br> SPA - Mizuho Bank Ltd.  | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *1000000* |
| *Oregon — 0.0%††* | *Oregon — 0.0%††* | *Oregon — 0.0%††* | *Oregon — 0.0%††* | *Oregon — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, <br> LOC - TD Bank N.A. | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; *100000*<br> <sup>(k)(l)</sup><br>|
| **Total Short-Term Investments (Cost — $6,700,000)** | **Total Short-Term Investments (Cost — $6,700,000)** | **Total Short-Term Investments (Cost — $6,700,000)** | **Total Short-Term Investments (Cost — $6,700,000)** | &nbsp;&nbsp; **6700000** |
| **Total Investments — 150.6% (Cost — $897,967,653)** | **Total Investments — 150.6% (Cost — $897,967,653)** | **Total Investments — 150.6% (Cost — $897,967,653)** | **Total Investments — 150.6% (Cost — $897,967,653)** | &nbsp;&nbsp; **873950610** |
| &nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Stock, at Liquidation Value — (49.0)% | &nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Stock, at Liquidation Value — (49.0)% | &nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Stock, at Liquidation Value — (49.0)% | &nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Stock, at Liquidation Value — (49.0)% | &nbsp;&nbsp;&nbsp; (284075000)<br>|
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; (13955000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; 4354878 |
| **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | &nbsp;&nbsp; **$580275488** |

---

&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 Directors. <br>|
| <sup>(e)</sup> | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.  |
| <sup>(f)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(g)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(h)</sup> | The coupon payment on this security is currently in default as of August 31, 2025. |
| <sup>(i)</sup> | The maturity principal is currently in default as of August 31, 2025. |
| <sup>(j)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust.. |
| <sup>(k)</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>(l)</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 Inc. 2025 Quarterly Report

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 **Western Asset Managed Municipals Fund Inc.**

---

| | | |
|:---|:---|:---|
| **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 |
| CSCE |  | Charter School Credit Enhancement |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FNMA |  | Federal National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| ISD |  | Independent School District |
| LOC |  | Letter of Credit |
| MFA |  | Municipal Finance Authority |
| MTA |  | Metropolitan Transportation Authority |
| PCFA |  | Pollution Control Financing Authority |
| PEA |  | Public Energy Authority |
| PSF |  | Permanent School Fund |
| SD |  | School District |
| 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 Inc. 2025 Quarterly Report

------

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 Inc. (the "Fund") was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with preservation of capital. When pursuing its investment objective, the Fund seeks to maximize current income exempt from federal income tax as is consistent with preservation of principal.

The Fund 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 Directors (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 Inc. 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; $842328391 | &nbsp;&nbsp; — | &nbsp;&nbsp; $842328391 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 24922219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24922219 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 867250610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 867250610 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 6700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6700000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$873950610** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$873950610** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2025. The following transactions were effected in such company for the period ended August 31, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>|  | $433845 | 433845 | $433845 | 433845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>August 31, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $241 |  |  |

---

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Western Asset Managed Municipals Fund Inc. 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:** Western Asset Managed Municipals Fund Inc.

- **b. Investment Company Act file number:** 811-06629

- **c. CIK number of Registrant:** 0000886043

- **d. LEI of Registrant:** 549300HVO8EY2T8K4F73

- **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:** 1-888-777-0102

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

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

- **c. LEI of Series:** 549300HVO8EY2T8K4F73

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**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:** $886666905.54

**Total Liabilities:** $306391412.54

**Net Assets:** $580275493.00

**Delayed Delivery Securities:** $4070156.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 556.92000000 | **1-Year:** 15242.43000000 | **5-Year:** 130275.87000000 | **10-Year:** 455754.33000000 | **30-Year:** 58876.09000000

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

- **3-Month:** 354.14000000 | **1-Year:** 525.01000000 | **5-Year:** 8014.27000000 | **10-Year:** 47370.18000000 | **30-Year:** 2517.14000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 0.44%                | 0.85%                | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-100737.15              | $3942268.98                                |
| Month 2  | $-151260.00              | $-9071520.53                               |
| Month 3  | $-204677.61              | $5418809.32                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UTAH INFRASTRUCTURE AGY TELECO                          | Utah Infrastructure Agency                                                      | CUSIP: 917467CC4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459343.30    | 0.08%             | 2038-10-15      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $1000487.00   | 0.17%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                           | Alameda Corridor Transportation Authority                                       | CUSIP: 010869JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2670653.04   | 0.46%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                           | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CAU2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4284371.20   | 0.74%             | 2036-06-15      | 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        |   1250000 | PA      | $1087866.50   | 0.19%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                          | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1824089.69   | 0.31%             | 2051-10-01      | Variable      | 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        |   2250000 | PA      | $2284913.48   | 0.39%             | 2034-10-01      | 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        |   2300000 | PA      | $2418775.22   | 0.42%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $789105.75    | 0.14%             | 2028-11-01      | Fixed         | 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        |   1500000 | PA      | $1639940.10   | 0.28%             | 2030-10-01      | 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        |    250000 | PA      | $262411.40    | 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        |   2000000 | PA      | $1696806.00   | 0.29%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                          | Chicago O'Hare International Airport                                            | CUSIP: 167593WS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497949.05    | 0.09%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                           | New York City Housing Development Corp                                          | CUSIP: 64970HAY0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.09%             | 2033-03-15      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK PORT REVENUE                               | Municipality of Anchorage AK                                                    | CUSIP: 033252AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1262430.13   | 0.22%             | 2050-12-01      | 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        |   2000000 | PA      | $1607627.40   | 0.28%             | 2041-07-01      | Fixed         | 3.00%                 | 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        |   1670000 | PA      | $1514963.38   | 0.26%             | 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        |  15700000 | PA      | $18467338.52  | 3.18%             | 2038-11-15      | Fixed         | 6.50%                 | 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        |    887000 | PA      | $835406.85    | 0.14%             | 2027-07-01      | None          | 0.00%                 | 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        |   1500000 | PA      | $1621883.40   | 0.28%             | 2029-10-01      | Fixed         | 5.00%                 | 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        |   1840000 | PA      | $1896271.43   | 0.33%             | 2037-07-01      | 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        |    900000 | PA      | $768180.96    | 0.13%             | 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        |   2000000 | PA      | $2377265.00   | 0.41%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                           | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $750296.64    | 0.13%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                           | Omaha Public Power District                                                     | CUSIP: 682001HC9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1753662.40   | 0.30%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                     | CUSIP: 928104PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272306.13   | 0.22%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                          | North Carolina Medical Care Commission                                          | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $429759.55    | 0.07%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                           | Miami-Dade County Expressway Authority                                          | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8983694.70   | 1.55%             | 2040-07-01      | Fixed         | 5.00%                 | 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        |   4000000 | PA      | $4027898.40   | 0.69%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                          | New York Liberty Development Corp                                               | CUSIP: 649519FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3513328.00   | 0.61%             | 2052-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                          | New York State Dormitory Authority                                              | CUSIP: 64990FYN8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2187937.37   | 0.38%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI ARPT FACS R                          | Public Finance Authority                                                        | CUSIP: 74443CAC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3915146.00   | 0.67%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                          | Palm Beach County Health Facilities Authority                                   | CUSIP: 69651ACE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2677606.92   | 0.46%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELGIN TX INDEP SCH DIST                                 | Elgin Independent School District                                               | CUSIP: 286533UL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2694395.69   | 0.46%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                              | City of Chicago IL                                                              | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031170.90   | 0.18%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                          | Indiana Finance Authority                                                       | CUSIP: 45471AAS1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.17%             | 2039-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                              | Port of Seattle WA                                                              | CUSIP: 735389J25<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857531.50    | 0.15%             | 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        |  11850000 | PA      | $11224138.70  | 1.93%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                              | Public Finance Authority                                                        | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $660905.21    | 0.11%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                 | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3480769.60   | 0.60%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                           | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XU71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10250000 | PA      | $10320221.73  | 1.78%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                     | CUSIP: 928104PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026504.30   | 0.18%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                          | Grand Parkway Transportation Corp                                               | CUSIP: 38611TAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6333185.40   | 1.09%             | 2036-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                           | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CDM7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3173071.50   | 0.55%             | 2038-06-15      | 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        |   3610000 | PA      | $3660326.29   | 0.63%             | 2037-11-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2003150.60   | 0.35%             | 2047-11-15      | Fixed         | 5.00%                 | 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        |    750000 | PA      | $719414.18    | 0.12%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                          | Greater Orlando Aviation Authority                                              | CUSIP: 392274X43<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1474749.15   | 0.25%             | 2047-10-01      | 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        |   3250000 | PA      | $2774152.23   | 0.48%             | 2051-02-01      | Fixed         | 4.00%                 | 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        |   6790000 | PA      | $6798645.71   | 1.17%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                           | Philadelphia Authority for Industrial Development                               | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475208.85    | 0.08%             | 2040-06-15      | 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        |   8290000 | PA      | $7688496.67   | 1.32%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                          | North Carolina Medical Care Commission                                          | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    715000 | PA      | $566086.09    | 0.10%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452153AR0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $781618.28    | 0.13%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                           | Metropolitan Transportation Authority                                           | CUSIP: 59261AQL4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485955.25    | 0.08%             | 2037-11-15      | 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        |    500000 | PA      | $465580.55    | 0.08%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                            | Illinois Finance Authority                                                      | CUSIP: 45200FZR3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.52%             | 2043-08-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592248BE7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $968422.50    | 0.17%             | 2047-06-15      | None          | 0.00%                 | 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        |   1550000 | PA      | $1549921.88   | 0.27%             | 2041-07-01      | 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        |   2280000 | PA      | $2325897.54   | 0.40%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                          | Utah Infrastructure Agency                                                      | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1144529.88   | 0.20%             | 2039-10-15      | 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        |    500000 | PA      | $492199.40    | 0.08%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                        | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.26%             | 2048-03-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                          | Indiana Finance Authority                                                       | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1177482.24   | 0.20%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission                                                | CUSIP: 709225AW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023168.40   | 0.35%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                         | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |     14150 | NS      | $14149.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                          | North Carolina Medical Care Commission                                          | CUSIP: 65820YSM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $752600.00    | 0.13%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2518867.68   | 0.43%             | 2027-11-01      | 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        |    500000 | PA      | $500077.85    | 0.09%             | 2042-10-01      | 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        |   1600000 | PA      | $1573065.76   | 0.27%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU                          | San Diego County Regional Airport Authority                                     | CUSIP: 79739GNU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1487294.70   | 0.26%             | 2046-07-01      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1517093.55   | 0.26%             | 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        |   1250000 | PA      | $1175885.75   | 0.20%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                          | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5201994.53   | 0.90%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                          | Washington Health Care Facilities Authority                                     | CUSIP: 93978HYE9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1031910.00   | 0.18%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                             | Indiana Finance Authority                                                       | CUSIP: 45506EBU6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1933769.93   | 0.33%             | 2041-11-15      | Fixed         | 4.00%                 | 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        |   2490000 | PA      | $2977060.19   | 0.51%             | 2034-11-01      | Fixed         | 7.00%                 | 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        |   1250000 | PA      | $1215874.75   | 0.21%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                            | CUSIP: 19648FZN7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2066778.12   | 0.36%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                          | Territory of Guam                                                               | CUSIP: 40065NCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1212535.72   | 0.21%             | 2036-01-01      | 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        |   3400000 | PA      | $3435178.78   | 0.59%             | 2049-06-01      | Variable      | 4.00%                 | 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        |   2000000 | PA      | $1945105.40   | 0.34%             | 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        |   2150000 | PA      | $2184653.06   | 0.38%             | 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        |    800000 | PA      | $818669.68    | 0.14%             | 2031-06-01      | 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        |   1300000 | PA      | $1311772.02   | 0.23%             | 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        |   3100000 | PA      | $3146604.78   | 0.54%             | 2040-12-01      | Variable      | 3.80%                 | 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        |   8000000 | PA      | $9509060.00   | 1.64%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                          | Michigan Finance Authority                                                      | CUSIP: 59447NBE5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003358.10   | 0.17%             | 2057-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                      | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3044718.90   | 0.52%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                             | City of New York NY                                                             | CUSIP: 64966Q6Q8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503703.00   | 0.43%             | 2051-08-01      | Fixed         | 5.00%                 | 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        |    160000 | PA      | $161088.90    | 0.03%             | 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        |   4750000 | PA      | $4458267.83   | 0.77%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EB6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507501.65   | 0.26%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                     | CUSIP: 928104PH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3117315.60   | 0.54%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                          | City of Valparaiso IN                                                           | CUSIP: 92028RAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1422622.80   | 0.25%             | 2044-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                               | Municipal Electric Authority of Georgia                                         | CUSIP: 6262075F7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1235518.75   | 0.21%             | 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        |   2500000 | PA      | $2396656.50   | 0.41%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                               | Municipal Electric Authority of Georgia                                         | CUSIP: 6262077J7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1240377.94   | 0.21%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                               | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1328037.71   | 0.23%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                          | Washington Health Care Facilities Authority                                     | CUSIP: 93978HYD1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $457049.65    | 0.08%             | 2040-12-01      | Fixed         | 4.00%                 | 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        |   3430000 | PA      | $4100930.30   | 0.71%             | 2034-11-01      | Fixed         | 7.00%                 | 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        |    720000 | PA      | $721834.63    | 0.12%             | 2028-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                        | CUSIP: 650116EW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1954206.43   | 0.34%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                          | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KGU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $416260.32    | 0.07%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                          | City of Shreveport LA Water & Sewer Revenue                                     | CUSIP: 825485UP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2090279.15   | 0.36%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA CONVENTION C                          | Lancaster County Convention Center Authority                                    | CUSIP: 514042BE9<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2344491.50   | 0.40%             | 2057-05-01      | Fixed         | 4.75%                 | 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        |   3000000 | PA      | $3027026.70   | 0.52%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                          | Newark Higher Education Finance Corp                                            | CUSIP: 650346DZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $964798.90    | 0.17%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                             | City of Houston TX Airport System Revenue                                       | CUSIP: 4423487R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500128.70   | 1.12%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                          | City of Valparaiso IN                                                           | CUSIP: 92028RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1222557.48   | 0.21%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                          | New York State Dormitory Authority                                              | CUSIP: 64990FYP3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7240000 | PA      | $6340486.47   | 1.09%             | 2046-03-15      | Fixed         | 4.00%                 | 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        |   1250000 | PA      | $1248123.50   | 0.22%             | 2049-09-01      | Variable      | 3.00%                 | 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        |   2000000 | PA      | $2130934.40   | 0.37%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                          | New York State Dormitory Authority                                              | CUSIP: 64990AJA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013047.70   | 0.17%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2184936.75   | 0.38%             | 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        |   5250000 | PA      | $5080050.68   | 0.88%             | 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        |   8435000 | PA      | $7206525.76   | 1.24%             | 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        |   1600000 | PA      | $1699040.80   | 0.29%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                 | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    850000 | PA      | $860749.95    | 0.15%             | 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        |   7400000 | PA      | $7934513.84   | 1.37%             | 2055-02-01      | Variable      | 5.00%                 | 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        |    250000 | PA      | $268122.45    | 0.05%             | 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        |   2400000 | PA      | $2200396.56   | 0.38%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUSTF                          | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CFK9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4327997.23   | 0.75%             | 2050-06-15      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $500169.75    | 0.09%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY                          | Patriots Energy Group Financing Agency                                          | CUSIP: 70342PAS3<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1290579.25   | 0.22%             | 2054-02-01      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                             | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1827878.80   | 0.32%             | 2040-07-01      | Fixed         | 4.00%                 | 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        |   1250000 | PA      | $1192960.00   | 0.21%             | 2053-07-01      | Fixed         | 4.75%                 | 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        |    650000 | PA      | $662260.95    | 0.11%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS                          | Folsom Cordova Unified School District                                          | CUSIP: 34440PDU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2449319.27   | 0.42%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530279.45    | 0.09%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                            | Cumberland County Municipal Authority                                           | CUSIP: 230614TF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225108.92    | 0.04%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                           | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $865732.65    | 0.15%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS                          | Folsom Cordova Unified School District                                          | CUSIP: 34440PDV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1992793.56   | 0.34%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                          | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073933.30   | 0.19%             | 2038-07-01      | Fixed         | 5.00%                 | 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        |    800000 | PA      | $813453.52    | 0.14%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1209908 | PA      | $1160149.93   | 0.20%             | 2035-07-01      | 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        |   1750000 | PA      | $1859994.85   | 0.32%             | 2035-04-01      | 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        |    500000 | PA      | $507248.35    | 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        |    160000 | PA      | $161891.33    | 0.03%             | 2033-11-01      | 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        |    750000 | PA      | $672096.23    | 0.12%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                            | Cumberland County Municipal Authority                                           | CUSIP: 230614TG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $775317.21    | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $1707855.00   | 0.29%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                          | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $854442.70    | 0.15%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452152X97<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    940000 | PA      | $960384.65    | 0.17%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                          | Illinois Finance Authority                                                      | CUSIP: 45203KAQ8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446218.60    | 0.08%             | 2050-02-15      | 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        |    500000 | PA      | $507073.65    | 0.09%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                                              | City of Houston TX                                                              | CUSIP: 442332EE8<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1045082.04   | 0.18%             | 2051-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     61087 | PA      | $59767.72     | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NAVAJO NATION AZ                                        | Navajo Nation                                                                   | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1229564.96   | 0.21%             | 2030-12-01      | Fixed         | 5.50%                 | 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        |   1070000 | PA      | $1085563.47   | 0.19%             | 2053-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA CONVENTION C                          | Lancaster County Convention Center Authority                                    | CUSIP: 514042BD1<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1877441.20   | 0.32%             | 2053-05-01      | Fixed         | 4.75%                 | 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        |    850000 | PA      | $827085.19    | 0.14%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT NEW ORLEANS LA BRD OF COM                          | Port New Orleans Board of Commissioners                                         | CUSIP: 734782CZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2491799.75   | 0.43%             | 2043-04-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2007309.40   | 0.35%             | 2044-06-15      | Fixed         | 5.00%                 | 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        |    850000 | PA      | $503789.31    | 0.09%             | 2054-12-31      | None          | 0.00%                 | 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        |   1750000 | PA      | $1767775.10   | 0.30%             | 2035-12-01      | Variable      | 3.80%                 | 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        |   2500000 | PA      | $2482462.50   | 0.43%             | 2052-10-01      | Fixed         | 5.25%                 | 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        |   3100000 | PA      | $2927164.46   | 0.50%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                           | Indiana Finance Authority                                                       | CUSIP: 455054AF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.02%             | 2040-10-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                           | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ65<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1939749.88   | 0.33%             | 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        |   1500000 | PA      | $1468696.05   | 0.25%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    629073 | PA      | $547729.14    | 0.09%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                             | Oregon State Facilities Authority                                               | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.02%             | 2034-08-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                           | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RDX0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250947.70    | 0.04%             | 2045-11-15      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1657654.95   | 0.29%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TULARE CA SWR REVENUE                                   | City of Tulare CA Sewer Revenue                                                 | CUSIP: 899124KP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003085.20   | 0.35%             | 2041-11-15      | Fixed         | 5.00%                 | 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        |    185000 | PA      | $200568.43    | 0.03%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                        | CUSIP: 57584XCG4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1776440.63   | 0.31%             | 2040-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission                                                | CUSIP: 709224K57<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006889.00   | 0.35%             | 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        |  10635000 | PA      | $10443889.05  | 1.80%             | 2047-05-01      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $503252.00    | 0.09%             | 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        |   1750000 | PA      | $1777526.10   | 0.31%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH SPL                          | Massachusetts Port Authority                                                    | CUSIP: 575898DS7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463172.30   | 0.25%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                        | CUSIP: 57584Y3V9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2809779.78   | 0.48%             | 2044-10-01      | 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        |   1500000 | PA      | $1490450.40   | 0.26%             | 2047-07-01      | 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        |   1000000 | PA      | $809867.90    | 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        |    450000 | PA      | $295875.00    | 0.05%             | 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        |   8150000 | PA      | $7810928.22   | 1.35%             | 2050-06-15      | 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        |   3425000 | PA      | $2771196.27   | 0.48%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4065000 | PA      | $3775791.51   | 0.65%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                          | City of Galveston TX Wharves & Terminal Revenue                                 | CUSIP: 364568JY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1307711.00   | 0.23%             | 2037-08-01      | Fixed         | 5.25%                 | 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        |   2500000 | PA      | $2138101.00   | 0.37%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission                                                | CUSIP: 709225GJ9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537573.05   | 0.26%             | 2047-12-01      | Fixed         | 5.25%                 | 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        |    750000 | PA      | $757060.20    | 0.13%             | 2042-08-01      | 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        |   1250000 | PA      | $1238506.88   | 0.21%             | 2043-10-01      | 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        |    750000 | PA      | $738031.20    | 0.13%             | 2055-04-15      | Variable      | 4.62%                 | 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        |   1300000 | PA      | $1280734.39   | 0.22%             | 2053-10-01      | Fixed         | 5.00%                 | 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        |    400000 | PA      | $246791.84    | 0.04%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                          | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1522598.23   | 0.26%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                             | Oregon State Facilities Authority                                               | CUSIP: 68608JVR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2564495.18   | 0.44%             | 2046-06-01      | 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        |   2200000 | PA      | $2267361.58   | 0.39%             | 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        |    150000 | PA      | $145559.00    | 0.03%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                      | CUSIP: 709230AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2868880.39   | 0.49%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     66323 | PA      | $70684.80     | 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        |   1150000 | PA      | $1161060.36   | 0.20%             | 2064-07-01      | Fixed         | 5.25%                 | 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        |   1950000 | PA      | $1861756.07   | 0.32%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                          | State of Connecticut                                                            | CUSIP: 20772KGF0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500558.30    | 0.09%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                          | Salt Verde Financial Corp                                                       | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12957576.00  | 2.23%             | 2032-12-01      | 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        |   1250000 | PA      | $1214431.63   | 0.21%             | 2051-12-01      | Fixed         | 5.00%                 | 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        |   2700000 | PA      | $2683474.11   | 0.46%             | 2047-01-01      | 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        |   2500000 | PA      | $2065741.00   | 0.36%             | 2049-08-01      | Fixed         | 4.00%                 | 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        |   4900000 | PA      | $5253890.25   | 0.91%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7830000 | PA      | $2474729.44   | 0.43%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                              | Port of Seattle WA                                                              | CUSIP: 735389V70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3285178.65   | 0.57%             | 2041-08-01      | Fixed         | 5.00%                 | 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        |   2250000 | PA      | $2284930.58   | 0.39%             | 2053-07-01      | Fixed         | 5.25%                 | 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        |    250000 | PA      | $249709.25    | 0.04%             | 2042-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORNEY TX INDEP SCH DIST                                | Forney Independent School District                                              | CUSIP: 346425EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501012.80    | 0.09%             | 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        |    750000 | PA      | $762599.33    | 0.13%             | 2064-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                          | City & County Honolulu HI Wastewater System Revenue                             | CUSIP: 4387014M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $787355.38    | 0.14%             | 2036-07-01      | 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        |   1800000 | PA      | $1887920.64   | 0.33%             | 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        |     67418 | PA      | $69726.41     | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                          | Florida Development Finance Corp                                                | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    715000 | PA      | $715134.42    | 0.12%             | 2046-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                        | CUSIP: 57584XA27<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    950000 | PA      | $854235.06    | 0.15%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                          | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R6D8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1606470.56   | 0.28%             | 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        |   2240000 | PA      | $2176855.52   | 0.38%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                           | Central Texas Turnpike System                                                   | CUSIP: 88283KCH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034261.50   | 0.18%             | 2042-08-15      | 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        |   8480000 | PA      | $7496447.20   | 1.29%             | 2045-03-15      | 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        |    500000 | PA      | $512947.15    | 0.09%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                          | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182UV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3328386.00   | 0.57%             | 2034-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA                          | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005375.70   | 0.17%             | 2038-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                           | Metropolitan Transportation Authority                                           | CUSIP: 59261AFS1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252635.40    | 0.04%             | 2037-11-15      | 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        |    740000 | PA      | $741316.98    | 0.13%             | 2040-10-01      | 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        |   2000000 | PA      | $2026628.20   | 0.35%             | 2048-06-30      | Fixed         | 5.75%                 | 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        |   1650000 | PA      | $1489667.52   | 0.26%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452153AN9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2144109.40   | 0.37%             | 2034-03-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1004168.50   | 0.17%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     64420 | PA      | $70695.68     | 0.01%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452152B26<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009770.40   | 0.35%             | 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        |   2000000 | PA      | $2114862.80   | 0.36%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                          | Maryland Economic Development Corp                                              | CUSIP: 57420VRL9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1099066.27   | 0.19%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                | District of Columbia                                                            | CUSIP: 25483VTC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    800000 | PA      | $810191.44    | 0.14%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GC69<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.05%             | 2044-06-15      | Variable      | 3.50%                 | 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        |   1150000 | PA      | $1039641.86   | 0.18%             | 2056-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                        | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1701522.18   | 0.29%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE SY                          | Public Finance Authority                                                        | CUSIP: 74447GAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1971343.00   | 0.34%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB                          | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $603667.05    | 0.10%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX                                          | County of Harris TX                                                             | CUSIP: 4140054E5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4153265.58   | 0.72%             | 2049-09-15      | 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        |   1750000 | PA      | $1485839.60   | 0.26%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI                          | Illinois Finance Authority                                                      | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2102861.04   | 0.36%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                          | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $604890.83    | 0.10%             | 2050-06-01      | 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        |    900000 | PA      | $903123.36    | 0.16%             | 2049-10-01      | Fixed         | 5.75%                 | 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        |   2200000 | PA      | $2214931.40   | 0.38%             | 2037-12-01      | Variable      | 5.25%                 | 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        |   2200000 | PA      | $2347203.54   | 0.40%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                          | Maryland Economic Development Corp                                              | CUSIP: 57420VRK1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $454492.90    | 0.08%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                           | Central Texas Turnpike System                                                   | CUSIP: 88283KCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $781075.28    | 0.13%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                             | City of New York NY                                                             | CUSIP: 64966QXW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2070126.68   | 0.36%             | 2047-08-01      | Fixed         | 5.00%                 | 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        |   4650000 | PA      | $4626569.58   | 0.80%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                      | CUSIP: 167505TH9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    750000 | PA      | $653678.63    | 0.11%             | 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        |   2250000 | PA      | $2224511.33   | 0.38%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2063035.90   | 0.36%             | 2052-06-15      | Fixed         | 5.25%                 | 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        |   3550000 | PA      | $2539464.81   | 0.44%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                          | City of Los Angeles Department of Airports                                      | CUSIP: 544445XZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $778887.76    | 0.13%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT                          | New Jersey Educational Facilities Authority                                     | CUSIP: 646066L99<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007597.20   | 0.52%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                 | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1594509.60   | 0.27%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                              | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3305650.85   | 0.57%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    252075 | PA      | $158491.92    | 0.03%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                          | Pennsylvania Turnpike Commission                                                | CUSIP: 709225EV4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1684294.00   | 0.29%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                              | Port of Seattle WA                                                              | CUSIP: 735389A24<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498451.85   | 0.26%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDLD                          | Philadelphia Authority for Industrial Development                               | CUSIP: 71783DBU8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260128.08    | 0.04%             | 2035-05-01      | 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        |    750000 | PA      | $671388.45    | 0.12%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONGVIEW TX INDEP SCH DIST                              | Longview Independent School District                                            | CUSIP: 543264ZJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1959050.48   | 0.34%             | 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        |    500000 | PA      | $501074.05    | 0.09%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                            | New Hampshire Business Finance Authority                                        | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $913201.18    | 0.16%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                      | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100319.88    | 0.02%             | 2034-12-01      | 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        |    800000 | PA      | $714581.36    | 0.12%             | 2055-05-01      | Fixed         | 4.80%                 | 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        |   2500000 | PA      | $2522802.50   | 0.43%             | 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        |   1150000 | PA      | $1152328.06   | 0.20%             | 2039-04-01      | 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        |   3000000 | PA      | $3001029.00   | 0.52%             | 2048-04-01      | 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        |    750000 | PA      | $767346.30    | 0.13%             | 2038-12-01      | 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        |   1750000 | PA      | $1711397.98   | 0.29%             | 2048-07-01      | Fixed         | 5.00%                 | 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        |   2100000 | PA      | $1803288.48   | 0.31%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452152Y47<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2622443.20   | 0.45%             | 2039-05-01      | 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        |  10200000 | PA      | $10358502.90  | 1.79%             | 2049-03-15      | 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        |   3500000 | PA      | $3120335.05   | 0.54%             | 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        |   2750000 | PA      | $2983547.33   | 0.51%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                | School District of Philadelphia/The                                             | CUSIP: 717883QL9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1758363.63   | 0.30%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                      | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493481.85    | 0.09%             | 2036-12-01      | 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        |    250000 | PA      | $250198.35    | 0.04%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                          | City of Los Angeles Department of Airports                                      | CUSIP: 544445YA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482832.00    | 0.08%             | 2037-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GPT5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    600000 | PA      | $601584.18    | 0.10%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX SPL TAX REVENUE                            | City of Arlington TX Special Tax Revenue                                        | CUSIP: 04184RBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1594413.44   | 0.27%             | 2048-02-15      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $973154.20    | 0.17%             | 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        |   2000000 | PA      | $1950626.60   | 0.34%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                          | Puerto Rico Electric Power Authority                                            | CUSIP: 74526YDC6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1015250.00   | 0.17%             | 2018-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                          | Kentucky Public Energy Authority                                                | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1278131.28   | 0.22%             | 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        |   2100000 | PA      | $2168685.33   | 0.37%             | 2029-02-01      | 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        |     90000 | PA      | $86378.30     | 0.01%             | 2049-06-01      | 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        |   4570000 | PA      | $3004775.00   | 0.52%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GZH0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5800000 | PA      | $4995459.38   | 0.86%             | 2051-06-15      | Fixed         | 4.00%                 | 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        |   2250000 | PA      | $2235459.60   | 0.39%             | 2037-06-01      | Variable      | 2.20%                 | 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        |    900000 | PA      | $776052.81    | 0.13%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GERALD R FORD INTERNATIONAL AR                          | Gerald R Ford International Airport Authority                                   | CUSIP: 373695AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979327.70    | 0.17%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                           | Illinois State Toll Highway Authority                                           | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3510687.20   | 0.61%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                              | Massachusetts Port Authority                                                    | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4957649.00   | 0.85%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN NY LOCAL DEV CORP R                          | Brookhaven Local Development Corp                                               | CUSIP: 113168BF4<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1102443.25   | 0.19%             | 2045-10-01      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $997441.90    | 0.17%             | 2047-10-15      | 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        |   3000000 | PA      | $3000376.50   | 0.52%             | 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        |   4600000 | PA      | $3903822.66   | 0.67%             | 2054-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                          | Salt Verde Financial Corp                                                       | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5753696.30   | 0.99%             | 2037-12-01      | 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        |   4000000 | PA      | $3537502.80   | 0.61%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GMW1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005521.20   | 0.35%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                          | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UZK0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    850000 | PA      | $836881.53    | 0.14%             | 2054-02-01      | Fixed         | 5.00%                 | 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        |   6920000 | PA      | $7067268.75   | 1.22%             | 2052-06-15      | Fixed         | 5.25%                 | 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        |   1250000 | PA      | $1250426.88   | 0.22%             | 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        |    800000 | PA      | $792946.24    | 0.14%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                          | City of Galveston TX Wharves & Terminal Revenue                                 | CUSIP: 364568JW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1333222.25   | 0.23%             | 2035-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                          | Los Angeles Department of Water & Power Water System Revenue                    | CUSIP: 544525XF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1979689.00   | 0.34%             | 2048-07-01      | Fixed         | 5.00%                 | 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        |   1450000 | PA      | $1448547.39   | 0.25%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A                          | St Louis County Industrial Development Authority                                | CUSIP: 791524CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1598705.44   | 0.28%             | 2038-09-01      | Fixed         | 5.00%                 | 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        |   1550000 | PA      | $1530964.14   | 0.26%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                     | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $575848.24    | 0.10%             | 2034-01-01      | Fixed         | 5.00%                 | 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        |    600000 | PA      | $615009.60    | 0.11%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     66635 | PA      | $55073.26     | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                          | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $738188.70    | 0.13%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                          | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QRZ4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2283093.00   | 0.39%             | 2042-10-01      | 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        |    710000 | PA      | $717402.96    | 0.12%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                           | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   8950000 | PA      | $8992078.43   | 1.55%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE                          | Great Lakes Water Authority Sewage Disposal System Revenue                      | CUSIP: 39081HFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059890.60   | 0.35%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                          | South Carolina Ports Authority                                                  | CUSIP: 837123HH4<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510021.05    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                          | Public Finance Authority                                                        | CUSIP: 74439YDW8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1344938.76   | 0.23%             | 2051-07-01      | 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        |   1200000 | PA      | $1041415.20   | 0.18%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                           | Arlington Higher Education Finance Corp                                         | CUSIP: 041807PW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1226314.75   | 0.21%             | 2065-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                          | Arlington County Industrial Development Authority                               | CUSIP: 041438GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $744269.61    | 0.13%             | 2035-07-01      | Fixed         | 5.00%                 | 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        |   3500000 | PA      | $3526909.75   | 0.61%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                          | City of Galveston TX Wharves & Terminal Revenue                                 | CUSIP: 364568JV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1649052.93   | 0.28%             | 2034-08-01      | 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        |   1750000 | PA      | $1520069.78   | 0.26%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                      | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $4613543.46   | 0.80%             | 2046-12-01      | 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        |   2650000 | PA      | $2308208.57   | 0.40%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4390119.02   | 0.76%             | 2040-07-01      | Fixed         | 4.55%                 | 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        |    900000 | PA      | $851312.97    | 0.15%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                          | New Jersey Turnpike Authority                                                   | CUSIP: 646140GC1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4133813.20   | 0.71%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                          | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1694165.22   | 0.29%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                                 | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8877367.70   | 1.53%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                           | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RGP4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1953797.04   | 0.34%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                          | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3197129.56   | 0.55%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                     | CUSIP: 928104MS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526052.60    | 0.09%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                          | Port Authority of New York & New Jersey                                         | CUSIP: 73358WZH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6405871.36   | 1.10%             | 2041-10-15      | Fixed         | 5.00%                 | 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        |   2500000 | PA      | $2501500.75   | 0.43%             | 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        |   1400000 | PA      | $1424282.16   | 0.25%             | 2041-07-01      | 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        |   1845000 | PA      | $1628872.27   | 0.28%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                      | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     78612 | PA      | $55050.63     | 0.01%             | 2033-07-01      | None          | 0.00%                 | 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        |   2500000 | PA      | $2270685.25   | 0.39%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG                          | County of Pasco FL                                                              | CUSIP: 70252AAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2271882.55   | 0.39%             | 2054-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                          | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505678.50    | 0.09%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BASE VLG MET DIST #2 CO                                 | Base Village Metropolitan District No 2                                         | CUSIP: 069781AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999943.60    | 0.17%             | 2046-12-01      | Fixed         | 5.75%                 | 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        |      5000 | PA      | $5261.73      | 0.00%             | 2041-02-15      | Fixed         | 5.00%                 | 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        |   3500000 | PA      | $3446057.65   | 0.59%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5095000 | PA      | $5437046.71   | 0.94%             | 2029-10-01      | 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        |   2550000 | PA      | $2239522.97   | 0.39%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                 | Florida Development Finance Corp                                                | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5611167.86   | 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        |   2000000 | PA      | $1941958.20   | 0.33%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                          | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UZG9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1794840.00   | 0.31%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUSTF                          | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CFF0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1343552.00   | 0.23%             | 2050-06-15      | 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        |   4700000 | PA      | $4396772.92   | 0.76%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS                          | Folsom Cordova Unified School District                                          | CUSIP: 34440PDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1948194.17   | 0.34%             | 2037-10-01      | 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        |   2000000 | PA      | $2034688.80   | 0.35%             | 2045-07-01      | 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        |   1000000 | PA      | $985076.50    | 0.17%             | 2045-10-01      | Fixed         | 5.00%                 | 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        |    800000 | PA      | $758308.72    | 0.13%             | 2048-06-01      | 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        |    750000 | PA      | $791661.83    | 0.14%             | 2028-06-15      | 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        |   1800000 | PA      | $1743612.84   | 0.30%             | 2043-12-31      | 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        |   1500000 | PA      | $1500111.90   | 0.26%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                          | Chicago O'Hare International Airport                                            | CUSIP: 1675932L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2469862.75   | 0.43%             | 2044-01-01      | 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        |    650000 | PA      | $567057.08    | 0.10%             | 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        |   7200000 | PA      | $6926016.24   | 1.19%             | 2053-06-30      | Fixed         | 5.25%                 | 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        |    500000 | PA      | $459768.80    | 0.08%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH HOSP R                          | Idaho Health Facilities Authority                                               | CUSIP: 45129UCF9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1072194.53   | 0.18%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                          | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNT2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477092.75   | 0.25%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                           | Black Belt Energy Gas District                                                  | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2378884.28   | 0.41%             | 2053-11-01      | Variable      | 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        |   2600000 | PA      | $2173586.22   | 0.37%             | 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        |   2000000 | PA      | $2001596.80   | 0.34%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                          | Chicago O'Hare International Airport                                            | CUSIP: 1675932K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742409.55    | 0.13%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                          | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2414289.08   | 0.42%             | 2030-10-01      | 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        |    750000 | PA      | $714398.63    | 0.12%             | 2040-06-15      | Fixed         | 4.25%                 | 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        |   1900000 | PA      | $1541861.97   | 0.27%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                          | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JGT4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1652857.12   | 0.28%             | 2052-12-01      | Fixed         | 5.50%                 | 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        |   1300000 | PA      | $1324456.64   | 0.23%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                           | Metropolitan Transportation Authority                                           | CUSIP: 59261AHE0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356520.50    | 0.06%             | 2033-11-15      | 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        |   2990000 | PA      | $3031996.05   | 0.52%             | 2041-02-15      | 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        |      5000 | PA      | $5261.73      | 0.00%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                          | New Jersey Economic Development Authority                                       | CUSIP: 64577BHW7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $442971.00    | 0.08%             | 2048-01-01      | Fixed         | 5.00%                 | 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        |   3500000 | PA      | $3513084.05   | 0.61%             | 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        |   1500000 | PA      | $1520186.40   | 0.26%             | 2045-10-01      | Fixed         | 5.25%                 | 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        |    300000 | PA      | $286312.11    | 0.05%             | 2040-07-01      | Fixed         | 4.55%                 | 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        |   1050000 | PA      | $1114685.78   | 0.19%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                          | City & County of Denver CO Airport System Revenue                               | CUSIP: 249181SC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3253057.77   | 0.56%             | 2025-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE                          | Metropolitan Transportation Authority Dedicated Tax Fund                        | CUSIP: 59259N8Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.03%             | 2031-11-01      | Variable      | 3.50%                 | 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        |   4320000 | PA      | $3661004.30   | 0.63%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                              | Massachusetts Port Authority                                                    | CUSIP: 575896TJ4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1748233.93   | 0.30%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1253916.15   | 0.22%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                          | California Pollution Control Financing Authority                                | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $12819562.20  | 2.21%             | 2045-11-21      | Fixed         | 5.00%                 | 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        |    700000 | PA      | $697868.22    | 0.12%             | 2040-09-01      | Fixed         | 5.00%                 | 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        |   2110000 | PA      | $2151291.86   | 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      | $5390.55      | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM                          | Arkansas Development Finance Authority                                          | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1056712.55   | 0.18%             | 2053-05-01      | Fixed         | 5.70%                 | 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        |   1500000 | PA      | $1449526.35   | 0.25%             | 2050-09-01      | 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        |   3100000 | PA      | $3271225.71   | 0.56%             | 2053-07-01      | Variable      | 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        |   6600000 | PA      | $6266775.24   | 1.08%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LIBERTY DEV CORP NY REVENUE                             | New York Liberty Development Corp                                               | CUSIP: 531127CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1691290.56   | 0.29%             | 2037-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                            | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1309361.43   | 0.23%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                               | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736Q26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020630.20   | 0.35%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH                               | Michigan State Hospital Finance Authority                                       | CUSIP: 59465HVU7<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004557.90   | 0.52%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                           | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461367F2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2198318.45   | 0.38%             | 2039-06-15      | 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        |    725000 | PA      | $689238.94    | 0.12%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                          | New Jersey Economic Development Authority                                       | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4289473.54   | 0.74%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                          | River Islands Public Financing Authority                                        | CUSIP: 76827QHJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $575713.15    | 0.10%             | 2037-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                           | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RGR0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1674756.60   | 0.29%             | 2056-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                              | City of Chicago IL                                                              | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956456.20    | 0.16%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                          | River Islands Public Financing Authority                                        | CUSIP: 76827QHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1423527.84   | 0.25%             | 2052-09-01      | Fixed         | 5.75%                 | 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        |   3250000 | PA      | $2877376.45   | 0.50%             | 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        |   1000000 | PA      | $994398.70    | 0.17%             | 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        |   3000000 | PA      | $3046237.80   | 0.52%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                          | Utah Infrastructure Agency                                                      | CUSIP: 917467CB6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94622.56     | 0.02%             | 2036-10-15      | 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        |   3870000 | PA      | $3549789.23   | 0.61%             | 2058-07-01      | 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        |   2900000 | PA      | $1906750.00   | 0.33%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                | District of Columbia                                                            | CUSIP: 25483VTT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2641530.36   | 0.46%             | 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        |   4400000 | PA      | $4287390.80   | 0.74%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                           | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461366E6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1134237.93   | 0.20%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                               | CUSIP: 452153HM4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4051616.80   | 0.70%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDLD                          | Philadelphia Authority for Industrial Development                               | CUSIP: 71783DBX2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514619.75    | 0.09%             | 2038-05-01      | 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        |   1000000 | PA      | $1000226.50   | 0.17%             | 2044-11-15      | 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        |   1230000 | PA      | $1104574.69   | 0.19%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                           | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HAB3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510926.75   | 0.43%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Western Asset Managed Municipals Fund Inc.

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer