# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001752724-23-014318
**Filing Date:** 2023-1
**Character Count:** 548933
**Document Hash:** 0f757f9bfdb4fae2d46ee26b2079535a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014318.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014318

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INCOME TRUST
- **CENTRAL INDEX KEY:** 0000764624
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 23556111

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| **MUNICIPAL BONDS - 96.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alabama - 4.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama State Corrections Institution Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.250% | 7/1/47 | $10000000 | $10822255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.250% | 7/1/52 | 1000000 | 1075913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Revenue Bonds, Project #6, Series B | 4.000% | 12/1/26 | 3470000 | 3436466 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019 | 5.750% | 10/1/49 | 3300000 | 3451177 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F (0.000% to 10/1/23 then 7.750%) | 0.000% | 10/1/46 | 1520000 | 1549803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% to 10/1/23 then 7.900%) | 0.000% | 10/1/50 | 53065000 | 54080415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Warrants, Series A, Refunding, AGM | 5.500% | 10/1/53 | 5465000 | 5646995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Warrants, Series D, Refunding | 6.000% | 10/1/42 | 12165000 | 13013778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Warrants, Series D, Refunding | 6.500% | 10/1/53 | 9335000 | 10011508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project #2, Series A | 4.000% | 6/1/24 | 38405000 | 38344009 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Alabama* |  |  |  | *141432319* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alaska - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B | 5.000% | 12/1/37 | 1505000 | 1623145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B | 5.000% | 12/1/38 | 1150000 | 1236993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B | 5.000% | 12/1/39 | 760000 | 814671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage, AK, Port Revenue, Series A | 5.000% | 12/1/50 | 4325000 | 4369088 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 5.000% | 6/1/32 | 845000 | 902538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 5.000% | 6/1/33 | 1055000 | 1121536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000% | 6/1/34 | 760000 | 737127 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 1

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alaska - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000% | 6/1/35 | $1900000 | $1828004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000% | 6/1/37 | 2165000 | 2051397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000% | 6/1/40 | 1025000 | 943694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000% | 6/1/50 | 2845000 | 2426113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Alaska* |  |  |  | *18054306* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arizona - 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State Board of Regents University System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 7/1/41 | 2620000 | 2706735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 7/1/46 | 1900000 | 1961479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Series A, Refunding, SD Credit Program | 5.000% | 7/1/48 | 1365000 | 1374311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Series S, Refunding, SD Credit Program | 5.000% | 7/1/47 | 985000 | 992642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program | 5.000% | 7/1/47 | 1140000 | 1164817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Credit Enhanced, Series F, Refunding, SD Credit Program | 5.000% | 7/1/52 | 760000 | 774111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Series D, Refunding | 5.000% | 7/1/37 | 455000 | 448500 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Series D, Refunding | 5.000% | 7/1/47 | 655000 | 604487 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Series D, Refunding | 5.000% | 7/1/51 | 1960000 | 1785450 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA, Hospital Revenue, Phoenix Children's Hospital, Series A | 4.000% | 2/1/50 | 3035000 | 2701018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA, Revenue Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln South Beltway Project | 5.000% | 2/1/26 | 1890000 | 2007874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln South Beltway Project | 5.000% | 8/1/27 | 915000 | 996058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln South Beltway Project | 5.000% | 2/1/28 | 2095000 | 2298451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln South Beltway Project | 5.000% | 8/1/28 | 1785000 | 1972963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue, Intel Corp. Project | 5.000% | 6/3/24 | 28835000 | 29260668 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA, Education Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Arizona Project, Series A, SD Credit Program | 5.000% | 7/1/52 | 760000 | 778530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Arizona Project, Series C, SD Credit Program | 5.000% | 7/1/37 | 230000 | 238921 |  |

---

**See Notes to Schedule of Investments.** 

2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arizona - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Arizona Project, Series C, SD Credit Program | 5.000% | 7/1/48 | $455000 | $467413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Traditional School Project, Series A, SD Credit Program | 5.000% | 7/1/39 | 530000 | 551898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Traditional School Project, Series A, SD Credit Program | 5.000% | 7/1/49 | 985000 | 1013290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navajo Nation, AZ, Revenue, Series A, Refunding | 5.500% | 12/1/30 | 3975000 | 4157928 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA, Education Revenue, Great Hearts Academies, Refunding | 5.000% | 7/1/46 | 985000 | 989263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Queen Creek, AZ, Excise Tax & State Shared Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 8/1/42 | 1245000 | 1336880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 8/1/47 | 1520000 | 1620201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 | 5.250% | 12/1/28 | 9110000 | 9608379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Arizona* |  |  |  | *71812267* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - 11.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | 5.000% | 10/1/34 | 5125000 | 5274558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | 5.000% | 10/1/37 | 1710000 | 1748567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim, CA, Public Financing Authority Lease Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 5/1/33 | 1330000 | 1376362 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 5/1/34 | 1025000 | 1060730 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series A (SIFMA Municipal Swap Index Yield + 1.250%) | 3.150% | 4/1/27 | 20495000 | 20738069 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue, Clean Energy Project, Green Bonds, Series A-1 | 4.000% | 8/1/28 | 3450000 | 3450631 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Health Facilities Financing Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucile Salter Packard Children's Hospital at Stanford | 5.000% | 11/15/49 | 5695000 | 5770106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucile Salter Packard Children's Hospital at Stanford | 5.000% | 11/15/56 | 1140000 | 1172391 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 3

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue, UCSF 2130 Third Street | 5.000% | 5/15/42 | $3795000 | $4057941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County Civic Center, Series A | 5.000% | 6/1/48 | 5315000 | 5635229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | 5.000% | 12/31/43 | 15020000 | 15192087 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project | 4.000% | 7/15/29 | 910000 | 883244 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project | 5.000% | 11/21/45 | 6070000 | 5595060 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | 5.000% | 7/1/29 | 1520000 | 1552138 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | 5.000% | 7/1/39 | 5540000 | 5293160 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State University Revenue, Systemwide, Series A | 4.000% | 11/1/45 | 1140000 | 1123386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State, GO, Various Purpose | 4.000% | 3/1/46 | 3035000 | 3054236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide CDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Baptist Homes of the West, Refunding | 5.000% | 10/1/45 | 1935000 | 1954198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group-Pomona Properties LLC, Series A | 5.750% | 1/15/45 | 8970000 | 8913833 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide CDA, Community Improvement Authority Revenue, Renaissance at City Center, Series A | 5.000% | 7/1/51 | 3434575 | 3101709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Municipal Water District Financing Authority, CA, Water & Wastewater Revenue, Series D | 5.000% | 7/1/47 | 12105000 | 12867891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Purchase, Series A | 5.000% | 11/15/29 | 1900000 | 2016538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Purchase, Series A | 5.500% | 11/15/37 | 2830000 | 3147739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach, CA, Harbor Revenue, Series A | 5.000% | 5/15/39 | 1520000 | 1664203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach, CA, Marina System Revenue, Alamitos Bay Marina Project | 5.000% | 5/15/40 | 1710000 | 1733958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County, CA, MTA, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Proposition C, Series A | 5.000% | 7/1/38 | 4555000 | 5000081 |

---

**See Notes to Schedule of Investments.** 

4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Proposition C, Series A | 5.000% | 7/1/39 | $3035000 | $3319808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Proposition C, Series B | 5.000% | 7/1/34 | 760000 | 847106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Proposition C, Series B | 5.000% | 7/1/36 | 3795000 | 4188840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series C | 5.000% | 5/15/37 | 2430000 | 2581574 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series C | 5.000% | 5/15/44 | 4935000 | 5060981 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series D | 5.000% | 5/15/38 | 2275000 | 2378426 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series F | 5.000% | 5/15/34 | 1215000 | 1297360 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series F | 4.000% | 5/15/49 | 2675000 | 2426857 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Water & Power, Series A | 5.000% | 7/1/42 | 5695000 | 6015003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/46 | 1520000 | 1584731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/39 | 8365000 | 8902717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 7/1/37 | 3660000 | 3951054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 7/1/38 | 760000 | 817491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 7/1/42 | 9865000 | 10482016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 5.000% | 7/1/44 | 7590000 | 7784409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated, Series A | 5.000% | 6/1/48 | 6375000 | 6794930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 7.000% | 11/1/34 | 5315000 | 6576854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 6.500% | 11/1/39 | 5515000 | 6691427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 7.000% | 11/1/34 | 20115000 | 24890579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 6.500% | 11/1/39 | 9865000 | 11969344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 6.125% | 11/1/29 | 3930000 | 4355715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 7.000% | 11/1/34 | 3795000 | 4695985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 6.500% | 11/1/39 | 980000 | 1189048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern California Energy Authority, Commodity Supply Revenue, Series A | 4.000% | 7/1/24 | 4545000 | 4560753 <sup>(a)(b)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 5

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Series A-1, Refunding, AGM | 5.250% | 9/1/52 | $6700000 | $7210024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside County, CA, Transportation Commission Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 6/1/38 | 5390000 | 5826930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 6/1/39 | 7535000 | 8116196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roseville, CA, Natural Gas Financing Authority Revenue, Series 2007 | 5.000% | 2/15/27 | 3035000 | 3171996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Bernardino, CA, USD Revenue, COP: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 School Financing Project, AGM | 5.000% | 10/1/36 | 3030000 | 3307560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 School Financing Project, AGM | 5.000% | 10/1/38 | 1330000 | 1443072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A | 5.000% | 4/1/48 | 8880000 | 9327425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Series A, Refunding | 5.000% | 5/1/47 | 3000000 | 3046334 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Series D, Refunding | 5.000% | 5/1/48 | 3415000 | 3475414 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 5/1/35 | 7590000 | 8130514 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFO Fuel Company LLC, Series A, Refunding | 5.000% | 1/1/37 | 875000 | 915408 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFO Fuel Company LLC, Series A, Refunding | 5.000% | 1/1/47 | 1140000 | 1163404 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Mateo County, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A | 5.000% | 7/15/43 | 4010000 | 4324282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanger, CA, USD Revenue, COP: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Projects, Refunding, AGM | 5.000% | 6/1/49 | 1520000 | 1568629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Projects, Refunding, AGM | 5.000% | 6/1/52 | 2275000 | 2286375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Whittier School District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM | 4.000% | 8/1/46 | 1035000 | 1008688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM | 4.000% | 8/1/48 | 1725000 | 1665475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Water Replenishment District Financing Authority, Replenishment Revenue, Series 2018 | 5.000% | 8/1/48 | 11385000 | 12269554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A | 5.000% | 6/1/25 | 1330000 | 1371971 |

---

**See Notes to Schedule of Investments.** 

6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A | 5.000% | 6/1/27 | $760000 | $801015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A | 5.000% | 6/1/48 | 2130000 | 2175368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California, CA, Revenue, Limited Project, Series K | 5.000% | 5/15/35 | 4555000 | 4858179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total California* |  |  |  | *344204866* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Colorado - 1.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base Village Metropolitan District #2, CO, GO, Series A, Refunding | 5.500% | 12/1/36 | 774000 | 776605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadway Station Metropolitan District #3, CO, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/39 | 750000 | 642862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/49 | 1000000 | 805963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Educational & Cultural Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Denver Project, Series A | 5.000% | 3/1/43 | 2810000 | 2951876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Denver Project, Series A | 5.000% | 3/1/47 | 3720000 | 3893610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adventhealth Obligated Group, Series A | 4.000% | 11/15/38 | 8035000 | 8054077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series B-2 | 5.000% | 8/1/26 | 13210000 | 13758342 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | 5.500% | 11/1/47 | 3500000 | 3743115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | 5.250% | 11/1/52 | 3500000 | 3604700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A-2 | 4.000% | 8/1/49 | 3415000 | 2852955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement and Refunding Revenue, Bethesda Project, Series A | 5.000% | 9/15/48 | 3755000 | 3541963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State High Performance Transportation Enterprise Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | 5.000% | 12/31/47 | 1140000 | 1142674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | 5.000% | 12/31/51 | 1215000 | 1216396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Vauxmont Metropolitan, CO, GO, Series 2020, Refunding, AGM | 5.000% | 12/1/50 | 1139000 | 1166356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Revenue | 6.500% | 11/15/38 | 6375000 | 7676508 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 7

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Colorado - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation District, CO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | 4.000% | 7/15/36 | $760000 | $717140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | 3.000% | 7/15/37 | 760000 | 615157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Colorado* |  |  |  | *57160299* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Connecticut - 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Airport Authority, Customer Facility Charge Revenue, Ground Transportation, Center Project, Series A | 5.000% | 7/1/49 | 1520000 | 1513207 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax Obligation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure Purpose, Series A | 5.000% | 5/1/35 | 3225000 | 3617883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure Purpose, Series A | 5.000% | 1/1/38 | 5880000 | 6335244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A | 5.000% | 5/1/34 | 1820000 | 2056357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 4/15/34 | 1520000 | 1666739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 4/15/35 | 3715000 | 4015402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 4/15/36 | 1745000 | 1896665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 4/15/39 | 1250000 | 1344900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 5.000% | 10/15/34 | 4070000 | 4337444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd., Refunding | 5.000% | 4/1/39 | 2920000 | 2847580 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Connecticut* |  |  |  | *29631421* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State EDA Revenue, Acts Retirement Communities | 5.000% | 11/15/48 | 2275000 | 2204229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority Revenue, Beebe Medical Center Project | 5.000% | 6/1/48 | 2275000 | 2284818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Transportation Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US 301 Project | 5.000% | 6/1/45 | 2330000 | 2387583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US 301 Project | 5.000% | 6/1/55 | 10437000 | 10600597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Delaware* |  |  |  | *17477227* | |

---

**See Notes to Schedule of Investments.** 

8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series B, Refunding | 5.000% | 7/1/42 | $7020000 | $7158655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series B, Refunding | 5.000% | 7/1/48 | 5465000 | 5531719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total District of Columbia* |  |  |  | *12690374* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - 4.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 10/1/42 | 2655000 | 2703908 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 10/1/47 | 2545000 | 2570012 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 10/1/25 | 1520000 | 1585483 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 10/1/26 | 1140000 | 1203308 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 10/1/28 | 1140000 | 1226590 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 10/1/45 | 16700000 | 16707735 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 4.500% | 9/1/47 | 1725000 | 1614343 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.500% | 9/1/52 | 3000000 | 3237959 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 9/1/32 | 7875000 | 8636012 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 9/1/33 | 6535000 | 7120313 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, School Board, COP: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/31 | 6640000 | 6941495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/32 | 6070000 | 6334880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cape Coral, FL, Water & Sewer Revenue, Refunding | 5.000% | 10/1/39 | 3795000 | 3990211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cityplace, FL, Community Development District, Special Assessment Revenue, Refunding | 5.000% | 5/1/26 | 1900000 | 1961847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAU Finance Corporation Florida Capital Improvement Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing Project, Series A, Refunding | 5.000% | 7/1/36 | 3035000 | 3269388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing Project, Series A, Refunding | 5.000% | 7/1/38 | 3035000 | 3239676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing Project, Series A, Refunding | 5.000% | 7/1/39 | 1900000 | 2015407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A | 6.125% | 6/15/46 | 2300000 | 2304998 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Mid-Bay Bridge Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Lien, Series A, Refunding | 5.000% | 10/1/40 | 1520000 | 1530645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/28 | 380000 | 387548 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 9

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/29 | $2065000 | $2104152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/35 | 3795000 | 3832134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM | 4.000% | 10/1/52 | 3035000 | 2776044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Subordinated, Series A | 5.000% | 10/1/42 | 3605000 | 3668281 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Subordinated, Series A | 5.000% | 10/1/47 | 2825000 | 2856407 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E | 5.000% | 10/1/43 | 4025000 | 4130511 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 10/1/39 | 1270000 | 1242140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 10/1/41 | 760000 | 732395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/41 | 5505000 | 5636980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/49 | 9790000 | 9907711 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 10/1/40 | 2275000 | 2320761 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus Children's Hospital, Refunding | 5.000% | 8/1/47 | 4935000 | 4981998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding | 5.000% | 8/1/47 | 3605000 | 3757078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acts Retirement-Life Communities | 5.000% | 11/15/45 | 1330000 | 1301532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding | 4.000% | 6/1/41 | 760000 | 598738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A | 5.000% | 6/1/55 | 970000 | 864825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton, Refunding | 4.000% | 6/1/36 | 1520000 | 1278974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reunion, FL, East Community Development District, Special Assessment Bond, Series A-2 | 7.375% | 5/1/33 | 645000 | 6 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarasota County, FL, Public Hospital Board Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarasota Memorial Hospital, Series B, Refunding, NATL | 5.250% | 7/1/24 | 3160000 | 3238852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarasota Memorial Hospital, Series B, Refunding, NATL | 5.500% | 7/1/28 | 2645000 | 2858013 |  |

