Western Asset Municipal Partners Fund (MNP) NPORT-P Western Asset Municipal Partners Fund Inc. (Aug 2020 report)

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MUNICIPAL BONDS - 151.2%
Alabama - 2.9%
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019		5.750	%		10/1/49	$	200,000	$	174,314	(a)
Jefferson County, AL, Sewer Revenue:
Subordinated Lien, Warrants, Series D, Refunding		6.000	%		10/1/42		760,000		877,268
Subordinated Lien, Warrants, Series D, Refunding		6.500	%		10/1/53		1,300,000		1,516,385
Lower Alabama Gas District, Natural Gas Revenue, Series A		5.000	%		9/1/46		850,000		1,199,817
Southeast Alabama Gas Supply District, Gas Supply Revenue, Series 2018A		4.000	%		6/1/24		850,000		941,452	(b)(c)
Total Alabama									4,709,236
Alaska - 0.9%
Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B		5.000	%		12/1/39		245,000		303,349
Valdez, AK, Marine Terminal Revenue, BP Pipelines Inc. Project, Series C, Refunding		5.000	%		1/1/21		1,150,000		1,168,032
Total Alaska									1,471,381
Arizona - 3.6%
Arizona State IDA, Revenue Bonds, Lincoln
South Beltway Project		5.000	%		8/1/26		500,000		619,120
Chandler, AZ, IDA Revenue, Intel Corp. Project		5.000	%		6/3/24		1,650,000		1,907,202	(a)(b)(c)
Navajo Nation, AZ, Revenue, Series A, Refunding		5.500	%		12/1/30		275,000		305,035	(d)
Phoenix, AZ, Civic Improvement Corp., Water System Revenue, Junior Lien, Series A		5.000	%		7/1/44		250,000		326,235
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007		5.000	%		12/1/32		2,000,000		2,636,280
Total Arizona									5,793,872
California - 21.2%
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding		5.000	%		10/1/34		500,000		584,425
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA Municipal Swap Index Yield + 1.100%)		1.190	%		4/1/24		2,500,000		2,515,850	(b)(c)
California State Health Facilities Financing Authority Revenue, Stanford Health Care, Series A, Refunding		4.000	%		8/15/50		250,000		290,755

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         1

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
California - (continued)
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A		5.000	%		12/31/43	$	500,000	$	574,540	(a)
Senior Lien, LINXS APM Project, Series A		5.000	%		12/31/47		500,000		572,170	(a)
California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project		5.000	%		11/21/45		1,000,000		1,039,320	(a)(d)
California State, GO:
Various Purpose		5.000	%		3/1/36		500,000		659,270
Various Purpose		5.000	%		4/1/43		3,000,000		3,326,820
Various Purpose, Refunding		4.000	%		3/1/40		500,000		600,705
Chino Valley, CA, USD, GO, Series B		5.000	%		8/1/55		500,000		643,655
Eastern Municipal Water District Financing Authority, CA, Water & Wastewater Revenue, Series D		5.000	%		7/1/47		1,000,000		1,218,580
Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding		5.250	%		6/1/47		1,050,000		1,082,980
Los Angeles, CA, Department of Airports Revenue:
Los Angeles International Airport, Subordinated, Series D		5.000	%		5/15/49		1,500,000		1,798,065	(a)
Los Angeles International Airport, Subordinated, Series F		5.000	%		5/15/27		1,500,000		1,870,875	(a)
Los Angeles, CA, Department of Water & Power, Power System Revenue, Power System, Series A		5.000	%		7/1/47		1,000,000		1,212,770
Lower Tule River, CA, Irrigation District Revenue, COP, Series A		5.000	%		8/1/40		1,000,000		1,003,090
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A		5.000	%		10/1/42		125,000		137,173	(d)
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series B		7.000	%		11/1/34		2,490,000		3,874,714
Series C		6.500	%		11/1/39		2,000,000		3,186,260
Northern California Energy Authority, Commodity Supply Revenue, Series A		4.000	%		7/1/24		500,000		558,160	(b)(c)
Rancho Cucamonga, CA, RDA, Rancho Redevelopment Project Area, AGM		5.000	%		9/1/30		750,000		866,130
River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding		5.500	%		9/1/45		500,000		533,985

See Notes to Schedule of Investments.

    2     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
California - (continued)
Riverside County, CA, Transportation Commission Toll Revenue:
Senior Lien, Series A		5.750	%		6/1/44	$	100,000	$	109,122
Senior Lien, Series A		5.750	%		6/1/48		200,000		217,884
Riverside, CA, Electric Revenue, Series A, Refunding		5.000	%		10/1/48		750,000		943,965
San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM		5.000	%		10/1/38		300,000		375,678
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A		5.000	%		4/1/48		1,000,000		1,201,540
Stockton, CA, PFA Wastewater Revenue, BAN, Series 2019		1.400	%		6/1/22		200,000		199,862
Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A		5.000	%		6/1/48		300,000		364,884
Tulare, CA, Sewer Revenue, Refunding, AGM		5.000	%		11/15/41		2,000,000		2,410,160
Total California									33,973,387
Colorado - 5.3%
Base Village Metropolitan District #2, CO, GO, Series A, Refunding		5.750	%		12/1/46		500,000		517,430
Colliers Hill Metropolitan District #2, CO, GO, Senior Bonds, Series A		6.250	%		12/1/37		750,000		772,507
Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-1		4.000	%		8/1/44		600,000		665,538
Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes		5.000	%		12/31/51		200,000		216,368
Public Authority for Colorado Energy, Natural Gas Purchase Revenue		6.500	%		11/15/38		4,000,000		6,377,720
Total Colorado									8,549,563
Connecticut - 2.7%
Connecticut State Special Tax Revenue:
Special Tax Obligation Bonds, Series A		5.000	%		5/1/40		1,000,000		1,263,300
Transportation Infrastructure, Series A		5.000	%		1/1/37		500,000		611,385
Connecticut State, GO:
Series A		4.000	%		4/15/37		500,000		582,620
Series E		5.000	%		10/15/34		270,000		325,477

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         3

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Connecticut - (continued)
Harbor Point, CT, Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project Ltd., Refunding		5.000	%		4/1/39	$	250,000	$	268,670	(d)
University of Connecticut, Student Fee Revenue, Series A		5.000	%		11/15/43		1,000,000		1,221,950
Total Connecticut									4,273,402
Delaware - 0.4%
Delaware State Health Facilities Authority Revenue, Beebe Medical Center Project		5.000	%		6/1/48		500,000		576,610
District of Columbia - 0.7%
District of Columbia Revenue:
Ingleside Rock Creek Project, Series A		4.125	%		7/1/27		200,000		195,622
KIPP DC Issue, Series A, Refunding		5.000	%		7/1/37		800,000		935,480
Total District of Columbia									1,131,102
Florida - 9.1%
Broward County, FL, Airport System Revenue:
Series 2017		5.000	%		10/1/47		350,000		406,686	(a)
Series A		5.000	%		10/1/45		1,000,000		1,132,650	(a)
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A		6.125	%		6/15/46		160,000		176,128	(d)
Florida State Mid-Bay Bridge Authority Revenue, First Senior Lien, Series A, Refunding		5.000	%		10/1/40		740,000		831,619
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A		5.000	%		10/1/42		500,000		586,605	(a)
Miami-Dade County, FL, Aviation Revenue:
Series A, Refunding		5.000	%		10/1/41		3,000,000		3,486,780
Series A, Refunding		5.000	%		10/1/49		500,000		601,355	(a)
Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding		5.000	%		7/1/24		1,250,000		1,426,825
Miami-Dade County, FL, GO, Seaport, Series C, Refunding		5.000	%		10/1/23		2,315,000		2,432,787
Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus Children’s Hospital, Refunding		5.000	%		8/1/42		350,000		413,357
Miami-Dade County, FL, School District, GO		5.000	%		3/15/30		1,000,000		1,254,270
Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding		5.000	%		8/1/47		250,000		272,273

See Notes to Schedule of Investments.

    4     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Florida - (continued)
Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B		5.000	%		7/1/50	$	250,000	$	306,398
Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding		5.000	%		10/15/42		1,000,000		1,192,790
Total Florida									14,520,523
Georgia - 0.6%
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A		5.000	%		5/15/43		650,000		769,048
Series C		4.000	%		9/1/26		150,000		174,810	(b)(c)
Total Georgia									943,858
Illinois - 17.6%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018		5.000	%		4/1/42		500,000		552,585
Chicago, IL, Board of Education, GO:
Dedicated, Series G, Refunding		5.000	%		12/1/44		330,000		359,776
Series D		5.000	%		12/1/46		2,000,000		2,196,600
Chicago, IL, GO:
Series 2002B		5.500	%		1/1/37		60,000		65,389
Series A		5.000	%		1/1/44		100,000		109,580
Series A, Refunding		5.000	%		1/1/28		750,000		854,820
Series A, Refunding		6.000	%		1/1/38		500,000		577,150
Series C, Refunding		5.000	%		1/1/25		1,000,000		1,106,700
Series D, Refunding		5.500	%		1/1/34		950,000		1,040,392
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series B, Refunding		5.000	%		1/1/41		250,000		286,270
Senior Lien, Series D		5.000	%		1/1/47		500,000		577,420
Senior Lien, Series D		5.000	%		1/1/52		500,000		575,480
Series C		5.000	%		1/1/35		2,200,000		2,514,622	(a)
Trips Obligated Group		5.000	%		7/1/48		200,000		226,258	(a)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien		5.000	%		12/1/51		250,000		284,802
Second Lien, Series A, Refunding		4.000	%		12/1/55		600,000		657,744	(e)
Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding		5.000	%		1/1/38		750,000		871,447

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         5

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Illinois - (continued)
Chicago, IL, Waterworks Revenue:
Second Lien Project		5.000	%		11/1/34	$	800,000	$	897,168
Second Lien Project		5.000	%		11/1/39		500,000		555,755
Illinois State Finance Authority Revenue, Northshore University Health System, Refunding		4.000	%		8/15/40		500,000		582,895
Illinois State Sports Facilities Authority Revenue:
State Tax Supported, Series 2019, Refunding		5.000	%		6/15/30		250,000		283,193
State Tax Supported, Series 2019, Refunding, BAM		5.000	%		6/15/30		250,000		297,992
Illinois State Toll Highway Authority Revenue:
Senior Series A, Refunding		5.000	%		12/1/31		1,500,000		1,802,325
Series C, Refunding		5.000	%		1/1/27		500,000		624,360
Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM		5.000	%		4/1/37		100,000		118,839
Illinois State, GO:
Series 2006		5.500	%		1/1/30		50,000		60,435
Series 2016		5.000	%		1/1/33		500,000		544,115
Series 2016		5.000	%		11/1/33		650,000		713,440
Series 2016, Refunding		5.000	%		2/1/29		440,000		494,943
Series A		5.000	%		5/1/36		250,000		277,383
Series A		5.000	%		5/1/39		600,000		660,228
Series A, Refunding		5.000	%		10/1/29		1,300,000		1,494,844
Series A, Refunding		5.000	%		10/1/30		150,000		171,464
Series D		5.000	%		11/1/27		900,000		1,017,081
Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue, McCormick Place Expansion Project, Series A, Refunding		5.000	%		6/15/50		750,000		845,392
Metropolitan Water Reclamation District of Greater Chicago, IL, GO, Green Bond, Series A		5.000	%		12/1/44		1,000,000		1,127,890
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL		6.000	%		7/1/29		1,300,000		1,683,487
University of Illinois, COP, Series C, Refunding		5.000	%		3/15/24		1,000,000		1,145,000
Total Illinois									28,255,264
Indiana - 1.9%
Indianapolis, IN, Local Public Improvement Bond Bank:
Courthouse and Jail Project, Series A		5.000	%		2/1/54		850,000		1,047,710
Series K		5.000	%		6/1/27		2,000,000		2,058,620
Total Indiana									3,106,330

See Notes to Schedule of Investments.

    6     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Iowa - 0.1%
Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding		3.125	%		12/1/22	$	165,000	$	167,092
Kentucky - 1.1%
Kentucky State PEA, Gas Supply Revenue, Series A		4.000	%		6/1/26		1,500,000		1,742,760	(b)(c)
Louisiana - 2.4%
Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM		5.000	%		4/1/43		500,000		596,970	(a)
Shreveport, LA, Water & Sewer Revenue, Refunding, AGM		5.000	%		12/1/34		2,080,000		2,455,981
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Refunding		2.200	%		7/1/26		350,000		351,715	(b)(c)
Marathon Oil Corp. Project, Refunding		2.375	%		7/1/26		500,000		507,225	(b)(c)
Total Louisiana									3,911,891
Massachusetts - 3.0%
Massachusetts State Clean Water Trust, Unrefunded Balance, MWRA Project, Subordinated, Series A		5.750	%		8/1/29		355,000		356,537
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series A, Refunding		5.000	%		1/1/34		1,000,000		1,271,820
Massachusetts State DFA Revenue:
International Charter School		5.000	%		4/15/40		1,875,000		2,043,225
UMass Boston Student Housing Project		5.000	%		10/1/48		200,000		192,888
Wellforce Issue, Series A, Refunding		5.000	%		7/1/44		250,000		288,090
Massachusetts State Port Authority Revenue,
Series A, Refunding		5.000	%		7/1/36		500,000		624,785	(a)
Total Massachusetts									4,777,345
Michigan - 2.8%
Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM		5.000	%		7/1/43		300,000		336,210
Detroit, MI, Water & Sewage Department, Disposal System Revenue, Senior Lien, Series A, Refunding		5.250	%		7/1/39		405,000		442,507	(f)
Great Lakes, MI, Water Authority Water Supply System Revenue:
Senior Lien, Series A		5.000	%		7/1/46		1,300,000		1,530,633
Senior Lien, Series C, Refunding		5.000	%		7/1/35		150,000		180,387

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         7

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Michigan - (continued)
Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding		6.750	%		7/1/44	$	350,000	$	358,827	(d)
Michigan State Finance Authority Revenue:
Facilities Program, Series 1-A, Refunding		5.250	%		10/15/47		250,000		283,560
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-1, Refunding		5.000	%		7/1/44		380,000		413,090	(f)
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding		5.000	%		7/1/33		370,000		421,297
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project		5.000	%		12/31/43		400,000		448,840	(a)
Total Michigan									4,415,351
Missouri - 0.3%
Missouri State HEFA Revenue, Lutheran Senior Service Projects, Series A		5.000	%		2/1/42		150,000		162,660
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A		5.000	%		9/1/38		350,000		376,649
Total Missouri									539,309
New Jersey - 11.8%
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM		5.000	%		11/1/27		240,000		265,800
New Jersey State EDA Revenue:
Cigarette Tax, Refunding		5.000	%		6/15/29		500,000		511,805
Private Activity-The Goethals Bridge Replacement Project		5.375	%		1/1/43		1,000,000		1,100,380	(a)
Provident Group - Rowan Properties LLC, Rowan University Housing Project		5.000	%		1/1/48		500,000		454,985
School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield + 1.600%)		1.690	%		3/1/28		2,500,000		2,438,150	(c)
New Jersey State EDA, Special Facility Revenue:
Continental Airlines Inc. Project		5.250	%		9/15/29		2,000,000		2,046,920	(a)
Port Newark Container Terminal LLC Project, Refunding		5.000	%		10/1/37		175,000		193,412	(a)
New Jersey State EFA Revenue, Stevens Institute of Technology, Refunding		5.000	%		7/1/42		3,000,000		3,467,400

See Notes to Schedule of Investments.

    8     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
New Jersey - (continued)
New Jersey State Health Care Facilities
Financing Authority Revenue:
Hackensack Meridian Health, Series A, Refunding		5.000	%		7/1/38	$	100,000	$	120,392
RWJ Barnabas Health Obligation Group, Series A, Refunding		5.000	%		7/1/43		300,000		346,698
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA		5.000	%		6/15/38		6,000,000		6,268,080
Transportation System, Series A, Refunding		5.000	%		12/15/27		200,000		240,616
Transportation System, Series A, Refunding		5.000	%		12/15/28		1,050,000		1,279,477
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding		5.250	%		6/1/46		200,000		236,964
Total New Jersey									18,971,079
New York - 15.1%
MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2		5.000	%		11/15/47		500,000		577,930
MTA, NY, Transportation Revenue, Green Bond, Series A-2		5.000	%		5/15/30		500,000		579,665	(b)(c)
Nassau County, NY, Industrial Development Agency, Continuing Care Retirement Community Revenue, Amsterdam at Harborside, Series C		2.000	%		1/1/49		74,690		7,469
New York State Dormitory Authority, School
Districts Revenue Financing Program, Series A, AGM		5.000	%		10/1/35		1,000,000		1,248,860
New York State Dormitory Authority Revenue, New School, Series A, Refunding		5.000	%		7/1/35		2,000,000		2,236,040
New York State Dormitory Authority, Sales Tax Revenue, Group 4, Series E, Refunding		5.000	%		3/15/44		850,000		1,048,611
New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding		5.000	%		3/15/46		1,000,000		1,224,650
New York State Liberty Development Corp., Liberty Revenue:
3 World Trade Center Project, Class 1, Refunding		5.000	%		11/15/44		490,000		520,042	(d)
4 World Trade Center Project, Refunding		5.750	%		11/15/51		2,000,000		2,109,980
New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Subordinated, Series B		4.000	%		1/1/50		1,000,000		1,141,640

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         9

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
New York - (continued)
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project		5.000	%		1/1/30	$	500,000	$	553,455	(a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project		5.000	%		1/1/32		650,000		712,614	(a)
LaGuardia Airport Terminal B Redevelopment Project, Series A		5.000	%		7/1/41		2,550,000		2,751,399	(a)
LaGuardia Airport Terminal B Redevelopment Project, Series A		5.000	%		7/1/46		100,000		107,236	(a)
Port Authority of New York & New Jersey Revenue:
Consolidated Series 166, Refunding		5.000	%		1/15/41		4,750,000		4,811,275
Consolidated Series 221		4.000	%		7/15/50		1,000,000		1,115,710	(a)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series A		5.000	%		11/15/43		250,000		304,953
General-MTA Bridges & Tunnels, Series A		5.000	%		11/15/49		300,000		379,743
General-MTA Bridges & Tunnels, Series A		4.000	%		11/15/54		750,000		867,382
General-MTA Bridges & Tunnels, Series A		5.000	%		11/15/54		1,500,000		1,889,355
Total New York									24,188,009
North Carolina - 4.4%
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding		5.000	%		7/1/49		500,000		615,515
Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding		4.000	%		6/1/49		250,000		285,930
Charlotte-Mecklenburg Hospital Authority, NC, Healthcare System Revenue, Series A, Refunding		5.000	%		1/15/31		5,000,000		5,263,200
North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding		5.000	%		1/1/30		100,000		119,217
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding		5.000	%		7/1/47		750,000		844,275
Total North Carolina									7,128,137
Ohio - 4.2%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue:
Senior Bonds, Series A-2, Refunding		4.000	%		6/1/48		350,000		387,173
Senior Bonds, Series B-2, Refunding		5.000	%		6/1/55		1,125,000		1,237,500

See Notes to Schedule of Investments.

    10     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Ohio - (continued)
Northeast, OH, Regional Sewer District, Waste Water Improvement Revenue		5.000	%		11/15/43	$	4,040,000	$	4,556,595	(f)
Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding		2.500	%		10/1/29		450,000		476,496	(a)(b)(c)
Total Ohio									6,657,764
Oklahoma - 0.0%††
Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A		6.875	%		11/1/46		99,820		250	*(g)
Oregon - 1.4%
Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest, Series B, School Bond Guaranty		0.000	%		6/15/31		1,000,000		733,540
Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding		5.000	%		6/1/46		600,000		689,718
Port of Portland, OR, Airport Revenue, Portland International Airport, Series 26C, Refunding		5.000	%		7/1/26		250,000		303,300	(a)
Yamhill County, OR, Hospital Authority Revenue, Friendsview Retirement Community, Series A, Refunding		5.000	%		11/15/46		475,000		490,295
Total Oregon									2,216,853
Pennsylvania - 8.8%
Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding		4.000	%		7/15/38		500,000		571,990
Central Bradford Progress Authority, PA, Guthrie Healthcare Systems		5.000	%		12/1/26		5,130,000		5,427,899	(f)
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds, Series 2018		5.000	%		6/1/33		250,000		311,395
Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social Ministries Project		5.000	%		1/1/29		750,000		808,245
East Hempfield Township, PA, IDA Revenue, Student Services Inc. Student Housing Project - Millersville University		5.000	%		7/1/47		250,000		253,730
Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project		2.150	%		7/1/24		350,000		364,280	(a)(b)(c)
Pennsylvania State Economic Development Financing Authority, Sewage Sludge Disposal Revenue, Philadelphia Biosolids Facility		6.250	%		1/1/32		475,000		483,859

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         11

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Pennsylvania - (continued)
Philadelphia, PA, Airport Revenue, Series A, Refunding		5.000	%		6/15/35	$	2,000,000	$	2,264,040	(a)
Philadelphia, PA, Authority for IDR:
City Service Agreement Revenue, Rebuild Project		5.000	%		5/1/35		250,000		302,693
City Service Agreement Revenue, Rebuild Project		5.000	%		5/1/38		500,000		599,585
Lease Revenue, Refunding		5.000	%		10/1/30		350,000		453,120
Philadelphia, PA, GO, Series B		5.000	%		2/1/38		250,000		313,620
School District Philadelphia, PA, GO, Series A, State Aid Withholding		5.000	%		9/1/32		1,000,000		1,188,430
State Public School Building Authority, PA, Lease Revenue:
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding		5.000	%		6/1/31		200,000		242,976
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding		5.000	%		6/1/33		500,000		601,795
Total Pennsylvania									14,187,657
Puerto Rico - 4.6%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A		5.250	%		7/1/42		1,150,000		1,183,062
Puerto Rico Electric Power Authority Revenue:
Series A		5.000	%		7/1/42		400,000		276,000	*(g)
Series A		5.050	%		7/1/42		100,000		69,000	*(g)
Series XX		5.250	%		7/1/40		890,000		615,213	*(g)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1		0.000	%		7/1/27		280,000		237,885
CAB, Restructured, Series A-1		0.000	%		7/1/46		310,000		88,930
CAB, Restructured, Series A-1		0.000	%		7/1/51		2,600,000		537,472
Restructured, Series A-1		4.550	%		7/1/40		70,000		74,549
Restructured, Series A-1		5.000	%		7/1/58		1,360,000		1,452,072
Restructured, Series A-2		4.329	%		7/1/40		1,610,000		1,690,516
Restructured, Series A-2A		4.550	%		7/1/40		1,050,000		1,118,229
Total Puerto Rico									7,342,928
South Carolina - 0.4%
South Carolina State Ports Authority Revenue, Series 2018		5.000	%		7/1/36		500,000		610,870	(a)

See Notes to Schedule of Investments.

    12     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
South Dakota - 0.1%
South Dakota State HEFA Revenue, Regional Health		5.000	%		9/1/40	$	200,000	$	238,378
Tennessee - 2.6%
Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A		5.000	%		9/1/40		350,000		414,750
Tennessee State Energy Acquisition Corp., Natural Gas Revenue:
Series 2018		4.000	%		11/1/25		1,500,000		1,715,925	(b)(c)
Series C		5.000	%		2/1/21		2,025,000		2,062,098
Total Tennessee									4,192,773
Texas - 12.8%
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD		5.000	%		12/1/47		250,000		299,865
Arlington, TX, Special Tax Revenue, Senior Lien, Series A, AGM		5.000	%		2/15/48		350,000		406,717
City of Austin, TX, Airport System Revenue, Series B		5.000	%		11/15/37		600,000		743,964	(a)
Corpus Christi, TX, Utility System Revenue, Junior Lien, Series A		5.000	%		7/15/31		2,905,000		3,495,325
El Paso, TX, GO, Series B, Refunding		5.000	%		8/15/31		1,000,000		1,324,490
Grand Parkway Transportation Corp., TX, System Toll Revenue:
Convertible CAB, Step Bond, Series A, B and C, (0.000% until 10/1/23, 5.500%)		0.000	%		10/1/36		2,000,000		2,303,000
First Tier, Series C, Refunding		4.000	%		10/1/45		3,000,000		3,523,170
Harris County, TX, MTA, Sales & Use Tax Revenue, Series A		5.000	%		11/1/36		3,125,000		3,300,406	(f)
Houston, TX, Airport Systems Revenue, Series B-1		5.000	%		7/15/30		1,000,000		1,037,030	(a)
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017		5.000	%		11/1/33		40,000		46,551	(a)
Series 2017		5.000	%		11/1/36		40,000		46,145	(a)
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Revenue, Collegiate Housing-Tarleton State University Project		5.000	%		4/1/35		800,000		942,520	(f)
North Texas Tollway Authority Revenue:
Series A, Refunding		5.000	%		1/1/39		250,000		293,518

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         13

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Texas - (continued)
Series B, Refunding		5.000	%		1/1/40	$	600,000	$	649,740
Series B, Refunding		5.000	%		1/1/45		600,000		686,892
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Senior Living Ventana Project, Series A		6.625	%		11/15/37		170,000		185,451
Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC		5.000	%		12/31/40		460,000		489,178	(a)
Texas State Public Finance Authority Lease Revenue, Series A, Refunding		4.000	%		2/1/39		500,000		599,120
Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue:
Inspired Living at Lewisville Project, Series A-1		6.750	%		12/1/51		150,000		118,968	*(d)(g)
Subordinate, Inspired Living at Lewisville Project, Series B		10.000	%		12/1/51		50,000		30,618	*(g)
Total Texas									20,522,668
U.S. Virgin Islands - 0.5%
Virgin Islands Public Finance Authority Revenue:
Matching Fund Loan, Senior Lien, Series A		5.000	%		10/1/29		235,000		231,289
Subordinated, Matching Fund Loan, Cruzan Project, Series A		6.000	%		10/1/39		420,000		401,596
Subordinated, Matching Fund Loan, Diageo Project, Series A		6.625	%		10/1/29		200,000		200,082
Total U.S. Virgin Islands									832,967
Utah - 0.4%
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE		5.000	%		4/15/42		250,000		287,590
Utah State Infrastructure Agency Telecommunication Revenue, Series 2019		4.000	%		10/15/42		300,000		310,122
Total Utah									597,712
Virginia - 1.2%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding		5.000	%		7/1/35		250,000		325,253
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding		5.000	%		7/1/41		300,000		359,472	(a)

See Notes to Schedule of Investments.

    14     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Virginia - (continued)
Series B, Refunding		5.000	%		7/1/45	$	500,000	$	595,420	(a)
Virginia State Small Business Financing Authority Revenue, Bon Secours Mercy Health, Series A, Refunding		4.000	%		12/1/49		550,000		625,388
Total Virginia									1,905,533
Washington - 2.8%
Port of Seattle, WA, Intermediate Lien Revenue:
Series 2019		4.000	%		4/1/44		250,000		269,418	(a)
Series 2019		5.000	%		4/1/44		500,000		595,230	(a)
Series A, Refunding		5.000	%		8/1/25		2,395,000		2,594,216
Washington State Health Care Facilities Authority Revenue:
Commonspirit Health, Series B, Refunding		5.000	%		8/1/26		300,000		353,901	(b)(c)
Seattle Cancer Care Alliance, Refunding		5.000	%		9/1/50		500,000		624,500
Total Washington									4,437,265
West Virginia - 0.3%
West Virginia University Revenue, West Virginia Projects, Series B, Refunding		5.000	%		10/1/29		400,000		510,456	(b)(c)
Wisconsin - 3.2%
Mount Pleasant, WI, Tax Increment Revenue, Series A		5.000	%		4/1/48		500,000		604,400
Public Finance Authority, WI, Airport Facilities Revenue, Transportation Infrastructure Properties LLC, Series B, Refunding		5.000	%		7/1/42		4,000,000		4,135,240	(a)
Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project, Series 2017		7.000	%		12/1/50		400,000		347,732	(d)
Total Wisconsin									5,087,372
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $222,639,108)									242,486,947
SHORT-TERM INVESTMENTS - 0.4%
MUNICIPAL BONDS - 0.4%
Arizona - 0.1%
Phoenix, AZ, IDA, Health Care Facilities Revenue, Mayo Clinic, Series B, SPA - Northern Trust Company		0.010	%		11/15/52		100,000		100,000	(h)(i)
Mississippi - 0.3%
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron USA Inc. Project, Series E		0.030	%		12/1/30		500,000		500,000	(h)(i)
TOTAL MUNICIPAL BONDS (Cost - $600,000)									600,000

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         15

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

SECURITY	RATE			SHARES		VALUE
MONEY MARKET FUNDS - 0.0%††
Dreyfus Government Cash Management, Institutional Shares (Cost - $95,611)		0.038	%		95,611	$	95,611
TOTAL SHORT-TERM INVESTMENTS (Cost - $695,611)							695,611
TOTAL INVESTMENTS - 151.6% (Cost - $223,334,719)							243,182,558
Auction Rate Cumulative Preferred Stock, at Liquidation Value - (11.4)%							(18,350,000	)
Variable Rate Demand Preferred Stock, at Liquidation Value - (41.5)%							(66,500,000	)
Other Assets in Excess of Liabilities - 1.3%							2,061,610
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%						$	160,394,168

†† Represents less than 0.1%.

* Non-income producing security.

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

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

(c) 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.

(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 Directors.

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

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

(g) The coupon payment on these securities is currently in default as of August 31, 2020.

(h) 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.

(i) 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.

    16     Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report

WESTERN ASSET MUNICIPAL PARTNERS FUND INC.

Schedule of investments (unaudited) (cont’d) August 31, 2020

Abbreviation(s) used in this schedule:

AGM	— Assured Guaranty Municipal Corporation — Insured Bonds
BAM	— Build America Mutual — Insured Bonds
BAN	— Bond Anticipation Notes
CAB	— Capital Appreciation Bonds
COP	— Certificates of Participation
CSCE	— Charter School Credit Enhancement
DFA	— Development Finance Agency
EDA	— Economic Development Authority
EFA	— Educational Facilities Authority
GO	— General Obligation
GTD	— Guaranteed
HDA	— Housing Development Authority
HEFA	— Health & Educational Facilities Authority
IDA	— Industrial Development Authority
IDR	— Industrial Development Revenue
MFA	— Municipal Finance Authority
MTA	— Metropolitan Transportation Authority
MWRA	— Massachusetts Water Resources Authority
NATL	— National Public Finance Guarantee Corporation — Insured Bonds
PCFA	— Pollution Control Financing Authority
PEA	— Public Energy Authority
PFA	— Public Facilities Authority
PSF	— Permanent School Fund
RDA	— Redevelopment Agency
SIFMA	— Securities Industry and Financial Markets Association
SPA	— Standby Bond Purchase Agreement — Insured Bonds
USD	— Unified School District

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

Western Asset Municipal Partners Fund Inc. 2020 Quarterly Report         17

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Municipal Partners Fund Inc. (the “Fund”) was incorporated in Maryland on November 24, 1992 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s primary investment objective is to seek a high level of current income which is exempt from regular federal income taxes, consistent with the preservation of capital. As a secondary investment objective, the Fund intends to enhance portfolio value by purchasing tax-exempt securities that, in the opinion of the investment manager, may appreciate in value relative to other similar obligations in the marketplace. On April 1, 2020, the Board of Directors of the Fund approved amendments to the Fund’s bylaws. The amended and restated bylaws were subsequently filed on Form 8-K and are available on the Securities and Exchange Commission’s website at www.sec.gov.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. 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 use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of

18

Notes to Schedule of Investments (unaudited) (continued)

Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, 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 Directors 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:

• Level 1 – quoted prices in active markets for identical investments

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

19

Notes to Schedule of Investments (unaudited) (continued)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Municipal Bonds†		—	$	242,486,947		—	$	242,486,947
Short-Term Investments†:
Municipal Bonds		—		600,000		—		600,000
Money Market Funds	$	95,611		—		—		95,611
Total Short-Term Investments		95,611		600,000		—		695,611
Total Investments	$	95,611	$	243,086,947		—	$	243,182,558

† See Schedule of Investments for additional detailed categorizations.

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