---

**See Notes to Schedule of Investments.** 

10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B | 4.000% | 7/1/45 | $1140000 | $1034272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa, FL, Sports Authority Revenue, Tampa Bay Arena Project, NATL, GTD | 6.100% | 10/1/26 | 540000 | 574604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding | 5.000% | 10/15/47 | 2085000 | 2156896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Florida* |  |  |  | *140435062* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - 1.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta, GA, Water & Wastewater Revenue, Series A, NATL | 5.500% | 11/1/27 | 760000 | 816505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookhaven, GA, Development Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Healthcare of Atlanta, Inc., Series A | 4.000% | 7/1/44 | 1140000 | 1122152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Healthcare of Atlanta, Inc., Series A | 4.000% | 7/1/49 | 5315000 | 5104123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health System, Inc. Project, Series A | 5.000% | 4/1/50 | 3640000 | 3663124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobb-Marietta Counties, GA, Coliseum & Exhibit Hall Authority Revenue, Refunding, NATL | 5.625% | 10/1/26 | 420000 | 442053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton County, GA, Development Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Institute of Technology | 5.000% | 6/15/44 | 1330000 | 1437575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellstar Health System, Inc. Project, Series A | 4.000% | 4/1/50 | 2465000 | 2255964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia State Higher Education Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USG Real Estate Foundation II LLC Project, Refunding | 5.000% | 6/15/34 | 835000 | 909418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USG Real Estate Foundation II LLC Project, Refunding | 5.000% | 6/15/35 | 760000 | 821300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority Power Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4 Project, Series A | 5.000% | 1/1/49 | 1520000 | 1523576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project J, Series A | 4.000% | 1/1/51 | 760000 | 667721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project J, Series A | 5.000% | 1/1/56 | 1520000 | 1523036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project M, Series A | 4.000% | 1/1/51 | 760000 | 679607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project M, Series A | 5.000% | 1/1/56 | 770000 | 772906 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 11

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One Subordinated, Series A | 5.000% | 1/1/45 | $1480000 | $1496647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Series A | 5.000% | 1/1/50 | 1710000 | 1718428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, AMBAC | 7.250% | 1/1/24 | 380000 | 398318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.500% | 9/15/26 | 7590000 | 8038455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 5/15/34 | 1520000 | 1572010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 5/15/43 | 1480000 | 1489458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Georgia* |  |  |  | *36452376* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Guam - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 5.000% | 1/1/28 | 190000 | 197383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 5.000% | 1/1/29 | 760000 | 792741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 5.000% | 1/1/30 | 570000 | 596863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 5.000% | 1/1/31 | 570000 | 598757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 4.000% | 1/1/36 | 2655000 | 2457362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Guam* |  |  |  | *4643106* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - 12.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 4/1/46 | 1235000 | 1226601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 4/1/38 | 910000 | 918598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 4/1/42 | 3340000 | 3346610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | 5.000% | 12/1/38 | 2825000 | 2755155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | 5.000% | 12/1/43 | 3500000 | 3325763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | 5.000% | 12/1/34 | 605000 | 602196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | 5.000% | 12/1/44 | 1330000 | 1263633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | 5.000% | 12/1/36 | 1140000 | 1123124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | 5.000% | 12/1/46 | 3010000 | 2841383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/35 | 7870000 | 7795586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/36 | 605000 | 595032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/39 | 4700000 | 4557202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/40 | 2125000 | 2050777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/41 | 16040000 | 15371812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 12/1/36 | 1935000 | 1913898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 12/1/24 | 150000 | 151731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 12/1/25 | 1820000 | 1847067 |  |

---

**See Notes to Schedule of Investments.** 

12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 12/1/46 | $3225000 | $3034824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/44 | 13035000 | 12800871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/27 | 3035000 | 3093504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/28 | 8920000 | 9115518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 6.000% | 1/1/38 | 5655000 | 5880118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 1/1/25 | 1080000 | 1095026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series B, Refunding | 5.000% | 1/1/35 | 1710000 | 1773584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series B, Refunding | 5.000% | 1/1/41 | 1140000 | 1162340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | 5.000% | 1/1/47 | 7305000 | 7439977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series G | 5.000% | 1/1/47 | 1250000 | 1261499 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series G | 5.000% | 1/1/52 | 1155000 | 1162763 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/34 | 6215000 | 6316065 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 1/1/31 | 2465000 | 2513409 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 1/1/32 | 2525000 | 2571857 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 1/1/33 | 2275000 | 2315327 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 1/1/34 | 2125000 | 2159556 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 1/1/35 | 380000 | 385374 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 1/1/46 | 5315000 | 5317069 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | 5.000% | 1/1/46 | 760000 | 767771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrIPS Obligated Group | 5.000% | 7/1/48 | 2920000 | 2924666 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | 5.000% | 12/1/51 | 3340000 | 3381038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | 5.000% | 12/1/45 | 1430000 | 1469952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | 4.000% | 12/1/50 | 3795000 | 3373770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | 4.000% | 12/1/55 | 2125000 | 1865529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | 5.000% | 1/1/44 | 4555000 | 4558606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A | 5.000% | 1/1/47 | 1215000 | 1217691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | 5.000% | 1/1/36 | 3055000 | 3120244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | 5.000% | 1/1/38 | 760000 | 770309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series C, Refunding | 5.000% | 1/1/39 | 1520000 | 1527011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Project | 5.000% | 11/1/39 | 8985000 | 9023227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017, Refunding | 5.000% | 11/1/29 | 760000 | 795628 |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 13

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AGM | 5.000% | 11/1/32 | $760000 | $809919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AGM | 5.000% | 11/1/34 | 4555000 | 4796643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AGM | 5.000% | 11/1/37 | 1565000 | 1610721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook County, IL, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 11/15/40 | 2085000 | 2067555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 11/15/41 | 2845000 | 2741144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elk Grove Village, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook and DuPage Counties | 5.000% | 1/1/34 | 1025000 | 1098918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook and DuPage Counties, Refunding | 5.000% | 1/1/36 | 985000 | 1049140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding | 5.000% | 10/1/29 | 760000 | 780315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding | 5.000% | 10/1/31 | 760000 | 777176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding | 4.000% | 10/1/33 | 545000 | 505289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northshore University Healthsystem, Series A | 5.000% | 8/15/35 | 1520000 | 1659225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northshore University Healthsystem, Series A | 4.000% | 8/15/39 | 2920000 | 2849406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northshore University Healthsystem, Series A | 4.000% | 8/15/41 | 1330000 | 1273633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSF Healthcare System, Series A | 4.000% | 5/15/50 | 4180000 | 3647783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | 5.000% | 10/1/44 | 760000 | 786156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | 5.000% | 10/1/49 | 910000 | 934272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | 5.000% | 10/1/51 | 760000 | 778964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, Health Services Facilities Lease Revenue Bonds | 4.000% | 10/1/50 | 1710000 | 1445574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority, Student Housing & Academic Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Chicago LLC, University of Illinois Chicago Project | 5.000% | 2/15/47 | 1520000 | 1371886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Chicago LLC, University of Illinois Chicago Project | 5.000% | 2/15/50 | 380000 | 339571 |

---

**See Notes to Schedule of Investments.** 

14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding | 5.000% | 6/15/28 | $1520000 | $1547429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding | 5.000% | 6/15/29 | 1520000 | 1549958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding, BAM | 5.000% | 6/15/28 | 950000 | 995746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport Facilities Project, Series 2019, Refunding, BAM | 5.000% | 6/15/29 | 1860000 | 1962135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/40 | 4555000 | 4832280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/42 | 17075000 | 17805231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State University Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System, AGM, Refunding | 5.000% | 4/1/31 | 570000 | 630299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System, AGM, Refunding | 5.000% | 4/1/33 | 380000 | 418382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System, AGM, Refunding | 5.000% | 4/1/36 | 570000 | 620049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | 5.250% | 2/1/32 | 4195000 | 4248664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | 5.000% | 1/1/33 | 1900000 | 1945800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | 5.000% | 11/1/33 | 1405000 | 1444333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | 5.000% | 2/1/27 | 18480000 | 19256781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | 5.000% | 2/1/29 | 985000 | 1021415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 3/1/34 | 2000000 | 2096361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 5/1/39 | 2275000 | 2311552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 3/1/46 | 7855000 | 7883588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/30 | 3680000 | 3860514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 11/1/27 | 29275000 | 30579995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 11/1/28 | 5700000 | 5946184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A | 5.000% | 6/15/57 | 760000 | 757488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 4.000% | 12/15/42 | 9680000 | 8716815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 4.000% | 6/15/50 | 14600000 | 12515231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 5.000% | 6/15/50 | 24000000 | 24047664 |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 15

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, IL, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Series A | 5.000% | 12/1/44 | $8350000 | $8741151 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Series B | 5.000% | 12/1/39 | 7660000 | 8018828 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 6/1/46 | 6890000 | 6690422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, NATL | 6.000% | 7/1/29 | 19585000 | 22052587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Illinois* |  |  |  | *389700463* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Indiana - 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball State University, IN, Board of Student Fee Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S | 4.000% | 7/1/36 | 1365000 | 1377626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S | 4.000% | 7/1/37 | 570000 | 572144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S | 4.000% | 7/1/38 | 605000 | 607258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | 4.000% | 7/1/45 | 3795000 | 3589616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | 4.250% | 11/1/30 | 3680000 | 3583218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity, Ohio River Bridge | 5.000% | 7/1/40 | 3795000 | 3841272 | <sup>(c)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Wastewater Utility Revenue, Green Bonds, CWA Authority Project, Series A | 5.000% | 10/1/41 | 7760000 | 8173837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, Series A | 5.000% | 1/1/28 | 11090000 | 11802977 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Indiana Commuter Transportation District, Industrial Revenue, Limited Obligation Revenue | 5.000% | 7/1/41 | 1900000 | 1976807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project | 7.000% | 1/1/44 | 3795000 | 3899849 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Indiana* |  |  |  | *39424604* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Iowa - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa State Finance Authority Revenue, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding | 5.000% | 12/1/42 | 15180000 | 14677082 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, Class 1, Series A-2, Refunding | 4.000% | 6/1/49 | 2290000 | 1932004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Iowa* |  |  |  | *16609086* | |

---

**See Notes to Schedule of Investments.** 

16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Kansas - 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick County, KS, Public Building Commission Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3 | 5.000% | 2/1/39 | $3305000 | $3425287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3 | 5.000% | 2/1/44 | 2275000 | 2357799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyandotte County/Kansas City, KS, Unified Government Utility System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement, Series A | 5.000% | 9/1/40 | 1520000 | 1564781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement, Series A | 5.000% | 9/1/45 | 2275000 | 2336049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Kansas* |  |  |  | *9683916* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Kentucky - 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Economic Development Finance Authority Revenue, Louisville Arena, Louisville Arena Authority Inc., Refunding, AGM | 5.000% | 12/1/45 | 2960000 | 3007090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 6/1/26 | 21440000 | 21291734 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000% | 6/1/25 | 34460000 | 34257572 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas and Electric Company Project, Series A | 1.750% | 7/1/26 | 4365000 | 4085237 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norton Healthcare Inc., Series A | 5.000% | 10/1/37 | 1595000 | 1654394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norton Healthcare Inc., Series A | 5.000% | 10/1/38 | 1140000 | 1182611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norton Healthcare Inc., Series A | 4.000% | 10/1/39 | 760000 | 737957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owensboro, KY, Electric Light & Power System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 4.000% | 1/1/25 | 1710000 | 1752585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/26 | 910000 | 964915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/27 | 2275000 | 2444434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Kentucky* |  |  |  | *71378529* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Louisiana - 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Offshore Terminal Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop LLC Project, Series A | 1.650% | 12/1/23 | 2285000 | 2251011 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop LLC Project, Series A | 1.650% | 12/1/23 | 5330000 | 5250717 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State PFA, Lease Revenue, Provident Group, Flagship Property, Louisiana University Nicholson Gateway | 5.000% | 7/1/46 | 3605000 | 3660535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue, Series A, AGM | 5.000% | 12/1/41 | 1775000 | 1900921 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 17

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Louisiana - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series A-3, Refunding | 2.200% | 7/1/26 | $6540000 | $6012894 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-1, Refunding | 2.125% | 7/1/24 | 2355000 | 2278892 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | 2.375% | 7/1/26 | 3775000 | 3486415 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Louisiana* |  |  |  | *24841385* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baltimore, MD, Water Project Revenue, Series A | 4.000% | 7/1/49 | 4365000 | 4239246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State EDC, EDR: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Facilities Project, Series A, Refunding | 5.000% | 6/1/30 | 760000 | 803839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Facilities Project, Series A, Refunding | 5.000% | 6/1/35 | 1520000 | 1580604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State EDC, Student Housing Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland, College Park Project, Refunding, AGM | 5.000% | 6/1/35 | 1580000 | 1633663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland, College Park Project, Refunding, AGM | 5.000% | 6/1/43 | 760000 | 773328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Stadium Authority Built to Learn Revenue, Series 2021 | 4.000% | 6/1/46 | 5235000 | 4990797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Maryland* |  |  |  | *14021477* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Bay Transportation Authority, Sales Tax Revenue, Senior, Series A | 5.000% | 7/1/45 | 1140000 | 1177552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston University, Series BB1 | 5.000% | 10/1/46 | 3795000 | 3991821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxborough Regional Charter, Refunding | 5.000% | 7/1/42 | 1820000 | 1825149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milford Regional Medical Center, Series F | 5.750% | 7/15/43 | 1140000 | 1149497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation, Refunding | 4.000% | 9/1/48 | 1045000 | 854003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | 5.000% | 10/1/48 | 3075000 | 2766416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Memorial Health Care, Series I, Refunding | 5.000% | 7/1/46 | 1465000 | 1479371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellforce Issue, Series A, Refunding | 5.000% | 7/1/44 | 1330000 | 1332022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WGBH Educational Foundation, Refunding | 5.000% | 1/1/40 | 1670000 | 1746681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worcester Polytechnic Institute, Series B, Refunding | 5.000% | 9/1/42 | 6735000 | 6958655 |  |

---

**See Notes to Schedule of Investments.** 

18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Municipal Wholesale Electric Co. Revenue, Series A | 4.000% | 7/1/46 | $1520000 | $1402399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/34 | 3165000 | 3392035 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/35 | 3155000 | 3364680 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/36 | 530000 | 563285 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 5.000% | 7/1/46 | 5505000 | 5739568 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Water Resources Authority Revenue, General, Series C, Green Bond, Refunding | 4.000% | 8/1/40 | 8540000 | 8594578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Massachusetts* |  |  |  | *46337712* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Michigan - 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit, MI, Downtown Development Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Development, Series A, Refunding, AGM | 5.000% | 7/1/43 | 1215000 | 1220603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Development, Series A, Refunding, AGM | 5.000% | 7/1/48 | 3035000 | 3048995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes, MI, Water Authority Water Supply System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | 5.000% | 7/1/46 | 13430000 | 13978989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series C, Refunding | 5.000% | 7/1/35 | 2050000 | 2166257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities Program, Series 1-A, Refunding | 5.250% | 10/15/47 | 3110000 | 3153446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Refunding | 5.000% | 11/15/41 | 1635000 | 1670641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Series A | 4.000% | 11/15/50 | 2465000 | 2198782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-1, Refunding | 5.000% | 7/1/34 | 760000 | 783646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-2, Refunding | 5.000% | 7/1/34 | 1175000 | 1211851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding | 5.000% | 6/1/49 | 1290000 | 1288305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Health Credit Group, Series A, Refunding | 5.000% | 12/1/41 | 1700000 | 1772024 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 19

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Michigan - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Limited Obligation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Company Project | 1.800% | 10/1/24 | $10245000 | $9904799 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project | 5.000% | 12/31/43 | 5845000 | 5752815 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Michigan* |  |  |  | *48151153* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Minnesota - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Minnesota Municipal Power Agency |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue, Series A | 5.000% | 1/1/46 | 6050000 | *6204211* | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Missouri - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cape Girardeau County, MO, IDA, Health Facilities Revenue, Series 2021 | 4.000% | 3/1/46 | 760000 | 640352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport Terminal Modernization Project, Series B | 5.000% | 3/1/37 | 3415000 | 3559217 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, Lutheran Senior Service Projects, Series A | 5.000% | 2/1/42 | 2125000 | 2071162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Missouri* |  |  |  | *6270731* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nebraska - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas County, NE, Hospital Authority No 2, Revenue Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital Obligated Group, Refunding, Series A | 4.000% | 11/15/37 | 795000 | 785056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital Obligated Group, Refunding, Series A | 4.000% | 11/15/39 | 910000 | 888882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital Obligated Group, Refunding, Series A | 4.000% | 11/15/50 | 760000 | 702589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Public Power District Revenue, Series D | 5.000% | 1/1/46 | 3035000 | 3157227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Nebraska* |  |  |  | *5533754* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nevada - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County, NV, GO, Stadium Improvements, Series A | 5.000% | 5/1/48 | 15180000 | *15986758* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, NH, Solid Waste Disposal Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. Project, Series A | 2.150% | 7/1/24 | 3035000 | 2933124 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. Project, Series A2, Refunding | 2.150% | 7/1/24 | 1900000 | 1836223 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New Hampshire* |  |  |  | *4769347* | |

---

**See Notes to Schedule of Investments.** 

20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 8.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Brunswick, NJ, Parking Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GTD, AGM | 5.000% | 9/1/42 | $1710000 | $1802125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, GTD, BAM | 5.000% | 9/1/39 | 3035000 | 3183358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Institute of Technology, GO, Series A | 5.000% | 7/1/45 | 13285000 | 13708256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project | 5.375% | 1/1/43 | 1900000 | 1903460 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AGM | 5.125% | 1/1/39 | 1140000 | 1142382 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AGM | 5.125% | 7/1/42 | 760000 | 760797 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield + 1.550%) | 3.450% | 9/1/27 | 16750000 | 16757784 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series BBB, Refunding | 5.500% | 6/15/31 | 2960000 | 3289980 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield + 1.600%) | 3.500% | 3/1/28 | 15180000 | 15187003 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ | 4.000% | 6/15/46 | 1900000 | 1732713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ, State Appropriations | 4.000% | 6/15/50 | 1520000 | 1371166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series WW, State Appropriations | 5.250% | 6/15/30 | 9865000 | 10502265 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | 5.000% | 10/1/37 | 760000 | 765782 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Transportation Project, Series A | 5.000% | 11/1/32 | 1780000 | 1937915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Transportation Project, Series A | 5.000% | 11/1/34 | 4175000 | 4470330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Department and Taxation Division Office Project, Series A | 5.000% | 6/15/33 | 4895000 | 5207368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State House Project, Series B | 5.000% | 6/15/43 | 2555000 | 2616010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA, Special Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Airlines Inc. Project | 5.625% | 11/15/30 | 5695000 | 5730982 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Airlines Inc. Project | 5.625% | 11/15/30 | 1405000 | 1413877 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Newark Container Terminal LLC Project, Refunding | 5.000% | 10/1/47 | 1520000 | 1494420 <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 21

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Project | 5.500% | 6/1/33 | $3795000 | $3808278 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EFA Revenue, Stevens Institute of Technology, Green Bonds, Series A | 5.000% | 7/1/45 | 2655000 | 2717167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackensack Meridian Health, Refunding | 5.000% | 7/1/37 | 1330000 | 1409521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackensack Meridian Health, Series A, Refunding | 5.000% | 7/1/38 | 325000 | 343339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWJ Barnabas Health Obligation Group, Series A, Refunding | 5.000% | 7/1/43 | 5315000 | 5431244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, Refunding, AGM | 5.000% | 7/1/46 | 3795000 | 3834345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series A, Refunding | 5.000% | 12/15/24 | 5695000 | 5918340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 4.000% | 6/15/37 | 2730000 | 2655744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.000% | 6/15/38 | 2430000 | 2523431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.250% | 6/15/41 | 10100000 | 10305511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.250% | 6/15/43 | 12070000 | 12541774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.000% | 6/15/45 | 3795000 | 3830911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.000% | 6/15/46 | 3795000 | 3864550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 4.000% | 6/15/50 | 7400000 | 6675414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | 5.000% | 6/15/36 | 3415000 | 3665095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | 4.000% | 6/15/36 | 5880000 | 5767973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | 4.000% | 6/15/38 | 645000 | 623203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | 5.000% | 6/15/44 | 6830000 | 6979696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | 5.500% | 6/15/50 | 2000000 | 2147388 <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A | 4.000% | 6/15/38 | 3035000 | 2932438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | 5.000% | 12/15/27 | 3460000 | 3753800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | 5.000% | 12/15/28 | 8000000 | 8771354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/48 | 3795000 | 4007148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/35 | 3720000 | 3915923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Refunding | 5.000% | 1/1/36 | 16905000 | 18204881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State, GO, COVID-19 Emergency, Series A | 5.000% | 6/1/28 | 20520000 | 22783141 |

---

**See Notes to Schedule of Investments.** 

22 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rutgers, The State University of New Jersey, GO, Series M, Refunding | 5.000% | 5/1/33 | $3035000 | $3203607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding | 5.250% | 6/1/46 | 1715000 | 1728012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New Jersey* |  |  |  | *249321201* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 13.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding | 5.000% | 2/15/35 | 4555000 | 4858243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2 | 5.000% | 11/15/47 | 5695000 | 5894527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A | 5.000% | 11/15/24 | 1105000 | 1137086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A | 5.000% | 11/15/51 | 1520000 | 1490408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1 | 4.750% | 11/15/45 | 1520000 | 1481768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1 | 5.250% | 11/15/55 | 1900000 | 1919027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | 4.000% | 11/15/37 | 2465000 | 2252058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-2A, Refunding | 4.000% | 11/15/38 | 1140000 | 1030054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series D-1 | 5.000% | 11/15/43 | 1140000 | 1125962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E | 5.000% | 11/15/29 | 2275000 | 2374905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E | 5.000% | 11/15/33 | 1710000 | 1773783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | 4.000% | 11/15/45 | 6450000 | 5493366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series F | 5.000% | 11/15/24 | 1030000 | 1059908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | 5.000% | 5/15/30 | 6905000 | 7309743 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nassau County, NY, General Improvement, GO, Series B, AGM | 5.000% | 7/1/42 | 380000 | 399811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | 5.000% | 8/1/39 | 3555000 | 3833732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | 4.000% | 8/1/40 | 4555000 | 4518759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | 5.000% | 8/1/47 | 6415000 | 6861911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries B-1 | 5.000% | 10/1/42 | 2180000 | 2333367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | 5.000% | 3/1/42 | 2275000 | 2453363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Refunding | 4.000% | 3/1/45 | 1935000 | 1747622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Refunding, AGM | 4.000% | 3/1/45 | 3985000 | 3717840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2013, Unrefunded | 5.000% | 6/15/47 | 805000 | 811631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution, Series CC | 5.000% | 6/15/48 | 6400000 | 6720957 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 23

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Second General Resolution Fiscal 2021, Series AA-1, Refunding | 4.000% | 6/15/50 | $17460000 | $16606368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, TFA Future Tax Secured Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 | 4.000% | 11/1/41 | 3500000 | 3421419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-1 | 4.000% | 5/1/45 | 2655000 | 2548598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 4.000% | 11/1/44 | 5935000 | 5716479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B-1 | 5.000% | 8/1/45 | 2550000 | 2679572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | 5.000% | 5/1/42 | 8000000 | 8439960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt School District Program, Series A, AGM | 5.000% | 10/1/30 | 10000 | 11195 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt School District Program, Series A, AGM | 5.000% | 10/1/30 | 4410000 | 4938568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt School District Program, Series A, AGM | 5.000% | 10/1/32 | 5000 | 5598 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt School District Program, Series A, AGM | 5.000% | 10/1/32 | 3030000 | 3379575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt School District Program, Series A, AGM | 5.000% | 10/1/33 | 950000 | 1056102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt School District Program, Series A, AGM | 5.000% | 10/1/34 | 5000 | 5598 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt School District Program, Series A, AGM | 5.000% | 10/1/34 | 1325000 | 1457823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, Memorial Sloan-Kettering Cancer Center, Series B-1 | 4.000% | 7/1/51 | 6750000 | 6451115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, School District, Series A, AGM | 5.000% | 10/1/29 | 5000 | 5598 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, School District, Series A, AGM | 5.000% | 10/1/29 | 2270000 | 2543409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Bidding Group 3 | 5.000% | 3/15/43 | 7590000 | 8017254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 2/15/43 | 10000 | 11009 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Refunding | 5.000% | 3/15/34 | 18975000 | 19945839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Income Tax Revenue, Series B, Refunding | 5.000% | 2/15/41 | 7050000 | 7394521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 4, Series E, Refunding | 5.000% | 3/15/44 | 1555000 | 1646884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 4, Series A, Refunding | 5.000% | 3/15/45 | 6500000 | 6924812 |

---

**See Notes to Schedule of Investments.** 

24 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 4, Series D, Refunding | 4.000% | 2/15/40 | $12815000 | $12703816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Liberty Revenue, 3 World Trade Center Project, Class 1, Refunding | 5.000% | 11/15/44 | 7180000 | 6786602 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority General Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | 5.000% | 1/1/46 | 8690000 | 8904798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series B | 4.000% | 1/1/45 | 4615000 | 4348631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000% | 1/1/30 | 1365000 | 1389817 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000% | 1/1/32 | 11055000 | 11222023 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000% | 1/1/33 | 815000 | 825537 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 4.375% | 10/1/45 | 4365000 | 3990255 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000% | 7/1/34 | 1640000 | 1661839 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000% | 7/1/41 | 16120000 | 16155083 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000% | 7/1/46 | 22380000 | 22232120 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding | 5.000% | 12/1/37 | 2230000 | 2306817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding | 4.000% | 12/1/40 | 1520000 | 1376214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp. Revenue, State Personal Income Tax, Series C | 4.000% | 3/15/45 | 5560000 | 5291727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 193, Refunding | 5.000% | 10/15/30 | 4175000 | 4314365 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 194, Refunding | 5.000% | 10/15/34 | 7590000 | 7976297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 194, Refunding | 5.000% | 10/15/41 | 24025000 | 24866680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 198, Refunding | 5.000% | 11/15/46 | 3795000 | 3971577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 221 | 4.000% | 7/15/50 | 10345000 | 9314125 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 221 | 4.000% | 7/15/55 | 4495000 | 3939420 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 226, Refunding | 5.000% | 10/15/40 | 2275000 | 2358960 <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 25

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 226, Refunding | 5.000% | 10/15/41 | $1330000 | $1372955 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA Bridges & Tunnels, Series C-2 | 5.000% | 11/15/42 | 7810000 | 8211617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 5.000% | 11/15/49 | 3475000 | 3672795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 5.000% | 11/15/49 | 28325000 | 30078332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 4.000% | 11/15/54 | 4765000 | 4374150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien-MTA Bridges & Tunnels, Series C-1A | 5.000% | 5/15/51 | 14955000 | 15955386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp., Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rensselaer Polytechnic Institute Project, Series 2020A, Refunding | 5.000% | 9/1/39 | 1950000 | 2043920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rensselaer Polytechnic Institute Project, Series A, Refunding | 5.000% | 9/1/36 | 760000 | 805128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *398258113* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North Carolina - 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte, NC, Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport | 4.000% | 7/1/44 | 1250000 | 1202697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport | 4.000% | 7/1/44 | 1740000 | 1625197 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport | 5.000% | 7/1/49 | 1770000 | 1806680 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport, Series A, Refunding | 5.000% | 7/1/49 | 5695000 | 6011215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte, NC, Lease Revenue, COP: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convention Facility Project, Series A, Refunding | 5.000% | 6/1/46 | 2655000 | 2848289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convention Facility Project, Series A, Refunding | 4.000% | 6/1/49 | 340000 | 334516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Limited Obligation Revenue, Series A | 5.000% | 5/1/32 | 2275000 | 2558096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/42 | 945000 | 960767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/47 | 2085000 | 2109539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/51 | 6410000 | 6472551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Triangle Expressway System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien | 5.000% | 1/1/49 | 4935000 | 4972723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding | 5.000% | 1/1/32 | 835000 | 861706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding, AGM | 5.000% | 1/1/39 | 530000 | 552746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total North Carolina* |  |  |  | *32316722* | |

---

**See Notes to Schedule of Investments.** 

26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ohio - 1.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen County, OH, Hospital Facilities Authority Revenue, Bon Secours Mercy Health Inc., Series A, Refunding | 4.000% | 12/1/40 | $1920000 | $1869419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Fremont Energy Center Project, Series A, Refunding | 5.000% | 2/15/35 | 2655000 | 2952771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Fremont Energy Center Project, Series A, Refunding | 4.000% | 2/15/36 | 1520000 | 1519256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Fremont Energy Center Project, Series A, Refunding | 4.000% | 2/15/38 | 1900000 | 1859554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | 4.000% | 6/1/37 | 1520000 | 1444123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | 4.000% | 6/1/38 | 760000 | 716423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | 4.000% | 6/1/39 | 760000 | 709369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series B-2, Refunding | 5.000% | 6/1/55 | 8260000 | 7579601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin County, OH, Revenue, Trinity Health Credit Group, Series A | 5.000% | 12/1/47 | 3795000 | 3852221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Cincinnati, OH, Elderly HDC Mortgage Revenue, Cambridge Apartments, Series A, Refunding, FHA | 6.600% | 8/1/25 | 150000 | 150589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Creek, OH, Local School District, GO, Series A, SD Credit Program | 5.000% | 11/1/45 | 1000000 | 1060295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B, Refunding | 2.500% | 10/1/29 | 1140000 | 1010295 <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series D, Refunding | 2.100% | 10/1/24 | 18785000 | 18095883 <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | 4.250% | 6/1/27 | 3985000 | 3969214 <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Commission College & University Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | 5.000% | 12/1/34 | 415000 | 441309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | 5.000% | 12/1/36 | 760000 | 803315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E | 4.000% | 1/15/37 | 1520000 | 1450614 |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 27

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ohio - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E, Refunding | 4.000% | 1/15/41 | $1005000 | $935499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Private Activity Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portsmouth Bypass Project | 5.000% | 12/31/39 | 1785000 | 1789930 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portsmouth Bypass Project | 5.000% | 6/30/53 | 1250000 | 1244998 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Ohio* |  |  |  | *53454678* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oregon - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, Refunding | 5.000% | 8/15/45 | 2275000 | 2373849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland, OR, International Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/37 | 530000 | 577263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/40 | 455000 | 488479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 7/1/28 | 835000 | 892666 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Oregon* |  |  |  | *4332257* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 4.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Pittsburgh Medical Center, Series A, Refunding | 4.000% | 7/15/38 | 3415000 | 3321819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Pittsburgh Medical Center, Series A, Refunding | 4.000% | 7/15/39 | 4175000 | 4011598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 6/1/31 | 1520000 | 1659027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 6/1/32 | 1330000 | 1447331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 6/1/34 | 760000 | 820910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries | 5.000% | 1/1/38 | 740000 | 774339 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/38 | 3080000 | 3222923 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/38 | 3770000 | 3800940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health | 4.000% | 11/1/35 | 760000 | 759156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health | 4.000% | 11/1/37 | 1520000 | 1501006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dauphin County, PA, IDA Revenue, Dauphin Consolidated Water Supply, Series A | 6.900% | 6/1/24 | 1820000 | 1922949 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville University | 5.000% | 7/1/47 | 2050000 | 2166567 | <sup>(e)</sup> |

---

**See Notes to Schedule of Investments.** 

28 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie City, Erie County, PA, Water Authority, Water Revenue, Refunding | 5.000% | 12/1/43 | $1520000 | $1654998 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania Revenue, Refunding | 4.000% | 6/1/49 | 3585000 | 3356416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Penn State Health, Series 2021 | 5.000% | 11/1/46 | 11385000 | 11646269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County, PA, Hospital Authority Revenue, Pocono Medical Centre, Series A, Refunding | 5.000% | 7/1/36 | 1300000 | 1323469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County, PA, IDA, Retirement Communities Revenue, Acts Retirement-Life Communities, Series C | 5.000% | 11/15/45 | 1140000 | 1100732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Higher EFA Revenue, Trustees of University of Pennsylvania, Series A | 5.000% | 2/15/48 | 5125000 | 5408606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/44 | 1900000 | 2017359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 12/1/47 | 5880000 | 6175393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | 5.000% | 12/1/42 | 1900000 | 1979241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | 5.000% | 12/1/47 | 3015000 | 3116080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | 5.000% | 12/1/48 | 8160000 | 8456515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.250% | 12/1/44 | 1150000 | 1252662 <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.250% | 12/1/52 | 3000000 | 3223179 <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 4.000% | 12/1/51 | 2275000 | 2148268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Airport Revenue, Series B, Refunding | 5.000% | 7/1/47 | 1520000 | 1536149 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR, Lease Revenue, Refunding | 5.000% | 10/1/30 | 5125000 | 5759410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 2/1/36 | 1520000 | 1630514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 2/1/37 | 1820000 | 1940502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 2/1/38 | 1710000 | 1818296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, School District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, State Aid Withholding | 5.000% | 9/1/30 | 2055000 | 2156574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, State Aid Withholding | 5.000% | 9/1/34 | 615000 | 640944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, State Aid Withholding | 5.000% | 9/1/35 | 910000 | 946932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Water & Wastewater Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 10/1/43 | 3795000 | 3987825 |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 29

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/45 | $4555000 | $4725898 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 11/1/45 | 2950000 | 3129913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, PA, Lease Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding | 5.000% | 6/1/31 | 2655000 | 2787798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding | 5.000% | 6/1/33 | 7970000 | 8338448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh - Of the Commonwealth System of Higher Education, Series 2019 (SIFMA Municipal Swap Index Yield + 0.360%) | 2.260% | 2/15/24 | 3795000 | 3794131 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Pennsylvania* |  |  |  | *121461086* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico - 4.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 5.000% | 7/1/25 | 315000 | 318785 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 5.000% | 7/1/33 | 600000 | 602468 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 5.000% | 7/1/33 | 10625000 | 10670932 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 5.000% | 7/1/37 | 410000 | 403978 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 5.000% | 7/1/37 | 10895000 | 10734976 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 4.000% | 7/1/42 | 12145000 | 10295856 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 4.000% | 7/1/47 | 2450000 | 2017579 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 5.000% | 7/1/47 | 36355000 | 34905490 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/24 | 54782 | 50342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/33 | 256303 | 140690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.250% | 7/1/23 | 111214 | 111701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.375% | 7/1/25 | 221811 | 225013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.625% | 7/1/27 | 219802 | 225128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.625% | 7/1/29 | 216236 | 221655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.750% | 7/1/31 | 210028 | 215738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/33 | 199162 | 173538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/35 | 179020 | 152670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/37 | 153647 | 128414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/41 | 208900 | 167899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/46 | 217253 | 167795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | 0.000% | 11/1/43 | 940551 | 429127 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/29 | 3635000 | 2689900 | \*<sup>(f)</sup> |

---

**See Notes to Schedule of Investments.** 

30 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/42 | $7945000 | $5879300 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.050% | 7/1/42 | 1480000 | 1091500 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | 5.000% | 7/1/21 | 25000 | 18375 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | 4.600% | 7/1/24 | 10000 | 7363 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | 5.000% | 7/1/24 | 760000 | 562400 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | 4.625% | 7/1/25 | 25000 | 18406 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC | 5.000% | 7/1/28 | 475000 | 351500 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | 3.300% | 7/1/19 | 15000 | 10800 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | 3.625% | 7/1/21 | 330000 | 237600 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | 5.000% | 7/1/21 | 2695000 | 1980825 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | 5.000% | 7/1/17 | 25000 | 18375 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | 5.000% | 7/1/24 | 90000 | 66600 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | 5.000% | 7/1/37 | 2985000 | 2208900 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX | 5.250% | 7/1/40 | 10665000 | 7918762 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | 5.250% | 7/1/23 | 610000 | 452925 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/27 | 4625000 | 3727681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/46 | 16775000 | 4227721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.550% | 7/1/40 | 918000 | 854961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.750% | 7/1/53 | 8115000 | 7414711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.000% | 7/1/58 | 4528000 | 4296215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | 4.329% | 7/1/40 | 5658000 | 5125698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | 4.329% | 7/1/40 | 759000 | 687594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Puerto Rico* |  |  |  | *122207886* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rhode Island - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing Lifespan Obligated Group, Refunding | 5.000% | 5/15/34 | 1215000 | 1231291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing Lifespan Obligated Group, Refunding | 5.000% | 5/15/39 | 3035000 | 3049001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Rhode Island* |  |  |  | *4280292* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South Carolina - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding | 4.000% | 12/1/44 | 5820000 | 5407926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Ports Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 7/1/37 | 570000 | 592955 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 7/1/38 | 1215000 | 1261011 | <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 31

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South Carolina - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 7/1/43 | $3035000 | $3116142 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 7/1/48 | 2085000 | 2128027 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total South Carolina* |  |  |  | *12506061* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South Dakota - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Dakota State HEFA Revenue, Regional Health | 5.000% | 9/1/40 | 2105000 | *2158417* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tennessee - 1.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A | 4.000% | 2/1/51 | 10000000 | 9435150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A | 5.000% | 9/1/40 | 4745000 | 4798734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Green Bonds, Series A | 5.000% | 7/1/42 | 1520000 | 1611767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | 5.000% | 7/1/42 | 1900000 | 2014709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | 5.000% | 7/1/46 | 3000000 | 3159241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | 5.000% | 7/1/27 | 1365000 | 1446265 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | 5.000% | 7/1/28 | 2125000 | 2272864 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 4.000% | 11/1/25 | 25235000 | 25124271 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.250% | 9/1/24 | 3825000 | 3891841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Tennessee* |  |  |  | *53754842* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - 7.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD | 5.000% | 12/1/47 | 1785000 | 1881971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM | 5.000% | 2/15/48 | 5540000 | 5766933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | 5.000% | 11/15/39 | 5315000 | 5369722 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | 5.000% | 11/15/44 | 6450000 | 6452214 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 11/15/31 | 3035000 | 3276028 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 11/15/36 | 3615000 | 3801571 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 11/15/39 | 2390000 | 2525748 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.250% | 11/15/47 | 3035000 | 3191478 | <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 11/15/52 | $1480000 | $1513106 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 11/15/44 | 2655000 | 2714365 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series E | 4.000% | 1/1/50 | 3795000 | 3480264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien | 5.000% | 1/1/40 | 3035000 | 3215366 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien | 5.000% | 1/1/45 | 3415000 | 3617949 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System Revenue, Subordinated, Series C, Refunding | 5.000% | 8/15/42 | 11385000 | 11521397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, Hotel Occupancy Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | 4.000% | 8/15/36 | 1975000 | 1944202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | 4.000% | 8/15/38 | 1500000 | 1461672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, Waterworks & Sewer System Revenue, Series 2017 | 5.000% | 10/1/46 | 6070000 | 6391686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series 2019, PSF - GTD | 5.000% | 2/15/49 | 1235000 | 1305251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Step bond, Series B (0.000% to 10/1/23 then 5.450%) | 0.000% | 10/1/34 | 3795000 | 4067871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Tier Toll Revenue, Series A | 5.125% | 10/1/43 | 1520000 | 1526665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Coast IDA, Texas Solid Waste Disposal Revenue, Citgo Petroleum Project | 8.000% | 4/1/28 | 3795000 | 3798238 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Series 2021 | 4.000% | 10/1/42 | 7590000 | 7407477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, TX, Health Facilities Development Corp. Revenue, School Health Care System, Series B | 5.750% | 7/1/27 | 1260000 | 1353276 <sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM | 5.000% | 11/15/27 | 3035000 | 3133989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD | 4.000% | 2/15/47 | 4875000 | 4827439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Airport Terminal E Project, Series A | 4.000% | 7/1/41 | 3795000 | 3190215 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Technical Operations Center Project | 5.000% | 7/15/28 | 5615000 | 5691677 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1 | 4.000% | 7/15/41 | 3795000 | 3189425 <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 33

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 4.000% | 7/1/37 | $1330000 | $1285298 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 4.000% | 7/1/38 | 1520000 | 1458490 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 4.000% | 7/1/41 | 1520000 | 1437301 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 4.000% | 7/1/46 | 2935000 | 2679944 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston, TX, Combined Utility System Revenue, First Lien, Series D, Refunding | 5.000% | 11/15/44 | 2275000 | 2338972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., General Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 11/1/33 | 540000 | 561370 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 11/1/36 | 540000 | 556688 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project | 5.000% | 11/1/28 | 3035000 | 3038097 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matagorda County, TX, Navigation District No 1, PCR, Central Power and Light Company Project, Series A | 2.600% | 11/1/29 | 3795000 | 3395593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX, Educational Facilities Revenue, Texas A&M University, Cain Hall Redevelopment Project | 5.000% | 4/1/46 | 4175000 | 4345575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facility Revenue, MRC Crestview, Refunding | 5.000% | 11/15/46 | 1175000 | 1244293 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TLC Academy, Series A | 4.000% | 8/15/31 | 975000 | 906165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TLC Academy, Series A | 4.000% | 8/15/41 | 1280000 | 1032865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 1/1/39 | 3795000 | 3756266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/40 | 8105000 | 8121734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/45 | 8350000 | 8548434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue, Jefferson Gulf Coast Energy Project, Series A | 3.000% | 1/1/50 | 1785000 | 1077469 <sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospitals of Dallas | 4.000% | 10/1/41 | 1520000 | 1489836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospitals of Dallas | 4.000% | 10/1/47 | 3150000 | 2984252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D | 6.250% | 12/15/26 | 24310000 | 25405275 |

---

**See Notes to Schedule of Investments.** 

34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment 3C Project | 5.000% | 6/30/58 | $18975000 | $18849255 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Blueridge Transportation Group LLC | 5.000% | 12/31/50 | 6830000 | 6871384 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series A, Refunding | 4.000% | 12/31/35 | 2765000 | 2618527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series A, Refunding | 4.000% | 6/30/37 | 760000 | 709423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Public Finance Authority Lease Revenue, Series A, Refunding | 4.000% | 2/1/38 | 3795000 | 3840302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Harris County, TX, Regional Water Authority Revenue, Series 2019 | 4.000% | 12/15/49 | 2845000 | 2556017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspired Living at Lewisville Project, Series A-1 | 6.750% | 12/1/51 | 1935000 | 1165837 | \*<sup>(d)(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Inspired Living at Lewisville Project, Series B | 10.000% | 12/1/51 | 645000 | 32250 | \*<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Texas* |  |  |  | *219924107* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Utah - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/36 | 3645000 | 3762494 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/37 | 2655000 | 2733361 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 7/1/47 | 1195000 | 1228488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | 5.000% | 4/15/42 | 1330000 | 1352618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | 5.000% | 4/15/47 | 2845000 | 2880145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter Academies Inc., UT CSCE | 5.000% | 10/15/43 | 875000 | 894552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter Academies Inc., UT CSCE | 5.000% | 10/15/48 | 910000 | 925034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 4.000% | 10/15/24 | 1150000 | 1144567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 10/15/25 | 845000 | 860988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 4.000% | 10/15/30 | 1535000 | 1471751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 4.000% | 10/15/34 | 760000 | 698268 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 35

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Utah - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 4.000% | 10/15/39 | $1330000 | $1150427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | 3.000% | 10/15/45 | 760000 | 502487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Utah* |  |  |  | *19605180* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vermont - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Vermont & State Agricultural College, Green Bonds, Series A | 5.000% | 10/1/49 | 1900000 | *2021780* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia - 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington County, VA, IDA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | 5.000% | 2/15/43 | 1250000 | 1338267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | 5.000% | 7/1/27 | 760000 | 813202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | 5.000% | 7/1/36 | 1520000 | 1642453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | 4.000% | 7/1/38 | 645000 | 647484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Port Authority, Port Facilities Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/41 | 4820000 | 5017908 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/45 | 7385000 | 7668902 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | 4.000% | 1/1/48 | 3795000 | 3171970 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 HOT Lanes Project, Refunding | 5.000% | 12/31/47 | 5465000 | 5644770 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/33 | 1265000 | 1357347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/35 | 2070000 | 2202694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Virginia* |  |  |  | *29504997* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Washington - 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 4/1/33 | 2845000 | 3025767 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 4/1/34 | 3035000 | 3213282 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 4.000% | 4/1/44 | 1900000 | 1696889 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 4/1/44 | 3035000 | 3114255 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 8/1/39 | 2500000 | 2638573 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 8/1/40 | 5500000 | 5774760 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 5/1/42 | 6450000 | 6591215 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A, Refunding | 5.000% | 8/1/44 | 3500000 | 3547279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A-1, Refunding | 4.000% | 8/1/44 | 570000 | 495083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series B-2, Refunding | 5.000% | 8/1/25 | 3035000 | 3124295 | <sup>(a)(b)</sup> |

---

**See Notes to Schedule of Investments.** 

36 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Washington - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | 5.000% | 9/1/50 | $1700000 | $1737693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | 5.000% | 9/1/55 | 3915000 | 3993945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State HFC Revenue, Presbyterian Retirement Communities North West Project, Series A, Refunding | 5.000% | 1/1/51 | 2465000 | 1966421 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Washington* |  |  |  | *40919457* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin - 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Pleasant, WI, Tax Increment Revenue, Series A | 5.000% | 4/1/48 | 9110000 | 9403364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Hospital Revenue Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Regional Medical Center Project, Series A | 5.000% | 6/1/34 | 1330000 | 1408375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Regional Medical Center Project, Series A | 5.000% | 6/1/38 | 1900000 | 1956191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Retirement Communities Revenue, Acts Retirement Life Communities, Inc., Series A | 5.000% | 11/15/41 | 1330000 | 1312337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue, Cone Health, Series A | 5.000% | 10/1/52 | 5450000 | 5644286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue Bonds, The Carmelite System, Inc. Obligated Group | 5.000% | 1/1/45 | 2275000 | 2221404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village of Mount Pleasant, WI, Tax Increment Revenue, Series A | 5.000% | 4/1/43 | 1330000 | 1402162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Wisconsin* |  |  |  | *23348119* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (Cost - $3,048,556,000) |  |  |  | 2962281944 |  |
| **MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST<sup>(j)</sup> - 2.6%** | **MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST<sup>(j)</sup> - 2.6%** | **MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST<sup>(j)</sup> - 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 2.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2023, Subseries AA-1 | 5.250% | 6/15/52 | 17015000 | 18735789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2023, Subseries AA-3, Refunding | 5.000% | 6/15/47 | 11695000 | 12665983 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 37

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligations Bonds, Series A | 4.000% | 3/15/45 | $25000000 | $24070602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Purpose Bonds, Series A, Refunding | 4.000% | 3/15/41 | 25000000 | 24576298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *80048672* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST**<br> (Cost - $80,833,039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST**<br> (Cost - $80,833,039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST**<br> (Cost - $80,833,039) |  | 80048672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $3,129,389,039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $3,129,389,039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $3,129,389,039) |  | 3042330616 |  |
| **SHORT-TERM INVESTMENTS - 1.5%** |  |  |  |  |  |
| **MUNICIPAL BONDS - 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Delaware Revenue, Series C, Refunding, SPA - TD Bank N.A. | 1.000% | 11/1/37 | 500000 | *500000* | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, FL, IDA, Healthcare System Revenue, Baycare Health System, Series C, Refunding, LOC - TD Bank N.A. | 1.800% | 11/1/38 | 300000 | *300000* | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bartow County, GA, Development Authority, Solid Waste Disposal Facilities Revenue, Georgia Power Company Plant Bowen Project, Second Series 2022 | 1.400% | 11/1/62 | 1900000 | *1900000* | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Communities Development Administration Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Washington Manor Senior Housing, Series A, LOC - Citibank N.A. | 1.930% | 11/15/38 | 1430000 | 1430000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Revenue Bonds, Series B, SPA - TD Bank N.A. | 3.850% | 9/1/33 | 700000 | 700000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Health & Higher Educational Facilities Authority Revenue, University of Maryland Medical System, Series D, LOC - TD Bank N.A. | 1.000% | 7/1/41 | 100000 | 100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Maryland* |  |  |  | *2230000* | |

---

**See Notes to Schedule of Investments.** 

38 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Boston University, Series U-6E, Refunding, LOC - TD Bank N.A. | 1.000% | 10/1/42 | $100000 | $100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State HEFA Revenue, Baystate Medical Center, Series K-1, LOC - TD Bank N.A. | 1.000% | 7/1/39 | 500000 | 500000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Massachusetts* |  |  |  | *600000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Minnesota - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis & St. Paul, MN, Housing & Redevelopment Authority Revenue, Allina Health System, Series B-1, LOC - JPMorgan Chase & Co. | 1.000% | 11/15/35 | 1705000 | 1705000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis, MN, Health Care System Revenue, Fairview Health Services, Series C, Refunding, LOC - Wells Fargo Bank N.A. | 1.050% | 11/15/48 | 4210000 | 4210000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Minnesota* |  |  |  | *5915000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Mississippi - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series B | 1.000% | 12/1/30 | 400000 | 400000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series B | 1.000% | 12/1/30 | 2100000 | 2100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series C | 1.000% | 12/1/30 | 130000 | 130000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series E | 1.000% | 12/1/30 | 750000 | 750000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series H | 1.000% | 11/1/35 | 3000000 | 3000000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Mississippi* |  |  |  | *6380000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Missouri - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJC Health System, Series A, Refunding, LIQ - U.S. Bank N.A. | 1.870% | 5/15/38 | 13200000 | 13200000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJC Health System, Series C, Refunding, LIQ - BJC Health System | 1.860% | 5/15/38 | 1255000 | 1255000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Missouri* |  |  |  | *14455000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue, Subseries G-2, Refunding, LOC - TD Bank N.A. | 1.850% | 11/1/32 | 2410000 | 2410000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-5, LOC - TD Bank N.A. | 1.000% | 3/1/48 | 800000 | 800000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries I-4, Refunding, LOC - TD Bank N.A. | 1.000% | 4/1/36 | 500000 | 500000 | <sup>(k)(l)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 39

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **November 30, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2014, Series AA-5, Refunding, SPA - Mizuho Bank Ltd. | 1.000% | 6/15/48 | $745000 | $745000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution, Series DD-1, Refunding, SPA - TD Bank N.A. | 1.000% | 6/15/43 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State HFA Revenue, Series I, Refunding, SPA - TD Bank N.A. | 3.850% | 11/1/55 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *4955000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oregon - 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oregon State Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peacehealth, Series A, Refunding, LOC - U.S. Bank N.A. | 1.060% | 8/1/34 | 600000 | 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peacehealth, Series B, Refunding, LOC - TD Bank N.A. | 1.000% | 8/1/34 | 1385000 | 1385000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Oregon* |  |  |  | *1985000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, Series D, LOC - TD Bank N.A. | 1.800% | 11/1/55 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Series D, Refunding, LOC - JPMorgan Chase & Co. | 1.100% | 7/1/34 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue, Series 2020, Refunding, LOC - TD Bank N.A. | 1.860% | 12/1/39 | 4825000 | 4825000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR, Gift of Life Donor Program Project, LOC - TD Bank N.A. | 1.860% | 12/1/34 | 900000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Pennsylvania* |  |  |  | *6225000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - 0.0%††** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, LOC - TD Bank N.A. | 1.000% | 10/1/41 | 100000 | *100000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $45,545,000) |  |  |  | 45545000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%**<br> (Cost - $3,174,934,039) |  |  |  | 3087875616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOB Floating Rate Notes - (1.4)% |  |  |  | (44135000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities - 0.5% |  |  |  | 16993394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS - 100.0%** |  |  |  | $3060734010 |

---

**See Notes to Schedule of Investments.** 

40 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>| **November 30, 2022** |

---

---

| | |
|:---|:---|
| †† | Represents less than 0.1%.  |

---

\* Non-income producing security.

(a) Maturity date shown represents the mandatory tender date.

(b) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description
above.

(c) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax
("AMT").

(d) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold
in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(e) Pre-Refunded bonds are generally escrowed with U.S. government
obligations and/or U.S. government agency securities.

(f) The coupon payment on this security is currently in default as of November 30, 2022.

(g) Securities traded on a when-issued or delayed delivery basis.

(h) The maturity principal is currently in default as of November 30, 2022.

(i) Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.

(j) Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond
("TOB") trust.

(k) Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them
back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula
specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap
Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate Transparency
System.

(l) Maturity date shown is the final maturity date. The security may be sold back to the issuer before final
maturity.

**See Notes to Schedule of Investments.** 

Western Asset Managed Municipals Fund 2022 Quarterly Report 41

------

**WESTERN ASSET MANAGED MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>| **November 30, 2022** |

---

<u>Abbreviation(s) used in this schedule:</u> 

---

| | |
|:---|:---|
| AGM | — Assured Guaranty Municipal Corporation - Insured Bonds |
| AMBAC | — American Municipal Bond Assurance Corporation - Insured Bonds |
| BAM | — Build America Mutual - Insured Bonds |
| CAB | — Capital Appreciation Bonds |
| CDA | — Communities Development Authority |
| COP | — Certificates of Participation |
| CSCE | — Charter School Credit Enhancement |
| CWA | — Clean Water Act |
| DFA | — Development Finance Agency |
| EDA | — Economic Development Authority |
| EDC | — Economic Development Corporation |
| EDR | — Economic Development Revenue |
| EFA | — Educational Facilities Authority |
| FHA | — Federal Housing Administration - Insured Bonds |
| GO | — General Obligation |
| GTD | — Guaranteed |
| HDA | — Housing Development Authority |
| HDC | — Housing Development Corporation |
| HEFA | — Health & Educational Facilities Authority |
| HFA | — Housing Finance Agency |
| HFC | — Housing Finance Commission |
| IDA | — Industrial Development Authority |
| IDR | — Industrial Development Revenue |
| ISD | — Independent School District |
| LIQ | — Liquidity Facility |
| LOC | — Letter of Credit |
| MFA | — Municipal Finance Authority |
| MTA | — Metropolitan Transportation Authority |
| NATL | — National Public Finance Guarantee Corporation - Insured Bonds |
| PCFA | — Pollution Control Financing Authority |
| PCR | — Pollution Control Revenue |
| PEA | — Public Energy Authority |
| PFA | — Public Facilities Authority |
| PSF | — Permanent School Fund |
| SD | — School District |
| SIFMA | — Securities Industry and Financial Markets Association |
| 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.** 

42 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund 2022 Quarterly Report

------

**Notes to Schedule of Investments (unaudited)** 

**1. Organization and significant accounting policies** 

Western Asset Managed Municipals Fund (the "Fund") is a separate diversified investment series of Legg Mason Partners Income Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, *Financial Services — Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

<br>43<br>

------

**Notes to Schedule of Investments (unaudited) (continued)** 

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 of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

<br>44<br>

------

**Notes to Schedule of Investments (unaudited) (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| **DESCRIPTION** | **QUOTED PRICES<br>(LEVEL 1)** | **OTHER SIGNIFICANT<br>OBSERVABLE INPUTS<br>(LEVEL 2)** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS**<br>**(LEVEL 3)** | **TOTAL** |
|  Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | $2962281944 |  | $2962281944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trust |  | 80048672 |  | 80048672 |
|  Total Long-Term Investments |  | 3042330616 |  | 3042330616 |
|  Short-Term Investments† |  | 45545000 |  | 45545000 |
|  Total Investments |  | $3087875616 |  | $3087875616 |

---

† See Schedule of Investments for additional detailed categorizations.

<br>45<br>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3120834854.88

**Total Liabilities:** $59524926.13

**Net Assets:** $3061309928.75

**Delayed Delivery Securities:** $4371555.00

**Cash Not Reported:** $16899.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 324.95000000 | **1-Year:** 107076.72000000 | **5-Year:** 631409.93000000 | **10-Year:** 1272976.22000000 | **30-Year:** 152195.52000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000046428 | -3.89%               | -1.31%               | 4.77%                |
| Class ID C000046429 | -3.82%               | -1.24%               | 4.83%                |
| Class ID C000046430 | -3.85%               | -1.25%               | 4.85%                |
| Class ID C000046426 | -3.85%               | -1.26%               | 4.82%                |
| Class ID C000184045 | -3.82%               | -1.24%               | 4.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11248017.94            | $-118620915.17                             |
| Month 2  | $-16255830.60            | $-30465002.86                              |
| Month 3  | $-5238518.29             | $138974219.74                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593YN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1162763.45   | 0.04%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614NZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1501005.78   | 0.05%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education                                                      | CUSIP: 167510AT3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    910000 | PA      | $918597.68    | 0.03%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894XU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2570011.50   | 0.08%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY                  | Arizona State University                                                        | CUSIP: 04048RNX0<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1961479.44   | 0.06%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152M81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1444333.26   | 0.05%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3743114.55   | 0.12%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P5Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $732395.13    | 0.02%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH HOSP                    | Development Authority for Fulton County                                         | CUSIP: 36005GAZ6<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2255964.06   | 0.07%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682RY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  53065000 | PA      | $54080414.69  | 1.77%             | 2050-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BALL IN ST UNIV UNIV REVENUE                    | Ball State University                                                           | CUSIP: 058508LA8<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |    605000 | PA      | $607257.92    | 0.02%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    760000 | PA      | $765782.46    | 0.03%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57583UC48<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1149497.23   | 0.04%             | 2043-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GXP4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  17460000 | PA      | $16606368.38  | 0.54%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TSB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1352617.58   | 0.04%             | 2042-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    835000 | PA      | $861706.64    | 0.03%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1469951.91   | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QFR6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2333366.92   | 0.08%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP                  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue      | CUSIP: 54466HHD1<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $5000081.35   | 0.16%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KHB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3237958.80   | 0.11%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $387548.36    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 5444953N2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3951053.81   | 0.13%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AAH0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1059908.11   | 0.03%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                     | CUSIP: 011839VT1<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1623144.91   | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $888882.63    | 0.03%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                          | CUSIP: 514045ZG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2034-07-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2071161.85   | 0.07%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA WTR & WSTWTR REVENU                  | City of Atlanta GA Water & Wastewater Revenue                                   | CUSIP: 047870CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $816504.78    | 0.03%             | 2027-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1527011.15   | 0.05%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FGK5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $780314.65    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BASE VLG MET DIST #2 CO                         | Base Village Metropolitan District No 2                                         | CUSIP: 069781AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    774000 | PA      | $776605.52    | 0.03%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                    | Sanger Unified School District                                                  | CUSIP: 800860EL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1568628.90   | 0.05%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    208900 | PA      | $167898.53    | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                     | CUSIP: 011839VV6<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    760000 | PA      | $814670.98    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                  | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009QV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7407477.20   | 0.24%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D                  | New Hampshire Business Finance Authority                                        | CUSIP: 63608RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1836222.70   | 0.06%             | 2027-07-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467BE1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1471750.63   | 0.05%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYU0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $18375.00     | 0.00%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA                  | California Statewide Communities Development Authority                          | CUSIP: 13078RFH8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   8970000 | PA      | $8913832.55   | 0.29%             | 2045-01-15      | Fixed         | 5.75%                 | 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        |  20115000 | PA      | $24890578.59  | 0.81%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $647484.28    | 0.02%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1091500.00   | 0.04%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PORT AUTH PORT FAC                  | Virginia Port Authority                                                         | CUSIP: 928077JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7385000 | PA      | $7668902.29   | 0.25%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6540000 | PA      | $6012893.66   | 0.20%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358WZH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  24025000 | PA      | $24866679.84  | 0.81%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ81<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1773783.34   | 0.06%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1903460.28   | 0.06%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT                     | Reunion East Community Development District                                     | CUSIP: 761311AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $6.45         | 0.00%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 645790KD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $343339.10    | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1530645.47   | 0.05%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190NT5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2272863.88   | 0.07%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                  | California Health Facilities Financing Authority                                | CUSIP: 13032UPX0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1172391.16   | 0.04%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389J33<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3114254.47   | 0.10%             | 2044-04-01      | 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        |   2555000 | PA      | $2616009.82   | 0.09%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     54782 | PA      | $50341.80     | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1513105.68   | 0.05%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $3727680.63   | 0.12%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES                  | University of California                                                        | CUSIP: 91412GQ73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4858178.52   | 0.16%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XP6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2755154.98   | 0.09%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                       | CUSIP: 45471ATD4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3589615.74   | 0.12%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152VJ7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4195000 | PA      | $4248663.70   | 0.14%             | 2032-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                     | CUSIP: 011839VU8<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1236992.90   | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224S83<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2017359.20   | 0.07%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYJ5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     10000 | PA      | $7362.50      | 0.00%             | 2024-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R                  | City of Philadelphia PA Water & Wastewater Revenue                              | CUSIP: 717893Q46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3129913.13   | 0.10%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1670641.37   | 0.05%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HXM2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3915000 | PA      | $3993945.19   | 0.13%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                   | Central Texas Turnpike System                                                   | CUSIP: 88283KAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11385000 | PA      | $11521396.85  | 0.38%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3046333.50   | 0.10%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAB8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    945000 | PA      | $960766.76    | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 646136Y39<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10100000 | PA      | $10305510.76  | 0.34%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XCT1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1732712.98   | 0.06%             | 2046-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614QR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $774338.74    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                       | CUSIP: 452272C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $418382.32    | 0.01%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FJC9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   8035000 | PA      | $8054076.70   | 0.26%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                            | CUSIP: 161036QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1806680.24   | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH LE                  | California Municipal Finance Authority                                          | CUSIP: 13049UEZ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5635228.75   | 0.18%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TXG3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1772023.73   | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 5444953P7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    760000 | PA      | $817490.50    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XKB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1479371.06   | 0.05%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22380000 | PA      | $22232119.67  | 0.73%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   7870000 | PA      | $7795586.00   | 0.25%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALL IN ST UNIV UNIV REVENUE                    | Ball State University                                                           | CUSIP: 058508KY7<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1377625.84   | 0.05%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE                  | Maryland Community Development Administration                                   | CUSIP: 57419P7F0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.02%             | 2033-09-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098Q83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1611767.26   | 0.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972FX27<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2043-06-15      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST TRANSPRTN AUTH US                   | Delaware Transportation Authority                                               | CUSIP: 246430AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10437000 | PA      | $10600596.84  | 0.35%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQE1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5597.60      | 0.00%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education                                                      | CUSIP: 167510AU0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3346610.19   | 0.11%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XAX4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4470330.32   | 0.15%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU                  | Development Authority for Fulton County                                         | CUSIP: 36005FCR4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1437574.52   | 0.05%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2050776.73   | 0.07%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQC5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11195.20     | 0.00%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467AZ5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    845000 | PA      | $860988.16    | 0.03%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                          | Brookhaven Development Authority                                                | CUSIP: 113073AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5104123.12   | 0.17%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                               | CUSIP: 40065NCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2457362.07   | 0.08%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1458489.70   | 0.05%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                            | CUSIP: 650346DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $906165.49    | 0.03%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HLTH & EDUCTN                  | Massachusetts Health & Educational Facilities Authority                         | CUSIP: 57586EQ87<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.02%             | 2039-07-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  13035000 | PA      | $12800870.54  | 0.42%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225EV4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2148267.71   | 0.07%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990FPT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  12815000 | PA      | $12703815.78  | 0.41%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160TS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $403978.00    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                  | Arizona Industrial Development Authority                                        | CUSIP: 04052ADJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1972963.00   | 0.06%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1547429.46   | 0.05%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL PUBLIC HOSP B                  | Sarasota County Public Hospital District                                        | CUSIP: 803300CN0<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3238852.11   | 0.11%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461364V0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2523431.07   | 0.08%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990FWX8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7050000 | PA      | $7394520.81   | 0.24%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XQ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4557201.78   | 0.15%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QCT5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3555000 | PA      | $3833732.26   | 0.13%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BEU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $774110.84    | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                   | CUSIP: 67756CFV5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $935499.02    | 0.03%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57583RWD3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2042-10-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| ERIE PA WTR AUTH WTR REVENUE                    | Erie City Water Authority                                                       | CUSIP: 295542MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1654997.58   | 0.05%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UD81<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |  11090000 | PA      | $11802977.21  | 0.39%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF VERMONT & ST AGRIC CLG                  | University of Vermont and State Agricultural College                            | CUSIP: 915200ZN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2021780.31   | 0.07%             | 2049-10-01      | 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        |  10895000 | PA      | $10734976.42  | 0.35%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                               | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $596862.96    | 0.02%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16120000 | PA      | $16155083.57  | 0.53%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894YA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1585482.82   | 0.05%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT CT INFRASTRUCTURE                  | Harbor Point Infrastructure Improvement District                                | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2847579.91   | 0.09%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YAN9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   6735000 | PA      | $6958654.53   | 0.23%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XCU8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1371166.01   | 0.04%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1150427.52   | 0.04%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1123123.90   | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1661838.73   | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON                  | Maryland Economic Development Corp                                              | CUSIP: 57420NBX8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    760000 | PA      | $803839.38    | 0.03%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2935000 | PA      | $2679944.10   | 0.09%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                            | CUSIP: 25483VTS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   7020000 | PA      | $7158654.83   | 0.23%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3808278.33   | 0.12%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA WSTWTR SYS REVE                  | City of Los Angeles CA Wastewater System Revenue                                | CUSIP: 53945CJY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6375000 | PA      | $6794929.54   | 0.22%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE                   | Michigan State Building Authority                                               | CUSIP: 594615AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3110000 | PA      | $3153445.77   | 0.10%             | 2047-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAH3<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $4695985.37   | 0.15%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YW21<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $854003.16    | 0.03%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4495000 | PA      | $3939419.80   | 0.13%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                                | CUSIP: 74440DBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34460000 | PA      | $34257571.62  | 1.12%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389H35<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2845000 | PA      | $3025767.32   | 0.10%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $820910.28    | 0.03%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                  | State of Ohio                                                                   | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1789930.35   | 0.06%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804CC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $801015.00    | 0.03%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT PIERCE FL UTILITIES AUTH                   | Fort Pierce Utilities Authority                                                 | CUSIP: 348430PV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2776043.48   | 0.09%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                  | Illinois Finance Authority                                                      | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1371886.49   | 0.04%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CBV2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1413877.07   | 0.05%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                               | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $598756.73    | 0.02%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 4423487V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5615000 | PA      | $5691676.76   | 0.19%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                       | CUSIP: 155498DV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3617949.35   | 0.12%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                           | City of Tampa FL                                                                | CUSIP: 875161DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1034271.61   | 0.03%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                          | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   7970000 | PA      | $8338448.32   | 0.27%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1376213.78   | 0.04%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2548598.49   | 0.08%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                               | CUSIP: 40065NCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $197382.79    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398ER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6452213.64   | 0.21%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH                  | West Harris County Regional Water Authority                                     | CUSIP: 95308RRG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2556016.85   | 0.08%             | 2049-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE                  | Metropolitan Transportation Authority                                           | CUSIP: 59259N6Q1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5894526.60   | 0.19%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQS0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2543409.02   | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635R2G1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1255000.00   | 0.04%             | 2038-05-15      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                | CUSIP: 79020FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2278891.82   | 0.07%             | 2037-06-01      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QCU2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4518759.51   | 0.15%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 544495Z64<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $6015002.62   | 0.20%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                             | CUSIP: 735240U84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $488478.81    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1549803.25   | 0.05%             | 2046-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $2852954.86   | 0.09%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO                  | Riverside County Transportation Commission Sales Tax Revenue                    | CUSIP: 769125GZ2<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   7535000 | PA      | $8116195.65   | 0.27%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NBV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $778529.71    | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CNTY CA JT PWRS FING                  | San Mateo Joint Powers Financing Authority                                      | CUSIP: 79904NGP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4010000 | PA      | $4324281.75   | 0.14%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV                  | Delaware State Health Facilities Authority                                      | CUSIP: 246388TM4<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2284818.22   | 0.07%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152Y47<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2311552.20   | 0.08%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772KGH6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1344899.63   | 0.04%             | 2039-04-15      | 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        |  36355000 | PA      | $34905489.80  | 1.14%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XA27<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2766416.06   | 0.09%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HVA0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3124295.16   | 0.10%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV                  | Hillsborough County Industrial Development Authority                            | CUSIP: 43233KAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2038-11-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 04144REK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1338267.13   | 0.04%             | 2043-02-15      | 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        |   3795000 | PA      | $3189425.02   | 0.10%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                  | Salt Verde Financial Corp                                                       | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   9110000 | PA      | $9608378.95   | 0.31%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1288304.81   | 0.04%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  28325000 | PA      | $30078331.66  | 0.98%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP                   | Troy Capital Resource Corp                                                      | CUSIP: 897579BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2043919.61   | 0.07%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225GH3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1252661.65   | 0.04%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635R2J5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  13200000 | PA      | $13200000.00  | 0.43%             | 2038-05-15      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                           | CUSIP: 13034ATW0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $4057941.13   | 0.13%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PBT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3381037.91   | 0.11%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE                  | County of Cook IL Sales Tax Revenue                                             | CUSIP: 213248CP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2741144.41   | 0.09%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQW1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1056101.89   | 0.03%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                  | City of Houston TX Combined Utility System Revenue                              | CUSIP: 4424355Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2338971.64   | 0.08%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461367A3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2655744.00   | 0.09%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FGM1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $777175.85    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262078G2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    760000 | PA      | $667721.48    | 0.02%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                  | CUSIP: 837123HJ0<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    570000 | PA      | $592954.81    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                       | CUSIP: 010869HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1748567.34   | 0.06%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH WHITTIER CA SCH DIST                      | South Whittier School District                                                  | CUSIP: 840704HH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1665475.43   | 0.05%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO                  | Maryland Stadium Authority Built to Learn Revenue                               | CUSIP: 574294AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5235000 | PA      | $4990797.20   | 0.16%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY              | NEW YORK STATE DORMITORY AUTHORITY (TOBS)                                       | CUSIP: 64990FZW7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  37500000 | PA      | $37076300.00  | 1.21%             | 2041-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQT8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4410000 | PA      | $4938567.61   | 0.16%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3190214.76   | 0.10%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQG6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5597.60      | 0.00%             | 2034-10-01      | 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        |   2290000 | PA      | $1932004.07   | 0.06%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152B26<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1945800.07   | 0.06%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3969213.82   | 0.13%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| DAUPHIN CNTY PA INDL DEV AUTH                   | Dauphin County Industrial Development Authority                                 | CUSIP: 23826KAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1922949.03   | 0.06%             | 2024-06-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2051397.47   | 0.07%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153AN9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2096361.00   | 0.07%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                               | CUSIP: 60528ABY9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.10%             | 2035-11-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                  | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R6C0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2951876.34   | 0.10%             | 2043-03-01      | 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        |   4745000 | PA      | $4798733.80   | 0.16%             | 2040-09-01      | 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        |   6415000 | PA      | $6861911.24   | 0.22%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225CC8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5880000 | PA      | $6175392.97   | 0.20%             | 2047-12-01      | 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        |   7305000 | PA      | $7439977.41   | 0.24%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST MUNI WHOLESAL                  | Massachusetts Municipal Wholesale Electric Co                                   | CUSIP: 575766AU4<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1402398.66   | 0.05%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505VR4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151730.61    | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445GB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4935000 | PA      | $5060981.17   | 0.17%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E HEMPFIELD TWP PA INDL DEV AU                  | East Hempfield Township Industrial Development Authority                        | CUSIP: 273007BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2166567.10   | 0.07%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5946183.57   | 0.19%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO                  | Riverside County Transportation Commission Sales Tax Revenue                    | CUSIP: 769125GY5<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   5390000 | PA      | $5826930.11   | 0.19%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY/KANSAS CITY KS                   | Wyandotte County-Kansas City Unified Government Utility System Revenue          | CUSIP: 982674KY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1564781.48   | 0.05%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R                  | Georgia Higher Education Facilities Authority                                   | CUSIP: 373511HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $821300.00    | 0.03%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3093504.18   | 0.10%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1357346.90   | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5658000 | PA      | $5125698.19   | 0.17%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2618526.89   | 0.09%             | 2035-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                       | CUSIP: 452272C54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $620049.02    | 0.02%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                               | CUSIP: 60528ABK9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2030-12-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST LTD OBLIG                     | State of North Carolina                                                         | CUSIP: 65829QDP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2558096.45   | 0.08%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU                  | Volusia County Educational Facility Authority                                   | CUSIP: 928836MP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2156896.43   | 0.07%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614SL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3800940.01   | 0.12%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN                  | Massachusetts Bay Transportation Authority Sales Tax Revenue                    | CUSIP: 575579YW1<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1177551.71   | 0.04%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XZ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3325763.00   | 0.11%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $3990255.15   | 0.13%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                       | CUSIP: 68450LFP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3757078.37   | 0.12%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RCL7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   7810000 | PA      | $8211616.75   | 0.27%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389V62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5774760.20   | 0.19%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON                  | Maryland Economic Development Corp                                              | CUSIP: 57420NCC3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1580604.07   | 0.05%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $3541963.08   | 0.12%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELK GROVE VLG IL                                | Village of Elk Grove Village IL                                                 | CUSIP: 287299LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1049139.85   | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445NN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1297359.75   | 0.04%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUEEN CREEK AZ EXCISE TAX & ST                  | Town of Queen Creek AZ Excise Tax Revenue                                       | CUSIP: 74823YCU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1620200.53   | 0.05%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262078H0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1523035.90   | 0.05%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $467413.17    | 0.02%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 546749AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4085237.11   | 0.13%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894XT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2703908.02   | 0.09%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY (TOBS)                          | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  11695000 | PA      | $12665983.00  | 0.41%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                    | City of Philadelphia PA Airport Revenue                                         | CUSIP: 717817UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1536149.09   | 0.05%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MFD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7760000 | PA      | $8173836.92   | 0.27%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1572009.84   | 0.05%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224ZC6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1979241.02   | 0.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                  | California Health Facilities Financing Authority                                | CUSIP: 13032UUN6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5770105.66   | 0.19%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODLOCH HLTH FACS DEV CORP TX                  | Woodloch Health Facilities Development Corp                                     | CUSIP: 97982CAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $32250.00     | 0.00%             | 2051-12-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $902537.49    | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                  | Arizona Industrial Development Authority                                        | CUSIP: 04052ADE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $996058.29    | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D                  | New Hampshire Business Finance Authority                                        | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2933124.16   | 0.10%             | 2033-07-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576GS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1228487.84   | 0.04%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV                  | Arizona Industrial Development Authority                                        | CUSIP: 04052EAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2701017.67   | 0.09%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1021415.15   | 0.03%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6830000 | PA      | $6871383.65   | 0.22%             | 2050-12-31      | 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        |   8000000 | PA      | $8771354.40   | 0.29%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AME4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1490408.34   | 0.05%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    217253 | PA      | $167794.94    | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                   | Kentucky Economic Development Finance Authority                                 | CUSIP: 49127KBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3007090.34   | 0.10%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1182610.81   | 0.04%             | 2038-10-01      | 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        |   3775000 | PA      | $3486414.46   | 0.11%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST PUBLIC PWR DIST RE                  | Nebraska Public Power District                                                  | CUSIP: 63968AS89<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3157226.73   | 0.10%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL PUBLIC HOSP B                  | Sarasota County Public Hospital District                                        | CUSIP: 803300CZ3<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2858013.22   | 0.09%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRL PA GEN AUTH REVENU                  | General Authority of Southcentral Pennsylvania                                  | CUSIP: 84129NMD8<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   3585000 | PA      | $3356416.46   | 0.11%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAYS TX CONSOL INDEP SCH DIST                   | Hays Consolidated Independent School District                                   | CUSIP: 4211107D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4875000 | PA      | $4827439.01   | 0.16%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                  | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3147739.10   | 0.10%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5655000 | PA      | $5880117.63   | 0.19%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY                                  | County of Nassau NY                                                             | CUSIP: 63165TH57<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |    380000 | PA      | $399811.26    | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT PLEASANT WI TAX INCR REV                  | Village of Mount Pleasant WI                                                    | CUSIP: 622823AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9110000 | PA      | $9403363.86   | 0.31%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R                  | City of Philadelphia PA Water & Wastewater Revenue                              | CUSIP: 717893H87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3987824.71   | 0.13%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                               | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  19585000 | PA      | $22052586.61  | 0.72%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                   | CUSIP: 66285WPQ3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   8105000 | PA      | $8121733.58   | 0.27%             | 2040-01-01      | Fixed         | 5.00%                 | 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        |   6400000 | PA      | $6720956.80   | 0.22%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    605000 | PA      | $602195.83    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF DELAWARE DE REVENUE                     | University of Delaware                                                          | CUSIP: 91425MDV6<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.02%             | 2037-11-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                     | Indiana Finance Authority                                                       | CUSIP: 45506DGY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3841272.06   | 0.13%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                     | New Jersey Economic Development Authority                                       | CUSIP: 64578EJV0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4895000 | PA      | $5207368.06   | 0.17%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    153647 | PA      | $128414.03    | 0.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                         | CUSIP: 717813XN4<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1818295.50   | 0.06%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1013290.28   | 0.03%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                   | Louisiana Public Facilities Authority                                           | CUSIP: 54639TBS0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3660535.39   | 0.12%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST CORRS INSTN FIN AUT                  | Alabama Corrections Institution Finance Authority                               | CUSIP: 010507CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075913.30   | 0.04%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GTR CINCINNATI OH ELDERLY HSG                   | Greater Cincinnati Elderly Housing Development Corp                             | CUSIP: 39167PAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150588.69    | 0.00%             | 2025-08-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT                  | Allegheny County Hospital Development Authority                                 | CUSIP: 01728A5A0<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3321818.99   | 0.11%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                  | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R6D8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   3720000 | PA      | $3893610.17   | 0.13%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                            | CUSIP: 161036QX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1625196.71   | 0.05%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182B8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1142382.26   | 0.04%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  24000000 | PA      | $24047664.00  | 0.79%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XNK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3421419.05   | 0.11%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                  | City of Minneapolis MN                                                          | CUSIP: 60374VEJ8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4210000 | PA      | $4210000.00   | 0.14%             | 2048-11-15      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                         | New York State Housing Finance Agency                                           | CUSIP: 64987D6K5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2055-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                                | CUSIP: 759151BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $717139.80    | 0.02%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $795628.34    | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    179020 | PA      | $152670.06    | 0.00%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                   | CUSIP: 646140DD2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $4007147.71   | 0.13%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1216395.91   | 0.04%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467CE0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    760000 | PA      | $502486.77    | 0.02%             | 2045-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC FING AUTH LE                  | Anaheim Public Financing Authority                                              | CUSIP: 03255LGT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1060729.86   | 0.03%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467BJ0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    760000 | PA      | $698267.78    | 0.02%             | 2034-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    221811 | PA      | $225013.11    | 0.01%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13430000 | PA      | $13978988.85  | 0.46%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                  | Bay Area Toll Authority                                                         | CUSIP: 072024ST0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |  20495000 | PA      | $20738068.65  | 0.68%             | 2036-04-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                             | CUSIP: 13063DUR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3054236.44   | 0.10%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445NV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2426857.37   | 0.08%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WOODLOCH HLTH FACS DEV CORP TX                  | Woodloch Health Facilities Development Corp                                     | CUSIP: 97982CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1165837.50   | 0.04%             | 2051-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XX9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1913898.24   | 0.06%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                  | State of Ohio                                                                   | CUSIP: 67759YAQ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1244997.88   | 0.04%             | 2053-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   9680000 | PA      | $8716814.83   | 0.28%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE                  | Medford Hospital Facilities Authority                                           | CUSIP: 584283HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2373848.52   | 0.08%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4528000 | PA      | $4296214.85   | 0.14%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    918000 | PA      | $854961.31    | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $737956.73    | 0.02%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                    | CUSIP: 02765URE6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2952770.73   | 0.10%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XCX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2679571.62   | 0.09%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3801570.87   | 0.12%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   5505000 | PA      | $5739568.05   | 0.19%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KFA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7875000 | PA      | $8636012.44   | 0.28%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP                  | California Municipal Finance Authority                                          | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    910000 | PA      | $883243.54    | 0.03%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROADWAY STATION MET DIST NO 3                  | Broadway Station Metropolitan District No 3                                     | CUSIP: 111571AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $642861.68    | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT                  | Hoover Industrial Development Board                                             | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3451176.96   | 0.11%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TJ4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    530000 | PA      | $563284.53    | 0.02%             | 2036-07-01      | 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        |    760000 | PA      | $770308.72    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                        | CUSIP: 207758ZY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3617883.05   | 0.12%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                    | CUSIP: 02765URF3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1519255.81   | 0.05%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3832133.70   | 0.13%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QRY7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1489835.60   | 0.05%             | 2041-10-01      | 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        |   1385000 | PA      | $1385000.00   | 0.05%             | 2034-08-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KHC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1614342.98   | 0.05%             | 2047-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772KGC7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1666739.13   | 0.05%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY                           | Western Minnesota Municipal Power Agency                                        | CUSIP: 958697JS4<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   6050000 | PA      | $6204211.48   | 0.20%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX                   | City of Dallas TX Hotel Occupancy Tax Revenue                                   | CUSIP: 235286AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1461672.15   | 0.05%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XAV8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1937915.37   | 0.06%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                  | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5820000 | PA      | $5407925.96   | 0.18%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                           | CUSIP: 452252NM7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4832280.16   | 0.16%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                    | CUSIP: 02765URH9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1859553.94   | 0.06%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2202693.42   | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262075E0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1496646.89   | 0.05%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH WHITTIER CA SCH DIST                      | South Whittier School District                                                  | CUSIP: 840704HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1008688.23   | 0.03%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIAN CREEK OH LOCAL SCH DIST                  | Indian Creek Local School District                                              | CUSIP: 454146DR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060294.60   | 0.03%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682QJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5465000 | PA      | $5646995.43   | 0.18%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104PX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3171970.30   | 0.10%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                        | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2221404.64   | 0.07%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN                  | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                | CUSIP: 603695FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1705000.00   | 0.06%             | 2035-11-15      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST CORRS INSTN FIN AUT                  | Alabama Corrections Institution Finance Authority                               | CUSIP: 010507CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10822255.00  | 0.35%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2014709.08   | 0.07%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 544495S47<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1584730.72   | 0.05%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160UF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2017578.92   | 0.07%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XRU7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1746680.89   | 0.06%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QBE8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2041-10-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                  | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAV5<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2016537.64   | 0.07%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593UY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1773584.30   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2166257.35   | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN                  | Public Authority for Colorado Energy                                            | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   6375000 | PA      | $7676508.53   | 0.25%             | 2038-11-15      | Fixed         | 6.50%                 | 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        |   5540000 | PA      | $5766932.80   | 0.19%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2924665.87   | 0.10%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224ZD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3015000 | PA      | $3116080.29   | 0.10%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZD7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     15000 | PA      | $10800.00     | 0.00%             | 2019-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                        | CUSIP: 207758XS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5880000 | PA      | $6335243.71   | 0.21%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                  | Public Finance Authority                                                        | CUSIP: 74442CCU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1408375.04   | 0.05%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1549958.29   | 0.05%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 646136Y54<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3830911.33   | 0.13%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NRTHRN CA ENERGY AUTH COMMODIT                  | Northern California Energy Authority                                            | CUSIP: 664840AD7<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   4545000 | PA      | $4560753.42   | 0.15%             | 2049-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CA WTR REPLENISHMENT                   | Southern California Water Replenishment District                                | CUSIP: 84251KBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11385000 | PA      | $12269554.16  | 0.40%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TGA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1211850.59   | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                                | CUSIP: 74440DCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21440000 | PA      | $21291733.82  | 0.70%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                           | CUSIP: 54714CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $561370.01    | 0.02%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ57<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2374905.26   | 0.08%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $6675413.46   | 0.22%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TWL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $925034.29    | 0.03%             | 2048-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INSTITUTE OF TECHNO                  | New Jersey Institute of Technology/NJ                                           | CUSIP: 64579RBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13285000 | PA      | $13708256.11  | 0.45%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HBF3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  14955000 | PA      | $15955386.31  | 0.52%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RFL4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3475000 | PA      | $3672795.26   | 0.12%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                             | CUSIP: 717883QH8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2156573.72   | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP                   | Troy Capital Resource Corp                                                      | CUSIP: 897579BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $805128.34    | 0.03%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                  | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542WAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4345575.47   | 0.14%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS                   | Harris County-Houston Sports Authority                                          | CUSIP: 413890DB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3133988.95   | 0.10%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727VK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4558606.19   | 0.15%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                  | Grand Parkway Transportation Corp                                               | CUSIP: 38611TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1526665.35   | 0.05%             | 2043-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP                  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue      | CUSIP: 54466HHL3<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $4188839.79   | 0.14%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225GL4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3223179.30   | 0.11%             | 2052-12-01      | Fixed         | 5.25%                 | 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      | $5597.60      | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                | CUSIP: 20282EAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1659026.65   | 0.05%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $825537.38    | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971W7B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8439960.00   | 0.28%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6070000 | PA      | $5595059.53   | 0.18%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3860514.30   | 0.13%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HXK6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1737692.91   | 0.06%             | 2050-09-01      | 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        |   1480000 | PA      | $1489458.09   | 0.05%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 544495L36<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7784409.50   | 0.25%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894YB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1203308.19   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                         | CUSIP: 717813XL8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1630514.49   | 0.05%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XM3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    605000 | PA      | $595031.54    | 0.02%             | 2036-12-01      | 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        |   2130000 | PA      | $2175368.36   | 0.07%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TX NAV DIST #1                   | Matagorda County Navigation District No 1                                       | CUSIP: 576528DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3395592.57   | 0.11%             | 2029-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389H43<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3213282.27   | 0.10%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894YD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1226589.84   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RGB5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4765000 | PA      | $4374150.40   | 0.14%             | 2054-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1728011.71   | 0.06%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                         | CUSIP: 041806MW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1881971.20   | 0.06%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593RY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2513409.15   | 0.08%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593SV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $767770.62    | 0.03%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $709422.68    | 0.02%             | 2037-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR RESOURCES                  | Massachusetts Water Resources Authority                                         | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   8540000 | PA      | $8594578.29   | 0.28%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education                                                      | CUSIP: 167510AM8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1226601.14   | 0.04%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1642452.87   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FGP4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    545000 | PA      | $505289.17    | 0.02%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                                  | CUSIP: 92242SBE2<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |   1139000 | PA      | $1166355.93   | 0.04%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY ELEC LIGHT & PWRS                  | City of Owensboro KY Electric Light & Power System Revenue                      | CUSIP: 691021NK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2444433.81   | 0.08%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                        | CUSIP: 31200CCH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3239675.54   | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AH26<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1125961.70   | 0.04%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                | CUSIP: 13054WAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1552138.42   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDW                  | Bartow County Development Authority                                             | CUSIP: 06964KAA4<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.06%             | 2062-11-01      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1444123.58   | 0.05%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WM5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |  18785000 | PA      | $18095883.55  | 0.59%             | 2028-10-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                      | CUSIP: 452031AQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1445573.81   | 0.05%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358XCL4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2358959.79   | 0.08%             | 2040-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358WYF5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4314364.84   | 0.14%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BFU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1374311.48   | 0.04%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  13210000 | PA      | $13758341.82  | 0.45%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830RBM0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    530000 | PA      | $552746.28    | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160UC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10625000 | PA      | $10670931.88  | 0.35%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FBD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2849406.37   | 0.09%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224K57<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   8160000 | PA      | $8456514.82   | 0.28%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736C62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8985000 | PA      | $9023226.68   | 0.29%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358WD92<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3971576.80   | 0.13%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY PA HOSP AUTH                        | Monroe County Hospital Authority/PA                                             | CUSIP: 610773GJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1323468.77   | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                   | CUSIP: 66285WSS6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3756265.95   | 0.12%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11055000 | PA      | $11222023.36  | 0.37%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1919026.79   | 0.06%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1121536.21   | 0.04%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT                  | New Jersey Educational Facilities Authority                                     | CUSIP: 6460666J4<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2717166.56   | 0.09%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358WZF4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7976296.85   | 0.26%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK PORT REVENUE                       | Municipality of Anchorage AK                                                    | CUSIP: 033252AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4369087.75   | 0.14%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   7855000 | PA      | $7883587.49   | 0.26%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                         | CUSIP: 717813XM6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1940502.02   | 0.06%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804CA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1371970.81   | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1654394.13   | 0.05%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                               | CUSIP: 60528ABM5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.02%             | 2030-12-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                             | CUSIP: 735240U76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $577262.96    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX INDL DEV AUTH                     | Gulf Coast Industrial Development Authority                                     | CUSIP: 40220MAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3798237.89   | 0.12%             | 2028-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BROADWAY STATION MET DIST NO 3                  | Broadway Station Metropolitan District No 3                                     | CUSIP: 111571AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $805963.30    | 0.03%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2306817.48   | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 696507VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $598738.41    | 0.02%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO                  | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RAX8<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4858243.20   | 0.16%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                             | CUSIP: 735240V83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $892666.35    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                  | Public Finance Authority                                                        | CUSIP: 74442CCY8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1956190.79   | 0.06%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QSA8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2984252.36   | 0.10%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 696507UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $864824.74    | 0.03%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                        | CUSIP: 31200CCJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2015407.14   | 0.07%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                   | CUSIP: 66285WPR1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   8350000 | PA      | $8548434.41   | 0.28%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AHU4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1030054.07   | 0.03%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190NS7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1446264.87   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18480000 | PA      | $19256780.93  | 0.63%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BPS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6451114.73   | 0.21%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  12070000 | PA      | $12541774.06  | 0.41%             | 2043-06-15      | 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        |   1245000 | PA      | $1336880.13   | 0.04%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   5515000 | PA      | $6691427.26   | 0.22%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                  | CSCDA Community Improvement Authority                                           | CUSIP: 126292AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3434575 | PA      | $3101709.39   | 0.10%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKK7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $18375.00     | 0.00%             | 2017-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                               | CUSIP: 71781QFE3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5759409.91   | 0.19%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AT3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $778964.28    | 0.03%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FBF1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1273633.14   | 0.04%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                              | CUSIP: 64990AHY4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $8017254.00   | 0.26%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                  | CUSIP: 837123HL5<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3116142.24   | 0.10%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T                  | Detroit Downtown Development Authority                                          | CUSIP: 251135GR4<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1220602.73   | 0.04%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYX4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    760000 | PA      | $562400.00    | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FL WTR & SWR REVENU                  | City of Cape Coral FL Water & Sewer Revenue                                     | CUSIP: 139372RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3990211.01   | 0.13%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QVS6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2453362.96   | 0.08%             | 2042-03-01      | 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        |  16775000 | PA      | $4227721.05   | 0.14%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $709369.03    | 0.02%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486WX3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1095026.26   | 0.04%             | 2025-01-01      | 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        |  11385000 | PA      | $11646268.67  | 0.38%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3373769.80   | 0.11%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7945000 | PA      | $5879300.00   | 0.19%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1285297.77   | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORNEY TX INDEP SCH DIST                        | Forney Independent School District                                              | CUSIP: 346425EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1305251.37   | 0.04%             | 2049-02-15      | 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        |   5845000 | PA      | $5752815.00   | 0.19%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5T7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10345000 | PA      | $9314124.89   | 0.30%             | 2050-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DTP4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $8130514.26   | 0.27%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577BTR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3289979.62   | 0.11%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NAVAJO NATION AZ                                | Navajo Nation                                                                   | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3975000 | PA      | $4157927.51   | 0.14%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY                  | Arizona State University                                                        | CUSIP: 04048RNW2<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2706734.84   | 0.09%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                            | CUSIP: 25483VTT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5465000 | PA      | $5531718.91   | 0.18%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772KGE3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1896664.76   | 0.06%             | 2036-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2695000 | PA      | $1980825.00   | 0.06%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HAW2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    760000 | PA      | $679607.28    | 0.02%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1610721.32   | 0.05%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                               | CUSIP: 60528AAT1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.01%             | 2030-12-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1242140.26   | 0.04%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                         | CUSIP: 594698RN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10245000 | PA      | $9904799.41   | 0.32%             | 2049-10-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                  | Grand Parkway Transportation Corp                                               | CUSIP: 38611TAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $4067871.51   | 0.13%             | 2034-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365H0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5880000 | PA      | $5767972.48   | 0.19%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                              | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1633662.49   | 0.05%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T                  | Detroit Downtown Development Authority                                          | CUSIP: 251135GS2<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3048995.30   | 0.10%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNT2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1163404.09   | 0.04%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1523575.95   | 0.05%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GCP7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    745000 | PA      | $745000.00    | 0.02%             | 2048-06-15      | Variable      | 0.84%                 | 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        |   9865000 | PA      | $10482016.29  | 0.34%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    610000 | PA      | $452925.00    | 0.01%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $716423.50    | 0.02%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593RZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2571856.93   | 0.08%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH REVENUE                        | County of Franklin OH                                                           | CUSIP: 353202FP4<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3852220.63   | 0.13%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKS0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     90000 | PA      | $66600.00     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    199162 | PA      | $173537.82    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                               | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $792741.33    | 0.03%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                        | CUSIP: 31200CCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3269388.19   | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $5493366.32   | 0.18%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614RZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3222923.40   | 0.11%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443BR6<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3891841.11   | 0.13%             | 2024-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182F9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    760000 | PA      | $760796.48    | 0.02%             | 2042-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                      | CUSIP: 167560RT0<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   7660000 | PA      | $8018828.10   | 0.26%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593SC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $385374.49    | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYT3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    475000 | PA      | $351500.00    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28835000 | PA      | $29260668.04  | 0.96%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC FING AUTH LE                  | Anaheim Public Financing Authority                                              | CUSIP: 03255LGS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1376361.67   | 0.04%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP                  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue      | CUSIP: 54466HHE9<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3319808.04   | 0.11%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  10665000 | PA      | $7918762.50   | 0.26%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6830000 | PA      | $6979695.84   | 0.23%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593QQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6215000 | PA      | $6316065.22   | 0.21%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                  | Arizona Industrial Development Authority                                        | CUSIP: 04052ACY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2007874.20   | 0.07%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                                | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $615156.62    | 0.02%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $995745.92    | 0.03%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL TRANSPR                  | San Diego County Regional Transportation Commission                             | CUSIP: 797400KX5<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |   8880000 | PA      | $9327425.02   | 0.30%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA NATURAL GAS FIN A                  | Roseville Natural Gas Financing Authority                                       | CUSIP: 777863AU5<br>LEI: 549300UJZ7YWGGGM4856 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3171995.95   | 0.10%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION                   | Texas Municipal Gas Acquisition and Supply Corp I                               | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |  24310000 | PA      | $25405274.90  | 0.83%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358XCM2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1372954.74   | 0.04%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                     | CUSIP: 64971PKJ3<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3717840.02   | 0.12%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YQJ1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1332022.40   | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3436465.92   | 0.11%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT                  | Public Finance Authority                                                        | CUSIP: 74446CAD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1312336.80   | 0.04%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486G29<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   8920000 | PA      | $9115518.37   | 0.30%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593SE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5317069.13   | 0.17%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HWK7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3547278.70   | 0.12%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ PKG AUTH                       | New Brunswick Parking Authority                                                 | CUSIP: 642835QA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1802125.22   | 0.06%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST MUNI ELEC AUTH                       | Municipal Electric Authority of Georgia                                         | CUSIP: 373541DB4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    380000 | PA      | $398318.17    | 0.01%             | 2024-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3191477.92   | 0.10%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3645000 | PA      | $3762494.02   | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                        | CUSIP: 207758ZW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $2056357.58   | 0.07%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727ZF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3120244.41   | 0.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DRM3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3475414.42   | 0.11%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990EW86<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  18975000 | PA      | $19945838.80  | 0.65%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                         | CUSIP: 5444952P8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   8365000 | PA      | $8902717.26   | 0.29%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365K3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    645000 | PA      | $623203.45    | 0.02%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                    | Sanger Unified School District                                                  | CUSIP: 800860EM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2286375.23   | 0.07%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAJ9<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1189047.82   | 0.04%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261ACC9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1137085.89   | 0.04%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALL IN ST UNIV UNIV REVENUE                    | Ball State University                                                           | CUSIP: 058508KZ4<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |    570000 | PA      | $572143.77    | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $809919.16    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1162339.78   | 0.04%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST FING AU                  | Eastern Municipal Water District Financing Authority                            | CUSIP: 27677SAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12105000 | PA      | $12867890.99  | 0.42%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FAZ8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1659225.16   | 0.05%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CNTY KS PUBLIC BLDG C                  | Sedgwick County Public Building Commission                                      | CUSIP: 81533PLF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3305000 | PA      | $3425286.80   | 0.11%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5540000 | PA      | $5293160.31   | 0.17%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                     | CUSIP: 64971PKL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1747622.34   | 0.06%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                   | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542UCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1244293.16   | 0.04%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC COPS                               | City of Charlotte NC                                                            | CUSIP: 161037Z33<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    340000 | PA      | $334515.66    | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $604487.19    | 0.02%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                           | CUSIP: 230614NX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $759156.10    | 0.02%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                   | CUSIP: 59334NDZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4981997.98   | 0.16%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990FWS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11009.37     | 0.00%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                              | CUSIP: 57420VPC1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    760000 | PA      | $773328.35    | 0.03%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELK GROVE VLG IL                                | Village of Elk Grove Village IL                                                 | CUSIP: 287299LQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1098917.98   | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                           | CUSIP: 452252MT3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  17075000 | PA      | $17805231.16  | 0.58%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TWK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $894551.79    | 0.03%             | 2043-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYK2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $18406.25     | 0.00%             | 2025-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576FW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2733361.00   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18975000 | PA      | $18849254.57  | 0.62%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593SA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2315326.88   | 0.08%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262075F7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1718427.56   | 0.06%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593SB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2159555.69   | 0.07%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNP0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    875000 | PA      | $915408.38    | 0.03%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE SY                  | Public Finance Authority                                                        | CUSIP: 74447GAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5450000 | PA      | $5644285.96   | 0.18%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966FA87<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.02%             | 2036-04-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                  | Greater Orlando Aviation Authority                                              | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3668281.09   | 0.12%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    760000 | PA      | $786156.31    | 0.03%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TH8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3364680.04   | 0.11%             | 2035-07-01      | 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        |   3000000 | PA      | $3159240.90   | 0.10%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    759000 | PA      | $687593.66    | 0.02%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5465000 | PA      | $5644770.08   | 0.18%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                             | CUSIP: 717883QM7<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    615000 | PA      | $640944.21    | 0.02%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                   | CUSIP: 6461396F7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   3720000 | PA      | $3915922.73   | 0.13%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST TRANSPRTN AUTH US                   | Delaware Transportation Authority                                               | CUSIP: 246430AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2387583.15   | 0.08%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ PKG AUTH                       | New Brunswick Parking Authority                                                 | CUSIP: 642835PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3183357.78   | 0.10%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                  | California Statewide Communities Development Authority                          | CUSIP: 13080SGV0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1954197.72   | 0.06%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1828004.25   | 0.06%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1481767.90   | 0.05%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK                  | Port Beaumont Navigation District                                               | CUSIP: 73360CAN4<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1077469.20   | 0.04%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333PZ92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2320761.17   | 0.08%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438GP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $813201.90    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4615000 | PA      | $4348631.43   | 0.14%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                     | CUSIP: 825485VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1900921.34   | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    219802 | PA      | $225128.31    | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KFB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6535000 | PA      | $7120312.50   | 0.23%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    760000 | PA      | $757487.59    | 0.02%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3049000.46   | 0.10%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $943694.34    | 0.03%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                       | CUSIP: 010869GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5274558.26   | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL                  | Louisiana Offshore Terminal Authority                                           | CUSIP: 546510FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5330000 | PA      | $5250717.32   | 0.17%             | 2033-09-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH                   | Delaware Valley Regional Finance Authority                                      | CUSIP: 246579LF1<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.01%             | 2055-11-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593YM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1261499.00   | 0.04%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389J25<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1696889.43   | 0.06%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2378425.82   | 0.08%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682RM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9335000 | PA      | $10011507.45  | 0.33%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XWM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5935000 | PA      | $5716479.24   | 0.19%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1010295.25   | 0.03%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL SCH BRD COPS                    | School District of Broward County/FL                                            | CUSIP: 115065YJ7<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   6640000 | PA      | $6941495.18   | 0.23%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505XS0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  16040000 | PA      | $15371812.10  | 0.50%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                  | City of Valparaiso IN                                                           | CUSIP: 92028RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3899849.02   | 0.13%             | 2044-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                  | Washington State Housing Finance Commission                                     | CUSIP: 939783TK2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $1966420.97   | 0.06%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1231291.08   | 0.04%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BCQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $448500.46    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6905000 | PA      | $7309742.79   | 0.24%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 645918W58<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  15180000 | PA      | $15187002.53  | 0.50%             | 2028-03-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5730982.15   | 0.19%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUBLIC FIN AUTH LEASE                  | Texas Public Finance Authority                                                  | CUSIP: 882669BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3840301.67   | 0.13%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL SPORTS AUTH REVENUE                    | Tampa Sports Authority                                                          | CUSIP: 875263CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $574603.52    | 0.02%             | 2026-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1447330.87   | 0.05%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333PU30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5505000 | PA      | $5636979.62   | 0.18%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQV3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3379574.74   | 0.11%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT                  | Allegheny County Hospital Development Authority                                 | CUSIP: 01728A5C6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4011598.02   | 0.13%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5431244.37   | 0.18%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                            | CUSIP: 161036PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1202697.25   | 0.04%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 645918W41<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  16750000 | PA      | $16757783.73  | 0.55%             | 2027-09-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL SCH BRD COPS                    | School District of Broward County/FL                                            | CUSIP: 115065YK4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   6070000 | PA      | $6334880.23   | 0.21%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                  | Florida Development Finance Corp                                                | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2304997.67   | 0.08%             | 2046-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2198782.22   | 0.07%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                  | Maryland Health & Higher Educational Facilities Authority                       | CUSIP: 574217V28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2041-07-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                   | CUSIP: 646140CQ4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  16905000 | PA      | $18204881.24  | 0.59%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX                   | City of Dallas TX Hotel Occupancy Tax Revenue                                   | CUSIP: 235286AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1944202.05   | 0.06%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA HARBOR REVENUE                    | City of Long Beach CA Harbor Revenue                                            | CUSIP: 542424VV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1664203.16   | 0.05%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1865529.43   | 0.06%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                      | California State University                                                     | CUSIP: 13077C4B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1123385.87   | 0.04%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $992642.12    | 0.03%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | New York State Urban Development Corp                                           | CUSIP: 6500357N2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   5560000 | PA      | $5291726.66   | 0.17%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                            | CUSIP: 650346DY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1032864.51   | 0.03%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                               | CUSIP: 717818L89<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.03%             | 2034-12-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                              | CUSIP: 64990AMV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1646884.02   | 0.05%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QAA8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.03%             | 2048-03-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12145000 | PA      | $10295855.74  | 0.34%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                  | Indiana Finance Authority                                                       | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3583218.58   | 0.12%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC                  | San Bernardino City Unified School District                                     | CUSIP: 796714EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3307559.82   | 0.11%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 696507VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1278973.90   | 0.04%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    940551 | PA      | $429126.56    | 0.01%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                       | CUSIP: 84131TAQ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |  38405000 | PA      | $38344009.02  | 1.25%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                          | CUSIP: 85732GUF5<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2787798.06   | 0.09%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                   | State of New Jersey                                                             | CUSIP: 646039YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20520000 | PA      | $22783140.54  | 0.74%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                        | CUSIP: 342814DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2104152.19   | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772KBC2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   3715000 | PA      | $4015402.33   | 0.13%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389V54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2638573.00   | 0.09%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                    | CUSIP: 48504NAZ2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3559216.47   | 0.12%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461364Y4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3864550.21   | 0.13%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GRF3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    805000 | PA      | $811630.70    | 0.03%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8115000 | PA      | $7414711.21   | 0.24%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1164816.77   | 0.04%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8260000 | PA      | $7579600.67   | 0.25%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                     | Oregon State Facilities Authority                                               | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.02%             | 2034-08-01      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                  | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VE26<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2158417.53   | 0.07%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                  | CUSIP: 837123HK7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1261010.96   | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                     | CUSIP: 67756DQW9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    760000 | PA      | $803314.68    | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160TM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $318785.26    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                           | CUSIP: 54714FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3038097.22   | 0.10%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3635000 | PA      | $2689900.00   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $702589.14    | 0.02%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $785055.90    | 0.03%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD PROJ REVENUE                       | City of Baltimore MD                                                            | CUSIP: 05922KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4239245.66   | 0.14%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 64579F7P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3834345.42   | 0.13%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FEF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4180000 | PA      | $3647783.17   | 0.12%             | 2050-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TSC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2880145.42   | 0.09%             | 2047-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BQX9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1457823.04   | 0.05%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160TR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $602468.34    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682RL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12165000 | PA      | $13013777.60  | 0.43%             | 2042-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE                  | Cape Girardeau County Industrial Development Authority                          | CUSIP: 139404HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $640352.36    | 0.02%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1437301.06   | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 69650MAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1301531.62   | 0.04%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RUTGERS NJ ST UNIV                              | Rutgers The State University of New Jersey                                      | CUSIP: 783186TC3<br>LEI: 549300BOYDHNW8J60112 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3203606.69   | 0.10%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1494420.07   | 0.05%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC                  | San Bernardino City Unified School District                                     | CUSIP: 796714ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1443072.34   | 0.05%             | 2038-10-01      | 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        |  17015000 | PA      | $18735790.53  | 0.61%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56036YDH5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $8038455.15   | 0.26%             | 2026-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2525748.42   | 0.08%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TG0<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3392035.26   | 0.11%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1785449.65   | 0.06%             | 2051-07-01      | 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        |   2465000 | PA      | $2252058.26   | 0.07%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN INDIANA COMMUTER TRAN                  | Northern Indiana Commuter Transportation District                               | CUSIP: 66528PBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1976807.12   | 0.06%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YDK2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1825149.14   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2714364.74   | 0.09%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                          | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  15020000 | PA      | $15192087.14  | 0.50%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XWV9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3991820.84   | 0.13%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                             | CUSIP: 717883QN5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    910000 | PA      | $946932.08    | 0.03%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                  | New York Liberty Development Corp                                               | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7180000 | PA      | $6786602.06   | 0.22%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX WTRWKS & SWR SYS REV                  | City of Dallas TX Waterworks & Sewer System Revenue                             | CUSIP: 23542JFW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6070000 | PA      | $6391686.33   | 0.21%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY ELEC LIGHT & PWRS                  | City of Owensboro KY Electric Light & Power System Revenue                      | CUSIP: 691021NJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $964915.32    | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                        | CUSIP: 76827QGR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6700000 | PA      | $7210024.10   | 0.24%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577BJU9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   9865000 | PA      | $10502265.19  | 0.34%             | 2030-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                               | CUSIP: 7599112J8<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   6890000 | PA      | $6690421.50   | 0.22%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAG5<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   3930000 | PA      | $4355714.50   | 0.14%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA                  | Pennsylvania Higher Educational Facilities Authority                            | CUSIP: 70917S4A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5408606.23   | 0.18%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT PLEASANT WI TAX INCR REV                  | Village of Mount Pleasant WI                                                    | CUSIP: 622823AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1402161.68   | 0.05%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA                  | Iowa Finance Authority                                                          | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  15180000 | PA      | $14677082.05  | 0.48%             | 2050-12-01      | Variable      | 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        |    380000 | PA      | $339570.89    | 0.01%             | 2050-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                  | Arizona Industrial Development Authority                                        | CUSIP: 04052ADG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2298450.48   | 0.08%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC COPS                               | City of Charlotte NC                                                            | CUSIP: 161037Z25<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2848288.78   | 0.09%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   9865000 | PA      | $11969343.60  | 0.39%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5369721.65   | 0.18%             | 2039-11-15      | Fixed         | 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        |   3450000 | PA      | $3450630.66   | 0.11%             | 2053-05-01      | Variable      | 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        |   5315000 | PA      | $6576854.35   | 0.21%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 645790KC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1409520.83   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY ELEC LIGHT & PWRS                  | City of Owensboro KY Electric Light & Power System Revenue                      | CUSIP: 691021NH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1752584.99   | 0.06%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                            | CUSIP: 161036QA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5695000 | PA      | $6011214.88   | 0.20%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59259Y7S2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2410000.00   | 0.08%             | 2032-11-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    210028 | PA      | $215737.80    | 0.01%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16700000 | PA      | $16707735.44  | 0.55%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990FLC6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6924812.05   | 0.23%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2426113.01   | 0.08%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3276027.56   | 0.11%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM                  | Delaware State Economic Development Authority                                   | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2204228.85   | 0.07%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                   | CUSIP: 67756CFR4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1450614.28   | 0.05%             | 2037-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3604700.40   | 0.12%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    111214 | PA      | $111701.36    | 0.00%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R                  | City of Philadelphia PA Water & Wastewater Revenue                              | CUSIP: 717893ZC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4725898.13   | 0.15%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HAX0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    770000 | PA      | $772906.13    | 0.03%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU                  | Montgomery County Industrial Development Authority/PA                           | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1100732.13   | 0.04%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505VS2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1847067.40   | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3034823.69   | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    910000 | PA      | $934271.79    | 0.03%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  29275000 | PA      | $30579994.60  | 1.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE                  | Maryland Community Development Administration                                   | CUSIP: 57419N4K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1430000.00   | 0.05%             | 2038-11-15      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                          | Brookhaven Development Authority                                                | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1122152.27   | 0.04%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                       | CUSIP: 155498KQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3480264.33   | 0.11%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4825000 | PA      | $4825000.00   | 0.16%             | 2039-12-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU                  | County of Allen OH Hospital Facilities Revenue                                  | CUSIP: 01757LGX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1869418.94   | 0.06%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                                   | County of Clark NV                                                              | CUSIP: 180848XJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15180000 | PA      | $15986757.80  | 0.52%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TH9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1263632.87   | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY              | NEW YORK STATE DORMITORY AUTHORITY (TOBS)                                       | CUSIP: 64990FYN8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $24070600.00  | 0.79%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830RCQ0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4972722.65   | 0.16%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2109538.78   | 0.07%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                      | CUSIP: 167560QX2<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   8350000 | PA      | $8741150.74   | 0.29%             | 2044-12-01      | 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        |   2085000 | PA      | $2128027.31   | 0.07%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461366D8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3753799.67   | 0.12%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CNTY KS PUBLIC BLDG C                  | Sedgwick County Public Building Commission                                      | CUSIP: 81533PLH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2357799.54   | 0.08%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $238920.60    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  25235000 | PA      | $25124271.34  | 0.82%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HLTH FACS DEV C                  | Harris County Health Facilities Development Corp                                | CUSIP: 41315RAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1353276.29   | 0.04%             | 2027-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                           | CUSIP: 54714CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $556688.11    | 0.02%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1389816.93   | 0.05%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                       | CUSIP: 155498DU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3215366.41   | 0.11%             | 2040-01-01      | Fixed         | 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        |   1860000 | PA      | $1962135.02   | 0.06%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZF2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    330000 | PA      | $237600.00    | 0.01%             | 2021-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R                  | Georgia Higher Education Facilities Authority                                   | CUSIP: 373511HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $909417.71    | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                     | CUSIP: 67756DQU3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    415000 | PA      | $441308.72    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389A24<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6591215.01   | 0.22%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITYPLACE FL CDD SPL ASSMNT RE                  | Cityplace Community Development District                                        | CUSIP: 17877SAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1961847.09   | 0.06%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461366A4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5918340.25   | 0.19%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $737126.81    | 0.02%             | 2034-06-01      | Fixed         | 4.00%                 | 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        |   3415000 | PA      | $3665095.13   | 0.12%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CAA6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2932437.94   | 0.10%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                       | CUSIP: 452272B89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $630298.88    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4796643.21   | 0.16%             | 2034-11-01      | 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        |   2825000 | PA      | $2856406.66   | 0.09%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY/KANSAS CITY KS                   | Wyandotte County-Kansas City Unified Government Utility System Revenue          | CUSIP: 982674KZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2336048.72   | 0.08%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION                   | Hillsborough County Aviation Authority                                          | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $4130510.55   | 0.13%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    256303 | PA      | $140690.12    | 0.00%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                | CUSIP: 650010AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8690000 | PA      | $8904797.68   | 0.29%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL                  | Louisiana Offshore Terminal Authority                                           | CUSIP: 546510FP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2251011.08   | 0.07%             | 2027-09-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                               | CUSIP: 60528ABJ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.07%             | 2030-12-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA KENNESTONE HOSP A                  | Cobb County Kennestone Hospital Authority                                       | CUSIP: 190813SC0<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3663124.19   | 0.12%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  14600000 | PA      | $12515230.96  | 0.41%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467AY8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1144567.40   | 0.04%             | 2024-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    216236 | PA      | $221654.85    | 0.01%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9790000 | PA      | $9907711.04   | 0.32%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF PITTSBURGH PA OF THE C                  | University of Pittsburgh-of the Commonwealth System of Higher Education         | CUSIP: 91335VKV7<br>LEI: 5493002C83QSGL8ETT42 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3794130.57   | 0.12%             | 2024-02-15      | Variable      | 2.26%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE                  | County of Cook IL Sales Tax Revenue                                             | CUSIP: 213248CN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2067555.01   | 0.07%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TFX6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    760000 | PA      | $783646.26    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $551898.12    | 0.02%             | 2039-07-01      | 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        |   1215000 | PA      | $1217690.98   | 0.04%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP                  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue      | CUSIP: 54466HHJ8<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    760000 | PA      | $847105.65    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772J4N9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   4070000 | PA      | $4337443.77   | 0.14%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB-MARIETTA COLISEUM & EXHIB                  | Cobb-Marietta Coliseum & Exhibit Hall Authority                                 | CUSIP: 190760BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $442052.60    | 0.01%             | 2026-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2841382.51   | 0.09%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HVT9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    570000 | PA      | $495082.51    | 0.02%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445RB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2581574.41   | 0.08%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2985000 | PA      | $2208900.00   | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                  | Industrial Development Authority of the City of Phoenix/The                     | CUSIP: 71885FEJ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    985000 | PA      | $989263.38    | 0.03%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST ARPT AUTH CUSTO                  | State of Connecticut Bradley International Airport CFC Revenue                  | CUSIP: 20773CAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1513207.58   | 0.05%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1142673.76   | 0.04%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAD4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   6410000 | PA      | $6472550.70   | 0.21%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PORT AUTH PORT FAC                  | Virginia Port Authority                                                         | CUSIP: 928077JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4820000 | PA      | $5017908.24   | 0.16%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                    | City of Long Beach CA Marina System Revenue                                     | CUSIP: 542426CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1733958.30   | 0.06%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-19

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer